Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Entity Registrant Name | 'SL GREEN REALTY CORP | ' |
Entity Central Index Key | '0001040971 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 92,260,239 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
SL Green Operating Partnership | ' | ' |
Entity Registrant Name | 'SL GREEN OPERATING PARTNERSHIP, L.P. | ' |
Entity Central Index Key | '0001492869 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 879,183 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Commercial real estate properties, at cost: | ' | ' |
Land and land interests | $2,868,833,000 | $2,886,099,000 |
Building and improvements | 7,440,543,000 | 7,389,766,000 |
Building leasehold and improvements | 1,353,997,000 | 1,346,748,000 |
Properties under capital lease | 50,332,000 | 40,340,000 |
Total commercial real estate properties, at cost | 11,713,705,000 | 11,662,953,000 |
Less: accumulated depreciation | -1,574,002,000 | -1,393,323,000 |
Total commercial real estate properties, net | 10,139,703,000 | 10,269,630,000 |
Assets held for sale | 0 | 4,901,000 |
Cash and cash equivalents | 209,098,000 | 189,984,000 |
Restricted cash | 356,844,000 | 136,071,000 |
Investment in marketable securities | 32,863,000 | 21,429,000 |
Tenant and other receivables, net of allowance of $22,383 and $21,652 in 2013 and 2012, respectively | 51,354,000 | 48,544,000 |
Related party receivables | 7,800,000 | 7,531,000 |
Deferred rents receivable, net of allowance of $29,508 and $29,580 in 2013 and 2012, respectively | 374,615,000 | 340,747,000 |
Debt and preferred equity investments, net of discounts and deferred origination fees of $26,466 and $22,341 in 2013 and 2012, and allowance of $4,000 and $7,000 in 2013 and 2012, respectively | 1,315,551,000 | 1,348,434,000 |
Investments in unconsolidated joint ventures | 1,109,815,000 | 1,032,243,000 |
Deferred costs, net | 247,850,000 | 261,145,000 |
Other assets | 729,426,000 | 718,326,000 |
Total assets | 14,574,919,000 | 14,378,985,000 |
Liabilities | ' | ' |
Mortgages and other loans payable | 4,641,758,000 | 4,615,464,000 |
Revolving credit facility | 340,000,000 | 70,000,000 |
Term loan and senior unsecured notes | 1,737,869,000 | 1,734,956,000 |
Accrued interest payable and other liabilities | 69,359,000 | 73,769,000 |
Accounts payable and accrued expenses | 167,719,000 | 159,598,000 |
Deferred revenue | 293,393,000 | 312,995,000 |
Capitalized lease obligations | 47,492,000 | 37,518,000 |
Deferred land leases payable | 21,066,000 | 20,897,000 |
Dividend and distributions payable | 34,749,000 | 37,839,000 |
Security deposits | 54,824,000 | 46,253,000 |
Liabilities related to assets held for sale | 0 | 136,000 |
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities | 100,000,000 | 100,000,000 |
Total liabilities | 7,508,229,000 | 7,209,425,000 |
Commitments and contingencies | 0 | 0 |
Balance at the beginning of period | 248,046,000 | 212,907,000 |
Equity | ' | ' |
Common stock, $0.01 par value, 160,000 shares authorized and 95,780 and 94,896 issued and outstanding at September 30, 2013 and December 31, 2012, respectively (including 3,566 and 3,646 shares held in Treasury at September 30, 2013 and December 31, 2012, respectively) | 959,000 | 950,000 |
Additional paid-in-capital | 4,757,778,000 | 4,667,900,000 |
Treasury stock at cost | -316,989,000 | -322,858,000 |
Accumulated other comprehensive loss | -19,249,000 | -29,587,000 |
Retained earnings | 1,636,584,000 | 1,701,092,000 |
Total SL Green stockholders' equity | 6,281,015,000 | 6,419,802,000 |
Noncontrolling interests in other partnerships | 488,079,000 | 487,301,000 |
Total equity | 6,769,094,000 | 6,907,103,000 |
Total liabilities and equity | 14,574,919,000 | 14,378,985,000 |
Series G Preferred Units | ' | ' |
Liabilities | ' | ' |
Preferred Units | 47,550,000 | 47,550,000 |
Series H Preferred Units | ' | ' |
Liabilities | ' | ' |
Preferred Units | 2,000,000 | 2,000,000 |
Series C Preferred Units | ' | ' |
Equity | ' | ' |
Preferred stock | 0 | 180,340,000 |
Series I Preferred Units | ' | ' |
Equity | ' | ' |
Preferred stock | 221,932,000 | 221,965,000 |
SL Green Operating Partnership | ' | ' |
Commercial real estate properties, at cost: | ' | ' |
Land and land interests | 2,868,833,000 | 2,886,099,000 |
Building and improvements | 7,440,543,000 | 7,389,766,000 |
Building leasehold and improvements | 1,353,997,000 | 1,346,748,000 |
Properties under capital lease | 50,332,000 | 40,340,000 |
Total commercial real estate properties, at cost | 11,713,705,000 | 11,662,953,000 |
Less: accumulated depreciation | -1,574,002,000 | -1,393,323,000 |
Total commercial real estate properties, net | 10,139,703,000 | 10,269,630,000 |
Assets held for sale | 0 | 4,901,000 |
Cash and cash equivalents | 209,098,000 | 189,984,000 |
Restricted cash | 356,844,000 | 136,071,000 |
Investment in marketable securities | 32,863,000 | 21,429,000 |
Tenant and other receivables, net of allowance of $22,383 and $21,652 in 2013 and 2012, respectively | 51,354,000 | 48,544,000 |
Related party receivables | 7,800,000 | 7,531,000 |
Deferred rents receivable, net of allowance of $29,508 and $29,580 in 2013 and 2012, respectively | 374,615,000 | 340,747,000 |
Debt and preferred equity investments, net of discounts and deferred origination fees of $26,466 and $22,341 in 2013 and 2012, and allowance of $4,000 and $7,000 in 2013 and 2012, respectively | 1,315,551,000 | 1,348,434,000 |
Investments in unconsolidated joint ventures | 1,109,815,000 | 1,032,243,000 |
Deferred costs, net | 247,850,000 | 261,145,000 |
Other assets | 729,426,000 | 718,326,000 |
Total assets | 14,574,919,000 | 14,378,985,000 |
Liabilities | ' | ' |
Mortgages and other loans payable | 4,641,758,000 | 4,615,464,000 |
Revolving credit facility | 340,000,000 | 70,000,000 |
Term loan and senior unsecured notes | 1,737,869,000 | 1,734,956,000 |
Accrued interest payable and other liabilities | 69,359,000 | 73,769,000 |
Accounts payable and accrued expenses | 167,719,000 | 159,598,000 |
Deferred revenue | 293,393,000 | 312,995,000 |
Capitalized lease obligations | 47,492,000 | 37,518,000 |
Deferred land leases payable | 21,066,000 | 20,897,000 |
Dividend and distributions payable | 34,749,000 | 37,839,000 |
Security deposits | 54,824,000 | 46,253,000 |
Liabilities related to assets held for sale | 0 | 136,000 |
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities | 100,000,000 | 100,000,000 |
Total liabilities | 7,508,229,000 | 7,209,425,000 |
Commitments and contingencies | 0 | 0 |
Equity | ' | ' |
Accumulated other comprehensive loss | -19,821,000 | -30,649,000 |
Total liabilities and equity | 14,574,919,000 | 14,378,985,000 |
SLGOP Partners' Capital | ' | ' |
General And Limited Partners Capital Account | 6,259,229,000 | 6,189,529,000 |
Limited Partners' Capital Account | 67,721,000 | 71,524,000 |
Partners' Capital | 6,529,061,000 | 6,632,709,000 |
Partners' Capital Attributable to Noncontrolling Interest | 488,079,000 | 487,301,000 |
Total capital | 7,017,140,000 | 7,120,010,000 |
SL Green Operating Partnership | Series G Preferred Units | ' | ' |
Liabilities | ' | ' |
Preferred Units | 47,550,000 | 47,550,000 |
SL Green Operating Partnership | Series H Preferred Units | ' | ' |
Liabilities | ' | ' |
Preferred Units | 2,000,000 | 2,000,000 |
SL Green Operating Partnership | Series C Preferred Units | ' | ' |
SLGOP Partners' Capital | ' | ' |
Preferred Units, Preferred Partners' Capital Accounts | 0 | 180,340,000 |
Total capital | 0 | 180,340,000 |
SL Green Operating Partnership | Series I Preferred Units | ' | ' |
SLGOP Partners' Capital | ' | ' |
Preferred Units, Preferred Partners' Capital Accounts | 221,932,000 | 221,965,000 |
Total capital | $221,932,000 | $221,965,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Tenant and other receivables, allowance (in dollars) | $22,383 | $21,652 |
Deferred rents receivable, allowance (in dollars) | 29,508 | 29,580 |
Debt and preferred equity investments, discount and deferred origination fees (in dollars) | 26,466 | 22,341 |
Debt and preferred equity investments, allowance (in dollars) | 4,000 | 7,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 |
Common stock, shares issued (in shares) | 95,780,000 | 94,896,000 |
Common stock, shares outstanding (in shares) | 95,780,000 | 94,896,000 |
Treasury stock, shares (in shares) | 3,566,000 | 3,646,000 |
Series G Preferred Units | ' | ' |
Preferred Units, liquidation preference (in dollars per share) | $25 | $25 |
Preferred Units, shares issued (in shares) | 1,902,000 | 1,902,000 |
Preferred Units, shares outstanding (in shares) | 1,902,000 | 1,902,000 |
Series H Preferred Units | ' | ' |
Preferred Units, liquidation preference (in dollars per share) | $25 | $25 |
Preferred Units, shares issued (in shares) | 80,000 | 80,000 |
Preferred Units, shares outstanding (in shares) | 80,000 | 80,000 |
Series C Preferred Units | ' | ' |
Preferred Units, liquidation preference (in dollars per share) | $25 | $25 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares issued (in shares) | ' | 7,700,000 |
Preferred stock, shares outstanding (in shares) | ' | 7,700,000 |
Series I Preferred Units | ' | ' |
Preferred Units, liquidation preference (in dollars per share) | $25 | $25 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares issued (in shares) | 9,200,000 | 9,200,000 |
Preferred stock, shares outstanding (in shares) | 9,200,000 | 9,200,000 |
SL Green Operating Partnership | ' | ' |
Tenant and other receivables, allowance (in dollars) | 22,383 | 21,652 |
Deferred rents receivable, allowance (in dollars) | 29,508 | 29,580 |
Debt and preferred equity investments, discount and deferred origination fees (in dollars) | 26,466 | 22,341 |
Debt and preferred equity investments, allowance (in dollars) | $4,000 | $7,000 |
SL Green partners' capital, general partner common units outstanding (in shares) | 950,000 | 940,000 |
SL Green partners' capital, limited partner common units outstanding (in shares) | 91,264,000 | 90,310,000 |
Limited partner interests in Operating Partnership, limited partner common units outstanding (in shares) | 2,792,000 | 2,760,000 |
SL Green Operating Partnership | Series G Preferred Units | ' | ' |
Preferred Units, liquidation preference (in dollars per share) | $25 | $25 |
Preferred Units, shares issued (in shares) | 1,902,000 | 1,902,000 |
Preferred Units, shares outstanding (in shares) | 1,902,000 | 1,902,000 |
SL Green Operating Partnership | Series H Preferred Units | ' | ' |
Preferred Units, liquidation preference (in dollars per share) | $25 | $25 |
Preferred Units, shares issued (in shares) | 80,000 | 80,000 |
Preferred Units, shares outstanding (in shares) | 80,000 | 80,000 |
SL Green Operating Partnership | Series C Preferred Units | ' | ' |
Preferred stock, shares issued (in shares) | ' | 7,700,000 |
Preferred stock, shares outstanding (in shares) | ' | 7,700,000 |
SL Green Operating Partnership | Series I Preferred Units | ' | ' |
Preferred stock, shares issued (in shares) | 9,200,000 | 9,200,000 |
Preferred stock, shares outstanding (in shares) | 9,200,000 | 9,200,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Rental revenue, net | $264,349 | $277,676 | $804,104 | $798,271 |
Escalation and reimbursement | 45,091 | 42,194 | 125,018 | 124,273 |
Investment and preferred equity income | 44,448 | 27,869 | 143,887 | 87,655 |
Other income | 9,877 | 9,272 | 21,369 | 25,931 |
Total revenues | 363,765 | 357,011 | 1,094,378 | 1,036,130 |
Expenses | ' | ' | ' | ' |
Operating expenses, including approximately $4,876 and $13,345 (2013) and $4,670 and $12,914 (2012) paid to related parties | 77,272 | 82,351 | 218,901 | 221,670 |
Real estate taxes | 55,511 | 53,293 | 161,625 | 156,746 |
Ground rent | 10,127 | 8,874 | 29,767 | 26,570 |
Interest expense, net of interest income | 82,973 | 85,659 | 247,420 | 247,789 |
Amortization of deferred financing costs | 4,331 | 4,493 | 13,034 | 11,626 |
Depreciation and amortization | 87,473 | 81,827 | 248,587 | 233,566 |
Loan loss and other investment reserves, net of recoveries | 0 | 0 | 0 | 564 |
Transaction related costs, net of recoveries | -2,349 | 1,372 | 719 | 4,398 |
Marketing, general and administrative | 20,869 | 20,551 | 63,450 | 61,469 |
Total expenses | 336,207 | 338,420 | 983,503 | 964,398 |
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate, gain (loss) on sale of investment in marketable securities, purchase price fair value adjustment and loss on early extinguishment of debt | 27,558 | 18,591 | 110,875 | 71,732 |
Equity in net income from unconsolidated joint ventures | 2,939 | 11,658 | 4,251 | 80,988 |
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | -354 | -4,807 | -3,937 | 17,776 |
Gain (loss) on sale of investment in marketable securities | 0 | 2,237 | -65 | 2,237 |
Purchase price fair value adjustment | 0 | 0 | -2,305 | 0 |
Loss on early extinguishment of debt | 0 | 0 | -18,523 | 0 |
Income from continuing operations | 30,143 | 27,679 | 90,296 | 172,733 |
Net income from discontinued operations | 1,406 | 951 | 1,725 | 2,883 |
Gain on sale of discontinued operations | 13,787 | 0 | 14,900 | 6,627 |
Net income | 45,336 | 28,630 | 106,921 | 182,243 |
Net income attributable to noncontrolling interests: | ' | ' | ' | ' |
Noncontrolling interests in the Operating Partnership | -1,110 | -567 | -1,909 | -4,876 |
Noncontrolling interests in other partnerships | -2,901 | -1,835 | -8,806 | -6,792 |
Preferred unit distributions | -562 | -571 | -1,692 | -1,533 |
Net income attributable to SL Green | 40,763 | 25,657 | 94,514 | 169,042 |
Preferred stock redemption costs | 0 | -10,010 | -12,160 | -10,010 |
Perpetual preferred stock dividends | -3,738 | -7,915 | -18,144 | -23,004 |
Net income attributable to SL Green common stockholders | 37,025 | 7,732 | 64,210 | 136,028 |
Amounts attributable to SL Green common stockholders: | ' | ' | ' | ' |
Income from continuing operations | 22,623 | 11,451 | 54,125 | 109,687 |
Purchase price fair value adjustment | 0 | 0 | -2,239 | 0 |
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | -344 | -4,636 | -3,825 | 17,160 |
Net income from discontinued operations | 1,365 | 917 | 1,676 | 2,783 |
Gain on sale of discontinued operations | 13,381 | 0 | 14,473 | 6,398 |
Net income | 37,025 | 7,732 | 64,210 | 136,028 |
Basic earnings per share: | ' | ' | ' | ' |
Income from continuing operations before discontinued operations (in dollars per share) | $0.25 | $0.13 | $0.57 | $1.24 |
Gain (Loss) on Sale of Unconsolidated Joint Ventures or Real Estate, Per Basic Share | $0 | ($0.05) | ($0.04) | $0.19 |
Net (loss) income from discontinued operations (in dollars per share) | $0 | $0.01 | $0.01 | $0.03 |
Gain (Loss) on Sale of Discontinued Operations, Net of Noncontrolling Interest, Per Basic Share | $0.15 | $0 | $0.16 | $0.07 |
Net income attributable to SL Green common stockholders (in dollars per share) | $0.40 | $0.09 | $0.70 | $1.53 |
Diluted earnings per share: | ' | ' | ' | ' |
Net income from continuing operations before discontinued operations (in dollars per share) | $0.25 | $0.13 | $0.56 | $1.23 |
Gain (Loss) on Sale of Unconsolidated Joint Ventures or Real Estate, Per Diluted Share | $0 | ($0.05) | ($0.04) | $0.19 |
Net (loss) income from discontinued operations (in dollars per share) | $0 | $0.01 | $0.02 | $0.03 |
Gain (Loss) on Sale of Discontinued Operations, Per Diluted Share | $0.15 | $0 | $0.16 | $0.07 |
Income attributable to SL Green common stockholders (in dollars per share) | $0.40 | $0.09 | $0.70 | $1.52 |
Dividends per share (in dollars per share) | $0.33 | $0.25 | $0.99 | $0.75 |
Basic weighted average common shares outstanding (in shares) | 91,988 | 90,241 | 91,684 | 88,929 |
Diluted weighted average common shares and common share equivalents outstanding (in shares) | 95,016 | 93,891 | 94,631 | 92,485 |
Amounts attributable to SLGOP common unitholders: | ' | ' | ' | ' |
Purchase price fair value adjustment | ' | ' | -2,305 | 0 |
SL Green Operating Partnership | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Rental revenue, net | 264,349 | 277,676 | 804,104 | 798,271 |
Escalation and reimbursement | 45,091 | 42,194 | 125,018 | 124,273 |
Investment and preferred equity income | 44,448 | 27,869 | 143,887 | 87,655 |
Other income | 9,877 | 9,272 | 21,369 | 25,931 |
Total revenues | 363,765 | 357,011 | 1,094,378 | 1,036,130 |
Expenses | ' | ' | ' | ' |
Operating expenses, including approximately $4,876 and $13,345 (2013) and $4,670 and $12,914 (2012) paid to related parties | 77,272 | 82,351 | 218,901 | 221,670 |
Real estate taxes | 55,511 | 53,293 | 161,625 | 156,746 |
Ground rent | 10,127 | 8,874 | 29,767 | 26,570 |
Interest expense, net of interest income | 82,973 | 85,659 | 247,420 | 247,789 |
Amortization of deferred financing costs | 4,331 | 4,493 | 13,034 | 11,626 |
Depreciation and amortization | 87,473 | 81,827 | 248,587 | 233,566 |
Loan loss and other investment reserves, net of recoveries | 0 | 0 | 0 | 564 |
Transaction related costs, net of recoveries | -2,349 | 1,372 | 719 | 4,398 |
Marketing, general and administrative | 20,869 | 20,551 | 63,450 | 61,469 |
Total expenses | 336,207 | 338,420 | 983,503 | 964,398 |
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate, gain (loss) on sale of investment in marketable securities, purchase price fair value adjustment and loss on early extinguishment of debt | 27,558 | 18,591 | 110,875 | 71,732 |
Equity in net income from unconsolidated joint ventures | 2,939 | 11,658 | 4,251 | 80,988 |
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | -354 | -4,807 | -3,937 | 17,776 |
Gain (loss) on sale of investment in marketable securities | 0 | 2,237 | -65 | 2,237 |
Purchase price fair value adjustment | 0 | 0 | -2,305 | 0 |
Loss on early extinguishment of debt | 0 | 0 | -18,523 | 0 |
Income from continuing operations | 30,143 | 27,679 | 90,296 | 172,733 |
Net income from discontinued operations | 1,406 | 951 | 1,725 | 2,883 |
Gain on sale of discontinued operations | 13,787 | 0 | 14,900 | 6,627 |
Net income | 45,336 | 28,630 | 106,921 | 182,243 |
Net income attributable to noncontrolling interests: | ' | ' | ' | ' |
Noncontrolling interests in other partnerships | -2,901 | -1,835 | -8,806 | -6,792 |
Net income attributable to SL Green | 41,873 | 26,224 | 96,423 | 173,918 |
Amounts attributable to SL Green common stockholders: | ' | ' | ' | ' |
Income from continuing operations | 23,296 | 12,155 | 55,736 | 113,618 |
Gain on sale of discontinued operations | 13,787 | 0 | 14,900 | 6,627 |
Basic earnings per share: | ' | ' | ' | ' |
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate (in dollars per share) | 0 | -0.05 | -0.04 | 0.19 |
Gain on sale of discontinued operations (in dollars per share) | 0.15 | 0 | 0.16 | 0.07 |
Diluted earnings per share: | ' | ' | ' | ' |
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate (in dollars per share) | 0 | -0.05 | -0.04 | 0.19 |
Gain on sale of discontinued operations (in dollars per share) | 0.15 | 0 | 0.16 | 0.07 |
Amounts attributable to SLGOP common unitholders: | ' | ' | ' | ' |
Purchase price fair value adjustment | 0 | 0 | -2,305 | 0 |
Preferred unit distributions | -562 | -571 | -1,692 | -1,533 |
Preferred unit redemption costs | 0 | -10,010 | -12,160 | -10,010 |
Perpetual preferred unit distributions | -3,738 | -7,915 | -18,144 | -23,004 |
Net income attributable to SLGOP common unitholders | 38,135 | 8,299 | 66,119 | 140,904 |
Net income from discontinued operations | $1,406 | $951 | $1,725 | $2,883 |
Net income from continuing operations before discontinued operations (usd per share) | 0.25 | 0.13 | 0.57 | 1.24 |
Net income from discontinued operations (usd per share) | 0 | 0.01 | 0.01 | 0.03 |
Net Income attributable to SLGOP common unitholders (usd per share) | 0.4 | 0.09 | 0.7 | 1.53 |
Net income from continuing operations before discontinued operations (usd per share) | 0.25 | 0.13 | 0.56 | 1.23 |
Net income from discontinued operations (usd per share) | 0 | 0.01 | 0.02 | 0.03 |
Net income attributable to SLGOP common unitholders (usd per share) | 0.4 | 0.09 | 0.7 | 1.52 |
Dividends per unit (usd per share) | $0.33 | $0.25 | $0.99 | $0.75 |
Basic weighted average common units outstanding (shares) | 94,780 | 93,561 | 94,389 | 92,117 |
Diluted weighted average common units and common unit equivalents outstanding (shares) | 95,016 | 93,891 | 94,631 | 92,485 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating expenses, paid to related parties | $4,876 | $4,670 | $13,345 | $12,914 |
SL Green Operating Partnership | ' | ' | ' | ' |
Operating expenses, paid to related parties | $4,876 | $4,670 | $13,345 | $12,914 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $45,336 | $28,630 | $106,921 | $182,243 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net unrealized gain (loss) on derivative instruments | -1,165 | -102 | 10,522 | -635 |
Change in unrealized gain (loss) on marketable securities | 513 | -825 | 306 | -597 |
Other comprehensive (loss) income | -652 | -927 | 10,828 | -1,232 |
Comprehensive income | 44,684 | 27,703 | 117,749 | 181,011 |
Net income attributable to noncontrolling interests | -4,573 | -2,973 | -12,407 | -13,201 |
Other comprehensive loss (income) attributable to noncontrolling interests in the Operating Partnership | 25 | 59 | -490 | 396 |
Comprehensive income attributable to SL Green common stockholders | 40,136 | 24,789 | 104,852 | 168,206 |
SL Green Operating Partnership | ' | ' | ' | ' |
Net income | 45,336 | 28,630 | 106,921 | 182,243 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net unrealized gain (loss) on derivative instruments | -1,165 | -102 | 10,522 | -635 |
Change in unrealized gain (loss) on marketable securities | 513 | -825 | 306 | -597 |
Other comprehensive (loss) income | -652 | -927 | 10,828 | -1,232 |
Comprehensive income | 44,684 | 27,703 | 117,749 | 181,011 |
Net income attributable to noncontrolling interests in other partnerships | -2,901 | -1,835 | -8,806 | -6,792 |
Comprehensive income attributable to SL Green common stockholders | $41,783 | $25,868 | $108,943 | $174,219 |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | Common Stock | Additional Paid-In-Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Series C Preferred Units | Series I Preferred Units |
In Thousands, except Share data, unless otherwise specified | Preferred Stock | Preferred Stock | |||||||
Balance at Dec. 31, 2012 | $6,907,103 | $950 | $4,667,900 | ($322,858) | ($29,587) | $1,701,092 | $487,301 | $180,340 | $221,965 |
Balance (in shares) at Dec. 31, 2012 | ' | 91,250,000 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 103,320 | ' | ' | ' | ' | 94,514 | 8,806 | ' | ' |
Other comprehensive income | 10,338 | ' | ' | ' | 10,338 | ' | ' | ' | ' |
Preferred dividends | -18,144 | ' | ' | ' | ' | -18,144 | ' | ' | ' |
DRIP proceeds | 57 | ' | 57 | ' | ' | ' | ' | ' | ' |
Conversion of units | 17,287 | 2 | 17,285 | ' | ' | ' | ' | ' | ' |
Conversion of units of the Operating Partnership to common stock (in shares) | ' | 224,000 | ' | ' | ' | ' | ' | ' | ' |
Reallocation of noncontrolling interest in the Operating Partnership | -38,452 | ' | ' | ' | ' | -38,452 | ' | ' | ' |
Deferred compensation plan (shares) | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation plan | 434 | ' | 655 | -221 | ' | ' | ' | ' | ' |
Amortization of deferred compensation plan | 19,702 | ' | 19,702 | ' | ' | ' | ' | ' | ' |
Redemption of preferred stock | -192,500 | ' | ' | ' | ' | -12,160 | ' | -180,340 | ' |
Preferred stock issuance costs | -33 | ' | ' | ' | ' | ' | ' | ' | -33 |
Issuance of common stock | 41,791 | 5 | 41,786 | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | 462,000 | ' | ' | ' | ' | ' | ' | ' |
Sale of treasury stock | 6,090 | ' | ' | 6,090 | ' | ' | ' | ' | ' |
Sale of treasury stock (in shares) | ' | 83,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from stock options exercised | 10,395 | 2 | 10,393 | ' | ' | ' | ' | ' | ' |
Proceeds from stock options exercised (in shares) | ' | 185,000 | ' | ' | ' | ' | ' | ' | ' |
Contributions to consolidated joint venture | 3,781 | ' | ' | ' | ' | ' | 3,781 | ' | ' |
Cash distributions to noncontrolling interests | -11,809 | ' | ' | ' | ' | ' | -11,809 | ' | ' |
Cash distribution declared ($0.66 per common share, none of which represented a return of capital for federal income tax purposes) | -90,266 | ' | ' | ' | ' | -90,266 | ' | ' | ' |
Balance at Sep. 30, 2013 | $6,769,094 | $959 | $4,757,778 | ($316,989) | ($19,249) | $1,636,584 | $488,079 | $0 | $221,932 |
Balance (in shares) at Sep. 30, 2013 | ' | 92,214,000 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Equi1
Consolidated Statement of Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Cash distribution declared, per common share (in dollars per share) | $0.33 | $0.25 | $0.99 | $0.75 |
