SL Green Realty Corp. | Maryland | 13-3956775 | ||||||
SL Green Operating Partnership, L.P. | Delaware | 13-3960938 | ||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Registrant | Trading Symbol | Title of Each Class | Name of Each Exchange on Which Registered | |||||||||||||||||
SL Green Realty Corp. | SLG | Common Stock, $0.01 par value | New York Stock Exchange | |||||||||||||||||
SL Green Realty Corp. | SLG.PRI | 6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value | New York Stock Exchange |
Large Accelerated Filer | x | Accelerated Filer | o | |||||||||||
Non-Accelerated Filer | o | |||||||||||||
Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | o | |||||||||||||
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
|
☒ |
Large Accelerated Filer | o | Accelerated Filer | o | |||||||||||
Non-accelerated filer | x | |||||||||||||
Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | o | |||||||||||||
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
|
☒ |
PART I | ||||||||
PART II | ||||||||
PART III | ||||||||
PART IV | ||||||||
Consolidated | Unconsolidated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Location | Property Type | Number of Properties | Approximate Square Feet | Number of Properties | Approximate Square Feet | Number of Properties | Approximate Square Feet |
Weighted Average Occupancy(1)
|
||||||||||||||||||||||||||||||||||||||||||
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 | % |
Percent of Manhattan Leasing Volume (1)
|
||||||||||||||
Industry |
2020
|
2019
|
||||||||||||
Technology, Advertising, Media, and Information ("TAMI") | 32.9 | % | 38.1 | % | ||||||||||
Financial Services | 29.9 | % | 19.7 | % | ||||||||||
Legal Services | 11.4 | % | 7.4 | % | ||||||||||
Real Estate | 8.5 | % | 12.1 | % | ||||||||||
Professional Services | 6.6 | % | 6.1 | % | ||||||||||
Retail/Wholesale | 5.1 | % | 4.6 | % | ||||||||||
Health Services | 3.1 | % | 4.8 | % | ||||||||||
Public Sector | 1.5 | % | 3.9 | % | ||||||||||
Other | 1.0 | % | 3.3 | % |
Percent Occupied as of December 31, | ||||||||||||||
Property | 2020 | 2019 | ||||||||||||
Same-Store office properties - Manhattan (1)
|
93.4% | 96.2% | ||||||||||||
Manhattan office properties | 92.4% | 94.5% | ||||||||||||
Suburban office properties | 83.3% | 85.7% | ||||||||||||
Unconsolidated joint venture office properties | 95.1% | 93.9% | ||||||||||||
Portfolio (2)
|
91.2% | 94.3% |
ANNUAL LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Properties | Joint Venture Properties | |||||||||||||||||||||||||||||||||||||||||||||||||
Year of Lease Expiration | Number of Expiring Leases (2) | Rentable Square Footage of Expiring Leases |
Percentage of Total
Sq. Ft. |
Annualized Cash Rent of Expiring Leases |
Annualized Cash Rent Per Square Foot of Expiring Leases
$/psf (3) |
Current Weighted Average Asking Rent
$/psf (4) |
Number of Expiring Leases (2) | Rentable Square Footage of Expiring Leases |
Percentage of Total
Sq. Ft. |
Annualized Cash Rent of Expiring Leases |
Annualized Cash Rent Per Square Foot of Expiring Leases
$/psf (3) |
Current Weighted Average Asking Rent $/psf (4) | ||||||||||||||||||||||||||||||||||||||
Total 2020 (1) | 10 | 39,791 | 0.39 | % | $2,786,310 | $70.02 | $68.01 | 5 | 22,736 | 0.20 | % | $2,051,481 | $90.23 | $69.09 | ||||||||||||||||||||||||||||||||||||
1st Quarter 2021 | 23 | 372,869 | 3.70 | % | $20,910,116 | $56.08 | $60.31 | 4 | 13,810 | 0.12 | % | $1,198,263 | $86.77 | $74.12 | ||||||||||||||||||||||||||||||||||||
2nd Quarter 2021 | 31 | 264,490 | 2.62 | % | 15,162,408 | 57.33 | 60.64 | 7 | 467,241 | 4.05 | % | 36,691,298 | 78.53 | 80.96 | ||||||||||||||||||||||||||||||||||||
3rd Quarter 2021 | 20 | 160,132 | 1.59 | % | 10,785,355 | 67.35 | 64.99 | 7 | 111,025 | 0.96 | % | 8,984,768 | 80.93 | 77.35 | ||||||||||||||||||||||||||||||||||||
4th Quarter 2021 | 25 | 138,751 | 1.38 | % | 10,037,892 | 72.34 | 64.47 | 9 | 145,878 | 1.27 | % | 12,105,051 | 82.98 | 70.30 | ||||||||||||||||||||||||||||||||||||
Total 2020 | 99 | 936,242 | 9.29 | % | $56,895,771 | $60.77 | $61.82 | 27 | 737,954 | 6.40 | % | $58,979,380 | $79.92 | $78.18 | ||||||||||||||||||||||||||||||||||||
2022 | 87 | 762,956 | 7.57 | % | $59,759,085 | $78.33 | $69.93 | 32 | 903,789 | 7.84 | % | $84,918,914 | $93.96 | $88.19 | ||||||||||||||||||||||||||||||||||||
2023 | 64 | 824,360 | 8.18 | % | 51,926,317 | 62.99 | 60.94 | 19 | 430,135 | 3.73 | % | 38,986,617 | 90.64 | 75.50 | ||||||||||||||||||||||||||||||||||||
2024 | 46 | 355,038 | 3.52 | % | 27,105,523 | 76.35 | 68.16 | 26 | 991,216 | 8.60 | % | 107,848,342 | 108.80 | 80.45 | ||||||||||||||||||||||||||||||||||||
2025 | 55 | 636,787 | 6.32 | % | 55,261,421 | 86.78 | 69.47 | 16 | 438,564 | 3.80 | % | 38,120,962 | 86.92 | 77.61 | ||||||||||||||||||||||||||||||||||||
2026 | 45 | 966,125 | 9.59 | % | 66,402,593 | 68.73 | 63.64 | 27 | 552,407 | 4.79 | % | 54,855,563 | 99.30 | 93.73 | ||||||||||||||||||||||||||||||||||||
2027 | 36 | 608,649 | 6.04 | % | 47,859,450 | 78.63 | 65.75 | 18 | 392,311 | 3.40 | % | 35,584,379 | 90.70 | 84.05 | ||||||||||||||||||||||||||||||||||||
2028 | 34 | 613,768 | 6.09 | % | 45,120,014 | 73.51 | 68.46 | 17 | 195,351 | 1.69 | % | 21,333,861 | 109.21 | 91.35 | ||||||||||||||||||||||||||||||||||||
2029 | 17 | 397,372 | 3.94 | % | 26,023,546 | 65.49 | 60.22 | 15 | 752,707 | 6.53 | % | 52,033,180 | 69.13 | 74.76 | ||||||||||||||||||||||||||||||||||||
Thereafter | 80 | 3,936,378 | 39.07 | % | 238,778,718 | 60.66 | 61.13 | 44 | 6,112,339 | 53.02 | % | 412,603,032 | 67.50 | 77.58 | ||||||||||||||||||||||||||||||||||||
573 | 10,077,466 | 100.00 | % | $677,918,748 | $67.27 | $63.58 | 246 | 11,529,509 | 100.00 | % | $907,315,711 | $78.70 | $79.65 |
Suburban Properties |
Year Built/
Renovated |
City/ Town |
Approximate
Rentable Square Feet |
Percent
Occupied (1) |
Annualized
Cash Rent (2) |
Percent
of Portfolio Annualized Cash Rent (3) |
Number
of Tenants |
Annualized
Cash Rent per Leased Square Foot (4) |
||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED OFFICE PROPERTIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
"Same Store" Connecticut | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Landmark Square | 1973-1984 | Stamford | 862,800 | 83.3% | $ | 21,221 | 100.0% | 111 | $ | 35.26 | ||||||||||||||||||||||||||||||||||||||||||||||
Connecticut Subtotal/Weighted Average | 862,800 | 83.3% | $ | 21,221 | 100.0% | 111 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average Consolidated Office Properties | 862,800 | 83.3% | $ | 21,221 | 100.0% | 111 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Suburban Grand Total / Weighted Average | 862,800 | 83.3% | $ | 21,221 | 111 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Suburban Office Grand Total—SLG share of Annualized Rent | $ | 21,221 | 100.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Suburban Office Same Store Occupancy %—Combined | 862,800 | 83.3% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
City/ Town | Useable Sq. Feet | Total Units |
Percent
Occupied (1)
|
Annualized Cash
Rent (2)
|
Average
Monthly Rent Per Unit |
|||||||||||||||||||||||||||||||||
RESIDENTIAL | ||||||||||||||||||||||||||||||||||||||
"Same Store" Residential | ||||||||||||||||||||||||||||||||||||||
400 East 57th Street—41.00% | Upper East Side | 290,482 | 263 | 66.2 | 9,753 | $ | 3,917 | |||||||||||||||||||||||||||||||
1080 Amsterdam—92.50% | Upper West Side | 82,250 | 97 | 35.4 | 2,090 | 4,299 | ||||||||||||||||||||||||||||||||
Stonehenge Portfolio | 445,934 | 538 | 72.0 | 18,352 | 3,680 | |||||||||||||||||||||||||||||||||
605 West 42nd Street—20.00% | Midtown West | 927,358 | 1,175 | 87.1 | 45,225 | 3,291 | ||||||||||||||||||||||||||||||||
Subtotal/Weighted Average
|
1,746,024 | 2,073 | 78.8 | % | $ | 75,420 | $ | 3,470 | ||||||||||||||||||||||||||||||
Total / Weighted Average Residential Properties | 1,746,024 | 2,073 | 95.7 | % | $ | 75,420 | $ | 3,470 |
Occupancy Rate of Manhattan Operating Portfolio(1) |
Occupancy Rate of
Class A Office Properties in the Midtown Manhattan Markets(2)(3) |
Occupancy Rate of
Class B Office Properties in the Midtown Manhattan Markets(2)(3) |
|||||||||||||||
December 31, 2020 | 92.4 | % | 85.0 | % | 81.1 | % | |||||||||||
December 31, 2019 | 94.5 | % | 88.8 | % | 87.4 | % | |||||||||||
December 31, 2018 | 94.5 | % | 91.1 | % | 89.4 | % | |||||||||||
December 31, 2017 | 93.8 | % | 90.5 | % | 90.3 | % | |||||||||||
December 31, 2016 | 94.9 | % | 90.0 | % | 92.2 | % |
Manhattan Consolidated
Operating Properties Year of Lease Expiration |
Number
of
Expiring
Leases (1)
|
Square
Footage of Expiring Leases |
Percentage
of Total Leased Square Feet |
Annualized
Cash Rent
of
Expiring
Leases (2)
|
Percentage
of Annualized Cash Rent of Expiring Leases |
Annualized
Cash Rent
Per
Leased
Square
Foot of
Expiring
Leases (3)
|
||||||||||||||||||||||||||||||||
2021(4)
|
109 | 976,033 | 9.7 | % | $ | 59,682,081 | 8.8 | % | $ | 61.15 | ||||||||||||||||||||||||||||
2022 | 87 | 762,956 | 7.6 | % | 59,759,085 | 8.8 | 78.33 | |||||||||||||||||||||||||||||||
2023 | 64 | 824,360 | 8.2 | % | 51,926,317 | 7.7 | 62.99 | |||||||||||||||||||||||||||||||
2024 | 46 | 355,038 | 3.5 | % | 27,105,523 | 4.0 | 76.35 | |||||||||||||||||||||||||||||||
2025 | 55 | 636,787 | 6.3 | % | 55,261,421 | 8.2 | 86.78 | |||||||||||||||||||||||||||||||
2026 | 45 | 966,125 | 9.6 | % | 66,402,593 | 9.8 | 68.73 | |||||||||||||||||||||||||||||||
2027 | 36 | 608,649 | 6.0 | % | 47,859,450 | 7.1 | 78.63 | |||||||||||||||||||||||||||||||
2028 | 34 | 613,768 | 6.1 | % | 45,120,014 | 6.7 | 73.51 | |||||||||||||||||||||||||||||||
2029 | 17 | 397,372 | 3.9 | % | 26,023,546 | 3.8 | 65.49 | |||||||||||||||||||||||||||||||
2030 & thereafter | 80 | 3,936,378 | 39.1 | % | 238,778,719 | 35.1 | 60.66 | |||||||||||||||||||||||||||||||
Total/weighted average | 573 | 10,077,466 | 100.0 | % | $ | 677,918,749 | 100.0 | % | $ | 67.27 |
Manhattan Unconsolidated
Operating Properties Year of Lease Expiration |
Number
of
Expiring
Leases(1)
|
Square
Footage of Expiring Leases |
Percentage
of Total Leased Square Feet |
Annualized
Cash Rent
of
Expiring
Leases(2)
|
Percentage
of Annualized Cash Rent of Expiring Leases |
Annualized
Cash Rent
Per
Leased
Square
Foot of
Expiring
Leases(3)
|
||||||||||||||||||||||||||||||||
2021(4)
|
32 | 760,690 | 6.6 | % | $ | 61,030,861 | 6.7 | % | $ | 80.23 | ||||||||||||||||||||||||||||
2022 | 32 | 903,789 | 7.8 | 84,918,914 | 9.4 | 93.96 | ||||||||||||||||||||||||||||||||
2023 | 19 | 430,135 | 3.7 | 38,986,617 | 4.3 | 90.64 | ||||||||||||||||||||||||||||||||
2024 | 26 | 991,216 | 8.6 | 107,848,342 | 11.9 | 108.80 | ||||||||||||||||||||||||||||||||
2025 | 16 | 438,564 | 3.8 | 38,120,962 | 4.2 | 86.92 | ||||||||||||||||||||||||||||||||
2026 | 27 | 552,407 | 4.8 | 54,855,563 | 6.0 | 99.30 | ||||||||||||||||||||||||||||||||
2027 | 18 | 392,311 | 3.4 | 35,584,379 | 3.9 | 90.70 | ||||||||||||||||||||||||||||||||
2028 | 17 | 195,351 | 1.7 | 21,333,861 | 2.4 | 109.21 | ||||||||||||||||||||||||||||||||
2029 | 15 | 752,707 | 6.5 | 52,033,180 | 5.7 | 69.13 | ||||||||||||||||||||||||||||||||
2030 & thereafter | 44 | 6,112,339 | 53.1 | 412,603,032 | 45.5 | 67.50 | ||||||||||||||||||||||||||||||||
Total/weighted average | 246 | 11,529,509 | 100.0 | % | $ | 907,315,711 | 100.0 | % | $ | 78.70 |
Tenant Name | Property | Lease Expiration | Total Rentable Square Feet | Annualized Cash Rent | SLG Share of Annualized Cash Rent ($) |
% of SLG Share of Annualized Cash Rent (1)
|
Annualized Rent PSF | ||||||||||||||||
ViacomCBS Inc. | 1515 Broadway | June 2031 | $ | 1,569,327 | $ | 94,640 | $ | 53,944 | 4.2 | % | $ | 60.31 | |||||||||||
