Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 25, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-13199 | ||
Entity Registrant Name | SL GREEN REALTY CORP | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 13-3956775 | ||
Entity Address, Address Line One | 420 Lexington Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10170 | ||
City Area Code | 212 | ||
Local Phone Number | 594-2700 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 69,350,829 | ||
Entity Public Float | $ 3.3 | ||
Entity Central Index Key | 0001040971 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the SL Green Realty Corp.'s Proxy Statement for its 2021 Annual Stockholders' Meeting to be filed within 120 days after the end of the Registrant's fiscal year are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Common Stock | |||
Document Information [Line Items] | |||
Trading Symbol | SLG | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Security Exchange Name | NYSE | ||
Preferred Stock | |||
Document Information [Line Items] | |||
Trading Symbol | SLG.PRI | ||
Title of 12(b) Security | 6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value | ||
Security Exchange Name | NYSE | ||
SL Green Operating Partnership | |||
Document Information [Line Items] | |||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 33-167793-02 | ||
Entity Registrant Name | SL GREEN OPERATING PARTNERSHIP, L.P. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-3960938 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 1,025,366 | ||
Entity Central Index Key | 0001492869 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Commercial real estate properties, at cost: | |||
Land and land interests | $ 1,315,832 | $ 1,751,544 | |
Building and improvements | 4,168,193 | 5,154,990 | |
Building leasehold and improvements | 1,448,134 | 1,433,793 | |
Right of use asset - financing leases | 55,711 | 47,445 | |
Right of use asset - operating leases | 367,209 | 396,795 | |
Total commercial real estate properties, at cost | 7,355,079 | 8,784,567 | |
Less: accumulated depreciation | (1,956,077) | (2,060,560) | |
Total commercial real estate properties, net | 5,399,002 | 6,724,007 | |
Assets held for sale | 0 | 391,664 | |
Cash and cash equivalents | 266,059 | 166,070 | |
Restricted cash | 106,736 | 75,360 | |
Investments in marketable securities | 28,570 | 29,887 | |
Tenant and other receivables | 44,507 | 43,968 | |
Related party receivables | 34,657 | 21,121 | |
Deferred rents receivable | 302,791 | 283,011 | |
Debt and preferred equity investments, net of discounts and deferred origination fees of $11,232 and $14,562 and allowances of $13,213 and $1,750 in 2020 and 2019, respectively | 1,076,542 | 1,580,306 | |
Investments in unconsolidated joint ventures | 3,823,322 | 2,912,842 | |
Deferred costs, net | 177,168 | 205,283 | |
Other assets | 448,213 | 332,801 | |
Total assets | [1] | 11,707,567 | 12,766,320 |
Liabilities | |||
Mortgages and other loans payable, net | 1,979,972 | 2,183,253 | |
Revolving credit facility, net | 105,262 | 234,013 | |
Unsecured term loans, net | 1,495,275 | 1,494,024 | |
Unsecured notes, net | 1,248,219 | 1,496,847 | |
Accrued interest payable | 14,825 | 22,148 | |
Other liabilities | 302,798 | 177,080 | |
Accounts payable and accrued expenses | 151,309 | 166,905 | |
Deferred revenue | 118,572 | 114,052 | |
Lease liability - financing leases | 152,521 | 44,448 | |
Lease liability - operating leases | 339,458 | 381,671 | |
Dividend and distributions payable | 149,294 | 79,282 | |
Security deposits | 53,836 | 62,252 | |
Liabilities related to assets held for sale | 0 | 0 | |
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |
Total liabilities | [1] | 6,211,341 | 6,555,975 |
Commitments and contingencies | |||
Noncontrolling interests in Operating Partnership | 358,262 | 409,862 | |
Preferred units | 202,169 | 283,285 | |
Equity | |||
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both December 31, 2020 and 2019 | 221,932 | 221,932 | |
Common stock, $0.01 par value, 160,000 shares authorized and 69,534 and 77,981 issued and outstanding at December 31, 2020 and 2019, respectively (including 1,026 and 1,026 shares held in treasury at December 31, 2020 and 2019, respectively) | 716 | 803 | |
Additional paid-in-capital | 3,862,949 | 4,286,395 | |
Treasury stock at cost | (124,049) | (124,049) | |
Accumulated other comprehensive loss | (67,247) | (28,485) | |
Retained earnings | 1,015,462 | 1,084,719 | |
Total SL Green stockholders' equity | 4,909,763 | 5,441,315 | |
Noncontrolling interests in other partnerships | 26,032 | 75,883 | |
Total equity | 4,935,795 | 5,517,198 | |
SL Green stockholders equity: | |||
Total liabilities and equity/capital | $ 11,707,567 | $ 12,766,320 | |
Preferred stock, par (in dollars per share) | $ 0.01 | ||
Series I Preferred Stock | |||
SL Green stockholders equity: | |||
Preferred stock, par (in dollars per share) | 0.01 | $ 0.01 | |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 | |
SL Green Operating Partnership | |||
Commercial real estate properties, at cost: | |||
Land and land interests | $ 1,315,832 | $ 1,751,544 | |
Building and improvements | 4,168,193 | 5,154,990 | |
Building leasehold and improvements | 1,448,134 | 1,433,793 | |
Right of use asset - financing leases | 55,711 | 47,445 | |
Right of use asset - operating leases | 367,209 | 396,795 | |
Total commercial real estate properties, at cost | 7,355,079 | 8,784,567 | |
Less: accumulated depreciation | (1,956,077) | (2,060,560) | |
Total commercial real estate properties, net | 5,399,002 | 6,724,007 | |
Assets held for sale | 0 | 391,664 | |
Cash and cash equivalents | 266,059 | 166,070 | |
Restricted cash | 106,736 | 75,360 | |
Investments in marketable securities | 28,570 | 29,887 | |
Tenant and other receivables | 44,507 | 43,968 | |
Related party receivables | 34,657 | 21,121 | |
Deferred rents receivable | 302,791 | 283,011 | |
Debt and preferred equity investments, net of discounts and deferred origination fees of $11,232 and $14,562 and allowances of $13,213 and $1,750 in 2020 and 2019, respectively | 1,076,542 | 1,580,306 | |
Investments in unconsolidated joint ventures | 2,912,842 | ||
Deferred costs, net | 177,168 | 205,283 | |
Other assets | 448,213 | 332,801 | |
Total assets | [2] | 11,707,567 | 12,766,320 |
Liabilities | |||
Mortgages and other loans payable, net | 1,979,972 | 2,183,253 | |
Revolving credit facility, net | 105,262 | 234,013 | |
Unsecured term loans, net | 1,495,275 | 1,494,024 | |
Unsecured notes, net | 1,248,219 | 1,496,847 | |
Accrued interest payable | 14,825 | 22,148 | |
Other liabilities | 302,798 | 177,080 | |
Accounts payable and accrued expenses | 151,309 | 166,905 | |
Deferred revenue | 118,572 | 114,052 | |
Lease liability - financing leases | 152,521 | 44,448 | |
Lease liability - operating leases | 339,458 | 381,671 | |
Dividend and distributions payable | 149,294 | 79,282 | |
Security deposits | 53,836 | 62,252 | |
Liabilities related to assets held for sale | 0 | 0 | |
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | |
Total liabilities | [2] | 6,211,341 | 6,555,975 |
Commitments and contingencies | |||
Limited partner interests in SLGOP (3,939 and 4,196 limited partner common units outstanding at December 31, 2020 and 2019, respectively) | 358,262 | 409,862 | |
Preferred units | 202,169 | 283,285 | |
Equity | |||
Accumulated other comprehensive loss | (67,247) | (28,485) | |
SL Green stockholders equity: | |||
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both December 31, 2020 and 2019 | 221,932 | 221,932 | |
SL Green partners' capital (724 and 812 general partner common units, and 67,784 and 76,145 limited partner common units outstanding at December 31, 2020 and 2019, respectively) | 4,755,078 | 5,247,868 | |
Total SLGOP partners' capital | 4,909,763 | 5,441,315 | |
Noncontrolling interests in other partnerships | 26,032 | 75,883 | |
Total capital | 4,935,795 | 5,517,198 | |
Total liabilities and equity/capital | $ 11,707,567 | $ 12,766,320 | |
SL Green Operating Partnership | Series I Preferred Stock | |||
SL Green stockholders equity: | |||
Preferred units, shares issued (in shares) | 9,200 | 9,200 | |
Service Corporation | |||
Commercial real estate properties, at cost: | |||
Land and land interests | $ 41,200 | $ 205,200 | |
Building and improvements | 57,900 | 481,900 | |
Building leasehold and improvements | 2,000 | 2,000 | |
Right of use asset - financing leases | 37,800 | 61,700 | |
Less: accumulated depreciation | (10,300) | (17,600) | |
Other assets | 289,500 | 169,500 | |
Liabilities | |||
Mortgages and other loans payable, net | 94,000 | 457,100 | |
Accrued interest payable | 700 | 1,200 | |
Other liabilities | 56,600 | 43,700 | |
Lease liability - financing leases | $ 29,900 | $ 57,700 | |
[1] | (1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $41.2 million and $205.2 million of land, $57.9 million and $481.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $37.8 million and $61.7 million of right of use assets, $10.3 million and $17.6 million of accumulated depreciation, $289.5 million and $169.5 million of other assets included in other line items, $94.0 million and $457.1 million of real estate debt, net, $0.7 million and $1.2 million of accrued interest payable, $29.9 million and $57.7 million of lease liabilities, and $56.6 million and $43.7 million of other liabilities included in other line items as of December 31, 2020 and December 31, 2019, respectively. | ||
[2] | (1) The Operating Partnership's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $41.2 million and $205.2 million of land, $57.9 million and $481.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $37.8 million and $61.7 million of right of use assets, $10.3 million and $17.6 million of accumulated depreciation, $289.5 million and $169.5 million of other assets included in other line items, $94.0 million and $457.1 million of real estate debt, net, $0.7 million and $1.2 million of accrued interest payable, $29.9 million and $57.7 million of lease liabilities, and $56.6 million and $43.7 million of other liabilities included in other line items as of December 31, 2020 and December 31, 2019, respectively. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt and preferred equity investments, net of discounts and deferred origination fees | $ 11,232 | $ 14,562 |
Allowance for loan and lease losses | $ 13,213 | $ 1,750 |
Preferred stock, par (in dollars per share) | $ 0.01 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 |
Common stock, shares issued (in shares) | 69,534,000 | 77,981,000 |
Common stock, shares outstanding (in shares) | 69,534,000 | 77,981,000 |
Treasury stock, shares (in shares) | 1,026,000 | 1,026,000 |
Land | $ 1,315,832 | $ 1,751,544 |
Building and improvements | 4,168,193 | 5,154,990 |
Building leasehold and improvements | 1,448,134 | 1,433,793 |
Right of use asset - financing leases | 55,711 | 47,445 |
Accumulated depreciation | 1,956,077 | 2,060,560 |
Other assets | 448,213 | 332,801 |
Real estate debt | 1,979,972 | 2,183,253 |
Accrued interest payable | 14,825 | 22,148 |
Lease liabilities | 152,521 | 44,448 |
Other liabilities | 302,798 | 177,080 |
SL Green Operating Partnership | ||
Debt and preferred equity investments, net of discounts and deferred origination fees | 11,232 | 14,562 |
Allowance for loan and lease losses | $ 13,213 | $ 1,750 |
Limited partner interests in Operating Partnership, limited partner common units outstanding (shares) | 3,939,000 | 4,196,000 |
SL Green partner's capital, general partner common units outstanding (shares) | 724,000 | 812,000 |
SL Green partners' capital, limited partner common units outstanding (shares) | 67,784,000 | 76,145,000 |
Land | $ 1,315,832 | $ 1,751,544 |
Building and improvements | 4,168,193 | 5,154,990 |
Building leasehold and improvements | 1,448,134 | 1,433,793 |
Right of use asset - financing leases | 55,711 | 47,445 |
Accumulated depreciation | 1,956,077 | 2,060,560 |
Other assets | 448,213 | 332,801 |
Real estate debt | 1,979,972 | 2,183,253 |
Accrued interest payable | 14,825 | 22,148 |
Lease liabilities | 152,521 | 44,448 |
Other liabilities | $ 302,798 | $ 177,080 |
Series I Preferred Stock | ||
Preferred stock, par (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares issued (in shares) | 9,200,000 | 9,200,000 |
Preferred stock, shares outstanding (in shares) | 9,200,000 | 9,200,000 |
Series I Preferred Stock | SL Green Operating Partnership | ||
Preferred units, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred units, shares issued (in shares) | 9,200,000 | 9,200,000 |
Preferred units, shares outstanding (in shares) | 9,200,000 | 9,200,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Rental revenue, net | $ 804,423 | $ 983,557 | $ 978,574 |
Investment income | 120,163 | 195,590 | 201,492 |
Other income | 128,158 | 59,848 | 47,326 |
Total revenues | 1,052,744 | 1,238,995 | 1,227,392 |
Expenses | |||
Operating expenses, including $12,643 in 2020, $18,106 in 2019, $17,823 in 2018 of related party expenses | 183,200 | 234,676 | 229,347 |
Real estate taxes | 176,315 | 190,764 | 186,351 |
Operating lease rent | 29,043 | 33,188 | 32,965 |
Interest expense, net of interest income | 116,679 | 190,521 | 208,669 |
Amortization of deferred financing costs | 11,794 | 11,653 | 12,408 |
Depreciation and amortization | 313,668 | 272,358 | 279,507 |
Loan loss and other investment reserves, net of recoveries | 35,298 | 0 | 6,839 |
Transaction related costs | 503 | 729 | 1,099 |
Marketing, general and administrative | 91,826 | 100,875 | 92,631 |
Total expenses | 958,326 | 1,034,764 | 1,049,816 |
Equity in net (loss) income from unconsolidated joint ventures | (25,195) | (34,518) | 7,311 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 2,961 | 76,181 | 303,967 |
Purchase price and other fair value adjustment | 187,522 | 69,389 | 57,385 |
Gain (loss) on sale of real estate, net | 215,506 | (16,749) | (30,757) |
Depreciable real estate reserves and impairments | (60,454) | (7,047) | (227,543) |
Loss on early extinguishment of debt | 0 | 0 | (17,083) |
Net income | 414,758 | 291,487 | 270,856 |
Net income attributable to noncontrolling interests: | |||
Noncontrolling interests in the Operating Partnership | (20,016) | (13,301) | (12,216) |
Net loss attributable to noncontrolling interests in other partnerships | (14,940) | 3,159 | 6 |
Preferred unit distributions | (8,747) | (10,911) | (11,384) |
Net income (loss) attributable to SL Green/SLGOP | 371,055 | 270,434 | 247,262 |
Perpetual preferred stock dividends | (14,950) | (14,950) | (14,950) |
Net income attributable to SL Green common stockholders | $ 356,105 | $ 255,484 | $ 232,312 |
Basic earnings per share (in dollars per share) | $ 4.88 | $ 3.20 | $ 2.75 |
Diluted earnings per share (in dollars per share) | $ 4.87 | $ 3.19 | $ 2.75 |
Basic weighted average common shares outstanding (in shares) | 72,552 | 79,415 | 84,090 |
Diluted weighted average common shares and common share equivalents outstanding (in shares) | 77,243 | 84,234 | 89,071 |
SL Green Operating Partnership | |||
Revenues | |||
Rental revenue, net | $ 804,423 | $ 983,557 | $ 978,574 |
Investment income | 120,163 | 195,590 | 201,492 |
Other income | 128,158 | 59,848 | 47,326 |
Total revenues | 1,052,744 | 1,238,995 | 1,227,392 |
Expenses | |||
Operating expenses, including $12,643 in 2020, $18,106 in 2019, $17,823 in 2018 of related party expenses | 183,200 | 234,676 | 229,347 |
Real estate taxes | 176,315 | 190,764 | 186,351 |
Operating lease rent | 29,043 | 33,188 | 32,965 |
Interest expense, net of interest income | 116,679 | 190,521 | 208,669 |
Amortization of deferred financing costs | 11,794 | 11,653 | 12,408 |
Depreciation and amortization | 313,668 | 272,358 | 279,507 |
Loan loss and other investment reserves, net of recoveries | 35,298 | 0 | 6,839 |
Transaction related costs | 503 | 729 | 1,099 |
Marketing, general and administrative | 91,826 | 100,875 | 92,631 |
Total expenses | 958,326 | 1,034,764 | 1,049,816 |
Equity in net (loss) income from unconsolidated joint ventures | (25,195) | (34,518) | 7,311 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 2,961 | 76,181 | 303,967 |
Purchase price and other fair value adjustment | 187,522 | 69,389 | 57,385 |
Gain (loss) on sale of real estate, net | 215,506 | (16,749) | (30,757) |
Depreciable real estate reserves and impairments | (60,454) | (7,047) | (227,543) |
Loss on early extinguishment of debt | 0 | 0 | (17,083) |
Net income | 414,758 | 291,487 | 270,856 |
Net income attributable to noncontrolling interests: | |||
Net loss attributable to noncontrolling interests in other partnerships | (14,940) | 3,159 | 6 |
Preferred unit distributions | (8,747) | (10,911) | (11,384) |
Net income (loss) attributable to SL Green/SLGOP | 391,071 | 283,735 | 259,478 |
Perpetual preferred stock dividends | (14,950) | (14,950) | (14,950) |
Net income attributable to SLGOP common unitholders | $ 376,121 | $ 268,785 | $ 244,528 |
Basic earnings per unit (in dollars per share) | $ 4.88 | $ 3.19 | $ 2.75 |
Diluted earnings per unit (in dollars per share) | $ 4.87 | $ 3.19 | $ 2.75 |
Basic weighted average common shares outstanding (in shares) | 76,647 | 83,690 | 88,652 |
Basic weighted average common units outstanding (in shares) | 76,647 | 83,690 | 88,652 |
Diluted weighted average common shares and common share equivalents outstanding (in shares) | 77,243 | 84,234 | 89,071 |
Diluted weighted average common units and common unit equivalents outstanding (in shares) | 77,243 | 84,234 | 89,071 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses, paid to related parties | $ 12,643 | $ 18,106 | $ 17,823 |
SL Green Operating Partnership | |||
Operating expenses, paid to related parties | $ 12,643 | $ 18,106 | $ 17,823 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 414,758 | $ 291,487 | $ 270,856 |
Other comprehensive loss: | |||
(Decrease) increase in unrealized value of derivative instruments, including SLGOP's share of joint venture derivative instruments | (39,743) | (47,118) | (3,622) |
(Decrease) increase in unrealized value of marketable securities | (1,318) | 1,249 | 60 |
Other comprehensive loss | (41,061) | (45,869) | (3,562) |
Comprehensive income | 373,697 | 245,618 | 267,294 |
Net income attributable to noncontrolling interests and preferred units distributions | (43,703) | (21,053) | (23,594) |
Net loss attributable to noncontrolling interests | (14,940) | 3,159 | 6 |
Other comprehensive loss attributable to noncontrolling interests | 2,299 | 2,276 | 66 |
Comprehensive income attributable to SL Green/SLGOP | 332,293 | 226,841 | 243,766 |
SL Green Operating Partnership | |||
Net income | 414,758 | 291,487 | 270,856 |
Other comprehensive loss: | |||
(Decrease) increase in unrealized value of derivative instruments, including SLGOP's share of joint venture derivative instruments | (39,743) | (47,118) | (3,622) |
(Decrease) increase in unrealized value of marketable securities | (1,318) | 1,249 | 60 |
Other comprehensive loss | (41,061) | (45,869) | (3,562) |
Comprehensive income | 373,697 | 245,618 | 267,294 |
Net loss attributable to noncontrolling interests | (14,940) | 3,159 | 6 |
Other comprehensive loss attributable to noncontrolling interests | 2,299 | 2,276 | 66 |
Comprehensive income attributable to SL Green/SLGOP | $ 361,056 | $ 251,053 | $ 267,366 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common StockCumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid- In-Capital | Additional Paid- In-CapitalCumulative Effect, Period of Adoption, Adjusted Balance | Treasury Stock | Treasury StockCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance | Noncontrolling Interests | Noncontrolling InterestsCumulative Effect, Period of Adoption, Adjusted Balance | Series I Preferred StockPreferred Stock | Series I Preferred StockPreferred StockCumulative Effect, Period of Adoption, Adjusted Balance | |
Beginning Balance at Dec. 31, 2017 | $ 6,589,454 | $ 570,524 | $ 7,159,978 | $ 939 | $ 939 | $ 4,968,338 | $ 4,968,338 | $ (124,049) | $ (124,049) | $ 18,604 | $ 18,604 | $ 1,139,329 | $ 570,524 | $ 1,709,853 | $ 364,361 | $ 364,361 | $ 221,932 | $ 221,932 | |
Beginning Balance (in shares) at Dec. 31, 2017 | [1] | 90,172 | 90,172 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income | 247,256 | 247,262 | (6) | ||||||||||||||||
Other comprehensive loss | (3,496) | (3,496) | |||||||||||||||||
Preferred dividends | (14,950) | (14,950) | |||||||||||||||||
DRSPP (in shares) | [1] | 1 | |||||||||||||||||
DRSPP proceeds | 136 | 136 | |||||||||||||||||
Conversion of units of the Operating Partnership to common stock (in shares) | [1] | 155 | |||||||||||||||||
Conversion of units in the Operating Partnership to common stock | 16,303 | $ 2 | 16,301 | ||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | 34,236 | 34,236 | |||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (in shares) | [1] | 145 | |||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 17,484 | $ 1 | 17,483 | ||||||||||||||||
Repurchases of common stock (in shares) | [1] | (9,469) | |||||||||||||||||
Repurchases of common units | (937,795) | $ (98) | (522,482) | (415,215) | |||||||||||||||
Proceeds from stock options exercised (in shares) | [1] | 307 | |||||||||||||||||
Proceeds from stock options exercised | 28,912 | $ 3 | 28,909 | ||||||||||||||||
Contributions to consolidated joint venture interests | 5,459 | 5,459 | |||||||||||||||||
Deconsolidation of partially owned entity | (315,116) | (315,116) | |||||||||||||||||
Distributions to noncontrolling interests | (8,364) | (8,364) | |||||||||||||||||
Cash distributions declared ( per common share, none of which represented a return of capital for federal income tax purposes) | (282,188) | (282,188) | |||||||||||||||||
Deconsolidation of partially owned entity | (315,116) | (315,116) | |||||||||||||||||
Ending Balance at Dec. 31, 2018 | $ 5,947,855 | $ 847 | 4,508,685 | (124,049) | 15,108 | 1,278,998 | 46,334 | 221,932 | |||||||||||
Ending Balance (in shares) at Dec. 31, 2018 | [1] | 81,311 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||||||||
Net income | $ 267,275 | 270,434 | (3,159) | ||||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | (25,845) | (569) | (25,276) | ||||||||||||||||
Other comprehensive loss | (43,593) | (43,593) | |||||||||||||||||
Preferred dividends | (14,950) | (14,950) | |||||||||||||||||
DRSPP (in shares) | [1] | 4 | |||||||||||||||||
DRSPP proceeds | 334 | 334 | |||||||||||||||||
Conversion of units of the Operating Partnership to common stock (in shares) | [1] | 5 | |||||||||||||||||
Conversion of units in the Operating Partnership to common stock | 471 | 471 | |||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | (34,320) | (34,320) | |||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (in shares) | [1] | 102 | |||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 25,763 | $ 2 | 25,761 | ||||||||||||||||
Repurchases of common stock (in shares) | [1] | (4,466) | |||||||||||||||||
Repurchases of common units | (384,399) | $ (46) | (248,287) | (136,066) | |||||||||||||||
Contributions to consolidated joint venture interests | 58,462 | 58,462 | |||||||||||||||||
Distributions to noncontrolling interests | (478) | (478) | |||||||||||||||||
Cash distributions declared ( per common share, none of which represented a return of capital for federal income tax purposes) | (279,377) | (279,377) | |||||||||||||||||
Ending Balance at Dec. 31, 2019 | 5,517,198 | $ (39,184) | $ 5,478,014 | $ 803 | $ 803 | 4,286,395 | $ 4,286,395 | (124,049) | $ (124,049) | (28,485) | $ (28,485) | 1,084,719 | $ (39,184) | $ 1,045,535 | 75,883 | $ 75,883 | 221,932 | $ 221,932 | |
Ending Balance (in shares) at Dec. 31, 2019 | [1] | 76,956 | 76,956 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income | 385,995 | 371,055 | 14,940 | ||||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | (1,536) | (3,123) | 1,587 | ||||||||||||||||
Other comprehensive loss | (38,762) | (38,762) | |||||||||||||||||
Preferred dividends | (14,950) | (14,950) | |||||||||||||||||
DRSPP (in shares) | [1] | 17 | |||||||||||||||||
DRSPP proceeds | 1,006 | 1,006 | |||||||||||||||||
Conversion of units of the Operating Partnership to common stock (in shares) | [1] | 98 | |||||||||||||||||
Conversion of units in the Operating Partnership to common stock | 8,744 | $ 1 | 8,743 | ||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | 32,598 | 32,598 | |||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (in shares) | [1] | (34) | |||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 25,271 | $ 0 | 25,271 | ||||||||||||||||
Repurchases of common stock (in shares) | [1] | (8,529) | |||||||||||||||||
Repurchases of common units | (532,262) | $ (88) | (455,343) | (76,831) | |||||||||||||||
Contributions to consolidated joint venture interests | 12,477 | 12,477 | |||||||||||||||||
Distributions to noncontrolling interests | (78,855) | (78,855) | |||||||||||||||||
Cash distributions declared ( per common share, none of which represented a return of capital for federal income tax purposes) | (341,945) | (341,945) | |||||||||||||||||
Ending Balance at Dec. 31, 2020 | $ 4,935,795 | $ 716 | $ 3,862,949 | $ (124,049) | $ (67,247) | $ 1,015,462 | $ 26,032 | $ 221,932 | |||||||||||
Ending Balance (in shares) at Dec. 31, 2020 | [1] | 68,508 | |||||||||||||||||
[1] | On January 21, 2021, we completed a reverse stock split whereby every 1.02918 SL Green common share was combined into 1 SL Green common share. We have retroactively adjusted the outstanding share counts, share activity, cash distributions declared, and earnings per share, as if the reverse split occurred on December 31, 2017. |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - $ / shares | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash distribution declared, per common share (in dollars per share) | $ 0.3122 | $ 0.9108 | $ 0.8748 | $ 4.7908 | $ 3.5352 | $ 3.3834 |
Consolidated Statement of Capit
Consolidated Statement of Capital shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | ||
Increase (Decrease) in Partner's Capital | |||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201705Member | |||
Acquisition of subsidiary interest from noncontrolling interest | $ (1,536) | $ (25,845) | |||
DRSPP proceeds | 1,006 | 334 | $ 136 | ||
Conversion of common units | 8,744 | 471 | 16,303 | ||
Reallocation of noncontrolling interest in the Operating Partnership | 32,598 | (34,320) | 34,236 | ||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 25,271 | 25,763 | 17,484 | ||
Repurchases of common units | (532,262) | (384,399) | (937,795) | ||
Deconsolidation of partially owned entity | (315,116) | ||||
Distributions to noncontrolling interests | $ (78,855) | $ (478) | $ (8,364) | ||
Common Stock | |||||
Increase (Decrease) in Partner's Capital | |||||
DRSPP proceeds (in units) | shares | [1] | 17 | 4 | 1 | |
DRSPP proceeds | |||||
Conversion of common units | $ 1 | $ 2 | |||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (in units) | shares | [1] | (34) | 102 | 145 | |
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | $ 0 | $ 2 | $ 1 | ||
Repurchases of common units (in units) | shares | [1] | (8,529) | (4,466) | (9,469) | |
Repurchases of common units | $ (88) | $ (46) | $ (98) | ||
Noncontrolling Interests | |||||
Increase (Decrease) in Partner's Capital | |||||
Acquisition of subsidiary interest from noncontrolling interest | 1,587 | (25,276) | |||
Deconsolidation of partially owned entity | (315,116) | ||||
Distributions to noncontrolling interests | (78,855) | (478) | (8,364) | ||
SL Green Operating Partnership | |||||
Increase (Decrease) in Partner's Capital | |||||
Beginning Balance | 5,517,198 | 5,947,855 | 6,589,454 | ||
Net income (loss) | 385,995 | 267,275 | 247,256 | ||
Acquisition of subsidiary interest from noncontrolling interest | (1,536) | (25,845) | |||
Other comprehensive income (loss) | (38,762) | (43,593) | (3,496) | ||
Preferred dividends | (14,950) | (14,950) | (14,950) | ||
DRSPP proceeds | 1,006 | 334 | 136 | ||
Conversion of common units | 8,744 | 471 | 16,303 | ||
Reallocation of noncontrolling interest in the Operating Partnership | 32,598 | (34,320) | 34,236 | ||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 25,271 | 25,763 | 17,484 | ||
Repurchases of common units | (532,262) | (384,399) | (937,795) | ||
Proceeds from stock options exercised | 28,912 | ||||
Contributions to consolidated joint venture interests | 12,477 | 58,462 | 5,459 | ||
Distributions to noncontrolling interests | (78,855) | (478) | (8,364) | ||
Cash distributions declared (none of which represented a return of capital for federal income tax purposes) | (341,945) | (279,377) | (282,188) | ||
Ending Balance | 4,935,795 | 5,517,198 | 5,947,855 | $ 6,589,454 | |
SL Green Operating Partnership | Cumulative Effect, Period of Adoption, Adjustment | |||||
Increase (Decrease) in Partner's Capital | |||||
Beginning Balance | (39,184) | 570,524 | |||
Ending Balance | (39,184) | 570,524 | |||
SL Green Operating Partnership | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Increase (Decrease) in Partner's Capital | |||||
Beginning Balance | 5,478,014 | 7,159,978 | |||
Ending Balance | 5,478,014 | 7,159,978 | |||
SL Green Operating Partnership | Preferred Units | Series I Preferred Stock | |||||
Increase (Decrease) in Partner's Capital | |||||
Beginning Balance | 221,932 | 221,932 | 221,932 | ||
Ending Balance | 221,932 | 221,932 | 221,932 | 221,932 | |
SL Green Operating Partnership | Preferred Units | Series I Preferred Stock | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Increase (Decrease) in Partner's Capital | |||||
Beginning Balance | 221,932 | 221,932 | |||
Ending Balance | 221,932 | 221,932 | |||
SL Green Operating Partnership | Common Stock | Partners' Interest | |||||
Increase (Decrease) in Partner's Capital | |||||
Beginning Balance | $ 5,247,868 | $ 5,664,481 | $ 5,984,557 | ||
Beginning Balance (units) | shares | [2] | 76,956 | 81,311 | 90,172 | |
Net income (loss) | $ 371,055 | $ 270,434 | $ 247,262 | ||
Acquisition of subsidiary interest from noncontrolling interest | (3,123) | (569) | |||
Preferred dividends | $ (14,950) | $ (14,950) | $ (14,950) | ||
DRSPP proceeds (in units) | shares | [2] | 17 | 4 | 1 | |
DRSPP proceeds | $ 1,006 | $ 334 | $ 136 | ||
Conversion of common units (in units) | shares | [2] | 98 | 5 | 155 | |
Conversion of common units | $ 8,744 | $ 471 | $ 16,303 | ||
Reallocation of noncontrolling interest in the Operating Partnership | $ 32,598 | $ (34,320) | $ 34,236 | ||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (in units) | shares | [2] | (34) | 102 | 145 | |
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | $ 25,271 | $ 25,763 | $ 17,484 | ||
Repurchases of common units (in units) | shares | [2] | (8,529) | (4,466) | (9,469) | |
Repurchases of common units | $ (532,262) | $ (384,399) | $ (937,795) | ||
Proceeds from stock options exercised (in units) | shares | [2] | 307 | |||
Proceeds from stock options exercised | $ 28,912 | ||||
Cash distributions declared (none of which represented a return of capital for federal income tax purposes) | (341,945) | (279,377) | (282,188) | ||
Ending Balance | $ 4,755,078 | $ 5,247,868 | $ 5,664,481 | $ 5,984,557 | |
Ending Balance (units) | shares | [2] | 68,508 | 76,956 | 81,311 | 90,172 |
SL Green Operating Partnership | Common Stock | Partners' Interest | Cumulative Effect, Period of Adoption, Adjustment | |||||
Increase (Decrease) in Partner's Capital | |||||
Beginning Balance | $ (39,184) | $ 570,524 | |||
Ending Balance | $ (39,184) | $ 570,524 | |||
SL Green Operating Partnership | Common Stock | Partners' Interest | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Increase (Decrease) in Partner's Capital | |||||
Beginning Balance | $ 5,208,684 | $ 6,555,081 | |||
Beginning Balance (units) | shares | [2] | 76,956 | 90,172 | ||
Ending Balance | $ 5,208,684 | $ 6,555,081 | |||
Ending Balance (units) | shares | [2] | 76,956 | 90,172 | ||
SL Green Operating Partnership | Accumulated Other Comprehensive Income (Loss) | |||||
Increase (Decrease) in Partner's Capital | |||||
Beginning Balance | $ (28,485) | $ 15,108 | $ 18,604 | ||
Other comprehensive income (loss) | (38,762) | (43,593) | (3,496) | ||
Ending Balance | (67,247) | (28,485) | 15,108 | $ 18,604 | |
SL Green Operating Partnership | Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Increase (Decrease) in Partner's Capital | |||||
Beginning Balance | (28,485) | 18,604 | |||
Ending Balance | (28,485) | 18,604 | |||
SL Green Operating Partnership | Noncontrolling Interests | |||||
Increase (Decrease) in Partner's Capital | |||||
Beginning Balance | 75,883 | 46,334 | 364,361 | ||
Net income (loss) | 14,940 | (3,159) | (6) | ||
Acquisition of subsidiary interest from noncontrolling interest | 1,587 | (25,276) | |||
Contributions to consolidated joint venture interests | 12,477 | 58,462 | 5,459 | ||
Deconsolidation of partially owned entity | (315,116) | ||||
Distributions to noncontrolling interests | (78,855) | (478) | (8,364) | ||
Ending Balance | 26,032 | 75,883 | 46,334 | 364,361 | |
SL Green Operating Partnership | Noncontrolling Interests | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Increase (Decrease) in Partner's Capital | |||||
Beginning Balance | $ 75,883 | $ 364,361 | |||
Ending Balance | $ 75,883 | $ 364,361 | |||
[1] | On January 21, 2021, we completed a reverse stock split whereby every 1.02918 SL Green common share was combined into 1 SL Green common share. We have retroactively adjusted the outstanding share counts, share activity, cash distributions declared, and earnings per share, as if the reverse split occurred on December 31, 2017. | ||||
[2] | On January 21, 2021, we completed a reverse stock split whereby every 1.02918 SL Green Operating Partnership common unit was combined into 1 SL Green Operating Partnership common unit. We have retroactively adjusted the outstanding unit counts, unit activity, cash distributions declared, and earnings per units, as if the reverse split occurred on December 31, 2017 |
Consolidated Statement of Cap_2
Consolidated Statement of Capital (Parenthetical) - $ / shares | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash distribution declared, per common share (in dollars per share) | $ 0.3122 | $ 0.9108 | $ 0.8748 | $ 4.7908 | $ 3.5352 | $ 3.3834 |
SL Green Operating Partnership | ||||||
Cash distribution declared, per common share (in dollars per share) | $ 4.7908 | $ 3.5352 | $ 3.3834 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net income | $ 414,758 | $ 291,487 | $ 270,856 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 325,462 | 284,011 | 289,899 |
Equity in net loss (income) from unconsolidated joint ventures | 25,195 | 34,518 | (7,311) |
Distributions of cumulative earnings from unconsolidated joint ventures | 679 | 864 | 10,277 |
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate | (2,961) | (76,181) | (303,967) |
Purchase price and other fair value adjustments | (187,522) | (69,389) | (57,385) |
Depreciable real estate reserves and impairments | 60,454 | 7,047 | 227,543 |
(Gain) loss on sale of real estate, net | (215,506) | 16,749 | 30,757 |
Loan loss reserves and other investment reserves, net of recoveries | 35,298 | 0 | 6,839 |
Loss on early extinguishment of debt | 0 | 0 | 17,083 |
Deferred rents receivable | (7,582) | (13,941) | (18,216) |
Non-cash lease expense | 11,984 | 13,744 | 2,016 |
Other non-cash adjustments | 15,178 | 271 | 2,932 |
Changes in operating assets and liabilities: | |||
Tenant and other receivables | (17,074) | (4,968) | 6,968 |
Related party receivables | 1,451 | 7,802 | (1,044) |
Deferred lease costs | (20,900) | (70,938) | (44,158) |
Other assets | (26,137) | (18,630) | (8,310) |
Accounts payable, accrued expenses, other liabilities and security deposits | 132,171 | (25,597) | 4,410 |
Deferred revenue | 20,657 | 10,824 | 12,348 |
Change in lease liability - operating leases | (11,369) | (11,200) | 0 |
Net cash provided by operating activities | 554,236 | 376,473 | 441,537 |
Investing Activities | |||
Acquisitions of real estate property | (86,846) | (262,591) | (60,486) |
Additions to land, buildings and improvements | (458,140) | (252,986) | (254,460) |
Acquisition deposits and deferred purchase price | 0 | (5,239) | 0 |
Investments in unconsolidated joint ventures | (70,315) | (128,682) | (400,429) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 124,572 | 79,020 | 233,118 |
Net proceeds from disposition of real estate/joint venture interest | 1,112,382 | 208,302 | 1,231,004 |
Other investments | 32,479 | (7,869) | (38,912) |
Origination of debt and preferred equity investments | (360,953) | (607,844) | (731,216) |
Repayments or redemption of debt and preferred equity investments | 763,251 | 1,092,383 | 703,043 |
Net cash provided by investing activities | 1,056,430 | 114,494 | 681,662 |
Financing Activities | |||
Proceeds from mortgages and other loans payable | 1,181,892 | 752,984 | 564,391 |
Repayments of mortgages and other loans payable | (1,186,828) | (230,076) | (868,842) |
Proceeds from revolving credit facility and senior unsecured notes | 1,495,000 | 1,310,000 | 3,120,000 |
Repayments of revolving credit facility and senior unsecured notes | (1,875,000) | (1,570,000) | (2,560,000) |
Payment of debt extinguishment costs | 0 | 0 | (13,918) |
Proceeds from stock options exercised and DRSPP issuance | 1,006 | 334 | 29,048 |
Repurchase of common stock | (528,483) | (384,399) | (979,541) |
Redemption of preferred stock | (82,750) | (18,142) | (1,208) |
Redemption of OP units | (27,342) | (27,495) | (33,972) |
Distributions to noncontrolling interests in other partnerships | (85,468) | (478) | (8,364) |
Contributions from noncontrolling interests in other partnerships | 12,477 | 10,239 | 5,459 |
Acquisition of subsidiary interest from noncontrolling interest | (1,536) | (25,845) | 0 |
Distributions to noncontrolling interests in the Operating Partnership | (12,652) | (14,729) | (15,000) |
Dividends/Distributions paid on common and preferred stock/units | (293,996) | (306,386) | (313,230) |
Other obligations related to loan participations | 0 | 0 | 16 |
Tax withholdings related to restricted share awards | (4,752) | (3,495) | (3,842) |
Deferred loan costs | (70,036) | (21,162) | (15,109) |
Principal payments of on financing lease liabilities | (833) | 0 | 0 |
Net cash used in financing activities | (1,479,301) | (528,650) | (1,094,112) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 131,365 | (37,683) | 29,087 |
Cash, cash equivalents, and restricted cash at beginning of year | 241,430 | 279,113 | 250,026 |
Cash, cash equivalents, and restricted cash at end of period | 372,795 | 241,430 | 279,113 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | 201,348 | 248,684 | 259,776 |
Income taxes paid | 2,296 | 1,489 | 1,418 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||
Conversion of units in the Operating Partnership | 8,744 | 471 | 16,303 |
Redemption of units in the Operating Partnership for a joint venture sale | 0 | 0 | 10,445 |
Exchange of preferred equity investment for real estate or equity in joint venture | 119,497 | 0 | 0 |
Exchange of debt investment for real estate or equity in joint venture | 122,796 | 34,498 | 298,956 |
Tenant improvements and capital expenditures payable | 1,665 | 6,056 | 0 |
Fair value adjustment to noncontrolling interest in the Operating Partnership | 32,598 | 34,320 | 34,236 |
Deconsolidation of a subsidiary | 854,437 | 395 | 298,404 |
Deconsolidation of a subsidiary mortgage | 5,593 | 0 | 0 |
Mortgages assumed in connection with sale of real estate | 250,000 | 0 | 0 |
Seller financed purchases | 100,000 | 0 | 0 |
Debt and preferred equity investments | 9,014 | 0 | 0 |
Transfer of assets related to assets held for sale | 0 | 391,664 | 0 |
Reversal of assets held for sale | 391,664 | 0 | 0 |
Transfer of liabilities related to assets held for sale | 0 | 0 | 0 |
Removal of fully depreciated commercial real estate properties | 66,169 | 19,577 | 124,249 |
Contribution to consolidated joint venture by noncontrolling interest | 0 | 48,223 | 0 |
Share repurchase payable | 3,779 | 0 | 0 |
Recognition of sales-type leases and related lease liabilities | 119,725 | 0 | 0 |
Recognition of right of use assets and related lease liabilities | 61,990 | 389,120 | 0 |
Total cash, cash equivalents, and restricted cash | 241,430 | 241,430 | 250,026 |
SL Green Operating Partnership | |||
Operating Activities | |||
Net income | 414,758 | 291,487 | 270,856 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 325,462 | 284,011 | 289,899 |
Equity in net loss (income) from unconsolidated joint ventures | 25,195 | 34,518 | (7,311) |
Distributions of cumulative earnings from unconsolidated joint ventures | 679 | 864 | 10,277 |
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate | (2,961) | (76,181) | (303,967) |
Purchase price and other fair value adjustments | (187,522) | (69,389) | (57,385) |
Depreciable real estate reserves and impairments | 60,454 | 7,047 | 227,543 |
(Gain) loss on sale of real estate, net | (215,506) | 16,749 | 30,757 |
Loan loss reserves and other investment reserves, net of recoveries | 35,298 | 0 | 6,839 |
Loss on early extinguishment of debt | 0 | 0 | 17,083 |
Deferred rents receivable | (7,582) | (13,941) | (18,216) |
Non-cash lease expense | 11,984 | 13,744 | 2,016 |
Other non-cash adjustments | 15,178 | 271 | 2,932 |
Changes in operating assets and liabilities: | |||
Tenant and other receivables | (17,074) | (4,968) | 6,968 |
Related party receivables | 1,451 | 7,802 | (1,044) |
Deferred lease costs | (20,900) | (70,938) | (44,158) |
Other assets | (26,137) | (18,630) | (8,310) |
Accounts payable, accrued expenses, other liabilities and security deposits | 132,171 | (25,597) | 4,410 |
Deferred revenue | 20,657 | 10,824 | 12,348 |
Change in lease liability - operating leases | (11,369) | (11,200) | 0 |
Net cash provided by operating activities | 554,236 | 376,473 | 441,537 |
Investing Activities | |||
Acquisitions of real estate property | (86,846) | (262,591) | (60,486) |
Additions to land, buildings and improvements | (458,140) | (252,986) | (254,460) |
Acquisition deposits and deferred purchase price | 0 | (5,239) | 0 |
Investments in unconsolidated joint ventures | (70,315) | (128,682) | (400,429) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 124,572 | 79,020 | 233,118 |
Net proceeds from disposition of real estate/joint venture interest | 1,112,382 | 208,302 | 1,231,004 |
Other investments | 32,479 | (7,869) | (38,912) |
Origination of debt and preferred equity investments | (360,953) | (607,844) | (731,216) |
Repayments or redemption of debt and preferred equity investments | 763,251 | 1,092,383 | 703,043 |
Net cash provided by investing activities | 1,056,430 | 114,494 | 681,662 |
Financing Activities | |||
Proceeds from mortgages and other loans payable | 1,181,892 | 752,984 | 564,391 |
Repayments of mortgages and other loans payable | (1,186,828) | (230,076) | (868,842) |
Proceeds from revolving credit facility and senior unsecured notes | 1,495,000 | 1,310,000 | 3,120,000 |
Repayments of revolving credit facility and senior unsecured notes | (1,875,000) | (1,570,000) | (2,560,000) |
Payment of debt extinguishment costs | 0 | 0 | (13,918) |
Proceeds from stock options exercised and DRSPP issuance | 1,006 | 334 | 29,048 |
Repurchase of common stock | (528,483) | (384,399) | (979,541) |
Redemption of preferred stock | (82,750) | (18,142) | (1,208) |
Redemption of OP units | (27,342) | (27,495) | (33,972) |
Distributions to noncontrolling interests in other partnerships | (85,468) | (478) | (8,364) |
Contributions from noncontrolling interests in other partnerships | 12,477 | 10,239 | 5,459 |
Acquisition of subsidiary interest from noncontrolling interest | (1,536) | (25,845) | 0 |
Dividends/Distributions paid on common and preferred stock/units | (306,648) | (321,115) | (328,230) |
Other obligations related to loan participations | 0 | 0 | 16 |
Tax withholdings related to restricted share awards | (4,752) | (3,495) | (3,842) |
Deferred loan costs | (70,036) | (21,162) | (15,109) |
Principal payments of on financing lease liabilities | (833) | 0 | 0 |
Net cash used in financing activities | (1,479,301) | (528,650) | (1,094,112) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 131,365 | (37,683) | 29,087 |
Cash, cash equivalents, and restricted cash at beginning of year | 241,430 | 279,113 | 250,026 |
Cash, cash equivalents, and restricted cash at end of period | 372,795 | 241,430 | 279,113 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | 201,348 | 248,684 | 259,776 |
Income taxes paid | 2,296 | 1,489 | 1,418 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||
Conversion of units in the Operating Partnership | 8,744 | 471 | 16,303 |
Redemption of units in the Operating Partnership for a joint venture sale | 0 | 0 | 10,445 |
Exchange of preferred equity investment for real estate or equity in joint venture | 119,497 | 0 | 0 |
Exchange of debt investment for real estate or equity in joint venture | 122,796 | 34,498 | 298,956 |
Tenant improvements and capital expenditures payable | 1,665 | 6,056 | 0 |
Fair value adjustment to noncontrolling interest in the Operating Partnership | 32,598 | 34,320 | 34,236 |
Deconsolidation of a subsidiary | 854,437 | 395 | 298,404 |
Deconsolidation of a subsidiary mortgage | 5,593 | 0 | 0 |
Mortgages assumed in connection with sale of real estate | 250,000 | 0 | 0 |
Seller financed purchases | 100,000 | 0 | 0 |
Debt and preferred equity investments | 9,014 | 0 | 0 |
Transfer of assets related to assets held for sale | 0 | 391,664 | 0 |
Reversal of assets held for sale | 391,664 | 0 | 0 |
Transfer of liabilities related to assets held for sale | 0 | 0 | 0 |
Removal of fully depreciated commercial real estate properties | 66,169 | 19,577 | 124,249 |
Contribution to consolidated joint venture by noncontrolling interest | 0 | 48,223 | 0 |
Share repurchase payable | 3,779 | 0 | 0 |
Recognition of sales-type leases and related lease liabilities | 119,725 | 0 | 0 |
Recognition of right of use assets and related lease liabilities | 61,990 | 389,120 | 0 |
Total cash, cash equivalents, and restricted cash | 372,795 | 279,113 | 250,026 |
Preferred Units | |||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||
Issuance of preferred units relating to a real estate acquisition | 0 | 1,000 | 0 |
Preferred Units | SL Green Operating Partnership | |||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||
Issuance of preferred units relating to a real estate acquisition | $ 0 | $ 1,000 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 1 Months Ended |
Dec. 31, 2020$ / shares | |
Cash distribution declared, per common share (in dollars per share) | $ 0.3122 |
Stock Distribution | |