Consolidated_Statement_of_Capi
Consolidated Statement of Capital Statement (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Increase (Decrease) in Stockholders' Equity | ' | ' |
Other comprehensive income | ($652) | $10,828 |
DRIP proceeds | ' | 57 |
Conversion of units | ' | 17,287 |
Issuance of units | ' | 14,270 |
Deferred compensation plan | ' | 434 |
Amortization of deferred compensation plan | ' | 19,702 |
Redemption of preferred units | ' | -192,500 |
Distributions to noncontrolling interests | ' | -11,809 |
Common Stock | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' |
Conversion of units | ' | 2 |
Conversion of units (in units) | ' | 224,000 |
Deferred compensation plan (shares) | ' | 10,000 |
Noncontrolling Interests | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' |
Distributions to noncontrolling interests | ' | -11,809 |
SL Green Operating Partnership | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' |
Beginning Balance | ' | 7,120,010 |
Net income | ' | 105,229 |
Other comprehensive income | -652 | 10,828 |
Preferred distributions | ' | -18,144 |
DRIP proceeds | ' | 57 |
Conversion of units | ' | 0 |
Issuance of units | ' | 14,270 |
Deferred compensation plan | ' | 434 |
Amortization of deferred compensation plan | ' | 19,702 |
Redemption of preferred units | ' | -192,500 |
Preferred units issuance costs | ' | -33 |
Partners' Capital Account, Contributions | ' | 41,791 |
Contributions - treasury shares | ' | 6,090 |
Contributions - proceeds from stock options exercised | ' | 10,395 |
Contributions to consolidated joint venture | ' | 3,781 |
Distributions to noncontrolling interests | ' | -11,809 |
Cash distribution declared ($0.99 per common unit, none of which represented a return of capital for federal income tax purposes) | ' | -92,961 |
Ending Balance | 7,017,140 | 7,017,140 |
SL Green Operating Partnership | Series C Preferred Units | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' |
Beginning Balance | ' | 180,340 |
Net income | ' | 6,932 |
Preferred distributions | ' | -6,932 |
Redemption of preferred units | ' | -180,340 |
Ending Balance | 0 | 0 |
SL Green Operating Partnership | Series I Preferred Units | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' |
Beginning Balance | ' | 221,965 |
Net income | ' | 11,212 |
Preferred distributions | ' | -11,212 |
Preferred units issuance costs | ' | -33 |
Ending Balance | 221,932 | 221,932 |
SL Green Operating Partnership | Common Stock | General Partner [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' |
Beginning Balance | ' | 6,189,529 |
Balance (shares) | ' | 91,250,000 |
Net income | ' | 76,370 |
DRIP proceeds | ' | 57 |
Conversion of units | ' | 17,287 |
Conversion of units (in units) | ' | 224,000 |
Deferred compensation plan (shares) | ' | 10,000 |
Deferred compensation plan | ' | 434 |
Amortization of deferred compensation plan | ' | 19,702 |
Amortization of deferred compensation plan (in units) | ' | ' |
Redemption of preferred units | ' | -12,160 |
Partners' Capital Account, Contributions | ' | 41,791 |
Partners' Capital Account, Units, Contributed (in units) | ' | 462,000 |
Contributions - treasury shares | ' | 6,090 |
Contributions - treasury shares (in units) | ' | 83,000 |
Contributions - proceeds from stock options exercised | ' | 10,395 |
Contributions - proceeds from stock options exercised (in units) | ' | 185,000 |
Cash distribution declared ($0.99 per common unit, none of which represented a return of capital for federal income tax purposes) | ' | -90,266 |
Ending Balance | 6,259,229 | 6,259,229 |
Balance (shares) | 92,214,000 | 92,214,000 |
SL Green Operating Partnership | Common Stock | Limited Partner [Member] | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' |
Beginning Balance | ' | 71,524 |
Balance (shares) | ' | 2,760,000 |
Net income | ' | 1,909 |
Conversion of units | ' | -17,287 |
Conversion of units (in units) | ' | -224,000 |
Issuance of units | ' | 14,270 |
Issuance of units (in units) | ' | 256,000 |
Cash distribution declared ($0.99 per common unit, none of which represented a return of capital for federal income tax purposes) | ' | -2,695 |
Ending Balance | 67,721 | 67,721 |
Balance (shares) | 2,792,000 | 2,792,000 |
SL Green Operating Partnership | Accumulated Other Comprehensive Income (Loss) | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' |
Beginning Balance | ' | -30,649 |
Other comprehensive income | ' | 10,828 |
Ending Balance | -19,821 | -19,821 |
SL Green Operating Partnership | Noncontrolling Interests | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' |
Beginning Balance | ' | 487,301 |
Net income | ' | 8,806 |
Contributions to consolidated joint venture | ' | 3,781 |
Distributions to noncontrolling interests | ' | -11,809 |
Ending Balance | $488,079 | $488,079 |
Consolidated_Statement_of_Capi1
Consolidated Statement of Capital Consolidated Statement of Capital (Parentheticals) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Statement of Partners' Capital [Abstract] | ' |
Cash distribution declared, per common unit (usd per share) | $0.01 |
Return of capital, per common unit (usd per share) | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $106,921 | $182,243 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 264,833 | 249,950 |
Depreciable real estate reserves | 2,150 | 0 |
Equity in net income from unconsolidated joint ventures | -4,251 | -80,988 |
Distributions of cumulative earnings from unconsolidated joint ventures | 21,723 | 84,182 |
Purchase price fair value adjustment | 2,305 | 0 |
Equity in net loss (gain) on sale of interest in unconsolidated joint venture/real estate | 3,937 | -17,776 |
Gain on sale of discontinued operations | -14,900 | -6,627 |
Loan loss and other investment reserves, net of recoveries | 0 | 564 |
Gain on sale of investments in marketable securities | 0 | -2,237 |
Loss on early extinguishment of debt | 10,968 | 0 |
Deferred rents receivable | -44,021 | -50,910 |
Other non-cash adjustments | -31,808 | -864 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash b operations | 1,254 | -12,557 |
Tenant and other receivables | -3,018 | -8,500 |
Related party receivables | -187 | -3,792 |
Deferred lease costs | -28,502 | -37,885 |
Other assets | -23,316 | -44,915 |
Accounts payable, accrued expenses and other liabilities | 23,635 | 11,309 |
Deferred revenue and land leases payable | 22,731 | 8,997 |
Net cash provided by operating activities | 310,454 | 270,194 |
Investing Activities | ' | ' |
Acquisitions of real estate property | -58,185 | -405,318 |
Additions to land, buildings and improvements | -108,849 | -107,425 |
Escrowed cash b capital improvements/acquisition | -246,682 | -68,692 |
Investments in unconsolidated joint ventures | -120,130 | -159,524 |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 19,795 | 48,510 |
Net proceeds from disposition of real estate/joint venture interest | 218,701 | 70,367 |
Other investments | -26,003 | -28,911 |
Debt and preferred equity and other investments, net of repayments/participations | 78,888 | -172,411 |
Net cash used in investing activities | -242,465 | -823,404 |
Financing Activities | ' | ' |
Proceeds from mortgages and other loans payable | 980,333 | 1,113,500 |
Repayments of mortgages and other loans payable | -1,027,201 | -484,518 |
Proceeds from credit facility and senior unsecured notes | 844,000 | 813,339 |
Repayments of credit facility and senior unsecured notes | -578,970 | -1,065,793 |
Proceeds from stock options exercised and DRIP issuance | 10,452 | 112,447 |
Net proceeds from sale of common stock/preferred stock | 41,758 | 423,544 |
Redemption of preferred stock | -192,500 | -200,013 |
Sale or purchase of treasury stock | 6,089 | -11,197 |
Distributions to noncontrolling interests in other partnerships | -11,809 | -15,622 |
Contributions from noncontrolling interests in other partnerships | 3,781 | 19,181 |
Distributions to noncontrolling interests in the Operating Partnership | -2,695 | -2,385 |
Dividends paid on common and preferred stock | -113,192 | -91,272 |
Deferred loan costs and capitalized lease obligations | -8,921 | -33,830 |
Net cash (used in) provided by financing activities | -48,875 | 577,381 |
Net increase in cash and cash equivalents | 19,114 | 24,171 |
Cash and cash equivalents at beginning of period | 189,984 | 138,192 |
Cash and cash equivalents at end of period | 209,098 | 162,363 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' | ' |
Issuance of common stock as deferred compensation | 434 | 631 |
Issuance of units in the Operating Partnership | 14,270 | 40,542 |
Redemption of units in the Operating Partnership | 17,287 | 17,467 |
Derivative instruments at fair value | 494 | 375 |
Assignment of debt investment to joint venture | 0 | 25,362 |
Mortgage assigned upon asset sale | 0 | 59,099 |
Tenant improvements and capital expenditures payable | 9,855 | 10,056 |
Assumption of mortgage loans | 84,642 | 0 |
Fair value adjustment to noncontrolling interest in the Operating Partnership | 38,452 | 44,893 |
Accrued acquisition liabilities | 0 | 4,372 |
Deferred leasing payable | 2,849 | 509 |
Capital leased asset | 9,992 | 0 |
Transfer to net assets held for sale | 0 | 86,339 |
Transfer to liabilities related to net assets held for sale | 0 | 62,792 |
Repayment of mezzanine loan | 0 | 3,750 |
Redemption of Series E units | 0 | 31,698 |
Repayment of financing receivable | 0 | 28,195 |
Consolidation of real estate investment | 90,934 | 0 |
Investment in joint venture | 0 | 5,135 |
SL Green Operating Partnership | ' | ' |
Operating Activities | ' | ' |
Net income | 106,921 | 182,243 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 264,833 | 249,950 |
Depreciable real estate reserves | 2,150 | 0 |
Equity in net income from unconsolidated joint ventures | -4,251 | -80,988 |
Distributions of cumulative earnings from unconsolidated joint ventures | 21,723 | 84,182 |
Purchase price fair value adjustment | 2,305 | 0 |
Equity in net loss (gain) on sale of interest in unconsolidated joint venture/real estate | 3,937 | -17,776 |
Gain on sale of discontinued operations | -14,900 | -6,627 |
Loan loss and other investment reserves, net of recoveries | 0 | 564 |
Gain on sale of investments in marketable securities | 0 | -2,237 |
Loss on early extinguishment of debt | 10,968 | 0 |
Deferred rents receivable | -44,021 | -50,910 |
Other non-cash adjustments | -31,808 | -864 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash b operations | 1,254 | -12,557 |
Tenant and other receivables | -3,018 | -8,500 |
Related party receivables | -187 | -3,792 |
Deferred lease costs | -28,502 | -37,885 |
Other assets | -23,316 | -44,915 |
Accounts payable, accrued expenses and other liabilities | 23,635 | 11,309 |
Deferred revenue and land leases payable | 22,731 | 8,997 |
Net cash provided by operating activities | 310,454 | 270,194 |
Investing Activities | ' | ' |
Acquisitions of real estate property | -58,185 | -405,318 |
Additions to land, buildings and improvements | -108,849 | -107,425 |
Escrowed cash b capital improvements/acquisition | -246,682 | -68,692 |
Investments in unconsolidated joint ventures | -120,130 | -159,524 |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 19,795 | 48,510 |
Net proceeds from disposition of real estate/joint venture interest | 218,701 | 70,367 |
Other investments | -26,003 | -28,911 |
Debt and preferred equity and other investments, net of repayments/participations | 78,888 | -172,411 |
Net cash used in investing activities | -242,465 | -823,404 |
Financing Activities | ' | ' |
Proceeds from mortgages and other loans payable | 980,333 | 1,113,500 |
Repayments of mortgages and other loans payable | -1,027,201 | -484,518 |
Proceeds from credit facility and senior unsecured notes | 844,000 | 813,339 |
Repayments of credit facility and senior unsecured notes | -578,970 | -1,065,793 |
Proceeds from stock options exercised and DRIP issuance | 10,452 | 112,447 |
Net proceeds from sale of common stock/preferred stock | 41,758 | 423,544 |
Redemption of preferred stock | -192,500 | -200,013 |
Sale or purchase of treasury stock | 6,089 | -11,197 |
Distributions to noncontrolling interests in other partnerships | -11,809 | -15,622 |
Contributions from noncontrolling interests in other partnerships | 3,781 | 19,181 |
Dividends paid on common and preferred stock | -115,887 | -93,657 |
Deferred loan costs and capitalized lease obligations | -8,921 | -33,830 |
Net cash (used in) provided by financing activities | -48,875 | 577,381 |
Net increase in cash and cash equivalents | 19,114 | 24,171 |
Cash and cash equivalents at beginning of period | 189,984 | 138,192 |
Cash and cash equivalents at end of period | 209,098 | 162,363 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' | ' |
Issuance of common stock as deferred compensation | 434 | 631 |
Issuance of units in the Operating Partnership | 14,270 | 40,542 |
Redemption of units in the Operating Partnership | 17,287 | 17,467 |
Derivative instruments at fair value | 494 | 375 |
Assignment of debt investment to joint venture | 0 | 25,362 |
Mortgage assigned upon asset sale | 0 | 59,099 |
Tenant improvements and capital expenditures payable | 9,855 | 10,056 |
Assumption of mortgage loans | 84,642 | 0 |
Accrued acquisition liabilities | 0 | 4,372 |
Deferred leasing payable | 2,849 | 509 |
Capital leased asset | 9,992 | 0 |
Transfer to net assets held for sale | 0 | 86,339 |
Transfer to liabilities related to net assets held for sale | 0 | 62,792 |
Repayment of mezzanine loan | 0 | 3,750 |
Redemption of Series E units | 0 | 31,698 |
Repayment of financing receivable | 0 | 28,195 |
Consolidation of real estate investment | 90,934 | 0 |
Investment in joint venture | $0 | $5,135 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Organization and Basis of Presentation | ' | |||||||||||
Organization and Basis of Presentation | ||||||||||||
SL Green Realty Corp., which is referred to as the Company or SL Green, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Operating Partnership received a contribution of interest in the real estate properties, as well as 95% of the economic interest in the management, leasing and construction companies, which are referred to as the Service Corporation, a consolidated variable interest entity. All of the management, leasing and construction services with respect to the properties that are wholly-owned by us are conducted through SL Green Management LLC which is 100% owned by the Operating Partnership. The Company has qualified, and expects to qualify in the current fiscal year, as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, and operates as a self-administered, self-managed REIT. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to minimize the payment of Federal income taxes at the corporate level. Unless the context requires otherwise, all references to “we,” “our” and “us” means the Company and all entities owned or controlled by the Company, including the Operating Partnership. | ||||||||||||
Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership. As of September 30, 2013, noncontrolling investors held, in the aggregate, a 2.94% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership. See Note 11, “Noncontrolling Interests on the Company's Consolidated Financial Statements.” | ||||||||||||
Reckson Associates Realty Corp., or Reckson, and Reckson Operating Partnership, L.P., or ROP, are wholly-owned subsidiaries of the Operating Partnership. | ||||||||||||
As of September 30, 2013, we owned the following interests in commercial office properties in the New York Metropolitan area, primarily in midtown Manhattan, a borough of New York City. Our investments in the New York Metropolitan area also include investments in Brooklyn, Long Island, Westchester County, Connecticut and Northern New Jersey, which are collectively known as the Suburban assets: | ||||||||||||
Location | Ownership | Number of | Square Feet | Weighted Average | ||||||||
Properties | Occupancy(1) | |||||||||||
Manhattan | Consolidated properties | 26 | 18,012,945 | 93.8 | % | |||||||
Unconsolidated properties | 9 | 5,934,434 | 96.2 | % | ||||||||
Suburban | Consolidated properties | 26 | 4,087,400 | 79.1 | % | |||||||
Unconsolidated properties | 4 | 1,222,100 | 85.3 | % | ||||||||
65 | 29,256,879 | 91.9 | % | |||||||||
_________________________________ | ||||||||||||
-1 | The weighted average occupancy represents the total leased square feet divided by total available rentable square feet. | |||||||||||
As of September 30, 2013, we also owned investments in 16 retail properties encompassing approximately 621,300 square feet, 13 development properties encompassing approximately 2,424,600 square feet, three residential properties encompassing 468 units (approximately 497,100 square feet), two land interests encompassing approximately 961,400 square feet and 28 west coast office properties encompassing approximately 3,654,300 square feet. In addition, we manage two office properties owned by third parties and affiliated companies encompassing approximately 626,400 rentable square feet. As of September 30, 2013, we also held debt and preferred equity investments with a book value of $1.3 billion. | ||||||||||||
Partnership Agreement | ||||||||||||
In accordance with the partnership agreement of the Operating Partnership, or the Operating Partnership Agreement, we allocate all distributions and profits and losses in proportion to the percentage ownership interests of the respective partners. As the managing general partner of the Operating Partnership, we are required to take such reasonable efforts, as determined by us in our sole discretion, to cause the Operating Partnership to distribute sufficient amounts to enable the payment of sufficient dividends by us to minimize any Federal income or excise tax at the Company level. Under the Operating Partnership Agreement, each limited partner has the right to redeem units of limited partnership interests for cash, or if we so elect, for shares of our common stock on a one-for-one basis. | ||||||||||||
Basis of Quarterly Presentation | ||||||||||||
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company and the Operating Partnership at September 30, 2013 and the results of operations for the periods presented have been included. The 2013 operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Annual Reports on Form 10-K for the year ended December 31, 2012 of the Company and the Operating Partnership. | ||||||||||||
The balance sheets at December 31, 2012 have been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Significant Accounting Policies | ' | |||||||
Significant Accounting Policies | ||||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method or as debt and preferred equity investments. See Note 5, “Debt and Preferred Equity Investments” and Note 6, “Investments in Unconsolidated Joint Ventures.” All significant intercompany balances and transactions have been eliminated. | ||||||||
We consolidate variable interest entities, or VIEs, in which we are considered the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Included in commercial real estate properties on our consolidated balance sheets as of September 30, 2013 and December 31, 2012 are approximately $600.1 million and $607.4 million, respectively, related to our consolidated VIEs. Included in mortgages and other loans payable on our consolidated balance sheets as of September 30, 2013 and December 31, 2012 are approximately $373.1 million and $379.6 million, respectively, related to our consolidated VIEs. | ||||||||
A noncontrolling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Noncontrolling interests are required to be presented as a separate component of equity in the consolidated balance sheet and the presentation of net income was modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. | ||||||||
We assess the accounting treatment for each joint venture and debt and preferred equity investment. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIE’s, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance. In situations where we and our partner approves, among other things, the annual budget, receives a detailed monthly reporting package from us, meets on a quarterly basis to review the results of the joint venture, reviews and approves the joint venture’s tax return before filing, and approves all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of our joint venture. Our joint venture agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. | ||||||||
Investment in Commercial Real Estate Properties | ||||||||
On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be impaired or that their carrying value may not be recoverable. A property’s value is considered impaired if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges for consolidated properties) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. We also evaluate our real estate properties for potential impairment when a real estate property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell. In June 2013, we recorded a $2.2 million impairment charge in connection with the sale of 300 Main Street in Stamford, Connecticut. | ||||||||
We assess our investments in unconsolidated joint ventures for recoverability, and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on the joint venture’s projected discounted cash flows. We do not believe that the values of any of our consolidated properties or equity investments were impaired at either September 30, 2013 or December 31, 2012. | ||||||||
When we acquire equity interests in an existing unconsolidated joint venture and gain control over the investment, we record the consolidated investment at fair value. The difference between the book value of our equity investment on the purchase date and our share of the fair value of the investment’s purchase price is recorded as a purchase price fair value adjustment in our consolidated statements of income. In April 2013, we recognized a purchase price fair value adjustment of $(2.3) million in connection with the consolidation of 16 Court Street, which was previously accounted for as an investment in unconsolidated joint venture. | ||||||||
We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) and other intangible assets over their estimated useful lives, which generally range from three to 40 years and from one to 14 years, respectively. The values of the above- and below-market leases are amortized and recorded as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income over the remaining term of the associated lease, which generally range from one to 14 years. The value associated with in-place leases is amortized over the expected term of the associated lease, which generally ranges from one to 14 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below market and determined to be material, we amortize such below market lease value into rental income over the renewal period. | ||||||||
We recognized a decrease approximately $1.5 million in rental revenue for the three months ended September 30, 2013 for the amortization of aggregate above-market leases and reductions in lease origination costs in excess of below-market leases, which included approximately $6.8 million resulting from a write-off of above-market and in-place lease balances associated with a former tenant. Excluding this non-recurring charge, we recognized an increase of approximately $5.3 million in rental revenue for the three months ended September 30, 2013 for the amortization of aggregate below-market leases in excess of above-market leases and reductions in lease origination costs. We recognized an increase of approximately $8.5 million, $2.6 million and $7.4 million in rental revenue for the nine months ended September 30, 2013 and the three and nine months ended September 30, 2012, respectively, for the amortization of aggregate below-market leases in excess of above-market leases and reductions in lease origination costs.We recognized a reduction in interest expense for the amortization of the above-market rate mortgages assumed of approximately $1.3 million, $4.0 million, $1.3 million and $0.7 million for the three and nine months ended September 30, 2013 and 2012, respectively. | ||||||||
The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Identified intangible assets (included in other assets): | ||||||||
Gross amount | $ | 732,160 | $ | 725,861 | ||||
Accumulated amortization | (325,224 | ) | (263,107 | ) | ||||
Net | $ | 406,936 | $ | 462,754 | ||||
Identified intangible liabilities (included in deferred revenue): | ||||||||
Gross amount | $ | 667,495 | $ | 651,921 | ||||
Accumulated amortization | (411,814 | ) | (357,225 | ) | ||||