1515 Broadway | March 2028 | 9,106 | 1,964 | 1,119 | 0.1 | % | $ | 215.68 | |||||||||||||||
555 West 57th Street | December 2023 | 338,527 | 17,151 | 17,151 | 1.3 | % | $ | 50.66 | |||||||||||||||
Worldwide Plaza | January 2027 | 32,598 | 2,267 | 552 | — | % | $ | 69.53 | |||||||||||||||
$ | 1,949,558 | $ | 116,022 | $ | 72,766 | 5.6 | % | $ | 59.51 | ||||||||||||||
Credit Suisse Securities (USA), Inc. | 11 Madison Avenue | May 2037 | $ | 1,265,841 | $ | 80,109 | $ | 48,065 | 3.8 | % | $ | 63.29 | |||||||||||
Latham & Watkins LLP | 885 Third Avenue | June 2021 | $ | 408,559 | $ | 32,269 | $ | 32,269 | 2.5 | % | $ | 78.98 | |||||||||||
Sony Corporation | 11 Madison Avenue | January 2031 | $ | 578,791 | $ | 44,859 | $ | 26,915 | 2.1 | % | $ | 77.50 | |||||||||||
Debevoise & Plimpton, LLP | 919 Third Avenue | June 2022 | $ | 577,438 | $ | 47,607 | $ | 24,280 | 1.9 | % | $ | 82.45 | |||||||||||
TD Bank US Holding Company | 1 Vanderbilt Avenue | July 2041 | $ | 185,465 | $ | 23,553 | $ | 16,723 | 1.3 | % | $ | 127.00 | |||||||||||
125 Park Avenue | October 2030 | 51,707 | 3,371 | 3,371 | 0.3 | % | $ | 65.19 | |||||||||||||||
125 Park Avenue | August 2030 | 6,234 | 2,537 | 2,537 | 0.2 | % | $ | 406.91 | |||||||||||||||
$ | 243,406 | $ | 29,461 | $ | 22,631 | 1.8 | % | $ | 121.04 | ||||||||||||||
The City of New York | 100 Church Street | March 2034 | $ | 510,007 | $ | 21,037 | $ | 21,037 | 1.6 | % | $ | 41.25 | |||||||||||
King & Spalding | 1185 Avenue of the Americas | October 2025 | $ | 218,275 | $ | 20,888 | $ | 20,888 | 1.6 | % | $ | 95.70 | |||||||||||
Metro-North Commuter Railroad Company | 420 Lexington Avenue | November 2034 | $ | 344,873 | $ | 20,087 | $ | 20,087 | 1.6 | % | $ | 58.25 | |||||||||||
420 Lexington Avenue | September 2021 | 7,537 | 507 | 507 | — | % | $ | 67.23 | |||||||||||||||
110 East 42nd Street | October 2021 | 1,840 | 126 | 126 | — | % | $ | 68.63 | |||||||||||||||
$ | 354,250 | $ | 20,720 | $ | 20,720 | 1.6 | % | $ | 58.49 | ||||||||||||||
Giorgio Armani Corporation | 760 Madison Avenue | December 2024 | $ | 21,124 | $ | 17,029 | $ | 17,029 | 1.3 | % | $ | 806.15 | |||||||||||
717 Fifth Avenue | March 2023 | 46,940 | 25,056 | 2,731 | 0.2 | % | $ | 533.78 | |||||||||||||||
762 Madison Avenue | December 2024 | 1,264 | 268 | 268 | — | % | $ | 212.27 | |||||||||||||||
$ | 69,328 | $ | 42,353 | $ | 20,028 | 1.6 | % | $ | 610.90 | ||||||||||||||
Advance Magazine Group, Fairchild Publications | 750 Third Avenue | February 2021 | $ | 286,622 | $ | 15,355 | $ | 15,355 | 1.2 | % | $ | 53.57 | |||||||||||
485 Lexington Avenue | February 2021 | 52,573 | 3,685 | 3,685 | 0.3 | % | $ | 70.10 | |||||||||||||||
$ | 339,195 | $ | 19,040 | $ | 19,040 | 1.5 | % | $ | 56.13 | ||||||||||||||
Visiting Nurse Service of New York | 220 East 42nd Street | September 2048 | $ | 308,115 | $ | 18,842 | $ | 18,842 | 1.5 | % | $ | 61.15 | |||||||||||
WME IMG, LLC | 304 Park Avenue | April 2028 | $ | 174,069 | $ | 12,741 | $ | 12,741 | 1.0 | % | $ | 73.19 | |||||||||||
11 Madison Avenue | September 2030 | 104,618 | 9,787 | 5,872 | 0.5 | % | $ | 93.55 | |||||||||||||||
$ | 278,687 | $ | 22,528 | $ | 18,613 | 1.5 | % | $ | 80.84 | ||||||||||||||
Nike Retail Services, Inc. | 650 Fifth Avenue | January 2033 | $ | 69,214 | $ | 35,511 | $ | 17,756 | 1.4 | % | $ | 513.06 | |||||||||||
Bloomberg L.P. | 919 Third Avenue | February 2029 | $ | 557,208 | $ | 33,833 | $ | 17,255 | 1.3 | % | $ | 60.72 | |||||||||||
Cravath, Swaine & Moore LLP | Worldwide Plaza | August 2024 | $ | 617,135 | $ | 67,822 | $ | 16,515 | 1.3 | % | $ | 109.90 | |||||||||||
National Hockey League | 1185 Avenue of the Americas | November 2022 | $ | 148,217 | $ | 15,763 | $ | 15,763 | 1.2 | % | $ | 106.35 | |||||||||||
WeWork | 609 Fifth Avenue | April 2036 | $ | 138,563 | $ | 11,224 | $ | 11,224 | 0.9 | % | $ | 81.00 | |||||||||||
2 Herald Sqaure | February 2036 | 153,061 | 8,842 | 4,509 | 0.4 | % | $ | 57.77 | |||||||||||||||
$ | 291,624 | $ | 20,066 | $ | 15,733 | 1.2 | % | $ | 68.81 | ||||||||||||||
Amerada Hess Corp. | 1185 Avenue of the Americas | December 2027 | $ | 167,169 | $ | 15,440 | $ | 15,440 | 1.2 | % | $ | 92.36 | |||||||||||
Omnicom Group, Inc., Cardinia Real Estate | 220 East 42nd Street | April 2032 | $ | 231,114 | $ | 14,944 | $ | 14,944 | 1.2 | % | $ | 64.66 | |||||||||||
Total | $ | 9,183,131 | $ | 719,112 | $ | 479,500 | 37.5 | % | $ | 78.31 |
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 |
Number of securities
to be issued upon exercise of outstanding options, warrants and rights |
Weighted
average exercise price of outstanding options, warrants and rights |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
||||||||||||||||||
Plan category | (a) | (b) | (c) | |||||||||||||||||
Equity compensation plans approved by security holders (1)
|
3,502,613 | (2) | $ | 102.62 | (3) | 3,309,300 | (4) | |||||||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||||||||||
Total | 3,502,613 | $ | 102.62 | 3,309,300 |
Same-Store | Disposed | Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 |
$
Change |
%
Change |
2020 | 2019 | 2020 | 2019 | 2020 | 2019 |
$
Change |
%
Change |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenue | $ | 727.6 | $ | 756.9 | $ | (29.3) | (3.9) | % | $ | 28.9 | $ | 95.5 | $ | 47.9 | $ | 131.2 | $ | 804.4 | $ | 983.6 | $ | (179.2) | (18.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment income | — | — | — | — | % | — | — | 120.2 | 195.6 | 120.2 | 195.6 | (75.4) | (38.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | 33.4 | 9.4 | 24.0 | 255.3 | % | 3.6 | 4.6 | 91.2 | 45.8 | 128.2 | 59.8 | 68.4 | 114.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 761.0 | 766.3 | (5.3) | (0.7) | % | 32.5 | 100.1 | 259.3 | 372.6 | 1,052.8 | 1,239.0 | (186.2) | (15.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 335.9 | 352.7 | (16.8) | (4.8) | % | 6.9 | 25.7 | 45.7 | 80.3 | 388.5 | 458.7 | (70.2) | (15.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction related costs | — | — | — | — | % | — | — | 0.5 | 0.7 | 0.5 | 0.7 | (0.2) | (28.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing, general and administrative | — | — | — | — | % | — | — | 91.8 | 100.9 | 91.8 | 100.9 | (9.1) | (9.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
335.9 | 352.7 | (16.8) | (4.8) | % | 6.9 | 25.7 | 138.0 | 181.9 | 480.8 | 560.3 | (79.5) | (14.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net of interest income | $ | (128.5) | $ | (202.2) | 73.7 | (36.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (313.7) | (272.4) | (41.3) | 15.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net (loss) income from unconsolidated joint ventures | (25.2) | (34.5) | 9.3 | (27.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 3.0 | 76.2 | (73.2) | (96.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price and other fair value adjustment | 187.5 | 69.4 | 118.1 | 170.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of real estate, net | 215.5 | (16.7) | 232.2 | (1,390.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciable real estate reserves and impairments | (60.5) | (7.0) | (53.5) | 764.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan loss and other investment reserves, net of recoveries | (35.3) | — | (35.3) | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 414.8 | $ | 291.5 | $ | 123.3 | 42.3 | % |
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
Property mortgages and other loans | $ | 250,727 | $ | 264,202 | $ | 566,599 | $ | 278,034 | $ | 829 | $ | 580,969 | $ | 1,941,360 | |||||||||||||||||||||||||||
FHLB facilities | 60,000 | — | — | — | — | — | 60,000 | ||||||||||||||||||||||||||||||||||
Corporate obligations | 350,000 | 800,000 | 1,410,000 | 200,000 | 100,000 | 100,000 | 2,960,000 | ||||||||||||||||||||||||||||||||||
Joint venture debt-our share | 1,085,279 | 540,947 | 491,066 | 617,010 | 1,385,256 | 552,813 | 4,672,371 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,746,006 | $ | 1,605,149 | $ | 2,467,665 | $ | 1,095,044 | $ | 1,486,085 | $ | 1,233,782 | $ | 9,633,731 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 |
(Decrease)
Increase |
|||||||||||||||
Net cash provided by operating activities | $ | 554,236 | $ | 376,473 | $ | 177,763 | |||||||||||
Net cash provided by investing activities | $ | 1,056,430 | $ | 114,494 | $ | 941,936 | |||||||||||
Net cash used in financing activities | $ | (1,479,301) | $ | (528,650) | $ | (950,651) |
Acquisitions of real estate | $ | 175,745 | |||
Capital expenditures and capitalized interest | (205,154) | ||||
Escrow cash-capital improvements/acquisition deposits/deferred purchase price | 5,239 | ||||
Joint venture investments | 58,367 | ||||
Distributions from joint ventures | 45,552 | ||||
Proceeds from sales of real estate/partial interest in property | 904,080 | ||||
Debt and preferred equity and other investments | (41,893) | ||||
Increase in net cash provided by investing activities | $ | 941,936 |
Proceeds from our debt obligations | $ | 613,908 | |||
Repayments of our debt obligations | (1,261,752) | ||||
Net distribution to noncontrolling interests | (80,675) | ||||
Other financing activities | (49,978) | ||||
Proceeds from stock options exercised and DRSPP issuance | 672 | ||||
Repurchase of common stock | (144,084) | ||||
Redemption of preferred stock | (64,608) | ||||
Acquisition of subsidiary interest from noncontrolling interest | 24,309 | ||||
Dividends and distributions paid | 12,390 | ||||
Increase in net cash used in financing activities | $ | (949,818) |
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 |
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 |
December 31, | |||||||||||
Debt Summary: | 2020 | 2019 | |||||||||
Balance | |||||||||||
Fixed rate | $ | 1,985,572 | $ | 2,536,286 | |||||||
Variable rate—hedged | 1,150,000 | 1,000,000 | |||||||||
Total fixed rate | 3,135,572 | 3,536,286 | |||||||||
Total variable rate | 1,827,677 | 2,018,434 | |||||||||
Total debt | $ | 4,963,249 | $ | 5,554,720 | |||||||
Debt, preferred equity, and other investments subject to variable rate | 345,877 | 618,885 | |||||||||
Net exposure to variable rate debt | 1,481,800 | 1,399,549 | |||||||||
Percent of Total Debt:
|
|||||||||||
Fixed rate | 63.2 | % | 63.7 | % | |||||||
Variable rate (1)
|
36.8 | % | 36.3 | % | |||||||
Total | 100.0 | % | 100.0 | % | |||||||
Effective Interest Rate for the Year: | |||||||||||
Fixed rate | 3.65 | % | 4.05 | % | |||||||
Variable rate | 2.30 | % | 3.93 | % | |||||||
Effective interest rate | 2.91 | % | 3.85 | % |
Issuance |
December 31,
2020 Unpaid Principal Balance |
December 31,
2020 Accreted Balance |
December 31,
2019 Accreted Balance |
Interest Rate (1) |
Initial Term
(in Years) |
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 |
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
Property mortgages and other loans | $ | 250,727 | $ | 264,202 | $ | 566,599 | $ | 278,034 | $ | 829 | $ | 580,969 | $ | 1,941,360 | |||||||||||||||||||||||||||
MRA and FHLB facilities | 60,000 | — | — | — | — | — | 60,000 | ||||||||||||||||||||||||||||||||||
Revolving credit facility | — | — | 110,000 | — | — | — | 110,000 | ||||||||||||||||||||||||||||||||||
Unsecured term loans | — | — | 1,300,000 | 200,000 | — | — | 1,500,000 | ||||||||||||||||||||||||||||||||||
Senior unsecured notes | 350,000 | 800,000 | — | — | 100,000 | — | 1,250,000 | ||||||||||||||||||||||||||||||||||
Trust preferred securities | — | — | — | — | — | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||||