Cash distribution declared, per common share (in dollars per share) | $ 1.7462 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation SL Green Realty Corp., which is referred to as the Company or SL Green, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Operating Partnership received a contribution of interest in the real estate properties, as well as 95% of the economic interest in the management, leasing and construction companies which are referred to as the Service Corporation. All of the management, leasing and construction services that are provided to the properties that are wholly-owned by us and that are provided to certain joint ventures are conducted through SL Green Management LLC which is 100% owned by the Operating Partnership. The Company has qualified, and expects to qualify in the current fiscal year, as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, and operates as a self-administered, self-managed REIT. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to minimize the payment of Federal income taxes at the corporate level. Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including the Operating Partnership. Substantially all of our assets are held by, and all of our operations are conducted through, the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership. As of December 31, 2020, noncontrolling investors held, in the aggregate, a 5.44% limited partnership interest in the Operating Partnership, inclusive of retroactive adjustments to reflect the reverse stock split effectuated by SL Green in January 2021. We refer to these interests as the noncontrolling interests in the Operating Partnership. The Operating Partnership is considered a variable interest entity, or VIE, in which we are the primary beneficiary. See Note 11, "Noncontrolling Interests on the Company's Consolidated Financial Statements." As of December 31, 2020, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan. Our investments located outside of Manhattan are referred to as the Suburban properties: Consolidated Unconsolidated Total Location Property Number of Properties Approximate Square Feet (unaudited) Number of Properties Approximate Square Feet (unaudited) Number of Properties Approximate Square Feet (unaudited) Weighted Average Occupancy (1) (unaudited) Commercial: Manhattan Office 18 10,681,045 11 11,841,483 29 22,522,528 92.4 % Retail 4 44,189 9 301,996 13 346,185 94.2 % Development/Redevelopment (1) 8 1,095,418 3 2,927,782 11 4,023,200 N/A 30 11,820,652 23 15,071,261 53 26,891,913 92.5 % Suburban Office 7 862,800 — — 7 862,800 83.3 % Total commercial properties 37 12,683,452 23 15,071,261 60 27,754,713 92.1 % Residential: Manhattan Residential 1 82,250 8 1,663,774 9 1,746,024 75.7 % Total portfolio 38 12,765,702 31 16,735,035 69 29,500,737 91.2 % (1) The weighted average occupancy for commercial properties represents the total occupied square footage divided by the total square footage at acquisition. The weighted average occupancy for residential properties represents the total occupied units divided by the total available units. As of December 31, 2020, we also managed two office buildings owned by third parties encompassing approximately 2.1 million square feet (unaudited) and held debt and preferred equity investments with a book value of $1.1 billion, excluding $0.1 billion of debt and preferred equity investments and other financing receivables that are included in balance sheet line items other than the Debt and Preferred Equity Investments line item. Partnership Agreement In accordance with the partnership agreement of the Operating Partnership, or the Operating Partnership Agreement, we allocate all distributions and profits and losses in proportion to the percentage of ownership interests of the respective partners, subject to the priority distributions with respect to preferred units and special provisions that apply to LTIP Units. As the managing general partner of the Operating Partnership, we are required to take such reasonable efforts, as determined by us in our sole discretion, to cause the Operating Partnership to distribute sufficient amounts to enable the payment of sufficient dividends by us to minimize any Federal income or excise tax at the Company level. Under the Operating Partnership Agreement, each limited partner has the right to redeem units of limited partnership interests for cash, or if we so elect, shares of SL Green's common stock on a one-for-one basis. Subsequent Events On December 4, 2020 our Board of Directors declared an ordinary dividend and a special dividend (together, "the Total Dividend"). The Total Dividend was paid on January 15, 2021 to shareholders of record at the close of business on December 15, 2020 ("the Record Date"). Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. To mitigate the dilutive impact of the common stock issued in the special dividend, the board of directors also authorized a reverse stock split, which was effective after markets closed on January 20, 2021. On January 8, 2021, a committee of the Board of Directors calculated the ratio for the reverse stock split of our issued and outstanding shares of common stock as 1.02918-for-1. After the issuance of the dividend and the completion of the reverse stock split, the number of shares of our common stock outstanding was equivalent to the number of total shares outstanding on the Record Date (not including any issuances or repurchases that occurred following the Record Date, as well as any fractional shares that would have been issued but for which cash-in-lieu was paid). However, on a relative basis, some individual shareholders may have more shares of SLG’s common stock, and some individual shareholders may have fewer shares of our common stock, depending on their individual elections to receive cash or stock and as a result of the cash option being oversubscribed. All share-related references and measurements including the number of shares outstanding, share prices, number of shares repurchased, earnings per share, dividends per share, and share-based compensation awards, have been retroactively adjusted to reflect the reverse stock split for all periods presented in this Annual Report on Form 10-K. In January 2021, the Company closed on the sale of 712 Madison Avenue for a gross sales price of $43.0 million, pursuant to the exercise of a purchase option by the ground lessee of the property. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Principles of Consolidation The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. See Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures." All significant intercompany balances and transactions have been eliminated. We consolidate a VIE in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. A noncontrolling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to us. Noncontrolling interests are required to be presented as a separate component of equity in the consolidated balance sheet and the presentation of net income is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. We assess the accounting treatment for each joint venture and debt and preferred equity investment. This assessment includes a review of each joint venture or limited liability company agreement to determine the rights provided to each party and whether those rights are protective or participating. For all VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements typically contain certain protective rights such as requiring partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. Investment in Commercial Real Estate Properties Real estate properties are presented at cost less accumulated depreciation and amortization. Costs directly related to the development or redevelopment of properties are capitalized. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. We recognize the assets acquired, liabilities assumed (including contingencies) and any noncontrolling interests in an acquired entity at their respective fair values on the acquisition date. When we acquire our partner's equity interest in an existing unconsolidated joint venture and gain control over the investment, we record the consolidated investment at fair value. The difference between the book value of our equity investment on the purchase date and our share of the fair value of the investment's purchase price is recorded as a purchase price fair value adjustment in our consolidated statements of operations. See Note 3, "Property Acquisitions." We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from 3 years to 40 years. We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from 1 year to 14 years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally ranges from 1 year to 14 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, we amortize such below-market lease value into rental income over the renewal period. As of December 31, 2020, the weighted average amortization period for above-market leases, below-market leases, and in-place lease costs is 6.3 years, 5.6 years, and 5.3 years, respectively. The Company classifies those leases under which the Company is the lessee at lease commencement as finance or operating leases. Leases qualify as finance leases if the lease transfers ownership of the asset at the end of the lease term, the lease grants an option to purchase the asset that we are reasonably certain to exercise, the lease term is for a major part of the remaining economic life of the asset, or the present value of the lease payments exceeds substantially all of the fair value of the asset. Leases that do not qualify as finance leases are deemed to be operating leases. At lease commencement the Company records a lease liability which is measured as the present value of the lease payments and a right of use asset which is measured as the amount of the lease liability and any initial direct costs incurred. The Company applies a discount rate to determine the present value of the lease payments. If the rate implicit in the lease is known, the Company uses that rate. If the rate implicit in the lease is not known, the Company uses a discount rate reflective of the Company’s collateralized borrowing rate given the term of the lease. To determine the discount rate, the Company employs a third party specialist to develop an analysis based primarily on the observable borrowing rates of the Company, other REITs, and other corporate borrowers with long-term borrowings. On the consolidated statements of operations, operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense. On the consolidated balance sheet, financing leases include the amounts previously captioned "Properties under capital lease." When applicable, the Company combines the consideration for lease and non-lease components in the calculation of the value of the lease obligation and right-of-use asset. We incur a variety of costs in the development and leasing of our properties. After the determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. The costs of land and building under development include specifically identifiable costs. The capitalized costs include, but are not limited to, pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. We consider a construction project as substantially completed and held available for occupancy upon the completion of tenant improvements, but no later than one year after major construction activity ceases. We cease capitalization on the portions substantially completed and occupied or held available for occupancy, and capitalize only those costs associated with the portions under construction. Properties other than Right of use assets - operating leases are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Category Term Building (fee ownership) 40 years Building improvements shorter of remaining life of the building or useful life Building (leasehold interest) lesser of 40 years or remaining term of the lease Right of use assets - financing leases lesser of 40 years or remaining lease term Furniture and fixtures 4 to 7 years Tenant improvements shorter of remaining term of the lease or useful life Right of use assets - operating leases are amortized over the remaining lease term. The amortization is made up of the principal amortization under the lease liability plus or minus the straight line adjustment of the operating lease rent under ASC 840. Depreciation expense (including amortization of right of use assets - financing leases) totaled $277.5 million, $233.5 million, and $242.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the fair value of the property as calculated in accordance with ASC 820. We also evaluate our real estate properties for impairment when a property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell and depreciation expense is no longer recorded. We recognized $5.9 million, $4.5 million, and $6.8 million of rental revenue for the years ended December 31, 2020, 2019, and 2018, respectively, for the amortization of aggregate below-market leases in excess of above-market leases, resulting from the allocation of the purchase price of the applicable properties. The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Identified intangible assets (included in other assets): Gross amount $ 215,673 $ 255,198 Accumulated amortization (190,523) (228,223) Net (1) $ 25,150 $ 26,975 Identified intangible liabilities (included in deferred revenue): Gross amount $ 241,409 $ 282,048 Accumulated amortization (230,479) (249,514) Net (1) $ 10,930 $ 32,534 (1) As of December 31, 2020, no net intangible assets and no net intangible liabilities were reclassified to assets held for sale and liabilities related to assets held for sale. As of December 31, 2019, no net intangible assets and no net intangible liabilities were reclassified to assets held for sale and liabilities related to assets held for sale. The estimated annual amortization of acquired above-market leases, net of acquired (below-market) leases (a component of rental revenue), for each of the five succeeding years is as follows (in thousands): 2021 (1,403) 2022 (119) 2023 91 2024 258 2025 781 The estimated annual amortization of all other identifiable assets (a component of depreciation and amortization expense) including tenant improvements for each of the five succeeding years is as follows (in thousands): 2021 4,899 2022 3,456 2023 2,841 2024 2,520 2025 1,427 Cash and Cash Equivalents We consider all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. Restricted Cash Restricted cash primarily consists of security deposits held on behalf of our tenants, interest reserves, as well as capital improvement and real estate tax escrows required under certain loan agreements. Fair Value Measurements See Note 16, "Fair Value Measurements." Investment in Marketable Securities At acquisition, we designate a security as held-to-maturity, available-for-sale, or trading. As of December 31, 2020, we did not have any securities designated as held-to-maturity or trading. We account for our available-for-sale securities at fair value pursuant to Accounting Standards Codification, or ASC, 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. The cost of marketable securities sold and the amount reclassified out of accumulated other comprehensive income into earnings is determined using the specific identification method. Credit losses are recognized in accordance with ASC 326. At December 31, 2020 and 2019, we held the following marketable securities (in thousands): December 31, 2020 2019 Commercial mortgage-backed securities $ 28,570 $ 29,887 Total marketable securities available-for-sale $ 28,570 $ 29,887 The cost basis of the commercial mortgage-backed securities was $27.5 million at both December 31, 2020 and 2019. These securities mature at various times through 2035. All were in an unrealized gain position at December 31, 2020 except for 1 security, which had an unrealized loss of $0.7 million, had been in a continuous unrealized loss position for less than 12 months, and had a fair value of $7.0 million. All were in an unrealized gain position at December 31, 2019. We held no equity marketable securities at December 31, 2020 and 2019. During the years ended December 31, 2020, 2019 and 2018, we did not dispose of any marketable securities. Investments in Unconsolidated Joint Ventures We account for our investments in unconsolidated joint ventures under the equity method of accounting in cases where we exercise significant influence over, but do not control, these entities and are not considered to be the primary beneficiary. We consolidate those joint ventures that we control or which are variable interest entities (each, a "VIE") and where we are considered to be the primary beneficiary. In all these joint ventures, the rights of the joint venture partner are both protective as well as participating. Unless we are determined to be the primary beneficiary in a VIE, these participating rights preclude us from consolidating these VIE entities. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. Equity in net income (loss) from unconsolidated joint ventures is allocated based on our ownership or economic interest in each joint venture and includes adjustments related to basis differences in accounting for the investment. When a capital event (as defined in each joint venture agreement) such as a refinancing occurs, if return thresholds are met, future equity income will be allocated at our increased economic interest. We recognize incentive income from unconsolidated real estate joint ventures as income to the extent it is earned and not subject to a clawback feature. Distributions we receive from unconsolidated real estate joint ventures in excess of our basis in the investment are recorded as offsets to our investment balance if we remain liable for future obligations of the joint venture or may otherwise be committed to provide future additional financial support. We generally finance our joint ventures with non-recourse debt. In certain cases we may provide guarantees or master leases for tenant space, which terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. We assess our investments in unconsolidated joint ventures for recoverability, and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on each joint ventures' actual and projected cash flows. We do not believe that the values of any of our equity investments were impaired at December 31, 2020. We may originate loans for real estate acquisition, development and construction ("ADC loans"), where we expect to receive some of the residual profit from such projects. When the risk and rewards of these arrangements are essentially the same as an investor or joint venture partner, we account for these arrangements as real estate investments under the equity method of accounting for investments. Otherwise, we account for these arrangements consistent with the accounting for our debt and preferred equity investments. Deferred Lease Costs Deferred lease costs consist of incremental fees and direct costs that would not have been incurred if the lease had not been obtained and are amortized on a straight-line basis over the related lease term. Certain of our employees provide leasing services to the wholly-owned properties. For the years ended December 31, 2020, 2019 and 2018, $5.4 million, $6.3 million, and $15.7 million of their compensation, respectively, was capitalized and is amortized over an estimated average lease term of eight years. Deferred Financing Costs Deferred financing costs represent commitment fees, legal, title and other third party costs associated with obtaining commitments for financing which result in a closing of such financing. These costs are amortized over the terms of the respective agreements. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not close. Deferred financing costs related to a recognized debt liability are presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability. Lease Classification Lease classification for leases under which the Company is the lessor is evaluated at lease commencement and leases not classified as sales-type leases or direct financing leases are classified as operating leases. Leases qualify as sales-type leases if the contract includes either transfer of ownership clauses, certain purchase options, a lease term representing a major part of the economic life of the asset, or the present value of the lease payments and residual guarantees provided by the lessee exceeds substantially all of the fair value of the asset. Additionally, leasing an asset so specialized that it is not deemed to have any value to the Company at the end of the lease term may also result in classification as a sales-type lease. Leases qualify as direct financing leases when the present value of the lease payments and residual value guarantees provided by the lessee and unrelated third parties exceeds substantially all of the fair value of the asset and collection of the payments is probable. Revenue Recognition Rental revenue for operating leases is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the leased space is available for its intended use by the lessee. To determine whether the leased space is available for its intended use by the lessee, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When management concludes that we are the owner of tenant improvements for accounting purposes, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred costs, net on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets. In addition to base rent, our tenants also generally will pay variable rent which represents their pro rata share of increases in real estate taxes and certain operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in certain building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year. Rental revenue is recognized if collectability is probable. If collectability of substantially all of the lease payments is assessed as not probable, any difference between the rental revenue recognized to date and the lease payments that have been collected is recognized as a current-period adjustment to rental revenue. A subsequent change in the assessment of collectability to probable may result in a current-period adjustment to rental revenue for any difference between the rental revenue that would have been recognized if collectability had always been assessed as probable and the rental revenue recognized to date. We recognize lease concessions related to COVID-19, such as rent deferrals and abatements, in accordance with the Lease Modification Q&A issued by the FASB in April 2020, which provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease. This election is only available when total cash flows resulting from the modified lease are substantially similar to the cash flows in the original lease. When total cash flows resulting from the modified lease are not substantially similar to the cash flows in the original lease, we account for the concession agreement as a new lease. The Company provides its tenants with certain customary services for lease contracts such as common area maintenance and general security. We have elected to combine the non-lease components with the lease components of our operating lease agreements and account for them as a single lease component in accordance with ASC 842. Prior to the adoption of ASC 842, we maintained allowances for estimated losses on tenant receivables and deferred rent receivables under our lease agreements. During the year ended December 31, 2018 we had $4.2 million of additions to these allowances charged against operations and $8.9 million of uncollectible accounts written off or recovered within the period. The combined ending balance of the allowances was $31.2 million as of December 31, 2018. We record a gain or loss on sale of real estate assets when we no longer hold a controlling financial interest in the entity holding the real estate, a contract exists with a third party and that third party has control of the assets acquired. Investment income on debt and preferred equity investments is accrued based on the contractual terms of the instruments and when it is deemed collectible. Some debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest is collectible. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as an adjustment to interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cash flows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For debt investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield. We consider a debt and preferred equity investment to be past due when amounts contractually due have not been paid. Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition is resumed on any debt or preferred equity investment that is on non-accrual status when such debt or preferred equity investment becomes contractually current and performance is demonstrated to be resumed. We may syndicate a portion of the loans that we originate or sell the loans individually. When a transaction meets the criteria for sale accounting, we recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income on the consolidated statement of operations. Any fees received at the time of sale or syndication are recognized as part of investment income. Asset management fees are recognized on a straight-line basis over the term of the asset management agreement. Debt and Preferred Equity Investments Debt and preferred equity investments are presented at the net amount expected to be collected in accordance with ASC 326. An allowance for loan losses is deducted from the amortized cost basis of the financial assets to present the net carrying value at the amount expected to be collected through the expected maturity date of such investments. The expense for loan loss and other investment reserves is the charge to earnings to adjust the allowance for loan losses to the appropriate level. Amounts are written off from the allowance when we de-recognize the related investment either as a result of a sale of the investment or acquisition of equity interests in the collateral. The Company evaluates the amount expected to be collected based on current market and economic conditions, historical loss information, and reasonable and supportable forecasts. The Company's assumptions are derived from both internal data and external data which may include, among others, governmental economic projections for the New York City Metropolitan area, public data on recent transactions and filings for securitized debt instruments. This information is aggregated by asset class and adjusted for duration. Based on these inputs, loans are evaluated at the individual asset level. In certain instances, we may also use a probability-weighted model that considers the likelihood of multiple outcomes and the amount expected to be collected for each outcome. The evaluation of the possible credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor requires significant judgment, which include both asset level and market assumptions over the relevant time period. In addition, quarterly, the Company assigns each loan a risk rating. Based on a 3-point scale, loans are rated “1” through “3,” from lower risk to higher risk, which ratings are defined as follows: 1 - Low Risk Assets - Low probability of loss, 2 - Watch List Assets - Higher potential for loss, 3 - High Risk Assets - Loss more likely than not. Loans with risk ratings of 2 or above are evaluated to determine whether the expected risk of loss is appropriately captured through the combination of our expectations of current conditions, historical loss information and supportable forecasts described above or whether risk characteristics specific to the loan warrant the use of a probability-weighted model. Financing investments that are classified as held for sale are carried at the expected amount to be collected or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its expected amount to be collected. Other financing receivables that are included in balance sheet line items other than the Debt and Preferred Equity Investments line are also measured at the net amount expected to the be collected. Accrued interest receivable amounts related to these debt and preferred equity investment and other financing receivables are recorded at the net amount expected to be collected within Other assets in the consolidated balance sheets. Write offs of accrued interest receivables are recognized as an expense for loan loss and other investment reserves. Rent Expense Rent expense is recognized on a straight-line basis over the initial term of the lease. The excess of the rent expense recognized over the amounts contractually due pursuant to the underlying lease is included in the lease liability - operating leases on the consolidated balance sheets. Underwriting Commissions and Costs Underwriting commissions and costs incurred in connection with our stoc |
Property Acquisitions
Property Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Property Acquisitions | Property Acquisitions 2020 Acquisitions The following table summarizes the properties acquired during the year ended December 31, 2020: Property Acquisition Date Property Type Approximate Square Feet Gross Asset Valuation 762 Madison Avenue (1) January 2020 Fee Interest 6,109 $ 29.3 707 Eleventh Avenue January 2020 Fee Interest 159,720 90.0 15 Beekman (2) January 2020 Leasehold Interest 98,412 — 590 Fifth Avenue (3) October 2020 Fee Interest 103,300 107.2 (1) The Company acquired from our joint venture partner the remaining 10% interest in this property that the Company did not already own. (2) In January 2020, the Company entered into a 99-year ground lease of 126 Nassau Street and subsequently renamed the property 15 Beekman. In August 2020, we entered into a partnership with a real estate fund managed by Meritz Alternative Investment as part of the capitalization of this development project. See note 6, “Investment in Unconsolidated Joint Ventures.” (3) The property previously served as collateral for a debt and preferred equity investment and was acquired through a negotiated transaction with the sponsor. 2019 Acquisitions The following table summarizes the properties acquired during the year ended December 31, 2019: Property Acquisition Date Property Type Approximate Square Feet Gross Asset Valuation 106 Spring Street (1) April 2019 Fee Interest 5,928 $ 80.2 410 Tenth Avenue (2) May 2019 Fee Interest 638,000 440.0 110 Greene Street (3) May 2019 Fee Interest 223,600 256.5 (1) In April 2019, the Company accepted an assignment of the equity interests in the property in lieu of repayment of the Company's debt investment and marked the assets received and liabilities assumed to fair value. (2) In May 2019, the Company closed on the acquisition of a majority and controlling 70.87% interest in 460 West 34th Street and subsequently renamed the property 410 Tenth Avenue. The Company had previously made a loan to the entity that was accounted for as an Acquisition, Development, and Construction (“ADC”) arrangement. Upon consolidating the entity in which it acquired the controlling equity interest, the Company and the Partnership removed the ADC arrangement and recorded the assets and liabilities of the entity at fair value, which resulted in the recognition of a fair value adjustment of $67.6 million, which was reflected in the Company's consolidated statement of operations within purchase price and other fair value adjustments, and $18.3 million of net intangible lease liabilities. (3) In May 2019, the Company acquired from our joint venture partner the remaining 10% interest in this property that the Company did not already own. 2018 Acquisitions The following table summarizes the properties acquired during the year ended December 31, 2018: Property Acquisition Date Property Type Approximate Square Feet Acquisition Price 2 Herald Square (1) May 2018 Leasehold Interest 369,000 $ 266.0 1231 Third Avenue (2)(3) July 2018 Fee Interest 39,000 55.4 Upper East Side Residential (3)(4) August 2018 Fee Interest 0.2 acres 30.2 133 Greene Street (2) October 2018 Fee Interest 6,425 31.0 712 Madison Avenue (2) December 2018 Fee Interest 6,600 58.0 (1) In May 2018, the Company was the successful bidder at the foreclosure of the asset. We recorded the assets acquired and liabilities assumed at fair value. This resulted in the recognition of a fair value adjustment of $8.1 million, which is reflected in the Company's consolidated statement of operations within purchase price and other fair value adjustments. See Note 16, "Fair Value Measurements." The Company subsequently sold a 49% interest in the property in November 2018. See Note 4, "Properties Held for Sale and Dispositions." and Note 6, "Investments in Unconsolidated Joint Ventures." (2) The Company accepted an assignment of the equity interests in the property in lieu of repayment of the Company's debt investment, and recorded the assets received and liabilities assumed at fair value. (3) This property was subsequently sold in October 2018. See Note 4, "Properties Held for Sale and Dispositions." (4) In August 2018, the Company acquired the fee interest in three additional land parcels at the Upper East Side Residential Assemblage. |
Properties Held for Sale and Pr
Properties Held for Sale and Property Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Properties Held for Sale and Property Dispositions | Properties Held for Sale As of December 31, 2020, no properties were classified as held for sale. Property Dispositions The following table summarizes the properties sold during the years ended December 31, 2020, 2019, and 2018: Property Disposition Date Property Type Unaudited Approximate Usable Square Feet Sales Price (1) (in millions) Gain (Loss) on Sale (2) (in millions) 30 East 40th Street December 2020 Leasehold Interest 69,446 $ 5.2 $ (1.6) 1055 Washington Boulevard December 2020 Leasehold Interest 182,000 23.8 (11.5) Williamsburg Terrace December 2020 Fee Interest 52,000 32.0 11.8 410 Tenth Avenue December 2020 Fee Interest 638,000 952.5 56.4 400 East 58th Street September 2020 Fee Interest 140,000 62.0 8.3 609 Fifth Avenue - Retail Condominium May 2020 Fee Interest 21,437 168.0 63.3 315 West 33rd Street - The Olivia March 2020 Fee Interest 492,987 446.5 71.8 Suburban Properties (3) December 2019 Fee Interest 1,107,000 229.2 1.8 1640 Flatbush Avenue December 2019 Fee Interest 1,000 16.2 5.5 562 Fifth Avenue December 2019 Fee Interest 42,635 52.4 (26.6) 1010 Washington Boulevard (4) November 2019 Fee Interest 143,400 23.1 (7.1) 115 Spring Street (5) August 2019 Fee Interest 5,218 66.6 3.6 2 Herald Square (6) November 2018 Office/Retail 369,000 265.0 — 400 Summit Lake Drive November 2018 Land 39.5 acres 3.0 (36.2) Upper East Side Assemblage (7)(8) October 2018 Development 70,142 143.8 (6.3) 1-6 International Drive July 2018 Office 540,000 55.0 (2.6) 635 Madison Avenue June 2018 Retail 176,530 153.0 (14.1) 115-117 Stevens Avenue May 2018 Office 178,000 12.0 (0.7) 600 Lexington Avenue January 2018 Office 303,515 305.0 23.8 (1) Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property. (2) The gain on sale is net of $10.5 million, $2.0 million, and $1.3 million of employee compensation accrued in connection with the realization of these investment gains in the years ended December 31, 2020, 2019, and 2018, respectively. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods. (3) Suburban Properties consists of 360 Hamilton Avenue, 100 Summit Lake Drive, 200 Summit Lake Drive, and 500 Summit Lake Drive. (4) The Company recorded a $7.1 million charge in 2019 that is included in depreciable real estate reserves and impairments in the consolidated statement of operations. (5) The Company sold a 49% interest, which resulted in the deconsolidation of our remaining 51% interest. We recorded our investment at fair value which resulted in the recognition of a fair value adjustment of $3.8 million, which is reflected in the Company's consolidated statements of operations within purchase price and other fair value adjustments. See Note 6, "Investments in Unconsolidated Joint Ventures." (6) In November 2018, the Company sold a 49% interest in 2 Herald Square to an Israeli institutional investor. See Note 6, "Investments in Unconsolidated Joint Ventures." (7) Upper East Side Assemblage consists of 260 East 72nd Street, 31,076 square feet of development rights, 252-254 East 72nd Street, 257 East 71st Street, 259 East 71st Street, and 1231 Third Avenue. (8) The Company recorded a $5.8 million charge in 2018 that is included in depreciable real estate reserves and impairments in the consolidated statement of operations. |
Debt and Preferred Equity Inves
Debt and Preferred Equity Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt and Preferred Equity Investments | Debt and Preferred Equity Investments Below is a summary of the activity in our debt and preferred equity investments for the twelve months ended December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Balance at beginning of year (1) $ 1,580,306 $ 2,099,393 Debt investment originations/accretion (2) 389,300 652,866 Preferred equity investment originations/accretion (2) 167,042 14,736 Redemptions/sales/syndications/equity ownership/amortization (3) (1,048,643) (1,190,689) Net change in loan loss reserves (11,463) 4,000 Balance at end of period (1) $ 1,076,542 $ 1,580,306 (1) Net of unamortized fees, discounts, and premiums. (2) Accretion includes amortization of fees and discounts and paid-in-kind investment income. (3) Certain participations in debt investments that were sold or syndicated, but did not meet the conditions for sale accounting, are included in other assets and other liabilities on the consolidated balance sheets. Below is a summary of our debt and preferred equity investments as of December 31, 2020 (dollars in thousands): Floating Rate Fixed Rate Total Carrying Value Senior Financing Maturity (1) Type Carrying Value Face Value Interest Rate Carrying Value Face Value Interest Rate Senior Mortgage Debt $ 62,751 $ 63,425 L + 2.00 - 3.50% $ 1,249 $ 1,250 3.50% $ 64,000 $ — 2021 - 2022 Junior Mortgage Debt 7,200 12,000 L + 7.25 - 7.25% 32,888 33,000 6.00% 40,088 127,000 2021 Mezzanine Debt 275,926 280,119 L + 4.95 - 14.07% 436,742 448,938 2.90 - 14.30% 712,668 4,459,287 2021 - 2029 Preferred Equity — — — 259,786 262,254 6.50 - 11.00% 259,786 1,962,750 2022 - 2027 Balance at end of period $ 345,877 $ 355,544 $ 730,665 $ 745,442 $ 1,076,542 $ 6,549,037 (1) Excludes available extension options to the extent they have not been exercised as of the date of this filing. The following table is a rollforward of our total allowance for loan losses for the years ended December 31, 2020, 2019 and 2018 (in thousands): December 31, 2020 2019 2018 Balance at beginning of year $ 1,750 $ 5,750 $ — Cumulative adjustment upon adoption of ASC 326 27,803 — — Current period provision for loan loss 20,693 — 6,839 Write-offs charged against the allowance (1) (37,033) (4,000) (1,089) Balance at end of period (2) $ 13,213 $ 1,750 $ 5,750 (1) Includes $19.0 million of charges recorded against investments that were sold during the year ended December 31, 2020. These charges are included in loan loss and other investment reserves, net of recoveries, in our consolidated statements of operations. (2) As of December 31, 2020, we had recorded an allowance for loan loss on all financing receivables on non-accrual except for one financing receivable with a carrying value of $225.2 million. At December 31, 2020, all debt and preferred equity investments were performing in accordance with their respective terms, with the exception of one investment with a carrying value, net of reserves, of $6.8 million, as discussed in subnote 6 of the Debt Investments table below. At December 31, 2019, all debt and preferred equity investments were performing in accordance with their respective terms. The following table sets forth the net book value of our debt and preferred equity investment portfolio by risk rating as of December 31, 2020 and 2019 ($ in thousands): Risk Rating December 31, 2020 December 31, 2019 1 - Low Risk Assets - Low probability of loss $ 695,035 $ 1,180,831 2 - Watch List Assets - Higher potential for loss 365,167 399,475 3 - High Risk Assets - Loss more likely than not 16,340 — $ 1,076,542 $ 1,580,306 The following table sets forth the net book value of our debt and preferred equity investment portfolio by year of origination and risk rating as of December 31, 2020 ($ in thousands): As of December 31, 2020 Risk Rating 2020 (1) 2019 (1) 2018 (1) Prior (1) Total 1 - Low Risk Assets - Low probability of loss $ 346,320 $ 55,318 $ 209,941 $ 83,456 $ 695,035 2 - Watch List Assets - Higher potential for loss — 239,215 56,244 69,708 365,167 3 - High Risk Assets - Loss more likely than not — — — 16,340 16,340 $ 346,320 $ 294,533 $ 266,185 $ 169,504 $ 1,076,542 (1) Year in which the investment was originated or acquired by us or in which a material modification occurred. We have determined that we have one portfolio segment of financing receivables at December 31, 2020 and 2019 comprising commercial real estate which is primarily recorded in debt and preferred equity investments. Included in other assets is an additional amount of financing receivables totaling $66.2 million and $131.1 million at December 31, 2020 and 2019, respectively, for which the Company recorded adjustments upon adoption of ASC 326 of $11.4 million and provisions for loan losses of $14.6 million for the twelve months ended December 31, 2020. All of these loans have a risk rating of 2 and were performing in accordance with their respective terms with the exception of one financing receivable, which was put on nonaccrual in August 2018, that has a risk rating of 3 and a carrying value at December 31, 2020 of $2.5 million. Debt Investments As of December 31, 2020 and 2019, we held the following debt investments with an aggregate weighted average current yield of 5.80%, at December 31, 2020 (dollars in thousands): Loan Type December 31, 2020 December 31, 2020 December 31, 2020 Carrying Value (1) December 31, 2019 Carrying Value (1) Maturity Date (2) Fixed Rate Investments: Junior Mortgage (3b)(4) $ 10,000 $ 67,000 $ 32,888 $ — January 2021 Mezzanine Loan — 15,000 3,500 3,500 September 2021 Mortgage/Mezzanine Loan — 63,750 56,244 55,573 October 2021 Mezzanine Loan — 280,000 41,057 38,734 August 2022 Mezzanine Loan (5) — 353,772 225,204 215,737 June 2023 Mezzanine Loan (3a)(6) — 105,000 13,366 12,950 June 2024 Mezzanine Loan — 95,000 30,000 30,000 January 2025 Mezzanine Loan — 1,712,750 55,250 55,250 June 2027 Mezzanine Loan — 85,000 20,000 20,000 December 2029 Mezzanine Loan — — — 24,952 Mezzanine Loan — — — 30,000 Mezzanine Loan — — — 12,714 Total fixed rate $ 10,000 $ 2,777,272 $ 477,509 $ 499,410 Floating Rate Investments: Mezzanine Loan $ — $ 275,000 $ 49,956 $ 49,809 April 2021 Junior Mortgage Participation/Mezzanine Loan — 60,000 15,733 15,698 July 2021 Mezzanine Loan 7,031 172,809 35,318 41,395 July 2021 Mezzanine Loan — 61,744 29,106 15,743 July 2021 Mezzanine Loan (3c) — 1,115,000 127,915 222,775 March 2022 Mortgage and Mezzanine Loan 7,085 — 60,532 — May 2022 Mortgage and Mezzanine Loan 44,000 — 14,011 13,918 December 2022 Mezzanine Loan 53,845 64,462 19,889 69,839 May 2023 Mortgage and Mezzanine Loan — — — 35,386 Junior Mortgage (7) — — — 20,000 Mortgage Loan — — — 19,971 Mortgage Loan — — — 106,473 Mezzanine Loan — — — 51,387 Mortgage/Mezzanine Loan — — — 96,570 Mortgage/Mezzanine Loan — — — 82,696 Total floating rate $ 111,961 $ 1,749,015 $ 352,460 $ 841,660 Allowance for loan loss $ — $ — $ (13,213) $ — Total $ 121,961 $ 4,526,287 $ 816,756 $ 1,341,070 (1) Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees. (2) Represents contractual maturity, excluding any unexercised extension options. (3) Carrying value is net of the following amounts that were sold or syndicated, which are included in other assets and other liabilities on the consolidated balance sheets as a result of the transfers not meeting the conditions for sale accounting: (a) $12.0 million, (b) $66.6 million and (c) $0.4 million (4) In January 2021, this loan was extended six months to July 2021. (5) This loan was put on non-accrual in July 2020 and remains on non-accrual at December 31, 2020. No investment income has been recognized subsequent to it being put on non-accrual. (6) This loan went into default and was put on non-accrual in June 2020 and remains on non-accrual at December 31, 2020. No investment income has been recognized subsequent to it being put on non-accrual. The Company is in discussions with the borrower. (7) In October 2020, the Company accepted a purchase in lieu of repayment and marked the assets received and liabilities assumed to fair value. Preferred Equity Investments As of December 31, 2020 and 2019, we held the following preferred equity investments with an aggregate weighted average current yield of 9.96% at December 31, 2020 (dollars in thousands): Type December 31, 2020 December 31, 2020 December 31, 2020 (1) December 31, 2019 (1) Mandatory Redemption (2) Preferred Equity $ — $ 1,712,750 $ 154,691 $ 98,065 June 2022 Preferred Equity — 250,000 105,095 — February 2027 Preferred Equity (3) — — 141,171 Total Preferred Equity $ — $ 1,962,750 $ 259,786 $ 239,236 Allowance for loan loss $ — $ — $ — $ (1,750) Total $ — $ 1,962,750 $ 259,786 $ 240,986 (1) Carrying value is net of deferred origination fees. (2) Represents contractual maturity, excluding any unexercised extension options. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures We have investments in several real estate joint ventures with various partners. As of December 31, 2020, the book value of these investments was $3.8 billion, net of investments with negative book values totaling $89.6 million for which we have an implicit commitment to fund future capital needs. As of December 31, 2020, 800 Third Avenue, 21 East 66th Street, 605 West 42nd Street, and certain properties within the Stonehenge Portfolio are VIEs in which we are not the primary beneficiary. As of December 31, 2019, 800 Third Avenue, 21 East 66th Street, 605 West 42nd Street, 333 East 22nd Street, and certain properties within the Stonehenge Portfolio were VIEs in which we are not the primary beneficiary. Our net equity investment in these VIEs was $134.0 million as of December 31, 2020 and $145.9 million as of December 31, 2019. Our maximum loss is limited to the amount of our equity investment in these VIEs. See the "Principles of Consolidation" section of Note 2, "Significant Accounting Policies". All other investments below are voting interest entities. As we do not control the joint ventures listed below, we account for them under the equity method of accounting. The table below provides general information on each of our joint ventures as of December 31, 2020: Property Partner Ownership Interest (1) Economic Interest (1) Unaudited Approximate Square Feet 100 Park Avenue Prudential Real Estate Investors 49.90% 49.90% 834,000 717 Fifth Avenue Wharton Properties/Private Investor 10.92% 10.92% 119,500 800 Third Avenue Private Investors 60.52% 60.52% 526,000 919 Third Avenue New York State Teacher's Retirement System 51.00% 51.00% 1,454,000 11 West 34th Street Private Investor/Wharton Properties 30.00% 30.00% 17,150 280 Park Avenue Vornado Realty Trust 50.00% 50.00% 1,219,158 1552-1560 Broadway (2) Wharton Properties 50.00% 50.00% 57,718 10 East 53rd Street Canadian Pension Plan Investment Board 55.00% 55.00% 354,300 21 East 66th Street (3) Private Investors 32.28% 32.28% 13,069 650 Fifth Avenue (4) Wharton Properties 50.00% 50.00% 69,214 121 Greene Street Wharton Properties 50.00% 50.00% 7,131 55 West 46th Street (5) Prudential Real Estate Investors 25.00% 25.00% 347,000 Stonehenge Portfolio Various Various Various 1,439,016 605 West 42nd Street The Moinian Group 20.00% 20.00% 927,358 11 Madison Avenue PGIM Real Estate 60.00% 60.00% 2,314,000 400 East 57th Street (6) BlackRock, Inc and Stonehenge Partners 51.00% 41.00% 290,482 One Vanderbilt National Pension Service of Korea/Hines Interest LP 71.01% 71.01% 1,657,198 Worldwide Plaza RXR Realty / New York REIT / Private Investor 24.35% 24.35% 2,048,725 1515 Broadway Allianz Real Estate of America 56.87% 56.87% 1,750,000 2 Herald Square Israeli Institutional Investor 51.00% 51.00% 369,000 115 Spring Street Private Investor 51.00% 51.00% 5,218 885 Third Avenue (7) Private Investor (6) 100.00% 625,300 15 Beekman (8) A fund managed by Meritz Alternative Investment Management 20.00% 20.00% 221,884 85 Fifth Avenue Wells Fargo 36.30% 36.30% 12,946 One Madison Avenue (9) National Pension Service of Korea/Hines Interest LP 50.50% 50.50% 1,048,700 (1) Ownership interest and economic interest represent the Company's interests in the joint venture as of December 31, 2020. Changes in ownership or economic interests within the current year are disclosed in the notes below. (2) The acquisition price represents only the purchase of the 1552 Broadway interest which comprised approximately 13,045 square feet. The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. (3) We hold a 32.28% interest in three retail units and one residential unit at the property and a 16.14% interest in three residential units at the property. (4) The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. (5) In February 2021, along with our joint venture partner, we entered into contract to sell the property. This transaction is expected to close in the first quarter of 2021. If the transaction closes in accordance with the terms of the contract, we expect to recognize a loss on sale of approximately $17.8 million. (6) In October 2016, we sold a 49% interest in this property. Our interest in the property was sold within a consolidated joint venture owned 90% by the Company and 10% by Stonehenge. The transaction resulted in the deconsolidation of the venture's remaining 51% interest in the property. Our joint venture with Stonehenge remains consolidated resulting in the combined 51% interest being shown within investments in unconsolidated joint ventures on our balance sheet. (7) We hold 100% of the preferred equity interest in the property and believe there is no value to the common equity. (8) In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company for the building at 126 Nassau Street. As a result of this transaction, we recognized a gain of $17.7 million, which is included in Gain on sale of real estate, net, in our consolidated statements of operations. This gain was calculated in accordance with ASC 842, as the Company identified the lease and non-lease components included in the sublease agreement and allocated the consideration in the agreement to each lease and non-lease component based on each components' standalone selling price, which was estimated utilizing a combination of the adjusted market assessment and residual approaches as provided for in ASC 606. In the fourth quarter of 2020, the project was renamed 15 Beekman and this name has subsequently been used in all public statements and marketing materials. (9) In 2020, the Company admitted partners to the One Madison Avenue development project, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and the deconsolidation of our remaining 50.5% interest. We recorded our investment at fair value, which resulted in the recognition of a fair value adjustment of $187.5 million. The fair value of our investment was determined by the terms of the joint venture agreement governing the capitalization of the project. The partners have committed aggregate equity to the project totaling no less than $492.2 million and their ownership interest in the joint venture is based on their capital contributions, up to an aggregate maximum of 49.5%. At December 31, 2020, the total of the two partners' ownership interests based on equity contributed was 9.6%. Disposition of Joint Venture Interests or Properties The following table summarizes the investments in unconsolidated joint ventures sold during the years ended December 31, 2020, 2019, and 2018: Property Ownership Interest Sold Disposition Date Gross Asset Valuation (in thousands) (1) Gain (Loss) on Sale (in thousands) (2) 333 East 22nd Street 33.33% December 2020 $ 1,640 $ 2,968 21 East 66th Street (3) 1 residential unit December 2019 2,900 279 521 Fifth Avenue 50.50% May 2019 381,000 57,874 131-137 Spring Street 20.00% January 2019 216,000 17,660 Stonehenge Portfolio (partial) Various Various - 2019 468,800 (2,408) 3 Columbus Circle 48.90% November 2018 851,000 160,368 Mezzanine Loan (4) 33.33% August 2018 15,000 N/A 724 Fifth Avenue 49.90% July 2018 365,000 64,587 Jericho Plaza 11.67% June 2018 117,400 147 1745 Broadway 56.87% May 2018 633,000 52,038 175-225 Third Street Brooklyn, New York 95.00% April 2018 115,000 19,483 1515 Broadway (5) 13.00% February 2018 1,950,000 — Stonehenge Portfolio (partial) Various Various - 2018 331,100 (6,063) (1) Represents implied gross valuation for the joint venture or sales price of the property. (2) Represents the Company's share of the gain or (loss). The gain on sale is net of $0.0 million, $4.0 million, and $11.7 million of employee compensation accrued in connection with the realization of these investment gains in the years ended December 31, 2020, 2019, and 2018, respectively. Additionally, gain (loss) amounts do not include adjustments for expenses recorded in subsequent periods. (3) We, together with our joint venture partner, closed on the sale of one residential unit at the property. (4) Our investment in a joint venture that owned a mezzanine loan secured by a commercial property in midtown Manhattan was repaid after the joint venture received repayment of the underlying loan. (5) Our investment in 1515 Broadway was marked to fair value on January 1, 2018 upon adoption of ASC 610-20. Joint Venture Mortgages and Other Loans Payable We generally finance our joint ventures with non-recourse debt. In certain cases we may provide guarantees or master leases for tenant space, which terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. The mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at December 31, 2020 and 2019, respectively, are as follows (dollars in thousands): Property Economic Interest (1) Initial Maturity Date Final Maturity Date (2) Interest Rate (3) December 31, 2020 December 31, 2019 Fixed Rate Debt: 885 Third Avenue (4) 100.00 % April 2021 April 2021 3.35% $ 272,000 $ — 717 Fifth Avenue (mortgage) 10.92 % July 2022 July 2022 4.45% 300,000 300,000 717 Fifth Avenue (mezzanine) 10.92 % July 2022 July 2022 5.50% 355,328 355,328 650 Fifth Avenue (mortgage) 50.00 % October 2022 October 2022 4.46% 210,000 210,000 650 Fifth Avenue (mezzanine) 50.00 % October 2022 October 2022 5.45% 65,000 65,000 21 East 66th Street 32.28 % April 2023 April 2028 3.60% 12,000 12,000 919 Third Avenue 51.00 % June 2023 June 2023 5.12% 500,000 500,000 1515 Broadway 56.87 % March 2025 March 2025 3.93% 820,607 838,546 11 Madison Avenue 60.00 % September 2025 September 2025 3.84% 1,400,000 1,400,000 800 Third Avenue 60.52 % February 2026 February 2026 3.37% 177,000 177,000 400 East 57th Street 41.00 % November 2026 November 2026 3.00% 97,024 97,735 Worldwide Plaza 24.35 % November 2027 November 2027 3.98% 1,200,000 1,200,000 Stonehenge Portfolio (5) Various Various Various 3.50% 195,899 196,112 Total fixed rate debt $ 5,604,858 $ 5,351,721 Floating Rate Debt: 121 Greene Street 50.00 % (6) (6) L+ 1.50% $ 15,000 $ 15,000 280 Park Avenue 50.00 % September 2021 September 2024 L+ 1.73% 1,200,000 1,200,000 One Vanderbilt (7) 71.01 % September 2021 September 2023 L+ 2.50% 1,210,329 732,928 1552 Broadway 50.00 % October 2021 October 2022 L+ 2.65% 195,000 195,000 2 Herald Square 51.00 % November 2021 November 2023 L+ 1.45% 214,500 190,000 11 West 34th Street 30.00 % January 2022 January 2023 L+ 1.45% 23,000 23,000 55 West 46th Street (8) 25.00 % August 2022 August 2024 L+ 1.25% 192,524 192,524 115 Spring Street 51.00 % September 2023 September 2023 L+ 3.40% 65,550 65,550 100 Park Avenue 49.90 % December 2023 December 2025 L+ 2.25% 360,000 356,972 15 Beekman (9) 20.00 % January 2024 July 2025 L+ 1.50% 11,212 — 10 East 53rd Street 55.00 % February 2025 February 2025 L+ 1.35% 220,000 170,000 One Madison Avenue (10) 50.50 % November 2025 November 2026 L+ 3.35% — — 605 West 42nd Street 20.00 % August 2027 August 2027 L+ 1.44% 550,000 550,000 21 East 66th Street 32.28 % June 2033 June 2033 T+ 2.75% 677 712 Total floating rate debt $ 4,257,792 $ 3,691,686 Total joint venture mortgages and other loans payable $ 9,862,650 $ 9,043,407 Deferred financing costs, net (113,446) (91,538) Total joint venture mortgages and other loans payable, net $ 9,749,204 $ 8,951,869 (1) Economic interest represents the Company's interests in the joint venture as of December 31, 2020. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above. (2) Reflects exercise of all available options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property. (3) Interest rates as of December 31, 2020, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR ("L") or 1-year Treasury ("T"). (4) The Company holds 100% of the preferred equity interest in the property and believes that there is no value to the common equity. (5) Comprised of three mortgages totaling $132.4 million that mature in April 2028 and two mortgages totaling $63.5 million that mature in July 2029. (6) This loan matured in November 2020. The Company is in discussions with the lender on resolution. (7) This loan is a $1.75 billion construction facility with reductions in interest cost based on meeting conditions, the first of which has been satisfied, and has an initial term of three years with two one year extension options. Advances under the loan are subject to costs incurred. In conjunction with the loan, we provided partial guarantees for interest and principal payments, the amounts of which are based on certain construction milestones and operating metrics. (8) This loan has a committed amount of $198.0 million, of which $5.5 million was unfunded as of December 31, 2020. In February 2021, along with our joint venture partner, we entered into contract to sell the property. This transaction is expected to close in the first quarter of 2021. (9) This loan is a $125.0 million construction facility. Advances under the loan are subject to costs incurred. (10) The loan is a $1.25 billion construction facility with an initial term of five years with one one year extension option. Advances under the loan are subject to costs incurred. As of December 31, 2020 no draws have been made under this facility. In conjunction with the loan, we provided partial guarantees for interest and principal payments, the amounts of which are based on certain construction milestones and operating metrics. We are entitled to receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures. We earned $15.8 million, $13.0 million and $14.2 million from these services, net of our ownership share of the joint ventures, for the years ended December 31, 2020, 2019, and 2018, respectively. In addition, we have the ability to earn incentive fees based on the ultimate financial performance of certain of the joint venture properties. The combined balance sheets for the unconsolidated joint ventures, at December 31, 2020 and 2019, are as follows (in thousands): December 31, 2020 December 31, 2019 Assets (1) Commercial real estate property, net $ 16,143,880 $ 14,349,628 Cash and restricted cash 357,076 336,189 Tenant and other receivables, related party receivables, and deferred rents receivable 403,883 371,065 Other assets 2,001,612 2,039,429 Total assets $ 18,906,451 $ 17,096,311 Liabilities and equity (1) Mortgages and other loans payable, net $ 9,749,204 $ 8,951,869 Deferred revenue/gain 1,341,571 1,501,616 Lease liabilities 1,002,563 897,380 Other liabilities 464,107 308,304 Equity 6,349,006 5,437,142 Total liabilities and equity $ 18,906,451 $ 17,096,311 Company's investments in unconsolidated joint ventures $ 3,823,322 $ 2,912,842 (1) The combined assets, liabilities and equity for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018. In addition, at December 31, 2020, $170.6 million of net unamortized basis differences between the amount at which our investments are carried and our share of equity in net assets of the underlying property will be amortized through equity in net income (loss) from unconsolidated joint ventures over the remaining life of the underlying items having given rise to the differences. The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the years ended December 31, 2020, 2019, and 2018 are as follows (unaudited, in thousands): Year Ended December 31, 2020 2019 2018 Total revenues $ 1,133,217 $ 1,163,534 $ 1,244,804 Operating expenses 180,201 202,881 219,440 Real estate taxes 220,633 212,355 226,961 Operating lease rent 24,134 24,816 18,697 Interest expense, net of interest income 325,500 372,408 363,055 Amortization of deferred financing costs 20,427 19,336 21,634 Transaction related costs — — — Depreciation and amortization 407,834 407,697 421,458 Total expenses $ 1,178,729 $ 1,239,493 $ 1,271,245 Loss on early extinguishment of debt (194) (1,031) — Net loss before gain on sale (1) $ (45,706) $ (76,990) $ (26,441) Company's equity in net loss income from unconsolidated joint ventures (1) $ (25,195) $ (34,518) $ 7,311 (1) The combined statements of operations and the Company's equity in net (loss) income for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018. |