Net | $ | 255,681 | $ | 294,696 | ||||
Investment in Marketable Securities | ||||||||
We invest in marketable securities. At the time of purchase, we are required to designate a security as held-to-maturity, available-for-sale, or trading depending on ability and intent. We do not have any securities designated as held-to-maturity or trading at this time. Securities available-for-sale are reported at fair value pursuant to ASC 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive loss. | ||||||||
The cost of bonds and marketable securities sold was determined using the specific identification method. | ||||||||
At September 30, 2013 and December 31, 2012, we held the following marketable securities (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Level 1 – Equity marketable securities | $ | 3,109 | $ | 2,202 | ||||
Level 2 – Commercial mortgage-backed securities | 26,346 | 15,575 | ||||||
Level 3 – Rake bonds | 3,408 | 3,652 | ||||||
Total marketable securities available-for-sale | $ | 32,863 | $ | 21,429 | ||||
Our equity marketable securities represent our investment in Gramercy Capital Corp., which was renamed Gramercy Property Trust Inc. (NYSE: GPT), or Gramercy, in April 2013. Marc Holliday, our chief executive officer, remains a board member of Gramercy. As we no longer have any significant influence over Gramercy, we account for our investment as available-for-sale securities. | ||||||||
The cost basis of the Level 3 securities was $3.6 million and $3.7 million at September 30, 2013 and December 31, 2012, respectively. There were no sales of Level 3 securities during the three and nine months ended September 30, 2013. The Level 3 securities mature at various times through 2030. | ||||||||
Revenue Recognition | ||||||||
Rental revenue is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. In order for the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner (the tenant is the owner) of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When management concludes that we are the owner of tenant improvements for accounting purposes, management records amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, management records amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, management records our contribution towards those improvements as a lease incentive, which is included in deferred leasing costs on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the accompanying consolidated balance sheets. We establish, on a current basis, an allowance for future potential tenant credit losses, which may occur against this account. The balance reflected on the consolidated balance sheets is net of such allowance. | ||||||||
In addition to base rent, our tenants also generally will pay their pro rata share of increases in real estate taxes and operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters’ wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year. | ||||||||
We record a gain on sale of real estate when title is conveyed to the buyer, subject to the buyer’s financial commitment being sufficient to provide economic substance to the sale and we have no substantial economic involvement with the buyer. | ||||||||
Interest income on debt and preferred equity investments is recognized over the life of the investment using the effective interest method and recognized on the accrual basis. Fees received in connection with loan commitments are deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Anticipated exit fees, whose collection is expected, are also recognized over the term of the loan as an adjustment to yield. Fees on commitments that expire unused are recognized at expiration. | ||||||||
Income recognition is generally suspended for debt and preferred equity investments at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income and principal becomes doubtful. Interest income recognition is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. Interest is recorded as income on impaired loans only to the extent cash is received. Several of the debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management’s determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. | ||||||||
If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. | ||||||||
Reserve for Possible Credit Losses | ||||||||
The expense for possible credit losses in connection with debt and preferred equity investments is the charge to earnings to increase the allowance for possible credit losses to the level that we estimate to be adequate, based on Level 3 data, considering delinquencies, loss experience and collateral quality. Other factors considered relate to geographic trends and product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish the provision for possible credit losses on each individual investment. When it is probable that we will be unable to collect all amounts contractually due, the investment is considered impaired. | ||||||||
Where impairment is indicated on an investment that is held to maturity, a valuation allowance is measured based upon the excess of the recorded investment amount over the net fair value of the collateral. Any deficiency between the carrying amount of an asset and the calculated value of the collateral is charged to expense. The write-off of the reserve balance is called a charge off. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If the additional information obtained reflects increased recovery of our investment, we will adjust our reserves accordingly. | ||||||||
We recorded no loan loss reserves during the three and nine months ended September 30, 2013. During the three and nine months ended September 30, 2012, we recorded loan loss reserves of zero and $3.0 million, respectively, on investments being held to maturity and approximately zero and $2.4 million, respectively, in recoveries in connection with the sale of our investments. This is included in loan loss and other investment reserves, net of recoveries in the accompanying consolidated statements of income. | ||||||||
Debt and preferred equity investments held for sale are carried at the lower of cost or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its net carrying value to debt and preferred equity investments held to maturity. For these reclassified investments, the difference between the current carrying value and the expected cash to be collected at maturity will be accreted into income over the remaining term of the investment. | ||||||||
Income Taxes | ||||||||
SL Green is taxed as a REIT under Section 856(c) of the Code. As a REIT, SL Green generally is not subject to Federal income tax. To maintain its qualification as a REIT, SL Green must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. If SL Green fails to qualify as a REIT in any taxable year, we will be subject to Federal income tax on SL Green's taxable income at regular corporate rates. SL Green may also be subject to certain state, local and franchise taxes. Under certain circumstances, Federal income and excise taxes may be due on SL Green's undistributed taxable income. | ||||||||
The Operating Partnership is a partnership and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective income tax returns. The only provision for income taxes in the accompanying consolidated financial statements relates to the Operating Partnership’s consolidated taxable REIT subsidiaries. We may also be subject to certain state, local and franchise taxes. | ||||||||
Pursuant to amendments to the Code that became effective January 1, 2001, we have elected, and may elect in the future, to treat certain of our existing or newly created corporate subsidiaries as taxable REIT subsidiaries, or a TRS. In general, our TRSs may perform non-customary services for our tenants, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. Our TRSs generate income, resulting in Federal and state income tax liability for these entities. | ||||||||
During the three and nine months ended September 30, 2013, we recorded Federal, state and local tax provisions of $2.1 million and $6.0 million, respectively. During the three and nine months ended September 30, 2012, we recorded Federal, state and local tax provisions of zero and less than $0.1 million, respectively. | ||||||||
We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. | ||||||||
Stock-Based Employee Compensation Plans | ||||||||
We have a stock-based employee compensation plan, described more fully in Note 14, “Share-based Compensation.” | ||||||||
Our stock options are recorded at fair value at the time of issuance. Fair value of the stock options is determined using the Black-Scholes option-pricing model. The Black-Scholes model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our plan has characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in our opinion, the existing models do not necessarily provide a reliable single measure of the fair value of our employee stock options. | ||||||||
Compensation cost for stock options, if any, is recognized ratably over the vesting period of the award. Our policy is to grant options with an exercise price equal to the quoted closing market price of our common stock on the grant date. Awards of stock or restricted stock are expensed as compensation over the benefit period based on the fair value of the stock on the grant date. | ||||||||
For share-based awards with a performance or market measure, we recognize compensation cost over the requisite service period, using the accelerated attribution expense method. The requisite service period begins on the date the compensation committee of our board of directors authorizes the award, adopts any relevant performance measures and communicates the award to the employees. For programs with performance measures, the total estimated compensation cost is based on the fair value of the award at the applicable reporting date estimated using a binomial model. For share-based awards for which there is no pre-established performance measure, we recognize compensation cost over the service vesting period, which represents the requisite service period, on a straight-line basis. In accordance with the provisions of our share-based incentive compensation plans, we accept the return of shares of Company common stock, at the current quoted market price, from certain key employees to satisfy minimum statutory tax-withholding requirements related to shares that vested during the period. | ||||||||
Awards can also be made in the form of a separate series of units of limited partnership interest in the Operating Partnership called long-term incentive plan units, or LTIP Units. LTIP Units, which can be granted either as free-standing awards or in tandem with other awards under our stock incentive plan, are valued by reference to the value of the Company's common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee of the Company's board of directors may determine, including continued employment or service, computation of financial metrics and/or achievement of pre-established performance goals and objectives. | ||||||||
Earnings per Share of the Company | ||||||||
The Company presents both basic and diluted earnings per share, or EPS. Basic EPS excludes dilution and is computed by dividing net income attributable to common stockholders by the weighted average number of common stock outstanding during the period. Basic EPS includes participating securities, consisting of unvested restricted stock that receive nonforfeitable dividends similar to shares of common stock. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount. Diluted EPS also includes units of limited partnership interest. The dilutive effect of stock options is reflected in the weighted average diluted outstanding shares calculation by application of the treasury stock method. There is no dilutive effect for the exchangeable senior debentures as the conversion premium will be paid in cash. | ||||||||
Earnings per Unit of the Operating Partnership | ||||||||
The Operating Partnership presents both basic and diluted earnings per unit, or EPU. Basic EPU excludes dilution and is computed by dividing net income attributable to common unitholders by the weighted average number of common units outstanding during the period. Basic EPU includes participating securities, consisting of unvested restricted units that receive nonforfeitable dividends similar to shares of common units. Diluted EPU reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units, where such exercise or conversion would result in a lower EPU amount. The dilutive effect of unit options is reflected in the weighted average diluted outstanding units calculation by application of the treasury stock method. There is no dilutive effect for the exchangeable senior notes as the conversion premium will be paid in cash. | ||||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||
Concentrations of Credit Risk | ||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments in excess of insured amounts with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in the New York Metropolitan area. See Note 5, “Debt and Preferred Equity Investments.” We perform ongoing credit evaluations of our tenants and require most tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant’s lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting the space. Although the properties in our real estate portfolio are primarily located in Manhattan, we also have Suburban properties located in Brooklyn, Long Island, Westchester County, Connecticut, Northern New Jersey and the west coast. The tenants located in our buildings operate in various industries. Other than three tenants who account for approximately 7.3%, 6.5% and 6.0% of our share of annualized cash rent, no other tenant in our portfolio accounted for more than 2.0% of our annualized cash rent, including our share of joint venture annualized cash rent for the three months ended September 30, 2013. Approximately 10%, 7% and 6% of our annualized cash rent for consolidated properties for the three months ended September 30, 2013 was attributable to 1515 Broadway, 1185 Avenue of the Americas and One Madison Avenue, respectively. In addition, one debt and preferred equity investment accounted for more than 10% of the income earned on debt and preferred equity investments during the three months ended September 30, 2013. | ||||||||
Reclassification | ||||||||
Certain prior year balances have been reclassified to conform to our current year presentation primarily in order to eliminate discontinued operations from income from continuing operations and to reclassify deferred origination fees from deferred income to debt and preferred equity investments. | ||||||||
Accounting Standards Updates | ||||||||
In February 2013, the FASB issued guidance on the presentation and disclosure of reclassification adjustments out of accumulated other comprehensive income, or AOCI. The standard requires an entity to present information about significant items reclassified out of AOCI by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to financial statements. The guidance became effective for calendar year-end public companies beginning in the first quarter of 2013 and its adoption did not have a material impact on our consolidated financial statements. |
Property_Acquisitions
Property Acquisitions | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Property Acquisitions | ' | |||
Property Acquisitions | ||||
In April 2013, we acquired interests from our joint venture partner, City Investment Fund, or CIF, in 16 Court Street for $4.0 million. We have consolidated the ownership of the 318,000 square foot building. The transaction valued the consolidated interest at $96.2 million, inclusive of the $84.7 million mortgage encumbering the property. We recognized a purchase price fair value adjustment of $(2.3) million upon the closing of this transaction. This property, which we initially acquired in July 2007, was previously accounted for as an investment in unconsolidated joint ventures. We are currently in the process of analyzing the purchase price allocation and, as such, we have not allocated any value to intangible assets such as above- and below-market lease or in-place leases. | ||||
In March 2013, we, along with Magnum Real Estate Group, acquired 84 residential apartment units, consisting of 72 apartment units and 12 townhouses, located at 248-252 Bedford Avenue, Williamsburg, Brooklyn for $54.9 million. Simultaneous with the closing, the joint venture closed on a five-year $22.0 million mortgage loan which carries a floating rate of interest of 225 basis points over LIBOR. The property is above a commercial property already owned by us. We hold a 90% controlling interest in this joint venture. | ||||
The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of this acquisition (in thousands): | ||||
248-252 | ||||
Bedford | ||||
Avenue | ||||
Land | $ | 10,865 | ||
Building and building leasehold | 44,035 | |||
Above market lease value | — | |||
Acquired in-place leases | — | |||
Other assets, net of other liabilities | — | |||
Assets acquired | 54,900 | |||
Fair value adjustment to mortgage note payable | — | |||
Below market lease value | — | |||
Liabilities assumed | — | |||
Purchase price allocation | $ | 54,900 | ||
Net consideration funded by us at closing, excluding consideration financed by debt | $ | 21,782 | ||
Equity and/or debt investment held | $ | — | ||
Debt assumed | $ | — | ||
Property_Dispositions
Property Dispositions | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Property Dispositions and Assets Held for Sale | ' | |||||||||||||||
Property Dispositions | ||||||||||||||||
In September 2013, we sold the property located at 300 Main Street, Stamford, Connecticut for $13.5 million. We recorded a $2.2 million impairment charge in the second quarter of 2013. | ||||||||||||||||
In August 2013, we sold the property located at 333 West 34th, New York, New York for $220.3 million. We recognized a gain of $13.8 million on the sale. The $211.0 million net proceeds from the sale of this property are temporarily being held at a qualified intermediary, at our direction, for the purpose of facilitating a Section 1031 Like-Kind Exchange, and, as such, are included in restricted cash on the consolidated balance sheets at September 30, 2013. | ||||||||||||||||
In February 2013, we, along with our joint venture partner, sold our property located at 44 West 55th Street for $6.3 million. We recognized a gain of $1.1 million on the sale. | ||||||||||||||||
Discontinued operations included the results of operations of real estate assets under contract or sold prior to September 30, 2013. This included 300 Main Street, which was sold in September 2013, 333 West 34th Street, which was sold in August 2013, 44 West 55th Street, which was sold in February 2013 and 292 Madison Avenue, which was sold in February 2012. | ||||||||||||||||
The following table summarizes income from discontinued operations for the three and nine months ended September 30, 2013 and 2012, respectively (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Rental revenue | $ | 1,696 | $ | 5,446 | $ | 10,656 | $ | 13,872 | ||||||||
Escalation and reimbursement revenues | 683 | 611 | 1,292 | 1,778 | ||||||||||||
Other income (loss) | 1 | (376 | ) | 8 | (376 | ) | ||||||||||
Total revenues | 2,380 | 5,681 | 11,956 | 15,274 | ||||||||||||
Operating expenses | 660 | 2,065 | 3,643 | 4,930 | ||||||||||||
Real estate taxes | 187 | 302 | 765 | 916 | ||||||||||||
Interest expense, net of interest income | 130 | 696 | 461 | 1,627 | ||||||||||||
Depreciable real estate reserves | — | — | 2,150 | — | ||||||||||||
Transaction related costs | (3 | ) | 65 | — | 160 | |||||||||||
Depreciation and amortization | — | 1,602 | 3,212 | 4,758 | ||||||||||||
Total expenses | 974 | 4,730 | 10,231 | 12,391 | ||||||||||||
Net income from discontinued operations | $ | 1,406 | $ | 951 | $ | 1,725 | $ | 2,883 | ||||||||
Debt_and_Preferred_Equity_Inve
Debt and Preferred Equity Investments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Debt and Preferred Equity Investments | ' | |||||||||||||||||||||||
Debt and Preferred Equity Investments | ||||||||||||||||||||||||
During the nine months ended September 30, 2013 and 2012, our debt and preferred equity investments (net of discounts and deferred origination fees) increased approximately $497.4 million and $374.0 million, respectively, due to originations, purchases, accretion of reserves and discounts and paid-in-kind interest. We recorded repayments, participations and sales of approximately $530.2 million and $288.3 million, respectively, and loan loss reserves of zero and $3.0 million during the nine months ended September 30, 2013 and 2012, respectively, which offset the increases in debt and preferred equity investments. | ||||||||||||||||||||||||
Debt Investments | ||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, we held the following debt investments with an aggregate weighted average current yield of approximately 11.3% at September 30, 2013 (in thousands): | ||||||||||||||||||||||||
Loan | September 30, | September 30, | December 31, | Initial | ||||||||||||||||||||
Type | 2013 | 2013 | 2012 | Maturity | ||||||||||||||||||||
Senior | Carrying Value, | Carrying Value, | Date | |||||||||||||||||||||
Financing | Net of Discounts | Net of Discounts | ||||||||||||||||||||||
and Deferred | and Deferred | |||||||||||||||||||||||
Origination Fees | Origination Fees | |||||||||||||||||||||||
Other Loan | $ | 398,500 | $ | 14,837 | $ | — | March 2015 | |||||||||||||||||
Mezzanine Loan | 205,000 | 67,740 | 66,307 | February 2016 | ||||||||||||||||||||
Mortgage/Mezzanine Loan | 167,355 | 44,549 | 44,013 | May 2016 | ||||||||||||||||||||
Mezzanine Loan | 177,000 | 15,226 | 15,906 | May 2016 | ||||||||||||||||||||
Junior Participation | 133,000 | 49,000 | 49,000 | June 2016 | ||||||||||||||||||||
Mezzanine Loan | 165,000 | 71,254 | 70,967 | November 2016 | ||||||||||||||||||||
Mortgage/Mezzanine Loan(1) | 1,109,000 | 78,268 | 115,804 | March 2017 | ||||||||||||||||||||
Other Loan | 15,000 | 3,500 | 3,500 | September 2021 | ||||||||||||||||||||
Mortgage(2) | — | — | 218,068 | — | ||||||||||||||||||||
Total fixed rate | $ | 2,369,855 | $ | 344,374 | $ | 583,565 | ||||||||||||||||||
Mortgage Loan | — | 29,912 | — | December 2013 | ||||||||||||||||||||
Junior Participation(3) | 57,750 | 10,869 | 10,869 | February 2014 | ||||||||||||||||||||
Junior Participation(4) | 80,932 | 23,953 | — | February 2014 | ||||||||||||||||||||
Mortgage/Mezzanine Loan | 330,000 | 131,595 | 131,231 | July 2014 | ||||||||||||||||||||
Mezzanine Loan(5) | 62,500 | 37,394 | 37,288 | July 2014 | ||||||||||||||||||||
Mezzanine Loan | 180,000 | 59,852 | 59,739 | August 2014 | ||||||||||||||||||||
Mortgage | — | 14,855 | 14,745 | September 2014 | ||||||||||||||||||||
Mezzanine Loan(6) | 87,374 | 37,365 | 34,444 | October 2014 | ||||||||||||||||||||
Mortgage/Mezzanine Loan(7) | — | 53,258 | 47,253 | February 2015 | ||||||||||||||||||||
Mezzanine Loan | 110,000 | 48,991 | — | Sep-15 | ||||||||||||||||||||
Mezzanine Loan(8) | 92,711 | 27,772 | 55,336 | December 2015 | ||||||||||||||||||||
Mezzanine Loan | 775,000 | 72,585 | — | March 2016 | ||||||||||||||||||||
Mezzanine Loan(9) | 160,000 | 22,515 | 7,624 | June 2016 | ||||||||||||||||||||
Mezzanine Loan | 87,300 | 25,580 | 34,761 | July 2016 | ||||||||||||||||||||
Mortgage/Mezzanine Loan | 72,000 | 20,558 | — | Jul-18 | ||||||||||||||||||||
Total floating rate | $ | 2,095,567 | $ | 617,054 | $ | 433,290 | ||||||||||||||||||
Total | 4,465,422 | 961,428 | 1,016,855 | |||||||||||||||||||||
Loan loss reserve(10) | (4,000 | ) | (7,000 | ) | ||||||||||||||||||||
$ | 957,428 | $ | 1,009,855 | |||||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | Interest is added to the principal balance for this accrual only loan. In January 2013, we sold 50% of the mezzanine loan for $57.8 million and recognized additional income of $12.9 million, which is included in investment and preferred equity income on the consolidated statements of income. The unaccrued interest during the period in which the loan was on non-accrual status is being accreted as of January 2013. | |||||||||||||||||||||||
-2 | In connection with the repayment of the loan in May 2013, we recognized additional income of $6.4 million, which is included in investment and preferred equity income on our consolidated statements of income. | |||||||||||||||||||||||
-3 | In June 2013, the loan was extended to February 2014, subject to an additional four-month extension option. | |||||||||||||||||||||||
-4 | As of September 30, 2013, we were committed to fund an additional $0.9 million in connection with this loan. | |||||||||||||||||||||||