Financing leases | 32,527 | 3,523 | 3,570 | 3,641 | 3,810 | 260,550 | 307,621 | ||||||||||||||||||||||||||||||||||
Operating leases | 28,534 | 26,228 | 23,921 | 23,939 | 24,026 | 504,360 | 631,008 | ||||||||||||||||||||||||||||||||||
Estimated interest expense | 141,815 | 122,975 | 60,953 | 42,990 | 31,901 | 55,103 | 455,737 | ||||||||||||||||||||||||||||||||||
Joint venture debt | 1,085,279 | 540,947 | 491,066 | 617,010 | 1,385,256 | 552,813 | 4,672,371 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,948,882 | $ | 1,757,875 | $ | 2,556,109 | $ | 1,165,614 | $ | 1,545,822 | $ | 2,053,795 | $ | 11,028,097 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income attributable to SL Green common stockholders | $ | 356,105 | $ | 255,484 | $ | 232,312 | |||||||||||
Add: | |||||||||||||||||
Depreciation and amortization | 313,668 | 272,358 | 279,507 | ||||||||||||||
Joint venture depreciation and noncontrolling interest adjustments | 205,869 | 192,426 | 187,147 | ||||||||||||||
Net income attributable to noncontrolling interests | 34,956 | 10,142 | 12,210 | ||||||||||||||
Less: | |||||||||||||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 2,961 | 76,181 | 303,967 | ||||||||||||||
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) | ||||||||||||||
Purchase price and other fair value adjustment | 187,522 | 69,389 | 57,385 | ||||||||||||||
Depreciation on non-rental real estate assets | 2,338 | 2,935 | 2,404 | ||||||||||||||
Funds from Operations attributable to SL Green common stockholders and unit holders | $ | 562,725 | $ | 605,701 | $ | 605,720 | |||||||||||
Cash flows provided by operating activities | $ | 554,236 | $ | 376,473 | $ | 441,537 | |||||||||||
Cash flows provided by investing activities | $ | 1,056,430 | $ | 114,494 | $ | 681,662 | |||||||||||
Cash flows used in financing activities | $ | (1,479,301) | $ | (528,650) | $ | (1,094,112) |
Long-Term Debt |
Debt and Preferred
Equity Investments (1)
|
|||||||||||||||||||||||||||||||||||||
Fixed
Rate |
Average
Interest Rate |
Variable
Rate |
Average
Interest Rate |
Amount |
Weighted
Yield |
|||||||||||||||||||||||||||||||||
2021 | $ | 360,700 | 3.62 | % | $ | 300,027 | 1.94 | % | $ | 216,162 | 6.05 | % | ||||||||||||||||||||||||||
2022 | 1,006,552 | 3.59 | % | 57,650 | 1.97 | % | 398,053 | 10.33 | % | |||||||||||||||||||||||||||||
2023 | 806,599 | 3.95 | % | 1,170,000 | 1.93 | % | 245,092 | 1.74 | % | |||||||||||||||||||||||||||||
2024 | 278,034 | 4.26 | % | 200,000 | 1.57 | % | 6,890 | — | % | |||||||||||||||||||||||||||||
2025 | 100,829 | 4.34 | % | — | 2.09 | % | 30,000 | 8.40 | % | |||||||||||||||||||||||||||||
Thereafter | 580,969 | 4.35 | % | 100,000 | 2.82 | % | 180,345 | 6.95 | % | |||||||||||||||||||||||||||||
Total | $ | 3,133,683 | 3.78 | % | $ | 1,827,677 | 1.93 | % | $ | 1,076,542 | 6.83 | % | ||||||||||||||||||||||||||
Fair Value | $ | 3,237,075 | $ | 1,822,740 |
Long Term Debt | |||||||||||||||||||||||
Fixed
Rate |
Average
Interest Rate |
Variable
Rate |
Average
Interest Rate |
||||||||||||||||||||
2021 | $ | 11,415 | 4.15 | % | $ | 1,073,864 | 2.13 | % | |||||||||||||||
2022 | 492,801 | 4.11 | % | 48,146 | 2.19 | % | |||||||||||||||||
2023 | 271,080 | 3.94 | % | 219,986 | 2.57 | % | |||||||||||||||||
2024 | 16,994 | 3.88 | % | 600,016 | 2.85 | % | |||||||||||||||||
2025 | 1,261,997 | 3.88 | % | 123,259 | 3.34 | % | |||||||||||||||||
Thereafter | 442,675 | 3.98 | % | 110,138 | 3.68 | % | |||||||||||||||||
Total | $ | 2,496,962 | 4.02 | % | $ | 2,175,409 | 2.43 | % | |||||||||||||||
Fair Value | $ | 2,570,780 | $ | 2,164,526 |
Asset
Hedged |
Benchmark
Rate |
Notional
Value |
Strike
Rate |
Effective
Date |
Expiration
Date |
Fair
Value |
|||||||||||||||||||||||||||||||||||
Interest Rate Cap | Mortgage | LIBOR | $ | 85,000 | 4.000 | % | March 2019 | March 2021 | $ | — | |||||||||||||||||||||||||||||||
Interest Rate Swap | Credit Facility | LIBOR | 350,000 | 0.544 | % | April 2020 | August 2021 | (771) | |||||||||||||||||||||||||||||||||
Interest Rate Swap | Mortgage | LIBOR | 111,869 | 3.500 | % | December 2020 | November 2021 | — | |||||||||||||||||||||||||||||||||
Interest Rate Cap | Mortgage | LIBOR | 510,000 | 3.000 | % | June 2020 | December 2021 | — | |||||||||||||||||||||||||||||||||
Interest Rate Swap | Mortgage | LIBOR | 200,000 | 1.131 | % | July 2016 | July 2023 | (5,004) | |||||||||||||||||||||||||||||||||
Interest Rate Swap | Credit Facility | LIBOR | 100,000 | 1.161 | % | July 2016 | July 2023 | (2,578) | |||||||||||||||||||||||||||||||||
Interest Rate Cap | Credit Facility | LIBOR | 600,000 | 4.000 | % | August 2020 | September 2023 | 28 | |||||||||||||||||||||||||||||||||
Interest Rate Swap | Credit Facility | LIBOR | 150,000 | 2.696 | % | January 2019 | January 2024 | (11,344) | |||||||||||||||||||||||||||||||||
Interest Rate Swap | Credit Facility | LIBOR | 150,000 | 2.721 | % | January 2019 | January 2026 | (17,714) | |||||||||||||||||||||||||||||||||
Interest Rate Swap | Credit Facility | LIBOR | 200,000 | 2.740 | % | January 2019 | January 2026 | (23,806) | |||||||||||||||||||||||||||||||||
Total Consolidated Hedges | $ | (61,189) |
FINANCIAL STATEMENTS OF SL GREEN REALTY CORP. | |||||
Report of Independent Registered Public Accounting Firm | |||||
Consolidated Balance Sheets as of December 31, 2020 and 2019 | |||||
Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statements of Equity for the years ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 | |||||
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P. | |||||
Report of Independent Registered Public Accounting Firm
|
|||||
Consolidated Balance Sheets as of December 31, 2020 and 2019 | |||||
Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statements of Capital for the years ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 | |||||
Notes to Consolidated Financial Statements
|
|||||
Schedules | |||||
Schedule III- Real Estate and Accumulated Depreciation as of December 31, 2020 | |||||
All other schedules are omitted because they are not required or the required information is shown in the financial statements or notes thereto. |
Joint Venture Consolidation Assessment | |||||
Description of the Matter |
The Company accounted for certain investments in real estate joint ventures under the equity method of accounting and consolidated certain other investments in real estate joint ventures. At December 31, 2020, the Company’s investments in unconsolidated joint ventures was $3.8 billion and noncontrolling interests in consolidated other partnerships was $26 million. As discussed in Note 2 to the consolidated financial statements, for each joint venture, the Company evaluated the rights provided to each party in the venture to assess the consolidation of the venture.
|
||||
How We Addressed the Matter in Our Audit |
Auditing management’s joint venture consolidation analyses was complex and highly judgmental due to the subjectivity in assessing which activities most significantly impact a joint venture’s economic performance based on the purpose and design of the entity over the duration of its expected life and assessing which party has rights to direct those activities. We tested the Company’s controls over the assessment of joint venture consolidation. For example, we tested controls over management's review of the consolidation analyses for newly formed ventures as well as controls over management's identification of reconsideration events which could trigger modified consolidation conclusions for existing ventures.
To test the Company’s consolidation assessment for real estate joint ventures, our procedures included, among others, reviewing new and amended joint venture agreements and discussing with management the nature of the rights conveyed to the Company through the joint venture agreements as well as the business purpose of the joint venture transactions. We reviewed management’s assessment of the activities that would most significantly impact the joint venture’s economic performance and evaluated whether the joint venture agreements provided participating or protective rights to the Company. We also evaluated transactions with the joint ventures for events which would require a reconsideration of previous consolidation conclusions.
|
Impairment of Commercial Real Estate Properties (Retail)
|
|||||
Description of the Matter |
At December 31, 2020, the Company’s commercial real estate properties, at cost totaled approximately $5.4 billion. As described in Note 2 to the consolidated financial statements, real estate properties are periodically reviewed for impairment when circumstances indicate that the carrying value of a property may not be recoverable. For the year ended December 31, 2020, the Company recognized $60.5 million of depreciable real estate reserves and impairments.
Auditing the Company’s accounting for impairment of commercial real estate properties (retail) was especially challenging and involved a high degree of subjectivity as a result of the assumptions and estimates inherent in the determination of estimated future cash flows expected to result from the property’s use and eventual disposition and the estimated fair value of the property. In particular, management’s assumptions and estimates included estimated revenue and expense growth rates, discount rates and capitalization rates, which were sensitive to expectations about future operations, market or economic conditions, demand and competition.
|
||||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s commercial real estate properties impairment process. This included testing of controls over management's review of the significant assumptions and data inputs utilized in the estimation of expected future cash flows and the determination of fair value.
To test the Company's accounting for impairment of commercial real estate properties, we performed audit procedures that included, among others, evaluating the methodologies applied and testing the significant assumptions discussed above and the underlying data used by the Company in its impairment analyses. We held discussions with management about the current status of potential transactions and about management’s judgments to understand the probability of future events that could affect the holding period and other cash flow assumptions for the properties. In certain cases, we involved our valuation specialists to assist in performing these procedures. We compared the significant assumptions used by management to historical data and observable market-specific data. We also assessed management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in estimated future cash flows that would result from changes in the assumptions. In addition, we assessed information and events subsequent to the balance sheet date to corroborate certain of the key assumptions utilized by management.
|
December 31, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
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 | |||||||||
7,355,079 | 8,784,567 | ||||||||||
Less: accumulated depreciation | (1,956,077) | (2,060,560) | |||||||||
5,399,002 | 6,724,007 | ||||||||||
Assets held for sale | — | 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 | — | — | |||||||||
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 |
December 31, 2020 | December 31, 2019 | ||||||||||
Equity | |||||||||||
SL Green stockholders' 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 | |||||||||
Total liabilities and equity | $ | 11,707,567 | $ | 12,766,320 | |||||||
(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.