Deferred Costs
Deferred Costs | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs | Deferred Costs Deferred costs at December 31, 2020 and 2019 consisted of the following (in thousands): December 31, 2020 2019 Deferred leasing costs $ 447,002 $ 466,136 Less: accumulated amortization (269,834) (260,853) Deferred costs, net $ 177,168 $ 205,283 |
Mortgages and Other Loans Payab
Mortgages and Other Loans Payable | 12 Months Ended |
Dec. 31, 2020 | |
Mortgages and Other Loans Payable | |
Mortgages and Other Loans Payable | Mortgages and Other Loans Payable The mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at December 31, 2020 and 2019, respectively, were as follows (dollars in thousands): Property Initial Maturity Date Final Maturity Date (1) Interest Rate (2) December 31, 2020 December 31, 2019 Fixed Rate Debt: 100 Church Street July 2022 July 2022 4.68% $ 204,875 $ 209,296 420 Lexington Avenue October 2024 October 2040 3.99% 294,035 299,165 Landmark Square January 2027 January 2027 4.90% 100,000 100,000 485 Lexington Avenue February 2027 February 2027 4.25% 450,000 450,000 1080 Amsterdam (3) February 2027 February 2027 3.59% 34,773 35,123 400 East 58th Street — 39,094 762 Madison Avenue (4) — 771 315 West 33rd Street (5) 250,000 Total fixed rate debt $ 1,083,683 $ 1,383,449 Floating Rate Debt: 133 Greene Street (6) (6) L+ 2.00% $ 15,523 $ 15,523 106 Spring Street (7) (7) L+ 2.50% 38,025 38,025 FHLB Facility (8) January 2021 January 2021 L+ 0.28% 10,000 — FHLB Facility (8) January 2021 January 2021 L+ 0.23% 15,000 — FHLB Facility (8) January 2021 January 2021 L+ 0.18% 35,000 — 609 Fifth Avenue March 2021 March 2024 L+ 2.40% 57,651 53,773 185 Broadway (9) November 2021 November 2023 L+ 2.85% 158,478 120,110 712 Madison Avenue December 2021 December 2022 L+ 1.85% 28,000 28,000 220 East 42nd Street June 2023 June 2025 L+ 2.75% 510,000 — 719 Seventh Avenue September 2023 September 2023 L+ 1.20% 50,000 50,000 2017 Master Repurchase Agreement (10) — 152,684 FHLB Facility — 10,000 FHLB Facility — 15,000 FHLB Facility — 14,500 410 Tenth Avenue — 330,819 Total floating rate debt $ 917,677 $ 828,434 Total mortgages and other loans payable $ 2,001,360 $ 2,211,883 Deferred financing costs, net of amortization (21,388) (28,630) Total mortgages and other loans payable, net $ 1,979,972 $ 2,183,253 (1) Reflects exercise of all available options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property. (2) Interest rate as of December 31, 2020, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR, unless otherwise specified. (3) The loan is comprised of a $33.9 million mortgage loan and $0.9 million mezzanine loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of the fifth year. (4) In January 2020, the Company closed on the acquisition of the remaining 10% interest in this property from our joint venture partner. As part of this transaction, the loan was repaid. (5) In March 2020, the loan was assumed by the buyer in connection with the sale of the property. (6) In February 2021, this debt was extinguished after the lender was the winning bidder in a foreclosure auction for the property. (7) This loan matured in January 2021. The Company is in discussions with the lender on resolution. (8) In January 2021, these loans were extended one month from their respective maturity dates to February 2021 without penalty. The interest rate for the extension period was a fixed rate of 39 basis points. In February 2021, all advances were repaid. (9) This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three year term with two one year extension options. Advances under the loan are subject to incurred costs and funded equity requirements. (10) In June 2020, we exercised a one year extension option which extended the maturity date to June 2021. At December 31, 2020, there was no outstanding balance on the $400.0 million facility. At December 31, 2020 and 2019, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $2.5 billion and $3.3 billion, respectively. Federal Home Loan Bank of New York ("FHLB") Facility As of December 31, 2020, the Company’s wholly-owned subsidiary, Ticonderoga Insurance Company, or Ticonderoga, a Vermont licensed captive insurance company, was a member of the Federal Home Loan Bank of New York, or FHLBNY. As a member, Ticonderoga was able to borrow funds from the FHLBNY in the form of secured advances that bore interest at a floating rate. In February 2021, Ticonderoga's membership in FHLB New York was terminated and all advances were repaid. As of December 31, 2020, Ticonderoga had a total of $60.0 million in outstanding secured advances with an average spread of 21 basis points over 30-day LIBOR. Master Repurchase Agreement The Company entered into a Master Repurchase Agreement, or MRA, known as the 2017 MRA, which provides us with the ability to sell certain mortgage investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase agreement by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity, and are not limited to collateral-specific credit marks. To monitor credit risk associated with our debt investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to collateralize the facility with additional assets from our portfolio of debt investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity. As of December 31, 2020, there have been no margin calls on the 2017 MRA. In April 2018, we increased the maximum facility capacity from $300.0 million to $400.0 million. The facility bears interest on a floating rate basis at a spread to 30-day LIBOR based on the pledged collateral and advance rate and is scheduled to mature in June 2021, with a one-year extension option. At December 31, 2020, the facility had no outstanding balance. 2017 Credit Facility In November 2017, we entered into an amendment to the credit facility, referred to as the 2017 credit facility, that was originally entered into by the Company in November 2012, or the 2012 credit facility. As of December 31, 2020, the 2017 credit facility consisted of a $1.5 billion revolving credit facility, a $1.3 billion term loan (or "Term Loan A"), and a $200.0 million term loan (or "Term Loan B") with maturity dates of March 31, 2022, March 31, 2023, and November 21, 2024, respectively. The revolving credit facility has two 6-month as-of-right extension options to March 31, 2023. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions. As of December 31, 2020, the 2017 credit facility bore interest at a spread over 30-day LIBOR ranging from (i) 82.5 basis points to 155 basis points for loans under the revolving credit facility, (ii) 90 basis points to 175 basis points for loans under Term Loan A, and (iii) 85 basis points to 165 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category. At December 31, 2020, the applicable spread was 100 basis points for the revolving credit facility, 110 basis points for Term Loan A, and 100 basis points for Term Loan B. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of December 31, 2020, the facility fee was 20 basis points. As of December 31, 2020, we had $26.0 million of outstanding letters of credit, $110.0 million drawn under the revolving credit facility and $1.5 billion outstanding under the term loan facilities, with total undrawn capacity of $1.4 billion under the 2017 credit facility. At December 31, 2020 and December 31, 2019, the revolving credit facility had a carrying value of $105.3 million and $234.0 million, respectively, net of deferred financing costs. At December 31, 2020 and December 31, 2019, the term loan facilities had a carrying value of $1.5 billion and $1.5 billion, respectively, net of deferred financing costs. The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2017 credit facility. The 2017 credit facility includes certain restrictions and covenants (see Restrictive Covenants below). Senior Unsecured Notes The following table sets forth our senior unsecured notes and other related disclosures as of December 31, 2020 and 2019, respectively, by scheduled maturity date (dollars in thousands): Issuance December 31, December 31, December 31, Interest Rate (1) Initial Term Maturity Date August 7, 2018 (2)(3) $ 350,000 $ 350,000 $ 350,000 1.52 % 3 August 2021 October 5, 2017 (2) 500,000 499,803 499,695 3.25 % 5 October 2022 November 15, 2012 (4) 300,000 302,086 303,142 4.50 % 10 December 2022 December 17, 2015 (5) 100,000 100,000 100,000 4.27 % 10 December 2025 March 16, 2010 (6) — — 250,000 $ 1,250,000 $ 1,251,889 $ 1,502,837 Deferred financing costs, net (3,670) (5,990) $ 1,250,000 $ 1,248,219 $ 1,496,847 (1) Interest rate as of December 31, 2020, taking into account interest rate hedges in effect during the period. (2) Issued by the Operating Partnership with the Company as the guarantor. (3) The notes are subject to redemption at the Company's option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes, plus unpaid accrued interest thereon to the redemption date. In April 2020, the Company entered into $350.0 million of fixed rate interest swaps at a rate of 0.54375% through August 2021. (4) In October 2017, the Company and the Operating Partnership as co-obligors issued an additional $100.0 million of 4.50% senior unsecured notes due December 2022. The notes were priced at 105.334% of par. (5) Issued by the Company and the Operating Partnership as co-obligors. (6) In March 2020, the notes were repaid. Restrictive Covenants The terms of the 2017 credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that, we will not during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of December 31, 2020 and 2019, we were in compliance with all such covenants. Junior Subordinated Deferrable Interest Debentures In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at a floating rate of 125 basis points over the three-month LIBOR. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense. Principal Maturities Combined aggregate principal maturities of mortgages and other loans payable, the 2017 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of December 31, 2020, including as-of-right extension options, were as follows (in thousands): Scheduled Principal Revolving Unsecured Term Loans Trust Senior Total Joint 2021 $ 10,700 $ 300,027 $ — $ — $ — $ 350,000 $ 660,727 $ 1,085,279 2022 8,767 255,435 — — — 800,000 1,064,202 540,947 2023 6,599 560,000 110,000 1,300,000 — — 1,976,599 491,066 2024 5,285 272,749 — 200,000 — — 478,034 617,010 2025 829 — — — — 100,000 100,829 1,385,256 Thereafter 930 580,039 — — 100,000 — 680,969 552,813 $ 33,110 $ 1,968,250 $ 110,000 $ 1,500,000 $ 100,000 $ 1,250,000 $ 4,961,360 $ 4,672,371 Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): Year Ended December 31, 2020 2019 2018 Interest expense before capitalized interest $ 185,934 $ 246,848 $ 236,719 Interest on financing leases 8,091 3,243 8,069 Interest capitalized (75,167) (55,446) (34,162) Interest income (2,179) (4,124) (1,957) Interest expense, net $ 116,679 $ 190,521 $ 208,669 |
Corporate Indebtedness
Corporate Indebtedness | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Corporate Indebtedness | Mortgages and Other Loans Payable The mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at December 31, 2020 and 2019, respectively, were as follows (dollars in thousands): Property Initial Maturity Date Final Maturity Date (1) Interest Rate (2) December 31, 2020 December 31, 2019 Fixed Rate Debt: 100 Church Street July 2022 July 2022 4.68% $ 204,875 $ 209,296 420 Lexington Avenue October 2024 October 2040 3.99% 294,035 299,165 Landmark Square January 2027 January 2027 4.90% 100,000 100,000 485 Lexington Avenue February 2027 February 2027 4.25% 450,000 450,000 1080 Amsterdam (3) February 2027 February 2027 3.59% 34,773 35,123 400 East 58th Street — 39,094 762 Madison Avenue (4) — 771 315 West 33rd Street (5) 250,000 Total fixed rate debt $ 1,083,683 $ 1,383,449 Floating Rate Debt: 133 Greene Street (6) (6) L+ 2.00% $ 15,523 $ 15,523 106 Spring Street (7) (7) L+ 2.50% 38,025 38,025 FHLB Facility (8) January 2021 January 2021 L+ 0.28% 10,000 — FHLB Facility (8) January 2021 January 2021 L+ 0.23% 15,000 — FHLB Facility (8) January 2021 January 2021 L+ 0.18% 35,000 — 609 Fifth Avenue March 2021 March 2024 L+ 2.40% 57,651 53,773 185 Broadway (9) November 2021 November 2023 L+ 2.85% 158,478 120,110 712 Madison Avenue December 2021 December 2022 L+ 1.85% 28,000 28,000 220 East 42nd Street June 2023 June 2025 L+ 2.75% 510,000 — 719 Seventh Avenue September 2023 September 2023 L+ 1.20% 50,000 50,000 2017 Master Repurchase Agreement (10) — 152,684 FHLB Facility — 10,000 FHLB Facility — 15,000 FHLB Facility — 14,500 410 Tenth Avenue — 330,819 Total floating rate debt $ 917,677 $ 828,434 Total mortgages and other loans payable $ 2,001,360 $ 2,211,883 Deferred financing costs, net of amortization (21,388) (28,630) Total mortgages and other loans payable, net $ 1,979,972 $ 2,183,253 (1) Reflects exercise of all available options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property. (2) Interest rate as of December 31, 2020, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR, unless otherwise specified. (3) The loan is comprised of a $33.9 million mortgage loan and $0.9 million mezzanine loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of the fifth year. (4) In January 2020, the Company closed on the acquisition of the remaining 10% interest in this property from our joint venture partner. As part of this transaction, the loan was repaid. (5) In March 2020, the loan was assumed by the buyer in connection with the sale of the property. (6) In February 2021, this debt was extinguished after the lender was the winning bidder in a foreclosure auction for the property. (7) This loan matured in January 2021. The Company is in discussions with the lender on resolution. (8) In January 2021, these loans were extended one month from their respective maturity dates to February 2021 without penalty. The interest rate for the extension period was a fixed rate of 39 basis points. In February 2021, all advances were repaid. (9) This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three year term with two one year extension options. Advances under the loan are subject to incurred costs and funded equity requirements. (10) In June 2020, we exercised a one year extension option which extended the maturity date to June 2021. At December 31, 2020, there was no outstanding balance on the $400.0 million facility. At December 31, 2020 and 2019, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $2.5 billion and $3.3 billion, respectively. Federal Home Loan Bank of New York ("FHLB") Facility As of December 31, 2020, the Company’s wholly-owned subsidiary, Ticonderoga Insurance Company, or Ticonderoga, a Vermont licensed captive insurance company, was a member of the Federal Home Loan Bank of New York, or FHLBNY. As a member, Ticonderoga was able to borrow funds from the FHLBNY in the form of secured advances that bore interest at a floating rate. In February 2021, Ticonderoga's membership in FHLB New York was terminated and all advances were repaid. As of December 31, 2020, Ticonderoga had a total of $60.0 million in outstanding secured advances with an average spread of 21 basis points over 30-day LIBOR. Master Repurchase Agreement The Company entered into a Master Repurchase Agreement, or MRA, known as the 2017 MRA, which provides us with the ability to sell certain mortgage investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase agreement by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity, and are not limited to collateral-specific credit marks. To monitor credit risk associated with our debt investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to collateralize the facility with additional assets from our portfolio of debt investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity. As of December 31, 2020, there have been no margin calls on the 2017 MRA. In April 2018, we increased the maximum facility capacity from $300.0 million to $400.0 million. The facility bears interest on a floating rate basis at a spread to 30-day LIBOR based on the pledged collateral and advance rate and is scheduled to mature in June 2021, with a one-year extension option. At December 31, 2020, the facility had no outstanding balance. 2017 Credit Facility In November 2017, we entered into an amendment to the credit facility, referred to as the 2017 credit facility, that was originally entered into by the Company in November 2012, or the 2012 credit facility. As of December 31, 2020, the 2017 credit facility consisted of a $1.5 billion revolving credit facility, a $1.3 billion term loan (or "Term Loan A"), and a $200.0 million term loan (or "Term Loan B") with maturity dates of March 31, 2022, March 31, 2023, and November 21, 2024, respectively. The revolving credit facility has two 6-month as-of-right extension options to March 31, 2023. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions. As of December 31, 2020, the 2017 credit facility bore interest at a spread over 30-day LIBOR ranging from (i) 82.5 basis points to 155 basis points for loans under the revolving credit facility, (ii) 90 basis points to 175 basis points for loans under Term Loan A, and (iii) 85 basis points to 165 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category. At December 31, 2020, the applicable spread was 100 basis points for the revolving credit facility, 110 basis points for Term Loan A, and 100 basis points for Term Loan B. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of December 31, 2020, the facility fee was 20 basis points. As of December 31, 2020, we had $26.0 million of outstanding letters of credit, $110.0 million drawn under the revolving credit facility and $1.5 billion outstanding under the term loan facilities, with total undrawn capacity of $1.4 billion under the 2017 credit facility. At December 31, 2020 and December 31, 2019, the revolving credit facility had a carrying value of $105.3 million and $234.0 million, respectively, net of deferred financing costs. At December 31, 2020 and December 31, 2019, the term loan facilities had a carrying value of $1.5 billion and $1.5 billion, respectively, net of deferred financing costs. The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2017 credit facility. The 2017 credit facility includes certain restrictions and covenants (see Restrictive Covenants below). Senior Unsecured Notes The following table sets forth our senior unsecured notes and other related disclosures as of December 31, 2020 and 2019, respectively, by scheduled maturity date (dollars in thousands): Issuance December 31, December 31, December 31, Interest Rate (1) Initial Term Maturity Date August 7, 2018 (2)(3) $ 350,000 $ 350,000 $ 350,000 1.52 % 3 August 2021 October 5, 2017 (2) 500,000 499,803 499,695 3.25 % 5 October 2022 November 15, 2012 (4) 300,000 302,086 303,142 4.50 % 10 December 2022 December 17, 2015 (5) 100,000 100,000 100,000 4.27 % 10 December 2025 March 16, 2010 (6) — — 250,000 $ 1,250,000 $ 1,251,889 $ 1,502,837 Deferred financing costs, net (3,670) (5,990) $ 1,250,000 $ 1,248,219 $ 1,496,847 (1) Interest rate as of December 31, 2020, taking into account interest rate hedges in effect during the period. (2) Issued by the Operating Partnership with the Company as the guarantor. (3) The notes are subject to redemption at the Company's option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes, plus unpaid accrued interest thereon to the redemption date. In April 2020, the Company entered into $350.0 million of fixed rate interest swaps at a rate of 0.54375% through August 2021. (4) In October 2017, the Company and the Operating Partnership as co-obligors issued an additional $100.0 million of 4.50% senior unsecured notes due December 2022. The notes were priced at 105.334% of par. (5) Issued by the Company and the Operating Partnership as co-obligors. (6) In March 2020, the notes were repaid. Restrictive Covenants The terms of the 2017 credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that, we will not during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of December 31, 2020 and 2019, we were in compliance with all such covenants. Junior Subordinated Deferrable Interest Debentures In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at a floating rate of 125 basis points over the three-month LIBOR. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense. Principal Maturities Combined aggregate principal maturities of mortgages and other loans payable, the 2017 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of December 31, 2020, including as-of-right extension options, were as follows (in thousands): Scheduled Principal Revolving Unsecured Term Loans Trust Senior Total Joint 2021 $ 10,700 $ 300,027 $ — $ — $ — $ 350,000 $ 660,727 $ 1,085,279 2022 8,767 255,435 — — — 800,000 1,064,202 540,947 2023 6,599 560,000 110,000 1,300,000 — — 1,976,599 491,066 2024 5,285 272,749 — 200,000 — — 478,034 617,010 2025 829 — — — — 100,000 100,829 1,385,256 Thereafter 930 580,039 — — 100,000 — 680,969 552,813 $ 33,110 $ 1,968,250 $ 110,000 $ 1,500,000 $ 100,000 $ 1,250,000 $ 4,961,360 $ 4,672,371 Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): Year Ended December 31, 2020 2019 2018 Interest expense before capitalized interest $ 185,934 $ 246,848 $ 236,719 Interest on financing leases 8,091 3,243 8,069 Interest capitalized (75,167) (55,446) (34,162) Interest income (2,179) (4,124) (1,957) Interest expense, net $ 116,679 $ 190,521 $ 208,669 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Cleaning/ Security/ Messenger and Restoration Services Alliance Building Services, or Alliance, and its affiliates are partially owned by Gary Green, a son of Stephen L. Green, who serves as a member and as the chairman emeritus of our board of directors, and provide services to certain properties owned by us. Alliance’s affiliates include First Quality Maintenance, L.P., or First Quality, Classic Security LLC, Bright Star Couriers LLC and Onyx Restoration Works, and provide cleaning, extermination, security, messenger, and restoration services, respectively. In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. The Service Corporation has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements. Income earned from the profit participation, which is included in other income on the consolidated statements of operations, was $1.4 million, $3.9 million and $3.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. We also recorded expenses, inclusive of capitalized expenses, of $13.3 million, $18.8 million and $18.8 million for the years ended December 31, 2020, 2019 and 2018, respectively, for these services (excluding services provided directly to tenants). Management Fees S.L. Green Management Corp., a consolidated entity, receives property management fees from an entity in which Stephen L. Green owns an interest. We received management fees from this entity of $0.6 million, $0.6 million and $0.6 million for the years ended December 31, 2020, 2019, and 2018 respectively. One Vanderbilt Investment In December 2016, we entered into agreements with entities owned and controlled by our Chairman and CEO, Marc Holliday, and our President, Andrew Mathias, pursuant to which they agreed to make an investment in our One Vanderbilt project at the appraised fair market value for the interests acquired. This investment entitles these entities to receive approximately 1.50% - 1.80% and 1.00% - 1.20%, respectively, of any profits realized by the Company from its One Vanderbilt project in excess of the Company’s capital contributions. The entities have no right to any return of capital. Accordingly, subject to previously disclosed repurchase rights, these interests will have no value and will not entitle these entities to any amounts (other than limited distributions to cover tax liabilities incurred) unless and until the Company has received distributions from the One Vanderbilt project in excess of the Company’s aggregate investment in the project. In the event that the Company does not realize a profit on its investment in the project (or would not realize a profit based on the value at the time the interests are repurchased), the entities owned and controlled by Messrs. Holliday and Mathias will lose the entire amount of their investment. The entities owned and controlled by Messrs. Holliday and Mathias paid $1.4 million and $1.0 million, respectively, which equal the fair market value of the interests acquired as of the date the investment agreements were entered into as determined by an independent third party appraisal that we obtained. Messrs. Holliday and Mathias cannot monetize their interests until after stabilization of the property (50% within three years after stabilization and 100% three years or more after stabilization). In addition, the agreement calls for us to repurchase these interests in the event of a sale of One Vanderbilt or a transactional change of control of the Company. We also have the right to repurchase these interests on the seven-year anniversary of the stabilization of the project or upon the occurrence of certain separation events prior to the stabilization of the project relating to each of Messrs. Holliday’s and Mathias’s continued service with us. The price paid upon monetization of the interests will equal the liquidation value of the interests at the time, with the value of One Vanderbilt being based on its sale price, if applicable, or fair market value as determined by an independent third party appraiser. Other We are entitled to receive fees for providing management, leasing, construction supervision, and asset management services to certain of our joint ventures as further described in Note 6, "Investments in Unconsolidated Joint Ventures." Amounts due from joint ventures and related parties at December 31, 2020 and 2019 consisted of the following (in thousands): December 31, 2020 2019 Due from joint ventures $ 27,006 $ 9,352 Other 7,651 11,769 Related party receivables $ 34,657 $ 21,121 |
Noncontrolling Interests on the
Noncontrolling Interests on the Company's Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests on the Company's Consolidated Financial Statements | Noncontrolling Interests on the Company's Consolidated Financial Statements Noncontrolling interests represent the common and preferred units of limited partnership interest in the Operating Partnership not held by the Company as well as third party equity interests in our other consolidated subsidiaries. Noncontrolling interests in the Operating Partnership are shown in the mezzanine equity while the noncontrolling interests in our other consolidated subsidiaries are shown in the equity section of the Company’s consolidated financial statements. Common Units of Limited Partnership Interest in the Operating Partnership As of December 31, 2020 and 2019, the noncontrolling interest unit holders owned 5.44%, or 3,938,823 units, and 5.17%, or 4,195,875 units, of the Operating Partnership, respectively, inclusive of retroactive adjustments to reflect the reverse stock split effectuated by SL Green in January 2021. As of December 31, 2020, 3,938,823 shares of our common stock were reserved for issuance upon the redemption of units of limited partnership interest of the Operating Partnership. Noncontrolling interests in the Operating Partnership is recorded at the greater of its cost basis or fair market value based on the closing stock price of our common stock at the end of the reporting period. Below is a summary of the activity relating to the noncontrolling interests in the Operating Partnership as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Balance at beginning of period $ 409,862 $ 387,805 Distributions (12,652) (14,729) Issuance of common units 12,018 19,403 Redemption and conversion of common units (36,085) (27,962) Net income 20,016 13,301 Accumulated other comprehensive loss allocation (2,299) (2,276) Fair value adjustment (32,598) 34,320 Balance at end of period $ 358,262 $ 409,862 Preferred Units of Limited Partnership Interest in the Operating Partnership Below is a summary of the preferred units of limited partnership interest in the Operating Partnership as of December 31, 2020: Issuance Stated Distribution Rate Number of Units Authorized Number of Units Issued Number of Units Outstanding Dividends Per Unit (1) Liquidation Preference Per Unit (2) Conversion Price Per Unit (3) Date of Issuance Series A (4) 3.50 % 109,161 109,161 109,161 $ 35.0000 $ 1,000.00 — August 2015 Series F 7.00 % 60 60 60 $ 70.0000 $ 1,000.00 $ 29.12 January 2007 Series G (4) 4.50 % 1,902,000 1,902,000 863,972 $ 1.1250 $ 25.00 $ 88.50 January 2012 Series K 3.50 % 700,000 563,954 341,677 $ 0.8750 $ 25.00 $ 134.67 August 2014 Series L 4.00 % 500,000 378,634 372,634 $ 1.0000 $ 25.00 — August 2014 Series M 3.75 % 1,600,000 1,600,000 96,357 $ 0.9375 $ 25.00 — February 2015 Series P 4.00 % 200,000 200,000 200,000 $ 1.0000 $ 25.00 — July 2015 Series Q 3.50 % 268,000 268,000 268,000 $ 0.8750 $ 25.00 $ 148.95 July 2015 Series R 3.50 % 400,000 400,000 400,000 $ 0.8750 $ 25.00 $ 154.89 August 2015 Series S 4.00 % 1,077,280 1,077,280 1,077,280 $ 1.0000 $ 25.00 — August 2015 Series V 3.50 % 40,000 40,000 40,000 $ 0.8750 $ 25.00 — May 2019 Series W (6) (6) 1 1 1 (6) (6) (6) January 2020 (1) Dividends are cumulative, subject to certain provisions. (2) Units are redeemable at any time at par for cash at the option of the unitholder unless otherwise specified. (3) If applicable, units are convertible into a number of common units of limited partnership interest in the Operating Partnership equal to (i) the liquidation preference plus accumulated and unpaid distributions on the conversion date divided by (ii) the amount shown in the table. (4) Issued through a consolidated subsidiary. The units are convertible on a one-for-one basis, into the Series B Preferred Units of limited partnership interest, or the Subsidiary Series B Preferred Units. The Subsidiary Series B Preferred Units can be converted at any time, at the option of the unitholder, into a number of common stock equal to 6.71348 shares of common stock for each Subsidiary Series B Preferred Unit. As of December 31, 2020, no Subsidiary Series B Preferred Units have been issued. (5) Common units of limited partnership interest in the Operating Partnership issued in a conversion may be redeemed in exchange for our common stock on a 1-to-1 basis. The Series G Preferred Units also provide the holder with the right to require the Operating Partnership to repurchase the Series G Preferred Units for cash before January 31, 2022. (6) The Series W preferred unit was issued in January 2020 in exchange for the then-outstanding Series O preferred unit. The holder of the Series W preferred unit is entitled to quarterly dividends in an amount calculated as (i) 1,350 multiplied by (ii) the current distribution per common unit of limited partnership in SL Green Operating Partnership. The holder has the right to require the Operating Partnership to repurchase the Series W unit for cash, or convert the Series W unit for Class B units, in each case at a price that is determined based on the closing price of the Company's common stock at the time such right is exercised. The unit's liquidation preference is the fair market value of the unit plus accrued distributions at the time of a liquidation event. Below is a summary of the activity relating to the preferred units in the Operating Partnership as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Balance at beginning of period $ 283,285 $ 300,427 Issuance of preferred units — 1,000 Redemption of preferred units (82,750) (18,142) Accrued dividends on preferred units 1,634 — Balance at end of period $ 202,169 $ 283,285 |
Stockholders' Equity of the Com
Stockholders' Equity of the Company | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity of the Company | Stockholders’ Equity of the Company Common Stock Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2020, 68,508,127 shares of common stock and no shares of excess stock were issued and outstanding. On December 4, 2020 our Board of Directors declared an ordinary dividend and a special dividend (together, "the Total Dividend"). The Total Dividend was paid on January 15, 2021 to shareholders of record at the close of business on December 15, 2020 ("the Record Date"). Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. To mitigate the dilutive impact of the common stock issued in the special dividend, the board of directors also authorized a reverse stock split, which was effective after markets closed on January 20, 2021. On January 8, 2021, a committee of the Board of Directors calculated the ratio for the reverse stock split of our issued and outstanding shares of common stock as 1.02918-for-1. After the issuance of the dividend and the completion of the reverse stock split, the number of shares of our common stock outstanding was equivalent to the number of total shares outstanding on the Record Date (not including any issuances or repurchases that occurred following the Record Date, as well as any fractional shares that would have been issued but for which cash-in-lieu was paid). However, on a relative basis, some individual shareholders may have more shares of SLG’s common stock, and some individual shareholders may have fewer shares of our common stock, depending on their individual elections to receive cash or stock and as a result of the cash option being oversubscribed. All share-related references and measurements including the number of shares outstanding, share prices, number of shares repurchased, earnings per share, dividends per share, and share-based compensation awards, have been retroactively adjusted to reflect the reverse stock split for all periods presented in this Annual Report on Form 10-K. Share Repurchase Program In August 2016, our Board of Directors approved a share repurchase program under which we can buy up to $1.0 billion of shares of our common stock. The Board of Directors has since authorized five separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, fourth quarter of 2018, fourth quarter of 2019, and fourth quarter of 2020 bringing the total program size to $3.5 billion. At December 31, 2020, repurchases executed under the program were as follows: Period Shares repurchased Average price paid per share Cumulative number of shares repurchased as part of the repurchase plan or programs Year ended 2017 8,105,881 $104.61 8,105,881 Year ended 2018 9,468,617 $99.03 17,574,498 Year ended 2019 4,465,857 $86.06 22,040,355 Year ended 2020 (1) 8,538,995 $62.39 30,579,350 (1) Includes 63,374 shares of common stock repurchased by the Company in December 2020 that were settled in January 2021. Perpetual Preferred Stock We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at any time, in whole or from time to time in part, at par for cash. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units. Dividend Reinvestment and Stock Purchase Plan ("DRSPP") In February 2018, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001. The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the years ended December 31, 2020, 2019, and 2018, respectively (dollars in thousands): Year Ended December 31, 2020 2019 2018 Shares of common stock issued 16,676 3,757 1,359 Dividend reinvestments/stock purchases under the DRSPP $ 1,006 $ 334 $ 136 Earnings per Share We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. SL Green's earnings per share for the years ended December 31, 2020, 2019, and 2018 are computed as follows (in thousands): Year Ended December 31, Numerator 2020 2019 2018 Basic Earnings: Income attributable to SL Green common stockholders $ 356,105 $ 255,484 $ 232,312 Less: distributed earnings allocated to participating securities (1,687) $ (1,702) $ (1,042) Less: undistributed earnings allocated to participating securities (83) — — Net income attributable to SL Green common stockholders (numerator for basic earnings per share) $ 354,335 $ 253,782 $ 231,270 Add back: Dilutive effect of earnings allocated to participating securities 1,770 1,702 1,042 Add back: Effect of dilutive securities (redemption of units to common shares) 20,016 13,301 12,216 Income attributable to SL Green common stockholders (numerator for diluted earnings per share) $ 376,121 $ 268,785 $ 244,528 Year Ended December 31, Denominator 2020 2019 2018 Basic Shares: Weighted average common stock outstanding 72,552 79,415 84,090 Effect of Dilutive Securities: Operating Partnership units redeemable for common shares 4,096 4,275 4,562 Stock-based compensation plans 440 544 419 Contingently issuable shares from special dividend declared December 4, 2020 155 — — Diluted weighted average common stock outstanding 77,243 84,234 89,071 |
Partners' Capital of the Operat
Partners' Capital of the Operating Partnership | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity | |
Partners' Capital of the Operating Partnership | Stockholders’ Equity of the Company Common Stock Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2020, 68,508,127 shares of common stock and no shares of excess stock were issued and outstanding. On December 4, 2020 our Board of Directors declared an ordinary dividend and a special dividend (together, "the Total Dividend"). The Total Dividend was paid on January 15, 2021 to shareholders of record at the close of business on December 15, 2020 ("the Record Date"). Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. To mitigate the dilutive impact of the common stock issued in the special dividend, the board of directors also authorized a reverse stock split, which was effective after markets closed on January 20, 2021. On January 8, 2021, a committee of the Board of Directors calculated the ratio for the reverse stock split of our issued and outstanding shares of common stock as 1.02918-for-1. After the issuance of the dividend and the completion of the reverse stock split, the number of shares of our common stock outstanding was equivalent to the number of total shares outstanding on the Record Date (not including any issuances or repurchases that occurred following the Record Date, as well as any fractional shares that would have been issued but for which cash-in-lieu was paid). However, on a relative basis, some individual shareholders may have more shares of SLG’s common stock, and some individual shareholders may have fewer shares of our common stock, depending on their individual elections to receive cash or stock and as a result of the cash option being oversubscribed. All share-related references and measurements including the number of shares outstanding, share prices, number of shares repurchased, earnings per share, dividends per share, and share-based compensation awards, have been retroactively adjusted to reflect the reverse stock split for all periods presented in this Annual Report on Form 10-K. Share Repurchase Program In August 2016, our Board of Directors approved a share repurchase program under which we can buy up to $1.0 billion of shares of our common stock. The Board of Directors has since authorized five separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, fourth quarter of 2018, fourth quarter of 2019, and fourth quarter of 2020 bringing the total program size to $3.5 billion. At December 31, 2020, repurchases executed under the program were as follows: Period Shares repurchased Average price paid per share Cumulative number of shares repurchased as part of the repurchase plan or programs Year ended 2017 8,105,881 $104.61 8,105,881 Year ended 2018 9,468,617 $99.03 17,574,498 Year ended 2019 4,465,857 $86.06 22,040,355 Year ended 2020 (1) 8,538,995 $62.39 30,579,350 (1) Includes 63,374 shares of common stock repurchased by the Company in December 2020 that were settled in January 2021. Perpetual Preferred Stock We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at any time, in whole or from time to time in part, at par for cash. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units. Dividend Reinvestment and Stock Purchase Plan ("DRSPP") In February 2018, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001. The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the years ended December 31, 2020, 2019, and 2018, respectively (dollars in thousands): Year Ended December 31, 2020 2019 2018 Shares of common stock issued 16,676 3,757 1,359 Dividend reinvestments/stock purchases under the DRSPP $ 1,006 $ 334 $ 136 Earnings per Share We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. SL Green's earnings per share for the years ended December 31, 2020, 2019, and 2018 are computed as follows (in thousands): Year Ended December 31, Numerator 2020 2019 2018 Basic Earnings: Income attributable to SL Green common stockholders $ 356,105 $ 255,484 $ 232,312 Less: distributed earnings allocated to participating securities (1,687) $ (1,702) $ (1,042) Less: undistributed earnings allocated to participating securities (83) — — Net income attributable to SL Green common stockholders (numerator for basic earnings per share) $ 354,335 $ 253,782 $ 231,270 Add back: Dilutive effect of earnings allocated to participating securities 1,770 1,702 1,042 Add back: Effect of dilutive securities (redemption of units to common shares) 20,016 13,301 12,216 Income attributable to SL Green common stockholders (numerator for diluted earnings per share) $ 376,121 $ 268,785 $ 244,528 Year Ended December 31, Denominator 2020 2019 2018 Basic Shares: Weighted average common stock outstanding 72,552 79,415 84,090 Effect of Dilutive Securities: Operating Partnership units redeemable for common shares 4,096 4,275 4,562 Stock-based compensation plans 440 544 419 Contingently issuable shares from special dividend declared December 4, 2020 155 — — Diluted weighted average common stock outstanding 77,243 84,234 89,071 |
SL Green Operating Partnership | |
Stockholders' Equity | |
Partners' Capital of the Operating Partnership | Partners' Capital of the Operating Partnership The Company is the sole managing general partner of the Operating Partnership and at December 31, 2020 owned 68,508,127 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for one share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one share of common stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units. Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions. All unit-related references and measurements including the number of units outstanding and earnings per unit have been retroactively adjusted to reflect the reverse stock split effectuated by SL Green’s board of directors in January 2021 for all periods presented in this Annual Report on Form 10-K. Limited Partner Units As of December 31, 2020, limited partners other than SL Green owned 3,938,823 common units of the Operating Partnership. Preferred Units Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.” Earnings per Unit The Operating Partnership's earnings per unit for the years ended December 31, 2020, 2019, and 2018 respectively are computed as follows (in thousands): Year Ended December 31, Numerator 2020 2019 2018 Basic Earnings: Income attributable to SLGOP common unitholders $ 376,121 $ 268,785 $ 244,528 Less: distributed earnings allocated to participating securities (1,687) $ (1,702) $ (1,042) Less: undistributed earnings allocated to participating securities (83) — — Net Income attributable to SLGOP common unitholders (numerator for basic earnings per unit) $ 374,351 $ 267,083 $ 243,486 Add back: Dilutive effect of earnings allocated to participating securities 1,770 1,702 1,042 Income attributable to SLGOP common unitholders $ 376,121 $ 268,785 $ 244,528 Year Ended December 31, Denominator 2020 2019 2018 Basic units: Weighted average common units outstanding 76,647 83,690 88,652 Effect of Dilutive Securities: Stock-based compensation plans 441 544 419 Contingently issuable units from special dividend declared December 4, 2020 155 — — Diluted weighted average common units outstanding 77,243 84,234 89,071 |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation | Share-based CompensationWe have stock-based employee and director compensation plans. Our employees are compensated through the Operating Partnership. Under each plan, whenever the Company issues common or preferred stock, the Operating Partnership issues an equivalent number of units of limited partnership interest of a corresponding class to the Company. The Fourth Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's board of directors in April 2016 and its stockholders in June 2016 at the Company's annual meeting of stockholders. The 2005 Plan authorizes the issuance of stock options, stock appreciation rights, unrestricted and restricted stock, phantom shares, dividend equivalent rights, cash-based awards and other equity-based awards. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 27,030,000 fungible units may be granted under the 2005 Plan. Currently, different types of awards count against the limit on the number of fungible units differently, with (1) full-value awards (i.e., those that deliver the full value of the award upon vesting, such as restricted stock) counting as 3.74 Fungible Units per share subject to such awards, (2) stock options, stock appreciation rights and other awards that do not deliver full value and expire five years from the date of grant counting as 0.73 fungible units per share subject to such awards, and (3) all other awards (e.g., 10-year stock options) counting as 1.0 fungible units per share subject to such awards. Awards granted under the 2005 Plan prior to the approval of the fourth amendment and restatement in June 2016 continue to count against the fungible unit limit based on the ratios that were in effect at the time such awards were granted, which may be different than the current ratios. As a result, depending on the types of awards issued, the 2005 Plan may result in the issuance of more or less than 27,030,000 shares. If a stock option or other award granted under the 2005 Plan expires or terminates, the common stock subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Shares of our common stock distributed under the 2005 Plan may be treasury shares or authorized but unissued shares. Currently, unless the 2005 Plan has been previously terminated by the Company's board of directors, new awards may be granted under the 2005 Plan until June 2, 2026, which is the tenth anniversary of the date that the 2005 Plan was most recently approved by the Company's stockholders. As of December 31, 2020, 3.1 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP Units. Stock Options and Class O LTIP Units Options are granted with an exercise price at the fair market value of the Company's common stock on the date of grant and, subject to employment, generally expire five years or ten years from the date of grant, are not transferable other than on death, and generally vest in one year to five years commencing one year from the date of grant. We have also granted Class O LTIP Units, which are a class of LTIP Units in the Operating Partnership structured to provide economics similar to those of stock options. Class O LTIP Units, once vested, may be converted, at the election of the holder, into a number of common units of the Operating Partnership per Class O LTIP Unit determined by the increase in value of a share of the Company’s common stock at the time of conversion over a participation threshold, which equals the fair market value of a share of the Company’s common stock at the time of grant. Class O LTIP Units are entitled to distributions, subject to vesting, equal per unit to 10% of the per unit distributions paid with respect to the common units of the Operating Partnership. The fair value of each stock option or LTIP Unit granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the year ended December 31, 2018. There were no grants during the years ended December 31, 2019 and 2020. 