-5 | As a result of the transfer not meeting the conditions for sale accounting, the $5.0 million portion of the outstanding loan that was participated out has been recorded in other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||||||||
-6 | As of September 30, 2013, we were committed to fund an additional $12.3 million in connection with this loan. | |||||||||||||||||||||||
-7 | As of September 30, 2013, we were committed to fund an additional $5.2 million in connection with this loan. | |||||||||||||||||||||||
-8 | We funded $56.3 million at origination. In June 2013, we sold 50% of our interest in the $85.0 million mezzanine loan. As of September 30, 2013, we were committed to fund an additional $13.6 million in connection with our share of this loan. | |||||||||||||||||||||||
-9 | As part of the refinancing of the related senior mortgage in June 2013, we originated a $30.0 million mezzanine loan and our previous investment in the amount of $15.0 million, including the $7.4 million participated interest, was repaid in full. Following the refinancing, we entered into a loan participation agreement in the amount of $7.4 million on this $30.0 million mezzanine loan. Due to our continued involvement with the loan, the portion that was participated out has been recorded in other assets and other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||||||||
-10 | Loan loss reserves are specifically allocated to investments. Our reserves reflect management's judgment of the probability and severity of losses based on Level 3 data. We cannot be certain that our judgment will prove to be correct or that reserves will be adequate over time to protect against potential future losses. | |||||||||||||||||||||||
Preferred Equity Investments | ||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, we held the following preferred equity investments, with an aggregate weighted average current yield of approximately 10.9% at September 30, 2013 (in thousands): | ||||||||||||||||||||||||
Type | September 30, | September 30, | December 31, | Initial | ||||||||||||||||||||
2013 | 2013 | 2012 | Mandatory | |||||||||||||||||||||
Senior | Carrying | Carrying | Redemption | |||||||||||||||||||||
Financing | Value, Net of | Value, Net of | ||||||||||||||||||||||
Discounts | Discounts | |||||||||||||||||||||||
and Deferred | and Deferred | |||||||||||||||||||||||
Origination | Origination | |||||||||||||||||||||||
Fees | Fees | |||||||||||||||||||||||
Preferred equity | $ | 70,000 | $ | 9,937 | $ | 9,927 | October 2014 | |||||||||||||||||
Preferred equity(1)(2) | 525,000 | 107,723 | 99,768 | July 2015 | ||||||||||||||||||||
Preferred equity(1)(3) | 55,986 | 24,426 | 18,925 | April 2016 | ||||||||||||||||||||
Preferred equity(1) | 926,260 | 216,037 | 209,959 | July 2016 | ||||||||||||||||||||
$ | 1,577,246 | $ | 358,123 | $ | 338,579 | |||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | The difference between the pay and accrual rates is included as an addition to the principal balance outstanding. | |||||||||||||||||||||||
-2 | The reserve previously taken against this loan is being accreted up to the face amount through the maturity date. In June 2013, the redemption date was extended from July 2014 to July 2015. | |||||||||||||||||||||||
-3 | As of September 30, 2013, we were committed to fund an additional $1.4 million on this loan. | |||||||||||||||||||||||
The following table is a rollforward of our total loan loss reserves at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Balance at beginning of year | $ | 7,000 | $ | 50,175 | ||||||||||||||||||||
Expensed | — | 3,000 | ||||||||||||||||||||||
Recoveries | — | (2,436 | ) | |||||||||||||||||||||
Charge-offs and reclassifications | (3,000 | ) | (43,739 | ) | ||||||||||||||||||||
Balance at end of period | $ | 4,000 | $ | 7,000 | ||||||||||||||||||||
At September 30, 2013 and December 31, 2012, all debt and preferred equity investments, other than as noted above, were performing in accordance with the terms of the loan agreements. | ||||||||||||||||||||||||
We have determined that we have one portfolio segment of financing receivables at September 30, 2013 and December 31, 2012, comprising commercial real estate, which is primarily recorded in debt and preferred equity investments. Included in other assets is an additional amount of financing receivables totaling approximately $145.8 million at September 30, 2013 and $121.3 million at December 31, 2012. No financing receivables were 90 days past due or on non-accrual status at September 30, 2013. | ||||||||||||||||||||||||
The following table presents impaired loans, which may include non-accrual loans, as of September 30, 2013 and December 31, 2012, respectively (in thousands): | ||||||||||||||||||||||||
September 30, 2013 | 31-Dec-12 | |||||||||||||||||||||||
Unpaid Principal | Recorded | Allowance | Unpaid | Recorded | Allowance | |||||||||||||||||||
Balance | Investment | Allocated | Principal | Investment | Allocated | |||||||||||||||||||
Balance | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial real estate | 10,750 | 10,750 | 4,000 | 10,750 | 10,750 | 7,000 | ||||||||||||||||||
Total | $ | 10,750 | $ | 10,750 | $ | 4,000 | $ | 10,750 | $ | 10,750 | $ | 7,000 | ||||||||||||
The following table presents the average recorded investment in impaired loans, which may include non-accrual loans and the related investment and preferred equity income recognized during the three and nine months ended September 30, 2013 and 2012, respectively (in thousands): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Average recorded investment in impaired loans | $ | 10,890 | $ | 40,304 | $ | 10,877 | $ | 63,391 | ||||||||||||||||
Investment and preferred equity income recognized | 3,316 | (298 | ) | 3,804 | 3,480 | |||||||||||||||||||
On an ongoing basis, we monitor the credit quality of our financing receivables based on payment activity. We assess credit quality indicators based on the underlying collateral. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||
Investments in Unconsolidated Joint Ventures | ' | |||||||||||||||||
Investments in Unconsolidated Joint Ventures | ||||||||||||||||||
We have investments in several real estate joint ventures with various partners, including SITQ Immobilier, a subsidiary of Caisse de depot et placement du Quebec, or SITQ, Canada Pension Plan Investment Board, or CPPIB, Prudential Real Estate Investors, or Prudential, Onyx Equities, or Onyx, The Witkoff Group, or Witkoff, Credit Suisse Securities (USA) LLC, or Credit Suisse, Jeff Sutton, or Sutton, Harel Insurance and Finance, or Harel, Louis Cappelli, or Cappelli, The Moinian Group, or Moinian, Vornado Realty Trust (NYSE: VNO), or Vornado, Blackstone Real Estate Partners VII, or Blackstone, Plaza Global Real Estate Partners LP, or Plaza, Angelo Gordon Real Estate Inc., or AG, as well as private investors. All the investments below are voting interest entities, except for 33 Beekman, 3 Columbus Circle and 180/182 Broadway which are VIEs in which we are not the primary beneficiary. Our net equity investment in these three VIEs was $136.7 million and $117.7 million at September 30, 2013 and December 31, 2012, respectively. As we do not control the joint ventures listed below, we account for them under the equity method of accounting. | ||||||||||||||||||
The table below provides general information on each of our joint ventures as of September 30, 2013 (amounts in thousands): | ||||||||||||||||||
Property | Partner | Ownership | Economic | Square | Acquired | Acquisition | ||||||||||||
Interest | Interest | Feet | Price(1) | |||||||||||||||
100 Park Avenue | Prudential | 49.9 | % | 49.9 | % | 834 | Jan-00 | $ | 95,800 | |||||||||
21 West 34th Street | Sutton | 50 | % | 50 | % | 30 | Jul-05 | 22,400 | ||||||||||
1604-1610 Broadway(2) | Onyx | 70 | % | 70 | % | 30 | Nov-05 | 4,400 | ||||||||||
27-29 West 34th Street | Sutton | 50 | % | 50 | % | 41 | Jan-06 | 30,000 | ||||||||||
717 Fifth Avenue | Sutton/Private Investor | 10.92 | % | 10.92 | % | 120 | Sep-06 | 251,900 | ||||||||||
800 Third Avenue | Private Investors | 42.95 | % | 42.95 | % | 526 | Dec-06 | 285,000 | ||||||||||
1745 Broadway | Witkoff/SITQ/Lehman Bros. | 32.26 | % | 32.26 | % | 674 | Apr-07 | 520,000 | ||||||||||
1 and 2 Jericho Plaza | Onyx/Credit Suisse | 20.26 | % | 20.26 | % | 640 | Apr-07 | 210,000 | ||||||||||
The Meadows | Onyx | 50 | % | 50 | % | 582 | Sep-07 | 111,500 | ||||||||||
388 and 390 Greenwich Street(3) | SITQ | 50.6 | % | 50.6 | % | 2,600 | Dec-07 | 1,575,000 | ||||||||||
180/182 Broadway(4) | Harel/Sutton | 25.5 | % | 25.5 | % | 71 | Feb-08 | 43,600 | ||||||||||
600 Lexington Avenue | CPPIB | 55 | % | 55 | % | 304 | May-10 | 193,000 | ||||||||||
11 West 34th Street | Private Investor/Sutton | 30 | % | 30 | % | 17 | Dec-10 | 10,800 | ||||||||||
7 Renaissance | Cappelli | 50 | % | 50 | % | 37 | Dec-10 | 4,000 | ||||||||||
3 Columbus Circle(5) | Moinian | 48.9 | % | 48.9 | % | 769 | Jan-11 | 500,000 | ||||||||||
280 Park Avenue | Vornado | 50 | % | 49.5 | % | 1,237 | Mar-11 | 400,000 | ||||||||||
1552-1560 Broadway(6) | Sutton | 50 | % | 50 | % | 49 | Aug-11 | 136,550 | ||||||||||
747 Madison Avenue | Harel/Sutton | 33.33 | % | 33.33 | % | 10 | Sep-11 | 66,250 | ||||||||||
724 Fifth Avenue | Sutton | 50 | % | 50 | % | 65 | Jan-12 | 223,000 | ||||||||||
10 East 53rd Street | CPPIB | 55 | % | 55 | % | 390 | Feb-12 | 252,500 | ||||||||||
33 Beekman(7) | Harel/Private Investor | 45.9 | % | 45.9 | % | 145 | Aug-12 | 31,000 | ||||||||||
West Coast office portfolio(8) | Blackstone | 42.02 | % | 43.74 | % | 4,067 | Sep-12 | 880,103 | ||||||||||
521 Fifth Avenue(9) | Plaza | 50.5 | % | 50.5 | % | 460 | Nov-12 | 315,000 | ||||||||||
21 East 66th Street(10) | Private Investors | 32.28 | % | 32.28 | % | 17 | Dec-12 | 75,000 | ||||||||||
315 West 36th Street | Private Investors | 35.5 | % | 35.5 | % | 148 | Dec-12 | 45,000 | ||||||||||
Herald Center(11) | AG | 40 | % | 40 | % | 365 | Jan-13 | 50,000 | ||||||||||
_________________________________ | ||||||||||||||||||
-1 | Acquisition price represents the actual or implied gross purchase price for the joint venture. | |||||||||||||||||
-2 | In March 2013, Sutton conveyed his interest in this property to us. | |||||||||||||||||
-3 | The property is subject to a triple-net lease arrangement with a single tenant, which expires in 2020. | |||||||||||||||||
-4 | In June 2013, the joint venture completed its redevelopment project and has conveyed a 30-year ground lease condominium interest in the building to Pace University, or Pace, its primary tenant. | |||||||||||||||||
-5 | We had an obligation to fund an additional $47.5 million to the joint venture which has been fully funded as of June 30, 2013. As a result of the sale of a condominium interest in September 2012, Young & Rubicam, Inc., or Y&R, owns a portion of the property, generally floors three through eight referred to as Y&R units. As the joint venture has an option to repurchase the Y&R units, no gain was recognized on this transaction. | |||||||||||||||||
-6 | In connection with this acquisition, the joint venture also acquired a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. The purchase price relates only to the purchase of the 1552 Broadway interest which comprises 13,045 square feet. In 2012, we, along with Sutton, acquired the property at 155 West 46th Street, which is adjacent to 1552 and 1560 Broadway, and sold it to the fee owner of 1560 Broadway. | |||||||||||||||||
-7 | The joint venture acquired the fee interest in the property and will develop an approximately 30 story building for student housing. Upon completion of the development, the joint venture will convey a long-term ground lease condominium interest in the building to Pace. | |||||||||||||||||
-8 | Prior to the recapitalization in September 2012, the Company held $26.7 million in mezzanine and preferred equity positions in the entity that owned the portfolio. Following the recapitalization, Blackstone became the majority owner of the joint venture, with Equity Office Properties, a Blackstone affiliate, being responsible for the portfolio’s management and leasing. In February 2013, we acquired Gramercy’s 10.73% interest in the joint venture and simultaneously sold 20.78% of the newly acquired interest to Square Mile Capital Management LLC or Square Mile. During the nine months ended September 30, 2013, we acquired Square Mile’s 6.00% interest in the joint venture and the joint venture sold three of the properties for an aggregate of $224.3 million, on which we recognized a gain of approximately $2.1 million. The proceeds from the sale of these properties were used primarily to repay $194.5 million of the mortgage and $20.5 million of the mezzanine loan. | |||||||||||||||||
-9 | Following the sale of our 49.5% partnership interest in 521 Fifth Avenue, we deconsolidated the entity effective November 30, 2012 and have accounted for our investment under the equity method. | |||||||||||||||||
-10 | We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% in four residential units at the property. | |||||||||||||||||
-11 | The joint venture acquired a preferred equity interest in an entity that holds the interest in a mixed commercial use property located in Manhattan. The preferred equity bears interest at a rate of 8.75% per annum and matures in June 2016. | |||||||||||||||||
We generally finance our joint ventures with non-recourse debt. However, in certain cases we have provided guarantees or master leases for tenant space. These guarantees and master leases terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. The first mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at September 30, 2013 and December 31, 2012, respectively, were as follows (amounts in thousands): | ||||||||||||||||||
Property | Maturity Date | Interest | September 30, | December 31, | ||||||||||||||
Rate(1) | 2013 | 2012 | ||||||||||||||||
100 Park Avenue | Sep-14 | 6.64 | % | $ | 210,427 | $ | 212,287 | |||||||||||
7 Renaissance | Feb-15 | 10 | % | 1,276 | 856 | |||||||||||||
11 West 34th Street | Jan-16 | 4.82 | % | 17,279 | 17,491 | |||||||||||||
280 Park Avenue | Jun-16 | 6.57 | % | 708,525 | 710,000 | |||||||||||||
21 West 34th Street | Dec-16 | 5.76 | % | 100,000 | 100,000 | |||||||||||||
1745 Broadway | Jan-17 | 5.68 | % | 340,000 | 340,000 | |||||||||||||
1 and 2 Jericho Plaza | May-17 | 5.65 | % | 163,750 | 163,750 | |||||||||||||
800 Third Avenue | Aug-17 | 6 | % | 20,910 | 20,910 | |||||||||||||
388 and 390 Greenwich Street(2) | Dec-17 | 3.2 | % | 996,082 | 996,082 | |||||||||||||
315 West 36th Street | Dec-17 | 3.16 | % | 25,000 | 25,000 | |||||||||||||
717 Fifth Avenue | Jul-22 | 4.45 | % | 300,000 | 300,000 | |||||||||||||
21 East 66th Street(3) | Apr-23 | 3.6 | % | 12,000 | 12,000 | |||||||||||||
717 Fifth Avenue | Jun-24 | 9 | % | 301,520 | 294,509 | |||||||||||||
1604-1610 Broadway(4) | — | 5.66 | % | 27,000 | 27,000 | |||||||||||||
Total fixed rate debt | $ | 3,223,769 | $ | 3,219,885 | ||||||||||||||
180/182 Broadway(5) | Dec-13 | 2.94 | % | 89,868 | 71,524 | |||||||||||||
West Coast office portfolio(6) | Sep-14 | 3.93 | % | 526,290 | 745,025 | |||||||||||||
747 Madison Avenue | Oct-14 | 2.96 | % | 33,125 | 33,125 | |||||||||||||
The Meadows(7) | Sep-15 | 7.75 | % | 58,212 | 57,000 | |||||||||||||
3 Columbus Circle(8) | Apr-16 | 2.37 | % | 241,264 | 247,253 | |||||||||||||
1552 Broadway(9) | Apr-16 | 3.47 | % | 143,430 | 113,869 | |||||||||||||
Other loan payable | Jun-16 | 1.09 | % | 30,000 | 30,000 | |||||||||||||
724 Fifth Avenue | Jan-17 | 2.54 | % | 120,000 | 120,000 | |||||||||||||
10 East 53rd Street | Feb-17 | 2.69 | % | 125,000 | 125,000 | |||||||||||||
33 Beekman(10) | Aug-17 | 2.94 | % | 18,362 | 18,362 | |||||||||||||
600 Lexington Avenue | Oct-17 | 2.27 | % | 121,570 | 124,384 | |||||||||||||
388 and 390 Greenwich Street(2) | Dec-17 | 1.18 | % | 142,297 | 142,297 | |||||||||||||
27-29 West 34th Street(11) | May-18 | 2.09 | % | 53,038 | 53,375 | |||||||||||||
521 Fifth Avenue | Nov-19 | 2.39 | % | 170,000 | 170,000 | |||||||||||||
21 East 66th Street | Jun-33 | 2.88 | % | 1,978 | 2,033 | |||||||||||||
16 Court Street(12) | — | 84,916 | ||||||||||||||||
Total floating rate debt | $ | 1,874,434 | $ | 2,138,163 | ||||||||||||||
Total joint venture mortgages and other loans payable | $ | 5,098,203 | $ | 5,358,048 | ||||||||||||||
_________________________________ | ||||||||||||||||||
-1 | Effective weighted average interest rate for the three months ended September 30, 2013, taking into account interest rate hedges in effect during the period. | |||||||||||||||||
-2 | These loans comprised of a $576.0 million mortgage and a $562.4 million mezzanine loan, both of which are fixed rate loans, except for $72.0 million of the mortgage and $70.3 million of the mezzanine loan which are floating. Up to $200.0 million of the mezzanine loan, secured indirectly by these properties, is recourse to us. We believe it is unlikely that we will be required to perform under this guarantee. | |||||||||||||||||
-3 | In April 2013, this loan was refinanced at par and its maturity was extended to April 2023. | |||||||||||||||||
-4 | This loan went into default in November 2009 due to the non-payment of debt service. | |||||||||||||||||
-5 | This loan has a committed amount of $90.0 million. | |||||||||||||||||
-6 | As a result of the sale of two of its properties, the joint venture paid down $194.5 million of its mortgage and $20.5 million of its mezzanine loan. | |||||||||||||||||
-7 | As of September 30, 2013, $1.8 million of the existing loan remained unfunded. | |||||||||||||||||
-8 | This loan has a committed amount of $260.0 million. The joint venture has the ability to increase the mortgage by $40.0 million based on meeting certain performance hurdles. In connection with this obligation, we executed a master lease agreement and our joint venture partner executed a contribution agreement to reflect its pro rata obligation under the master lease. The lien on the mortgage and the master lease excludes the condominium interest owned by Y&R. See Note 5 of prior table. | |||||||||||||||||
-9 | In April 2013, we refinanced the previous $119.6 million mortgage with a $200.0 million three-year loan construction financing facility comprised of a $170.0 million mortgage loan and a $30.0 million mezzanine loan. The facility has two one-year extension options. As of September 30, 2013, $44.2 million of the mortgage loan and $12.4 million of the mezzanine loan remained unfunded. | |||||||||||||||||
-10 | This loan has a committed amount of $75.0 million, which is recourse to us. Our partner has indemnified us for its pro rata share of the recourse guarantee. A portion of the guarantee terminates upon the joint venture reaching certain milestones. We believe it is unlikely that we will be required to perform under this guarantee. | |||||||||||||||||
-11 | In May 2013, this loan was refinanced and its maturity was extended to May 2018. | |||||||||||||||||
-12 | In April 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest. | |||||||||||||||||
We act as the operating partner and day-to-day manager for all our unconsolidated joint ventures, except for 800 Third Avenue, 1 and 2 Jericho Plaza, 3 Columbus Circle, West Coast portfolio and The Meadows. We are entitled to receive fees for providing management, leasing, construction supervision and asset management services to our joint ventures. We earned approximately $3.5 million, $7.5 million, $2.5 million and $6.2 million from these services for the three and nine months ended September 30, 2013 and 2012, respectively. In addition, we have the ability to earn incentive fees based on the ultimate financial performance of certain of the joint venture properties. | ||||||||||||||||||
The combined balance sheets for the unconsolidated joint ventures, at September 30, 2013 and December 31, 2012, are as follows (in thousands): | ||||||||||||||||||
September 30, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Assets | ||||||||||||||||||
Commercial real estate property, net | $ | 6,566,636 | $ | 6,910,991 | ||||||||||||||
Other assets | 937,469 | 728,113 | ||||||||||||||||
Total assets | $ | 7,504,105 | $ | 7,639,104 | ||||||||||||||
Liabilities and members’ equity | ||||||||||||||||||
Mortgages and other loans payable | $ | 5,098,203 | $ | 5,358,048 | ||||||||||||||
Other liabilities | 378,752 | 406,929 | ||||||||||||||||
Members’ equity | 2,027,150 | 1,874,127 | ||||||||||||||||
Total liabilities and members’ equity | $ | 7,504,105 | $ | 7,639,104 | ||||||||||||||
Company’s net investment in unconsolidated joint ventures | $ | 1,109,815 | $ | 1,032,243 | ||||||||||||||
The combined statements of income for the unconsolidated joint ventures for the three and nine months ended September 30, 2013 and 2012, respectively, are as follows (in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Total revenues | $ | 156,571 | $ | 120,121 | $ | 462,776 | $ | 364,587 | ||||||||||
Operating expenses | 29,211 | 17,984 | 86,027 | 50,957 | ||||||||||||||
Ground rent | 657 | 657 | 1,972 | 2,317 | ||||||||||||||
Real estate taxes | 19,105 | 12,008 | 53,368 | 37,865 | ||||||||||||||
Interest expense, net of interest income | 56,169 | 55,058 | 169,137 | 160,528 | ||||||||||||||
Amortization of deferred financing costs | 2,869 | 2,338 | 12,454 | 7,009 | ||||||||||||||
Depreciation and amortization | 49,402 | 35,242 | 144,552 | 107,749 | ||||||||||||||
Transaction related costs | — | 934 | — | 1,292 | ||||||||||||||
Total expenses | 157,413 | 124,221 | 467,510 | 367,717 | ||||||||||||||
Gain on early extinguishment of debt | — | 21,421 | — | 21,421 | ||||||||||||||
Net (loss) income | $ | (842 | ) | $ | 17,321 | $ | (4,734 | ) | $ | 18,291 | ||||||||
Company’s equity in net income of unconsolidated joint ventures | $ | 2,939 | $ | 11,658 | $ | 4,251 | $ | 80,988 | ||||||||||
Equity in net income of unconsolidated joint ventures for the nine months ended September 30, 2012 includes $67.9 million of additional income recognized in June 2012 as a result of the distribution of refinancing proceeds from the recapitalization of 717 Fifth Avenue and $10.8 million of additional income recognized in August 2012 as a result of the repayment of the Meadows' previous mortgage at a discount. |
Deferred_Costs
Deferred Costs | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deferred Costs [Abstract] | ' | |||||||
Deferred Costs | ' | |||||||
Deferred Costs | ||||||||
Deferred costs at September 30, 2013 and December 31, 2012 consisted of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Deferred financing | $ | 149,888 | $ | 152,596 | ||||
Deferred leasing | 304,135 | 285,931 | ||||||
454,023 | 438,527 | |||||||
Less accumulated amortization | (206,173 | ) | (177,382 | ) | ||||
Deferred costs, net | $ | 247,850 | $ | 261,145 | ||||
Mortgages_and_Other_Loans_Paya
Mortgages and Other Loans Payable | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Mortgages and Other Loans Payable | ' | ||||||||||||||
Mortgages and Other Loans Payable | ' | ||||||||||||||
Mortgages and Other Loans Payable | |||||||||||||||
The first mortgages and other loans payable collateralized by the respective properties and assignment of leases at September 30, 2013 and December 31, 2012, respectively, were as follows (amounts in thousands): | |||||||||||||||
Property | Maturity | Interest | September 30, | December 31, | |||||||||||
Date | Rate(1) | 2013 | 2012 | ||||||||||||
609 Partners, LLC(2) | Jul-14 | 5 | % | $ | 23 | $ | 23 | ||||||||
125 Park Avenue | Oct-14 | 5.75 | % | 146,250 | 146,250 | ||||||||||
711 Third Avenue | Jun-15 | 4.99 | % | 120,000 | 120,000 | ||||||||||
625 Madison Avenue | Nov-15 | 7.27 | % | 122,178 | 125,603 | ||||||||||
500 West Putnam | Jan-16 | 5.52 | % | 23,665 | 24,060 | ||||||||||
420 Lexington Avenue | Sep-16 | 7.15 | % | 183,443 | 184,992 | ||||||||||
Landmark Square | Dec-16 | 4 | % | 83,309 | 84,486 | ||||||||||
485 Lexington Avenue | Feb-17 | 5.61 | % | 450,000 | 450,000 | ||||||||||
120 West 45th Street | Feb-17 | 6.12 | % | 170,000 | 170,000 | ||||||||||
762 Madison Avenue | Feb-17 | 3.75 | % | 8,252 | 8,371 | ||||||||||
2 Herald Square | Apr-17 | 5.36 | % | 191,250 | 191,250 | ||||||||||
885 Third Avenue | Jul-17 | 6.26 | % | 267,650 | 267,650 | ||||||||||
Other loan payable(3) | Sep-19 | 8 | % | 50,000 | 50,000 | ||||||||||
One Madison Avenue | May-20 | 5.91 | % | 592,560 | 607,678 | ||||||||||
100 Church | Jul-22 | 4.68 | % | 230,000 | 230,000 | ||||||||||
919 Third Avenue(4) | Jun-23 | 5.12 | % | 500,000 | 500,000 | ||||||||||
400 East 57th Street | Feb-24 | 4.13 | % | 70,000 | 70,000 | ||||||||||
400 East 58th Street | Feb-24 | 4.13 | % | 30,000 | 30,000 | ||||||||||