|
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 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 | — | 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 | — | — | (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) | |||||||||||||||||
Noncontrolling interests in other partnerships | (14,940) | 3,159 | 6 | |||||||||||||||||
Preferred units distributions | (8,747) | (10,911) | (11,384) | |||||||||||||||||
Net income attributable to SL Green | 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: | $ | 4.88 | $ | 3.20 | $ | 2.75 | ||||||||||||||
Diluted earnings per share: | $ | 4.87 | $ | 3.19 | $ | 2.75 | ||||||||||||||
Basic weighted average common shares outstanding | 72,552 | 79,415 | 84,090 | |||||||||||||||||
Diluted weighted average common shares and common share equivalents outstanding | 77,243 | 84,234 | 89,071 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income | $ | 414,758 | $ | 291,487 | $ | 270,856 | |||||||||||
Other comprehensive loss: | |||||||||||||||||
Decrease in unrealized value of derivative instruments, including SL Green'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) | ||||||||||||||
Other comprehensive loss attributable to noncontrolling interests | 2,299 | 2,276 | 66 | ||||||||||||||
Comprehensive income attributable to SL Green | $ | 332,293 | $ | 226,841 | $ | 243,766 |
SL Green Realty Corp. Stockholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series I
Preferred Stock |
Shares (1)
|
Par
Value |
Additional
Paid- In-Capital |
Treasury
Stock |
Accumulated
Other Comprehensive Income (Loss) |
Retained
Earnings |
Noncontrolling
Interests |
Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | 221,932 | 90,172 | $ | 939 | $ | 4,968,338 | $ | (124,049) | $ | 18,604 | $ | 1,139,329 | $ | 364,361 | $ | 6,589,454 | |||||||||||||||||||||||||||||||||||||||
Cumulative adjustment upon adoption of ASC 610-20 | 570,524 | 570,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | 221,932 | 90,172 | 939 | 4,968,338 | (124,049) | 18,604 | 1,709,853 | 364,361 | 7,159,978 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 247,262 | (6) | 247,256 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (3,496) | (3,496) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | (14,950) | (14,950) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 1 | 136 | 136 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of units in the Operating Partnership to common stock | 155 | 2 | 16,301 | 16,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | 34,236 | 34,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 145 | 1 | 17,483 | 17,484 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (9,469) | (98) | (522,482) | (415,215) | (937,795) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from stock options exercised | 307 | 3 | 28,909 | 28,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 ($3.3834 per common share, none of which represented a return of capital for federal income tax purposes)
|
(282,188) | (282,188) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 221,932 | 81,311 | 847 | 4,508,685 | (124,049) | 15,108 | 1,278,998 | 46,334 | 5,947,855 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 270,434 | (3,159) | 267,275 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | (569) | (25,276) | (25,845) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (43,593) | (43,593) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | (14,950) | (14,950) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 4 | 334 | 334 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of units in the Operating Partnership to common stock | 5 | 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 | 102 | 2 | 25,761 | 25,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (4,466) | (46) | (248,287) | (136,066) | (384,399) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions to consolidated joint venture interests | 58,462 | 58,462 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (478) | (478) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions declared ($3.5352 per common share, none of which represented a return of capital for federal income tax purposes)
|
(279,377) | (279,377) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 221,932 | 76,956 | 803 | 4,286,395 | (124,049) | (28,485) | 1,084,719 | 75,883 | 5,517,198 | |||||||||||||||||||||||||||||||||||||||||||||||
Cumulative adjustment upon adoption of ASC
326 |
(39,184) | (39,184) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 221,932 | 76,956 | 803 | 4,286,395 | (124,049) | (28,485) | 1,045,535 | 75,883 | 5,478,014 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 371,055 | 14,940 | 385,995 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | (3,123) | 1,587 | (1,536) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (38,762) | (38,762) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | (14,950) | (14,950) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 17 | 1,006 | 1,006 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of units in the Operating Partnership to common stock | 98 | 1 | 8,743 | 8,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | 32,598 | 32,598 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
SL Green Realty Corp. Stockholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series I
Preferred Stock |
Shares (1)
|
Par
Value |
Additional
Paid- In-Capital |
Treasury
Stock |
Accumulated
Other Comprehensive Income (Loss) |
Retained
Earnings |
Noncontrolling
Interests |
Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | (34) | — | 25,271 | 25,271 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (8,529) | (88) | (455,343) | (76,831) | (532,262) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions to consolidated joint venture interests | 12,477 | 12,477 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (78,855) | (78,855) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions declared ($4.7908 per common share, none of which represented a return of capital for federal income tax purposes)
|
(341,945) | (341,945) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 221,932 | 68,508 | $ | 716 | $ | 3,862,949 | $ | (124,049) | $ | (67,247) | $ | 1,015,462 | $ | 26,032 | $ | 4,935,795 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 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 | — | 6,839 | ||||||||||||||
Loss on early extinguishment of debt | — | — | 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) | — | ||||||||||||||
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 | — | (5,239) | — | ||||||||||||||
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 | ||||||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
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 | — | — | (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) | — | ||||||||||||||
Distributions to noncontrolling interests in the Operating Partnership | (12,652) | (14,729) | (15,000) | ||||||||||||||
Dividends paid on common and preferred stock | (293,996) | (306,386) | (313,230) | ||||||||||||||
Other obligations related to loan participations | — | — | 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) | — | — | ||||||||||||||
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 disclosures: | |||||||||||||||||
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 | — | — | 10,445 | ||||||||||||||
Exchange of preferred equity investment for real estate or equity in joint venture | 119,497 | — | — | ||||||||||||||
Exchange of debt investment for real estate or equity in joint venture | 122,796 | 34,498 | 298,956 | ||||||||||||||
Issuance of preferred units relating to a real estate acquisition | — | 1,000 | — | ||||||||||||||
Tenant improvements and capital expenditures payable | 1,665 | 6,056 | — | ||||||||||||||
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 | — | — | ||||||||||||||
Mortgages assumed in connection with sale of real estate | 250,000 | — | — | ||||||||||||||
Seller financed purchases | 100,000 | — | — | ||||||||||||||
Debt and preferred equity investments | 9,014 | — | — | ||||||||||||||
Transfer of assets related to assets held for sale | — | 391,664 | — | ||||||||||||||
Reversal of assets held for sale | 391,664 | — | — | ||||||||||||||
Transfer of liabilities related to assets held for sale | — | — | — | ||||||||||||||
Removal of fully depreciated commercial real estate properties | 66,169 | 19,577 | 124,249 | ||||||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Contribution to consolidated joint venture by noncontrolling interest | — | 48,223 | — | ||||||||||||||
Distributions to noncontrolling interests | 6,613 | — | — | ||||||||||||||
Share repurchase payable | 3,779 | — | — | ||||||||||||||
Recognition of sales-type leases and related lease liabilities | 119,725 | — | — | ||||||||||||||
Recognition of right of use assets and related lease liabilities | 61,990 | 389,120 | — |
Year Ended | |||||||||||||||||
2020
|
2019 | 2018 | |||||||||||||||
Cash and cash equivalents | $ | 266,059 | $ | 166,070 | $ | 129,475 | |||||||||||
Restricted cash | 106,736 | 75,360 | 149,638 | ||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 372,795 | $ | 241,430 | $ | 279,113 |
Joint Venture Consolidation Assessment | |||||
Description of the Matter |
The Operating Partnership accounted for certain investments in real estate joint ventures under the equity method of accounting and consolidated certain other investments in real estate joint ventures. At December 31, 2020, the Operating Partnership’s investments in unconsolidated joint ventures was $3.8 billion and noncontrolling interests in consolidated other partnerships was $26 million. As discussed in Note 2 to the consolidated financial statements, for each joint venture, the Operating Partnership evaluated the rights provided to each party in the venture to assess the consolidation of the venture.
|
||||
How We Addressed the Matter in Our Audit |
Auditing management’s joint venture consolidation analyses was complex and highly judgmental due to the subjectivity in assessing which activities most significantly impact a joint venture’s economic performance based on the purpose and design of the entity over the duration of its expected life and assessing which party has rights to direct those activities. We tested the Operating Partnership’s controls over the assessment of joint venture consolidation. For example, we tested controls over management's review of the consolidation analyses for newly formed ventures as well as controls over management's identification of reconsideration events which could trigger modified consolidation conclusions for existing ventures.
To test the Operating Partnership’s consolidation assessment for real estate joint ventures, our procedures included, among others, reviewing new and amended joint venture agreements and discussing with management the nature of the rights conveyed to the Operating Partnership through the joint venture agreements as well as the business purpose of the joint venture transactions. We reviewed management’s assessment of the activities that would most significantly impact the joint venture’s economic performance and evaluated whether the joint venture agreements provided participating or protective rights to the Operating Partnership. We also evaluated transactions with the joint ventures for events which would require a reconsideration of previous consolidation conclusions.
|
Impairment of Commercial Real Estate Properties (Retail)
|
|||||
Description of the Matter |
At December 31, 2020, the Operating Partnership’s commercial real estate properties, at cost totaled approximately $5.4 billion. As described in Note 2 to the consolidated financial statements, real estate properties are periodically reviewed for impairment when circumstances indicate that the carrying value of a property may not be recoverable. For the year ended December 31, 2020, the Operating Partnership recognized $60.5 million of depreciable real estate reserves and impairments.
Auditing the Operating Partnership’s accounting for impairment of commercial real estate properties (retail) was especially challenging and involved a high degree of subjectivity as a result of the assumptions and estimates inherent in the determination of estimated future cash flows expected to result from the property’s use and eventual disposition and the estimated fair value of the property. In particular, management’s assumptions and estimates included estimated revenue and expense growth rates, discount rates and capitalization rates, which were sensitive to expectations about future operations, market or economic conditions, demand and competition.
|
||||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Operating Partnership’s commercial real estate properties impairment process. This included testing of controls over management's review of the significant assumptions and data inputs utilized in the estimation of expected future cash flows and the determination of fair value.
To test the Operating Partnership's accounting for impairment of commercial real estate properties, we performed audit procedures that included, among others, evaluating the methodologies applied and testing the significant assumptions discussed above and the underlying data used by the Operating Partnership in its impairment analyses. We held discussions with management about the current status of potential transactions and about management’s judgments to understand the probability of future events that could affect the holding period and other cash flow assumptions for the properties. In certain cases, we involved our valuation specialists to assist in performing these procedures. We compared the significant assumptions used by management to historical data and observable market-specific data. We also assessed management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in estimated future cash flows that would result from changes in the assumptions. In addition, we assessed information and events subsequent to the balance sheet date to corroborate certain of the key assumptions utilized by management.
|
December 31, 2020 | December 31, 2019 | |||||||||||||
Assets | ||||||||||||||
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 | ||||||||||||
7,355,079 | 8,784,567 | |||||||||||||
Less: accumulated depreciation | (1,956,077) | (2,060,560) | ||||||||||||
5,399,002 | 6,724,007 | |||||||||||||
Assets held for sale | — | 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 | — | — | ||||||||||||
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 | ||||||||||||||
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 |
December 31, 2020 | December 31, 2019 | |||||||||||||
Capital | ||||||||||||||
SLGOP partners' capital: | ||||||||||||||
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 | ||||||||||||
Accumulated other comprehensive loss | (67,247) | (28,485) | ||||||||||||
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 capital | $ | 11,707,567 | $ | 12,766,320 | ||||||||||
(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.