2020 2019 2018 Dividend yield N/A N/A 2.85 % Expected life N/A N/A 3.5 years Risk-free interest rate N/A N/A 2.48 % Expected stock price volatility N/A N/A 22.00 % A summary of the status of the Company's stock options as of December 31, 2020, 2019, and 2018 and changes during the years ended December 31, 2020, 2019, and 2018 are as follows: 2020 2019 2018 Options Outstanding Weighted Average Options Outstanding Weighted Average Options Weighted Balance at beginning of year $ 1,007,665 $ 105.35 $ 1,104,780 $ 106.56 $ 1,504,809 $ 104.44 Granted — — — — 5,830 100.77 Exercised — — — — (307,334) 92.85 Lapsed or canceled (222,670) 114.97 (97,115) 119.19 (98,525) 116.52 Balance at end of year $ 784,995 $ 102.62 $ 1,007,665 $ 105.35 $ 1,104,780 $ 106.56 Options exercisable at end of year 784,022 $ 102.62 888,988 $ 104.66 760,834 $ 104.24 Weighted average fair value of options granted during the year $ — $ — $ 84,068 The remaining weighted average contractual life of the options outstanding was 2.2 years and the remaining weighted average contractual life of the options exercisable was 2.2 years. During the years ended December 31, 2020, 2019, and 2018, we recognized compensation expense for these options of $0.0 million, $2.5 million, and $5.4 million, respectively. As of December 31, 2020, there was no unrecognized compensation cost related to unvested stock options. Restricted Shares Shares are granted to certain employees, including our executives, and vesting will occur annually upon the completion of a service period or our meeting established financial performance criteria. Annual vesting occurs at rates ranging from 15% to 35% once performance criteria are reached. A summary of the Company's restricted stock as of December 31, 2020, 2019, and 2018 and charges during the years ended December 31, 2020, 2019, and 2018 are as follows: 2020 2019 2018 Balance at beginning of year 3,465,347 3,354,142 3,204,703 Granted 8,959 122,768 158,281 Canceled (34,632) (11,563) (8,842) Balance at end of year 3,439,674 3,465,347 3,354,142 Vested during the year 128,891 110,048 89,502 Compensation expense recorded $ 10,895,459 $ 12,892,249 $ 12,757,704 Total fair value of restricted stock granted during the year $ 734,315 $ 11,131,181 $ 13,440,503 The fair value of restricted stock that vested during the years ended December 31, 2020, 2019, and 2018 was $12.5 million, $12.1 million and $9.8 million, respectively. As of December 31, 2020, there was $7.9 million of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 1.4 years. For the years ended December 31, 2020, 2019, and 2018, $2.2 million, $2.1 million, and $6.3 million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options. We granted LTIP Units, which include bonus, time-based and performance based awards, with a fair value of $37.0 million and $58.3 million during the years ended December 31, 2020 and 2019, respectively. The grant date fair value of the LTIP Unit awards was calculated in accordance with ASC 718. A third party consultant determined the fair value of the LTIP Units to have a discount from our common stock price. The discount was calculated by considering the inherent uncertainty that the LTIP Units will reach parity with other common partnership units and the illiquidity due to transfer restrictions. As of December 31, 2020, there was $36.0 million of total unrecognized compensation expense related to the time-based and performance based LTIP Unit awards, which is expected to be recognized over a weighted average period of 1.8 years. During the years ended December 31, 2020, 2019, and 2018, we recorded compensation expense related to bonus, time-based and performance based LTIP Unit awards of $29.4 million, $22.2 million, and $24.4 million, respectively. Deferred Compensation Plan for Directors Under our Non-Employee Director's Deferral Program, which commenced July 2004, the Company's non-employee directors may elect to defer up to 100% of their annual retainer fee, chairman fees, meeting fees and annual stock grant. Unless otherwise elected by a participant, fees deferred under the program shall be credited in the form of phantom stock units. The program provides that a director's phantom stock units generally will be settled in an equal number of shares of common stock upon the earlier of (i) the January 1 coincident with or the next following such director's termination of service from the Board of Directors or (ii) a change in control by us, as defined by the program. Phantom stock units are credited to each non-employee director quarterly using the closing price of our common stock on the first business day of the respective quarter. Each participating non-employee director is also credited with dividend equivalents or phantom stock units based on the dividend rate for each quarter, which are either paid in cash currently or credited to the director’s account as additional phantom stock units. During the year ended December 31, 2020, 20,753 phantom stock units and 8,417 shares of common stock were issued to our board of directors. We recorded compensation expense of $2.3 million during the year ended December 31, 2020 related to the Deferred Compensation Plan. As of December 31, 2020, there were 140,775 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program. Employee Stock Purchase Plan In 2007, the Company's board of directors adopted the 2008 Employee Stock Purchase Plan, or ESPP, to encourage our employees to make our business more successful by providing equity-based incentives to eligible employees. The ESPP is intended to qualify as an "employee stock purchase plan" under Section 423 of the Code, and has been adopted by the board to enable our eligible employees to purchase the Company's shares of common stock through payroll deductions. The ESPP became effective on January 1, 2008 with a maximum of 500,000 shares of the common stock available for issuance, subject to adjustment upon a merger, reorganization, stock split or other similar corporate change. The Company filed a registration statement on Form S-8 with the SEC with respect to the ESPP. The common stock is offered for purchase through a series of successive offering periods. Each offering period will be three months in duration and will begin on the first day of each calendar quarter, with the first offering period having commenced on January 1, 2008. The ESPP provides for eligible employees to purchase the common stock at a purchase price equal to 85% of the lesser of (1) the market value of the common stock on the first day of the offering period or (2) the market value of the common stock on the last day of the offering period. The ESPP was approved by our stockholders at our 2008 annual meeting of stockholders. As of December 31, 2020, 156,780 shares of our common stock had been issued under the ESPP. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive (Loss) Income The following tables set forth the changes in accumulated other comprehensive (loss) income by component as of December 31, 2020, 2019 and 2018 (in thousands): Net unrealized (loss) gain on derivative instruments ( 1 ) SL Green’s share of joint venture net unrealized (loss) gain on derivative instruments ( 2 ) Net unrealized gain on marketable securities Total Balance at December 31, 2017 $ 12,542 $ 5,020 $ 1,042 $ 18,604 Other comprehensive (loss) income before reclassifications (2,252) (103) 51 (2,304) Amounts reclassified from accumulated other comprehensive income (574) (618) — (1,192) Balance at December 31, 2018 9,716 4,299 1,093 15,108 Other comprehensive (loss) income before reclassifications (32,723) (11,956) 1,184 (43,495) Amounts reclassified from accumulated other comprehensive loss 227 (325) — (98) Balance at December 31, 2019 (22,780) (7,982) 2,277 (28,485) Other comprehensive loss before reclassifications (48,532) (7,573) (1,256) (57,361) Amounts reclassified from accumulated other comprehensive loss 13,897 4,702 — 18,599 Balance at December 31, 2020 $ (57,415) $ (10,853) $ 1,021 $ (67,247) (1) Amount reclassified from accumulated other comprehensive (loss) income is included in interest expense in the respective consolidated statements of operations. As of December 31, 2020 and 2019, the deferred net (gains) losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized gain (loss) on derivative instrument, was $(0.5) million and $(0.7) million, respectively. (2) Amount reclassified from accumulated other comprehensive (loss) income is included in equity in net (loss) income from unconsolidated joint ventures in the respective consolidated statements of operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We are required to disclose fair value information with regard to our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at December 31, 2020 and 2019 (in thousands): December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 28,570 $ — $ 28,570 $ — Interest rate cap and swap agreements (included in other assets) $ 28 $ — $ 28 $ — Liabilities: Interest rate cap and swap agreements (included in other liabilities) $ 61,217 $ — $ 61,217 $ — December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 29,887 $ — $ 29,887 $ — Interest rate cap and swap agreements (included in other assets) $ 4,419 $ — $ 4,419 $ — Liabilities: Interest rate cap and swap agreements (included in other liabilities) $ 29,110 $ — $ 29,110 $ — We evaluate real estate investments and debt and preferred equity investments, including intangibles, for potential impairment primarily utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs. In December 2020, the Company determined there were indicators of impairment in two of its retail assets, 106 Spring Street and 133 Greene Street. The Company tested the recoverability of the assets and, as a result of the carrying amount of the assets being deemed not recoverable, recorded impairments of $39.7 million and $14.1 million, respectively. These charges are included in depreciable real estate reserves and impairments in the consolidated statements of operations. The fair value of the assets were determined primarily using cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs. In 2020, the Company admitted partners to the One Madison Avenue development project, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and the deconsolidation of our remaining 50.5% interest. We recorded our investment at fair value, which resulted in the recognition of a fair value adjustment of $187.5 million. The fair value of our investment was determined by the terms of the joint venture agreement governing the capitalization of the project. In December 2018, the Company determined that it was more likely than not that its Suburban properties would be sold or otherwise disposed of significantly before the end of their previously estimated useful life. The Company tested the recoverability of the assets and, as a result of the carrying amount of the assets not being deemed recoverable and exceeding their fair value as measured on a asset by asset basis, recorded a $221.9 million impairment loss. These charges are included in depreciable real estate reserves and impairments in the consolidated statement of operations. The fair value of the assets were determined primarily utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs. In May 2018, the Company was the successful bidder at the foreclosure of 2 Herald Square, at which time the Company's $250.5 million outstanding principal balance and $7.7 million accrued interest balance were credited to our equity investment in the property. We recorded the assets acquired and liabilities assumed at fair value. This resulted in the recognition of a fair value adjustment of $8.1 million, which is reflected on the Company's consolidated statements of operations within purchase price and other fair value adjustments. This fair value was determined by utilizing our successful bid at the foreclosure of the asset, the agreement to sell a partial interest in the property, and cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as a sales comparison approach, which utilizes comparable sales, listings and sales contracts, all of which are classified as Level 3 inputs. In January 2018, the partnership agreement for our investment in 919 Third Avenue was modified resulting in the Company no longer having a controlling interest in this investment. As a result the investment was deconsolidated as of January 1, 2018. The Company recorded its non-controlling interest at fair value resulting in a $49.3 million fair value adjustment in the consolidated statements of operations. This fair value was determined using a third party valuation which primarily utilized cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs. Marketable securities classified as Level 1 are derived from quoted prices in active markets. The valuation technique used to measure the fair value of marketable securities classified as Level 2 were valued based on quoted market prices or model driven valuations using the significant inputs derived from or corroborated by observable market data. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs. The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt instrument to their present value using adjusted market interest rates, which is provided by a third-party specialist. The following table provides the carrying value and fair value of these financial instruments as of December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 December 31, 2019 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Debt and preferred equity investments $ 1,076,542 (2) $ 1,580,306 (2) Fixed rate debt $ 3,135,572 $ 3,237,075 $ 3,536,286 $ 3,642,770 Variable rate debt 1,827,677 1,822,740 2,018,434 2,018,714 $ 4,963,249 $ 5,059,815 $ 5,554,720 $ 5,661,484 (1) Amounts exclude net deferred financing costs. (2) At December 31, 2020, debt and preferred equity investments had an estimated fair value ranging between $1.0 billion and $1.1 billion. At December 31, 2019, debt and preferred equity investments had an estimated fair value ranging between $1.6 billion and $1.7 billion. Disclosure about fair value of financial instruments was based on pertinent information available to us as of December 31, 2020 and 2019. Such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. |
Financial Instruments_ Derivati
Financial Instruments: Derivatives and Hedging | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments: Derivatives and Hedging | Financial Instruments: Derivatives and Hedging In the normal course of business, we use a variety of commonly used derivative instruments, such as interest rate swaps, caps, collar and floors, to manage, or hedge interest rate risk. We hedge our exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. Currently, all of our designated derivative instruments are effective hedging instruments. The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments at December 31, 2020 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands). Notional Strike Effective Expiration Balance Sheet Location Fair Interest Rate Cap $ 85,000 4.000 % March 2019 March 2021 Other Assets $ — Interest Rate Swap 350,000 0.544 % April 2020 August 2021 Other Liabilities (771) Interest Rate Swap 111,869 3.500 % December 2020 November 2021 Other Assets — Interest Rate Cap 510,000 3.000 % June 2020 December 2021 Other Assets — Interest Rate Swap 200,000 1.131 % July 2016 July 2023 Other Liabilities (5,004) Interest Rate Swap 100,000 1.161 % July 2016 July 2023 Other Liabilities (2,578) Interest Rate Cap 600,000 4.000 % August 2020 September 2023 Other Assets 28 Interest Rate Swap 150,000 2.696 % January 2019 January 2024 Other Liabilities (11,344) Interest Rate Swap 150,000 2.721 % January 2019 January 2026 Other Liabilities (17,714) Interest Rate Swap 200,000 2.740 % January 2019 January 2026 Other Liabilities (23,806) $ (61,189) During the years ended December 31, 2020, 2019, and 2018, we recorded a $0.1 million loss, a $0.1 million loss, and a $0.2 million loss, respectively, on the changes in the fair value, which is included in interest expense in the consolidated statements of operations. The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on certain of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of December 31, 2020, the fair value of derivatives in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk related to these agreements, was $62.5 million. As of December 31, 2020, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $63.6 million at December 31, 2020. Gains and losses on terminated hedges are included in accumulated other comprehensive income (loss), and are recognized into earnings over the term of the related mortgage obligation. Over time, the realized and unrealized gains and losses held in accumulated other comprehensive loss will be reclassified into earnings as an adjustment to interest expense in the same periods in which the hedged interest payments affect earnings. We estimate that $17.0 million of the current balance held in accumulated other comprehensive loss will be reclassified into interest expense and $6.2 million of the portion related to our share of joint venture accumulated other comprehensive loss will be reclassified into equity in net (loss) income from unconsolidated joint ventures within the next 12 months. The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the years ended December 31, 2020, 2019, and 2018, respectively (in thousands): Amount of Loss Location of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income Amount of (Loss) Gain Year Ended Year Ended Derivative 2020 2019 2018 2020 2019 2018 Interest Rate Swaps/Caps $ (51,244) $ (33,907) $ (2,284) Interest expense $ (14,569) $ (261) $ 1,168 Share of unconsolidated joint ventures' derivative instruments (7,977) (10,322) (1,788) Equity in net (loss) income from unconsolidated joint ventures (4,911) 256 1,097 $ (59,221) $ (44,229) $ (4,072) $ (19,480) $ (5) $ 2,265 |
Lease Income
Lease Income | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Income | Lease Income The Operating Partnership is the lessor and the sublessor to tenants under operating and sales-type leases. The minimum rental amounts due under the leases are generally subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs. Future minimum rents to be received over the next five years and thereafter for operating leases in effect at December 31, 2020 are as follows (in thousands): 2021 $ 631,775 2022 598,226 2023 546,803 2024 511,087 2025 465,398 Thereafter 2,658,793 5,412,082 The components of lease income from operating leases during the years ended December 31, 2020 and 2019 were as follows (in thousands): Twelve Months Ended December 31, 2020 2019 Fixed lease payments $ 702,482 $ 858,587 Variable lease payments 96,040 120,496 Total lease payments $ 798,522 $ 979,083 Amortization of acquired above and below-market leases 5,901 4,474 Total rental revenue $ 804,423 $ 983,557 The table below summarizes our investment in sales-type leases as of December 31, 2020: Property Year of Current Expiration Year of Final Expiration (1) 712 Madison Avenue (2) 2021 2021 110 East 42nd Street Garage (3) 2069 2069 15 Beekman (4) 2089 2089 (1) Reflects exercise of all available renewal options. (2) In January 2021, the Company closed on the sale of 712 Madison Avenue for a gross sales price of $43.0 million, pursuant to the exercise of a purchase option by the ground lessee of the property. (3) In December 2020, the Company entered into a lease with its One Vanderbilt joint venture for use of the garage at 110 East 42nd Street. (4) In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company for the building at 15 Beekman. See Note 6, "Investments in Unconsolidated Joint Ventures." Future minimum lease payments to be received over the next five years and thereafter for our sales-type leases with initial terms in excess of one year as of December 31, 2020 are as follows (in thousands): Sales-type leases 2021 $ 46,326 2022 3,375 2023 3,424 2024 3,474 2025 3,525 Thereafter 223,199 Total minimum lease payments $ 283,323 Amount representing interest (133,924) Investment in sales-type leases (1) $ 149,399 (1) This amount is included in other assets in our consolidated balance sheets. The components of lease income from sales-type leases during the years ended December 31, 2020 and 2019 were as follows (in thousands): Twelve Months Ended December 31, 2020 2019 Loss recognized at commencement, net (1) $ (6,237) $ — Interest income (2) $ 1,817 $ — (1) These amounts are included in gain on sale of real estate, net and depreciable real estate reserves and impairments in our consolidated statements of operations. (2) These amounts are included in other income in our consolidated statements of operations. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans The building employees are covered by multi-employer defined benefit pension plans and post-retirement health and welfare plans. We participate in the Building Service 32BJ, or Union, Pension Plan and Health Plan. The Pension Plan is a multi-employer, non-contributory defined benefit pension plan that was established under the terms of collective bargaining agreements between the Service Employees International Union, Local 32BJ, the Realty Advisory Board on Labor Relations, Inc. and certain other employees. This Pension Plan is administered by a joint board of trustees consisting of union trustees and employer trustees and operates under employer identification number 13-1879376. The Pension Plan year runs from July 1 to June 30. Employers contribute to the Pension Plan at a fixed rate on behalf of each covered employee. Separate actuarial information regarding such pension plans is not made available to the contributing employers by the union administrators or trustees, since the plans do not maintain separate records for each reporting unit. However, on September 28, 2018, September 28, 2019, and September 27, 2020, the actuary certified that for the plan years beginning July 1, 2018, July 1, 2019, and July 1, 2020, the Pension Plan was in critical status under the Pension Protection Act of 2006. The Pension Plan trustees adopted a rehabilitation plan consistent with this requirement. No surcharges have been paid to the Pension Plan as of December 31, 2020. For the Pension Plan years ended June 30, 2020, 2019, and 2018, the plan received contributions from employers totaling $291.3 million, $290.1 million, and $272.3 million. Our contributions to the Pension Plan represent less than 5.0% of total contributions to the plan. The Health Plan was established under the terms of collective bargaining agreements between the Union, the Realty Advisory Board on Labor Relations, Inc. and certain other employers. The Health Plan provides health and other benefits to eligible participants employed in the building service industry who are covered under collective bargaining agreements, or other written agreements, with the Union. The Health Plan is administered by a Board of Trustees with equal representation by the employers and the Union and operates under employer identification number 13-2928869. The Health Plan receives contributions in accordance with collective bargaining agreements or participation agreements. Generally, these agreements provide that the employers contribute to the Health Plan at a fixed rate on behalf of each covered employee. For the Health Plan years ended, June 30, 2020, 2019, and 2018, the plan received contributions from employers totaling $1.6 billion, $1.5 billion and $1.4 billion, respectively. Our contributions to the Health Plan represent less than 5.0% of total contributions to the plan. Contributions we made to the multi-employer plans for the years ended December 31, 2020, 2019 and 2018 are included in the table below (in thousands): Benefit Plan 2020 2019 2018 Pension Plan $ 2,480 $ 3,103 $ 3,017 Health Plan 7,688 9,949 9,310 Other plans 929 1,108 1,106 Total plan contributions $ 11,097 $ 14,160 $ 13,433 401(K) Plan In August 1997, we implemented a 401(K) Savings/Retirement Plan, or the 401(K) Plan, to cover eligible employees of ours, and any designated affiliate. The 401(K) Plan permits eligible employees to defer up to 15% of their annual compensation, subject to certain limitations imposed by the Code. The employees' elective deferrals are immediately vested and non-forfeitable upon contribution to the 401(K) Plan. During 2003, we amended our 401(K) Plan to provide for discretionary matching contributions only. For 2020, 2019 and 2018, a matching contribution equal to 100% of the first 4% of annual compensation was made. For the years ended December 31, 2020, December 31, 2019, and December 31, 2018 we made matching contributions of $1.7 million, $1.6 million, and $1.1 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings As of December 31, 2020, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us. Environmental Matters Our management believes that the properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold. Employment Agreements We have entered into employment agreements with certain executives, which expire between December 2021 and December 2022. The minimum cash-based compensation, including base salary and guaranteed bonus payments, associated with these employment agreements total $3.4 million for 2021. Insurance We maintain “all-risk” property and rental value coverage (including coverage regarding the perils of flood, earthquake and terrorism, excluding nuclear, biological, chemical, and radiological terrorism ("NBCR"), within three property insurance programs and liability insurance. Separate property and liability coverage may be purchased on a stand-alone basis for certain assets, such as the development of One Vanderbilt. Additionally, one of our captive insurance companies, Belmont Insurance Company, or Belmont, provides coverage for NBCR terrorist acts above a specified trigger. Belmont's retention is reinsured by our other captive insurance company, Ticonderoga Insurance Company ("Ticonderoga"). If Belmont or Ticonderoga are required to pay a claim under our insurance policies, we would ultimately record the loss to the extent of required payments. However, there is no assurance that in the future we will be able to procure coverage at a reasonable cost. Further, if we experience losses that are uninsured or that exceed policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties. Additionally, our debt instruments contain customary covenants requiring us to maintain insurance and we could default under our debt instruments if the cost and/or availability of certain types of insurance make it impractical or impossible to comply with such covenants relating to insurance. Belmont and Ticonderoga provide coverage solely on properties owned by the Company or its affiliates. Furthermore, with respect to certain of our properties, including properties held by joint ventures or subject to triple net leases, insurance coverage is obtained by a third-party and we do not control the coverage. While we may have agreements with such third parties to maintain adequate coverage and we monitor these policies, such coverage ultimately may not be maintained or adequately cover our risk of loss. Belmont had loss reserves of $2.9 million and $3.3 million as of December 31, 2020 and 2019, respectively. Ticonderoga had no loss reserves as of December 31, 2020. Ground Lease Arrangements We are a tenant under ground leases for certain properties. These leases have expirations from 2022 to 2119, or 2043 to 2119 as fully extended. Certain leases offer extension options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised, if any, are included in the measurement of the corresponding lease liability and right of use asset. Certain of our ground leases are subject to rent resets, generally based on a percentage of the then fair market value, a fixed amount, or a percentage of the preceding rent at specified future dates. Rent resets will be recognized in the periods in which they are incurred. The table below summarizes our current ground lease arrangements as of December 31, 2020: Property (1) Year of Current Expiration Year of Final Expiration (2) 1185 Avenue of the Americas 2043 2043 625 Madison Avenue 2022 2054 420 Lexington Avenue 2050 2080 711 Third Avenue (3) 2033 2083 461 Fifth Avenue (4) 2027 2084 1080 Amsterdam Avenue (5) 2111 2111 15 Beekman (4)(6) 2119 2119 (1) All leases are classified as operating leases unless otherwise specified. (2) Reflects exercise of all available renewal options. (3) The Company owns 50% of the fee interest. (4) The Company has an option to purchase the ground lease for a fixed price on a specific date. The lease is classified as a financing lease. (5) A portion of the lease is classified as a financing lease. (6) In August 2020, the Company entered into a long-term sublease with an unconsolidated joint venture as part of the capitalization of the 15 Beekman development project. See Note 6, "Investments in Unconsolidated Joint Ventures." The following is a schedule of future minimum lease payments as evaluated in accordance with ASC 842 for our financing leases and operating leases with initial terms in excess of one year as of December 31, 2020 (in thousands): Financing leases Operating leases (1) 2021 $ 32,527 $ 28,534 2022 3,523 26,228 2023 3,570 23,921 2024 3,641 23,939 2025 3,810 24,026 Thereafter 260,550 504,360 Total minimum lease payments $ 307,621 $ 631,008 Amount representing interest (155,100) Amount discounted using incremental borrowing rate (291,550) Lease liabilities $ 152,521 $ 339,458 (1) As of December 31, 2020, the total future minimum payments to be received under non-cancelable subleases is $1.7 billion. The following table provides lease cost information for the Company's operating leases for the twelve months ended December 31, 2020 and 2019 (in thousands): Twelve Months Ended December 31, Operating Lease Costs 2020 2019 Operating lease costs before capitalized operating lease costs $ 32,169 $ 33,235 Operating lease costs capitalized (3,127) (47) Operating lease costs, net (1) $ 29,043 $ 33,188 (1) This amount is included in operating lease rent in our consolidated statements of operations. The following table provides lease cost information for the Company's financing leases for the twelve months ended December 31, 2020 and 2019 (in thousands): Twelve Months Ended December 31, Financing Lease Costs 2020 2019 Interest on financing leases before capitalized interest $ 8,091 $ 3,243 Interest on financing leases capitalized (2,378) — Interest on financing leases, net (1) 5,713 3,243 Amortization of right-of-use assets (2) 1,200 1,219 Financing lease costs, net $ 6,913 $ 4,462 (1) These amounts are included in interest expense, net of interest income in our consolidated statements of operations. (2) These amounts are included in depreciation and amortization in our consolidated statements of operations. As of December 31, 2020, the weighted-average discount rate used to calculate the lease liabilities was 4.71%. As of December 31, 2020, the weighted-average remaining lease term was 27 years, inclusive of purchase options expected to be exercised. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company has two reportable segments, real estate and debt and preferred equity investments. We evaluate real estate performance and allocate resources based on earnings contributions. The primary sources of revenue are generated from tenant rents and escalations and reimbursement revenue. Real estate property operating expenses consist primarily of security, maintenance, utility costs, insurance, real estate taxes and ground rent expense (at certain applicable properties). See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments. Selected consolidated results of operations for the years ended December 31, 2020, 2019, and 2018, and selected asset information as of December 31, 2020 and 2019, regarding our operating segments are as follows (in thousands): Real Estate Segment Debt and Preferred Equity Segment Total Company Total revenues Years ended: December 31, 2020 $ 932,581 $ 120,163 $ 1,052,744 December 31, 2019 1,043,405 195,590 1,238,995 December 31, 2018 1,025,900 201,492 1,227,392 Net Income Years ended: December 31, 2020 $ 354,353 $ 60,405 $ 414,758 December 31, 2019 158,972 132,515 291,487 December 31, 2018 129,253 141,603 270,856 Total assets As of: December 31, 2020 $ 10,579,899 $ 1,127,668 $ 11,707,567 December 31, 2019 11,063,155 1,703,165 12,766,320 Interest costs for the debt and preferred equity segment include actual costs incurred for borrowings on the 2017 MRA and the FHLB Facility. Interest is imputed on the investments that do not collateralize the 2017 MRA and the FHLB Facility using our weighted average corporate borrowing cost. We also allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. We do not allocate marketing, general and administrative expenses to the debt and preferred equity segment because the use of personnel and resources is dependent on transaction volume between the two segments and varies period over period. In addition, we base performance on the individual segments prior to allocating marketing, general and administrative expenses. For the years ended, December 31, 2020, 2019, and 2018 marketing, general and administrative expenses totaled $91.8 million, $100.9 million, and $92.6 million respectively. All other expenses, except interest, relate entirely to the real estate assets. There were no transactions between the above two segments. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Column A Column B Column C Column D Cost Capitalized Subsequent To Acquisition (1) Column E Gross Amount at Which Column F Column G Column H Column I Description (2) Encumbrances Land Building & Land Building & Land Building & Total Accumulated Depreciation Date of Date Life on 420 Lexington Ave $ 294,035 $ — $ 333,499 $ — $ 201,776 $ — $ 535,275 $ 535,275 $ 166,886 1927 3/1998 Various 711 Third Avenue — 19,844 115,769 — 69,098 19,844 184,867 204,711 61,237 1955 5/1998 Various 555 W. 57th Street — 18,846 140,946 — 1,600 18,846 142,546 161,392 81,420 1971 1/1999 Various 220 East 42nd Street 510,000 51,008 203,727 — 183,461 51,008 387,188 438,196 137,153 1929 2/2003 Various 461 Fifth Avenue — — 88,276 — 35,988 — 124,264 124,264 36,758 1988 10/2003 Various 750 Third Avenue — 51,093 251,523 — (2,288) 51,093 249,235 300,328 109,824 1958 7/2004 Various 625 Madison Avenue — — 291,319 — 37,997 — 329,316 329,316 139,403 1956 10/2004 Various 485 Lexington Avenue 450,000 78,282 452,631 — (22,346) 78,282 430,285 508,567 173,769 1956 12/2004 Various 609 Fifth Avenue (4) 57,651 16,869 107,185 — 53,002 16,869 160,187 177,056 19,881 1925 6/2006 Various 810 Seventh Avenue — 114,077 550,819 — 3,390 114,077 554,209 668,286 205,774 1970 1/2007 Various 1185 Avenue of the Americas — — 791,106 — 123,470 — 914,576 914,576 320,735 1969 1/2007 Various 1350 Avenue of the Americas — 90,941 431,517 — (2,431) 90,941 429,086 520,027 155,186 1966 1/2007 Various 1-6 Landmark Square (5) 100,000 27,852 161,343 (6,939) (40,256) 20,913 121,087 142,000 32,099 1973-1984 1/2007 Various 7 Landmark Square (5) — 1,721 8,417 (1,338) (6,240) 383 2,177 2,560 426 2007 1/2007 Various 100 Church Street 204,875 34,994 183,932 — 11,391 34,994 195,323 230,317 65,763 1959 1/2010 Various 125 Park Avenue — 120,900 270,598 — 12,499 120,900 283,097 403,997 99,736 1923 10/2010 Various 110 East 42nd Street (6) — 36,196 78,353 (2,334) 1,068 33,862 79,421 113,283 24,330 1921 5/2011 Various 304 Park Avenue — 54,489 90,643 — 1,484 54,489 92,127 146,616 23,428 1930 6/2012 Various 635 Sixth Avenue — 24,343 88,261 — 95 24,343 88,356 112,699 17,412 1902 9/2012 Various 641 Sixth Avenue — 45,976 77,076 — 355 45,976 77,431 123,407 21,231 1902 9/2012 Various 1080 Amsterdam (7) 34,773 — 47,948 — 10,327 — 58,275 58,275 7,937 1932 10/2012 Various 760 Madison Avenue (8) — 284,286 8,314 6,153 29,133 290,439 37,447 327,886 5,392 1996/2012 7/2014 Various 719 Seventh Avenue (9) 50,000 41,180 46,232 — (4,750) 41,180 41,482 82,662 2,323 1927 7/2014 Various 110 Greene Street — 45,120 228,393 — 3,034 45,120 231,427 276,547 36,767 1910 7/2015 Various 185 Broadway (10) 158,478 45,540 27,865 — 111,462 45,540 139,327 184,867 419 1921 8/2015 Various 133 Greene Street (11) 15,523 3,446 27,542 (1,563) (12,377) 1,883 15,165 17,048 1,526 1900 10/2018 Various 712 Madison Avenue (12) 28,000 7,207 47,397 (7,207) (47,397) — — — — 1900/1980 12/2018 Various 106 Spring Street 38,025 14,173 66,052 (6,979) (32,335) 7,194 33,717 40,911 2,911 1900 4/2019 Various 707 Eleventh Avenue — 66,237 20,874 — 10,442 66,237 31,316 97,553 — 1901 1/2020 Various 590 Fifth Avenue — 39,685 51,380 — 3,193 39,685 54,573 94,258 657 1987 10/2020 Various Other (13) — 1,734 16,224 — 241 1,734 16,465 18,199 5,694 Total $ 1,941,360 $ 1,336,041 $ 5,305,161 $ (20,207) $ 734,086 $ 1,315,832 $ 6,039,247 $ 7,355,079 $ 1,956,077 (1) Includes depreciable real estate reserves and impairments recorded subsequent to acquisition. (2) All properties located in New York, New York unless otherwise noted. (3) Includes right of use lease assets. (4) In 2020, we sold the retail condominium at this property. The amounts presented here relate to the office condominium, which we retained. (5) Property located in Connecticut. (6) In December 2020, the Company entered into a lease with its One Vanderbilt joint venture for use of the garage at 110 East 42nd Street. This lease is accounted for as a sales-type lease. (7) We own a 92.5% interest in this property. (8) Includes amounts attributable to the property at 762 Madison Avenue, which is part of this development project. (9) We own a 75.0% interest in this property. (10) Properties at 5-7 Dey Street, 183 Broadway, and 185 Broadway were demolished in preparation of the development site for the 185 Broadway project. (11) In February 2021, this debt was extinguished after the lender was the winning bidder in a foreclosure auction for the property. (12) In 2020, the lease to the ground lessee of the property was reclassified as a sales-type lease. In January 2021, the Company closed on the sale of the property pursuant to the exercise of a purchase option by the ground lessee. (13) Other includes tenant improvements of eEmerge, capitalized interest and corporate improvements. The changes in real estate for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): 2020 2019 2018 Balance at beginning of year $ 8,784,567 $ 8,513,935 $ 10,206,122 Property acquisitions 178,635 — 52,939 Improvements 481,327 251,674 267,726 Retirements/disposals/deconsolidation (2,089,450) 18,958 (2,012,852) Balance at end of year $ 7,355,079 $ 8,784,567 $ 8,513,935 The aggregate cost of land, buildings and improvements, before depreciation, for Federal income tax purposes at December 31, 2020 was $9.7 billion (unaudited). The changes in accumulated depreciation, exclusive of amounts relating to equipment, autos, and furniture and fixtures, for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): 2020 2019 2018 Balance at beginning of year $ 2,060,560 $ 2,099,137 $ 2,300,116 Depreciation for year 270,843 222,867 245,033 Retirements/disposals/deconsolidation (375,326) (261,444) (446,012) Balance at end of year $ 1,956,077 $ 2,060,560 $ 2,099,137 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. See Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures." All significant intercompany balances and transactions have been eliminated. We consolidate a VIE in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. A noncontrolling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to us. Noncontrolling interests are required to be presented as a separate component of equity in the consolidated balance sheet and the presentation of net income is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. We assess the accounting treatment for each joint venture and debt and preferred equity investment. This assessment includes a review of each joint venture or limited liability company agreement to determine the rights provided to each party and whether those rights are protective or participating. For all VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do |
Investment in Commercial Real Estate Properties | Investment in Commercial Real Estate Properties Real estate properties are presented at cost less accumulated depreciation and amortization. Costs directly related to the development or redevelopment of properties are capitalized. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. We recognize the assets acquired, liabilities assumed (including contingencies) and any noncontrolling interests in an acquired entity at their respective fair values on the acquisition date. When we acquire our partner's equity interest in an existing unconsolidated joint venture and gain control over the investment, we record the consolidated investment at fair value. The difference between the book value of our equity investment on the purchase date and our share of the fair value of the investment's purchase price is recorded as a purchase price fair value adjustment in our consolidated statements of operations. See Note 3, "Property Acquisitions." We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from 3 years to 40 years. We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from 1 year to 14 years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally ranges from 1 year to 14 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, we amortize such below-market lease value into rental income over the renewal period. As of December 31, 2020, the weighted average amortization period for above-market leases, below-market leases, and in-place lease costs is 6.3 years, 5.6 years, and 5.3 years, respectively. The Company classifies those leases under which the Company is the lessee at lease commencement as finance or operating leases. Leases qualify as finance leases if the lease transfers ownership of the asset at the end of the lease term, the lease grants an option to purchase the asset that we are reasonably certain to exercise, the lease term is for a major part of the remaining economic life of the asset, or the present value of the lease payments exceeds substantially all of the fair value of the asset. Leases that do not qualify as finance leases are deemed to be operating leases. At lease commencement the Company records a lease liability which is measured as the present value of the lease payments and a right of use asset which is measured as the amount of the lease liability and any initial direct costs incurred. The Company applies a discount rate to determine the present value of the lease payments. If the rate implicit in the lease is known, the Company uses that rate. If the rate implicit in the lease is not known, the Company uses a discount rate reflective of the Company’s collateralized borrowing rate given the term of the lease. To determine the discount rate, the Company employs a third party specialist to develop an analysis based primarily on the observable borrowing rates of the Company, other REITs, and other corporate borrowers with long-term borrowings. On the consolidated statements of operations, operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense. On the consolidated balance sheet, financing leases include the amounts previously captioned "Properties under capital lease." When applicable, the Company combines the consideration for lease and non-lease components in the calculation of the value of the lease obligation and right-of-use asset. We incur a variety of costs in the development and leasing of our properties. After the determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. The costs of land and building under development include specifically identifiable costs. The capitalized costs include, but are not limited to, pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash primarily consists of security deposits held on behalf of our tenants, interest reserves, as well as capital improvement and real estate tax escrows required under certain loan agreements. |
Fair Value Measurements | Fair Value MeasurementsWe are required to disclose fair value information with regard to our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We evaluate real estate investments and debt and preferred equity investments, including intangibles, for potential impairment primarily utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs. In December 2020, the Company determined there were indicators of impairment in two of its retail assets, 106 Spring Street and 133 Greene Street. The Company tested the recoverability of the assets and, as a result of the carrying amount of the assets being deemed not recoverable, recorded impairments of $39.7 million and $14.1 million, respectively. These charges are included in depreciable real estate reserves and impairments in the consolidated statements of operations. The fair value of the assets were determined primarily using cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs. In 2020, the Company admitted partners to the One Madison Avenue development project, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and the deconsolidation of our remaining 50.5% interest. We recorded our investment at fair value, which resulted in the recognition of a fair value adjustment of $187.5 million. The fair value of our investment was determined by the terms of the joint venture agreement governing the capitalization of the project. In December 2018, the Company determined that it was more likely than not that its Suburban properties would be sold or otherwise disposed of significantly before the end of their previously estimated useful life. The Company tested the recoverability of the assets and, as a result of the carrying amount of the assets not being deemed recoverable and exceeding their fair value as measured on a asset by asset basis, recorded a $221.9 million impairment loss. These charges are included in depreciable real estate reserves and impairments in the consolidated statement of operations. The fair value of the assets were determined primarily utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs. In May 2018, the Company was the successful bidder at the foreclosure of 2 Herald Square, at which time the Company's $250.5 million outstanding principal balance and $7.7 million accrued interest balance were credited to our equity investment in the property. We recorded the assets acquired and liabilities assumed at fair value. This resulted in the recognition of a fair value adjustment of $8.1 million, which is reflected on the Company's consolidated statements of operations within purchase price and other fair value adjustments. This fair value was determined by utilizing our successful bid at the foreclosure of the asset, the agreement to sell a partial interest in the property, and cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as a sales comparison approach, which utilizes comparable sales, listings and sales contracts, all of which are classified as Level 3 inputs. In January 2018, the partnership agreement for our investment in 919 Third Avenue was modified resulting in the Company no longer having a controlling interest in this investment. As a result the investment was deconsolidated as of January 1, 2018. The Company recorded its non-controlling interest at fair value resulting in a $49.3 million fair value adjustment in the consolidated statements of operations. This fair value was determined using a third party valuation which primarily utilized cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs. Marketable securities classified as Level 1 are derived from quoted prices in active markets. The valuation technique used to measure the fair value of marketable securities classified as Level 2 were valued based on quoted market prices or model driven valuations using the significant inputs derived from or corroborated by observable market data. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs. The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt instrument to their present value using adjusted market interest rates, which is provided by a third-party specialist. |
Investment in Marketable Securities | Investment in Marketable Securities At acquisition, we designate a security as held-to-maturity, available-for-sale, or trading. As of December 31, 2020, we did not have any securities designated as held-to-maturity or trading. We account for our available-for-sale securities at fair value pursuant to Accounting Standards Codification, or ASC, 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. The cost of marketable securities sold and the amount reclassified out of accumulated other comprehensive income into earnings is determined using the specific identification method. Credit losses are recognized in accordance with ASC 326. |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures We account for our investments in unconsolidated joint ventures under the equity method of accounting in cases where we exercise significant influence over, but do not control, these entities and are not considered to be the primary beneficiary. We consolidate those joint ventures that we control or which are variable interest entities (each, a "VIE") and where we are considered to be the primary beneficiary. In all these joint ventures, the rights of the joint venture partner are both protective as well as participating. Unless we are determined to be the primary beneficiary in a VIE, these participating rights preclude us from consolidating these VIE entities. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. Equity in net income (loss) from unconsolidated joint ventures is allocated based on our ownership or economic interest in each joint venture and includes adjustments related to basis differences in accounting for the investment. When a capital event (as defined in each joint venture agreement) such as a refinancing occurs, if return thresholds are met, future equity income will be allocated at our increased economic interest. We recognize incentive income from unconsolidated real estate joint ventures as income to the extent it is earned and not subject to a clawback feature. Distributions we receive from unconsolidated real estate joint ventures in excess of our basis in the investment are recorded as offsets to our investment balance if we remain liable for future obligations of the joint venture or may otherwise be committed to provide future additional financial support. We generally finance our joint ventures with non-recourse debt. In certain cases we may provide guarantees or master leases for tenant space, which terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. We assess our investments in unconsolidated joint ventures for recoverability, and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on each joint ventures' actual and projected cash flows. We do not believe that the values of any of our equity investments were impaired at December 31, 2020. We may originate loans for real estate acquisition, development and construction ("ADC loans"), where we expect to receive some of the residual profit from such projects. When the risk and rewards of these arrangements are essentially the same as an investor or joint venture partner, we account for these arrangements as real estate investments under the equity method of accounting for investments. Otherwise, we account for these arrangements consistent with the accounting for our debt and preferred equity investments. |
Deferred Lease Costs | Deferred Lease CostsDeferred lease costs consist of incremental fees and direct costs that would not have been incurred if the lease had not been obtained and are amortized on a straight-line basis over the related lease term. Certain of our employees provide leasing services to the wholly-owned properties. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs represent commitment fees, legal, title and other third party costs associated with obtaining commitments for financing which result in a closing of such financing. These costs are amortized over the terms of the respective agreements. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not close. Deferred financing costs related to a recognized debt liability are presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability. Lease Classification Lease classification for leases under which the Company is the lessor is evaluated at lease commencement and leases not classified as sales-type leases or direct financing leases are classified as operating leases. Leases qualify as sales-type leases if the contract includes either transfer of ownership clauses, certain purchase options, a lease term representing a major part of the economic life of the asset, or the present value of the lease payments and residual guarantees provided by the lessee exceeds substantially all of the fair value of the asset. Additionally, leasing an asset so specialized that it is not deemed to have any value to the Company at the end of the lease term may also result in classification as a sales-type lease. Leases qualify as direct financing leases when the present value of the lease payments and residual value guarantees provided by the lessee and unrelated third parties exceeds substantially all of the fair value of the asset and collection of the payments is probable. |
Revenue Recognition | Revenue Recognition Rental revenue for operating leases is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the leased space is available for its intended use by the lessee. To determine whether the leased space is available for its intended use by the lessee, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When management concludes that we are the owner of tenant improvements for accounting purposes, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred costs, net on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets. In addition to base rent, our tenants also generally will pay variable rent which represents their pro rata share of increases in real estate taxes and certain operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in certain building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year. Rental revenue is recognized if collectability is probable. If collectability of substantially all of the lease payments is assessed as not probable, any difference between the rental revenue recognized to date and the lease payments that have been collected is recognized as a current-period adjustment to rental revenue. A subsequent change in the assessment of collectability to probable may result in a current-period adjustment to rental revenue for any difference between the rental revenue that would have been recognized if collectability had always been assessed as probable and the rental revenue recognized to date. We recognize lease concessions related to COVID-19, such as rent deferrals and abatements, in accordance with the Lease Modification Q&A issued by the FASB in April 2020, which provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease. This election is only available when total cash flows resulting from the modified lease are substantially similar to the cash flows in the original lease. When total cash flows resulting from the modified lease are not substantially similar to the cash flows in the original lease, we account for the concession agreement as a new lease. The Company provides its tenants with certain customary services for lease contracts such as common area maintenance and general security. We have elected to combine the non-lease components with the lease components of our operating lease agreements and account for them as a single lease component in accordance with ASC 842. Prior to the adoption of ASC 842, we maintained allowances for estimated losses on tenant receivables and deferred rent receivables under our lease agreements. During the year ended December 31, 2018 we had $4.2 million of additions to these allowances charged against operations and $8.9 million of uncollectible accounts written off or recovered within the period. The combined ending balance of the allowances was $31.2 million as of December 31, 2018. We record a gain or loss on sale of real estate assets when we no longer hold a controlling financial interest in the entity holding the real estate, a contract exists with a third party and that third party has control of the assets acquired. Investment income on debt and preferred equity investments is accrued based on the contractual terms of the instruments and when it is deemed collectible. Some debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest is collectible. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as an adjustment to interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cash flows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For debt investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield. We consider a debt and preferred equity investment to be past due when amounts contractually due have not been paid. Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition is resumed on any debt or preferred equity investment that is on non-accrual status when such debt or preferred equity investment becomes contractually current and performance is demonstrated to be resumed. We may syndicate a portion of the loans that we originate or sell the loans individually. When a transaction meets the criteria for sale accounting, we recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income on the consolidated statement of operations. Any fees received at the time of sale or syndication are recognized as part of investment income. Asset management fees are recognized on a straight-line basis over the term of the asset management agreement. |