1515 Broadway(5) | Mar-25 | 3.93 | % | 900,000 | — | ||||||||||
300 Main Street(6) | — | — | — | 11,500 | |||||||||||
220 East 42nd Street | — | — | — | 185,906 | |||||||||||
Total fixed rate debt | $ | 4,138,580 | $ | 3,457,769 | |||||||||||
16 Court Street(7) | Oct-13 | 2.69 | % | 84,354 | — | ||||||||||
Master repurchase(8) | Nov-13 | 3.19 | % | 131,966 | 116,667 | ||||||||||
180 Maiden Lane(9) | Nov-16 | 2.38 | % | 264,858 | 271,215 | ||||||||||
248-252 Bedford Avenue | Mar-18 | 2.44 | % | 22,000 | — | ||||||||||
1515 Broadway(5) | — | — | — | 769,813 | |||||||||||
Total floating rate debt | $ | 503,178 | $ | 1,157,695 | |||||||||||
Total mortgages and other loans payable | $ | 4,641,758 | $ | 4,615,464 | |||||||||||
_________________________________ | |||||||||||||||
-1 | Effective weighted average interest rate for the three months ended September 30, 2013, taking into account interest rate hedges in effect during the period. | ||||||||||||||
-2 | As part of an acquisition, the Operating Partnership issued 63.9 million units of its 5.0% Series E preferred units, or the Series E units, with a liquidation preference of $1.00 per unit. As of September 30, 2013, 63.8 million Series E units had been redeemed. | ||||||||||||||
-3 | This loan is secured by a portion of a preferred equity investment. | ||||||||||||||
-4 | We own a 51.0% controlling interest in the joint venture that is the borrower on this loan. This loan is non-recourse to us. | ||||||||||||||
-5 | In February 2013, we refinanced the previous $775.0 million mortgage with a new $900.0 million 12-year mortgage and realized a net loss on early extinguishment of debt of approximately $18.5 million, including a prepayment penalty of $7.6 million. | ||||||||||||||
-6 | The property was sold in September 2013. | ||||||||||||||
-7 | In April 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest. In October 2013, the maturity date of the loan was extended to December 2013. | ||||||||||||||
-8 | The Master Repurchase Agreement, or MRA, has a maximum facility capacity of $175.0 million, under which we agreed to sell certain debt investments in exchange for cash with a simultaneous agreement to repurchase the same debt investments at a certain date or on demand. In September 2013, the maturity of this MRA was extended to November 2013 subject to a 10 months extension option. This MRA bears interest based on 1-month LIBOR plus 300 basis points through September 2013 and a floating rate of interest of 350 basis points over 1-month LIBOR through the extended maturity date. | ||||||||||||||
-9 | In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its 50.1% share of the obligation under the master lease. | ||||||||||||||
At September 30, 2013 and December 31, 2012, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $8.0 billion and $7.6 billion, respectively. |
Corporate_Indebtedness
Corporate Indebtedness | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Corporate Indebtedness | ' | ||||||||||||||||||||||||||||
Corporate Indebtedness | |||||||||||||||||||||||||||||
2012 Credit Facility | |||||||||||||||||||||||||||||
In November 2012, we entered into a $1.6 billion credit facility, or the 2012 credit facility, which refinanced, extended and upsized the previous 2011 revolving credit facility. The 2012 credit facility consists of a $1.2 billion revolving credit facility, or the revolving credit facility, and a $400.0 million term loan, or the term loan facility. The revolving credit facility matures in March 2017 and includes two six-month extension options, subject to certain conditions and the payment of an extension fee of 10 basis points for each such extension. We also have an option, subject to customary conditions, without the consent of existing lenders, to increase the capacity under the revolving credit facility to $1.5 billion at any time prior to the maturity date for the revolving credit facility, by obtaining additional commitments from our current lenders and other financial institutions. The term loan facility matures on March 30, 2018. | |||||||||||||||||||||||||||||
The 2012 credit facility bears interest at a spread over LIBOR ranging from (i) 100 basis points to 175 basis points for loans under the revolving credit facility and (ii) 115 basis points to 200 basis points for loans under the term loan facility, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of ROP. At September 30, 2013, the applicable spread was 145 basis points for revolving credit facility and 165 basis points for the term loan facility. At September 30, 2013, the effective interest rate was 1.64% for revolving credit facility and 2.00% for the term loan facility. We are required to pay quarterly in arrears a 15 to 35 basis point fee on the unused balance of the commitments under the revolving credit facility. As of September 30, 2013, the facility fee was 30 basis points. At September 30, 2013, we had approximately $79.1 million of outstanding letters of credit, $340.0 million borrowings under the revolving credit facility and $400.0 million outstanding under the term loan facility, with undrawn capacity of $0.9 billion under the 2012 credit facility. | |||||||||||||||||||||||||||||
The Company, ROP and the Operating Partnership are all borrowers jointly and severally obligated under the 2012 credit facility. No other subsidiary of ours is an obligor under the 2012 credit facility. | |||||||||||||||||||||||||||||
The 2012 credit facility includes certain restrictions and covenants (see Restrictive Covenants below). | |||||||||||||||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||||||||||
The following table sets forth our senior unsecured notes and other related disclosures as of September 30, 2013 and December 31, 2012, respectively by scheduled maturity date (amounts in thousands): | |||||||||||||||||||||||||||||
Issuance | September 30, | September 30, | 31-Dec-12 | Coupon | Effective | Term | Maturity Date | ||||||||||||||||||||||
2013 | 2013 | Accreted | Rate(1) | Rate | (in Years) | ||||||||||||||||||||||||
Unpaid | Accreted | Balance | |||||||||||||||||||||||||||
Principal | Balance | ||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
August 13, 2004(2)(3) | $ | 75,898 | $ | 75,898 | $ | 75,898 | 5.88 | % | 5.88 | % | 10 | August 15, 2014 | |||||||||||||||||
March 31, 2006(2)(3) | 255,308 | 255,194 | 255,165 | 6 | % | 6 | % | 10 | March 31, 2016 | ||||||||||||||||||||
October 12, 2010(4) | 345,000 | 295,151 | 287,373 | 3 | % | 3 | % | 7 | October 15, 2017 | ||||||||||||||||||||
August 5, 2011(5) | 250,000 | 249,666 | 249,620 | 5 | % | 5 | % | 7 | August 15, 2018 | ||||||||||||||||||||
March 16, 2010(5) | 250,000 | 250,000 | 250,000 | 7.75 | % | 7.75 | % | 10 | March 15, 2020 | ||||||||||||||||||||
November 15, 2012(5) | 200,000 | 200,000 | 200,000 | 4.5 | % | 4.5 | % | 10 | December 1, 2022 | ||||||||||||||||||||
June 27, 2005(2)(6) | 7 | 7 | 7 | 4 | % | 4 | % | 20 | June 15, 2025 | ||||||||||||||||||||
March 26, 2007(7) | 11,953 | 11,953 | 16,893 | 3 | % | 3 | % | 20 | March 30, 2027 | ||||||||||||||||||||
$ | 1,388,166 | $ | 1,337,869 | $ | 1,334,956 | ||||||||||||||||||||||||
_________________________________ | |||||||||||||||||||||||||||||
-1 | Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates. | ||||||||||||||||||||||||||||
-2 | Issued by ROP. | ||||||||||||||||||||||||||||
-3 | On December 27, 2012, we repurchased $42.4 million of aggregate principal amount of these notes, consisting of $22.7 million of the 5.875% Notes and $19.7 million of the 6.0% Notes, for a total consideration of $46.4 million and realized a net loss on early extinguishment of debt of approximately $3.8 million. | ||||||||||||||||||||||||||||
-4 | In October 2010, the Operating Partnership issued $345.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on April 15 and October 15. The notes had an initial exchange rate representing an exchange price that was set at a 30.0% premium to the last reported sale price of the Company's common stock on October 6, 2010, or $85.81. The initial exchange rate is subject to adjustment under certain circumstances. The current exchange rate is 11.7153 shares of our common stock per $1,000 principal amount of these notes. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of our common stock, if any, at our option. The notes are guaranteed by ROP. On the issuance date, $78.3 million of the debt balance was recorded in equity. As of September 30, 2013, approximately $49.8 million remained to be amortized into the debt balance. | ||||||||||||||||||||||||||||
-5 | Issued by the Company, the Operating Partnership and ROP, as co-obligors. | ||||||||||||||||||||||||||||
-6 | Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to ROP, at the option of the holder at par plus accrued and unpaid interest, on June 15, 2015 and 2020 and upon the occurrence of certain change of control transactions. As a result of the acquisition of all outstanding shares of common stock of Reckson, or the Reckson Merger, the adjusted exchange rate for the debentures is 7.7461 shares of our common stock per $1,000 of principal amount of debentures and the adjusted reference dividend for the debentures is $1.3491. During the year ended December 31, 2012, we repurchased $650,000 of these bonds at par. | ||||||||||||||||||||||||||||
-7 | In March 2007, the Operating Partnership issued $750.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on March 30 and September 30. The notes have an initial exchange rate representing an exchange price that was set at a 25.0% premium to the last reported sale price of the Company's common stock on March 20, 2007, or $173.30. The initial exchange rate is subject to adjustment under certain circumstances. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of the Company's common stock, if any, at our option. The notes are currently redeemable at the Operating Partnership’s option. The Operating Partnership may be required to repurchase the notes on March 30, 2017 and 2022, and upon the occurrence of certain designated events. On March 30, 2012, we repurchased $102.2 million of aggregate principal amount of the exchangeable notes pursuant to a mandatory offer to repurchase the notes. On the issuance date, $66.6 million was recorded in equity and was fully amortized into the debt balance as of March 31, 2012. On January 2, 2013, we repurchased $4.9 million of aggregate principal amount of exchangeable notes at 99.6% of the principal amount. | ||||||||||||||||||||||||||||
Restrictive Covenants | |||||||||||||||||||||||||||||
The terms of the 2012 credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the minimum amount of tangible net worth, a maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that we will not during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable us to continue to qualify as a REIT for Federal income tax purposes. As of September 30, 2013 and December 31, 2012, we were in compliance with all such covenants. | |||||||||||||||||||||||||||||
Junior Subordinate Deferrable Interest Debentures | |||||||||||||||||||||||||||||
In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured floating rate trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The proceeds from the security offering were transferred to the Operating Partnership as a loan. The securities mature in 2035 and bear interest at a fixed rate of 5.61% for the first ten years ending July 2015. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable, at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our balance sheet and the related payments are classified as interest expense. | |||||||||||||||||||||||||||||
Principal Maturities | |||||||||||||||||||||||||||||
Combined aggregate principal maturities of mortgages and other loans payable, revolving credit facility, trust preferred securities, term loan and senior unsecured notes and our share of joint venture debt as of September 30, 2013, including as-of-right extension options, were as follows (in thousands): | |||||||||||||||||||||||||||||
Scheduled | Principal | Revolving | Trust | Term Loan | Total | Joint | |||||||||||||||||||||||
Amortization | Repayments | Credit | Preferred | and Senior | Venture | ||||||||||||||||||||||||
Facility | Securities | Unsecured | Debt | ||||||||||||||||||||||||||
Notes | |||||||||||||||||||||||||||||
2013 | $ | 10,093 | $ | 216,320 | $ | — | $ | — | $ | — | $ | 226,413 | $ | 77,387 | |||||||||||||||
2014 | 43,808 | 146,273 | — | — | 75,898 | 265,979 | 324,001 | ||||||||||||||||||||||
2015 | 47,028 | 229,537 | — | — | 7 | 276,572 | 41,085 | ||||||||||||||||||||||
2016 | 55,689 | 515,487 | — | — | 255,308 | 826,484 | 597,456 | ||||||||||||||||||||||
2017 | 61,213 | 1,086,579 | — | — | 356,953 | 1,504,745 | 930,713 | ||||||||||||||||||||||
Thereafter | 311,611 | 1,918,121 | 340,000 | 100,000 | 1,100,000 | 3,769,732 | 198,805 | ||||||||||||||||||||||
$ | 529,442 | $ | 4,112,317 | $ | 340,000 | $ | 100,000 | $ | 1,788,166 | $ | 6,869,925 | $ | 2,169,447 | ||||||||||||||||
Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Interest expense | $ | 83,536 | $ | 86,045 | $ | 248,905 | $ | 248,986 | |||||||||||||||||||||
Interest income | (563 | ) | (386 | ) | (1,485 | ) | (1,197 | ) | |||||||||||||||||||||
Interest expense, net | $ | 82,973 | $ | 85,659 | $ | 247,420 | $ | 247,789 | |||||||||||||||||||||
Interest capitalized | $ | 2,828 | $ | 3,360 | $ | 9,191 | $ | 8,892 | |||||||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Related Party Transactions | ' | |||||||
Related Party Transactions | ||||||||
Cleaning/ Security/ Messenger and Restoration Services | ||||||||
Through Alliance Building Services, or Alliance, First Quality Maintenance, L.P., or First Quality, provides cleaning, extermination and related services, Classic Security LLC provides security services, Bright Star Couriers LLC provides messenger services and Onyx Restoration Works provides restoration services with respect to certain properties owned by us. Alliance is partially owned by Gary Green, a son of Stephen L. Green, the chairman of our board of directors. In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. The Service Corporation has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements. Alliance paid the Service Corporation approximately $0.8 million, $2.7 million, $0.8 million and $2.4 million, for the three and nine months ended September 30, 2013 and 2012, respectively. We paid Alliance approximately $4.8 million, $13.2 million, $4.7 million and $12.9 million for the three and nine months ended September 30, 2013 and 2012, respectively, for these services (excluding services provided directly to tenants). | ||||||||
Marketing Services | ||||||||
A-List Marketing, LLC, or A-List, provides marketing services to us. Ms. Deena Wolff, a sister of Mr. Marc Holliday, is the owner of A-List. The aggregate amount of fees we paid to A-List for these marketing services was approximately $50,700, $158,000, $2,400 and $58,300 for the three and nine months ended September 30, 2013 and 2012, respectively. | ||||||||
Leases | ||||||||
Nancy Peck and Company leases 1,003 square feet of space at 420 Lexington Avenue under a lease that ends in August 2015. Nancy Peck and Company is owned by Nancy Peck, the wife of Stephen L. Green. The rent due pursuant to the lease was $35,516 per annum for year one increasing to $40,000 in year seven. | ||||||||
Management Fees | ||||||||
S.L. Green Management Corp., a consolidated entity, receives property management fees from an entity in which Stephen L. Green owns an interest. The aggregate amount of fees paid to S.L. Green Management Corp. from such entity was approximately $105,000, $319,000, $93,000 and $292,000 for the three and nine months ended September 30, 2013 and 2012, respectively. | ||||||||
Other | ||||||||
Amounts due to/from related parties at September 30, 2013 and December 31, 2012 consisted of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Due from joint ventures | $ | 2,128 | $ | 511 | ||||
Other | 5,672 | 7,020 | ||||||
Related party receivables | $ | 7,800 | $ | 7,531 | ||||
Due to a joint venture (included in Accounts payable and accrued expenses) | $ | — | $ | (8,401 | ) | |||
Noncontrolling_Interests_in_Op
Noncontrolling Interests in Operating Partnership | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Noncontrolling Interests in Operating Partnership | ' | |||||||
Noncontrolling Interests on the Company's Consolidated Financial Statements | ||||||||
Noncontrolling interests represent the common and preferred units of limited partnership interest in the Operating Partnership not held by the Company as well as third party equity interests in our other consolidated subsidiaries. Noncontrolling interests in the Operating Partnership are shown in the mezzanine equity while the noncontrolling interests in our other consolidated subsidiaries are shown in the equity section of the Company’s consolidated financial statements. | ||||||||
Common Units of Limited Partnership Interest in the Operating Partnership | ||||||||
As of September 30, 2013 and December 31, 2012, the noncontrolling interest unit holders owned 2.94% (2,792,050 common units) and 2.94% (2,759,758 common units) of the Operating Partnership, respectively. At September 30, 2013, 2,792,050 shares of our common stock were reserved for issuance upon redemption of units of limited partnership interest of the Operating Partnership. | ||||||||
Noncontrolling interests in the Operating Partnership is recorded at the greater of its cost basis or fair market value based on the closing stock price of our common stock at the end of the reporting period. | ||||||||
Below is the rollforward analysis of the activity relating to the noncontrolling interests in the Operating Partnership (in thousands): | ||||||||
Nine Months Ended | Year Ended | |||||||
September 30, 2013 | December 31, | |||||||
2012 | ||||||||
Balance at beginning of period | $ | 212,907 | $ | 195,030 | ||||
Distributions | (2,695 | ) | (3,296 | ) | ||||
Issuance of common units | 14,270 | 42,239 | ||||||
Redemption of common units | (17,287 | ) | (87,513 | ) | ||||
Net income | 1,909 | 5,597 | ||||||
Accumulated other comprehensive income (loss) allocation | 490 | (388 | ) | |||||
Fair value adjustment | 38,452 | 61,238 | ||||||
Balance at end of period | $ | 248,046 | $ | 212,907 | ||||
Preferred Units of Limited Partnership Interest in the Operating Partnership | ||||||||
The Operating Partnership has 1,902,000 4.5% Series G preferred units of limited partnership interest, or the Series G preferred units, with a liquidation preference of $25.00 per unit, which was issued in January 2012 as part of an acquisition. The Series G preferred unitholders receive annual dividends of $1.125 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series G preferred units are convertible into a number of common units of limited partnership interest in the Operating Partnership equal to (i) the liquidation preference plus accumulated and unpaid distributions on the conversion date divided by (ii) $88.50. The common units of limited partnership interest in the Operating Partnership may be redeemed in exchange for our common stock on a 1-to-1 basis. The Series G preferred units also provide the holder with the right to require the Operating Partnership to repurchase the Series G preferred units for cash before January 31, 2022. | ||||||||
The Operating Partnership has 80,000 6.0% Series H preferred units, or the Series H preferred units, with a mandatory liquidation preference of $25.00 per unit, which was issued in November 2011 as part of an acquisition. The Series H preferred unitholders receive annual dividends of $1.50 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series H preferred units can be redeemed at any time at par for cash at the Operating Partnership’s option or the option of the unitholder. | ||||||||
The Operating Partnership also has 22,658 units of its 5.00% Series E Preferred Units of limited partnership interest outstanding with a mandatory liquidation preference of $1.00 per unit which are included and further described in Note 8, “Mortgages and other loans payable.” | ||||||||
The Operating Partnership also has 60 units of its Series F Preferred Units outstanding with a mandatory liquidation preference of $1,000.00 per unit. |
Stockholders_Equity_of_the_Com
Stockholders' Equity of the Company | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Stockholders' Equity | ' | |||||||||||||||
Stockholders’ Equity of the Company | ||||||||||||||||
Common Stock | ||||||||||||||||
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value, of which we have authorized the issuance of up to 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of September 30, 2013, 92,214,396 shares of common stock and no shares of excess stock were issued and outstanding. | ||||||||||||||||
At-The-Market Equity Offering Program | ||||||||||||||||
In July 2011, the Company, along with the Operating Partnership, entered into an “at-the-market” equity offering program, or ATM Program, to sell an aggregate of $250.0 million of the Company's common stock. During the nine months ended September 30, 2013, the Company sold 462,276 shares of its common stock through the ATM Program for aggregate gross proceeds of approximately $42.5 million ($41.8 million of net proceeds after related expenses). The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 462,276 common units of limited partnership interest and were used to repay debt, fund new investments and for other corporate purposes. As of September 30, 2013, we had $2.8 million available to issue under the ATM Program. | ||||||||||||||||
Perpetual Preferred Stock | ||||||||||||||||
We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option on or after August 10, 2017. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters’ discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of its 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units. | ||||||||||||||||
In June 2013, we redeemed the remaining 7,700,000 outstanding shares of our 7.625% Series C Cumulative Redeemable Preferred stock, or the Series C Preferred Stock at a redemption price of $25.00 per share plus $0.3495 in accumulated and unpaid dividends on such Preferred Stock through June 21, 2013. We recognized $12.2 million of costs to redeem the remaining Series C Preferred Stock. In September 2012, we had redeemed 4,000,000 shares of our 11,700,000 shares of Series C Preferred Stock, at a redemption price of $25.00 per share plus $0.3707 in accumulated and unpaid dividends on such Preferred Stock through September 24, 2012. We recognized $6.3 million of costs to redeem partially the Series C Preferred Stock. Simultaneously with each redemption, an equal number of 7.625% Series C Cumulative Redeemable Preferred Units of limited partnership interest of the Operating Partnership, or the Series C Preferred Units, were redeemed at the redemption price paid by us to the Series C Preferred stockholders. The Series C Preferred stockholders received annual dividends of $1.90625 per share paid on a quarterly basis and dividends were cumulative, subject to certain provisions. | ||||||||||||||||
In July 2012, we redeemed all 4,000,000 shares of our 7.875% Series D Cumulative Redeemable Preferred stock, or Series D Preferred Stock, at a redemption price of $25.00 per share plus $0.4922 in accumulated and unpaid dividends on such Preferred Stock through July 14, 2012 and recognized $3.7 million of costs to redeem the Series D Preferred Stock. Simultaneously with that redemption, an equal number of 7.875% Series D Cumulative Redeemable Preferred Units of limited partnership interest of the Operating Partnership, or the Series D Preferred Units, were redeemed at the redemption price paid by SL Green to the Series D Preferred stockholders. The Series D Preferred stockholders received annual dividends of $1.96875 per share paid on a quarterly basis and dividends were cumulative, subject to certain provisions. | ||||||||||||||||
Dividend Reinvestment and Stock Purchase Plan | ||||||||||||||||
In March 2012, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRIP, which automatically became effective upon filing. The Company registered 3,500,000 shares of its common stock under the DRIP. The DRIP commenced on September 24, 2001. | ||||||||||||||||
During the nine months ended September 30, 2013 and 2012, the Company issued approximately 651 shares and 1.3 million shares of its common stock and received approximately $57,000 and $99.5 million of proceeds, respectively, from dividend reinvestments and/or stock purchases under the DRIP. DRIP shares may be issued at a discount to the market price. | ||||||||||||||||