|
||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 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 | — | 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 | — | — | (17,083) | |||||||||||||||||
Net income | 414,758 | 291,487 | 270,856 | |||||||||||||||||
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 attributable to 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: | $ | 4.88 | $ | 3.19 | $ | 2.75 | ||||||||||||||
Diluted earnings per unit: | $ | 4.87 | $ | 3.19 | $ | 2.75 | ||||||||||||||
Basic weighted average common units outstanding | 76,647 | 83,690 | 88,652 | |||||||||||||||||
Diluted weighted average common units and common unit equivalents outstanding | 77,243 | 84,234 | 89,071 |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 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 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 SLGOP | $ | 361,056 | $ | 251,053 | $ | 267,366 |
SL Green Operating Partnership Unitholders | ||||||||||||||||||||||||||||||||||||||
Partners' Interest | ||||||||||||||||||||||||||||||||||||||
Series I
Preferred Units |
Common
Units (1) |
Common
Unitholders |
Accumulated
Other Comprehensive (Loss) Income |
Noncontrolling
Interests |
Total | |||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | 221,932 | 90,172 | $ | 5,984,557 | $ | 18,604 | $ | 364,361 | $ | 6,589,454 | |||||||||||||||||||||||||||
Cumulative adjustment upon adoption of ASC 610-20 | 570,524 | 570,524 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | $ | 221,932 | 90,172 | $ | 6,555,081 | $ | 18,604 | $ | 364,361 | $ | 7,159,978 | |||||||||||||||||||||||||||
Net income (loss) | 247,262 | (6) | 247,256 | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | (3,496) | (3,496) | ||||||||||||||||||||||||||||||||||||
Preferred dividends | (14,950) | (14,950) | ||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 1 | 136 | 136 | |||||||||||||||||||||||||||||||||||
Conversion of common units | 155 | 16,303 | 16,303 | |||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interests in the operating partnership | 34,236 | 34,236 | ||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | 145 | 17,484 | 17,484 | |||||||||||||||||||||||||||||||||||
Repurchases of common units | (9,469) | (937,795) | (937,795) | |||||||||||||||||||||||||||||||||||
Proceeds from stock options exercised | 307 | $ | 28,912 | 28,912 | ||||||||||||||||||||||||||||||||||
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 ($3.3834 per common unit, none of which represented a return of capital for federal income tax purposes)
|
(282,188) | (282,188) | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 221,932 | 81,311 | $ | 5,664,481 | $ | 15,108 | $ | 46,334 | $ | 5,947,855 | |||||||||||||||||||||||||||
Net income (loss) | 270,434 | (3,159) | 267,275 | |||||||||||||||||||||||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | (569) | (25,276) | (25,845) | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | (43,593) | (43,593) | ||||||||||||||||||||||||||||||||||||
Preferred dividends | (14,950) | (14,950) | ||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 4 | 334 | 334 | |||||||||||||||||||||||||||||||||||
Conversion of common units | 5 | 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 | 102 | 25,763 | 25,763 | |||||||||||||||||||||||||||||||||||
Repurchases of common units | (4,466) | (384,399) | (384,399) | |||||||||||||||||||||||||||||||||||
Contributions to consolidated joint venture interests | 58,462 | 58,462 | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (478) | (478) | ||||||||||||||||||||||||||||||||||||
Cash distributions declared ($3.5352 per common unit, none of which represented a return of capital for federal income tax purposes)
|
(279,377) | (279,377) | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 221,932 | 76,956 | $ | 5,247,868 | $ | (28,485) | $ | 75,883 | $ | 5,517,198 | |||||||||||||||||||||||||||
Cumulative adjustment upon adoption of ASC 326 | (39,184) | (39,184) | ||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 221,932 | 76,956 | $ | 5,208,684 | $ | (28,485) | $ | 75,883 | $ | 5,478,014 | |||||||||||||||||||||||||||
Net income | 371,055 | 14,940 | 385,995 | |||||||||||||||||||||||||||||||||||
Acquisition of subsidiary interest from noncontrolling interest | (3,123) | 1,587 | (1,536) | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | (38,762) | (38,762) | ||||||||||||||||||||||||||||||||||||
Preferred dividends | (14,950) | (14,950) | ||||||||||||||||||||||||||||||||||||
DRSPP proceeds | 17 | 1,006 | 1,006 | |||||||||||||||||||||||||||||||||||
Conversion of common units | 98 | 8,744 | 8,744 | |||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | 32,598 | 32,598 | ||||||||||||||||||||||||||||||||||||
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | (34) | 25,271 | 25,271 | |||||||||||||||||||||||||||||||||||
Repurchases of common units | (8,529) | (532,262) | (532,262) | |||||||||||||||||||||||||||||||||||
Contributions to consolidated joint venture interests | 12,477 | 12,477 | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (78,855) | (78,855) | ||||||||||||||||||||||||||||||||||||
Cash distributions declared ($4.7908 per common unit, none of which represented a return of capital for federal income tax purposes)
|
(341,945) | (341,945) | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 221,932 | 68,508 | $ | 4,755,078 | $ | (67,247) | $ | 26,032 | $ | 4,935,795 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 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 | — | 6,839 | ||||||||||||||
Loss on early extinguishment of debt | — | — | 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) | — | ||||||||||||||
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 | — | (5,239) | — | ||||||||||||||
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 | ||||||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
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 | — | — | (13,918) | ||||||||||||||
Proceeds from stock options exercised and DRSPP issuance | 1,006 | 334 | 29,048 | ||||||||||||||
Repurchase of common units | (528,483) | (384,399) | (979,541) | ||||||||||||||
Redemption of preferred units | (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) | — | ||||||||||||||
Distributions paid on common and preferred units | (306,648) | (321,115) | (328,230) | ||||||||||||||
Other obligations related to mortgage loan participations | — | — | 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) | — | — | ||||||||||||||
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 disclosures: | |||||||||||||||||
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 | — | — | 10,445 | ||||||||||||||
Exchange of preferred equity investment for real estate or equity in joint venture | 119,497 | — | — | ||||||||||||||
Exchange of debt investment for real estate or equity in joint venture | 122,796 | 34,498 | 298,956 | ||||||||||||||
Issuance of preferred units relating to a real estate acquisition | — | 1,000 | — | ||||||||||||||
Tenant improvements and capital expenditures payable | 1,665 | 6,056 | — | ||||||||||||||
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 | — | — | ||||||||||||||
Mortgages assumed in connection with sale of real estate | 250,000 | — | — | ||||||||||||||
Seller financed purchases | 100,000 | — | — | ||||||||||||||
Debt and preferred equity investments | 9,014 | — | — | ||||||||||||||
Transfer of assets related to assets held for sale | — | 391,664 | — | ||||||||||||||
Reversal of assets held for sale | 391,664 | — | — | ||||||||||||||
Transfer of liabilities related to assets held for sale | — | — | — | ||||||||||||||
Removal of fully depreciated commercial real estate properties | 66,169 | 19,577 | 124,249 | ||||||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Contribution to consolidated joint venture by noncontrolling interest | — | 48,223 | — | ||||||||||||||
Distributions to noncontrolling interests | 6,613 | — | — | ||||||||||||||
Share repurchase payable | 3,779 | — | — | ||||||||||||||
Recognition of sales-type leases and related lease liabilities | 119,725 | — | — | ||||||||||||||
Recognition of right of use assets and related lease liabilities | 61,990 | 389,120 | — |
Year Ended | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash and cash equivalents | $ | 266,059 | $ | 166,070 | $ | 129,475 | |||||||||||
Restricted cash | 106,736 | 75,360 | 149,638 | ||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 372,795 | $ | 241,430 | $ | 279,113 |
Consolidated | Unconsolidated | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Location |
Property
Type |
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 | % |
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 |
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 |
2021 | (1,403) | |||||||
2022 | (119) | |||||||
2023 | 91 | |||||||
2024 | 258 | |||||||
2025 | 781 |
2021 | 4,899 | |||||||
2022 | 3,456 | |||||||
2023 | 2,841 | |||||||
2024 | 2,520 | |||||||
2025 | 1,427 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Commercial mortgage-backed securities | $ | 28,570 | $ | 29,887 | |||||||
Total marketable securities available-for-sale | $ | 28,570 | $ | 29,887 |
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 42nd Street
|
5.5% |
Property | Acquisition Date | Property Type | Approximate Square Feet |
Gross Asset Valuation
(in millions) |
||||||||||||||||||||||
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 |
Property | Acquisition Date | Property Type | Approximate Square Feet |
Gross Asset Valuation
(in millions) |
||||||||||||||||||||||
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 |
Property | Acquisition Date | Property Type | Approximate Square Feet |
Acquisition Price
(in millions) |
||||||||||||||||||||||
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 |
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 |
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 |
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 |
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 |
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 |
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 |
Loan Type |
December 31, 2020
Future Funding Obligations |
December 31, 2020
Senior Financing |
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 |
Type |
December 31, 2020
Future Funding Obligations |
December 31, 2020
Senior Financing |
December 31, 2020
Carrying Value (1) |
December 31, 2019
Carrying Value (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 |
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 |
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) |
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 |
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 |
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 |
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 |
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 |
Issuance |
December 31,
2020 Unpaid Principal Balance |
December 31,
2020 Accreted Balance |
December 31,
2019 Accreted Balance |
Interest Rate (1)
|
Initial Term
(in Years) |
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 |
Scheduled
Amortization |
Principal |
Revolving
Credit Facility |
Unsecured Term Loans |
Trust
Preferred Securities |
Senior
Unsecured Notes |
Total |
Joint
Venture Debt |
||||||||||||||||||||||||||||||||||||||||
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 |
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 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Due from joint ventures | $ | 27,006 | $ | 9,352 | |||||||
Other | 7,651 | 11,769 | |||||||||
Related party receivables | $ | 34,657 | $ | 21,121 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 | % |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Options Outstanding |
Weighted Average
Exercise Price |
Options Outstanding |
Weighted Average
Exercise Price |
Options
Outstanding |
Weighted
Average Exercise Price |
||||||||||||||||||||||||||||||
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 |
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 |
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) |
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 | $ | — |
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 |
Notional
Value |
Strike
Rate |
Effective
Date |
Expiration
Date |
Balance Sheet Location |
Fair
Value |
||||||||||||||||||||||||||||||
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) |
Amount of Loss
Recognized in Other Comprehensive Loss |
Location of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income |
Amount of (Loss) Gain
Reclassified from Accumulated Other Comprehensive Loss into Income |
||||||||||||||||||||||||||||||||||||||||||
Year Ended
December 31, |
Year Ended
December 31, |
|||||||||||||||||||||||||||||||||||||||||||
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 |
2021 | $ | 631,775 | |||
2022 | 598,226 | ||||
2023 | 546,803 | ||||
2024 | 511,087 | ||||
2025 | 465,398 | ||||
Thereafter | 2,658,793 | ||||
5,412,082 |
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 |
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 |
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 |
Twelve Months Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Loss recognized at commencement, net (1)
|
$ | (6,237) | $ | — | |||||||
Interest income (2)
|
$ | 1,817 | $ | — | |||||||
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 |
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 |
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 |
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 |
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 |
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 |
Column A | Column B |
Column C
Initial Cost |
Column D Cost
Capitalized
Subsequent To
Acquisition (1)
|
Column E Gross Amount at Which
Carried at Close of Period |
Column F | Column G | Column H | Column I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description (2) | Encumbrances | Land |
Building &
Improvements |
Land |
Building &
Improvements |
Land |
Building &
Improvements (3) |
Total | Accumulated Depreciation |
Date of
Construction |
Date
Acquired |
Life on
Which Depreciation is Computed |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
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 |
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 |
SL GREEN REALTY CORP. | |||||