Debt And Preferred Equity Investments | Debt and Preferred Equity Investments Debt and preferred equity investments are presented at the net amount expected to be collected in accordance with ASC 326. An allowance for loan losses is deducted from the amortized cost basis of the financial assets to present the net carrying value at the amount expected to be collected through the expected maturity date of such investments. The expense for loan loss and other investment reserves is the charge to earnings to adjust the allowance for loan losses to the appropriate level. Amounts are written off from the allowance when we de-recognize the related investment either as a result of a sale of the investment or acquisition of equity interests in the collateral. The Company evaluates the amount expected to be collected based on current market and economic conditions, historical loss information, and reasonable and supportable forecasts. The Company's assumptions are derived from both internal data and external data which may include, among others, governmental economic projections for the New York City Metropolitan area, public data on recent transactions and filings for securitized debt instruments. This information is aggregated by asset class and adjusted for duration. Based on these inputs, loans are evaluated at the individual asset level. In certain instances, we may also use a probability-weighted model that considers the likelihood of multiple outcomes and the amount expected to be collected for each outcome. The evaluation of the possible credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor requires significant judgment, which include both asset level and market assumptions over the relevant time period. In addition, quarterly, the Company assigns each loan a risk rating. Based on a 3-point scale, loans are rated “1” through “3,” from lower risk to higher risk, which ratings are defined as follows: 1 - Low Risk Assets - Low probability of loss, 2 - Watch List Assets - Higher potential for loss, 3 - High Risk Assets - Loss more likely than not. Loans with risk ratings of 2 or above are evaluated to determine whether the expected risk of loss is appropriately captured through the combination of our expectations of current conditions, historical loss information and supportable forecasts described above or whether risk characteristics specific to the loan warrant the use of a probability-weighted model. Financing investments that are classified as held for sale are carried at the expected amount to be collected or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its expected amount to be collected. Other financing receivables that are included in balance sheet line items other than the Debt and Preferred Equity Investments line are also measured at the net amount expected to the be collected. Accrued interest receivable amounts related to these debt and preferred equity investment and other financing receivables are recorded at the net amount expected to be collected within Other assets in the consolidated balance sheets. Write offs of accrued interest receivables are recognized as an expense for loan loss and other investment reserves. |
Rent Expense | Rent Expense Rent expense is recognized on a straight-line basis over the initial term of the lease. The excess of the rent expense recognized over the amounts contractually due pursuant to the underlying lease is included in the lease liability - operating leases on the consolidated balance sheets. |
Underwriting Commissions and Costs | Underwriting Commissions and Costs Underwriting commissions and costs incurred in connection with our stock offerings are reflected as a reduction of additional paid-in-capital. |
Transaction cost | Transaction Costs Transaction costs for asset acquisitions are capitalized to the investment basis, which is then subject to a purchase price allocation based on relative fair value. Transaction costs for business combinations or costs incurred on potential transactions that are not consummated are expensed as incurred. |
Income Taxes | Income Taxes SL Green is taxed as a REIT under Section 856(c) of the Code. As a REIT, SL Green generally is not subject to Federal income tax. To maintain its qualification as a REIT, SL Green must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. If SL Green fails to qualify as a REIT in any taxable year, SL Green will be subject to Federal income tax on its taxable income at regular corporate rates. SL Green may also be subject to certain state, local and franchise taxes. Under certain circumstances, Federal income and excise taxes may be due on its undistributed taxable income. The Operating Partnership is a partnership and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective income tax returns. The only provision for income taxes included in the consolidated statements of operations relates to the Operating Partnership’s consolidated taxable REIT subsidiaries. The Operating Partnership may also be subject to certain state, local and franchise taxes. We have elected, and may elect in the future, to treat certain of our corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, TRSs may perform non-customary services for the tenants of the Company, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in Federal and state income tax liability for these entities. During the years ended December 31, 2020, 2019 and 2018, we recorded Federal, state and local tax provisions of $1.2 million, $1.5 million, and $2.8 million, respectively. For the year ended December 31, 2020, the Company paid distributions on its common stock of $5.54 per share which represented $1.84 per share of ordinary income and $3.06 per share of capital gains. For the year ended December 31, 2019, the Company paid distributions on its common stock of $3.40 per share which represented $2.59 per share of ordinary income, and $0.81 per share of capital gains. For the year ended December 31, 2018, the Company paid distributions on its common stock of $3.25 per share which represented $1.46 per share of ordinary income and $1.79 per share of capital gains. In order to present information that is consistent with the tax forms issued with respect to these tax years, these per-share numbers have not been retroactively adjusted to reflect the reverse stock split that was effectuated in January 2021. We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement. |
Stock-Based Employee Compensation Plans | Stock-Based Employee Compensation Plans We have a stock-based employee compensation plan, described more fully in Note 14, "Share-based Compensation." The Company's stock options are recorded at fair value at the time of issuance. Fair value of the stock options is determined using the Black-Scholes option pricing model. The Black-Scholes model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our plan has characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in our opinion, the existing models do not necessarily provide a reliable single measure of the fair value of the employee stock options. Compensation cost for stock options, if any, is recognized over the vesting period of the award. Our policy is to grant options with an exercise price equal to the quoted closing market price of the Company's common stock on either the grant date or the date immediately preceding the grant date. Awards of stock or restricted stock are expensed as compensation over the benefit period based on the fair value of the stock on the grant date. For share-based awards with a performance or market measure, we recognize compensation cost over the requisite service period, using the accelerated attribution expense method. The requisite service period begins on the date the compensation committee of our board of directors authorizes the award, adopts any relevant performance measures and communicates the award to the employees. For programs with awards that vest based on the achievement of a performance condition or market condition, we determine whether it is probable that the performance condition will be met, and estimate compensation cost based on the fair value of the award at the applicable award date estimated using a binomial model or market quotes. For share-based awards for which there is no pre-established performance measure, we recognize compensation cost over the service vesting period, which represents the requisite service period, on a straight-line basis. In accordance with the provisions of our share-based incentive compensation plans, we accept the return of shares of the Company's common stock, at the current quoted market price, from certain key employees to satisfy minimum statutory tax-withholding requirements related to shares that vested during the period. Awards can also be made in the form of a separate series of units of limited partnership interest in the Operating Partnership called long-term incentive plan units, or LTIP units. LTIP units, which can be granted either as free-standing awards or in tandem with other awards under our stock incentive plan, are valued by reference to the value of the Company's common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee of the Company's board of directors may determine, including continued employment or service, computation of financial metrics and/or achievement of pre-established performance goals and objectives. |
Derivative Instruments | Derivative Instruments In the normal course of business, we use a variety of commonly used derivative instruments, such as interest rate swaps, caps, collars and floors, to manage, or hedge, interest rate risk. Effectiveness is essential for those derivatives that we intend to qualify for hedge accounting. Some derivative instruments are associated with an anticipated transaction. In those cases, hedge effectiveness criteria also require that it be probable that the underlying transaction occurs. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract. To determine the fair values of derivative instruments, we use a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. For the majority of financial instruments including most derivatives, long-term investments and long-term debt, standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost, and termination cost are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. In the normal course of business, we are exposed to the effect of interest rate changes and limit these risks by following established risk management policies and procedures including the use of derivatives. To address exposure to interest rates, derivatives are used primarily to fix the rate on debt based on floating-rate indices and manage the cost of borrowing obligations. We use a variety of conventional derivative products. These derivatives typically include interest rate swaps, caps, collars and floors. We expressly prohibit the use of unconventional derivative instruments and using derivative instruments for trading or speculative purposes. Further, we have a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. We may employ swaps, forwards or purchased options to hedge qualifying forecasted transactions. Gains and losses related to these transactions are deferred and recognized in net income as interest expense in the same period or periods that the underlying transaction occurs, expires or is otherwise terminated. Hedges that are reported at fair value and presented on the balance sheet could be characterized as cash flow hedges or fair value hedges. Interest rate caps and collars are examples of cash flow hedges. Cash flow hedges address the risk associated with future cash flows of interest payments. For all hedges held by us that meet the hedging objectives established by our corporate policy governing interest rate risk management, no net gains or losses were reported in earnings. The changes in fair value of derivative instruments designated as hedge instruments are reflected in accumulated other comprehensive income (loss). For derivative instruments not designated as hedging instruments, the gain or loss, resulting from the change in the estimated fair value of the derivative instruments, is recognized in current earnings during the period of change. |
Earnings per Share of the Company | Earnings per Share of the Company The Company presents both basic and diluted earnings per share ("EPS") using the two-class method, which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Basic EPS includes participating securities, consisting of unvested restricted stock that receive nonforfeitable dividends similar to shares of common stock. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount. Diluted EPS also includes units of limited partnership interest. The dilutive effect of stock options is reflected in the weighted average diluted outstanding shares calculation by application of the treasury stock method. Earnings per share has been retroactively adjusted to reflect the reverse stock split effectuated in January 2021 for all periods presented in this Annual Report on Form 10-K. |
Earnings per Unit of the Operating Partnership | Earnings per Unit of the Operating Partnership The Operating Partnership presents both basic and diluted earnings per unit ("EPU") using the two-class method, which is an earnings allocation formula that determines EPU for common units and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPU is computed by dividing the income available to common unitholders by the weighted-average number of common units outstanding for the period. Basic EPU includes participating securities, consisting of unvested restricted units that receive nonforfeitable dividends similar to shares of common units. Diluted EPU reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units, where such exercise or conversion would result in a lower EPU amount. The dilutive effect of unit options is reflected in the weighted average diluted outstanding units calculation by application of the treasury stock method. Earnings per unit has been retroactively adjusted for all periods presented in this Annual Report on Form 10-K to reflect the reverse stock split effectuated in January 2021 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in New York City. See Note 5, "Debt and Preferred Equity Investments." |
Reclassification | Reclassification Certain prior year balances have been reclassified to conform to our current year presentation. |
Accounting Standards Updates | Accounting Standards Updates In August 2020, the FASB issued Accounting Standard Update, or "ASU", No. 2020-06 Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2020-06 on our consolidated financial statements, but do not believe the adoption of this standard will have a material impact on our consolidated financial statements. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if a lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Lease Modification Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease. This election is only available when total cash flows resulting from the modified lease are substantially similar to the cash flows in the original lease. The Lease Modification Q&A did not have a material impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2020, however, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering into such concessions. In March 2020, the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting and then in January 2021, the FASB issued ASU No 2021-01. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendment most relevant to the Company is how to apply the fair value measurement alternative in Topic 321 when an investor must apply the fair value to an investment under the equity method in Topic 323. The amendment clarifies that an entity should consider observable transactions when considering the fair value of an investment. The guidance is effective for the Company for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company adopted this guidance on January 1, 2020 and it did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other- Internal-Use Software (Topic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendments provide guidance on accounting for fees paid when the arrangement includes a software license and align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs to develop or obtain internal-use software. The Company adopted this guidance on January 1, 2020 and it did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This amendment removed, modified and added the disclosure requirements under Topic 820. The changes are effective for the Company for fiscal years beginning after December 15, 2019. Early adoption is permitted for the removed or modified disclosures with adoption of the additional disclosures upon the effective date. The Company adopted this guidance on January 1, 2020 and it did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, in April, May and November 2019, issued ASU No. 2019-04, 2019-05 and 2019-11, which provide codification improvements and targeted transition relief; and in 2020 issued ASU 2020-02 Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842), which updates SEC guidance in those Topics. The guidance changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current ‘incurred loss’ model with an ‘expected loss’ approach. The Company’s DPE portfolio and financing lease assets are subject to this guidance. ASU No. 2018-19 excludes operating lease receivables from the scope of this guidance. The Company adopted this guidance on January 1, 2020 and recorded a $39.2 million cumulative adjustment to retained earnings upon adoption. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of commercial office properties | As of December 31, 2020, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan. Our investments located outside of Manhattan are referred to as the Suburban properties: Consolidated Unconsolidated Total Location Property Number of Properties Approximate Square Feet (unaudited) Number of Properties Approximate Square Feet (unaudited) Number of Properties Approximate Square Feet (unaudited) Weighted Average Occupancy (1) (unaudited) Commercial: Manhattan Office 18 10,681,045 11 11,841,483 29 22,522,528 92.4 % Retail 4 44,189 9 301,996 13 346,185 94.2 % Development/Redevelopment (1) 8 1,095,418 3 2,927,782 11 4,023,200 N/A 30 11,820,652 23 15,071,261 53 26,891,913 92.5 % Suburban Office 7 862,800 — — 7 862,800 83.3 % Total commercial properties 37 12,683,452 23 15,071,261 60 27,754,713 92.1 % Residential: Manhattan Residential 1 82,250 8 1,663,774 9 1,746,024 75.7 % Total portfolio 38 12,765,702 31 16,735,035 69 29,500,737 91.2 % (1) The weighted average occupancy for commercial properties represents the total occupied square footage divided by the total square footage at acquisition. The weighted average occupancy for residential properties represents the total occupied units divided by the total available units. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives | Properties other than Right of use assets - operating leases are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Category Term Building (fee ownership) 40 years Building improvements shorter of remaining life of the building or useful life Building (leasehold interest) lesser of 40 years or remaining term of the lease Right of use assets - financing leases lesser of 40 years or remaining lease term Furniture and fixtures 4 to 7 years Tenant improvements shorter of remaining term of the lease or useful life |
Summary of identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) | The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Identified intangible assets (included in other assets): Gross amount $ 215,673 $ 255,198 Accumulated amortization (190,523) (228,223) Net (1) $ 25,150 $ 26,975 Identified intangible liabilities (included in deferred revenue): Gross amount $ 241,409 $ 282,048 Accumulated amortization (230,479) (249,514) Net (1) $ 10,930 $ 32,534 (1) As of December 31, 2020, no net intangible assets and no net intangible liabilities were reclassified to assets held for sale and liabilities related to assets held for sale. As of December 31, 2019, no net intangible assets and no net intangible liabilities were reclassified to assets held for sale and liabilities related to assets held for sale. |
Schedule of estimated annual amortization of acquired above-market leases, net of acquired below-market leases | The estimated annual amortization of acquired above-market leases, net of acquired (below-market) leases (a component of rental revenue), for each of the five succeeding years is as follows (in thousands): 2021 (1,403) 2022 (119) 2023 91 2024 258 2025 781 |
Schedule of estimated annual amortization of all other identifiable assets | The estimated annual amortization of all other identifiable assets (a component of depreciation and amortization expense) including tenant improvements for each of the five succeeding years is as follows (in thousands): 2021 4,899 2022 3,456 2023 2,841 2024 2,520 2025 1,427 |
Schedule of marketable securities | At December 31, 2020 and 2019, we held the following marketable securities (in thousands): December 31, 2020 2019 Commercial mortgage-backed securities $ 28,570 $ 29,887 Total marketable securities available-for-sale $ 28,570 $ 29,887 |
Schedules of concentration of risk, by risk factor | For the years ended December 31, 2020, 2019, and 2018, the following properties contributed more than 5.0% of our annualized cash rent from office properties, including our share of annualized cash rent from joint venture office properties: Property 2020 Property 2019 Property 2018 11 Madison Avenue 8.2% 1185 Avenue of the Americas 7.6% 11 Madison Avenue 7.4% 420 Lexington Ave (Graybar) 7.5% 11 Madison Avenue 7.4% 1185 Avenue of the Americas 6.7% 1185 Avenue of the Americas 6.9% 420 Lexington Avenue 6.6% 420 Lexington Avenue 6.5% 1515 Broadway 6.6% 1515 Broadway 6.1% 1515 Broadway 6.0% 220 East 42nd Street 5.9% One Madison Avenue 6.0% One Madison Avenue 5.8% 280 Park Avenue 5.4% 220 East 42 nd Street 5.5% |
Property Acquisitions (Tables)
Property Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | 2020 Acquisitions The following table summarizes the properties acquired during the year ended December 31, 2020: Property Acquisition Date Property Type Approximate Square Feet Gross Asset Valuation 762 Madison Avenue (1) January 2020 Fee Interest 6,109 $ 29.3 707 Eleventh Avenue January 2020 Fee Interest 159,720 90.0 15 Beekman (2) January 2020 Leasehold Interest 98,412 — 590 Fifth Avenue (3) October 2020 Fee Interest 103,300 107.2 (1) The Company acquired from our joint venture partner the remaining 10% interest in this property that the Company did not already own. (2) In January 2020, the Company entered into a 99-year ground lease of 126 Nassau Street and subsequently renamed the property 15 Beekman. In August 2020, we entered into a partnership with a real estate fund managed by Meritz Alternative Investment as part of the capitalization of this development project. See note 6, “Investment in Unconsolidated Joint Ventures.” (3) The property previously served as collateral for a debt and preferred equity investment and was acquired through a negotiated transaction with the sponsor. 2019 Acquisitions The following table summarizes the properties acquired during the year ended December 31, 2019: Property Acquisition Date Property Type Approximate Square Feet Gross Asset Valuation 106 Spring Street (1) April 2019 Fee Interest 5,928 $ 80.2 410 Tenth Avenue (2) May 2019 Fee Interest 638,000 440.0 110 Greene Street (3) May 2019 Fee Interest 223,600 256.5 (1) In April 2019, the Company accepted an assignment of the equity interests in the property in lieu of repayment of the Company's debt investment and marked the assets received and liabilities assumed to fair value. (2) In May 2019, the Company closed on the acquisition of a majority and controlling 70.87% interest in 460 West 34th Street and subsequently renamed the property 410 Tenth Avenue. The Company had previously made a loan to the entity that was accounted for as an Acquisition, Development, and Construction (“ADC”) arrangement. Upon consolidating the entity in which it acquired the controlling equity interest, the Company and the Partnership removed the ADC arrangement and recorded the assets and liabilities of the entity at fair value, which resulted in the recognition of a fair value adjustment of $67.6 million, which was reflected in the Company's consolidated statement of operations within purchase price and other fair value adjustments, and $18.3 million of net intangible lease liabilities. (3) In May 2019, the Company acquired from our joint venture partner the remaining 10% interest in this property that the Company did not already own. 2018 Acquisitions The following table summarizes the properties acquired during the year ended December 31, 2018: Property Acquisition Date Property Type Approximate Square Feet Acquisition Price 2 Herald Square (1) May 2018 Leasehold Interest 369,000 $ 266.0 1231 Third Avenue (2)(3) July 2018 Fee Interest 39,000 55.4 Upper East Side Residential (3)(4) August 2018 Fee Interest 0.2 acres 30.2 133 Greene Street (2) October 2018 Fee Interest 6,425 31.0 712 Madison Avenue (2) December 2018 Fee Interest 6,600 58.0 (1) In May 2018, the Company was the successful bidder at the foreclosure of the asset. We recorded the assets acquired and liabilities assumed at fair value. This resulted in the recognition of a fair value adjustment of $8.1 million, which is reflected in the Company's consolidated statement of operations within purchase price and other fair value adjustments. See Note 16, "Fair Value Measurements." The Company subsequently sold a 49% interest in the property in November 2018. See Note 4, "Properties Held for Sale and Dispositions." and Note 6, "Investments in Unconsolidated Joint Ventures." (2) The Company accepted an assignment of the equity interests in the property in lieu of repayment of the Company's debt investment, and recorded the assets received and liabilities assumed at fair value. (3) This property was subsequently sold in October 2018. See Note 4, "Properties Held for Sale and Dispositions." (4) In August 2018, the Company acquired the fee interest in three additional land parcels at the Upper East Side Residential Assemblage. |
Properties Held for Sale and _2
Properties Held for Sale and Property Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of properties sold and income from discontinued operations | The following table summarizes the properties sold during the years ended December 31, 2020, 2019, and 2018: Property Disposition Date Property Type Unaudited Approximate Usable Square Feet Sales Price (1) (in millions) Gain (Loss) on Sale (2) (in millions) 30 East 40th Street December 2020 Leasehold Interest 69,446 $ 5.2 $ (1.6) 1055 Washington Boulevard December 2020 Leasehold Interest 182,000 23.8 (11.5) Williamsburg Terrace December 2020 Fee Interest 52,000 32.0 11.8 410 Tenth Avenue December 2020 Fee Interest 638,000 952.5 56.4 400 East 58th Street September 2020 Fee Interest 140,000 62.0 8.3 609 Fifth Avenue - Retail Condominium May 2020 Fee Interest 21,437 168.0 63.3 315 West 33rd Street - The Olivia March 2020 Fee Interest 492,987 446.5 71.8 Suburban Properties (3) December 2019 Fee Interest 1,107,000 229.2 1.8 1640 Flatbush Avenue December 2019 Fee Interest 1,000 16.2 5.5 562 Fifth Avenue December 2019 Fee Interest 42,635 52.4 (26.6) 1010 Washington Boulevard (4) November 2019 Fee Interest 143,400 23.1 (7.1) 115 Spring Street (5) August 2019 Fee Interest 5,218 66.6 3.6 2 Herald Square (6) November 2018 Office/Retail 369,000 265.0 — 400 Summit Lake Drive November 2018 Land 39.5 acres 3.0 (36.2) Upper East Side Assemblage (7)(8) October 2018 Development 70,142 143.8 (6.3) 1-6 International Drive July 2018 Office 540,000 55.0 (2.6) 635 Madison Avenue June 2018 Retail 176,530 153.0 (14.1) 115-117 Stevens Avenue May 2018 Office 178,000 12.0 (0.7) 600 Lexington Avenue January 2018 Office 303,515 305.0 23.8 (1) Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property. (2) The gain on sale is net of $10.5 million, $2.0 million, and $1.3 million of employee compensation accrued in connection with the realization of these investment gains in the years ended December 31, 2020, 2019, and 2018, respectively. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods. (3) Suburban Properties consists of 360 Hamilton Avenue, 100 Summit Lake Drive, 200 Summit Lake Drive, and 500 Summit Lake Drive. (4) The Company recorded a $7.1 million charge in 2019 that is included in depreciable real estate reserves and impairments in the consolidated statement of operations. (5) The Company sold a 49% interest, which resulted in the deconsolidation of our remaining 51% interest. We recorded our investment at fair value which resulted in the recognition of a fair value adjustment of $3.8 million, which is reflected in the Company's consolidated statements of operations within purchase price and other fair value adjustments. See Note 6, "Investments in Unconsolidated Joint Ventures." (6) In November 2018, the Company sold a 49% interest in 2 Herald Square to an Israeli institutional investor. See Note 6, "Investments in Unconsolidated Joint Ventures." (7) Upper East Side Assemblage consists of 260 East 72nd Street, 31,076 square feet of development rights, 252-254 East 72nd Street, 257 East 71st Street, 259 East 71st Street, and 1231 Third Avenue. (8) The Company recorded a $5.8 million charge in 2018 that is included in depreciable real estate reserves and impairments in the consolidated statement of operations. |
Debt and Preferred Equity Inv_2
Debt and Preferred Equity Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of debt and preferred equity book balance roll forward | Below is a summary of the activity in our debt and preferred equity investments for the twelve months ended December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Balance at beginning of year (1) $ 1,580,306 $ 2,099,393 Debt investment originations/accretion (2) 389,300 652,866 Preferred equity investment originations/accretion (2) 167,042 14,736 Redemptions/sales/syndications/equity ownership/amortization (3) (1,048,643) (1,190,689) Net change in loan loss reserves (11,463) 4,000 Balance at end of period (1) $ 1,076,542 $ 1,580,306 (1) Net of unamortized fees, discounts, and premiums. (2) Accretion includes amortization of fees and discounts and paid-in-kind investment income. (3) Certain participations in debt investments that were sold or syndicated, but did not meet the conditions for sale accounting, are included in other assets and other liabilities on the consolidated balance sheets. |
Schedule of Debt | Below is a summary of our debt and preferred equity investments as of December 31, 2020 (dollars in thousands): Floating Rate Fixed Rate Total Carrying Value Senior Financing Maturity (1) Type Carrying Value Face Value Interest Rate Carrying Value Face Value Interest Rate Senior Mortgage Debt $ 62,751 $ 63,425 L + 2.00 - 3.50% $ 1,249 $ 1,250 3.50% $ 64,000 $ — 2021 - 2022 Junior Mortgage Debt 7,200 12,000 L + 7.25 - 7.25% 32,888 33,000 6.00% 40,088 127,000 2021 Mezzanine Debt 275,926 280,119 L + 4.95 - 14.07% 436,742 448,938 2.90 - 14.30% 712,668 4,459,287 2021 - 2029 Preferred Equity — — — 259,786 262,254 6.50 - 11.00% 259,786 1,962,750 2022 - 2027 Balance at end of period $ 345,877 $ 355,544 $ 730,665 $ 745,442 $ 1,076,542 $ 6,549,037 (1) Excludes available extension options to the extent they have not been exercised as of the date of this filing. |
Allowance for credit losses on financing receivables | The following table is a rollforward of our total allowance for loan losses for the years ended December 31, 2020, 2019 and 2018 (in thousands): December 31, 2020 2019 2018 Balance at beginning of year $ 1,750 $ 5,750 $ — Cumulative adjustment upon adoption of ASC 326 27,803 — — Current period provision for loan loss 20,693 — 6,839 Write-offs charged against the allowance (1) (37,033) (4,000) (1,089) Balance at end of period (2) $ 13,213 $ 1,750 $ 5,750 (1) Includes $19.0 million of charges recorded against investments that were sold during the year ended December 31, 2020. These charges are included in loan loss and other investment reserves, net of recoveries, in our consolidated statements of operations. (2) As of December 31, 2020, we had recorded an allowance for loan loss on all financing receivables on non-accrual except for one financing receivable with a carrying value of $225.2 million. |
Summary of debt investments | As of December 31, 2020 and 2019, we held the following debt investments with an aggregate weighted average current yield of 5.80%, at December 31, 2020 (dollars in thousands): Loan Type December 31, 2020 December 31, 2020 December 31, 2020 Carrying Value (1) December 31, 2019 Carrying Value (1) Maturity Date (2) Fixed Rate Investments: Junior Mortgage (3b)(4) $ 10,000 $ 67,000 $ 32,888 $ — January 2021 Mezzanine Loan — 15,000 3,500 3,500 September 2021 Mortgage/Mezzanine Loan — 63,750 56,244 55,573 October 2021 Mezzanine Loan — 280,000 41,057 38,734 August 2022 Mezzanine Loan (5) — 353,772 225,204 215,737 June 2023 Mezzanine Loan (3a)(6) — 105,000 13,366 12,950 June 2024 Mezzanine Loan — 95,000 30,000 30,000 January 2025 Mezzanine Loan — 1,712,750 55,250 55,250 June 2027 Mezzanine Loan — 85,000 20,000 20,000 December 2029 Mezzanine Loan — — — 24,952 Mezzanine Loan — — — 30,000 Mezzanine Loan — — — 12,714 Total fixed rate $ 10,000 $ 2,777,272 $ 477,509 $ 499,410 Floating Rate Investments: Mezzanine Loan $ — $ 275,000 $ 49,956 $ 49,809 April 2021 Junior Mortgage Participation/Mezzanine Loan — 60,000 15,733 15,698 July 2021 Mezzanine Loan 7,031 172,809 35,318 41,395 July 2021 Mezzanine Loan — 61,744 29,106 15,743 July 2021 Mezzanine Loan (3c) — 1,115,000 127,915 222,775 March 2022 Mortgage and Mezzanine Loan 7,085 — 60,532 — May 2022 Mortgage and Mezzanine Loan 44,000 — 14,011 13,918 December 2022 Mezzanine Loan 53,845 64,462 19,889 69,839 May 2023 Mortgage and Mezzanine Loan — — — 35,386 Junior Mortgage (7) — — — 20,000 Mortgage Loan — — — 19,971 Mortgage Loan — — — 106,473 Mezzanine Loan — — — 51,387 Mortgage/Mezzanine Loan — — — 96,570 Mortgage/Mezzanine Loan — — — 82,696 Total floating rate $ 111,961 $ 1,749,015 $ 352,460 $ 841,660 Allowance for loan loss $ — $ — $ (13,213) $ — Total $ 121,961 $ 4,526,287 $ 816,756 $ 1,341,070 (1) Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees. (2) Represents contractual maturity, excluding any unexercised extension options. (3) Carrying value is net of the following amounts that were sold or syndicated, which are included in other assets and other liabilities on the consolidated balance sheets as a result of the transfers not meeting the conditions for sale accounting: (a) $12.0 million, (b) $66.6 million and (c) $0.4 million (4) In January 2021, this loan was extended six months to July 2021. (5) This loan was put on non-accrual in July 2020 and remains on non-accrual at December 31, 2020. No investment income has been recognized subsequent to it being put on non-accrual. (6) This loan went into default and was put on non-accrual in June 2020 and remains on non-accrual at December 31, 2020. No investment income has been recognized subsequent to it being put on non-accrual. The Company is in discussions with the borrower. |
Summary of preferred equity investments | As of December 31, 2020 and 2019, we held the following preferred equity investments with an aggregate weighted average current yield of 9.96% at December 31, 2020 (dollars in thousands): Type December 31, 2020 December 31, 2020 December 31, 2020 (1) December 31, 2019 (1) Mandatory Redemption (2) Preferred Equity $ — $ 1,712,750 $ 154,691 $ 98,065 June 2022 Preferred Equity — 250,000 105,095 — February 2027 Preferred Equity (3) — — 141,171 Total Preferred Equity $ — $ 1,962,750 $ 259,786 $ 239,236 Allowance for loan loss $ — $ — $ — $ (1,750) Total $ — $ 1,962,750 $ 259,786 $ 240,986 (1) Carrying value is net of deferred origination fees. (2) Represents contractual maturity, excluding any unexercised extension options. |
Schedule Of Investment In Financing Receivables And Risk Rating | The following table sets forth the net book value of our debt and preferred equity investment portfolio by risk rating as of December 31, 2020 and 2019 ($ in thousands): Risk Rating December 31, 2020 December 31, 2019 1 - Low Risk Assets - Low probability of loss $ 695,035 $ 1,180,831 2 - Watch List Assets - Higher potential for loss 365,167 399,475 3 - High Risk Assets - Loss more likely than not 16,340 — $ 1,076,542 $ 1,580,306 The following table sets forth the net book value of our debt and preferred equity investment portfolio by year of origination and risk rating as of December 31, 2020 ($ in thousands): As of December 31, 2020 Risk Rating 2020 (1) 2019 (1) 2018 (1) Prior (1) Total 1 - Low Risk Assets - Low probability of loss $ 346,320 $ 55,318 $ 209,941 $ 83,456 $ 695,035 2 - Watch List Assets - Higher potential for loss — 239,215 56,244 69,708 365,167 3 - High Risk Assets - Loss more likely than not — — — 16,340 16,340 $ 346,320 $ 294,533 $ 266,185 $ 169,504 $ 1,076,542 (1) Year in which the investment was originated or acquired by us or in which a material modification occurred. |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of general information on joint ventures | The table below provides general information on each of our joint ventures as of December 31, 2020: Property Partner Ownership Interest (1) Economic Interest (1) Unaudited Approximate Square Feet 100 Park Avenue Prudential Real Estate Investors 49.90% 49.90% 834,000 717 Fifth Avenue Wharton Properties/Private Investor 10.92% 10.92% 119,500 800 Third Avenue Private Investors 60.52% 60.52% 526,000 919 Third Avenue New York State Teacher's Retirement System 51.00% 51.00% 1,454,000 11 West 34th Street Private Investor/Wharton Properties 30.00% 30.00% 17,150 280 Park Avenue Vornado Realty Trust 50.00% 50.00% 1,219,158 1552-1560 Broadway (2) Wharton Properties 50.00% 50.00% 57,718 10 East 53rd Street Canadian Pension Plan Investment Board 55.00% 55.00% 354,300 21 East 66th Street (3) Private Investors 32.28% 32.28% 13,069 650 Fifth Avenue (4) Wharton Properties 50.00% 50.00% 69,214 121 Greene Street Wharton Properties 50.00% 50.00% 7,131 55 West 46th Street (5) Prudential Real Estate Investors 25.00% 25.00% 347,000 Stonehenge Portfolio Various Various Various 1,439,016 605 West 42nd Street The Moinian Group 20.00% 20.00% 927,358 11 Madison Avenue PGIM Real Estate 60.00% 60.00% 2,314,000 400 East 57th Street (6) BlackRock, Inc and Stonehenge Partners 51.00% 41.00% 290,482 One Vanderbilt National Pension Service of Korea/Hines Interest LP 71.01% 71.01% 1,657,198 Worldwide Plaza RXR Realty / New York REIT / Private Investor 24.35% 24.35% 2,048,725 1515 Broadway Allianz Real Estate of America 56.87% 56.87% 1,750,000 2 Herald Square Israeli Institutional Investor 51.00% 51.00% 369,000 115 Spring Street Private Investor 51.00% 51.00% 5,218 885 Third Avenue (7) Private Investor (6) 100.00% 625,300 15 Beekman (8) A fund managed by Meritz Alternative Investment Management 20.00% 20.00% 221,884 85 Fifth Avenue Wells Fargo 36.30% 36.30% 12,946 One Madison Avenue (9) National Pension Service of Korea/Hines Interest LP 50.50% 50.50% 1,048,700 (1) Ownership interest and economic interest represent the Company's interests in the joint venture as of December 31, 2020. Changes in ownership or economic interests within the current year are disclosed in the notes below. (2) The acquisition price represents only the purchase of the 1552 Broadway interest which comprised approximately 13,045 square feet. The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. (3) We hold a 32.28% interest in three retail units and one residential unit at the property and a 16.14% interest in three residential units at the property. (4) The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. (5) In February 2021, along with our joint venture partner, we entered into contract to sell the property. This transaction is expected to close in the first quarter of 2021. If the transaction closes in accordance with the terms of the contract, we expect to recognize a loss on sale of approximately $17.8 million. (6) In October 2016, we sold a 49% interest in this property. Our interest in the property was sold within a consolidated joint venture owned 90% by the Company and 10% by Stonehenge. The transaction resulted in the deconsolidation of the venture's remaining 51% interest in the property. Our joint venture with Stonehenge remains consolidated resulting in the combined 51% interest being shown within investments in unconsolidated joint ventures on our balance sheet. (7) We hold 100% of the preferred equity interest in the property and believe there is no value to the common equity. (8) In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company for the building at 126 Nassau Street. As a result of this transaction, we recognized a gain of $17.7 million, which is included in Gain on sale of real estate, net, in our consolidated statements of operations. This gain was calculated in accordance with ASC 842, as the Company identified the lease and non-lease components included in the sublease agreement and allocated the consideration in the agreement to each lease and non-lease component based on each components' standalone selling price, which was estimated utilizing a combination of the adjusted market assessment and residual approaches as provided for in ASC 606. In the fourth quarter of 2020, the project was renamed 15 Beekman and this name has subsequently been used in all public statements and marketing materials. (9) In 2020, the Company admitted partners to the One Madison Avenue development project, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and the deconsolidation of our remaining 50.5% interest. We recorded our investment at fair value, which resulted in the recognition of a fair value adjustment of $187.5 million. The fair value of our investment was determined by the terms of the joint venture agreement governing the capitalization of the project. The partners have committed aggregate equity to the project totaling no less than $492.2 million and their ownership interest in the joint venture is based on their capital contributions, up to an aggregate maximum of 49.5%. At December 31, 2020, the total of the two partners' ownership interests based on equity contributed was 9.6%. The following table summarizes the investments in unconsolidated joint ventures sold during the years ended December 31, 2020, 2019, and 2018: Property Ownership Interest Sold Disposition Date Gross Asset Valuation (in thousands) (1) Gain (Loss) on Sale (in thousands) (2) 333 East 22nd Street 33.33% December 2020 $ 1,640 $ 2,968 21 East 66th Street (3) 1 residential unit December 2019 2,900 279 521 Fifth Avenue 50.50% May 2019 381,000 57,874 131-137 Spring Street 20.00% January 2019 216,000 17,660 Stonehenge Portfolio (partial) Various Various - 2019 468,800 (2,408) 3 Columbus Circle 48.90% November 2018 851,000 160,368 Mezzanine Loan (4) 33.33% August 2018 15,000 N/A 724 Fifth Avenue 49.90% July 2018 365,000 64,587 Jericho Plaza 11.67% June 2018 117,400 147 1745 Broadway 56.87% May 2018 633,000 52,038 175-225 Third Street Brooklyn, New York 95.00% April 2018 115,000 19,483 1515 Broadway (5) 13.00% February 2018 1,950,000 — Stonehenge Portfolio (partial) Various Various - 2018 331,100 (6,063) (1) Represents implied gross valuation for the joint venture or sales price of the property. (2) Represents the Company's share of the gain or (loss). The gain on sale is net of $0.0 million, $4.0 million, and $11.7 million of employee compensation accrued in connection with the realization of these investment gains in the years ended December 31, 2020, 2019, and 2018, respectively. Additionally, gain (loss) amounts do not include adjustments for expenses recorded in subsequent periods. (3) We, together with our joint venture partner, closed on the sale of one residential unit at the property. (4) Our investment in a joint venture that owned a mezzanine loan secured by a commercial property in midtown Manhattan was repaid after the joint venture received repayment of the underlying loan. (5) Our investment in 1515 Broadway was marked to fair value on January 1, 2018 upon adoption of ASC 610-20. |
Schedule of first mortgage notes payable collateralized by the respective joint venture properties and assignment of leases | The mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at December 31, 2020 and 2019, respectively, are as follows (dollars in thousands): Property Economic Interest (1) Initial Maturity Date Final Maturity Date (2) Interest Rate (3) December 31, 2020 December 31, 2019 Fixed Rate Debt: 885 Third Avenue (4) 100.00 % April 2021 April 2021 3.35% $ 272,000 $ — 717 Fifth Avenue (mortgage) 10.92 % July 2022 July 2022 4.45% 300,000 300,000 717 Fifth Avenue (mezzanine) 10.92 % July 2022 July 2022 5.50% 355,328 355,328 650 Fifth Avenue (mortgage) 50.00 % October 2022 October 2022 4.46% 210,000 210,000 650 Fifth Avenue (mezzanine) 50.00 % October 2022 October 2022 5.45% 65,000 65,000 21 East 66th Street 32.28 % April 2023 April 2028 3.60% 12,000 12,000 919 Third Avenue 51.00 % June 2023 June 2023 5.12% 500,000 500,000 1515 Broadway 56.87 % March 2025 March 2025 3.93% 820,607 838,546 11 Madison Avenue 60.00 % September 2025 September 2025 3.84% 1,400,000 1,400,000 800 Third Avenue 60.52 % February 2026 February 2026 3.37% 177,000 177,000 400 East 57th Street 41.00 % November 2026 November 2026 3.00% 97,024 97,735 Worldwide Plaza 24.35 % November 2027 November 2027 3.98% 1,200,000 1,200,000 Stonehenge Portfolio (5) Various Various Various 3.50% 195,899 196,112 Total fixed rate debt $ 5,604,858 $ 5,351,721 Floating Rate Debt: 121 Greene Street 50.00 % (6) (6) L+ 1.50% $ 15,000 $ 15,000 280 Park Avenue 50.00 % September 2021 September 2024 L+ 1.73% 1,200,000 1,200,000 One Vanderbilt (7) 71.01 % September 2021 September 2023 L+ 2.50% 1,210,329 732,928 1552 Broadway 50.00 % October 2021 October 2022 L+ 2.65% 195,000 195,000 2 Herald Square 51.00 % November 2021 November 2023 L+ 1.45% 214,500 190,000 11 West 34th Street 30.00 % January 2022 January 2023 L+ 1.45% 23,000 23,000 55 West 46th Street (8) 25.00 % August 2022 August 2024 L+ 1.25% 192,524 192,524 115 Spring Street 51.00 % September 2023 September 2023 L+ 3.40% 65,550 65,550 100 Park Avenue 49.90 % December 2023 December 2025 L+ 2.25% 360,000 356,972 15 Beekman (9) 20.00 % January 2024 July 2025 L+ 1.50% 11,212 — 10 East 53rd Street 55.00 % February 2025 February 2025 L+ 1.35% 220,000 170,000 One Madison Avenue (10) 50.50 % November 2025 November 2026 L+ 3.35% — — 605 West 42nd Street 20.00 % August 2027 August 2027 L+ 1.44% 550,000 550,000 21 East 66th Street 32.28 % June 2033 June 2033 T+ 2.75% 677 712 Total floating rate debt $ 4,257,792 $ 3,691,686 Total joint venture mortgages and other loans payable $ 9,862,650 $ 9,043,407 Deferred financing costs, net (113,446) (91,538) Total joint venture mortgages and other loans payable, net $ 9,749,204 $ 8,951,869 (1) Economic interest represents the Company's interests in the joint venture as of December 31, 2020. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above. (2) Reflects exercise of all available options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property. (3) Interest rates as of December 31, 2020, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR ("L") or 1-year Treasury ("T"). (4) The Company holds 100% of the preferred equity interest in the property and believes that there is no value to the common equity. (5) Comprised of three mortgages totaling $132.4 million that mature in April 2028 and two mortgages totaling $63.5 million that mature in July 2029. (6) This loan matured in November 2020. The Company is in discussions with the lender on resolution. (7) This loan is a $1.75 billion construction facility with reductions in interest cost based on meeting conditions, the first of which has been satisfied, and has an initial term of three years with two one year extension options. Advances under the loan are subject to costs incurred. In conjunction with the loan, we provided partial guarantees for interest and principal payments, the amounts of which are based on certain construction milestones and operating metrics. (8) This loan has a committed amount of $198.0 million, of which $5.5 million was unfunded as of December 31, 2020. In February 2021, along with our joint venture partner, we entered into contract to sell the property. This transaction is expected to close in the first quarter of 2021. (9) This loan is a $125.0 million construction facility. Advances under the loan are subject to costs incurred. (10) The loan is a $1.25 billion construction facility with an initial term of five years with one one year extension option. Advances under the loan are subject to costs incurred. As of December 31, 2020 no draws have been made under this facility. In conjunction with the loan, we provided partial guarantees for interest and principal payments, the amounts of which are based on certain construction milestones and operating metrics. |
Schedule of combined balance sheets for the unconsolidated joint ventures | The combined balance sheets for the unconsolidated joint ventures, at December 31, 2020 and 2019, are as follows (in thousands): December 31, 2020 December 31, 2019 Assets (1) Commercial real estate property, net $ 16,143,880 $ 14,349,628 Cash and restricted cash 357,076 336,189 Tenant and other receivables, related party receivables, and deferred rents receivable 403,883 371,065 Other assets 2,001,612 2,039,429 Total assets $ 18,906,451 $ 17,096,311 Liabilities and equity (1) Mortgages and other loans payable, net $ 9,749,204 $ 8,951,869 Deferred revenue/gain 1,341,571 1,501,616 Lease liabilities 1,002,563 897,380 Other liabilities 464,107 308,304 Equity 6,349,006 5,437,142 Total liabilities and equity $ 18,906,451 $ 17,096,311 Company's investments in unconsolidated joint ventures $ 3,823,322 $ 2,912,842 (1) The combined assets, liabilities and equity for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018. In addition, at December 31, 2020, $170.6 million of net unamortized basis differences between the amount at which our investments are carried and our share of equity in net assets of the underlying property will be amortized through equity in net income (loss) from unconsolidated joint ventures over the remaining life of the underlying items having given rise to the differences. |
Schedule of combined statements of income for the unconsolidated joint ventures | The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the years ended December 31, 2020, 2019, and 2018 are as follows (unaudited, in thousands): Year Ended December 31, 2020 2019 2018 Total revenues $ 1,133,217 $ 1,163,534 $ 1,244,804 Operating expenses 180,201 202,881 219,440 Real estate taxes 220,633 212,355 226,961 Operating lease rent 24,134 24,816 18,697 Interest expense, net of interest income 325,500 372,408 363,055 Amortization of deferred financing costs 20,427 19,336 21,634 Transaction related costs — — — Depreciation and amortization 407,834 407,697 421,458 Total expenses $ 1,178,729 $ 1,239,493 $ 1,271,245 Loss on early extinguishment of debt (194) (1,031) — Net loss before gain on sale (1) $ (45,706) $ (76,990) $ (26,441) Company's equity in net loss income from unconsolidated joint ventures (1) $ (25,195) $ (34,518) $ 7,311 (1) The combined statements of operations and the Company's equity in net (loss) income for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018. |
Deferred Costs (Tables)
Deferred Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Deferred Costs | Deferred costs at December 31, 2020 and 2019 consisted of the following (in thousands): December 31, 2020 2019 Deferred leasing costs $ 447,002 $ 466,136 Less: accumulated amortization (269,834) (260,853) Deferred costs, net $ 177,168 $ 205,283 |