Earnings per Share | ||||||||||||||||
Earnings per share for the three and nine months ended September 30, 2013 and 2012 is computed as follows (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 37,025 | $ | 7,732 | $ | 64,210 | $ | 136,028 | ||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 1,110 | 567 | 1,909 | 4,876 | ||||||||||||
Stock options | — | — | — | — | ||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Denominator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Weighted average common stock oustanding | 91,988 | 90,241 | 91,684 | 88,929 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common stock | 2,792 | 3,320 | 2,705 | 3,188 | ||||||||||||
3.00% exchangeable senior notes due 2017 | — | — | — | — | ||||||||||||
3.00% exchangeable senior notes due 2027 | — | — | — | — | ||||||||||||
4.00% exchangeable senior debentures due 2025 | — | — | — | — | ||||||||||||
Stock-based compensation plans | 236 | 330 | 242 | 368 | ||||||||||||
Diluted weighted average common stock outstanding | 95,016 | 93,891 | 94,631 | 92,485 | ||||||||||||
We have excluded approximately 703,702, 922,239, 548,000 and 613,000 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2013 and 2012, respectively, as they were anti-dilutive. | ||||||||||||||||
Partners' Capital of the Operating Partnership | ||||||||||||||||
The Company is the sole general partner of the Operating Partnership and at September 30, 2013 owned 92,214,396 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for one share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one share of common stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units. | ||||||||||||||||
Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions. | ||||||||||||||||
Limited Partner Units | ||||||||||||||||
As of September 30, 2013, limited partners other than SL Green owned approximately 2.94% (2,792,050 common units) of the Operating Partnership. | ||||||||||||||||
Preferred Units | ||||||||||||||||
Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.” | ||||||||||||||||
Earnings per Unit | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Stock options | — | — | — | — | ||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Denominator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Weighted average common units outstanding | 94,780 | 93,561 | 94,389 | 92,117 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
3.00% exchangeable senior notes due 2017 | — | — | — | — | ||||||||||||
3.00% exchangeable senior notes due 2027 | — | — | — | — | ||||||||||||
4.00% exchangeable senior debentures due 2025 | — | — | — | — | ||||||||||||
Stock-based compensation plans | 236 | 330 | 242 | 368 | ||||||||||||
Diluted weighted average common units outstanding | 95,016 | 93,891 | 94,631 | 92,485 | ||||||||||||
We have excluded approximately 703,702, 922,239, 548,000 and 613,000 common unit equivalents from the diluted units outstanding for the three and nine months ended September 30, 2013 and 2012, respectively, as they were anti-dilutive. |
Partners_Capital_of_the_Operat
Partners' Capital of the Operating Partnership | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Partners' Capital of the Operating Partnership | ' | |||||||||||||||
Stockholders’ Equity of the Company | ||||||||||||||||
Common Stock | ||||||||||||||||
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value, of which we have authorized the issuance of up to 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of September 30, 2013, 92,214,396 shares of common stock and no shares of excess stock were issued and outstanding. | ||||||||||||||||
At-The-Market Equity Offering Program | ||||||||||||||||
In July 2011, the Company, along with the Operating Partnership, entered into an “at-the-market” equity offering program, or ATM Program, to sell an aggregate of $250.0 million of the Company's common stock. During the nine months ended September 30, 2013, the Company sold 462,276 shares of its common stock through the ATM Program for aggregate gross proceeds of approximately $42.5 million ($41.8 million of net proceeds after related expenses). The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 462,276 common units of limited partnership interest and were used to repay debt, fund new investments and for other corporate purposes. As of September 30, 2013, we had $2.8 million available to issue under the ATM Program. | ||||||||||||||||
Perpetual Preferred Stock | ||||||||||||||||
We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option on or after August 10, 2017. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters’ discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of its 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units. | ||||||||||||||||
In June 2013, we redeemed the remaining 7,700,000 outstanding shares of our 7.625% Series C Cumulative Redeemable Preferred stock, or the Series C Preferred Stock at a redemption price of $25.00 per share plus $0.3495 in accumulated and unpaid dividends on such Preferred Stock through June 21, 2013. We recognized $12.2 million of costs to redeem the remaining Series C Preferred Stock. In September 2012, we had redeemed 4,000,000 shares of our 11,700,000 shares of Series C Preferred Stock, at a redemption price of $25.00 per share plus $0.3707 in accumulated and unpaid dividends on such Preferred Stock through September 24, 2012. We recognized $6.3 million of costs to redeem partially the Series C Preferred Stock. Simultaneously with each redemption, an equal number of 7.625% Series C Cumulative Redeemable Preferred Units of limited partnership interest of the Operating Partnership, or the Series C Preferred Units, were redeemed at the redemption price paid by us to the Series C Preferred stockholders. The Series C Preferred stockholders received annual dividends of $1.90625 per share paid on a quarterly basis and dividends were cumulative, subject to certain provisions. | ||||||||||||||||
In July 2012, we redeemed all 4,000,000 shares of our 7.875% Series D Cumulative Redeemable Preferred stock, or Series D Preferred Stock, at a redemption price of $25.00 per share plus $0.4922 in accumulated and unpaid dividends on such Preferred Stock through July 14, 2012 and recognized $3.7 million of costs to redeem the Series D Preferred Stock. Simultaneously with that redemption, an equal number of 7.875% Series D Cumulative Redeemable Preferred Units of limited partnership interest of the Operating Partnership, or the Series D Preferred Units, were redeemed at the redemption price paid by SL Green to the Series D Preferred stockholders. The Series D Preferred stockholders received annual dividends of $1.96875 per share paid on a quarterly basis and dividends were cumulative, subject to certain provisions. | ||||||||||||||||
Dividend Reinvestment and Stock Purchase Plan | ||||||||||||||||
In March 2012, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRIP, which automatically became effective upon filing. The Company registered 3,500,000 shares of its common stock under the DRIP. The DRIP commenced on September 24, 2001. | ||||||||||||||||
During the nine months ended September 30, 2013 and 2012, the Company issued approximately 651 shares and 1.3 million shares of its common stock and received approximately $57,000 and $99.5 million of proceeds, respectively, from dividend reinvestments and/or stock purchases under the DRIP. DRIP shares may be issued at a discount to the market price. | ||||||||||||||||
Earnings per Share | ||||||||||||||||
Earnings per share for the three and nine months ended September 30, 2013 and 2012 is computed as follows (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 37,025 | $ | 7,732 | $ | 64,210 | $ | 136,028 | ||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 1,110 | 567 | 1,909 | 4,876 | ||||||||||||
Stock options | — | — | — | — | ||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Denominator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Weighted average common stock oustanding | 91,988 | 90,241 | 91,684 | 88,929 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common stock | 2,792 | 3,320 | 2,705 | 3,188 | ||||||||||||
3.00% exchangeable senior notes due 2017 | — | — | — | — | ||||||||||||
3.00% exchangeable senior notes due 2027 | — | — | — | — | ||||||||||||
4.00% exchangeable senior debentures due 2025 | — | — | — | — | ||||||||||||
Stock-based compensation plans | 236 | 330 | 242 | 368 | ||||||||||||
Diluted weighted average common stock outstanding | 95,016 | 93,891 | 94,631 | 92,485 | ||||||||||||
We have excluded approximately 703,702, 922,239, 548,000 and 613,000 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2013 and 2012, respectively, as they were anti-dilutive. | ||||||||||||||||
Partners' Capital of the Operating Partnership | ||||||||||||||||
The Company is the sole general partner of the Operating Partnership and at September 30, 2013 owned 92,214,396 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for one share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one share of common stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units. | ||||||||||||||||
Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions. | ||||||||||||||||
Limited Partner Units | ||||||||||||||||
As of September 30, 2013, limited partners other than SL Green owned approximately 2.94% (2,792,050 common units) of the Operating Partnership. | ||||||||||||||||
Preferred Units | ||||||||||||||||
Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.” | ||||||||||||||||
Earnings per Unit | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Stock options | — | — | — | — | ||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Denominator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Weighted average common units outstanding | 94,780 | 93,561 | 94,389 | 92,117 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
3.00% exchangeable senior notes due 2017 | — | — | — | — | ||||||||||||
3.00% exchangeable senior notes due 2027 | — | — | — | — | ||||||||||||
4.00% exchangeable senior debentures due 2025 | — | — | — | — | ||||||||||||
Stock-based compensation plans | 236 | 330 | 242 | 368 | ||||||||||||
Diluted weighted average common units outstanding | 95,016 | 93,891 | 94,631 | 92,485 | ||||||||||||
We have excluded approximately 703,702, 922,239, 548,000 and 613,000 common unit equivalents from the diluted units outstanding for the three and nine months ended September 30, 2013 and 2012, respectively, as they were anti-dilutive. |
Sharebased_Compensation
Share-based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Share-based Compensation | ' | |||||||||||||||
14. Share-based Compensation | ||||||||||||||||
We have a stock-based employee and director compensation plans. Our employees are compensated through the Operating Partnership. Under each plan, whenever the Company issues common or preferred stock, the Operating Partnership issues an equivalent number of units of limited partnership interest of a corresponding class to the Company. | ||||||||||||||||
Third Amended and Restated 2005 Stock Option and Incentive Plan | ||||||||||||||||
The Third Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's board of directors in April 2013 and its stockholders in June 2013 at the Company's annual meeting of stockholders. The 2005 Plan authorizes the issuance of stock options, stock appreciation rights, unrestricted and restricted stock, phantom shares, dividend equivalent rights and other equity-based awards. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 17,130,000 fungible units may be granted under the 2005 Plan. Currently, different types of awards count against the limit on the number of fungible units differently, with (1) full-value awards (i.e., those that deliver the full value of the award upon vesting, such as restricted stock) counting as 2.76 fungible units per share subject to such award (2) stock options, stock appreciation rights and other awards that do not deliver full value and expire five year from the date of grant counting as 0.77 fungible units per share subject to such awards, and (3) all other awards (e.g., ten-year stock options) counting as 1.0 fungible units per share subject to such award. Awards granted under the 2005 Plan prior to the approval of the second amendment and restatement in June 2010 and third amendment and restatement in June 2013 continue to count against the fungible unit limit based on the ratios that were in effect at the time such awards were granted, which may be different than the current ratios. As a result, depending on the types of awards issued, the 2005 Plan may result in the issuance of more or less than 17,130,000 shares. If a stock option or other award granted under the 2005 Plan expires or terminates, the common stock subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Shares of the Company's common stock distributed under the 2005 Plan may be treasury shares or authorized but unissued shares. Currently, unless the 2005 Plan has been previously terminated by the board of directors, new awards may be granted under the 2005 Plan until June 13, 2023, which is the tenth anniversary of the date that the 2005 Plan was most recently approved by the Company's stockholders. As of September 30, 2013, 5.8 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, phantom stock units granted pursuant to our Non-Employee Directors’ Deferral Program and LTIP Units, including, among others, outstanding LTIP Units issued under our 2011 Long-Term Outperformance Plan, which remain subject to performance-based vesting. | ||||||||||||||||
Options are granted under the plan at the fair market value on the date of grant and, subject to termination of employment, generally expire ten years from the date of grant, are not transferable other than on death, and generally vest in one to five years commencing one year from the date of grant. | ||||||||||||||||
The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the nine months ended September 30, 2013 and the year ended December 31, 2012. | ||||||||||||||||
September 30, | 31-Dec-12 | |||||||||||||||
2013 | ||||||||||||||||
Dividend yield | 1.95 | % | 2 | % | ||||||||||||
Expected life of option | 4.7 years | 3.7 years | ||||||||||||||
Risk-free interest rate | 0.78 | % | 0.46 | % | ||||||||||||
Expected stock price volatility | 35.59 | % | 37.4 | % | ||||||||||||
A summary of the status of our stock options as of September 30, 2013 and December 31, 2012 and changes during the nine months ended September 30, 2013 and the year ended December 31, 2012 are presented below: | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Options | Weighted | Options | Weighted | |||||||||||||
Outstanding | Average | Outstanding | Average | |||||||||||||
Exercise | Exercise | |||||||||||||||
Price | Price | |||||||||||||||
Balance at beginning of year | 1,201,000 | $ | 75.05 | 1,277,200 | $ | 63.37 | ||||||||||
Granted | 246,000 | 79.58 | 361,331 | 75.36 | ||||||||||||
Exercised | (184,919 | ) | 51.62 | (382,612 | ) | 36.65 | ||||||||||
Lapsed or canceled | (33,202 | ) | 83.61 | (54,919 | ) | 72.99 | ||||||||||
Balance at end of period | 1,228,879 | $ | 79.25 | 1,201,000 | $ | 75.05 | ||||||||||
Options exercisable at end of period | 506,903 | $ | 87.48 | 479,913 | $ | 86.85 | ||||||||||
Weighted average fair value of options granted during the period | $ | 4,999,225 | $ | 6,602,967 | ||||||||||||
All options were granted within a price range of $20.67 to $137.18. The remaining weighted average contractual life of the options outstanding was 4.26 years years and the remaining weighted average contractual life of the options exercisable was 3.86 years. | ||||||||||||||||
During the three and nine months ended September 30, 2013 and 2012, we recognized approximately $2.2 million, $4.8 million, $1.0 million and $3.9 million of compensation expense, respectively, for these options. As of September 30, 2013, there was approximately $8.9 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of three years. | ||||||||||||||||
Stock-based Compensation | ||||||||||||||||
Effective January 1, 1999, we implemented a deferred compensation plan, or the Deferred Plan, covering certain of our employees, including our executives. The shares issued under the Deferred Plan were granted to certain employees, including our executives, and vesting will occur annually upon the completion of a service period or our meeting established financial performance criteria. Annual vesting occurs at rates ranging from 15% to 35% once performance criteria are reached. | ||||||||||||||||
A summary of our restricted stock as of September 30, 2013 and December 31, 2012 and charges during the nine months ended September 30, 2013 and the year ended December 31, 2012 is presented below: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at beginning of year | 2,804,901 | 2,912,456 | ||||||||||||||
Granted | 9,867 | 92,729 | ||||||||||||||
Cancelled | (3,267 | ) | (200,284 | ) | ||||||||||||
Balance at end of period | 2,811,501 | 2,804,901 | ||||||||||||||
Vested during the period | 6,634 | 408,800 | ||||||||||||||
Compensation expense recorded | $ | 4,421,551 | $ | 6,930,381 | ||||||||||||
Weighted average fair value of restricted stock granted during the period | $ | 882,249 | $ | 7,023,942 | ||||||||||||
The fair value of restricted stock that vested during the nine months ended September 30, 2013 and year ended December 31, 2012 was $0.4 million and $22.4 million, respectively. As of September 30, 2013, there was $8.5 million of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted-average period of approximately 2.0 years. | ||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, approximately $0.9 million , $2.9 million, $0.9 million and $2.9 million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options. | ||||||||||||||||
2010 Notional Unit Long-Term Compensation Plan | ||||||||||||||||
In December 2009, the compensation committee of the Company's board of directors approved the general terms of the SL Green Realty Corp. 2010 Notional Unit Long-Term Compensation Program, or the 2010 Long-Term Compensation Plan. The 2010 Long-Term Compensation Plan is a long-term incentive compensation plan pursuant to which award recipients could earn, in the aggregate, from approximately $15.0 million up to approximately $75.0 million of LTIP Units in the Operating Partnership based on our stock price appreciation over three years beginning on December 1, 2009; provided that, if maximum performance had been achieved, approximately $25.0 million of awards could be earned at any time after the beginning of the second year and an additional approximately $25.0 million of awards could be earned at any time after the beginning of the third year. In order to achieve maximum performance under the 2010 Long-Term Compensation Plan, our aggregate stock price appreciation during the performance period had to equal or exceed 50%. The compensation committee determined that maximum performance had been achieved at or shortly after the beginning of each of the second and third years of the performance period and for the full performance period and, accordingly, 366,815 LTIP Units, 385,583 LTIP Units and 327,416 LTIP Units were earned under the 2010 Long-Term Compensation Plan in December 2010, 2011 and 2012, respectively. Substantially in accordance with the original terms of the program, 50% of these LTIP Units vested on December 17, 2012 (accelerated from the original January 1, 2013 vesting date) and the remainder is scheduled to vest ratably on January 1, 2014 and 2015 based on continued employment. In accordance with the terms of the 2010 Long-Term Compensation Plan, distributions were not paid on any LTIP Units until they were earned, at which time we paid all distributions that would have been paid on the earned LTIP Units since the beginning of the performance period. | ||||||||||||||||
The cost of the 2010 Long-Term Compensation Plan (approximately $31.7 million, subject to forfeitures) will be amortized into earnings through the final vesting period. We recorded compensation expense of approximately $0.9 million, $3.6 million, $3.3 million and $7.0 million during the three and nine months ended September 30, 2013 and 2012, respectively, related to the 2010 Long-Term Compensation Plan. | ||||||||||||||||
2011 Outperformance Plan | ||||||||||||||||
In August 2011, the compensation committee of the Company's board of directors approved the general terms of the SL Green Realty Corp. 2011 Outperformance Plan, or the 2011 Outperformance Plan. Participants in the 2011 Outperformance Plan may earn, in the aggregate, up to $85 million of LTIP Units in the Operating Partnership based on our total return to stockholders for the three-year period beginning September 1, 2011. Under the 2011 Outperformance Plan, participants will be entitled to share in a “performance pool” comprised of LTIP Units with a value equal to 10% of the amount, if any, by which our total return to stockholders during the three-year period exceeds a cumulative total return to stockholders of 25%, subject to the maximum of $85 million of LTIP Units; provided that if maximum performance has been achieved, approximately one-third of each award may be earned at any time after the beginning of the second year and an additional approximately one-third of each award may be earned at any time after the beginning of the third year. LTIP Units earned under the 2011 Outperformance Plan will be subject to continued vesting requirements, with 50% of any awards earned vesting on August 31, 2014 and the remaining 50% vesting on August 31, 2015, subject to continued employment with us through such dates. Participants will not be entitled to distributions with respect to LTIP Units granted under the 2011 Outperformance Plan unless and until they are earned. If LTIP Units are earned, each participant will also be entitled to the distributions that would have been paid had the number of earned LTIP Units been issued at the beginning of the performance period, with such distributions being paid in the form of additional LTIP Units. Thereafter, distributions will be paid currently with respect to all earned LTIP Units, whether vested or unvested. | ||||||||||||||||
The cost of the 2011 Outperformance Plan (approximately $26.3 million, subject to forfeitures) will be amortized into earnings through the final vesting period. We recorded compensation expense of approximately $1.7 million, $6.2 million, $1.4 million and $4.0 million during the three and nine months ended September 30, 2013 and 2012, respectively, related to the 2011 Outperformance Plan. | ||||||||||||||||
Deferred Stock Compensation Plan for Directors | ||||||||||||||||
Under our Independent Director’s Deferral Program, which commenced July 2004, the Company's non-employee directors may elect to defer up to 100% of their annual retainer fee, chairman fees and meeting fees. Unless otherwise elected by a participant, fees deferred under the program shall be credited in the form of phantom stock units. The phantom stock units are convertible into an equal number of shares of common stock upon such directors’ termination of service from the board of directors or a change in control by us, as defined by the program. Phantom stock units are credited to each non-employee director quarterly using the closing price of our common stock on the applicable dividend record date for the respective quarter. Each participating non-employee director’s account is also credited for an equivalent amount of phantom stock units based on the dividend rate for each quarter. | ||||||||||||||||
During the nine months ended September 30, 2013, 6,692 phantom stock units were earned. As of September 30, 2013, there were approximately 74,805 phantom stock units outstanding. | ||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