Report of Independent Registered Public Accounting Firm | |||||
Consolidated Balance Sheets as of December 31, 2020 and 2019 | |||||
Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statements of Equity for the years ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 | |||||
SL GREEN OPERATING PARTNERSHIP, L.P. | |||||
Report of Independent Registered Public Accounting Firm | |||||
Consolidated Balance Sheets as of December 31, 2020 and 2019 | |||||
Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statements of Equity for the years ended December 31, 2020, 2019 and 2018 | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 | |||||
Notes to Consolidated Financial Statements | |||||
(a)(2) Financial Statement Schedules | |||||
Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2020 |
Articles of Restatement, incorporated by reference to the Company's Form 10-Q, dated July 11, 2014, filed with the SEC on August 11, 2014. | |||||
Articles of Amendment to the Company’s Articles of Restatement, incorporated by reference to the Company’s Form 8-K, dated July 18, 2017, filed with the SEC on July 18, 2017. | |||||
Articles of Amendment to the Company’s Articles of Restatement, incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K, dated January 20, 2021, filed with the SEC on January 20, 2021. | |||||
Articles of Amendment to the Company’s Articles of Restatement, incorporated by reference to Exhibit 3.2 to the Company’s Form 8-K, dated January 20, 2021, filed with the SEC on January 20, 2021. | |||||
Fifth Amended and Restated Bylaws of the Company, incorporated by reference to the Company's Form 8-K, dated December 21, 2018, filed with the SEC on December 28, 2018. | |||||
First Amendment to Fifth Amended and Restated Bylaws of the Company, effective as of May 11, 2020, incorporated by reference to the Company's Form 8-K, dated May 11, 2020, filed with the SEC on May 13, 2020. | |||||
Articles Supplementary Electing that SL Green Realty Corp. be Subject to Maryland General Corporations Law Section 3-804(c), incorporated by reference to the Company's Form 8-K, dated September 16, 2009, filed with the SEC on September 16, 2009. | |||||
Articles Supplementary reclassifying 4,600,000 shares of 8.0% Series A Convertible Cumulative Preferred Stock, 1,300,000 shares of Series B Junior Participating Preferred Stock and 4,000,000 shares of 7.875% Series D Cumulative Redeemable Preferred Stock into authorized preferred stock without further designation, incorporated by reference to the Company's Form 8-K, dated August 9, 2012, filed with the SEC on August 10, 2012. | |||||
Articles Supplementary classifying and designating 9,200,000 shares of the Company's 6.50% Series I Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, par value $0.01 per share, incorporated by reference to the Company's Form 8-K, dated August 9, 2012, filed with the SEC on August 10, 2012. | |||||
First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, incorporated by reference to the Company's Form 8-K, dated October 23, 2002, filed with the SEC on October 23, 2002. | |||||
First Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated May 14, 1998, incorporated by reference to the Company's Form 8-K, dated October 23, 2002, filed with the SEC on October 23, 2002. | |||||
Second Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2002, filed with the SEC on July 31, 2002. | |||||
Third Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated December 12, 2003, incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 2003, filed with the SEC on March 15, 2004. | |||||
Amended and Restated Fourth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of July 15, 2004, incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 2004, filed with the SEC on March 15, 2005. | |||||
Fifth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of March 15, 2006, incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 2005, filed with the SEC on March 16, 2006. | |||||
Sixth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of June 30, 2006, incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, filed with the SEC on August 10, 2006. | |||||
Seventh Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of January 25, 2007, incorporated by reference to the Company's Form 8-K, dated January 24, 2007, filed with the SEC on January 30, 2007. | |||||
Eighth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of January 20, 2010, incorporated by reference to the Company's Form 8-K, dated January 20, 2010, filed with the SEC on January 20, 2010. | |||||
Ninth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of November 30, 2011, incorporated by reference to the Company's Form 8-K, dated December 5, 2011, filed with the SEC on December 5, 2011. | |||||
Tenth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of January 31, 2012, incorporated by reference to the Company's Form 8-K, dated January 31, 2012, filed with the SEC on February 2, 2012. |
Eleventh Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated March 6, 2012, incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, filed with the SEC on May 10, 2012. | |||||
Twelfth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of August 10, 2012, incorporated by reference to the Company's Form 8-K, dated August 10, 2012, filed with the SEC on August 10, 2012. | |||||
Thirteenth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of April 2, 2014, incorporated by reference to the Company's Form 8-K, dated April 4, 2014, filed with the SEC on April 4, 2014. | |||||
Fourteenth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of July 1, 2014, incorporated by reference to the Company's Form 8-K, dated July 2, 2014, filed with the SEC on July 2, 2014. | |||||
Fifteenth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of July 1, 2014, incorporated by reference to the Company's Form 8-K, dated July 2, 2014, filed with the SEC on July 2, 2014. | |||||
Sixteenth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as February 12, 2015, incorporated by reference to the Company's Form 8-K, dated February 12, 2015, filed with the SEC on February 13, 2015. | |||||
Seventeenth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of June 19, 2015, incorporated by reference to the Company's Form 8-K, dated June 22, 2015, filed with the SEC on June 22, 2015. | |||||
Nineteenth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of July 22, 2015, incorporated by reference to the Company's Form 8-K, dated July 24, 2015, filed with the SEC on July 24, 2015. | |||||
Twentieth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of July 22, 2015, incorporated by reference to the Company's Form 8-K, dated July 24, 2015, filed with the SEC on July 24, 2015. | |||||
Twenty-First Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of August 20, 2015, incorporated by reference to the Company's Form 8-K, dated as of August 21, 2015, filed with the SEC on August 21, 2015. | |||||
Twenty-Second Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of August 20, 2015, incorporated by reference to the Company's Form 8-K, dated as of August 21, 2015, filed with the SEC on August 21, 2015. | |||||
Twenty-Third Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of March 28, 2016, incorporated by reference to the Company's Form 8-K, dated as of April 1, 2016, filed with the SEC on April 1, 2016. | |||||
Twenty-Fourth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of March 28, 2016, incorporated by reference to the Company's Form 8-K, dated as of April 1, 2016, filed with the SEC on April 1, 2016. | |||||
Twenty-Fifth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of June 17, 2016, incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed with the SEC on November 9, 2016. | |||||
Twenty-Sixth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of May 1, 2019, incorporated by reference to the Company's Form 8-K, dated as of May 3, 2019, filed with the SEC on May 3, 2019. | |||||
Twenty-Seventh Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of January 8, 2020, incorporated by reference to the Company's Form 8-K, dated as of January 14, 2020, filed with the SEC on January 14, 2020. | |||||
Specimen Common Stock Certificate, incorporated by reference to the Company's Registration Statement on Form S-11 (No. 333-29329), declared effective by the SEC on August 14, 1997. | |||||
Form of stock certificate evidencing the 6.50% Series I Cumulative Redeemable Preferred Stock of the Company, liquidation preference $25.00 per share, par value $0.01 per share, incorporated by reference to the Company's Form 8-K, dated August 9, 2012, filed with the SEC on August 10, 2012. | |||||
Indenture, dated as of August 5, 2011, among the Company, the Operating Partnership and ROP, as Co-Obligors, and The Bank of New York Mellon, as Trustee, incorporated by reference to the Company's Form 8-K, dated August 5, 2011, filed with the SEC on August 5, 2011. | |||||
Second Supplemental Indenture, dated as of November 15, 2012, among the Company, the Operating Partnership and ROP, as Co-Obligors, and The Bank of New York Mellon, as Trustee, incorporated by reference to the Company's Form 8-K, dated November 9, 2012, filed with the SEC on November 15, 2012. |
Form of 4.50% Senior Note due 2022 of the Company, the Operating Partnership and ROP, as Co-Obligors,incorporated by reference to the Company's Form 8-K, dated November 9, 2012, filed with the SEC on November 15, 2012. | |||||
Third Supplemental Indenture, dated as of December 28, 2018, among SL Green Realty Corp., SL Green Operating Partnership, L.P. and The Bank of New York Mellon, as Trustee, to the Indenture, dated as of August 5, 2011, among SL Green Realty Corp., SL Green Operating Partnership, L.P., Reckson Operating Partnership, L.P. and The Bank of New York Mellon, as Trustee, incorporated by reference to the Company's Form 8-K, dated December 28, 2018, filed with the SEC on January 2, 2019. | |||||
Junior Subordinated Indenture, dated as of June 30, 2005, between the Operating Partnership and JPMorgan Chase Bank, National Association, as Trustee, incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005, filed with the SEC on August 9, 2005. | |||||
Indenture, dated as of October 5, 2017, among the Company, the Operating Partnership, ROP and Wells Fargo Securities, LLC and J.P. Morgan Securities LLC, as representatives of the several underwriters, incorporated by reference to the Company’s Form 8-K, dated October 5, 2017, filed with the SEC on October 5, 2017. | |||||
First Supplemental Indenture, dated as of October 5, 2017, among the Operating Partnership, as Issuer, the Company and ROP, as Guarantors, and The Bank of New York Mellon, as Trustee, incorporated by reference to the Company’s Form 8-K, dated October 5, 2017, filed with the SEC on October 5, 2017. | |||||
Form of 3.250% Senior Note due 2022 of the Operating Partnership, incorporated by reference to the Company’s Form 8-K, dated October 5, 2017, filed with the SEC on October 5, 2017. | |||||
Second Supplemental Indenture, dated as of August 7, 2018, among SL Green Realty Corp., SL Green Operating Partnership, L.P. and Reckson Operating Partnership, L.P. and The Bank of New York Mellon, as Trustee, to the Indenture, dated as of October 5, 2017, between SL Green Operating Partnership, L.P. and The Bank of New York Mellon, as Trustee, incorporated by reference to the Company's Form 8-K, dated August 7, 2018, filed with the SEC on August 7, 2018. | |||||
Form of Floating Rate Note (included in the Second Supplemental Indenture incorporated by reference as Exhibit 4.15 of this Form 10-K). | |||||
Description of the registrant's securities registered pursuant to section 12 of the Securities and Exchange Act of 1934, filed herewith | |||||
Amended and Restated Agreement of Limited Partnership of ROP, dated December 6, 1995, incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 23, 2018. | |||||
Supplement to the Amended and Restated Agreement of Limited Partnership of ROP relating to the succession as a general partner of Wyoming Acquisition GP LLC, incorporated by reference to ROP's Annual Report on Form 10-K for the year ended December 31, 2007, filed with the SEC on March 31, 2008. | |||||
Form of Articles of Incorporation and Bylaws of SL Green Management Corp., incorporated by reference to the Company's Registration Statement on Form S-11 (No. 333-29329), declared effective by the SEC on August 14, 1997. | |||||
Form of Registration Rights Agreement between the Company and the persons named therein, incorporated by reference to the Company's Registration Statement on Form S-11 (No. 333-29329), declared effective by the SEC on August 14, 1997. | |||||
Amended and Restated Trust Agreement among the Operating Partnership, as depositor, JPMorgan Chase Bank, National Association, as property trustee, Chase Bank USA, National Association, as Delaware trustee, and the administrative trustees named therein, dated June 30, 2005, incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005, filed with the SEC on August 9, 2005. | |||||
SL Green Realty Corp. Fourth Amended and Restated 2005 Stock Option and Incentive Plan, incorporated by reference to Appendix A to the Company's definitive Proxy Statement on Schedule 14A filed on April 22, 2016 | |||||
Amended and Restated Non-Employee Directors' Deferral Program, dated December 13, 2017, incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 23, 2018. | |||||
Amended and Restated Employment and Non-competition Agreement, dated December 24, 2010, between Stephen L. Green and the Company, incorporated by reference to the Company's Form 8-K, dated December 23, 2010, filed with the SEC on December 29, 2010. | |||||
Deferred Compensation Agreement, dated December 18, 2009, between the Company and Stephen L. Green, incorporated by reference to the Company's Form 8-K, dated December 18, 2009, filed with the SEC on December 24, 2009. | |||||
Deferred Compensation Agreement, dated December 24, 2010, between the Company and Stephen L. Green, incorporated by reference to the Company's Form 8-K, dated December 23, 2010, filed with the SEC on December 29, 2010. |
Deferred Compensation Agreement (2013), dated as of September 12, 2013, by and between the Company and Marc Holliday, incorporated by reference to the Company’s Form 8-K, dated September 12, 2013, filed with the SEC on September 13, 2013. | |||||