Mortgages and Other Loans Pay_2
Mortgages and Other Loans Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Mortgages and Other Loans Payable | |
Schedule of first mortgages and other loans payable collateralized by the respective properties and assignment of leases | The mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at December 31, 2020 and 2019, respectively, were as follows (dollars in thousands): Property Initial Maturity Date Final Maturity Date (1) Interest Rate (2) December 31, 2020 December 31, 2019 Fixed Rate Debt: 100 Church Street July 2022 July 2022 4.68% $ 204,875 $ 209,296 420 Lexington Avenue October 2024 October 2040 3.99% 294,035 299,165 Landmark Square January 2027 January 2027 4.90% 100,000 100,000 485 Lexington Avenue February 2027 February 2027 4.25% 450,000 450,000 1080 Amsterdam (3) February 2027 February 2027 3.59% 34,773 35,123 400 East 58th Street — 39,094 762 Madison Avenue (4) — 771 315 West 33rd Street (5) 250,000 Total fixed rate debt $ 1,083,683 $ 1,383,449 Floating Rate Debt: 133 Greene Street (6) (6) L+ 2.00% $ 15,523 $ 15,523 106 Spring Street (7) (7) L+ 2.50% 38,025 38,025 FHLB Facility (8) January 2021 January 2021 L+ 0.28% 10,000 — FHLB Facility (8) January 2021 January 2021 L+ 0.23% 15,000 — FHLB Facility (8) January 2021 January 2021 L+ 0.18% 35,000 — 609 Fifth Avenue March 2021 March 2024 L+ 2.40% 57,651 53,773 185 Broadway (9) November 2021 November 2023 L+ 2.85% 158,478 120,110 712 Madison Avenue December 2021 December 2022 L+ 1.85% 28,000 28,000 220 East 42nd Street June 2023 June 2025 L+ 2.75% 510,000 — 719 Seventh Avenue September 2023 September 2023 L+ 1.20% 50,000 50,000 2017 Master Repurchase Agreement (10) — 152,684 FHLB Facility — 10,000 FHLB Facility — 15,000 FHLB Facility — 14,500 410 Tenth Avenue — 330,819 Total floating rate debt $ 917,677 $ 828,434 Total mortgages and other loans payable $ 2,001,360 $ 2,211,883 Deferred financing costs, net of amortization (21,388) (28,630) Total mortgages and other loans payable, net $ 1,979,972 $ 2,183,253 (1) Reflects exercise of all available options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property. (2) Interest rate as of December 31, 2020, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR, unless otherwise specified. (3) The loan is comprised of a $33.9 million mortgage loan and $0.9 million mezzanine loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of the fifth year. (4) In January 2020, the Company closed on the acquisition of the remaining 10% interest in this property from our joint venture partner. As part of this transaction, the loan was repaid. (5) In March 2020, the loan was assumed by the buyer in connection with the sale of the property. (6) In February 2021, this debt was extinguished after the lender was the winning bidder in a foreclosure auction for the property. (7) This loan matured in January 2021. The Company is in discussions with the lender on resolution. (8) In January 2021, these loans were extended one month from their respective maturity dates to February 2021 without penalty. The interest rate for the extension period was a fixed rate of 39 basis points. In February 2021, all advances were repaid. (9) This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three year term with two one year extension options. Advances under the loan are subject to incurred costs and funded equity requirements. (10) In June 2020, we exercised a one year extension option which extended the maturity date to June 2021. At December 31, 2020, there was no outstanding balance on the $400.0 million facility. |
Corporate Indebtedness (Tables)
Corporate Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of senior unsecured notes and other related disclosures by scheduled maturity date | The following table sets forth our senior unsecured notes and other related disclosures as of December 31, 2020 and 2019, respectively, by scheduled maturity date (dollars in thousands): Issuance December 31, December 31, December 31, Interest Rate (1) Initial Term Maturity Date August 7, 2018 (2)(3) $ 350,000 $ 350,000 $ 350,000 1.52 % 3 August 2021 October 5, 2017 (2) 500,000 499,803 499,695 3.25 % 5 October 2022 November 15, 2012 (4) 300,000 302,086 303,142 4.50 % 10 December 2022 December 17, 2015 (5) 100,000 100,000 100,000 4.27 % 10 December 2025 March 16, 2010 (6) — — 250,000 $ 1,250,000 $ 1,251,889 $ 1,502,837 Deferred financing costs, net (3,670) (5,990) $ 1,250,000 $ 1,248,219 $ 1,496,847 (1) Interest rate as of December 31, 2020, taking into account interest rate hedges in effect during the period. (2) Issued by the Operating Partnership with the Company as the guarantor. (3) The notes are subject to redemption at the Company's option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes, plus unpaid accrued interest thereon to the redemption date. In April 2020, the Company entered into $350.0 million of fixed rate interest swaps at a rate of 0.54375% through August 2021. (4) In October 2017, the Company and the Operating Partnership as co-obligors issued an additional $100.0 million of 4.50% senior unsecured notes due December 2022. The notes were priced at 105.334% of par. (5) Issued by the Company and the Operating Partnership as co-obligors. (6) In March 2020, the notes were repaid. |
Schedule of combined aggregate principal maturities | Combined aggregate principal maturities of mortgages and other loans payable, the 2017 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of December 31, 2020, including as-of-right extension options, were as follows (in thousands): Scheduled Principal Revolving Unsecured Term Loans Trust Senior Total Joint 2021 $ 10,700 $ 300,027 $ — $ — $ — $ 350,000 $ 660,727 $ 1,085,279 2022 8,767 255,435 — — — 800,000 1,064,202 540,947 2023 6,599 560,000 110,000 1,300,000 — — 1,976,599 491,066 2024 5,285 272,749 — 200,000 — — 478,034 617,010 2025 829 — — — — 100,000 100,829 1,385,256 Thereafter 930 580,039 — — 100,000 — 680,969 552,813 $ 33,110 $ 1,968,250 $ 110,000 $ 1,500,000 $ 100,000 $ 1,250,000 $ 4,961,360 $ 4,672,371 |
Schedule of consolidated interest expense, excluding capitalized interest | Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): Year Ended December 31, 2020 2019 2018 Interest expense before capitalized interest $ 185,934 $ 246,848 $ 236,719 Interest on financing leases 8,091 3,243 8,069 Interest capitalized (75,167) (55,446) (34,162) Interest income (2,179) (4,124) (1,957) Interest expense, net $ 116,679 $ 190,521 $ 208,669 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of amounts due from/to related parties | Amounts due from joint ventures and related parties at December 31, 2020 and 2019 consisted of the following (in thousands): December 31, 2020 2019 Due from joint ventures $ 27,006 $ 9,352 Other 7,651 11,769 Related party receivables $ 34,657 $ 21,121 |
Noncontrolling Interests on t_2
Noncontrolling Interests on the Company's Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interest | Below is a summary of the activity relating to the noncontrolling interests in the Operating Partnership as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Balance at beginning of period $ 409,862 $ 387,805 Distributions (12,652) (14,729) Issuance of common units 12,018 19,403 Redemption and conversion of common units (36,085) (27,962) Net income 20,016 13,301 Accumulated other comprehensive loss allocation (2,299) (2,276) Fair value adjustment (32,598) 34,320 Balance at end of period $ 358,262 $ 409,862 |
Schedule of Preferred Unit Activity | Below is a summary of the preferred units of limited partnership interest in the Operating Partnership as of December 31, 2020: Issuance Stated Distribution Rate Number of Units Authorized Number of Units Issued Number of Units Outstanding Dividends Per Unit (1) Liquidation Preference Per Unit (2) Conversion Price Per Unit (3) Date of Issuance Series A (4) 3.50 % 109,161 109,161 109,161 $ 35.0000 $ 1,000.00 — August 2015 Series F 7.00 % 60 60 60 $ 70.0000 $ 1,000.00 $ 29.12 January 2007 Series G (4) 4.50 % 1,902,000 1,902,000 863,972 $ 1.1250 $ 25.00 $ 88.50 January 2012 Series K 3.50 % 700,000 563,954 341,677 $ 0.8750 $ 25.00 $ 134.67 August 2014 Series L 4.00 % 500,000 378,634 372,634 $ 1.0000 $ 25.00 — August 2014 Series M 3.75 % 1,600,000 1,600,000 96,357 $ 0.9375 $ 25.00 — February 2015 Series P 4.00 % 200,000 200,000 200,000 $ 1.0000 $ 25.00 — July 2015 Series Q 3.50 % 268,000 268,000 268,000 $ 0.8750 $ 25.00 $ 148.95 July 2015 Series R 3.50 % 400,000 400,000 400,000 $ 0.8750 $ 25.00 $ 154.89 August 2015 Series S 4.00 % 1,077,280 1,077,280 1,077,280 $ 1.0000 $ 25.00 — August 2015 Series V 3.50 % 40,000 40,000 40,000 $ 0.8750 $ 25.00 — May 2019 Series W (6) (6) 1 1 1 (6) (6) (6) January 2020 (1) Dividends are cumulative, subject to certain provisions. (2) Units are redeemable at any time at par for cash at the option of the unitholder unless otherwise specified. (3) If applicable, units are convertible into a number of common units of limited partnership interest in the Operating Partnership equal to (i) the liquidation preference plus accumulated and unpaid distributions on the conversion date divided by (ii) the amount shown in the table. (4) Issued through a consolidated subsidiary. The units are convertible on a one-for-one basis, into the Series B Preferred Units of limited partnership interest, or the Subsidiary Series B Preferred Units. The Subsidiary Series B Preferred Units can be converted at any time, at the option of the unitholder, into a number of common stock equal to 6.71348 shares of common stock for each Subsidiary Series B Preferred Unit. As of December 31, 2020, no Subsidiary Series B Preferred Units have been issued. (5) Common units of limited partnership interest in the Operating Partnership issued in a conversion may be redeemed in exchange for our common stock on a 1-to-1 basis. The Series G Preferred Units also provide the holder with the right to require the Operating Partnership to repurchase the Series G Preferred Units for cash before January 31, 2022. (6) The Series W preferred unit was issued in January 2020 in exchange for the then-outstanding Series O preferred unit. The holder of the Series W preferred unit is entitled to quarterly dividends in an amount calculated as (i) 1,350 multiplied by (ii) the current distribution per common unit of limited partnership in SL Green Operating Partnership. The holder has the right to require the Operating Partnership to repurchase the Series W unit for cash, or convert the Series W unit for Class B units, in each case at a price that is determined based on the closing price of the Company's common stock at the time such right is exercised. The unit's liquidation preference is the fair market value of the unit plus accrued distributions at the time of a liquidation event. Below is a summary of the activity relating to the preferred units in the Operating Partnership as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Balance at beginning of period $ 283,285 $ 300,427 Issuance of preferred units — 1,000 Redemption of preferred units (82,750) (18,142) Accrued dividends on preferred units 1,634 — Balance at end of period $ 202,169 $ 283,285 |
Stockholders' Equity of the C_2
Stockholders' Equity of the Company (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Class of Treasury Stock | At December 31, 2020, repurchases executed under the program were as follows: Period Shares repurchased Average price paid per share Cumulative number of shares repurchased as part of the repurchase plan or programs Year ended 2017 8,105,881 $104.61 8,105,881 Year ended 2018 9,468,617 $99.03 17,574,498 Year ended 2019 4,465,857 $86.06 22,040,355 Year ended 2020 (1) 8,538,995 $62.39 30,579,350 (1) Includes 63,374 shares of common stock repurchased by the Company in December 2020 that were settled in January 2021. |
Schedule of Common Stock Issued and Proceeds Received Dividend Reinvestments | The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the years ended December 31, 2020, 2019, and 2018, respectively (dollars in thousands): Year Ended December 31, 2020 2019 2018 Shares of common stock issued 16,676 3,757 1,359 Dividend reinvestments/stock purchases under the DRSPP $ 1,006 $ 334 $ 136 |
Schedule of Earnings Per Share | SL Green's earnings per share for the years ended December 31, 2020, 2019, and 2018 are computed as follows (in thousands): Year Ended December 31, Numerator 2020 2019 2018 Basic Earnings: Income attributable to SL Green common stockholders $ 356,105 $ 255,484 $ 232,312 Less: distributed earnings allocated to participating securities (1,687) $ (1,702) $ (1,042) Less: undistributed earnings allocated to participating securities (83) — — Net income attributable to SL Green common stockholders (numerator for basic earnings per share) $ 354,335 $ 253,782 $ 231,270 Add back: Dilutive effect of earnings allocated to participating securities 1,770 1,702 1,042 Add back: Effect of dilutive securities (redemption of units to common shares) 20,016 13,301 12,216 Income attributable to SL Green common stockholders (numerator for diluted earnings per share) $ 376,121 $ 268,785 $ 244,528 Year Ended December 31, Denominator 2020 2019 2018 Basic Shares: Weighted average common stock outstanding 72,552 79,415 84,090 Effect of Dilutive Securities: Operating Partnership units redeemable for common shares 4,096 4,275 4,562 Stock-based compensation plans 440 544 419 Contingently issuable shares from special dividend declared December 4, 2020 155 — — Diluted weighted average common stock outstanding 77,243 84,234 89,071 |
Partners' Capital of the Oper_2
Partners' Capital of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Unit | The Operating Partnership's earnings per unit for the years ended December 31, 2020, 2019, and 2018 respectively are computed as follows (in thousands): Year Ended December 31, Numerator 2020 2019 2018 Basic Earnings: Income attributable to SLGOP common unitholders $ 376,121 $ 268,785 $ 244,528 Less: distributed earnings allocated to participating securities (1,687) $ (1,702) $ (1,042) Less: undistributed earnings allocated to participating securities (83) — — Net Income attributable to SLGOP common unitholders (numerator for basic earnings per unit) $ 374,351 $ 267,083 $ 243,486 Add back: Dilutive effect of earnings allocated to participating securities 1,770 1,702 1,042 Income attributable to SLGOP common unitholders $ 376,121 $ 268,785 $ 244,528 Year Ended December 31, Denominator 2020 2019 2018 Basic units: Weighted average common units outstanding 76,647 83,690 88,652 Effect of Dilutive Securities: Stock-based compensation plans 441 544 419 Contingently issuable units from special dividend declared December 4, 2020 155 — — Diluted weighted average common units outstanding 77,243 84,234 89,071 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of weighted average assumptions used to estimate the grant date fair value of options granted | The fair value of each stock option or LTIP Unit granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the year ended December 31, 2018. There were no grants during the years ended December 31, 2019 and 2020. 2020 2019 2018 Dividend yield N/A N/A 2.85 % Expected life N/A N/A 3.5 years Risk-free interest rate N/A N/A 2.48 % Expected stock price volatility N/A N/A 22.00 % |
Summary of the status of stock options and changes during the period | A summary of the status of the Company's stock options as of December 31, 2020, 2019, and 2018 and changes during the years ended December 31, 2020, 2019, and 2018 are as follows: 2020 2019 2018 Options Outstanding Weighted Average Options Outstanding Weighted Average Options Weighted Balance at beginning of year $ 1,007,665 $ 105.35 $ 1,104,780 $ 106.56 $ 1,504,809 $ 104.44 Granted — — — — 5,830 100.77 Exercised — — — — (307,334) 92.85 Lapsed or canceled (222,670) 114.97 (97,115) 119.19 (98,525) 116.52 Balance at end of year $ 784,995 $ 102.62 $ 1,007,665 $ 105.35 $ 1,104,780 $ 106.56 Options exercisable at end of year 784,022 $ 102.62 888,988 $ 104.66 760,834 $ 104.24 Weighted average fair value of options granted during the year $ — $ — $ 84,068 |
Schedule of other share-based compensation, activity | A summary of the Company's restricted stock as of December 31, 2020, 2019, and 2018 and charges during the years ended December 31, 2020, 2019, and 2018 are as follows: 2020 2019 2018 Balance at beginning of year 3,465,347 3,354,142 3,204,703 Granted 8,959 122,768 158,281 Canceled (34,632) (11,563) (8,842) Balance at end of year 3,439,674 3,465,347 3,354,142 Vested during the year 128,891 110,048 89,502 Compensation expense recorded $ 10,895,459 $ 12,892,249 $ 12,757,704 Total fair value of restricted stock granted during the year $ 734,315 $ 11,131,181 $ 13,440,503 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following tables set forth the changes in accumulated other comprehensive (loss) income by component as of December 31, 2020, 2019 and 2018 (in thousands): Net unrealized (loss) gain on derivative instruments ( 1 ) SL Green’s share of joint venture net unrealized (loss) gain on derivative instruments ( 2 ) Net unrealized gain on marketable securities Total Balance at December 31, 2017 $ 12,542 $ 5,020 $ 1,042 $ 18,604 Other comprehensive (loss) income before reclassifications (2,252) (103) 51 (2,304) Amounts reclassified from accumulated other comprehensive income (574) (618) — (1,192) Balance at December 31, 2018 9,716 4,299 1,093 15,108 Other comprehensive (loss) income before reclassifications (32,723) (11,956) 1,184 (43,495) Amounts reclassified from accumulated other comprehensive loss 227 (325) — (98) Balance at December 31, 2019 (22,780) (7,982) 2,277 (28,485) Other comprehensive loss before reclassifications (48,532) (7,573) (1,256) (57,361) Amounts reclassified from accumulated other comprehensive loss 13,897 4,702 — 18,599 Balance at December 31, 2020 $ (57,415) $ (10,853) $ 1,021 $ (67,247) (1) Amount reclassified from accumulated other comprehensive (loss) income is included in interest expense in the respective consolidated statements of operations. As of December 31, 2020 and 2019, the deferred net (gains) losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized gain (loss) on derivative instrument, was $(0.5) million and $(0.7) million, respectively. (2) Amount reclassified from accumulated other comprehensive (loss) income is included in equity in net (loss) income from unconsolidated joint ventures in the respective consolidated statements of operations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at December 31, 2020 and 2019 (in thousands): December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 28,570 $ — $ 28,570 $ — Interest rate cap and swap agreements (included in other assets) $ 28 $ — $ 28 $ — Liabilities: Interest rate cap and swap agreements (included in other liabilities) $ 61,217 $ — $ 61,217 $ — December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 29,887 $ — $ 29,887 $ — Interest rate cap and swap agreements (included in other assets) $ 4,419 $ — $ 4,419 $ — Liabilities: Interest rate cap and swap agreements (included in other liabilities) $ 29,110 $ — $ 29,110 $ — |
Fair Value, by Balance Sheet Grouping | The following table provides the carrying value and fair value of these financial instruments as of December 31, 2020 and December 31, 2019 (in thousands): December 31, 2020 December 31, 2019 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Debt and preferred equity investments $ 1,076,542 (2) $ 1,580,306 (2) Fixed rate debt $ 3,135,572 $ 3,237,075 $ 3,536,286 $ 3,642,770 Variable rate debt 1,827,677 1,822,740 2,018,434 2,018,714 $ 4,963,249 $ 5,059,815 $ 5,554,720 $ 5,661,484 (1) Amounts exclude net deferred financing costs. (2) At December 31, 2020, debt and preferred equity investments had an estimated fair value ranging between $1.0 billion and $1.1 billion. At December 31, 2019, debt and preferred equity investments had an estimated fair value ranging between $1.6 billion and $1.7 billion. |
Financial Instruments_ Deriva_2
Financial Instruments: Derivatives and Hedging (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional and fair value of derivative financial instruments and foreign currency hedges | The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments at December 31, 2020 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands). Notional Strike Effective Expiration Balance Sheet Location Fair Interest Rate Cap $ 85,000 4.000 % March 2019 March 2021 Other Assets $ — Interest Rate Swap 350,000 0.544 % April 2020 August 2021 Other Liabilities (771) Interest Rate Swap 111,869 3.500 % December 2020 November 2021 Other Assets — Interest Rate Cap 510,000 3.000 % June 2020 December 2021 Other Assets — Interest Rate Swap 200,000 1.131 % July 2016 July 2023 Other Liabilities (5,004) Interest Rate Swap 100,000 1.161 % July 2016 July 2023 Other Liabilities (2,578) Interest Rate Cap 600,000 4.000 % August 2020 September 2023 Other Assets 28 Interest Rate Swap 150,000 2.696 % January 2019 January 2024 Other Liabilities (11,344) Interest Rate Swap 150,000 2.721 % January 2019 January 2026 Other Liabilities (17,714) Interest Rate Swap 200,000 2.740 % January 2019 January 2026 Other Liabilities (23,806) $ (61,189) |
Schedule of effect of derivative financial instruments on consolidated statements of income | The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the years ended December 31, 2020, 2019, and 2018, respectively (in thousands): Amount of Loss Location of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income Amount of (Loss) Gain Year Ended Year Ended Derivative 2020 2019 2018 2020 2019 2018 Interest Rate Swaps/Caps $ (51,244) $ (33,907) $ (2,284) Interest expense $ (14,569) $ (261) $ 1,168 Share of unconsolidated joint ventures' derivative instruments (7,977) (10,322) (1,788) Equity in net (loss) income from unconsolidated joint ventures (4,911) 256 1,097 $ (59,221) $ (44,229) $ (4,072) $ (19,480) $ (5) $ 2,265 |
Lease Income (Tables)
Lease Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | Future minimum rents to be received over the next five years and thereafter for operating leases in effect at December 31, 2020 are as follows (in thousands): 2021 $ 631,775 2022 598,226 2023 546,803 2024 511,087 2025 465,398 Thereafter 2,658,793 5,412,082 |
Operating Lease, Lease Income | The components of lease income from operating leases during the years ended December 31, 2020 and 2019 were as follows (in thousands): Twelve Months Ended December 31, 2020 2019 Fixed lease payments $ 702,482 $ 858,587 Variable lease payments 96,040 120,496 Total lease payments $ 798,522 $ 979,083 Amortization of acquired above and below-market leases 5,901 4,474 Total rental revenue $ 804,423 $ 983,557 |
Schedule Of Sales Type Leases | The table below summarizes our investment in sales-type leases as of December 31, 2020: Property Year of Current Expiration Year of Final Expiration (1) 712 Madison Avenue (2) 2021 2021 110 East 42nd Street Garage (3) 2069 2069 15 Beekman (4) 2089 2089 (1) Reflects exercise of all available renewal options. (2) In January 2021, the Company closed on the sale of 712 Madison Avenue for a gross sales price of $43.0 million, pursuant to the exercise of a purchase option by the ground lessee of the property. (3) In December 2020, the Company entered into a lease with its One Vanderbilt joint venture for use of the garage at 110 East 42nd Street. (4) In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company for the building at 15 Beekman. See Note 6, "Investments in Unconsolidated Joint Ventures." |
Sales-type Lease, Lease Income | ease income from sales-type leases during the years ended December 31, 2020 and 2019 were as follows (in thousands): Twelve Months Ended December 31, 2020 2019 Loss recognized at commencement, net (1) $ (6,237) $ — Interest income (2) $ 1,817 $ — (1) These amounts are included in gain on sale of real estate, net and depreciable real estate reserves and impairments in our consolidated statements of operations. (2) These amounts are included in other income in our consolidated statements of operations. |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | uture minimum lease payments to be received over the next five years and thereafter for our sales-type leases with initial terms in excess of one year as of December 31, 2020 are as follows (in thousands): Sales-type leases 2021 $ 46,326 2022 3,375 2023 3,424 2024 3,474 2025 3,525 Thereafter 223,199 Total minimum lease payments $ 283,323 Amount representing interest (133,924) Investment in sales-type leases (1) $ 149,399 (1) This amount is included in other assets in our consolidated balance sheets. |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Contributions made to Multi-Employer Plans | Contributions we made to the multi-employer plans for the years ended December 31, 2020, 2019 and 2018 are included in the table below (in thousands): Benefit Plan 2020 2019 2018 Pension Plan $ 2,480 $ 3,103 $ 3,017 Health Plan 7,688 9,949 9,310 Other plans 929 1,108 1,106 Total plan contributions $ 11,097 $ 14,160 $ 13,433 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Ground Lease Arrangements | December 31, 2020: Property (1) Year of Current Expiration Year of Final Expiration (2) 1185 Avenue of the Americas 2043 2043 625 Madison Avenue 2022 2054 420 Lexington Avenue 2050 2080 711 Third Avenue (3) 2033 2083 461 Fifth Avenue (4) 2027 2084 1080 Amsterdam Avenue (5) 2111 2111 15 Beekman (4)(6) 2119 2119 (1) All leases are classified as operating leases unless otherwise specified. (2) Reflects exercise of all available renewal options. (3) The Company owns 50% of the fee interest. (4) The Company has an option to purchase the ground lease for a fixed price on a specific date. The lease is classified as a financing lease. (5) A portion of the lease is classified as a financing lease. (6) In August 2020, the Company entered into a long-term sublease with an unconsolidated joint venture as part of the capitalization of the 15 Beekman development project. See Note 6, "Investments in Unconsolidated Joint Ventures." |
Finance lease, liability, maturity | one year as of December 31, 2020 (in thousands): Financing leases Operating leases (1) 2021 $ 32,527 $ 28,534 2022 3,523 26,228 2023 3,570 23,921 2024 3,641 23,939 2025 3,810 24,026 Thereafter 260,550 504,360 Total minimum lease payments $ 307,621 $ 631,008 Amount representing interest (155,100) Amount discounted using incremental borrowing rate (291,550) Lease liabilities $ 152,521 $ 339,458 (1) As of December 31, 2020, the total future minimum payments to be received under non-cancelable subleases is $1.7 billion. |
Schedule of future minimum rental payments for opeating leases | one year as of December 31, 2020 (in thousands): Financing leases Operating leases (1) 2021 $ 32,527 $ 28,534 2022 3,523 26,228 2023 3,570 23,921 2024 3,641 23,939 2025 3,810 24,026 Thereafter 260,550 504,360 Total minimum lease payments $ 307,621 $ 631,008 Amount representing interest (155,100) Amount discounted using incremental borrowing rate (291,550) Lease liabilities $ 152,521 $ 339,458 (1) As of December 31, 2020, the total future minimum payments to be received under non-cancelable subleases is $1.7 billion. |
Lease, Cost | The following table provides lease cost information for the Company's operating leases for the twelve months ended December 31, 2020 and 2019 (in thousands): Twelve Months Ended December 31, Operating Lease Costs 2020 2019 Operating lease costs before capitalized operating lease costs $ 32,169 $ 33,235 Operating lease costs capitalized (3,127) (47) Operating lease costs, net (1) $ 29,043 $ 33,188 (1) This amount is included in operating lease rent in our consolidated statements of operations. The following table provides lease cost information for the Company's financing leases for the twelve months ended December 31, 2020 and 2019 (in thousands): Twelve Months Ended December 31, Financing Lease Costs 2020 2019 Interest on financing leases before capitalized interest $ 8,091 $ 3,243 Interest on financing leases capitalized (2,378) — Interest on financing leases, net (1) 5,713 3,243 Amortization of right-of-use assets (2) 1,200 1,219 Financing lease costs, net $ 6,913 $ 4,462 (1) These amounts are included in interest expense, net of interest income in our consolidated statements of operations. (2) These amounts are included in depreciation and amortization in our consolidated statements of operations. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of selected results of operations and selected asset information | Selected consolidated results of operations for the years ended December 31, 2020, 2019, and 2018, and selected asset information as of December 31, 2020 and 2019, regarding our operating segments are as follows (in thousands): Real Estate Segment Debt and Preferred Equity Segment Total Company Total revenues Years ended: December 31, 2020 $ 932,581 $ 120,163 $ 1,052,744 December 31, 2019 1,043,405 195,590 1,238,995 December 31, 2018 1,025,900 201,492 1,227,392 Net Income Years ended: December 31, 2020 $ 354,353 $ 60,405 $ 414,758 December 31, 2019 158,972 132,515 291,487 December 31, 2018 129,253 141,603 270,856 Total assets As of: December 31, 2020 $ 10,579,899 $ 1,127,668 $ 11,707,567 December 31, 2019 11,063,155 1,703,165 12,766,320 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020 | |
SLG Management LLC | SL Green Management | |
Organization | |
Percentage of ownership in SL Green Management LLC owned by operating partnership (percent) | 100.00% |
Service Corporation | |
Organization | |
Percentage of ownership in SL Green Management LLC owned by operating partnership (percent) | 95.00% |
Organization and Basis of Pre_4
Organization and Basis of Presentation - Schedule of Commercial Office Properties (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft²buildingshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real estate properties | |||
Number of Properties | building | 69 | ||
Approximate Square Feet | ft² | 29,500,737 | ||
Weighted Average Occupancy unaudited (as a percent) | 91.20% | ||
Debt and preferred equity investments including investments held by unconsolidated joint ventures | $ | $ 1,076,542 | $ 1,580,306 | $ 2,099,393 |
Number of shares to be received on redemption of one unit of limited partnership interests (shares) | shares | 1 | ||
Commercial properties | |||
Real estate properties | |||
Number of Properties | building | 60 | ||
Approximate Square Feet | ft² | 27,754,713 | ||
Weighted Average Occupancy unaudited (as a percent) | 92.10% | ||
Managed office properties | |||
Real estate properties | |||
Number of Properties | building | 2 | ||
Approximate Square Feet | ft² | 2,100,000 | ||
Debt and preferred equity investments including investments held by unconsolidated joint ventures | $ | $ 1,100,000 | ||
Debt and preferred equity investments and other financing receivables included in other balance sheet items | $ | $ 100,000 | ||
Consolidated properties | |||
Real estate properties | |||
Number of Properties | building | 38 | ||
Approximate Square Feet | ft² | 12,765,702 | ||
Consolidated properties | Commercial properties | |||
Real estate properties | |||
Number of Properties | building | 37 | ||
Approximate Square Feet | ft² | 12,683,452 | ||
Unconsolidated properties | |||
Real estate properties | |||
Number of Properties | building | 31 | ||
Approximate Square Feet | ft² | 16,735,035 | ||
Unconsolidated properties | Commercial properties | |||
Real estate properties | |||
Number of Properties | building | 23 | ||
Approximate Square Feet | ft² | 15,071,261 | ||
Manhattan | |||
Real estate properties | |||
Number of Properties | building | 53 | ||
Approximate Square Feet | ft² | 26,891,913 | ||
Weighted Average Occupancy unaudited (as a percent) | 92.50% | ||
Manhattan | Office | |||
Real estate properties | |||
Number of Properties | building | 29 | ||
Approximate Square Feet | ft² | 22,522,528 | ||
Weighted Average Occupancy unaudited (as a percent) | 92.40% | ||
Manhattan | Retail | |||
Real estate properties | |||
Number of Properties | building | 13 | ||
Approximate Square Feet | ft² | 346,185 | ||
Weighted Average Occupancy unaudited (as a percent) | 94.20% | ||
Manhattan | Development/Redevelopment | |||
Real estate properties | |||
Number of Properties | building | 11 | ||
Approximate Square Feet | ft² | 4,023,200 | ||
Manhattan | Residential | |||
Real estate properties | |||
Number of Properties | building | 9 | ||
Approximate Square Feet | ft² | 1,746,024 | ||
Weighted Average Occupancy unaudited (as a percent) | 75.70% | ||
Manhattan | Consolidated properties | |||
Real estate properties | |||
Number of Properties | building | 30 | ||
Approximate Square Feet | ft² | 11,820,652 | ||
Manhattan | Consolidated properties | Office | |||
Real estate properties | |||
Number of Properties | building | 18 | ||
Approximate Square Feet | ft² | 10,681,045 | ||
Manhattan | Consolidated properties | Retail | |||
Real estate properties | |||
Number of Properties | building | 4 | ||
Approximate Square Feet | ft² | 44,189 | ||
Manhattan | Consolidated properties | Development/Redevelopment | |||
Real estate properties | |||
Number of Properties | building | 8 | ||
Approximate Square Feet | ft² | 1,095,418 | ||
Manhattan | Consolidated properties | Residential | |||
Real estate properties | |||
Number of Properties | building | 1 | ||
Approximate Square Feet | ft² | 82,250 | ||
Manhattan | Unconsolidated properties | |||
Real estate properties | |||
Number of Properties | building | 23 | ||
Approximate Square Feet | ft² | 15,071,261 | ||
Manhattan | Unconsolidated properties | Office | |||
Real estate properties | |||
Number of Properties | building | 11 | ||
Approximate Square Feet | ft² | 11,841,483 | ||
Manhattan | Unconsolidated properties | Retail | |||
Real estate properties | |||
Number of Properties | building | 9 | ||
Approximate Square Feet | ft² | 301,996 | ||
Manhattan | Unconsolidated properties | Development/Redevelopment | |||
Real estate properties | |||
Number of Properties | building | 3 | ||
Approximate Square Feet | ft² | 2,927,782 | ||
Manhattan | Unconsolidated properties | Residential | |||
Real estate properties | |||
Number of Properties | building | 8 | ||
Approximate Square Feet | ft² | 1,663,774 | ||
Suburban | Office | |||
Real estate properties | |||
Number of Properties | building | 7 | ||
Approximate Square Feet | ft² | 862,800 | ||
Weighted Average Occupancy unaudited (as a percent) | 83.30% | ||
Suburban | Consolidated properties | Office | |||
Real estate properties | |||
Number of Properties | building | 7 | ||
Approximate Square Feet | ft² | 862,800 | ||
Suburban | Unconsolidated properties | Office | |||
Real estate properties | |||
Number of Properties | building | 0 | ||
Approximate Square Feet | ft² | 0 |
Organization and Basis of Pre_5
Organization and Basis of Presentation - Subsequent Event (Details) $ in Millions | Jan. 31, 2021USD ($) |
712 Madison Avenue | Subsequent Event | |
Subsequent Event [Line Items] | |
Gross asset valuation of property to be sold | $ 43 |
Significant Accounting Polici_4
Significant Accounting Policies - Investments in Commercial Real Estate Properties (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | |||
Weighted average amortization period, above-market lease costs | 6 years 3 months 18 days | ||
Weighted average amortization period, below-market lease costs | 5 years 7 months 6 days | ||
Weighted average amortization period, in-place lease costs | 5 years 3 months 18 days | ||
Period from cessation of major construction activity to completion of construction project, maximum | 1 year | ||
Depreciation expense (including amortization of the capital lease asset) | $ 277,500,000 | $ 233,500,000 | $ 242,800,000 |
Amortization of above and below Market Leases | 5,900,000 | 4,500,000 | $ 6,800,000 |
Identified intangible assets (included in other assets): | |||
Gross amount | 215,673,000 | 255,198,000 | |
Accumulated amortization | (190,523,000) | (228,223,000) | |
Net | 25,150,000 | 26,975,000 | |
Identified intangible liabilities (included in deferred revenue): | |||
Gross amount | 241,409,000 | 282,048,000 | |
Accumulated amortization | (230,479,000) | (249,514,000) | |
Net | 10,930,000 | 32,534,000 | |
Net intangible assets reclassed to assets held for sale | 0 | 0 | |
Net intangible liabilities reclassed to liabilities relates to assets held for sale | 0 | $ 0 | |
Other Identifiable Assets | |||
Estimated annual amortization | |||
2021 | 4,899,000 | ||
2022 | 3,456,000 | ||
2023 | 2,841,000 | ||
2024 | 2,520,000 | ||
2025 | 1,427,000 | ||
Acquired above-market leases, net of acquired below-market leases | |||
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract] | |||
2021 | (1,403,000) | ||
2022 | (119,000) | ||
2023 | 91,000 | ||
2024 | 258,000 | ||
2025 | $ 781,000 | ||
Minimum | Above Market Leases | |||
Real Estate [Line Items] | |||
Estimated useful life of other intangible assets (in years) | 1 year | ||
Minimum | Below Market Leases | |||
Real Estate [Line Items] | |||
Estimated useful life of other intangible assets (in years) | 1 year | ||
Minimum | In Place Leases | |||
Real Estate [Line Items] | |||
Estimated useful life of other intangible assets (in years) | 1 year | ||
Maximum | Above Market Leases | |||
Real Estate [Line Items] | |||
Estimated useful life of other intangible assets (in years) | 14 years | ||
Maximum | Below Market Leases | |||
Real Estate [Line Items] | |||
Estimated useful life of other intangible assets (in years) | 14 years | ||
Maximum | In Place Leases | |||
Real Estate [Line Items] | |||
Estimated useful life of other intangible assets (in years) | 14 years | ||
Building (fee ownership) | |||
Real Estate [Line Items] | |||
Estimated useful life (in years) | 40 years | ||
Building (leasehold interest) | Maximum | |||
Real Estate [Line Items] | |||
Estimated useful life (in years) | 40 years | ||
Right of use assets - financing leases | Maximum | |||
Real Estate [Line Items] | |||
Estimated useful life (in years) | 40 years | ||
Furniture and fixtures | Minimum | |||
Real Estate [Line Items] | |||
Estimated useful life (in years) | 4 years | ||
Furniture and fixtures | Maximum | |||
Real Estate [Line Items] | |||
Estimated useful life (in years) | 7 years | ||
Building | Minimum | |||
Real Estate [Line Items] | |||
Estimated useful life (in years) | 3 years | ||
Building | Maximum | |||
Real Estate [Line Items] | |||
Estimated useful life (in years) | 40 years |
Significant Accounting Polici_5
Significant Accounting Policies - Investment in Marketable Securities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)security | Dec. 31, 2019USD ($) | |
Investment in Marketable Securities | ||
Marketable Securities | $ 28,570 | $ 29,887 |
Fair Value | ||
Investment in Marketable Securities | ||
Marketable Securities | 28,570 | 29,887 |
Commercial mortgage-backed securities | ||
Investment in Marketable Securities | ||
Marketable Securities | 28,570 | 29,887 |
Cost basis of commercial mortgage backed securities | $ 27,500 | 27,500 |
Number of securities in continuous unrealized loss position | security | 1 | |
Unrealized loss | $ 700 | |
Fair value of security in a continuous unrealized loss position for less than 12 months | 7,000 | |
Equity marketable securities | ||
Investment in Marketable Securities | ||
Cost basis of commercial mortgage backed securities | $ 0 | $ 0 |
Significant Accounting Polici_6
Significant Accounting Policies - Investments in Unconsolidated Joint Ventures/Deferred Lease Costs/Revenue Recognition/Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Lease Costs [Abstract] | |||
Portion of compensation capitalized | $ 5,400 | $ 6,300 | $ 15,700 |
Estimated average lease term (in years) | 8 years | ||
Additions to allowances charged against operations | $ 35,298 | 0 | 6,839 |
Write-offs charged against allowance | $ 37,033 | 4,000 | 1,089 |
Days past due for income recognition on debt and preferred equity investments to be suspended | 90 days | ||
Income taxes | |||
Federal, state and local tax provision | $ 1,200 | $ 1,500 | $ 2,800 |
Dividends per share paid (in dollars per share) | $ 5.54 | $ 3.40 | $ 3.25 |
Tenant Receivables And Deferred Rent | |||
Deferred Lease Costs [Abstract] | |||
Additions to allowances charged against operations | $ 4,200 | ||
Tenant and other receivables, allowance | 31,200 | ||
Write-offs charged against allowance | $ 8,900 | ||
Ordinary Income Dividend | |||
Income taxes | |||
Dividends per share paid (in dollars per share) | 1.84 | 2.59 | $ 1.46 |
Capital Gains Dividend | |||
Income taxes | |||
Dividends per share paid (in dollars per share) | $ 3.06 | $ 0.81 | $ 1.79 |
Significant Accounting Polici_7
Significant Accounting Policies - Concentrations of Credit Risk/Reclassification (Details) | 12 Months Ended | ||
Dec. 31, 2020Tenantagreement | Dec. 31, 2019 | Dec. 31, 2018 | |
Annualized rent | Customer concentration | |||
Concentration of Credit Risk | |||
Number of tenants (tenants) | Tenant | 1 | ||
Maximum percentage of annualized rent for any one tenant not individually disclosed (percent) (more than) | 5.00% | ||
Annualized rent | 11 Madison Avenue | Customer concentration | |||
Concentration of Credit Risk | |||
Percentage of concentration (percent) | 8.20% | 7.60% | 6.50% |
Annualized rent | 1185 Avenue of the Americas | Customer concentration | |||
Concentration of Credit Risk | |||
Percentage of concentration (percent) | 7.50% | 7.40% | 6.70% |
Annualized rent | 420 Lexington Avenue | Customer concentration | |||
Concentration of Credit Risk | |||
Percentage of concentration (percent) | 6.90% | 6.10% | 6.00% |
Annualized rent | 1515 Broadway | Customer concentration | |||
Concentration of Credit Risk | |||
Percentage of concentration (percent) | 6.60% | 6.60% | 7.40% |
Annualized rent | One Madison Ave | Customer concentration | |||
Concentration of Credit Risk | |||
Percentage of concentration (percent) | 5.90% | 6.00% | 5.80% |
Annualized rent | East 220 Street 42 | Customer concentration | |||
Concentration of Credit Risk | |||
Percentage of concentration (percent) | 5.40% | 5.50% | |
Collective bargaining arrangements | Workforce concentration | |||
Concentration of Credit Risk | |||
Percentage of concentration (percent) | 64.10% | ||
Number of collective bargaining agreements | 6 | ||
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year | Workforce concentration | |||
Concentration of Credit Risk | |||
Number of collective bargaining agreements | 0 | ||
Tenant 1 | Annualized rent | Customer concentration | |||
Concentration of Credit Risk | |||
Percentage of concentration (percent) | 5.60% |
Significant Accounting Polici_8
Significant Accounting Policies - Accounting Standards Update (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 1,015,462 | $ 1,084,719 | |
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 39,200 |
Property Acquisitions - 2020 Ac
Property Acquisitions - 2020 Acquisitions (Details) $ in Millions | 1 Months Ended | ||
Jan. 31, 2020USD ($)ft² | Dec. 31, 2020ft² | Oct. 31, 2020USD ($)ft² | |
Business Acquisition [Line Items] | |||
Approximate Square Feet | 29,500,737 | ||
762 Madison Avenue | |||
Business Acquisition [Line Items] | |||
Approximate Square Feet | 6,109 | ||
Gross Asset Valuation (in millions) | $ | $ 29.3 | ||
Interest acquired | 10.00% | ||
707 Eleventh Avenue | |||
Business Acquisition [Line Items] | |||
Approximate Square Feet | 159,720 | ||
Gross Asset Valuation (in millions) | $ | $ 90 | ||
15 Beekman | |||
Business Acquisition [Line Items] | |||
Approximate Square Feet | 98,412 | ||
Gross Asset Valuation (in millions) | $ | $ 0 | ||
590 Fifth Avenue | |||
Business Acquisition [Line Items] | |||
Approximate Square Feet | 103,300 | ||
Gross Asset Valuation (in millions) | $ | $ 107.2 | ||
126-132 Nassau Street [Member] | |||
Business Acquisition [Line Items] | |||
Ground leases, term of contract | 99 years |
Property Acquisitions - 2019 Ac
Property Acquisitions - 2019 Acquisitions (Details) $ in Millions | 1 Months Ended | |
May 31, 2019USD ($) | Dec. 31, 2020USD ($)ft² | |
Business Acquisition [Line Items] | ||
Approximate Square Feet | ft² | 29,500,737 | |
106 Spring Street | ||
Business Acquisition [Line Items] | ||
Approximate Square Feet | ft² | 5,928 | |
Gross Asset Valuation (in millions) | $ 80.2 | |
410 Tenth Avenue | ||
Business Acquisition [Line Items] | ||
Approximate Square Feet | ft² | 638,000 | |
Gross Asset Valuation (in millions) | $ 440 | |
Interest acquired | 70.87% | |
Fair value adjustment | $ 67.6 | |
net intangible lease liabilities recognized | $ 18.3 | |
110 Greene Street | ||
Business Acquisition [Line Items] | ||
Approximate Square Feet | ft² | 223,600 | |
Gross Asset Valuation (in millions) | $ 256.5 | |
Interest acquired | 10.00% |
Property Acquisitions - 2018 Ac
Property Acquisitions - 2018 Acquisitions (Details) $ in Millions | 1 Months Ended | |||||||
Dec. 31, 2018USD ($) | Nov. 30, 2018ft² | Oct. 31, 2018USD ($)ft² | Aug. 31, 2018USD ($)aparcel | Jul. 31, 2018USD ($)ft² | May 31, 2018USD ($)ft² | Dec. 31, 2020ft² | Dec. 31, 2019ft² | |
Business Acquisition [Line Items] | ||||||||
Approximate Square Feet | ft² | 29,500,737 | |||||||
2 Herald Square | ||||||||
Business Acquisition [Line Items] | ||||||||
Approximate Square Feet | ft² | 369,000 | |||||||
Acquisition Price (in millions) | $ | $ 266 | |||||||
Purchase price fair value adjustment | $ | $ 8.1 | |||||||
1231 Third Avenue | ||||||||
Business Acquisition [Line Items] | ||||||||
Approximate Square Feet | ft² | 39,000 | |||||||
Acquisition Price (in millions) | $ | $ 55.4 | |||||||
Upper East Side Residential | ||||||||
Business Acquisition [Line Items] | ||||||||
Approximate Square Feet | a | 0.2 | |||||||
Acquisition Price (in millions) | $ | $ 30.2 | |||||||
Number of land parcels, fee interest acquired | parcel | 3 | |||||||
113 Greene Street | ||||||||
Business Acquisition [Line Items] | ||||||||
Approximate Square Feet | ft² | 6,425 | |||||||
Acquisition Price (in millions) | $ | $ 31 | |||||||
712 Madison Avenue | ||||||||
Business Acquisition [Line Items] | ||||||||
Approximate Square Feet | ft² | 6,600 | |||||||
Acquisition Price (in millions) | $ | $ 58 | |||||||
2 Herald Square | ||||||||
Business Acquisition [Line Items] | ||||||||
Approximate Square Feet | ft² | 369,000 | |||||||
Ownership percentage in disposed asset | 49.00% |
Properties Held for Sale and _3
Properties Held for Sale and Property Dispositions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020USD ($)ft² | Sep. 30, 2020USD ($)ft² | May 31, 2020USD ($)ft² | Mar. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2019USD ($)ft² | Aug. 31, 2019USD ($)ft² | Nov. 30, 2018USD ($)ft²a | Oct. 31, 2018USD ($)ft² | Jul. 31, 2018USD ($)ft² | Jun. 30, 2018USD ($) | May 31, 2018USD ($)ft² | Jan. 31, 2018USD ($) | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2020USD ($)ft² | Jun. 30, 2019USD ($)ft² | Jan. 01, 2018USD ($)ft² | |
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 29,500,737 | 29,500,737 | |||||||||||||||||
Employee-related liabilities | $ 0 | $ 4,000 | $ 0 | $ 4,000 | $ 11,700 | ||||||||||||||
Purchase price and other fair value adjustments | $ 187,522 | 69,389 | 57,385 | ||||||||||||||||
30 East 40th Street | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 69,446 | 69,446 | |||||||||||||||||
Gross asset valuation | $ 5,200 | $ 5,200 | |||||||||||||||||
Gain on Sale | $ (1,600) | ||||||||||||||||||
1055 Washington Boulevard | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 182,000 | 182,000 | |||||||||||||||||
Gross asset valuation | $ 23,800 | $ 23,800 | |||||||||||||||||
Gain on Sale | $ (11,500) | ||||||||||||||||||
Williamsburg Terrace | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 52,000 | 52,000 | |||||||||||||||||
Gross asset valuation | $ 32,000 | $ 32,000 | |||||||||||||||||
Gain on Sale | $ 11,800 | ||||||||||||||||||
410 Tenth Avenue | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 638,000 | 638,000 | |||||||||||||||||
Gross asset valuation | $ 952,500 | $ 952,500 | |||||||||||||||||
Gain on Sale | $ 56,400 | ||||||||||||||||||
400 East 58th Street | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 140,000 | ||||||||||||||||||
Gross asset valuation | $ 62,000 | ||||||||||||||||||
Gain on Sale | $ 8,300 | ||||||||||||||||||
609 Fifth Avenue | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 21,437 | ||||||||||||||||||
Gross asset valuation | $ 168,000 | ||||||||||||||||||
Gain on Sale | $ 63,300 | ||||||||||||||||||
315 West 33rd Street - The Olivia | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 492,987 | ||||||||||||||||||
Gross asset valuation | $ 446,500 | ||||||||||||||||||
Gain on Sale | $ 71,800 | ||||||||||||||||||
Suburban | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 1,107,000 | 1,107,000 | |||||||||||||||||
Gross asset valuation | $ 229,200 | $ 229,200 | |||||||||||||||||
Gain on Sale | 1,800 | ||||||||||||||||||
1640 Flatbush Avenue | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 1,000 | 1,000 | |||||||||||||||||
Gross asset valuation | $ 16,200 | $ 16,200 | |||||||||||||||||
Gain on Sale | 5,500 | ||||||||||||||||||
562 Fifth Avenue | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 42,635 | 42,635 | |||||||||||||||||
Gross asset valuation | $ 52,400 | $ 52,400 | |||||||||||||||||
Gain on Sale | (26,600) | ||||||||||||||||||
1010 Washington Boulevard (4) | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 143,400 | ||||||||||||||||||
Gross asset valuation | $ 23,100 | ||||||||||||||||||
Gain on Sale | $ (7,100) | ||||||||||||||||||
Impairment charge | 7,100 | ||||||||||||||||||
Spring Street 115 | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 5,218 | ||||||||||||||||||
Gross asset valuation | $ 66,600 | ||||||||||||||||||
Gain on Sale | 3,600 | ||||||||||||||||||
Purchase price and other fair value adjustments | $ 3,800 | ||||||||||||||||||
Ownership percentage in disposed asset | 49.00% | ||||||||||||||||||
Deconsolidation of ownership interest percentage | 51.00% | ||||||||||||||||||
2 Herald Square | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 369,000 | ||||||||||||||||||
Gross asset valuation | $ 265,000 | ||||||||||||||||||
Gain on Sale | $ 0 | ||||||||||||||||||
Ownership percentage in disposed asset | 49.00% | ||||||||||||||||||
400 Summit Lake Drive | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | a | 39.5 | ||||||||||||||||||
Gross asset valuation | $ 3,000 | ||||||||||||||||||
Gain on Sale | $ (36,200) | ||||||||||||||||||
Upper East Side Assemblage | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 70,142 | ||||||||||||||||||
Gross asset valuation | $ 143,800 | ||||||||||||||||||
Gain on Sale | $ (6,300) | ||||||||||||||||||
Impairment charge | 5,800 | ||||||||||||||||||
1-6 International Drive | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 540,000 | ||||||||||||||||||
Gross asset valuation | $ 55,000 | ||||||||||||||||||
Gain on Sale | $ (2,600) | ||||||||||||||||||
635 Madison Avenue | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 176,530 | ||||||||||||||||||
Gross asset valuation | $ 153,000 | ||||||||||||||||||
Gain on Sale | $ (14,100) | ||||||||||||||||||
115-117 Stevens Avenue | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 178,000 | ||||||||||||||||||
Gross asset valuation | $ 12,000 | ||||||||||||||||||
Gain on Sale | $ (700) | ||||||||||||||||||
600 Lexington Avenue | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 303,515 | ||||||||||||||||||
Gross asset valuation | $ 305,000 | ||||||||||||||||||
Gain on Sale | $ 23,800 | ||||||||||||||||||
Properties Sold In 2020, 2019 and 2018 | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Employee-related liabilities | $ 10,500 | $ 2,000 | $ 10,500 | $ 2,000 | $ 1,300 | ||||||||||||||
Development Rights | Upper East Side Assemblage | |||||||||||||||||||
Property Dispositions and Assets Held for Sale | |||||||||||||||||||
Unaudited Approximate Usable Square Feet | ft² | 31,076 |
Debt and Preferred Equity Inv_3
Debt and Preferred Equity Investments - Roll Forward of Net Book Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Document Period End Date | Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||
Balance at beginning of period | $ 1,580,306 | $ 2,099,393 |
Redemptions/sales/syndications/amortization | (1,048,643) | (1,190,689) |
Net change in loan loss reserves | (11,463) | 4,000 |
Balance at end of period | 1,076,542 | 1,580,306 |
Debt investment | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||
Originations/accretion | 389,300 | 652,866 |
Preferred equity investments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||
Originations/accretion | $ 167,042 | $ 14,736 |
Debt and Preferred Equity Inv_4
Debt and Preferred Equity Investments - Debt and Preferred Equity Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Carrying value | $ 1,076,542 | $ 1,580,306 |
Senior Financing | 6,549,037 | |
Senior Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Carrying value | 64,000 | |
Senior Financing | 0 | |