On September 18, 2007, the Company's board of directors adopted the 2008 Employee Stock Purchase Plan, or ESPP, to encourage our employees to increase their efforts to make our business more successful by providing equity-based incentives to eligible employees. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code, and has been adopted by the board to enable our eligible employees to purchase our shares of common stock through payroll deductions. The ESPP became effective on January 1, 2008 with a maximum of 500,000 shares of the common stock available for issuance, subject to adjustment upon a merger, reorganization, stock split or other similar corporate change. The Company filed a registration statement on Form S-8 with the SEC with respect to the ESPP. The common stock is offered for purchase through a series of successive offering periods. Each offering period will be three months in duration and will begin on the first day of each calendar quarter, with the first offering period having commenced on January 1, 2008. The ESPP provides for eligible employees to purchase the common stock at a purchase price equal to 85% of the lesser of (1) the market value of the common stock on the first day of the offering period or (2) the market value of the common stock on the last day of the offering period. The ESPP was approved by the Company's stockholders at the Company's 2008 annual meeting of stockholders. As of September 30, 2013, approximately 72,026 shares of our common stock had been issued under the ESPP. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss of the Company | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss of the Company | ' | |||||||||||||||
Stockholders’ Equity of the Company | ||||||||||||||||
Common Stock | ||||||||||||||||
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value, of which we have authorized the issuance of up to 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of September 30, 2013, 92,214,396 shares of common stock and no shares of excess stock were issued and outstanding. | ||||||||||||||||
At-The-Market Equity Offering Program | ||||||||||||||||
In July 2011, the Company, along with the Operating Partnership, entered into an “at-the-market” equity offering program, or ATM Program, to sell an aggregate of $250.0 million of the Company's common stock. During the nine months ended September 30, 2013, the Company sold 462,276 shares of its common stock through the ATM Program for aggregate gross proceeds of approximately $42.5 million ($41.8 million of net proceeds after related expenses). The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 462,276 common units of limited partnership interest and were used to repay debt, fund new investments and for other corporate purposes. As of September 30, 2013, we had $2.8 million available to issue under the ATM Program. | ||||||||||||||||
Perpetual Preferred Stock | ||||||||||||||||
We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option on or after August 10, 2017. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters’ discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of its 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units. | ||||||||||||||||
In June 2013, we redeemed the remaining 7,700,000 outstanding shares of our 7.625% Series C Cumulative Redeemable Preferred stock, or the Series C Preferred Stock at a redemption price of $25.00 per share plus $0.3495 in accumulated and unpaid dividends on such Preferred Stock through June 21, 2013. We recognized $12.2 million of costs to redeem the remaining Series C Preferred Stock. In September 2012, we had redeemed 4,000,000 shares of our 11,700,000 shares of Series C Preferred Stock, at a redemption price of $25.00 per share plus $0.3707 in accumulated and unpaid dividends on such Preferred Stock through September 24, 2012. We recognized $6.3 million of costs to redeem partially the Series C Preferred Stock. Simultaneously with each redemption, an equal number of 7.625% Series C Cumulative Redeemable Preferred Units of limited partnership interest of the Operating Partnership, or the Series C Preferred Units, were redeemed at the redemption price paid by us to the Series C Preferred stockholders. The Series C Preferred stockholders received annual dividends of $1.90625 per share paid on a quarterly basis and dividends were cumulative, subject to certain provisions. | ||||||||||||||||
In July 2012, we redeemed all 4,000,000 shares of our 7.875% Series D Cumulative Redeemable Preferred stock, or Series D Preferred Stock, at a redemption price of $25.00 per share plus $0.4922 in accumulated and unpaid dividends on such Preferred Stock through July 14, 2012 and recognized $3.7 million of costs to redeem the Series D Preferred Stock. Simultaneously with that redemption, an equal number of 7.875% Series D Cumulative Redeemable Preferred Units of limited partnership interest of the Operating Partnership, or the Series D Preferred Units, were redeemed at the redemption price paid by SL Green to the Series D Preferred stockholders. The Series D Preferred stockholders received annual dividends of $1.96875 per share paid on a quarterly basis and dividends were cumulative, subject to certain provisions. | ||||||||||||||||
Dividend Reinvestment and Stock Purchase Plan | ||||||||||||||||
In March 2012, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRIP, which automatically became effective upon filing. The Company registered 3,500,000 shares of its common stock under the DRIP. The DRIP commenced on September 24, 2001. | ||||||||||||||||
During the nine months ended September 30, 2013 and 2012, the Company issued approximately 651 shares and 1.3 million shares of its common stock and received approximately $57,000 and $99.5 million of proceeds, respectively, from dividend reinvestments and/or stock purchases under the DRIP. DRIP shares may be issued at a discount to the market price. | ||||||||||||||||
Earnings per Share | ||||||||||||||||
Earnings per share for the three and nine months ended September 30, 2013 and 2012 is computed as follows (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 37,025 | $ | 7,732 | $ | 64,210 | $ | 136,028 | ||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 1,110 | 567 | 1,909 | 4,876 | ||||||||||||
Stock options | — | — | — | — | ||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Denominator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Weighted average common stock oustanding | 91,988 | 90,241 | 91,684 | 88,929 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common stock | 2,792 | 3,320 | 2,705 | 3,188 | ||||||||||||
3.00% exchangeable senior notes due 2017 | — | — | — | — | ||||||||||||
3.00% exchangeable senior notes due 2027 | — | — | — | — | ||||||||||||
4.00% exchangeable senior debentures due 2025 | — | — | — | — | ||||||||||||
Stock-based compensation plans | 236 | 330 | 242 | 368 | ||||||||||||
Diluted weighted average common stock outstanding | 95,016 | 93,891 | 94,631 | 92,485 | ||||||||||||
We have excluded approximately 703,702, 922,239, 548,000 and 613,000 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2013 and 2012, respectively, as they were anti-dilutive. | ||||||||||||||||
Partners' Capital of the Operating Partnership | ||||||||||||||||
The Company is the sole general partner of the Operating Partnership and at September 30, 2013 owned 92,214,396 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for one share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one share of common stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units. | ||||||||||||||||
Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions. | ||||||||||||||||
Limited Partner Units | ||||||||||||||||
As of September 30, 2013, limited partners other than SL Green owned approximately 2.94% (2,792,050 common units) of the Operating Partnership. | ||||||||||||||||
Preferred Units | ||||||||||||||||
Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.” | ||||||||||||||||
Earnings per Unit | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Stock options | — | — | — | — | ||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Denominator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Weighted average common units outstanding | 94,780 | 93,561 | 94,389 | 92,117 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
3.00% exchangeable senior notes due 2017 | — | — | — | — | ||||||||||||
3.00% exchangeable senior notes due 2027 | — | — | — | — | ||||||||||||
4.00% exchangeable senior debentures due 2025 | — | — | — | — | ||||||||||||
Stock-based compensation plans | 236 | 330 | 242 | 368 | ||||||||||||
Diluted weighted average common units outstanding | 95,016 | 93,891 | 94,631 | 92,485 | ||||||||||||
We have excluded approximately 703,702, 922,239, 548,000 and 613,000 common unit equivalents from the diluted units outstanding for the three and nine months ended September 30, 2013 and 2012, respectively, as they were anti-dilutive. | ||||||||||||||||
SL Green Realty Corporation | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss of the Company | ' | |||||||||||||||
Accumulated Other Comprehensive Loss of the Company | ||||||||||||||||
The following tables set forth the changes in accumulated other comprehensive income (loss) by component: | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Net unrealized loss on derivative instruments (1) | SL Green’s share of joint venture net unrealized loss on derivative instruments (2) | Unrealized gains and loss on marketable securities | Total | |||||||||||||
Beginning balance | $ | (16,834 | ) | $ | (16,063 | ) | $ | 3,310 | $ | (29,587 | ) | |||||
Other comprehensive (loss) income before reclassifications | (121 | ) | 5,248 | 317 | 5,444 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,222 | 3,672 | — | 4,894 | ||||||||||||
Ending balance | $ | (15,733 | ) | $ | (7,143 | ) | $ | 3,627 | $ | (19,249 | ) | |||||
___________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of September 30, 2013 and December 31, 2012, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized gain on derivative instrument, was approximately $14.3 million and $15.0 million, respectively. | |||||||||||||||
-2 | Amount reclassified from accumulated other comprehensive income (loss) is included in equity in net income from unconsolidated joint ventures in the respective consolidated statements of income. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss of the Operating Partnership | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss of the Company | ' | |||||||||||||||
Stockholders’ Equity of the Company | ||||||||||||||||
Common Stock | ||||||||||||||||
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value, of which we have authorized the issuance of up to 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of September 30, 2013, 92,214,396 shares of common stock and no shares of excess stock were issued and outstanding. | ||||||||||||||||
At-The-Market Equity Offering Program | ||||||||||||||||
In July 2011, the Company, along with the Operating Partnership, entered into an “at-the-market” equity offering program, or ATM Program, to sell an aggregate of $250.0 million of the Company's common stock. During the nine months ended September 30, 2013, the Company sold 462,276 shares of its common stock through the ATM Program for aggregate gross proceeds of approximately $42.5 million ($41.8 million of net proceeds after related expenses). The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 462,276 common units of limited partnership interest and were used to repay debt, fund new investments and for other corporate purposes. As of September 30, 2013, we had $2.8 million available to issue under the ATM Program. | ||||||||||||||||
Perpetual Preferred Stock | ||||||||||||||||
We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option on or after August 10, 2017. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters’ discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of its 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units. | ||||||||||||||||
In June 2013, we redeemed the remaining 7,700,000 outstanding shares of our 7.625% Series C Cumulative Redeemable Preferred stock, or the Series C Preferred Stock at a redemption price of $25.00 per share plus $0.3495 in accumulated and unpaid dividends on such Preferred Stock through June 21, 2013. We recognized $12.2 million of costs to redeem the remaining Series C Preferred Stock. In September 2012, we had redeemed 4,000,000 shares of our 11,700,000 shares of Series C Preferred Stock, at a redemption price of $25.00 per share plus $0.3707 in accumulated and unpaid dividends on such Preferred Stock through September 24, 2012. We recognized $6.3 million of costs to redeem partially the Series C Preferred Stock. Simultaneously with each redemption, an equal number of 7.625% Series C Cumulative Redeemable Preferred Units of limited partnership interest of the Operating Partnership, or the Series C Preferred Units, were redeemed at the redemption price paid by us to the Series C Preferred stockholders. The Series C Preferred stockholders received annual dividends of $1.90625 per share paid on a quarterly basis and dividends were cumulative, subject to certain provisions. | ||||||||||||||||
In July 2012, we redeemed all 4,000,000 shares of our 7.875% Series D Cumulative Redeemable Preferred stock, or Series D Preferred Stock, at a redemption price of $25.00 per share plus $0.4922 in accumulated and unpaid dividends on such Preferred Stock through July 14, 2012 and recognized $3.7 million of costs to redeem the Series D Preferred Stock. Simultaneously with that redemption, an equal number of 7.875% Series D Cumulative Redeemable Preferred Units of limited partnership interest of the Operating Partnership, or the Series D Preferred Units, were redeemed at the redemption price paid by SL Green to the Series D Preferred stockholders. The Series D Preferred stockholders received annual dividends of $1.96875 per share paid on a quarterly basis and dividends were cumulative, subject to certain provisions. | ||||||||||||||||
Dividend Reinvestment and Stock Purchase Plan | ||||||||||||||||
In March 2012, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRIP, which automatically became effective upon filing. The Company registered 3,500,000 shares of its common stock under the DRIP. The DRIP commenced on September 24, 2001. | ||||||||||||||||
During the nine months ended September 30, 2013 and 2012, the Company issued approximately 651 shares and 1.3 million shares of its common stock and received approximately $57,000 and $99.5 million of proceeds, respectively, from dividend reinvestments and/or stock purchases under the DRIP. DRIP shares may be issued at a discount to the market price. | ||||||||||||||||
Earnings per Share | ||||||||||||||||
Earnings per share for the three and nine months ended September 30, 2013 and 2012 is computed as follows (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 37,025 | $ | 7,732 | $ | 64,210 | $ | 136,028 | ||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 1,110 | 567 | 1,909 | 4,876 | ||||||||||||
Stock options | — | — | — | — | ||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Denominator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Weighted average common stock oustanding | 91,988 | 90,241 | 91,684 | 88,929 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common stock | 2,792 | 3,320 | 2,705 | 3,188 | ||||||||||||
3.00% exchangeable senior notes due 2017 | — | — | — | — | ||||||||||||
3.00% exchangeable senior notes due 2027 | — | — | — | — | ||||||||||||
4.00% exchangeable senior debentures due 2025 | — | — | — | — | ||||||||||||
Stock-based compensation plans | 236 | 330 | 242 | 368 | ||||||||||||
Diluted weighted average common stock outstanding | 95,016 | 93,891 | 94,631 | 92,485 | ||||||||||||
We have excluded approximately 703,702, 922,239, 548,000 and 613,000 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2013 and 2012, respectively, as they were anti-dilutive. | ||||||||||||||||
Partners' Capital of the Operating Partnership | ||||||||||||||||
The Company is the sole general partner of the Operating Partnership and at September 30, 2013 owned 92,214,396 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for one share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one share of common stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units. | ||||||||||||||||
Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions. | ||||||||||||||||
Limited Partner Units | ||||||||||||||||
As of September 30, 2013, limited partners other than SL Green owned approximately 2.94% (2,792,050 common units) of the Operating Partnership. | ||||||||||||||||
Preferred Units | ||||||||||||||||
Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.” | ||||||||||||||||
Earnings per Unit | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Stock options | — | — | — | — | ||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Denominator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Weighted average common units outstanding | 94,780 | 93,561 | 94,389 | 92,117 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
3.00% exchangeable senior notes due 2017 | — | — | — | — | ||||||||||||
3.00% exchangeable senior notes due 2027 | — | — | — | — | ||||||||||||
4.00% exchangeable senior debentures due 2025 | — | — | — | — | ||||||||||||
Stock-based compensation plans | 236 | 330 | 242 | 368 | ||||||||||||
Diluted weighted average common units outstanding | 95,016 | 93,891 | 94,631 | 92,485 | ||||||||||||
We have excluded approximately 703,702, 922,239, 548,000 and 613,000 common unit equivalents from the diluted units outstanding for the three and nine months ended September 30, 2013 and 2012, respectively, as they were anti-dilutive. | ||||||||||||||||
SL Green Operating Partnership | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss of the Company | ' | |||||||||||||||
Accumulated Other Comprehensive Loss of the Operating Partnership | ||||||||||||||||
The following tables set forth the changes in accumulated other comprehensive income (loss) by component: | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Net unrealized loss on derivative instruments (1) | SLGOP’s share of joint venture net unrealized loss on derivative instruments (2) | Unrealized gains and loss on marketable securities | Total | |||||||||||||
Beginning balance | $ | (17,438 | ) | $ | (16,640 | ) | $ | 3,429 | $ | (30,649 | ) | |||||
Other comprehensive (loss) income before reclassifications | (20 | ) | 5,503 | 306 | 5,789 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,258 | 3,781 | — | 5,039 | ||||||||||||
Ending balance | $ | (16,200 | ) | $ | (7,356 | ) | $ | 3,735 | $ | (19,821 | ) | |||||
___________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of September 30, 2013 and December 31, 2012, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized gain on derivative instrument, was approximately $14.8 million and $15.5 million, respectively. | |||||||||||||||
-2 | Amount reclassified from accumulated other comprehensive income (loss) is included in equity in net income from unconsolidated joint ventures in the respective consolidated statements of income. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
We are required to disclose the fair value information about our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate fair value. FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consist of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | ||||||||||||||||
The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities | $ | 32,863 | $ | 3,109 | $ | 26,346 | $ | 3,408 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swap agreements (included in accrued interest payable and other liabilities | $ | 1,465 | — | $ | 1,465 | — | ||||||||||
December 31, 2012 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities | $ | 21,429 | $ | 2,202 | $ | 15,575 | $ | 3,652 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swap agreements (included in accrued interest payable and other liabilities | $ | 1,959 | — | $ | 1,959 | — | ||||||||||
We determine impairment in real estate investments and debt and preferred equity investments, including intangibles utilizing cash flow projections that apply estimated revenue and expense growth rates, discount rates and capitalization rates, which are classified as Level 3 inputs. | ||||||||||||||||
The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs. | ||||||||||||||||
The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity investments, and mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt to their present value using adjusted market interest rates, which is provided by a third-party specialist. | ||||||||||||||||
The following table provides the carrying value and fair value of these financial instruments as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Debt and preferred equity investments | $ | 1,315,551 | -1 | $ | 1,348,434 | -1 | ||||||||||
Fixed rate debt | $ | 5,606,449 | $ | 5,979,568 | $ | 4,922,725 | $ | 5,334,244 | ||||||||
Variable rate debt | 1,213,178 | 1,235,108 | 1,597,695 | 1,557,494 | ||||||||||||
$ | 6,819,627 | $ | 7,214,676 | $ | 6,520,420 | $ | 6,891,738 | |||||||||
_____________________________________ | ||||||||||||||||
-1 | Debt and preferred equity investments had an estimated fair value ranging between $1.3 billion and $1.4 billion at September 30, 2013. At December 31, 2012, the debt and preferred equity investments had an estimated fair value ranging between $1.3 billion and $1.4 billion. | |||||||||||||||
Disclosure about fair value of financial instruments is based on pertinent information available to us as of September 30, 2013. Although we are not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. |
Financial_Instruments_Derivati
Financial Instruments: Derivatives and Hedging | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Financial Instruments: Derivatives and Hedging | ' | ||||||||||||||||||||||||||||
Financial Instruments: Derivatives and Hedging | |||||||||||||||||||||||||||||
In the normal course of business, we use a variety of commonly used derivative instruments, such as interest rate swaps, caps, collar and floors, to manage, or hedge interest rate risk. We hedge our exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. Currently, all of our designated derivative instruments are effective hedging instruments. | |||||||||||||||||||||||||||||
The following table summarizes the notional and fair value of our derivative financial instruments at September 30, 2013 based on Level 2 inputs. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (amounts in thousands): | |||||||||||||||||||||||||||||
Notional | Strike | Effective | Expiration | Balance Sheet Location | Fair | ||||||||||||||||||||||||
Value | Rate | Date | Date | Value | |||||||||||||||||||||||||
Interest Rate Cap | $ | 271,912 | 6 | % | Nov-12 | Nov-13 | Other Liabilities | $ | — | ||||||||||||||||||||
Interest Rate Swap | $ | 30,000 | 2.295 | % | Jul-10 | Jun-16 | Other Liabilities | (1,412 | ) | ||||||||||||||||||||
Interest Rate Swap | $ | 8,500 | 0.74 | % | Feb-12 | Feb-15 | Other Liabilities | (53 | ) | ||||||||||||||||||||
$ | (1,465 | ) | |||||||||||||||||||||||||||
Gains and losses on terminated hedges are included in the accumulated other comprehensive loss, and are recognized into earnings over the term of the related mortgage obligation. Over time, the realized and unrealized gains and losses held in accumulated other comprehensive loss will be reclassified into earnings as an adjustment to interest expense in the same periods in which the hedged interest payments affect earnings. We estimate that approximately $2.7 million of the current balance held in accumulated other comprehensive loss will be reclassified into interest expense and $5.0 million of the portion related to our share of joint venture accumulated other comprehensive loss will be reclassified into equity in net income (loss) from unconsolidated joint ventures within the next 12 months. | |||||||||||||||||||||||||||||
The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the three months ended September 30, 2013 and 2012, respectively (in thousands): | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Loss | Location of Gain (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) or | |||||||||||||||||||||||||
Recognized in | Reclassified from | Recognized | |||||||||||||||||||||||||||
Other Comprehensive | Accumulated Other | into Income | |||||||||||||||||||||||||||
Loss | Comprehensive Loss into Income | (Ineffective Portion) | |||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
Derivative | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest Rate Swaps/Caps | $ | (160 | ) | $ | (278 | ) | Interest expense | $ | 320 | $ | 468 | Interest expense | $ | 2 | $ | (1 | ) | ||||||||||||
Share of unconsolidated joint ventures' derivative instruments | (2,606 | ) | (3,074 | ) | Equity in net income (loss) from unconsolidated joint ventures | 1,281 | 2,782 | Equity in net income (loss) from unconsolidated joint ventures | 5 | — | |||||||||||||||||||
$ | (2,766 | ) | $ | (3,352 | ) | $ | 1,601 | $ | 3,250 | $ | 7 | $ | (1 | ) | |||||||||||||||
The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the nine months ended September 30, 2013 and 2012, respectively (in thousands): | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Loss | Location of Gain (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) | |||||||||||||||||||||||||