Deferred Compensation Agreement, dated as of February 10, 2016, by and between SL Green Realty Corp. and Marc Holliday, incorporated by reference to the Company's Form 8-K, dated February 10, 2016, filed with the SEC on February 12, 2016. | |||||
Deferred Compensation Agreement (2014), dated as of November 8, 2013, between the Company and Andrew Mathias, incorporated by reference to the Company’s Form 8-K, dated November 8, 2013, filed with the SEC on November 8, 2013. | |||||
Amended and Restated Employment and Noncompetition Agreement, dated as of February 4, 2021, by and between the Company and Matthew DiLiberto, incorporated by reference to the Company’s Form 8-K, dated February 4, 2021, filed with the SEC on February 5, 2021. | |||||
Amended and Restated Employment and Noncompetition Agreement, dated as of April 30, 2018, by and between SL Green Realty Corp. and Marc Holliday, incorporated by reference to the Company's Form 8-K, dated April 27, 2018, filed with the SEC on May 3, 2018. | |||||
Letter Agreement, dated as of April 30, 2018, by and between SL Green Realty Corp. and Marc Holliday, incorporated by reference to the Company's Form 8-K, dated April 27, 2018, filed with the SEC on May 3, 2018. | |||||
Amended and Restated Employment and Noncompetition Agreement, dated as of December 21, 2018, by and between SL Green Realty Corp. and Andrew Mathias, incorporated by reference to the Company's Form 8-K, dated December 21, 2018, filed with the SEC on December 28, 2018. | |||||
Amended and Restated Employment and Noncompetition Agreement, dated as of December 21, 2018, by and between SL Green Realty Corp. and Andrew Levine, incorporated by reference to the Company's Form 8-K, dated December 21, 2018, filed with the SEC on December 28, 2018. | |||||
Chairman Emeritus Agreement, dated as of December 21, 2018, by and between SL Green Realty Corp. and Stephen L. Green, incorporated by reference to the Company's Form 8-K, dated December 21, 2018, filed with the SEC on December 28, 2018. | |||||
Second Amended and Restated Credit Agreement, dated as of November 21, 2017, by and among SL Green Realty Corp. and SL Green Operating Partnership, L.P., as Borrowers, each of the Lenders party thereto, Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Deutsche Bank Securities Inc. and U.S. Bank National Association, as joint lead arrangers and joint bookrunners for the Revolving Credit Facility and Term Loan A Facility, Merrill Lynch, Pierce, Fenner & Smith Incorporated and BMO Capital Markets Corp., as joint lead arrangers for the Revolving Credit Facility and Term Loan A Facility, JPMorgan Chase Bank, N.A., as syndication agent for the Revolving Credit Facility and Term Loan A Facility, Deutsche Bank Securities, Inc., U.S. Bank National Association, Bank of America, N.A., and Bank of Montreal, as documentation agents for the Revolving Credit Facility and Term Loan A Facility, Wells Fargo Securities, LLC and U.S. Bank National Association, as joint lead arrangers and joint bookrunners for the Term Loan B Facility, U.S. Bank National Association, as syndication agent for the Term Loan B Facility, and the other lenders and agents a party thereto, incorporated by reference to the Company's Form 8-K, dated November 27, 2017, filed with the SEC on November 27, 2017. | |||||
Subsidiaries of SL Green Realty Corp., filed herewith. | |||||
Subsidiaries of SL Green Operating Partnership L.P., filed herewith. | |||||
Consent of Ernst & Young LLP for SL Green Realty Corp., filed herewith. | |||||
Consent of Ernst & Young LLP for SL Green Operating Partnership, L.P., filed herewith. | |||||
Power of Attorney for SL Green Realty Corp., included on the signature page of this Form 10-K. | |||||
Power of Attorney for SL Green Operating Partnership, L.P., included on the signature page of this Form 10-K. | |||||
Certification by the Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||
Certification by the Chief Financial Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||
Certification by the Chief Executive Officer of the Company, the sole general partner of the Operating Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||
Certification by the Chief Financial Officer of the Company, the sole general partner of the Operating Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||
Certification by the Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||
Certification by the Chief Financial Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. |
Certification by the Chief Executive Officer of the Company, the sole general partner of the Operating Partnership pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||
Certification by the Chief Financial Officer of the Company, the sole general partner of the Operating Partnership pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. | |||||
101 | The following financial statements from SL Green Realty Corp. and SL Green Operating Partnership L.P.’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Capital, (vi) Consolidated Statements of Cash Flows, and (vii) Notes to Consolidated Financial Statements, detail tagged and filed herewith. | ||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL in Exhibit 101) | ||||
SL GREEN REALTY CORP. | ||||||||||||||
By: | /s/ Matthew J. DiLiberto | |||||||||||||
Dated: February 26, 2021 |
Matthew J. DiLiberto
Chief Financial Officer
|
Signatures | Title | Date | ||||||
/s/ Marc Holliday | Chairman of the Board of Directors and Chief Executive Officer (Principal Executive Officer) | February 26, 2021 | ||||||
Marc Holliday | ||||||||
/s/ Andrew W. Mathias | President and Director | February 26, 2021 | ||||||
Andrew W. Mathias | ||||||||
/s/ Matthew J. DiLiberto |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
February 26, 2021 | ||||||
Matthew J. DiLiberto | ||||||||
/s/ Stephen L. Green | Director | February 26, 2021 | ||||||
Stephen L. Green | ||||||||
/s/ John H. Alschuler Jr. | Director | February 26, 2021 | ||||||
John H. Alschuler, Jr. | ||||||||
/s/ Edwin T. Burton, III | Director | February 26, 2021 | ||||||
Edwin T. Burton, III | ||||||||
/s/ John S. Levy | Director | February 26, 2021 | ||||||
John S. Levy | ||||||||
/s/ Craig M. Hatkoff | Director | February 26, 2021 | ||||||
Craig M. Hatkoff | ||||||||
/s/ Betsy S. Atkins | Director | February 26, 2021 | ||||||
Betsy S. Atkins | ||||||||
/s/ Lauren B. Dillard | Director | February 26, 2021 | ||||||
Lauren B. Dillard |
SL GREEN OPERATING PARTNERSHIP, L.P. | ||||||||||||||
By: | SL Green Realty Corp. | |||||||||||||
/s/ Matthew J. DiLiberto | ||||||||||||||
Dated: February 26, 2021 | By: |
Matthew J. DiLiberto
Chief Financial Officer
|
Signatures | Title | Date | ||||||
/s/ Marc Holliday | Chairman of the Board of Directors and Chief Executive Officer of SL Green, the sole general partner of the Operating Partnership (Principal Executive Officer) | February 26, 2021 | ||||||
Marc Holliday | ||||||||
/s/ Andrew W. Mathias | President and Director of SL Green, the sole general partner of the Operating Partnership | February 26, 2021 | ||||||
Andrew W. Mathias | ||||||||
/s/ Matthew J. DiLiberto |
Chief Financial Officer of
SL Green, the sole general partner of the Operating Partnership (Principal Financial and Accounting Officer) |
February 26, 2021 | ||||||
Matthew J. DiLiberto | ||||||||
/s/ Stephen L. Green |
Director of SL Green, the sole general
partner of the Operating Partnership |
February 26, 2021 | ||||||
Stephen L. Green | ||||||||
/s/ John H. Alschuler, Jr. |
Director of SL Green, the sole general
partner of the Operating Partnership |
February 26, 2021 | ||||||
John H. Alschuler, Jr. | ||||||||
/s/ Edwin T. Burton, III |
Director of SL Green, the sole general
partner of the Operating Partnership |
February 26, 2021 | ||||||
Edwin T. Burton, III | ||||||||
/s/ John S. Levy |
Director of SL Green, the sole general
partner of the Operating Partnership |
February 26, 2021 | ||||||
John S. Levy | ||||||||
/s/ Craig M. Hatkoff |
Director of SL Green, the sole general
partner of the Operating Partnership |
February 26, 2021 | ||||||
Craig M. Hatkoff | ||||||||
/s/ Betsy S. Atkins |
Director of SL Green, the sole general
partner of the Operating Partnership |
February 26, 2021 | ||||||
Betsy S. Atkins | ||||||||
/s/ Lauren B. Dillard |
Director of SL Green, the sole general
partner of the Operating Partnership |
February 26, 2021 | ||||||
Lauren B. Dillard |
Entity Name | State of Incorporation | |||||||
1 Madison Office Fee LLC | Delaware | |||||||
10 E 53 Owner LLC | Delaware | |||||||
10E53 Partner LLC | Delaware | |||||||
100 Church Fee Owner LLC | Delaware | |||||||
100C Investor LLC | Delaware | |||||||
106 SPRING STREET OWNER LLC | Delaware | |||||||
106 Spring Funding II LLC | Delaware | |||||||
107-30 Rockaway Blvd LLC | Delaware | |||||||
1080 Amsterdam Green A Member LLC | Delaware | |||||||
1080 Amsterdam Green B Member LLC | Delaware | |||||||
1080 Amsterdam Lessee LLC | Delaware | |||||||
11 MADISON AVENUE OWNER LLC | Delaware | |||||||
11 Madison Investor LLC | Delaware | |||||||
11 Madison Investor II LLC | Delaware | |||||||
11 Madison Member LLC | Delaware | |||||||
110 E 42nd Holdco LLC | Delaware | |||||||
110 E42 Garage Owner LLC | Delaware | |||||||
110 Greene Fee Owner LP | Delaware | |||||||
11W34 Investor LLC | Delaware | |||||||
115 Spring Purchaser LLC | Delaware | |||||||
121 GREENE RETAIL OWNER LLC | Delaware | |||||||
125 Park Owner LLC (f/k/a SLG 125 Park LLC) | Delaware | |||||||
126 Nassau Green Member LLC
|
Delaware | |||||||
126 Nassau Holding LLC
|
Delaware | |||||||
126 Nassau Lessee LLC | Delaware | |||||||
126 Nassau New Sublessee LLC
|
Delaware | |||||||
126 Nassau Sublessee LLC | Delaware | |||||||
133 Greene Funding LLC | Delaware | |||||||
183 BROADWAY OWNER LLC | Delaware | |||||||
187 Broadway Air Rights Owner LLC | Delaware | |||||||
1350 LLC | Delaware | |||||||
1515 Broadway GP, LLC | Delaware | |||||||
1515 Broadway Owner LP | Delaware | |||||||
1515 Office TRS Corp. | Delaware | |||||||
1515 Promote LLC | Delaware | |||||||
1515 SLG Optionee LLC | Delaware | |||||||
1515 SLG Private REIT LLC | Delaware | |||||||
1552 Broadway Retail Owner LLC | Delaware | |||||||
21E66 LT Investor LLC | Delaware | |||||||
21E66 MM Investor LLC | Delaware | |||||||
21E66 MM TRS LLC | Delaware | |||||||
21 East 66th Street Commercial LLC | New York | |||||||
245 Park Avenue Property LLC | Delaware | |||||||
245 Park Member LLC | Delaware | |||||||
245 Park Member Sub A LLC | Delaware |
Entity Name | State of Incorporation | |||||||
33/34 West Owner LLC | Delaware | |||||||
36 LLC | Delaware | |||||||
304 PAS Owner LLC | Delaware | |||||||
315 W 36 Member LLC | Delaware | |||||||
333 East 22 Green Member LLC | Delaware | |||||||
360 Asset Manager LLC | Delaware | |||||||
360 Investment LLC | Delaware | |||||||
360 Property Manager LLC | Delaware | |||||||
400 E57 Fee Owner LLC | Delaware | |||||||
460 Rollover Sub LLC | Delaware | |||||||
460W34 Mezz LLC | Delaware | |||||||
460W34 Owner LLC | Delaware | |||||||
50 East 72 Owner LLC | Delaware | |||||||
55W46 Condo Owner LLC | Delaware | |||||||
55W46 Investor LLC | Delaware | |||||||
55W46 Member LLC | Delaware | |||||||
574 Fifth Avenue Lessee LLC | Delaware | |||||||
590 Fifth Investor LLC
|
Delaware | |||||||
590 Fifth Holding LLC | Delaware | |||||||
590 Fifth Owner LLC | Delaware | |||||||
605 Green Member LLC | Delaware | |||||||
605 West 42nd AHO LLC | Delaware | |||||||
605 West 42nd Owner LLC | Delaware | |||||||
609 Office Unit Owner LLC | Delaware | |||||||
60G 133 GREENE STREET OWNER, LLC | Delaware | |||||||
635 Owner LLC | Delaware | |||||||
635 Sixth Mezz LLC | Delaware | |||||||
641 Sixth Fee Owner LLC | Delaware | |||||||
641 Sixth Mezzanine LLC | Delaware | |||||||
650 Fifth Lessee LLC | Delaware | |||||||
673 Interest Holder LLC | Delaware | |||||||
707 11 Manager LLC | Delaware | |||||||
707 11 Owner LLC | Delaware | |||||||
712 MADISON AVENUE LLC | Delaware | |||||||
712 Madison Holdco LLC | Delaware | |||||||
719 Seventh Owner LLC | Delaware | |||||||
719 Seventh TIC 1 Owner LLC | Delaware | |||||||
719 Seventh TIC 2 Owner LLC | Delaware | |||||||
747 Madison Retail Owner LLC | Delaware | |||||||
750 Third Owner LLC (f/k/a GREEN 750 THIRD OWNER LLC) | Delaware | |||||||
752 Development Fee LLC | Delaware | |||||||
760 Residential Member LLC | Delaware | |||||||
760 Retail Member LLC | Delaware | |||||||
85 Fifth Avenue Retail Owner LLC
|
Delaware | |||||||
85 FIFTH GREEN MEMBER LLC | Delaware | |||||||
762 Madison Owner LLC | Delaware | |||||||
885 Third Lot A Owner LLC | Delaware | |||||||
885 3rd Avenue Realty Owner LLC | Delaware |
Entity Name | State of Incorporation | |||||||
885 3rd Avenue Realty Owner A LLC | Delaware | |||||||
919 Ground Lease LLC | Delaware | |||||||
919 Ground Lease Member LLC | Delaware | |||||||
919 MEMBER LLC | Delaware | |||||||
985 Third Development LLC | Delaware | |||||||
Belmont Insurance Company | New York | |||||||
Concept Space LLC | Delaware | |||||||
eEMERGE, Inc | Delaware, New York | |||||||
EMERGE212 125 LLC | Delaware | |||||||
Emerge212 3CC LLC | Delaware | |||||||
GOTHAM 42ND STREET LLC | Delaware | |||||||
Green 121 Member LLC | Delaware | |||||||
Green 141 Fifth Participation Corp. | Delaware | |||||||
Green 155 Member LLC | Delaware | |||||||
Green 1552 Member LLC | Delaware | |||||||
Green 1604 Investment LLC | Delaware | |||||||
Green 460 Member LLC | Delaware | |||||||
Green 461 Fifth Lessee LLC | Delaware, New York | |||||||
Green 485 Mezz LLC | Delaware | |||||||
Green 485 Owner LLC | Delaware | |||||||
Green 625 Mezz Lessee LLC | Delaware | |||||||
Green 650 Member LLC | Delaware | |||||||
Green 673 Realty LLC | Delaware | |||||||
Green 711 Fee Manager LLC | Delaware | |||||||
Green 711 LM LLC | New York | |||||||
Green 711 Mortgage Manager LLC | Delaware | |||||||
Green 711 Sublease Manager LLC | Delaware | |||||||
Green 724 Member LLC | Delaware | |||||||
Green 747 Member LLC | Delaware | |||||||
Green 800 Third Avenue Associates, LLC | Delaware | |||||||
Green 800 Third Interest LLC | Delaware | |||||||
Green 800 Third Member LLC | Delaware | |||||||
GREEN BROADWAY/34 INVESTMENT LLC | Delaware | |||||||
Green Eastside Member LLC | Delaware | |||||||
Green Loan Services LLC | Delaware | |||||||
GREEN W. 57TH ST., LLC | New York | |||||||
Herald Square Acquisition LLC | Delaware | |||||||