Junior Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Carrying value | 40,088 | |
Senior Financing | 127,000 | |
Mezzanine Debt | ||
Debt Instrument [Line Items] | ||
Carrying value | 712,668 | |
Senior Financing | 4,459,287 | |
Preferred Equity | ||
Debt Instrument [Line Items] | ||
Carrying value | 259,786 | |
Senior Financing | 1,962,750 | |
Total floating rate | ||
Debt Instrument [Line Items] | ||
Carrying value | 345,877 | |
Face Value | 355,544 | |
Total floating rate | Senior Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Carrying value | 62,751 | |
Face Value | 63,425 | |
Total floating rate | Junior Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Carrying value | 7,200 | |
Face Value | 12,000 | |
Total floating rate | Mezzanine Debt | ||
Debt Instrument [Line Items] | ||
Carrying value | 275,926 | |
Face Value | 280,119 | |
Total floating rate | Preferred Equity | ||
Debt Instrument [Line Items] | ||
Carrying value | 0 | |
Face Value | $ 0 | |
Total floating rate | LIBOR | Minimum | Senior Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Total floating rate | LIBOR | Minimum | Junior Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 7.25% | |
Total floating rate | LIBOR | Minimum | Mezzanine Debt | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.95% | |
Total floating rate | LIBOR | Maximum | Senior Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.50% | |
Total floating rate | LIBOR | Maximum | Junior Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 7.25% | |
Total floating rate | LIBOR | Maximum | Mezzanine Debt | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 14.07% | |
Total fixed rate | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 730,665 | |
Face Value | 745,442 | |
Total fixed rate | Senior Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Carrying value | 1,249 | |
Face Value | $ 1,250 | |
Interest rate | 3.50% | |
Total fixed rate | Junior Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 32,888 | |
Face Value | $ 33,000 | |
Interest rate | 6.00% | |
Total fixed rate | Mezzanine Debt | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 436,742 | |
Face Value | 448,938 | |
Total fixed rate | Preferred Equity | ||
Debt Instrument [Line Items] | ||
Carrying value | 259,786 | |
Face Value | $ 262,254 | |
Total fixed rate | Minimum | Mezzanine Debt | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.90% | |
Total fixed rate | Minimum | Preferred Equity | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.50% | |
Total fixed rate | Maximum | Mezzanine Debt | ||
Debt Instrument [Line Items] | ||
Interest rate | 14.30% | |
Total fixed rate | Maximum | Preferred Equity | ||
Debt Instrument [Line Items] | ||
Interest rate | 11.00% |
Debt and Preferred Equity Inv_5
Debt and Preferred Equity Investments - Rollforward of Total Allowance for Loan Loss Reserves (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020USD ($)loan | Dec. 31, 2020USD ($)loan | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Loan loss reserve activity | |||||
Balance at beginning of year | $ 1,750 | $ 5,750 | $ 0 | ||
Current period provision for loan loss | 20,693 | 0 | 6,839 | ||
Write-offs charged against allowance | (37,033) | (4,000) | (1,089) | ||
Balance at end of year | $ 13,213 | $ 13,213 | 13,213 | 1,750 | 5,750 |
Write-offs charged against allowance | $ 37,033 | 4,000 | 1,089 | ||
Number of financing receivables on non-accrual without allowance for loan loss | loan | 1 | 1 | 1 | ||
Financing receivable on non-accrual without allowance | $ 225,200 | $ 225,200 | $ 225,200 | ||
Investments Sold In 2020 | |||||
Loan loss reserve activity | |||||
Write-offs charged against allowance | (19,000) | ||||
Write-offs charged against allowance | $ 19,000 | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Loan loss reserve activity | |||||
Balance at beginning of year | $ 27,803 | 0 | 0 | ||
Current period provision for loan loss | $ 14,600 | ||||
Balance at end of year | $ 27,803 | $ 0 |
Debt and Preferred Equity Inv_6
Debt and Preferred Equity Investments - Investment In Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying value | $ 1,076,542 | $ 1,580,306 |
2020 | 346,320 | |
2019 | 294,533 | |
2018 | 266,185 | |
Prior | 169,504 | |
1 - Low Risk Assets - Low probability of loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying value | 695,035 | 1,180,831 |
2020 | 346,320 | |
2019 | 55,318 | |
2018 | 209,941 | |
Prior | 83,456 | |
2 - Watch List Assets - Higher potential for loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying value | 365,167 | 399,475 |
2020 | 0 | |
2019 | 239,215 | |
2018 | 56,244 | |
Prior | 69,708 | |
3 - High Risk Assets - Loss more likely than not | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying value | 16,340 | $ 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | $ 16,340 |
Debt and Preferred Equity Inv_7
Debt and Preferred Equity Investments - Debt Investments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loans on real estate, interest rate | 5.80% | |
Debt Investments Held [Abstract] | ||
Carrying value | $ 1,076,542,000 | $ 1,580,306,000 |
Carrying value | 1,076,542,000 | 1,580,306,000 |
Mezzanine Loan With Initial Maturity Date Of January 2021 | ||
Debt Investments Held [Abstract] | ||
Amount participated out | 66,600,000 | |
Mezzanine Loan With Maturity June 2023 | ||
Debt Investments Held [Abstract] | ||
Loan interest income | 0 | |
Mezzanine Loan with an Initial Maturity Date of June 2024 | ||
Debt Investments Held [Abstract] | ||
Amount participated out | 12,000,000 | |
Loan interest income | 0 | |
Mezzanine Loan Due March 2022 | ||
Debt Investments Held [Abstract] | ||
Amount participated out | 400,000 | |
Debt investment | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 121,961,000 | |
Senior Financing | 4,526,287,000 | |
Allowance for loan loss | (13,213,000) | 0 |
Carrying value | 816,756,000 | 1,341,070,000 |
Total fixed rate | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 10,000,000 | |
Senior Financing | 2,777,272,000 | |
Carrying value | 477,509,000 | 499,410,000 |
Total fixed rate | Mezzanine Loan With Initial Maturity Date Of January 2021 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 10,000,000 | |
Senior Financing | 67,000,000 | |
Carrying value | 32,888,000 | 0 |
Total fixed rate | Mezzanine Loan with an Initial Maturity Date of September 2021 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 15,000,000 | |
Carrying value | 3,500,000 | 3,500,000 |
Total fixed rate | Mortgage/Mezzanine Loan Due October 2021 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 63,750,000 | |
Carrying value | 56,244,000 | 55,573,000 |
Total fixed rate | Mezzanine Loan With An Initial Maturity Of August 2022 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 280,000,000 | |
Carrying value | 41,057,000 | 38,734,000 |
Total fixed rate | Mezzanine Loan With Maturity June 2023 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 353,772,000 | |
Carrying value | 225,204,000 | 215,737,000 |
Total fixed rate | Mezzanine Loan with an Initial Maturity Date of June 2024 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 105,000,000 | |
Carrying value | 13,366,000 | 12,950,000 |
Total fixed rate | Mezzanine Loan, with an Initial Maturity Date of January 2025 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 95,000,000 | |
Carrying value | 30,000,000 | 30,000,000 |
Total fixed rate | Mezzanine Loan with an Initial Maturity Date of June 2027 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 1,712,750,000 | |
Carrying value | 55,250,000 | 55,250,000 |
Total fixed rate | Mezzanine Loan With Initial Maturity Date Of December 2029 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 85,000,000 | |
Carrying value | 20,000,000 | 20,000,000 |
Total fixed rate | Mezzanine Loan Repaid In 2020, 1 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 0 | |
Carrying value | 0 | 24,952,000 |
Total fixed rate | Mezzanine Loan Repaid In 2020, 2 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 0 | |
Carrying value | 0 | 30,000,000 |
Total fixed rate | Mezzanine Loan Repaid In 2020, 3 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 0 | |
Carrying value | 0 | 12,714,000 |
Total floating rate | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 111,961,000 | |
Senior Financing | 1,749,015,000 | |
Carrying value | 352,460,000 | 841,660,000 |
Total floating rate | Mezzanine Loan Repaid In 2020, 1 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 0 | |
Carrying value | 0 | 51,387,000 |
Total floating rate | Mezzanine Loan With An Initial Maturity Due April 2021 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 275,000,000 | |
Carrying value | 49,956,000 | 49,809,000 |
Total floating rate | Jr Mortgage Participation/Mezzanine Loan with an Initial Maturity of July 2021 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 60,000,000 | |
Carrying value | 15,733,000 | 15,698,000 |
Total floating rate | Mezzanine Loan With An Initial Maturity Due July 2021 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 7,031,000 | |
Senior Financing | 172,809,000 | |
Carrying value | 35,318,000 | 41,395,000 |
Total floating rate | Mezzanine Loan Due July 2021, 2 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 61,744,000 | |
Carrying value | 29,106,000 | 15,743,000 |
Total floating rate | Mezzanine Loan Due March 2022 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 1,115,000,000 | |
Carrying value | 127,915,000 | 222,775,000 |
Total floating rate | Mortgage/Mezzanine Loan Due May 2022 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 7,085,000 | |
Senior Financing | 0 | |
Carrying value | 60,532,000 | 0 |
Total floating rate | Mezzanine Loan Due December 2022 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 44,000,000 | |
Senior Financing | 0 | |
Carrying value | 14,011,000 | 13,918,000 |
Total floating rate | Mezzanine Loan Due May 2023 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 53,845,000 | |
Senior Financing | 64,462,000 | |
Carrying value | 19,889,000 | 69,839,000 |
Total floating rate | Mortgage/Mezzanine Loan Repaid In 2020, 1 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 0 | |
Carrying value | 0 | 35,386,000 |
Total floating rate | Junior Mortgage Repaid In 2020 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 0 | |
Carrying value | 0 | 20,000,000 |
Total floating rate | Mortgage Loan Repaid In 2020, 1 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 0 | |
Carrying value | 0 | 19,971,000 |
Total floating rate | Mortgage Loan Repaid In 2020, 2 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 0 | |
Carrying value | 0 | 106,473,000 |
Total floating rate | Mortgage/Mezzanine Loan Repaid In 2020, 2 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 0 | |
Carrying value | 0 | 96,570,000 |
Total floating rate | Mortgage/Mezzanine Loan Repaid In 2020, 3 | ||
Debt Investments Held [Abstract] | ||
Future Funding Obligations | 0 | |
Senior Financing | 0 | |
Carrying value | $ 0 | $ 82,696,000 |
Debt and Preferred Equity Inv_8
Debt and Preferred Equity Investments - Preferred Equity Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Preferred equity investment | ||
Mortgage loans on real estate, interest rate | 5.80% | |
Carrying value | $ 1,076,542 | $ 1,580,306 |
Preferred Equity June 2022 | ||
Preferred equity investment | ||
Future Funding Obligations | 0 | |
Senior Financing | 1,712,750 | |
Carrying value | 154,691 | 98,065 |
Preferred Equity, February 2027 | ||
Preferred equity investment | ||
Future Funding Obligations | 0 | |
Senior Financing | 250,000 | |
Carrying value | 105,095 | 0 |
Preferred Equity, April 2021 | ||
Preferred equity investment | ||
Future Funding Obligations | ||
Senior Financing | 0 | |
Carrying value | $ 0 | 141,171 |
Preferred equity investments | ||
Preferred equity investment | ||
Mortgage loans on real estate, interest rate | 9.96% | |
Future Funding Obligations | $ 0 | |
Senior Financing | 1,962,750 | |
Carrying value | 259,786 | 239,236 |
Allowance for loan loss | 0 | (1,750) |
Total after allowance for loan loss | $ 259,786 | $ 240,986 |
Debt and Preferred Equity Inv_9
Debt and Preferred Equity Investments - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($)investment | Dec. 31, 2020USD ($)investmentsegment | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Jan. 01, 2020USD ($) | |
Preferred equity investment | |||||
Number of investments, nonperforming | investment | 1 | 1 | |||
Carrying value | $ 1,076,542 | $ 1,076,542 | $ 1,580,306 | ||
Number of portfolio segments of financial receivables (segment) | segment | 1 | 1 | |||
Additional amount of financing receivables included in other assets | 66,200 | $ 66,200 | $ 131,100 | ||
Current period provision for loan loss | 20,693 | 0 | $ 6,839 | ||
Financing receivable, nonaccrual status | 2,500 | 2,500 | |||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Preferred equity investment | |||||
Additional amount of financing receivables included in other assets | $ 11,400 | ||||
Current period provision for loan loss | 14,600 | ||||
Total floating rate | |||||
Preferred equity investment | |||||
Carrying value | 352,460 | 352,460 | $ 841,660 | ||
Mortgage/Mezzanine Loan Due March 2020 | Total floating rate | |||||
Preferred equity investment | |||||
Carrying value | $ 6,800 | $ 6,800 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2020USD ($) | Jan. 31, 2018USD ($) | Oct. 31, 2016 | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)ft²unit | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
General information on each joint venture | |||||||
Investments in unconsolidated joint ventures | $ | $ 3,823,322 | $ 2,912,842 | |||||
Net equity investment in VIEs in which the entity is not primary beneficiary | $ | $ 134,000 | 145,900 | |||||
Approximate Square Feet | 29,500,737 | ||||||
Purchase price and other fair value adjustment | $ | $ 187,522 | 69,389 | $ 57,385 | ||||
(Loss) gain on sale of real estate, net | $ | $ 215,506 | $ (16,749) | $ (30,757) | ||||
21 East 66th Street | Three Retail and Two Residential Units | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 32.28% | ||||||
Number of Stores | unit | 3 | ||||||
Number of residential units | unit | 1 | ||||||
21 East 66th Street | Three Residential Units | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 16.14% | ||||||
Number of residential units | unit | 3 | ||||||
Stonehenge Portfolio | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 90.00% | ||||||
400 East 57th Street | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 51.00% | ||||||
1552 Broadway | |||||||
General information on each joint venture | |||||||
Approximate Square Feet | 13,045 | ||||||
One Madison Avenue | |||||||
General information on each joint venture | |||||||
Investment in joint venture aggregate equity committed by partner | $ | $ 492,200 | ||||||
Investment in joint venture aggregate maximum ownership percentage | 49.50% | ||||||
Investment in joint venture, ownership percentage | 9.60% | ||||||
126 Nassau Street | |||||||
General information on each joint venture | |||||||
(Loss) gain on sale of real estate, net | $ | $ 17,700 | ||||||
Joint venture | |||||||
General information on each joint venture | |||||||
Investments in unconsolidated joint ventures | $ | $ 3,823,322 | ||||||
Equity method investments with negative book value | $ | $ 89,600 | ||||||
Joint venture | 100 Park Avenue | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 49.90% | ||||||
Economic Interest, percent | 49.90% | ||||||
Approximate Square Feet | 834,000 | ||||||
Joint venture | 717 Fifth Avenue | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 10.92% | ||||||
Economic Interest, percent | 10.92% | ||||||
Approximate Square Feet | 119,500 | ||||||
Joint venture | 800 Third Avenue | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 60.52% | ||||||
Economic Interest, percent | 60.52% | ||||||
Approximate Square Feet | 526,000 | ||||||
Joint venture | 919 Third Avenue | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 51.00% | ||||||
Economic Interest, percent | 51.00% | ||||||
Approximate Square Feet | 1,454,000 | ||||||
Joint venture | 11 West 34th Street | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 30.00% | ||||||
Economic Interest, percent | 30.00% | ||||||
Approximate Square Feet | 17,150 | ||||||
Joint venture | 280 Park Avenue | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 50.00% | ||||||
Economic Interest, percent | 50.00% | ||||||
Approximate Square Feet | 1,219,158 | ||||||
Joint venture | 1552 Broadway | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 50.00% | ||||||
Economic Interest, percent | 50.00% | ||||||
Approximate Square Feet | 57,718 | ||||||
Joint venture | 10 East 53rd Street | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 55.00% | ||||||
Economic Interest, percent | 55.00% | ||||||
Approximate Square Feet | 354,300 | ||||||
Joint venture | 21 East 66th Street | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 32.28% | ||||||
Economic Interest, percent | 32.28% | ||||||
Approximate Square Feet | 13,069 | ||||||
Joint venture | 650 Fifth Avenue | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 50.00% | ||||||
Economic Interest, percent | 50.00% | ||||||
Approximate Square Feet | 69,214 | ||||||
Joint venture | 121 Greene Street | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 50.00% | ||||||
Economic Interest, percent | 50.00% | ||||||
Approximate Square Feet | 7,131 | ||||||
Joint venture | 55 West 46th Street (5) | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 25.00% | ||||||
Economic Interest, percent | 25.00% | ||||||
Approximate Square Feet | 347,000 | ||||||
Joint venture | 55 West 46th Street (5) | Forecast | |||||||
General information on each joint venture | |||||||
(Loss) gain on sale of real estate, net | $ | $ (17,800) | ||||||
Joint venture | Stonehenge Portfolio | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 10.00% | ||||||
Approximate Square Feet | 1,439,016 | ||||||
Joint venture | 605 West 42nd Street | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 20.00% | ||||||
Economic Interest, percent | 20.00% | ||||||
Approximate Square Feet | 927,358 | ||||||
Joint venture | 11 Madison Avenue | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 60.00% | ||||||
Economic Interest, percent | 60.00% | ||||||
Approximate Square Feet | 2,314,000 | ||||||
Joint venture | 400 East 57th Street | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 51.00% | ||||||
Economic Interest, percent | 41.00% | ||||||
Approximate Square Feet | 290,482 | ||||||
Joint venture | One Vanderbilt | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 71.01% | ||||||
Economic Interest, percent | 71.01% | ||||||
Approximate Square Feet | 1,657,198 | ||||||
Joint venture | Worldwide Plaza | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 24.35% | ||||||
Economic Interest, percent | 24.35% | ||||||
Approximate Square Feet | 2,048,725 | ||||||
Joint venture | 1515 Broadway | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 56.87% | ||||||
Economic Interest, percent | 56.87% | ||||||
Approximate Square Feet | 1,750,000 | ||||||
Joint venture | 2 Herald Square | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 51.00% | ||||||
Economic Interest, percent | 51.00% | ||||||
Approximate Square Feet | 369,000 | ||||||
Joint venture | Spring Street 115 | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 51.00% | ||||||
Economic Interest, percent | 51.00% | ||||||
Approximate Square Feet | 5,218 | ||||||
Joint venture | 885 Third Avenue | |||||||
General information on each joint venture | |||||||
Economic Interest, percent | 100.00% | ||||||
Approximate Square Feet | 625,300 | ||||||
Joint venture | 15 Beekman | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 20.00% | ||||||
Economic Interest, percent | 20.00% | ||||||
Approximate Square Feet | 221,884 | ||||||
Joint venture | 85 Fifth Avenue | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 36.30% | ||||||
Economic Interest, percent | 36.30% | ||||||
Approximate Square Feet | 12,946 | ||||||
Joint venture | One Madison Avenue | |||||||
General information on each joint venture | |||||||
Ownership Interest Sold | 50.50% | ||||||
Economic Interest, percent | 50.50% | ||||||
Approximate Square Feet | 1,048,700 | ||||||
919 Third Avenue | |||||||
General information on each joint venture | |||||||
Purchase price and other fair value adjustment | $ | $ 49,300 | ||||||
One Madison Avenue | |||||||
General information on each joint venture | |||||||
Ownership percentage deconsolidated | 50.50% | ||||||
Investment fair value adjustment | $ | $ 187,500 | ||||||
400 East 57th Street | |||||||
General information on each joint venture | |||||||
Ownership percentage in disposed asset | 49.00% |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures - Acquisition, Development and Construction Arrangements/Sale of Joint Venture Interest or Property (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2019 | Jan. 31, 2019 | Nov. 30, 2018 | Jul. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | Apr. 30, 2018 | Feb. 28, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | Aug. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Gain (Loss) on Sale | $ 2,961 | $ 76,181 | $ 303,967 | ||||||||||||
Employee-related liabilities | $ 0 | $ 4,000 | $ 0 | 4,000 | 11,700 | ||||||||||
Joint venture | 333 East 22nd St | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Interest Sold | 33.33% | 33.33% | |||||||||||||
Gross asset valuation | $ 1,640 | $ 1,640 | |||||||||||||
Gain (Loss) on Sale | $ 2,968 | ||||||||||||||
Joint venture | East 21 Street 66 | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Gross asset valuation | 2,900 | 2,900 | |||||||||||||
Gain (Loss) on Sale | 279 | ||||||||||||||
Joint venture | Fifth Avenue, 521 | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Interest Sold | 50.50% | ||||||||||||||
Gross asset valuation | $ 381,000 | ||||||||||||||
Gain (Loss) on Sale | $ 57,874 | ||||||||||||||
Joint venture | Spring Street 131 to 137 | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Interest Sold | 20.00% | ||||||||||||||
Gross asset valuation | $ 216,000 | ||||||||||||||
Gain (Loss) on Sale | $ 17,660 | ||||||||||||||
Joint venture | Stonehenge Portfolio | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Gross asset valuation | $ 468,800 | 468,800 | 331,100 | ||||||||||||
Gain (Loss) on Sale | $ (2,408) | $ (6,063) | |||||||||||||
Joint venture | 3 Columbus Circle | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Interest Sold | 48.90% | ||||||||||||||
Gross asset valuation | $ 851,000 | ||||||||||||||
Gain (Loss) on Sale | $ 160,368 | ||||||||||||||
Joint venture | Mezzanine Loan | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Interest Sold | 33.33% | ||||||||||||||
Gross asset valuation | $ 15,000 | ||||||||||||||
Joint venture | 724 Fifth Avenue | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Interest Sold | 49.90% | ||||||||||||||
Gross asset valuation | $ 365,000 | ||||||||||||||
Gain (Loss) on Sale | $ 64,587 | ||||||||||||||
Joint venture | Jericho Plaza | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Interest Sold | 11.67% | ||||||||||||||
Gross asset valuation | $ 117,400 | ||||||||||||||
Gain (Loss) on Sale | $ 147 | ||||||||||||||
Joint venture | 1745 Broadway | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Interest Sold | 56.87% | ||||||||||||||
Gross asset valuation | $ 633,000 | ||||||||||||||
Gain (Loss) on Sale | $ 52,038 | ||||||||||||||
Joint venture | 175-225 Third Street Brooklyn, New York | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Interest Sold | 95.00% | ||||||||||||||
Gross asset valuation | $ 115,000 | ||||||||||||||
Gain (Loss) on Sale | $ 19,483 | ||||||||||||||
Joint venture | 1515 Broadway | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership Interest Sold | 13.00% | ||||||||||||||
Gross asset valuation | $ 1,950,000 | ||||||||||||||
Gain (Loss) on Sale | $ 0 |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures - Mortgages and Other Loans Payable (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)extension | Dec. 31, 2019USD ($) | Aug. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Total fixed rate debt | $ 1,083,683,000 | $ 1,383,449,000 | |
Total floating rate debt | 917,677,000 | 828,434,000 | |
Deferred financing costs, net | (21,388,000) | (28,630,000) | |
Joint venture | |||
Debt Instrument [Line Items] | |||
Total fixed rate debt | 5,604,858,000 | 5,351,721,000 | |
Total floating rate debt | 4,257,792,000 | 3,691,686,000 | |
Total fixed rate and floating rate debt | 9,862,650,000 | 9,043,407,000 | |
Deferred financing costs, net | (113,446,000) | (91,538,000) | |
Total joint venture mortgages and other loans payable, net | $ 9,749,204,000 | 8,951,869,000 | |
Joint venture | 885 Third Avenue | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 100.00% | ||
Joint venture | 885 Third Avenue | Mortgage loan | |||
Debt Instrument [Line Items] | |||
Interest rate, fixed rate debt (as a percent) | 3.35% | ||
Total fixed rate debt | $ 272,000,000 | 0 | |
Joint venture | 717 Fifth Avenue | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 10.92% | ||
Joint venture | 717 Fifth Avenue | Mortgage loan | |||
Debt Instrument [Line Items] | |||
Interest rate, fixed rate debt (as a percent) | 4.45% | ||
Total fixed rate debt | $ 300,000,000 | 300,000,000 | |
Joint venture | 717 Fifth Avenue | Mezzanine loans | |||
Debt Instrument [Line Items] | |||
Interest rate, fixed rate debt (as a percent) | 5.50% | ||
Total fixed rate debt | $ 355,328,000 | 355,328,000 | |
Joint venture | 650 Fifth Avenue | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 50.00% | ||
Joint venture | 650 Fifth Avenue | Mortgage loan | |||
Debt Instrument [Line Items] | |||
Interest rate, fixed rate debt (as a percent) | 4.46% | ||
Total fixed rate debt | $ 210,000,000 | 210,000,000 | |
Joint venture | 650 Fifth Avenue | Mezzanine loans | |||
Debt Instrument [Line Items] | |||
Interest rate, fixed rate debt (as a percent) | 5.45% | ||
Total fixed rate debt | $ 65,000,000 | 65,000,000 | |
Joint venture | 21 East 66th Street | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 32.28% | ||
Interest rate, fixed rate debt (as a percent) | 3.60% | ||
Interest rate, floating rate debt (as a percent) | 2.75% | ||
Total fixed rate debt | $ 12,000,000 | 12,000,000 | |
Total floating rate debt | $ 677,000 | 712,000 | |
Joint venture | 919 Third Avenue | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 51.00% | ||
Interest rate, fixed rate debt (as a percent) | 5.12% | ||
Total fixed rate debt | $ 500,000,000 | 500,000,000 | |
Joint venture | 1515 Broadway | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 56.87% | ||
Interest rate, fixed rate debt (as a percent) | 3.93% | ||
Total fixed rate debt | $ 820,607,000 | 838,546,000 | |
Joint venture | 11 Madison Avenue | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 60.00% | ||
Interest rate, fixed rate debt (as a percent) | 3.84% | ||
Total fixed rate debt | $ 1,400,000,000 | 1,400,000,000 | |
Joint venture | 800 Third Avenue | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 60.52% | ||
Interest rate, fixed rate debt (as a percent) | 3.37% | ||
Total fixed rate debt | $ 177,000,000 | 177,000,000 | |
Joint venture | 400 East 57th Street | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 41.00% | ||
Interest rate, fixed rate debt (as a percent) | 3.00% | ||
Total fixed rate debt | $ 97,024,000 | 97,735,000 | |
Joint venture | Worldwide Plaza | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 24.35% | ||
Interest rate, fixed rate debt (as a percent) | 3.98% | ||
Total fixed rate debt | $ 1,200,000,000 | 1,200,000,000 | |
Joint venture | Stonehenge Portfolio | |||
Debt Instrument [Line Items] | |||
Interest rate, fixed rate debt (as a percent) | 3.50% | ||
Total fixed rate debt | $ 195,899,000 | 196,112,000 | |
Joint venture | Stonehenge Portfolio | Initial Maturity August 2019 | |||
Debt Instrument [Line Items] | |||
Total fixed rate debt | 132,400,000 | ||
Joint venture | Stonehenge Portfolio | Initial Maturity June 2024 | |||
Debt Instrument [Line Items] | |||
Total fixed rate debt | $ 63,500,000 | ||
Joint venture | 121 Greene Street | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 50.00% | ||
Interest rate, floating rate debt (as a percent) | 1.50% | ||
Total floating rate debt | $ 15,000,000 | 15,000,000 | |
Joint venture | 280 Park Avenue | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 50.00% | ||
Interest rate, floating rate debt (as a percent) | 1.73% | ||
Total floating rate debt | $ 1,200,000,000 | 1,200,000,000 | |
Joint venture | One Vanderbilt | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 71.01% | ||
Interest rate, floating rate debt (as a percent) | 2.50% | ||
Total floating rate debt | $ 1,210,329,000 | 732,928,000 | |
Joint venture | One Vanderbilt | Construction Loans | |||
Debt Instrument [Line Items] | |||
Maximum facility capacity | $ 1,750,000,000 | ||
Term (in Years) | 3 years | ||
Number of extension options | extension | 2 | ||
Period of extension option | 1 year | ||
Joint venture | 1552 Broadway | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 50.00% | ||
Interest rate, floating rate debt (as a percent) | 2.65% | ||
Total floating rate debt | $ 195,000,000 | 195,000,000 | |
Joint venture | 2 Herald Square | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 51.00% | ||
Interest rate, floating rate debt (as a percent) | 1.45% | ||
Total floating rate debt | $ 214,500,000 | 190,000,000 | |
Joint venture | 11 West 34th Street | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 30.00% | ||
Interest rate, floating rate debt (as a percent) | 1.45% | ||
Total floating rate debt | $ 23,000,000 | 23,000,000 | |
Joint venture | 55 West 46th Street (5) | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 25.00% | ||
Interest rate, floating rate debt (as a percent) | 1.25% | ||
Total floating rate debt | $ 192,524,000 | 192,524,000 | |
Joint venture | 55 West 46th Street (5) | Mortgage loan | |||
Debt Instrument [Line Items] | |||
Committed amount | $ 198,000,000 | ||
Debt instrument unfunded amount | $ 5,500,000 | ||
Joint venture | 115 Spring Street | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 51.00% | ||
Interest rate, floating rate debt (as a percent) | 3.40% | ||
Total floating rate debt | $ 65,550,000 | 65,550,000 | |
Joint venture | 100 Park Avenue | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 49.90% | ||
Interest rate, floating rate debt (as a percent) | 2.25% | ||
Total floating rate debt | $ 360,000,000 | 356,972,000 | |
Joint venture | 15 Beekman | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 20.00% | ||
Interest rate, floating rate debt (as a percent) | 1.50% | ||
Total floating rate debt | $ 11,212,000 | 0 | |
Joint venture | 10 East 53rd Street | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 55.00% | ||
Interest rate, floating rate debt (as a percent) | 1.35% | ||
Total floating rate debt | $ 220,000,000 | 170,000,000 | |
Joint venture | One Madison Avenue | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 50.50% | ||
Interest rate, floating rate debt (as a percent) | 3.35% | ||
Total floating rate debt | $ 0 | 0 | |
Joint venture | One Madison Avenue | Construction Loans | |||
Debt Instrument [Line Items] | |||
Maximum facility capacity | $ 1,250,000,000 | ||
Term (in Years) | 5 years | ||
Number of extension options | extension | 1 | ||
Period of extension option | 1 year | ||
Joint venture | 605 West 42nd Street | |||
Debt Instrument [Line Items] | |||
Economic Interest, percent | 20.00% | ||
Interest rate, floating rate debt (as a percent) | 1.44% | ||
Total floating rate debt | $ 550,000,000 | $ 550,000,000 | |
Joint venture | 126 Nassau Street | Construction Loans | |||
Debt Instrument [Line Items] | |||
Maximum facility capacity | $ 125,000,000 |
Investments in Unconsolidated_6
Investments in Unconsolidated Joint Ventures - Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Assets | |||||
Commercial real estate property, net | $ 5,399,002 | $ 6,724,007 | |||
Cash and restricted cash | 266,059 | 166,070 | $ 129,475 | ||
Tenant and other receivables, related party receivables, and deferred rents receivable | 44,507 | 43,968 | |||
Debt and preferred equity investments | 1,076,542 | 1,580,306 | |||
Other assets | 448,213 | 332,801 | |||
Total assets | [1] | 11,707,567 | 12,766,320 | ||
Liabilities and equity | |||||
Mortgages and other loans payable, net | 1,979,972 | 2,183,253 | |||
Lease liabilities | 339,458 | 381,671 | |||
Other liabilities | 302,798 | 177,080 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,935,795 | 5,517,198 | 5,947,855 | $ 6,589,454 | |
Total liabilities and equity/capital | 11,707,567 | 12,766,320 | |||
Company's investments in unconsolidated joint ventures | 3,823,322 | 2,912,842 | |||
Investments difference between carrying amount and underlying equity | 170,600 | ||||
Combined statements of income for the unconsolidated joint ventures | |||||
Total revenues | 1,052,744 | 1,238,995 | 1,227,392 | ||
Real estate taxes | 176,315 | 190,764 | 186,351 | ||
Interest expense before capitalized interest | 185,934 | 246,848 | 236,719 | ||
Amortization of deferred financing costs | 11,794 | 11,653 | 12,408 | ||
Transaction related costs | 503 | 729 | 1,099 | ||
Depreciation and amortization | 313,668 | 272,358 | 279,507 | ||
Total expenses | 958,326 | 1,034,764 | 1,049,816 | ||
Net income | 414,758 | 291,487 | 270,856 | ||
Company's equity in net (loss) income from unconsolidated joint ventures | (25,195) | (34,518) | 7,311 | ||
Joint venture | |||||
Assets | |||||
Commercial real estate property, net | 16,143,880 | 14,349,628 | |||
Cash and restricted cash | 357,076 | 336,189 | |||
Tenant and other receivables, related party receivables, and deferred rents receivable | 403,883 | 371,065 | |||
Other assets | 2,001,612 | 2,039,429 | |||
Total assets | 18,906,451 | 17,096,311 | |||
Liabilities and equity | |||||
Mortgages and other loans payable, net | 9,749,204 | 8,951,869 | |||
Deferred revenue | 1,341,571 | 1,501,616 | |||
Lease liabilities | 1,002,563 | 897,380 | |||
Other liabilities | 464,107 | 308,304 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,349,006 | 5,437,142 | |||
Total liabilities and equity/capital | 18,906,451 | 17,096,311 | |||
Company's investments in unconsolidated joint ventures | 3,823,322 | ||||
Combined statements of income for the unconsolidated joint ventures | |||||
Total revenues | 1,133,217 | 1,163,534 | 1,244,804 | ||
Operating expenses | 180,201 | 202,881 | 219,440 | ||
Real estate taxes | 220,633 | 212,355 | 226,961 | ||
Operating lease, rent | 24,134 | 24,816 | 18,697 | ||
Interest expense before capitalized interest | 325,500 | 372,408 | 363,055 | ||
Amortization of deferred financing costs | 20,427 | 19,336 | 21,634 | ||
Transaction related costs | 0 | 0 | 0 | ||
Depreciation and amortization | 407,834 | 407,697 | 421,458 | ||
Total expenses | 1,178,729 | 1,239,493 | 1,271,245 | ||
Loss on early extinguishment of debt | (194) | (1,031) | 0 | ||
Net income | (45,706) | (76,990) | (26,441) | ||
Company's equity in net (loss) income from unconsolidated joint ventures | (25,195) | (34,518) | 7,311 | ||
Management Service, Base | Joint venture | |||||
Investment in Unconsolidated Joint Ventures | |||||
Management fees, base revenue | $ 15,800 | $ 13,000 | $ 14,200 | ||
[1] | (1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $41.2 million and $205.2 million of land, $57.9 million and $481.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $37.8 million and $61.7 million of right of use assets, $10.3 million and $17.6 million of accumulated depreciation, $289.5 million and $169.5 million of other assets included in other line items, $94.0 million and $457.1 million of real estate debt, net, $0.7 million and $1.2 million of accrued interest payable, $29.9 million and $57.7 million of lease liabilities, and $56.6 million and $43.7 million of other liabilities included in other line items as of December 31, 2020 and December 31, 2019, respectively. |
Deferred Costs (Details)
Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred leasing costs | $ 447,002 | $ 466,136 |
Less: accumulated amortization | (269,834) | (260,853) |
Deferred costs, net | $ 177,168 | $ 205,283 |
Mortgages and Other Loans Pay_3
Mortgages and Other Loans Payable (Details) | Jan. 21, 2021 | Jun. 30, 2020 | Aug. 31, 2019 | Dec. 31, 2020USD ($)extension | Jan. 31, 2020 | Dec. 31, 2019USD ($) | Apr. 30, 2018USD ($) | Mar. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||
Total fixed rate debt | $ 1,083,683,000 | $ 1,383,449,000 | ||||||
Total floating rate debt | 917,677,000 | 828,434,000 | ||||||
Total mortgages and other loans payable | 2,001,360,000 | 2,211,883,000 | ||||||
Deferred financing costs, net of amortization | (21,388,000) | (28,630,000) | ||||||
Total mortgages and other loans payable | 1,979,972,000 | 2,183,253,000 | ||||||
Book value of collateral | 2,500,000,000 | 3,300,000,000 | ||||||
Outstanding under line of credit facility | 105,262,000 | 234,013,000 | ||||||
762 Madison Avenue | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest acquired | 10.00% | |||||||
FHLB Facility, January 2021, 1 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | $ 10,000,000 | 0 | ||||||
FHLB Facility, January 2021, 1 | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, floating rate debt (as a percent) | 0.28% | |||||||
FHLB Facility, January 2021, 2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | $ 15,000,000 | 0 | ||||||
FHLB Facility, January 2021, 2 | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, floating rate debt (as a percent) | 0.23% | |||||||
FHLB Facility January 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | $ 35,000,000 | 0 | ||||||
FHLB Facility January 2021 | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, floating rate debt (as a percent) | 0.18% | |||||||
2017 Master Repurchase Agreement 2017 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | $ 0 | 152,684,000 | ||||||
Maximum facility capacity | $ 400,000,000 | $ 400,000,000 | $ 300,000,000 | |||||
Number of extension option | 1 year | 1 year | ||||||
Outstanding under line of credit facility | $ 0 | |||||||
FHLB Facility January 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | 0 | 10,000,000 | ||||||
FHLB Facility June 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | 0 | 15,000,000 | ||||||
FHLB Facility February 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | 0 | 14,500,000 | ||||||
100 Church Street | ||||||||
Debt Instrument [Line Items] | ||||||||
Total fixed rate debt | $ 204,875,000 | 209,296,000 | ||||||
100 Church Street | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, fixed rate debt (as a percent) | 4.68% | |||||||
420 Lexington Avenue | ||||||||
Debt Instrument [Line Items] | ||||||||
Total fixed rate debt | $ 294,035,000 | 299,165,000 | ||||||
420 Lexington Avenue | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, fixed rate debt (as a percent) | 3.99% | |||||||
Landmark Square | ||||||||
Debt Instrument [Line Items] | ||||||||
Total fixed rate debt | $ 100,000,000 | 100,000,000 | ||||||
Landmark Square | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, fixed rate debt (as a percent) | 4.90% | |||||||
485 Lexington Avenue | ||||||||
Debt Instrument [Line Items] | ||||||||
Total fixed rate debt | $ 450,000,000 | 450,000,000 | ||||||
485 Lexington Avenue | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, fixed rate debt (as a percent) | 4.25% | |||||||
1080 Amsterdam Avenue | ||||||||
Debt Instrument [Line Items] | ||||||||
Total fixed rate debt | $ 34,773,000 | 35,123,000 | ||||||
Total fixed rate debt | 33,900,000 | |||||||
Subordinate loan | $ 900,000 | |||||||
1080 Amsterdam Avenue | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, fixed rate debt (as a percent) | 3.59% | |||||||
Term (in Years) | 5 years | |||||||
1080 Amsterdam Avenue | Mortgage loan | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, fixed rate debt (as a percent) | 350.00% | |||||||
1080 Amsterdam Avenue | Senior Subordinated Loans | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, fixed rate debt (as a percent) | 700.00% | |||||||
400 East 58th Street | ||||||||
Debt Instrument [Line Items] | ||||||||
Total fixed rate debt | $ 0 | 39,094,000 | ||||||
762 Madison Avenue | ||||||||
Debt Instrument [Line Items] | ||||||||
Total fixed rate debt | 0 | 771,000 | ||||||
315 West 33rd Street - The Olivia | ||||||||
Debt Instrument [Line Items] | ||||||||
Total fixed rate debt | 250,000,000 | |||||||
133 Greene Street | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | $ 15,523,000 | 15,523,000 | ||||||
133 Greene Street | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, floating rate debt (as a percent) | 2.00% | |||||||
106 Spring Street | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | $ 38,025,000 | 38,025,000 | ||||||
106 Spring Street | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, floating rate debt (as a percent) | 2.50% | |||||||
609 Fifth Avenue | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | $ 57,651,000 | 53,773,000 | ||||||
609 Fifth Avenue | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, floating rate debt (as a percent) | 2.40% | |||||||
185 Broadway | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | $ 158,478,000 | 120,110,000 | ||||||
185 Broadway | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, floating rate debt (as a percent) | 2.85% | |||||||
712 Madison Avenue | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | $ 28,000,000 | 28,000,000 | ||||||
712 Madison Avenue | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, floating rate debt (as a percent) | 1.85% | |||||||
East 220 Street 42 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | $ 510,000,000 | 0 | ||||||
East 220 Street 42 | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, floating rate debt (as a percent) | 2.75% | |||||||
719 Seventh Avenue | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | $ 50,000,000 | 50,000,000 | ||||||
719 Seventh Avenue | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, floating rate debt (as a percent) | 1.20% | |||||||
410 Tenth Avenue | ||||||||
Debt Instrument [Line Items] | ||||||||
Total floating rate debt | $ 0 | $ 330,819,000 | ||||||
Construction Loans | 185 Broadway | ||||||||
Debt Instrument [Line Items] | ||||||||
Term (in Years) | 3 years | |||||||
Maximum facility capacity | $ 225,000,000 | |||||||
Number of extension options | extension | 2 | |||||||
Period of extension option | 1 year | |||||||
LIBOR Plus 21 Basis Points | Ticonderoga | ||||||||
Debt Instrument [Line Items] | ||||||||
FHLB advances | $ 60,000,000 | |||||||
LIBOR Plus 21 Basis Points | Ticonderoga | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate added to base rate (as a percent) | 21.00% | |||||||
115 Spring Street | ||||||||
Debt Instrument [Line Items] | ||||||||
Ownership percentage in disposed asset | 49.00% | |||||||
Deconsolidation of ownership interest percentage | 51.00% | |||||||
Subsequent Event | FHLB Facility January 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, fixed rate debt (as a percent) | 39.00% | |||||||
Period of extension option | 1 month |
Corporate Indebtedness - Additi
Corporate Indebtedness - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)extension | Dec. 31, 2019USD ($) | |
Corporate Indebtedness | ||
Outstanding under line of credit facility | $ 105,262,000 | $ 234,013,000 |
Long-term debt | $ 1,979,972,000 | 2,183,253,000 |
Revolving credit facility | ||
Corporate Indebtedness | ||
Facility fee (as a percent) | 20.00% | |
Outstanding under line of credit facility | $ 110,000,000 | |
Revolving credit facility | Minimum | ||
Corporate Indebtedness | ||
Facility fee (as a percent) | 12.50% | |
Revolving credit facility | Maximum | ||
Corporate Indebtedness | ||
Facility fee (as a percent) | 30.00% | |
2012 Credit Facility | ||
Corporate Indebtedness | ||
Credit facility, maximum borrowing capacity | $ 1,500,000,000 | |
Letters of credit | 26,000,000 | |
Ability to borrow under line of credit facility | 1,400,000,000 | |
Line of Credit | Term loan | ||
Corporate Indebtedness | ||
Long-term debt | 1,500,000,000 | 1,500,000,000 |
Line of Credit | 2012 Credit Facility | ||
Corporate Indebtedness | ||
Long-term debt | 105,300,000 | $ 234,000,000 |
Term loan | Term Loan A, Maturity March 31, 2023 | ||
Corporate Indebtedness | ||
Credit facility, maximum borrowing capacity | $ 1,300,000,000 | |
Term loan | Term Loan A, Maturity March 31, 2023 | LIBOR | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 110.00% | |
Term loan | Term Loan A, Maturity March 31, 2023 | LIBOR | Minimum | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 90.00% | |
Term loan | Term Loan A, Maturity March 31, 2023 | LIBOR | Maximum | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 175.00% | |
Term loan | Term Loan B, Maturity November 21, 2024 | ||
Corporate Indebtedness | ||
Credit facility, maximum borrowing capacity | $ 200,000,000 | |
Term loan | Term Loan B, Maturity November 21, 2024 | LIBOR | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 100.00% | |
Term loan | Term Loan B, Maturity November 21, 2024 | LIBOR | Minimum | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 85.00% | |
Term loan | Term Loan B, Maturity November 21, 2024 | LIBOR | Maximum | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 165.00% | |
Revolving credit facility | Line of Credit | Revolving Credit Facility, Maturity March 31, 2022 | ||
Corporate Indebtedness | ||
Credit facility, maximum borrowing capacity | $ 1,500,000,000 | |
Number of extensions | extension | 2 | |
Term of extension | 6 months | |
Maximum borrowing capacity, optional expansion | $ 4,500,000,000 | |
Revolving credit facility | Line of Credit | Revolving Credit Facility, Maturity March 31, 2022 | LIBOR | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 100.00% | |
Revolving credit facility | Line of Credit | Revolving Credit Facility, Maturity March 31, 2022 | LIBOR | Minimum | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 82.50% | |
Revolving credit facility | Line of Credit | Revolving Credit Facility, Maturity March 31, 2022 | LIBOR | Maximum | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 155.00% |
Corporate Indebtedness - Senior
Corporate Indebtedness - Senior Unsecured Notes (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Dec. 31, 2020 | Apr. 30, 2020 | Dec. 31, 2019 | |
Debt disclosures by scheduled maturity date | ||||
Accreted Balance | $ 1,248,219,000 | $ 1,496,847,000 | ||
Deferred financing costs, net | (21,388,000) | (28,630,000) | ||
Senior unsecured notes maturing August 2021 | Interest Rate Swap [Member] | ||||
Debt disclosures by scheduled maturity date | ||||
Notional amount | $ 350,000,000 | |||
Derivative, fixed interest rate | 0.54375% | |||
Senior Unsecured Bonds | 4.50% Senior Unsecured Bonds Due December 2022 | ||||
Debt disclosures by scheduled maturity date | ||||
Coupon Rate (as a percent) | 4.50% | |||
Face amount of loan | $ 100,000,000 | |||
Redemption price, percentage | 105.334% | |||
Senior unsecured notes | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 1,250,000,000 | |||
Accreted Balance | 1,251,889,000 | 1,502,837,000 | ||
Deferred financing costs, net | (3,670,000) | (5,990,000) | ||
Senior notes, net of deferred finance costs | 1,248,219,000 | 1,496,847,000 | ||
Senior unsecured notes | Senior unsecured notes maturing August 2021 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 350,000,000 | |||
Accreted Balance | $ 350,000,000 | 350,000,000 | ||
Coupon Rate (as a percent) | 1.52% | |||
Initial Term (in Years) | 3 years | |||
Redemption price, percentage | 100.00% | |||
Senior unsecured notes | 3.25% Senior unsecured notes maturing October 2022 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | $ 500,000,000 | |||
Accreted Balance | $ 499,803,000 | 499,695,000 | ||
Coupon Rate (as a percent) | 3.25% | |||
Initial Term (in Years) | 5 years | |||
Senior unsecured notes | 4.50% Senior unsecured notes maturing on December 1, 2022 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | $ 300,000,000 | |||
Accreted Balance | $ 302,086,000 | 303,142,000 | ||
Coupon Rate (as a percent) | 4.50% | |||
Initial Term (in Years) | 10 years | |||
Senior unsecured notes | 4.27% Senior unsecured notes maturing on December 17, 2025 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | $ 100,000,000 | |||
Accreted Balance | $ 100,000,000 | 100,000,000 | ||
Coupon Rate (as a percent) | 4.27% | |||
Initial Term (in Years) | 10 years | |||
Senior unsecured notes | Senior Unsecured Note Due March 16, 2020 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | $ 0 | |||
Accreted Balance | $ 0 | $ 250,000,000 |
Corporate Indebtedness - Junior
Corporate Indebtedness - Junior Subordinated Deferrable Interest Debentures and Principal Maturities (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2005 | Dec. 31, 2020 | |
Principal Repayments and Joint Venture Debt | ||
2021 | $ 660,727,000 | |
2022 | 1,064,202,000 | |
2023 | 1,976,599,000 | |
2024 | 478,034,000 | |
2025 | 100,829,000 | |
Thereafter | 680,969,000 | |
Repayments of principal | $ 4,961,360,000 | |
Trust Preferred Securities | ||
Debt Instrument [Line Items] | ||
Proceeds from issuance of debt | $ 100,000,000 | |
Trust Preferred Securities | LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate added to base rate (as a percent) | 125.00% | |
Joint venture | ||
Principal Repayments and Joint Venture Debt | ||
2021 | $ 1,085,279,000 | |
2022 | 540,947,000 | |
2023 | 491,066,000 | |
2024 | 617,010,000 | |
2025 | 1,385,256,000 | |
Thereafter | 552,813,000 | |
Repayments of principal | 4,672,371,000 | |
Joint venture | Mortgages and other loans payable | ||
Scheduled Amortization | ||
2021 | 10,700,000 | |
2022 | 8,767,000 | |
2023 | 6,599,000 | |
2024 | 5,285,000 | |
2025 | 829,000 | |
Thereafter | 930,000 | |
Future Amortization of Debt | 33,110,000 | |
Principal Repayments and Joint Venture Debt | ||
2021 | 300,027,000 | |
2022 | 255,435,000 | |
2023 | 560,000,000 | |
2024 | 272,749,000 | |
2025 | 0 | |
Thereafter | 580,039,000 | |
Repayments of principal | 1,968,250,000 | |
Joint venture | Trust Preferred Securities | ||
Principal Repayments and Joint Venture Debt | ||
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 100,000,000 | |
Repayments of principal | 100,000,000 | |
Joint venture | Revolving Credit Facility | ||
Principal Repayments and Joint Venture Debt | ||
2021 | 0 | |
2022 | 0 | |
2023 | 110,000,000 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Repayments of principal | 110,000,000 | |
Joint venture | Unsecured Term Loans | ||
Principal Repayments and Joint Venture Debt | ||
2021 | 0 | |
2022 | 0 | |
2023 | 1,300,000,000 | |
2024 | 200,000,000 | |
2025 | 0 | |
Thereafter | 0 | |
Repayments of principal | 1,500,000,000 | |
Joint venture | Senior Unsecured Notes | ||
Principal Repayments and Joint Venture Debt | ||
2021 | 350,000,000 | |
2022 | 800,000,000 | |
2023 | 0 | |
2024 | 0 | |
2025 | 100,000,000 | |
Thereafter | 0 | |
Repayments of principal | $ 1,250,000,000 |
Corporate Indebtedness - Schedu
Corporate Indebtedness - Schedule of Consolidated Interest Expense, Excluding Capitalized Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest expense | |||
Interest expense before capitalized interest | $ 185,934 | $ 246,848 | $ 236,719 |
Interest on financing leases | 8,091 | 3,243 | 8,069 |
Interest capitalized | (75,167) | (55,446) | (34,162) |
Interest income | (2,179) | (4,124) | (1,957) |
Interest expense, net | $ 116,679 | $ 190,521 | $ 208,669 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||||
Operating expenses, paid to related parties | $ 12,643 | $ 18,106 | $ 17,823 | ||
Amounts due from/to related parties | |||||
Due from joint ventures | 27,006 | 9,352 | |||
Other | 7,651 | 11,769 | |||
Related party receivables | 34,657 | 21,121 | |||
Alliance Building Services | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Profit participation from related party | 1,400 | 3,900 | 3,900 | ||
Operating expenses, paid to related parties | 13,300 | 18,800 | 18,800 | ||
Stephen L Green Interest | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Property management fees from related party | $ 600 | $ 600 | $ 600 | ||
Marc Holliday, Chairman And CEO | One Vanderbilt | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related party | $ 1,400 | ||||
Marc Holliday, Chairman And CEO | One Vanderbilt | Minimum | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Percentage of profits due to investors | 150.00% | ||||
Marc Holliday, Chairman And CEO | One Vanderbilt | Maximum | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Percentage of profits due to investors | 180.00% | ||||
Andrew Mathias, President | One Vanderbilt | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related party | $ 1,000 | ||||
Andrew Mathias, President | One Vanderbilt | Minimum | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Percentage of profits due to investors | 100.00% | ||||
Andrew Mathias, President | One Vanderbilt | Maximum | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Percentage of profits due to investors | 120.00% | ||||
Holiday And Mathias | One Vanderbilt | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Stabilization of property, within three years after stabilization, percent | 5000.00% | ||||
Stabilization of property, three years or more after stabilization, percent | 10000.00% | ||||
Stabilization of property, anniversary period | 7 years |
Noncontrolling Interests on t_3
Noncontrolling Interests on the Company's Consolidated Financial Statements - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2019USD ($)unit | Dec. 31, 2018USD ($) | |
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Distributions | $ | $ (78,855) | $ (478) | $ (8,364) |
Acquisition of subsidiary interest from noncontrolling interest | $ | (1,536) | (25,845) | |
Net income | $ | 20,016 | 13,301 | 12,216 |
Accumulated other comprehensive loss allocation | $ | $ (2,299) | (2,276) | (66) |
Series B Preferred Stock | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Preferred units, issued (in shares) | 0 | ||
SL Green Operating Partnership | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Balance at beginning of period | $ | $ 409,862 | 387,805 | |
Distributions | $ | (12,652) | (14,729) | |
Issuance of common units | $ | 12,018 | 19,403 | |
Acquisition of subsidiary interest from noncontrolling interest | $ | (36,085) | (27,962) | |
Net income | $ | 20,016 | 13,301 | |
Accumulated other comprehensive loss allocation | $ | (2,299) | (2,276) | |
Fair value adjustment | $ | (32,598) | 34,320 | |
Balance at end of period | $ | $ 358,262 | $ 409,862 | 387,805 |
SL Green Operating Partnership | |||
Organization | |||
Number of units of operating partnership owned by the noncontrolling interest unit holders (shares) | 3,938,823 | 4,195,875 | |
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | 3,938,823 | ||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Distributions | $ | $ (78,855) | $ (478) | (8,364) |
Acquisition of subsidiary interest from noncontrolling interest | $ | (1,536) | (25,845) | |
Accumulated other comprehensive loss allocation | $ | $ (2,299) | $ (2,276) | $ (66) |
SL Green Operating Partnership | Operating Partnership | |||
Organization | |||
Noncontrolling interest in the operating partnership (as a percent) | 5.44% | 5.17% | |
SL Green Operating Partnership | Series A Preferred Units | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Stated Distribution Rate | 3.50% | ||
Preferred Units, shares authorized (in shares) | 109,161 | ||
Number of preferred units issued (in shares) | 109,161 | ||
Number of Units Outstanding (in shares) | 109,161 | ||
Annual dividends on preferred units (in dollars per share) | $ / shares | $ 35 | ||
Liquidation preference of preferred units (in dollars per share) | $ / shares | 1,000 | ||
Conversion Price Per Unit (in dollars per share) | $ / shares | $ 0 | ||
Number of company common stock issued on conversion of Series B preferred units | 6.71348 | ||
SL Green Operating Partnership | Series F Preferred Units | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Stated Distribution Rate | 7.00% | ||
Preferred Units, shares authorized (in shares) | 60 | ||
Number of preferred units issued (in shares) | 60 | ||
Number of Units Outstanding (in shares) | 60 | ||
Annual dividends on preferred units (in dollars per share) | $ / shares | $ 70 | ||
Liquidation preference of preferred units (in dollars per share) | $ / shares | 1,000 | ||
Conversion Price Per Unit (in dollars per share) | $ / shares | $ 29.12 | ||
SL Green Operating Partnership | Series G Preferred Units | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Stated Distribution Rate | 4.50% | ||
Preferred Units, shares authorized (in shares) | 1,902,000 | ||
Number of preferred units issued (in shares) | 1,902,000 | ||
Number of Units Outstanding (in shares) | 863,972 | ||
Annual dividends on preferred units (in dollars per share) | $ / shares | $ 1.1250 | ||
Liquidation preference of preferred units (in dollars per share) | $ / shares | 25 | ||
Conversion Price Per Unit (in dollars per share) | $ / shares | $ 88.50 | ||
Number of company common stock issue on redemption of operation partnership common units | 1 | ||
SL Green Operating Partnership | Series K Preferred Units | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Stated Distribution Rate | 3.50% | ||
Preferred Units, shares authorized (in shares) | 700,000 | ||
Number of preferred units issued (in shares) | 563,954 | ||
Number of Units Outstanding (in shares) | 341,677 | ||
Annual dividends on preferred units (in dollars per share) | $ / shares | $ 0.8750 | ||
Liquidation preference of preferred units (in dollars per share) | $ / shares | 25 | ||
Conversion Price Per Unit (in dollars per share) | $ / shares | $ 134.67 | ||
SL Green Operating Partnership | Series L Preferred Units | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Stated Distribution Rate | 4.00% | ||
Preferred Units, shares authorized (in shares) | 500,000 | ||
Number of preferred units issued (in shares) | 378,634 | ||
Number of Units Outstanding (in shares) | 372,634 | ||
Annual dividends on preferred units (in dollars per share) | $ / shares | $ 1 | ||
Liquidation preference of preferred units (in dollars per share) | $ / shares | 25 | ||
Conversion Price Per Unit (in dollars per share) | $ / shares | $ 0 | ||
SL Green Operating Partnership | Series M Preferred Units | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Stated Distribution Rate | 3.75% | ||
Preferred Units, shares authorized (in shares) | 1,600,000 | ||
Number of preferred units issued (in shares) | 1,600,000 | ||
Number of Units Outstanding (in shares) | 96,357 | ||
Annual dividends on preferred units (in dollars per share) | $ / shares | $ 0.9375 | ||
Liquidation preference of preferred units (in dollars per share) | $ / shares | 25 | ||
Conversion Price Per Unit (in dollars per share) | $ / shares | $ 0 | ||
SL Green Operating Partnership | Series P Preferred Units | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Stated Distribution Rate | 4.00% | ||
Preferred Units, shares authorized (in shares) | 200,000 | ||
Number of preferred units issued (in shares) | 200,000 | ||
Number of Units Outstanding (in shares) | 200,000 | ||
Annual dividends on preferred units (in dollars per share) | $ / shares | $ 1 | ||
Liquidation preference of preferred units (in dollars per share) | $ / shares | 25 | ||
Conversion Price Per Unit (in dollars per share) | $ / shares | $ 0 | ||
SL Green Operating Partnership | Series Q Preferred Units | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Stated Distribution Rate | 3.50% | ||
Preferred Units, shares authorized (in shares) | 268,000 | ||
Number of preferred units issued (in shares) | 268,000 | ||
Number of Units Outstanding (in shares) | 268,000 | ||
Annual dividends on preferred units (in dollars per share) | $ / shares | $ 0.8750 | ||
Liquidation preference of preferred units (in dollars per share) | $ / shares | 25 | ||
Conversion Price Per Unit (in dollars per share) | $ / shares | $ 148.95 | ||
SL Green Operating Partnership | Series R Preferred Units | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Stated Distribution Rate | 3.50% | ||
Preferred Units, shares authorized (in shares) | 400,000 | ||
Number of preferred units issued (in shares) | 400,000 | ||
Number of Units Outstanding (in shares) | 400,000 | ||
Annual dividends on preferred units (in dollars per share) | $ / shares | $ 0.8750 | ||
Liquidation preference of preferred units (in dollars per share) | $ / shares | 25 | ||
Conversion Price Per Unit (in dollars per share) | $ / shares | $ 154.89 | ||
SL Green Operating Partnership | Series S Preferred Units | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Stated Distribution Rate | 4.00% | ||
Preferred Units, shares authorized (in shares) | 1,077,280 | ||
Number of preferred units issued (in shares) | 1,077,280 | ||
Number of Units Outstanding (in shares) | 1,077,280 | ||
Annual dividends on preferred units (in dollars per share) | $ / shares | $ 1 | ||
Liquidation preference of preferred units (in dollars per share) | $ / shares | 25 | ||
Conversion Price Per Unit (in dollars per share) | $ / shares | $ 0 | ||
SL Green Operating Partnership | Series V Preferred Stock | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Stated Distribution Rate | 3.50% | ||
Preferred Units, shares authorized (in shares) | 40,000 | ||
Number of preferred units issued (in shares) | 40,000 | ||
Number of Units Outstanding (in shares) | 40,000 | ||
Annual dividends on preferred units (in dollars per share) | $ / shares | $ 0.8750 | ||
Liquidation preference of preferred units (in dollars per share) | $ / shares | 25 | ||
Conversion Price Per Unit (in dollars per share) | $ / shares | $ 0 | ||
SL Green Operating Partnership | Series W | |||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | |||
Preferred Units, shares authorized (in shares) | 1 | ||
Number of preferred units issued (in shares) | 1 | ||
Number of Units Outstanding (in shares) | 1 | ||
Annual dividends on preferred units (in dollars per share) | $ / shares | $ (6) | ||
Preferred stock, dividend, multiplier per common unit distribution | 1,350 |
Noncontrolling Interests on t_4
Noncontrolling Interests on the Company's Consolidated Financial Statements - Preferred Unit Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Rollforward Analysis of Preferred Unit Activity | ||
Redemption of preferred units | $ (1,536) | $ (25,845) |
SL Green Operating Partnership | ||
Rollforward Analysis of Preferred Unit Activity | ||
Redemption of preferred units | (1,536) | (25,845) |
SL Green Operating Partnership | Preferred Units | ||
Rollforward Analysis of Preferred Unit Activity | ||
Balance at beginning of period | 283,285 | 300,427 |
Issuance of preferred units | 0 | 1,000 |
Redemption of preferred units | (82,750) | (18,142) |
Accrued dividends on preferred units | 1,634 | 0 |
Balance at end of period | $ 202,169 | $ 283,285 |
Stockholders' Equity of the C_3
Stockholders' Equity of the Company - Additional Information (Details) | Jan. 21, 2021 | Jan. 20, 2021 | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017shares | |
Class of Stock [Line Items] | ||||||||||
Authorized capital stock (in shares) | 260,000,000 | 260,000,000 | ||||||||
Authorized shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 | 160,000,000 | 160,000,000 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Excess stock, shares authorized (shares) | 75,000,000 | 75,000,000 | ||||||||
Excess stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Preferred stock, shares authorized (shares) | 25,000,000 | 25,000,000 | ||||||||
Preferred stock, par (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Excess shares issued (shares) | 0 | 0 | ||||||||
Cash distribution declared, per common share (in dollars per share) | $ / shares | $ 0.3122 | $ 0.9108 | $ 0.8748 | $ 4.7908 | 3.5352 | $ 3.3834 | ||||
SL Green Operating Partnership | ||||||||||
Class of Stock [Line Items] | ||||||||||
Cash distribution declared, per common share (in dollars per share) | $ / shares | $ 4.7908 | $ 3.5352 | $ 3.3834 | |||||||
Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares, outstanding (in shares) | [1] | 68,508,000 | 76,956,000 | 81,311,000 | 68,508,000 | 76,956,000 | 81,311,000 | 90,172,000 | ||
Common Stock | Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Reverse stock split conversion ratio | 1.02918 | 1.02918 | ||||||||
Common Stock | SL Green Operating Partnership | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares, outstanding (in shares) | 68,508,127 | 68,508,127 | ||||||||
[1] | On January 21, 2021, we completed a reverse stock split whereby every 1.02918 SL Green common share was combined into 1 SL Green common share. We have retroactively adjusted the outstanding share counts, share activity, cash distributions declared, and earnings per share, as if the reverse split occurred on December 31, 2017. |
Stockholders' Equity of the C_4
Stockholders' Equity of the Company - Stock Repurchase Program (Details) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020USD ($)shares | Dec. 31, 2020USD ($)increase$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Jun. 30, 2018USD ($) | Aug. 31, 2016USD ($) | |
Class of Stock [Line Items] | |||||||
Number of shares purchased (in shares) | 8,538,995 | 4,465,857 | 9,468,617 | 8,105,881 | |||
Maximum approximate dollar value of shares that may yet be purchased under the plan | $ / shares | $ 62.39 | $ 86.06 | $ 99.03 | $ 104.61 | |||
2016 Repurchase Program | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 1,000,000,000 |
Number of increases to share repurchase program | increase | 5 | ||||||
Stock repurchase program, authorized amount, total | $ | $ 3,500,000,000 | $ 3,500,000,000 | |||||
Number of shares purchased (in shares) | 30,579,350 | 22,040,355 | 17,574,498 | 8,105,881 | |||
Settled In January 2021 | |||||||
Class of Stock [Line Items] | |||||||
Number of shares purchased (in shares) | 63,374 |
Stockholders' Equity of the C_5
Stockholders' Equity of the Company - At-the-Market Equity Offering Program and Perpetual Preferred Stock (Details) - Series I Preferred Stock - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2012 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity | |||
Preferred stock, shares outstanding (in shares) | 9,200,000 | 9,200,000 | 9,200,000 |
Dividend rate preferred units (as a percent) | 6.50% | 6.50% | |
Perpetual Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 | |
Perpetual Preferred stock, annual dividends per share (in dollars per share) | $ 1.625 | ||
Contributions of net proceeds from sale of preferred stock | $ 221.9 |
Stockholders' Equity of the C_6
Stockholders' Equity of the Company - Schedule of Common Stock Issued and Proceeds Received Dividend Reinvestments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 28, 2018 | |
Stockholders' Equity | ||||
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 | ||
Dividend Reinvestment and Stock Purchase Plan (DRIP) | ||||
Stockholders' Equity | ||||
Common stock, shares authorized (in shares) | 3,500,000 | |||
Issuance of common stock (in shares) | 16,676 | 3,757 | 1,359 | |
Dividend reinvestments/stock purchases under the DRSPP | $ 1,006 | $ 334 | $ 136 |
Stockholders' Equity of the C_7
Stockholders' Equity of the Company - Earnings per Share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic Earnings: | |||
Income attributable to SL Green common stockholders | $ 356,105 | $ 255,484 | $ 232,312 |
Net income attributable to SL Green common stockholders (numerator for basic earnings per share) | 354,335 | 253,782 | 231,270 |
Effect of Dilutive Securities: | |||
Add back: Dilutive effect of earnings allocated to participating securities | 1,770 | 1,702 | 1,042 |
Add back: Effect of dilutive securities (redemption of units to common shares) | 20,016 | 13,301 | 12,216 |
Diluted Earnings: | |||
Income attributable to SL Green common stockholders (numerator for diluted earnings per share) | $ 376,121 | $ 268,785 | $ 244,528 |
Basic Shares: | |||
Weighted average common stock outstanding (in shares) | 72,552,000 | 79,415,000 | 84,090,000 |
Effect of Dilutive Securities: | |||
Operating Partnership units redeemable for common shares (in shares) | 4,096,000 | 4,275,000 | 4,562,000 |
Stock-based compensation plans (in shares) | 440,000 | 544,000 | 419,000 |
Contingently issuable shares from special dividend declared December 4, 2020 (in shares) | 155,000 | 0 | 0 |
Diluted weighted average common stock outstanding (in shares) | 77,243,000 | 84,234,000 | 89,071,000 |
Common stock shares excluded from the diluted shares outstanding (shares) | 1,728,136 | 1,217,153 | 1,106,363 |
Partners' Capital of the Oper_3
Partners' Capital of the Operating Partnership - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2020shares | Dec. 31, 2019unitshares | Dec. 31, 2018shares | Dec. 31, 2017shares | ||
Common Stock | |||||
Stockholders' Equity | |||||
Units, outstanding | [1] | 68,508,000 | 76,956,000 | 81,311,000 | 90,172,000 |
SL Green Operating Partnership | |||||
Stockholders' Equity | |||||
Number of units of operating partnership owned by the noncontrolling interest unit holders (units) | 3,938,823 | 4,195,875 | |||
SL Green Operating Partnership | Series I Preferred Units | |||||
Stockholders' Equity | |||||
Units, outstanding | 9,200,000 | ||||
Common units redemption, period of restriction | 1 year | ||||
Conversion of stock, shares issued (in shares) | 1 | ||||
SL Green Operating Partnership | Common Stock | |||||
Stockholders' Equity | |||||
Units, outstanding | 68,508,127 | ||||
[1] | On January 21, 2021, we completed a reverse stock split whereby every 1.02918 SL Green common share was combined into 1 SL Green common share. We have retroactively adjusted the outstanding share counts, share activity, cash distributions declared, and earnings per share, as if the reverse split occurred on December 31, 2017. |
Partners' Capital of the Oper_4
Partners' Capital of the Operating Partnership - EPS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator | |||
Net income attributable to SL Green common stockholders (numerator for basic earnings per share) | $ 354,335 | $ 253,782 | $ 231,270 |
Add back: Dilutive effect of earnings allocated to participating securities | $ 1,770 | $ 1,702 | $ 1,042 |
Denominator | |||
Weighted average common stock outstanding (in shares) | 72,552,000 | 79,415,000 | 84,090,000 |
Diluted weighted average common stock outstanding (in shares) | 77,243,000 | 84,234,000 | 89,071,000 |
Common stock shares excluded from the diluted shares outstanding (shares) | 1,728,136 | 1,217,153 | 1,106,363 |
SL Green Operating Partnership | |||
Numerator | |||
Net income attributable to SLGOP common unitholders | $ 376,121 | $ 268,785 | $ 244,528 |
Less: distributed earnings allocated to participating securities | (1,687) | (1,702) | (1,042) |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | (83) | 0 | 0 |
Net income attributable to SL Green common stockholders (numerator for basic earnings per share) | 374,351 | 267,083 | 243,486 |
Add back: Dilutive effect of earnings allocated to participating securities | 1,770 | 1,702 | 1,042 |
Income attributable to SLGOP common unitholders | $ 376,121 | $ 268,785 | $ 244,528 |
Denominator | |||
Weighted average common stock outstanding (in shares) | 76,647,000 | 83,690,000 | 88,652,000 |
Stock-based compensation plans (shares) | 441,000 | 544,000 | 419,000 |
Contingently issuable units from special dividend declared December 4, 2020 (in shares) | 155,000 | 0 | 0 |
Diluted weighted average common stock outstanding (in shares) | 77,243,000 | 84,234,000 | 89,071,000 |
Common stock shares excluded from the diluted shares outstanding (shares) | 1,728,136 | 1,217,153 | 1,106,363 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)unit / sharesfungibleUnitshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options | $ 2,200,000 | $ 2,100,000 | $ 6,300,000 | |
Stock options, stock appreciation rights and other awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life of option (in years) | 5 years | |||
All other awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fungible units per share (in fungible units per share) | unit / shares | 1 | |||
Expected life of option (in years) | 10 years | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life of option (in years) | 3 years 6 months | |||
Period of commencement of option vesting, from date of grant (in years) | 1 year | |||
Remaining weighted average contractual life of the options outstanding (in years) | 2 years 2 months 12 days | |||
Remaining weighted average contractual life of the options exercisable (in years) | 2 years 2 months 12 days | |||
Total unrecognized compensation cost related to unvested stock awards | $ 0 | |||
Weighted average fair value of options granted during the period | $ 0 | 0 | $ 84,068 | |
Stock options | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period (in years) | 5 years | |||
Options vesting period (in years) | 1 year | |||
Stock options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period (in years) | 10 years | |||
Options vesting period (in years) | 5 years | |||
Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Annual award vesting rate, low end of range (as a percent) | 15.00% | |||
Annual award vesting rate, high end of range (as a percent) | 35.00% | |||
Class O LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred unit distributions as a percentage of common unit distributions | 10.00% | |||
Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 10,895,459 | 12,892,249 | 12,757,704 | |
Total unrecognized compensation cost related to unvested stock awards | $ 7,900,000 | |||
Weighted average period for recognition of compensation cost related to unvested stock awards (in years) | 1 year 4 months 24 days | |||
Fair value of restricted stock vested during the period | $ 12,500,000 | 12,100,000 | 9,800,000 | |
Weighted average fair value of options granted during the period | $ 734,315 | $ 11,131,181 | $ 13,440,503 | |
Awards granted (in shares) | shares | 8,959 | 122,768 | 158,281 | |
Awards outstanding (in shares) | shares | 3,439,674 | 3,465,347 | 3,354,142 | 3,204,703 |
LTIP units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average period for recognition of compensation cost related to unvested stock awards (in years) | 1 year 9 months 18 days | |||
Weighted average fair value of options granted during the period | $ 37,000,000 | $ 58,300,000 | ||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost related to unvested stock awards | 36,000,000 | |||
Share-based compensation | $ 29,400,000 | 22,200,000 | $ 24,400,000 | |
Employee Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for issuance (shares) | shares | 500,000 | |||
Duration of each offering period starting the first day of each calendar quarter (in months) | 3 months | |||
Shares of common stock available for issuance (shares) | 85.00% | |||
Shares of common stock issued (shares) | shares | 156,780 | |||
Fourth Amended and Restated 2003 Stock Option and Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum fungible units that may be granted (in shares) | fungibleUnit | 27,030,000 | |||
Fungible units per share (in fungible units per share) | unit / shares | 3.74 | |||
Shares that may be issued if equal to fungible units (shares) (less than) | shares | 27,030,000 | |||
Fungible units | fungibleUnit | 3,100,000 | |||
Stock options, stock appreciation rights and other awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fungible units per share (in fungible units per share) | unit / shares | 0.73 | |||
Third Amendment and Restated 2005 Stock Option and Incentive Plan | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 0 | $ 2,500,000 | $ 5,400,000 | |
Deferred Stock Compensation Plan for Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 2,300,000 | |||
Maximum percentage of the annual retainer fee, chairman fees and meeting fees that may be deferred by non-employee directors (percent) | 100.00% | |||
Awards granted (in shares) | shares | 20,753 | |||
Shares issued (in shares) | shares | 8,417 | |||
Awards outstanding (in shares) | shares | 140,775 |
Share-based Compensation - Acti
Share-based Compensation - Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Dividend yield (as a percent) | 2.85% | ||
Expected life of option (in years) | 3 years 6 months | ||
Risk-free interest rate (as a percent) | 2.48% | ||
Expected stock price volatility (as a percent) | 22.00% | ||
Options Outstanding | |||
Balance at beginning of year (in shares) | 1,007,665 | 1,104,780 | 1,504,809 |
Granted (in shares) | 0 | 0 | 5,830 |
Exercised (in shares) | 0 | 0 | (307,334) |
Lapsed or cancelled (in shares) | (222,670) | (97,115) | (98,525) |
Balance at end of period (in shares) | 784,995 | 1,007,665 | 1,104,780 |
Options exercisable at end of period (in shares) | 784,022 | 888,988 | 760,834 |
Weighted average fair value of options granted during the period | $ 0 | $ 0 | $ 84,068 |
Weighted Average Exercise Price | |||
Balance at beginning of year (in dollars per share) | $ 105.35 | $ 106.56 | $ 104.44 |
Granted (in dollars per share) | 0 | 0 | 100.77 |
Exercised (in dollars per share) | 0 | 0 | 92.85 |
Lapsed or cancelled (in dollars per share) | 114.97 | 119.19 | 116.52 |
Balance at end of period (in dollars per share) | 102.62 | 105.35 | 106.56 |
Options exercisable at end of period (in dollars per share) | $ 102.62 | $ 104.66 | $ 104.24 |
Restricted Stock Awards | |||
Options Outstanding | |||
Weighted average fair value of options granted during the period | $ 734,315 | $ 11,131,181 | $ 13,440,503 |
Summary of restricted stock | |||
Balance at beginning of year (in shares) | 3,465,347 | 3,354,142 | 3,204,703 |
Granted (in shares) | 8,959 | 122,768 | 158,281 |
Cancelled (in shares) | (34,632) | (11,563) | (8,842) |
Balance at end of period (in shares) | 3,439,674 | 3,465,347 | 3,354,142 |
Vested during the period (in shares) | 128,891 | 110,048 | 89,502 |
Compensation expense recorded | $ 10,895,459 | $ 12,892,249 | $ 12,757,704 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 4,935,795 | $ 5,517,198 | $ 5,947,855 | $ 4,935,795 | $ 5,517,198 | $ 6,589,454 |
Other comprehensive (loss) income before reclassifications | (57,361) | (43,495) | (2,304) | |||
Amounts reclassified from accumulated other comprehensive loss | 18,599 | (98) | (1,192) | |||
Ending Balance | 4,935,795 | 5,517,198 | 5,947,855 | |||
Deferred net losses from terminated hedges | (500) | (700) | ||||
Net unrealized (loss) gain on derivative instruments | ||||||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (57,415) | (22,780) | 9,716 | (57,415) | (22,780) | 12,542 |
Other comprehensive (loss) income before reclassifications | (48,532) | (32,723) | (2,252) | |||
Amounts reclassified from accumulated other comprehensive loss | 13,897 | 227 | (574) | |||
Ending Balance | (57,415) | (22,780) | 9,716 | |||
Net unrealized gain on marketable securities | ||||||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,021 | 2,277 | 1,093 | 1,021 | 2,277 | 1,042 |
Other comprehensive (loss) income before reclassifications | (1,256) | 1,184 | 51 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | |||
Ending Balance | 1,021 | 2,277 | 1,093 | |||
Accumulated Other Comprehensive Income | ||||||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (67,247) | (28,485) | 15,108 | (67,247) | (28,485) | 18,604 |
Ending Balance | (67,247) | (28,485) | 15,108 | |||
Joint venture | ||||||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,349,006 | 5,437,142 | 6,349,006 | 5,437,142 | ||
Ending Balance | 6,349,006 | 5,437,142 | ||||
Joint venture | Net unrealized (loss) gain on derivative instruments | ||||||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (10,853) | (7,982) | 4,299 | $ (10,853) | $ (7,982) | $ 5,020 |
Other comprehensive (loss) income before reclassifications | (7,573) | (11,956) | (103) | |||
Amounts reclassified from accumulated other comprehensive loss | 4,702 | (325) | (618) | |||
Ending Balance | $ (10,853) | $ (7,982) | $ 4,299 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020USD ($)retailAsset | May 31, 2018USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value of Financial Instruments | ||||||
Marketable securities | $ 28,570 | $ 28,570 | $ 29,887 | |||
Interest rate cap and swap agreements (included in other assets) | 28 | 28 | 4,419 | |||
Asset impairment loss | $ 221,900 | |||||
Purchase price and other fair value adjustment | 187,522 | 69,389 | $ 57,385 | |||
Debt and preferred equity investments | 1,076,542 | 1,076,542 | 1,580,306 | |||
2 Herald Square | ||||||
Fair Value of Financial Instruments | ||||||
Notes receivable | $ 250,500 | |||||
Interest receivable | 7,700 | |||||
Purchase price fair value adjustment | $ 8,100 | |||||
Carrying Value | ||||||
Fair Value of Financial Instruments | ||||||
Fixed rate debt | 3,135,572 | 3,135,572 | 3,536,286 | |||
Variable rate debt | 1,827,677 | 1,827,677 | 2,018,434 | |||
Total | 4,963,249 | 4,963,249 | 5,554,720 | |||
Fair Value | ||||||
Fair Value of Financial Instruments | ||||||
Marketable securities | 28,570 | 28,570 | 29,887 | |||
Total | 5,059,815 | 5,059,815 | 5,661,484 | |||
Estimated fair value of debt and preferred equity investments, low end of range | 1,000,000 | 1,000,000 | 1,600,000 | |||
Estimated fair value of debt and preferred equity investments, high end of range | 1,100,000 | 1,100,000 | 1,700,000 | |||
Level 1 | ||||||
Fair Value of Financial Instruments | ||||||
Interest rate cap and swap agreements (included in other assets) | 0 | 0 | 0 | |||
Level 2 | ||||||
Fair Value of Financial Instruments | ||||||
Interest rate cap and swap agreements (included in other assets) | 28 | 28 | 4,419 | |||
Level 3 | ||||||
Fair Value of Financial Instruments | ||||||
Marketable securities | 0 | 0 | 0 | |||
Interest rate cap and swap agreements (included in other assets) | 0 | 0 | 0 | |||
Level 3 | Carrying Value | ||||||
Fair Value of Financial Instruments | ||||||
Debt and preferred equity investments | 1,076,542 | 1,076,542 | 1,580,306 | |||
Level 3 | Fair Value | ||||||
Fair Value of Financial Instruments | ||||||
Fixed rate debt | 3,237,075 | 3,237,075 | 3,642,770 | |||
Variable rate debt | 1,822,740 | 1,822,740 | 2,018,714 | |||
Equity marketable securities | Level 1 | ||||||
Fair Value of Financial Instruments | ||||||
Marketable securities | 0 | 0 | 0 | |||
Mortgage-backed securities | ||||||
Fair Value of Financial Instruments | ||||||
Marketable securities | 28,570 | 28,570 | 29,887 | |||
Mortgage-backed securities | Level 2 | ||||||
Fair Value of Financial Instruments | ||||||
Marketable securities | $ 28,570 | $ 28,570 | 29,887 | |||
106 Spring Street And 133 Greene Street | ||||||
Fair Value of Financial Instruments | ||||||
Number of impaired retail assets | retailAsset | 2 | |||||
106 Spring Street | ||||||
Fair Value of Financial Instruments | ||||||
Asset impairment loss | $ 39,700 | |||||
133 Greene Street | ||||||
Fair Value of Financial Instruments | ||||||
Asset impairment loss | $ 14,100 | |||||
One Madison Avenue | ||||||
Fair Value of Financial Instruments | ||||||
Ownership percentage deconsolidated | 50.50% | 50.50% | ||||
Investment fair value adjustment | $ 187,500 | |||||
919 Third Avenue | ||||||
Fair Value of Financial Instruments | ||||||
Purchase price and other fair value adjustment | $ 49,300 | |||||
Accrued Interest Payable and Other | ||||||
Fair Value of Financial Instruments | ||||||
Interest rate cap and swap agreements (included in accrued interest payable and other liabilities) | $ 61,217 | 61,217 | 29,110 | |||
Accrued Interest Payable and Other | Level 1 | ||||||
Fair Value of Financial Instruments | ||||||
Interest rate cap and swap agreements (included in accrued interest payable and other liabilities) | 0 | 0 | 0 | |||
Accrued Interest Payable and Other | Level 2 | ||||||
Fair Value of Financial Instruments | ||||||
Interest rate cap and swap agreements (included in accrued interest payable and other liabilities) | 61,217 | 61,217 | 29,110 | |||
Accrued Interest Payable and Other | Level 3 | ||||||
Fair Value of Financial Instruments | ||||||
Interest rate cap and swap agreements (included in accrued interest payable and other liabilities) | $ 0 | $ 0 | $ 0 |
Financial Instruments_ Deriva_3
Financial Instruments: Derivatives and Hedging (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Instruments: Derivatives and Hedging | |||
Fair Value | $ 28 | $ 4,419 | |
Gain (loss) from changes in fair value | 100 | 100 | $ 200 |
Fair value of derivatives in a net liability position | 62,500 | ||
Aggregate termination value | 63,600 | ||
Amount of Loss Recognized in Other Comprehensive Loss | (59,221) | (44,229) | (4,072) |
Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income | (19,480) | (5) | 2,265 |
Interest Rate Cap Expiring March 2021 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | $ 85,000 | ||
Strike Rate | 4.00% | ||
Fair Value | $ 0 | ||
Interest Rate Swap Expiring August 2021 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | $ 350,000 | ||
Strike Rate | 0.544% | ||
Fair Value | $ (771) | ||
Interest Rate Cap Expiring November 2021 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | $ 111,869 | ||
Strike Rate | 3.50% | ||
Fair Value | $ 0 | ||
Interest Rate Cap Expiring December 2021 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | $ 510,000 | ||
Strike Rate | 3.00% | ||
Fair Value | $ 0 | ||
Interest Rate Swap Expiring in July 2023 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | $ 200,000 | ||
Strike Rate | 1.131% | ||
Fair Value | $ (5,004) | ||
Interest Rate Swap Expiring in July 2023, 2 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | $ 100,000 | ||
Strike Rate | 1.161% | ||
Fair Value | $ (2,578) | ||
Interest Rate Cap Expiring September 2023 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | $ 600,000 | ||
Strike Rate | 4.00% | ||
Fair Value | $ 28 | ||
Interest Rate Swap Expiring January 2024 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | $ 150,000 | ||
Strike Rate | 2.696% | ||
Fair Value | $ (11,344) | ||
Interest Rate Swap Expiring January 2026 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | $ 150,000 | ||
Strike Rate | 2.721% | ||
Fair Value | $ (17,714) | ||
Interest Rate Swap Expiring January 2026, 2 | |||
Financial Instruments: Derivatives and Hedging | |||
Notional Value | $ 200,000 | ||
Strike Rate | 2.74% | ||
Fair Value | $ (23,806) | ||
Interest Rate Swap | |||
Financial Instruments: Derivatives and Hedging | |||
Fair Value | (61,189) | ||
Amount of Loss Recognized in Other Comprehensive Loss | (51,244) | (33,907) | (2,284) |
Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income | (14,569) | (261) | 1,168 |
Interest Expense | |||
Financial Instruments: Derivatives and Hedging | |||
Estimated current balance held in accumulated other comprehensive loss to be reclassified into earnings within the next 12 months | 17,000 | ||
Income Loss From Equity Method Investments | |||
Financial Instruments: Derivatives and Hedging | |||
Estimated current balance held in accumulated other comprehensive loss to be reclassified into earnings within the next 12 months | 6,200 | ||
Joint venture | |||
Financial Instruments: Derivatives and Hedging | |||
Amount of Loss Recognized in Other Comprehensive Loss | (7,977) | (10,322) | (1,788) |
Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income | $ (4,911) | $ 256 | $ 1,097 |
Lease Income - Future Minimum R
Lease Income - Future Minimum Rents (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 631,775 |
2022 | 598,226 |
2023 | 546,803 |
2024 | 511,087 |
2025 | 465,398 |
Thereafter | 2,658,793 |
Total payments to be received | $ 5,412,082 |
Lease Income - Lease Income (De
Lease Income - Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Fixed lease payments | $ 702,482 | $ 858,587 | |
Variable lease payments | 96,040 | 120,496 | |
Total lease payments | 798,522 | 979,083 | |
Amortization of acquired above and below-market leases | 5,901 | 4,474 | |
Total rental revenue | 804,423 | 983,557 | $ 978,574 |
Loss recognized at commencement, net(1) | (6,237) | 0 | |
Interest income(2) | $ 1,817 | $ 0 |
Lease Income - Sales Type Lease
Lease Income - Sales Type Lease (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 46,326 |
2022 | 3,375 |
2023 | 3,424 |
2024 | 3,474 |
2025 | 3,525 |
Thereafter | 223,199 |
Total minimum lease payments | 283,323 |
Amount representing interest | (133,924) |
Investment in sales-type leases | $ 149,399 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Multiemployer Plans [Line Items] | ||||||
Plan contributions | $ 11,097 | $ 14,160 | $ 13,433 | |||
Employee contribution limit per calendar year | 15.00% | |||||
Employer matching contribution, percent of match | 100.00% | 100.00% | ||||
Percentage of eligible compensation matched by employer | 4.00% | 4.00% | ||||
Matching contribution | $ 1,700 | $ 1,600 | 1,100 | |||
Pension Plan | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, surcharge | No | |||||
Plan contributions | $ 2,480 | $ 291,300 | 3,103 | $ 290,100 | 3,017 | $ 272,300 |
Multiemployer plans, contributions by employer, percent | 5.00% | |||||
Health Plan | ||||||
Multiemployer Plans [Line Items] | ||||||
Plan contributions | $ 7,688 | $ 1,600,000 | 9,949 | $ 1,500,000 | 9,310 | $ 1,400,000 |
Multiemployer plans, contributions by employer, percent | 5.00% | |||||
Other plans | ||||||
Multiemployer Plans [Line Items] | ||||||
Plan contributions | $ 929 | $ 1,108 | $ 1,106 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Commitments [Line Items] | ||
Employment agreements with certain executives, minimum cash-based compensation for next fiscal year | $ 3,400,000 | |
Initial term of non cancellable operating leases, minimum (in years) | 1 year | |
Financing leases | ||
2021 | $ 32,527,000 | |
2022 | 3,523,000 | |
2023 | 3,570,000 | |
2024 | 3,641,000 | |
2025 | 3,810,000 | |
Thereafter | 260,550,000 | |
Total minimum lease payments | 307,621,000 | |
Amount representing interest | (155,100,000) | |
Lease liability - financing leases | 152,521,000 | $ 44,448,000 |
Non-cancellable operating leases | ||
2021 | 28,534,000 | |
2022 | 26,228,000 | |
2023 | 23,921,000 | |
2024 | 23,939,000 | |
2025 | 24,026,000 | |
Thereafter | 504,360,000 | |
Total minimum lease payments | 631,008,000 | |
Amount discounted using incremental borrowing rate | (291,550,000) | |
Lease liability - operating leases | 339,458,000 | 381,671,000 |
Minimum sublease rentals to be received in the future | 5,412,082,000 | |
Noncancelable Sublease | ||
Non-cancellable operating leases | ||
Minimum sublease rentals to be received in the future | $ 1,700,000,000 | |
711 Third Avenue | ||
Other Commitments [Line Items] | ||
Ownership percentage | 50.00% | |
Belmont | ||
Other Commitments [Line Items] | ||
Loss reserves | $ 2,900,000 | $ 3,300,000 |
Ticonderoga | ||
Other Commitments [Line Items] | ||
Loss reserves | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Lease Costs | |||
Operating lease costs before capitalized operating lease costs | $ 32,169 | $ 33,235 | |
Operating lease costs capitalized | (3,127) | (47) | |
Operating lease costs, net | 29,043 | 33,188 | $ 32,965 |
Finance Lease, Costs [Abstract] | |||
Interest on financing leases | 8,091 | 3,243 | $ 8,069 |
Interest on financing leases capitalized | (2,378) | 0 | |
Interest on financing leases, net | 5,713 | 3,243 | |
Finance lease, right-of-use asset, amortization | 1,200 | 1,219 | |
Financing lease costs, net | $ 6,913 | $ 4,462 | |
Operating lease, weighted average discount rate, percent | 4.71% | ||
Operating lease, weighted average remaining lease term | 27 years |
Segment Information - Additiona
Segment Information - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Segment information | ||||
Number of reportable segments (segment) | segment | 2 | |||
Total revenues | $ 1,052,744 | $ 1,238,995 | $ 1,227,392 | |
Net Income | 414,758 | 291,487 | 270,856 | |
Total assets | [1] | 11,707,567 | 12,766,320 | |
Marketing, general and administrative | 91,826 | 100,875 | 92,631 | |
Operating Segments | Real Estate Segment | ||||
Segment information | ||||
Total revenues | 932,581 | 1,043,405 | 1,025,900 | |
Net Income | 354,353 | 158,972 | 129,253 | |
Total assets | 10,579,899 | 11,063,155 | ||
Operating Segments | Debt and Preferred Equity Segment | ||||
Segment information | ||||
Total revenues | 120,163 | 195,590 | 201,492 | |
Net Income | 60,405 | 132,515 | $ 141,603 | |
Total assets | $ 1,127,668 | $ 1,703,165 | ||
[1] | (1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $41.2 million and $205.2 million of land, $57.9 million and $481.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $37.8 million and $61.7 million of right of use assets, $10.3 million and $17.6 million of accumulated depreciation, $289.5 million and $169.5 million of other assets included in other line items, $94.0 million and $457.1 million of real estate debt, net, $0.7 million and $1.2 million of accrued interest payable, $29.9 million and $57.7 million of lease liabilities, and $56.6 million and $43.7 million of other liabilities included in other line items as of December 31, 2020 and December 31, 2019, respectively. |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,941,360 | |||
Initial Cost | ||||
Land | 1,336,041 | |||
Building & Improvements | 5,305,161 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | (20,207) | |||
Building & Improvements | 734,086 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,315,832 | |||
Building & Improvements (3) | 6,039,247 | |||
Total | 7,355,079 | $ 8,784,567 | $ 8,513,935 | $ 10,206,122 |
Accumulated Depreciation | 1,956,077 | $ 2,060,560 | $ 2,099,137 | $ 2,300,116 |
420 Lexington Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 294,035 | |||
Initial Cost | ||||
Land | 0 | |||
Building & Improvements | 333,499 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 201,776 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements (3) | 535,275 | |||
Total | 535,275 | |||
Accumulated Depreciation | 166,886 | |||
711 Third Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 19,844 | |||
Building & Improvements | 115,769 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 69,098 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 19,844 | |||
Building & Improvements (3) | 184,867 | |||
Total | 204,711 | |||
Accumulated Depreciation | 61,237 | |||
555 W. 57th Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 18,846 | |||
Building & Improvements | 140,946 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 1,600 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 18,846 | |||
Building & Improvements (3) | 142,546 | |||
Total | 161,392 | |||
Accumulated Depreciation | 81,420 | |||
East 220 Street 42 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 510,000 | |||
Initial Cost | ||||
Land | 51,008 | |||
Building & Improvements | 203,727 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 183,461 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 51,008 | |||
Building & Improvements (3) | 387,188 | |||
Total | 438,196 | |||
Accumulated Depreciation | 137,153 | |||
461 Fifth Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building & Improvements | 88,276 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 35,988 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements (3) | 124,264 | |||
Total | 124,264 | |||
Accumulated Depreciation | 36,758 | |||
750 Third Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 51,093 | |||
Building & Improvements | 251,523 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | (2,288) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 51,093 | |||
Building & Improvements (3) | 249,235 | |||
Total | 300,328 | |||
Accumulated Depreciation | 109,824 | |||
625 Madison Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building & Improvements | 291,319 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 37,997 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements (3) | 329,316 | |||
Total | 329,316 | |||
Accumulated Depreciation | 139,403 | |||
485 Lexington Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 450,000 | |||
Initial Cost | ||||
Land | 78,282 | |||
Building & Improvements | 452,631 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | (22,346) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 78,282 | |||
Building & Improvements (3) | 430,285 | |||
Total | 508,567 | |||
Accumulated Depreciation | 173,769 | |||
609 Fifth Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 57,651 | |||
Initial Cost | ||||
Land | 16,869 | |||
Building & Improvements | 107,185 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 53,002 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 16,869 | |||
Building & Improvements (3) | 160,187 | |||
Total | 177,056 | |||
Accumulated Depreciation | 19,881 | |||
810 Seventh Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 114,077 | |||
Building & Improvements | 550,819 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 3,390 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 114,077 | |||
Building & Improvements (3) | 554,209 | |||
Total | 668,286 | |||
Accumulated Depreciation | 205,774 | |||
1185 Avenue of the Americas | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building & Improvements | 791,106 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 123,470 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements (3) | 914,576 | |||
Total | 914,576 | |||
Accumulated Depreciation | 320,735 | |||
1350 Avenue of the Americas | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 90,941 | |||
Building & Improvements | 431,517 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | (2,431) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 90,941 | |||
Building & Improvements (3) | 429,086 | |||
Total | 520,027 | |||
Accumulated Depreciation | 155,186 | |||
1-6 Landmark Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 100,000 | |||
Initial Cost | ||||
Land | 27,852 | |||
Building & Improvements | 161,343 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | (6,939) | |||
Building & Improvements | (40,256) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 20,913 | |||
Building & Improvements (3) | 121,087 | |||
Total | 142,000 | |||
Accumulated Depreciation | 32,099 | |||
7 Landmark Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,721 | |||
Building & Improvements | 8,417 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | (1,338) | |||
Building & Improvements | (6,240) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 383 | |||
Building & Improvements (3) | 2,177 | |||
Total | 2,560 | |||
Accumulated Depreciation | 426 | |||
100 Church Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 204,875 | |||
Initial Cost | ||||
Land | 34,994 | |||
Building & Improvements | 183,932 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 11,391 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 34,994 | |||
Building & Improvements (3) | 195,323 | |||
Total | 230,317 | |||
Accumulated Depreciation | 65,763 | |||
125 Park Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 120,900 | |||
Building & Improvements | 270,598 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 12,499 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 120,900 | |||
Building & Improvements (3) | 283,097 | |||
Total | 403,997 | |||
Accumulated Depreciation | 99,736 | |||
110 East 42nd Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 36,196 | |||
Building & Improvements | 78,353 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | (2,334) | |||
Building & Improvements | 1,068 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 33,862 | |||
Building & Improvements (3) | 79,421 | |||
Total | 113,283 | |||
Accumulated Depreciation | 24,330 | |||
304 Park Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 54,489 | |||
Building & Improvements | 90,643 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 1,484 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 54,489 | |||
Building & Improvements (3) | 92,127 | |||
Total | 146,616 | |||
Accumulated Depreciation | 23,428 | |||
635 Sixth Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 24,343 | |||
Building & Improvements | 88,261 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 95 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 24,343 | |||
Building & Improvements (3) | 88,356 | |||
Total | 112,699 | |||
Accumulated Depreciation | 17,412 | |||
641 Sixth Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 45,976 | |||
Building & Improvements | 77,076 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 355 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 45,976 | |||
Building & Improvements (3) | 77,431 | |||
Total | 123,407 | |||
Accumulated Depreciation | 21,231 | |||
1080 Amsterdam | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 34,773 | |||
Initial Cost | ||||
Land | 0 | |||
Building & Improvements | 47,948 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 10,327 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements (3) | 58,275 | |||
Total | 58,275 | |||
Accumulated Depreciation | $ 7,937 | |||
1080 Amsterdam | 1080 Amsterdam | ||||
Gross Amount at Which Carried at Close of Period | ||||
Interest in property (as a percent) | 92.50% | |||
752-760 Madison Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost | ||||
Land | 284,286 | |||
Building & Improvements | 8,314 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 6,153 | |||
Building & Improvements | 29,133 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 290,439 | |||
Building & Improvements (3) | 37,447 | |||
Total | 327,886 | |||
Accumulated Depreciation | 5,392 | |||
719 Seventh Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 50,000 | |||
Initial Cost | ||||
Land | 41,180 | |||
Building & Improvements | 46,232 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | (4,750) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 41,180 | |||
Building & Improvements (3) | 41,482 | |||
Total | 82,662 | |||
Accumulated Depreciation | $ 2,323 | |||
719 Seventh Avenue | 719 Seventh Avenue | ||||
Gross Amount at Which Carried at Close of Period | ||||
Interest in property (as a percent) | 75.00% | |||
110 Greene Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost | ||||
Land | 45,120 | |||
Building & Improvements | 228,393 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 3,034 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 45,120 | |||
Building & Improvements (3) | 231,427 | |||
Total | 276,547 | |||
Accumulated Depreciation | 36,767 | |||
185 Broadway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 158,478 | |||
Initial Cost | ||||
Land | 45,540 | |||
Building & Improvements | 27,865 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 111,462 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 45,540 | |||
Building & Improvements (3) | 139,327 | |||
Total | 184,867 | |||
Accumulated Depreciation | 419 | |||
113 Greene Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,523 | |||
Initial Cost | ||||
Land | 3,446 | |||
Building & Improvements | 27,542 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | (1,563) | |||
Building & Improvements | (12,377) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,883 | |||
Building & Improvements (3) | 15,165 | |||
Total | 17,048 | |||
Accumulated Depreciation | 1,526 | |||
712 Madison Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 28,000 | |||
Initial Cost | ||||
Land | 7,207 | |||
Building & Improvements | 47,397 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | (7,207) | |||
Building & Improvements | (47,397) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building & Improvements (3) | 0 | |||
Total | 0 | |||
Accumulated Depreciation | 0 | |||
106 Spring Street | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 38,025 | |||
Initial Cost | ||||
Land | 14,173 | |||
Building & Improvements | 66,052 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | (6,979) | |||
Building & Improvements | (32,335) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,194 | |||
Building & Improvements (3) | 33,717 | |||
Total | 40,911 | |||
Accumulated Depreciation | 2,911 | |||
707 Eleventh Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 66,237 | |||
Building & Improvements | 20,874 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 10,442 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 66,237 | |||
Building & Improvements (3) | 31,316 | |||
Total | 97,553 | |||
Accumulated Depreciation | 0 | |||
590 Fifth Avenue | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 39,685 | |||
Building & Improvements | 51,380 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 3,193 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 39,685 | |||
Building & Improvements (3) | 54,573 | |||
Total | 94,258 | |||
Accumulated Depreciation | 657 | |||
Other | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,734 | |||
Building & Improvements | 16,224 | |||
Cost Capitalized Subsequent To Acquisition | ||||
Land | 0 | |||
Building & Improvements | 241 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,734 | |||
Building & Improvements (3) | 16,465 | |||
Total | 18,199 | |||
Accumulated Depreciation | $ 5,694 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Activity in Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in real estate | |||
Balance at beginning of year | $ 8,784,567 | $ 8,513,935 | $ 10,206,122 |
Property acquisitions | 178,635 | 0 | 52,939 |
Improvements | 481,327 | 251,674 | 267,726 |
Retirements/disposals/deconsolidation | (2,089,450) | 18,958 | (2,012,852) |
Balance at end of year | 7,355,079 | 8,784,567 | 8,513,935 |
Aggregate cost of land, buildings and improvements before depreciation | 9,700,000 | ||
Changes in accumulated depreciation | |||
Balance at beginning of year | 2,060,560 | 2,099,137 | 2,300,116 |
Depreciation for year | 270,843 | 222,867 | 245,033 |
Retirements/disposals/deconsolidation | (375,326) | (261,444) | (446,012) |
Balance at end of year | $ 1,956,077 | $ 2,060,560 | $ 2,099,137 |