Herald Square GP LLC | Delaware | |||||||
Herald Square Owner LLC | Delaware | |||||||
Landmark Square 1-6 LLC | Delaware | |||||||
Landmark Square 1-6 Mezz LLC | Delaware | |||||||
MEADOW RT FUNDING LLC | Delaware | |||||||
METROPOLITAN PARTNERS LLC | Delaware | |||||||
METROPOLITAN 919 3RD AVENUE LLC | Delaware | |||||||
Green 673 Realty LLC | New York | |||||||
North 3rd MM LLC | Delaware | |||||||
North 3rd MM TRS LLC | Delaware | |||||||
North 3rd RU Investor LLC | Delaware |
Entity Name | State of Incorporation | |||||||
OMA Developer LLC | Delaware | |||||||
OMA Promote Member LLC
|
Delaware | |||||||
One Vanderbilt Owner LLC | Delaware | |||||||
One Vanderbilt PI LLC | Delaware | |||||||
OVA Cafe Mezz LLC | Delaware | |||||||
OVA Developer LLC | Delaware | |||||||
OVA REIT Manager LLC | Delaware | |||||||
OVA Restaurant Mezz LLC | Delaware | |||||||
Reckson Mezz. LLC | New York | |||||||
RECKSON OPERATING PARTNERSHIP, L.P. | Delaware | |||||||
S.L. Green Management Corp. | New York | |||||||
SL Green 100 Park LLC | New York | |||||||
SL Green Funding LLC* | New York | |||||||
SL Green Investor LLC | Delaware | |||||||
SL Green Management LLC | Delaware, New York | |||||||
SL Green Operating Partnership, L.P. | Delaware, New York | |||||||
SL Green Realty Acquisition LLC | Delaware, New York | |||||||
SL Green Servicing Corp. | Delaware | |||||||
SLG 100 Park LLC | Delaware | |||||||
SLG 101 INVESTOR LLC | Delaware | |||||||
SLG 125 Park Mezz LLC | Delaware | |||||||
SLG 1185 Sixth A LLC | Delaware | |||||||
SLG 1515 Broadway Finance LLC | Delaware | |||||||
SLG 220 NEWS LESSEE LLC | Delaware | |||||||
SLG 220 News MZ LLC | Delaware, New York | |||||||
SLG 220 News Owner LLC | Delaware, New York | |||||||
SLG 609 Fifth LLC | Delaware | |||||||
SLG 625 Lessee LLC | Delaware | |||||||
SLG 711 Fee LLC | New York | |||||||
SLG 711 Third LLC | New York | |||||||
SLG 711 Third Sublandlord LLC | Delaware | |||||||
SLG 717 FIFTH MEMBER LLC | Delaware | |||||||
SLG 810 Seventh Lessee LLC | Delaware | |||||||
SLG 885 Third Manager LLC | Delaware | |||||||
SLG Asset Management Fee LLC | Delaware, New York | |||||||
SLG Elevator Holdings LLC | New York | |||||||
SLG Funding REIT LLC* | Delaware | |||||||
SLG Gramercy Services LLC | Delaware | |||||||
SLG Graybar LLC | Delaware | |||||||
SLG Graybar Mesne Lease Corp | New York | |||||||
SLG Graybar Mesne Lease I LLC | Delaware | |||||||
SLG Graybar Mesne Lease LLC | New York | |||||||
SLG Graybar New Ground Lessee LLC | Delaware | |||||||
SLG Graybar New Lessee LLC | Delaware | |||||||
SLG Graybar Sublease Corp | New York | |||||||
SLG Graybar Sublease LLC | New York | |||||||
SLG IRP Realty LLC | New York | |||||||
SLG LeaseCo Member LLC | Delaware |
Entity Name | State of Incorporation | |||||||
SLG Lightpath LLC | Delaware | |||||||
SLG MADISON INVESTMENT LLC | Delaware | |||||||
SLG One Park Shareholder LLC | Delaware | |||||||
SLG One Park Shareholder II LLC | Delaware | |||||||
SLG One Park Shareholder III LLC | Delaware | |||||||
SLG OpCo Holdings LLC | Delaware | |||||||
SLG OpCo Member LLC | Delaware | |||||||
SLG Park Avenue Investor LLC | Delaware | |||||||
SLG Protective TRS Corp | Delaware, New York | |||||||
SLG RSVP Member LLC | Delaware | |||||||
SLG SHP Holding LLC | Delaware | |||||||
SP West 33-34 Hotel Parcel LLC | Delaware | |||||||
Structured Finance TRS Corp. | Delaware | |||||||
Summit Manager Mezz LLC | Delaware | |||||||
WWP MEMBER LLC | Delaware | |||||||
WWP Office LLC | Delaware | |||||||
Entity Name | State of Incorporation | |||||||
1 Madison Office Fee LLC | Delaware | |||||||
10 E 53 Owner LLC | Delaware | |||||||
10E53 Partner LLC | Delaware | |||||||
100 Church Fee Owner LLC | Delaware | |||||||
100C Investor LLC | Delaware | |||||||
106 SPRING STREET OWNER LLC | Delaware | |||||||
106 Spring Funding II LLC | Delaware | |||||||
107-30 Rockaway Blvd LLC | Delaware | |||||||
1080 Amsterdam Green A Member LLC | Delaware | |||||||
1080 Amsterdam Green B Member LLC | Delaware | |||||||
1080 Amsterdam Lessee LLC | Delaware | |||||||
11 MADISON AVENUE OWNER LLC | Delaware | |||||||
11 Madison Investor LLC | Delaware | |||||||
11 Madison Investor II LLC | Delaware | |||||||
11 Madison Member LLC | Delaware | |||||||
110 E 42nd Holdco LLC | Delaware | |||||||
110 E42 Garage Owner LLC | Delaware | |||||||
110 Greene Fee Owner LP | Delaware | |||||||
11W34 Investor LLC | Delaware | |||||||
115 Spring Purchaser LLC | Delaware | |||||||
121 GREENE RETAIL OWNER LLC | Delaware | |||||||
125 Park Owner LLC (f/k/a SLG 125 Park LLC) | Delaware | |||||||
126 Nassau Green Member LLC
|
Delaware | |||||||
126 Nassau Holding LLC
|
Delaware | |||||||
126 Nassau Lessee LLC | Delaware | |||||||
126 Nassau New Sublessee LLC
|
Delaware | |||||||
126 Nassau Sublessee LLC | Delaware | |||||||
133 Greene Funding LLC | Delaware | |||||||
183 BROADWAY OWNER LLC | Delaware | |||||||
187 Broadway Air Rights Owner LLC | Delaware | |||||||
1350 LLC | Delaware | |||||||
1515 Broadway GP, LLC | Delaware | |||||||
1515 Broadway Owner LP | Delaware | |||||||
1515 Office TRS Corp. | Delaware | |||||||
1515 Promote LLC | Delaware | |||||||
1515 SLG Optionee LLC | Delaware | |||||||
1515 SLG Private REIT LLC | Delaware | |||||||
1552 Broadway Retail Owner LLC | Delaware | |||||||
21E66 LT Investor LLC | Delaware | |||||||
21E66 MM Investor LLC | Delaware | |||||||
21E66 MM TRS LLC | Delaware | |||||||
21 East 66th Street Commercial LLC | New York |
Entity Name | State of Incorporation | |||||||
245 Park Avenue Property LLC | Delaware | |||||||
245 Park Member LLC | Delaware | |||||||
245 Park Member Sub A LLC | Delaware | |||||||
33/34 West Owner LLC | Delaware | |||||||
36 LLC | Delaware | |||||||
304 PAS Owner LLC | Delaware | |||||||
315 W 36 Member LLC | Delaware | |||||||
333 East 22 Green Member LLC | Delaware | |||||||
360 Asset Manager LLC | Delaware | |||||||
360 Investment LLC | Delaware | |||||||
360 Property Manager LLC | Delaware | |||||||
400 E57 Fee Owner LLC | Delaware | |||||||
460 Rollover Sub LLC | Delaware | |||||||
460W34 Mezz LLC | Delaware | |||||||
460W34 Owner LLC | Delaware | |||||||
50 East 72 Owner LLC | Delaware | |||||||
55W46 Condo Owner LLC | Delaware | |||||||
55W46 Investor LLC | Delaware | |||||||
55W46 Member LLC | Delaware | |||||||
574 Fifth Avenue Lessee LLC | Delaware | |||||||
590 Fifth Investor LLC
|
Delaware | |||||||
590 Fifth Holding LLC | Delaware | |||||||
590 Fifth Owner LLC | Delaware | |||||||
605 Green Member LLC | Delaware | |||||||
605 West 42nd AHO LLC | Delaware | |||||||
605 West 42nd Owner LLC | Delaware | |||||||
609 Office Unit Owner LLC | Delaware | |||||||
60G 133 GREENE STREET OWNER, LLC | Delaware | |||||||
635 Owner LLC | Delaware | |||||||
635 Sixth Mezz LLC | Delaware | |||||||
641 Sixth Fee Owner LLC | Delaware | |||||||
641 Sixth Mezzanine LLC | Delaware | |||||||
650 Fifth Lessee LLC | Delaware | |||||||
673 Interest Holder LLC | Delaware | |||||||
707 11 Manager LLC | Delaware | |||||||
707 11 Owner LLC | Delaware | |||||||
712 MADISON AVENUE LLC | Delaware | |||||||
712 Madison Holdco LLC | Delaware | |||||||
719 Seventh Owner LLC | Delaware | |||||||
719 Seventh TIC 1 Owner LLC | Delaware | |||||||
719 Seventh TIC 2 Owner LLC | Delaware | |||||||
747 Madison Retail Owner LLC | Delaware | |||||||
750 Third Owner LLC (f/k/a GREEN 750 THIRD OWNER LLC) | Delaware | |||||||
752 Development Fee LLC | Delaware | |||||||
760 Residential Member LLC | Delaware | |||||||
760 Retail Member LLC | Delaware |
Entity Name | State of Incorporation | |||||||
85 Fifth Avenue Retail Owner LLC
|
Delaware | |||||||
85 FIFTH GREEN MEMBER LLC | Delaware | |||||||
762 Madison Owner LLC | Delaware | |||||||
885 Third Lot A Owner LLC | Delaware | |||||||
885 3rd Avenue Realty Owner LLC | Delaware | |||||||
885 3rd Avenue Realty Owner A LLC | Delaware | |||||||
919 Ground Lease LLC | Delaware | |||||||
919 Ground Lease Member LLC | Delaware | |||||||
919 MEMBER LLC | Delaware | |||||||
985 Third Development LLC | Delaware | |||||||
Belmont Insurance Company | New York | |||||||
Concept Space LLC | Delaware | |||||||
eEMERGE, Inc | Delaware, New York | |||||||
EMERGE212 125 LLC | Delaware | |||||||
Emerge212 3CC LLC | Delaware | |||||||
GOTHAM 42ND STREET LLC | Delaware | |||||||
Green 121 Member LLC | Delaware | |||||||
Green 141 Fifth Participation Corp. | Delaware | |||||||
Green 155 Member LLC | Delaware | |||||||
Green 1552 Member LLC | Delaware | |||||||
Green 1604 Investment LLC | Delaware | |||||||
Green 460 Member LLC | Delaware | |||||||
Green 461 Fifth Lessee LLC | Delaware, New York | |||||||
Green 485 Mezz LLC | Delaware | |||||||
Green 485 Owner LLC | Delaware | |||||||
Green 625 Mezz Lessee LLC | Delaware | |||||||
Green 650 Member LLC | Delaware | |||||||
Green 673 Realty LLC | Delaware | |||||||
Green 711 Fee Manager LLC | Delaware | |||||||
Green 711 LM LLC | New York | |||||||
Green 711 Mortgage Manager LLC | Delaware | |||||||
Green 711 Sublease Manager LLC | Delaware | |||||||
Green 724 Member LLC | Delaware | |||||||
Green 747 Member LLC | Delaware | |||||||
Green 800 Third Avenue Associates, LLC | Delaware | |||||||
Green 800 Third Interest LLC | Delaware | |||||||
Green 800 Third Member LLC | Delaware | |||||||
GREEN BROADWAY/34 INVESTMENT LLC | Delaware | |||||||
Green Eastside Member LLC | Delaware | |||||||
Green Loan Services LLC | Delaware | |||||||
GREEN W. 57TH ST., LLC | New York | |||||||
Herald Square Acquisition LLC | Delaware | |||||||
Herald Square GP LLC | Delaware | |||||||
Herald Square Owner LLC | Delaware | |||||||
Landmark Square 1-6 LLC | Delaware | |||||||
Landmark Square 1-6 Mezz LLC | Delaware |
Entity Name | State of Incorporation | |||||||
MEADOW RT FUNDING LLC | Delaware | |||||||
METROPOLITAN PARTNERS LLC | Delaware | |||||||
METROPOLITAN 919 3RD AVENUE LLC | Delaware | |||||||
Green 673 Realty LLC | New York | |||||||
North 3rd MM LLC | Delaware | |||||||
North 3rd MM TRS LLC | Delaware | |||||||
North 3rd RU Investor LLC | Delaware | |||||||
OMA Developer LLC | Delaware | |||||||
OMA Promote Member LLC
|
Delaware | |||||||
One Vanderbilt Owner LLC | Delaware | |||||||
One Vanderbilt PI LLC | Delaware | |||||||
OVA Cafe Mezz LLC | Delaware | |||||||
OVA Developer LLC | Delaware | |||||||
OVA REIT Manager LLC | Delaware | |||||||
OVA Restaurant Mezz LLC | Delaware | |||||||
Reckson Mezz. LLC | New York | |||||||
RECKSON OPERATING PARTNERSHIP, L.P. | Delaware | |||||||
S.L. Green Management Corp. | New York | |||||||
SL Green 100 Park LLC | New York | |||||||
SL Green Funding LLC* | New York | |||||||
SL Green Investor LLC | Delaware | |||||||
SL Green Management LLC | Delaware, New York | |||||||
SL Green Realty Acquisition LLC | Delaware, New York | |||||||
SL Green Servicing Corp. | Delaware | |||||||
SLG 100 Park LLC | Delaware | |||||||
SLG 101 INVESTOR LLC | Delaware | |||||||
SLG 125 Park Mezz LLC | Delaware | |||||||
SLG 1185 Sixth A LLC | Delaware | |||||||
SLG 1515 Broadway Finance LLC | Delaware | |||||||
SLG 220 NEWS LESSEE LLC | Delaware | |||||||
SLG 220 News MZ LLC | Delaware, New York | |||||||
SLG 220 News Owner LLC | Delaware, New York | |||||||
SLG 609 Fifth LLC | Delaware | |||||||
SLG 625 Lessee LLC | Delaware | |||||||
SLG 711 Fee LLC | New York | |||||||
SLG 711 Third LLC | New York | |||||||
SLG 711 Third Sublandlord LLC | Delaware | |||||||
SLG 717 FIFTH MEMBER LLC | Delaware | |||||||
SLG 810 Seventh Lessee LLC | Delaware | |||||||
SLG 885 Third Manager LLC | Delaware | |||||||
SLG Asset Management Fee LLC | Delaware, New York | |||||||
SLG Elevator Holdings LLC | New York | |||||||
SLG Funding REIT LLC* | Delaware | |||||||
SLG Gramercy Services LLC | Delaware | |||||||
SLG Graybar LLC | Delaware | |||||||
SLG Graybar Mesne Lease Corp | New York |
Entity Name | State of Incorporation | |||||||
SLG Graybar Mesne Lease I LLC | Delaware | |||||||
SLG Graybar Mesne Lease LLC | New York | |||||||
SLG Graybar New Ground Lessee LLC | Delaware | |||||||
SLG Graybar New Lessee LLC | Delaware | |||||||
SLG Graybar Sublease Corp | New York | |||||||
SLG Graybar Sublease LLC | New York | |||||||
SLG IRP Realty LLC | New York | |||||||
SLG LeaseCo Member LLC | Delaware | |||||||
SLG Lightpath LLC | Delaware | |||||||
SLG MADISON INVESTMENT LLC | Delaware | |||||||
SLG One Park Shareholder LLC | Delaware | |||||||
SLG One Park Shareholder II LLC | Delaware | |||||||
SLG One Park Shareholder III LLC | Delaware | |||||||
SLG OpCo Holdings LLC | Delaware | |||||||
SLG OpCo Member LLC | Delaware | |||||||
SLG Park Avenue Investor LLC | Delaware | |||||||
SLG Protective TRS Corp | Delaware, New York | |||||||
SLG RSVP Member LLC | Delaware | |||||||
SLG SHP Holding LLC | Delaware | |||||||
SP West 33-34 Hotel Parcel LLC | Delaware | |||||||
Structured Finance TRS Corp. | Delaware | |||||||
Summit Manager Mezz LLC | Delaware | |||||||
WWP MEMBER LLC | Delaware | |||||||
WWP Office LLC | Delaware |
/s/ Ernst & Young LLP |
Date: February 26, 2021 | ||||||||
/s/ Marc Holliday | ||||||||
Name: | Marc Holliday | |||||||
Title: | Chairman and Chief Executive Officer |
Date: February 26, 2021 | ||||||||
/s/ Matthew J. DiLiberto | ||||||||
Name: | Matthew J. DiLiberto | |||||||
Title: | Chief Financial Officer |
Date: February 26, 2021 | ||||||||
/s/ Marc Holliday | ||||||||
Name: | Marc Holliday | |||||||
Title: | Chairman and Chief Executive Officer | |||||||
of SL Green Realty Corp., the | ||||||||
general partner of the registrant |
Date: February 26, 2021 | ||||||||
/s/ Matthew J. DiLiberto | ||||||||
Name: | Matthew J. DiLiberto | |||||||
Title: | Chief Financial Officer | |||||||
of SL Green Realty Corp., the | ||||||||
general partner of the registrant |
/s/ Marc Holliday | ||||||||
Name: | Marc Holliday | |||||||
Title: | Chairman and Chief Executive Officer | |||||||
February 26, 2021 |
/s/ Matthew J. DiLiberto | ||||||||
Name: | Matthew J. DiLiberto | |||||||
Title: | Chief Financial Officer | |||||||
February 26, 2021 |
/s/ Marc Holliday | ||||||||
Name: | Marc Holliday | |||||||
Title: | Chairman and Chief Executive Officer | |||||||
of SL Green Realty Corp., the | ||||||||
general partner of the Operating Partnership | ||||||||
February 26, 2021 |
/s/ Matthew J. DiLiberto | ||||||||
Name: | Matthew J. DiLiberto | |||||||
Title: | Chief Financial Officer | |||||||
of SL Green Realty Corp., the | ||||||||
general partner of the Operating Partnership | ||||||||
February 26, 2021 |