Recognized in | Reclassified from | Recognized | |||||||||||||||||||||||||||
Other Comprehensive | Accumulated Other | in Income | |||||||||||||||||||||||||||
Loss | Comprehensive Loss into Income | (Ineffective Portion) | |||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
Derivative | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest Rate Swaps/Caps | $ | (20 | ) | $ | (901 | ) | Interest expense | $ | 1,258 | $ | 1,394 | Interest expense | $ | 2 | $ | — | |||||||||||||
Share of unconsolidated joint ventures' derivative instruments | 5,503 | (9,404 | ) | Equity in net income (loss) from unconsolidated joint ventures | 3,781 | 8,276 | Equity in net income (loss) from unconsolidated joint ventures | — | — | ||||||||||||||||||||
$ | 5,483 | $ | (10,305 | ) | $ | 5,039 | $ | 9,670 | $ | 2 | $ | — | |||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
Commitments and Contingencies | ||||||||
Legal Proceedings | ||||||||
We and the Operating Partnership are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our properties, other than routine litigation arising in the ordinary course of business. Management believes the costs, if any, incurred by us related to this litigation will not materially affect our financial position, operating results or liquidity. | ||||||||
Environmental Matters | ||||||||
Our management believes that the properties are in compliance in all material respects with applicable federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold. | ||||||||
Capital and Ground Leases Arrangements | ||||||||
The following is a schedule of future minimum lease payments under capital leases and non-cancellable operating leases with initial terms in excess of one year as of September 30, 2013 (in thousands): | ||||||||
Capital leases | Non-cancellable | |||||||
operating leases | ||||||||
2013 (3 months) | $ | 573 | $ | 8,914 | ||||
2014 | 2,293 | 35,655 | ||||||
2015 | 2,364 | 35,810 | ||||||
2016 | 2,543 | 36,251 | ||||||
2017 | 2,653 | 36,474 | ||||||
Thereafter | 356,544 | 1,188,301 | ||||||
Total minimum lease payments | 366,970 | $ | 1,341,405 | |||||
Less amount representing interest | (319,478 | ) | ||||||
Present value of net minimum lease payments | $ | 47,492 | ||||||
Real Estate Purchase Commitment | ||||||||
In August 2013, we entered into a contract to acquire a mixed-use residential and commercial property located at 315 West 33rd Street for $386.0 million. This transaction is expected to be completed in the fourth quarter of 2013, subject to customary closing conditions. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
We are a REIT engaged in owning, managing, leasing, acquiring and repositioning commercial properties in the New York Metropolitan area and have two reportable segments, real estate and debt and preferred equity. We evaluate real estate performance and allocate resources based on earnings contribution to income from continuing operations. | ||||||||||||||||
Our real estate portfolio is primarily located in the geographical markets of the New York Metropolitan area. The primary sources of revenue are generated from tenant rents and escalations and reimbursement revenue. Real estate property operating expenses consist primarily of security, maintenance, utility costs, real estate taxes and ground rent expense (at certain applicable properties). See Note 5, “Debt and Preferred Equity Investments,” for additional details on our debt and preferred equity investments. | ||||||||||||||||
Selected results of operations for the three and nine months ended September 30, 2013 and 2012, and selected asset information as of September 30, 2013 and December 31, 2012, regarding our operating segments are as follows (in thousands): | ||||||||||||||||
Real | Debt and | Total | ||||||||||||||
Estate | Preferred | Company | ||||||||||||||
Segment | Equity | |||||||||||||||
Segment | ||||||||||||||||
Total revenues | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Sep-13 | $ | 319,317 | $ | 44,448 | $ | 363,765 | ||||||||||
September 30, 2012 | 329,142 | 27,869 | 357,011 | |||||||||||||
Nine months ended: | ||||||||||||||||
30-Sep-13 | $ | 950,491 | $ | 143,887 | $ | 1,094,378 | ||||||||||
September 30, 2012 | 948,475 | 87,655 | 1,036,130 | |||||||||||||
Income (loss) from continuing operations before purchase price fair value adjustment and equity in net (loss) gain on sale of unconsolidated joint venture/real estate | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Sep-13 | $ | (5,885 | ) | $ | 36,382 | $ | 30,497 | |||||||||
September 30, 2012 | 10,214 | 22,272 | 32,486 | |||||||||||||
Nine months ended: | ||||||||||||||||
30-Sep-13 | $ | (21,705 | ) | $ | 118,243 | $ | 96,538 | |||||||||
September 30, 2012 | 84,757 | 70,200 | 154,957 | |||||||||||||
Total assets | ||||||||||||||||
As of: | ||||||||||||||||
30-Sep-13 | $ | 13,247,401 | $ | 1,327,518 | $ | 14,574,919 | ||||||||||
31-Dec-12 | 13,021,095 | 1,357,890 | 14,378,985 | |||||||||||||
Income from continuing operations represents total revenues less total expenses for the real estate segment and total investment income less allocated interest expense for the debt and preferred equity segment. Interest costs for the debt and preferred equity segment are imputed assuming 100% leverage at our 2012 credit facility borrowing cost as well as the interest under the MRA. We also allocate loan loss reserves, net of recoveries to the debt and preferred equity segment. We do not allocate marketing, general and administrative expenses and transaction related costs (totaling approximately $18.5 million, $64.2 million, $21.9 million and $65.9 million for the three and nine months ended September 30, 2013 and 2012, respectively) to the debt and preferred equity segment since we base performance on the individual segments prior to allocating marketing, general and administrative expenses. All other expenses, except interest, relate entirely to the real estate assets. | ||||||||||||||||
There were no transactions between the above two segments. | ||||||||||||||||
The table below reconciles income from continuing operations to net income for the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income from continuing operations before purchase price fair value adjustment and equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | $ | 30,497 | $ | 32,486 | $ | 96,538 | $ | 154,957 | ||||||||
Purchase price fair value adjustment | — | — | (2,305 | ) | — | |||||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | (354 | ) | (4,807 | ) | (3,937 | ) | 17,776 | |||||||||
Income from continuing operations | 30,143 | 27,679 | 90,296 | 172,733 | ||||||||||||
Net income from discontinued operations | 1,406 | 951 | 1,725 | 2,883 | ||||||||||||
Gain on sale of discontinued operations | 13,787 | — | 14,900 | 6,627 | ||||||||||||
Net income | $ | 45,336 | $ | 28,630 | $ | 106,921 | $ | 182,243 | ||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In October 2013, we closed on a 7-year, $275.0 million mortgage financing of 220 East 42nd Street. The floating rate mortgage bears interest at 160 basis points over the 30-day LIBOR. | |
In November 2013, the Company completed an offering of 2,600,000 shares of its common stock, par value $0.01 per share, at a price of $95.94 per share. The Company received net proceeds of approximately $249.4 million, after deducting underwriting discounts (approximately $5.7 million). The Company also granted an option to the underwriter to purchase up to 390,000 additional shares of common stock at a price of $95.94 per share within 30 days from October 28, 2013. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method or as debt and preferred equity investments. See Note 5, “Debt and Preferred Equity Investments” and Note 6, “Investments in Unconsolidated Joint Ventures.” All significant intercompany balances and transactions have been eliminated. | |
We consolidate variable interest entities, or VIEs, in which we are considered the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Included in commercial real estate properties on our consolidated balance sheets as of September 30, 2013 and December 31, 2012 are approximately $600.1 million and $607.4 million, respectively, related to our consolidated VIEs. Included in mortgages and other loans payable on our consolidated balance sheets as of September 30, 2013 and December 31, 2012 are approximately $373.1 million and $379.6 million, respectively, related to our consolidated VIEs. | |
A noncontrolling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Noncontrolling interests are required to be presented as a separate component of equity in the consolidated balance sheet and the presentation of net income was modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. | |
We assess the accounting treatment for each joint venture and debt and preferred equity investment. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIE’s, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance. In situations where we and our partner approves, among other things, the annual budget, receives a detailed monthly reporting package from us, meets on a quarterly basis to review the results of the joint venture, reviews and approves the joint venture’s tax return before filing, and approves all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of our joint venture. Our joint venture agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. | |
Investment in Commercial Real Estate Properties | ' |
Investment in Commercial Real Estate Properties | |
On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be impaired or that their carrying value may not be recoverable. A property’s value is considered impaired if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges for consolidated properties) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. We also evaluate our real estate properties for potential impairment when a real estate property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell. In June 2013, we recorded a $2.2 million impairment charge in connection with the sale of 300 Main Street in Stamford, Connecticut. | |
We assess our investments in unconsolidated joint ventures for recoverability, and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on the joint venture’s projected discounted cash flows. We do not believe that the values of any of our consolidated properties or equity investments were impaired at either September 30, 2013 or December 31, 2012. | |
When we acquire equity interests in an existing unconsolidated joint venture and gain control over the investment, we record the consolidated investment at fair value. The difference between the book value of our equity investment on the purchase date and our share of the fair value of the investment’s purchase price is recorded as a purchase price fair value adjustment in our consolidated statements of income. In April 2013, we recognized a purchase price fair value adjustment of $(2.3) million in connection with the consolidation of 16 Court Street, which was previously accounted for as an investment in unconsolidated joint venture. | |
We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) and other intangible assets over their estimated useful lives, which generally range from three to 40 years and from one to 14 years, respectively. The values of the above- and below-market leases are amortized and recorded as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income over the remaining term of the associated lease, which generally range from one to 14 years. The value associated with in-place leases is amortized over the expected term of the associated lease, which generally ranges from one to 14 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below market and determined to be material, we amortize such below market lease value into rental income over the renewal period. | |
Investment in Marketable Securities | ' |
Investment in Marketable Securities | |
We invest in marketable securities. At the time of purchase, we are required to designate a security as held-to-maturity, available-for-sale, or trading depending on ability and intent. We do not have any securities designated as held-to-maturity or trading at this time. Securities available-for-sale are reported at fair value pursuant to ASC 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive loss. | |
The cost of bonds and marketable securities sold was determined using the specific identification method. | |
Revenue Recognition | ' |
Revenue Recognition | |
Rental revenue is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. In order for the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner (the tenant is the owner) of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When management concludes that we are the owner of tenant improvements for accounting purposes, management records amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, management records amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, management records our contribution towards those improvements as a lease incentive, which is included in deferred leasing costs on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the accompanying consolidated balance sheets. We establish, on a current basis, an allowance for future potential tenant credit losses, which may occur against this account. The balance reflected on the consolidated balance sheets is net of such allowance. | |
In addition to base rent, our tenants also generally will pay their pro rata share of increases in real estate taxes and operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters’ wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year. | |
We record a gain on sale of real estate when title is conveyed to the buyer, subject to the buyer’s financial commitment being sufficient to provide economic substance to the sale and we have no substantial economic involvement with the buyer. | |
Interest income on debt and preferred equity investments is recognized over the life of the investment using the effective interest method and recognized on the accrual basis. Fees received in connection with loan commitments are deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Anticipated exit fees, whose collection is expected, are also recognized over the term of the loan as an adjustment to yield. Fees on commitments that expire unused are recognized at expiration. | |
Income recognition is generally suspended for debt and preferred equity investments at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income and principal becomes doubtful. Interest income recognition is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. Interest is recorded as income on impaired loans only to the extent cash is received. Several of the debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management’s determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. | |
If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. | |
Reserve for Possible Credit Losses | ' |
Reserve for Possible Credit Losses | |
The expense for possible credit losses in connection with debt and preferred equity investments is the charge to earnings to increase the allowance for possible credit losses to the level that we estimate to be adequate, based on Level 3 data, considering delinquencies, loss experience and collateral quality. Other factors considered relate to geographic trends and product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish the provision for possible credit losses on each individual investment. When it is probable that we will be unable to collect all amounts contractually due, the investment is considered impaired. | |
Where impairment is indicated on an investment that is held to maturity, a valuation allowance is measured based upon the excess of the recorded investment amount over the net fair value of the collateral. Any deficiency between the carrying amount of an asset and the calculated value of the collateral is charged to expense. The write-off of the reserve balance is called a charge off. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If the additional information obtained reflects increased recovery of our investment, we will adjust our reserves accordingly. | |
We recorded no loan loss reserves during the three and nine months ended September 30, 2013. During the three and nine months ended September 30, 2012, we recorded loan loss reserves of zero and $3.0 million, respectively, on investments being held to maturity and approximately zero and $2.4 million, respectively, in recoveries in connection with the sale of our investments. This is included in loan loss and other investment reserves, net of recoveries in the accompanying consolidated statements of income. | |
Debt and preferred equity investments held for sale are carried at the lower of cost or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its net carrying value to debt and preferred equity investments held to maturity. For these reclassified investments, the difference between the current carrying value and the expected cash to be collected at maturity will be accreted into income over the remaining term of the investment. | |
Income Taxes | ' |
Income Taxes | |
SL Green is taxed as a REIT under Section 856(c) of the Code. As a REIT, SL Green generally is not subject to Federal income tax. To maintain its qualification as a REIT, SL Green must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. If SL Green fails to qualify as a REIT in any taxable year, we will be subject to Federal income tax on SL Green's taxable income at regular corporate rates. SL Green may also be subject to certain state, local and franchise taxes. Under certain circumstances, Federal income and excise taxes may be due on SL Green's undistributed taxable income. | |
The Operating Partnership is a partnership and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective income tax returns. The only provision for income taxes in the accompanying consolidated financial statements relates to the Operating Partnership’s consolidated taxable REIT subsidiaries. We may also be subject to certain state, local and franchise taxes. | |
Pursuant to amendments to the Code that became effective January 1, 2001, we have elected, and may elect in the future, to treat certain of our existing or newly created corporate subsidiaries as taxable REIT subsidiaries, or a TRS. In general, our TRSs may perform non-customary services for our tenants, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. Our TRSs generate income, resulting in Federal and state income tax liability for these entities. | |
During the three and nine months ended September 30, 2013, we recorded Federal, state and local tax provisions of $2.1 million and $6.0 million, respectively. During the three and nine months ended September 30, 2012, we recorded Federal, state and local tax provisions of zero and less than $0.1 million, respectively. | |
We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. | |
Stock-Based Employee Compensation Plans | ' |
Stock-Based Employee Compensation Plans | |
We have a stock-based employee compensation plan, described more fully in Note 14, “Share-based Compensation.” | |
Our stock options are recorded at fair value at the time of issuance. Fair value of the stock options is determined using the Black-Scholes option-pricing model. The Black-Scholes model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our plan has characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in our opinion, the existing models do not necessarily provide a reliable single measure of the fair value of our employee stock options. | |
Compensation cost for stock options, if any, is recognized ratably over the vesting period of the award. Our policy is to grant options with an exercise price equal to the quoted closing market price of our common stock on the grant date. Awards of stock or restricted stock are expensed as compensation over the benefit period based on the fair value of the stock on the grant date. | |
For share-based awards with a performance or market measure, we recognize compensation cost over the requisite service period, using the accelerated attribution expense method. The requisite service period begins on the date the compensation committee of our board of directors authorizes the award, adopts any relevant performance measures and communicates the award to the employees. For programs with performance measures, the total estimated compensation cost is based on the fair value of the award at the applicable reporting date estimated using a binomial model. For share-based awards for which there is no pre-established performance measure, we recognize compensation cost over the service vesting period, which represents the requisite service period, on a straight-line basis. In accordance with the provisions of our share-based incentive compensation plans, we accept the return of shares of Company common stock, at the current quoted market price, from certain key employees to satisfy minimum statutory tax-withholding requirements related to shares that vested during the period. | |
Awards can also be made in the form of a separate series of units of limited partnership interest in the Operating Partnership called long-term incentive plan units, or LTIP Units. LTIP Units, which can be granted either as free-standing awards or in tandem with other awards under our stock incentive plan, are valued by reference to the value of the Company's common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee of the Company's board of directors may determine, including continued employment or service, computation of financial metrics and/or achievement of pre-established performance goals and objectives. | |
Earnings per Share | ' |
Earnings per Share of the Company | |
The Company presents both basic and diluted earnings per share, or EPS. Basic EPS excludes dilution and is computed by dividing net income attributable to common stockholders by the weighted average number of common stock outstanding during the period. Basic EPS includes participating securities, consisting of unvested restricted stock that receive nonforfeitable dividends similar to shares of common stock. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount. Diluted EPS also includes units of limited partnership interest. The dilutive effect of stock options is reflected in the weighted average diluted outstanding shares calculation by application of the treasury stock method. There is no dilutive effect for the exchangeable senior debentures as the conversion premium will be paid in cash. | |
Earnings Per Unit | ' |
Earnings per Unit of the Operating Partnership | |
The Operating Partnership presents both basic and diluted earnings per unit, or EPU. Basic EPU excludes dilution and is computed by dividing net income attributable to common unitholders by the weighted average number of common units outstanding during the period. Basic EPU includes participating securities, consisting of unvested restricted units that receive nonforfeitable dividends similar to shares of common units. Diluted EPU reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units, where such exercise or conversion would result in a lower EPU amount. The dilutive effect of unit options is reflected in the weighted average diluted outstanding units calculation by application of the treasury stock method. There is no dilutive effect for the exchangeable senior notes as the conversion premium will be paid in cash. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Concentration of Credit Risk | ' |
Concentrations of Credit Risk | |
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments in excess of insured amounts with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in the New York Metropolitan area. See Note 5, “Debt and Preferred Equity Investments.” We perform ongoing credit evaluations of our tenants and require most tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant’s lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting the space. Although the properties in our real estate portfolio are primarily located in Manhattan, we also have Suburban properties located in Brooklyn, Long Island, Westchester County, Connecticut, Northern New Jersey and the west coast. The tenants located in our buildings operate in various industries. Other than three tenants who account for approximately 7.3%, 6.5% and 6.0% of our share of annualized cash rent, no other tenant in our portfolio accounted for more than 2.0% of our annualized cash rent, including our share of joint venture annualized cash rent for the three months ended September 30, 2013. Approximately 10%, 7% and 6% of our annualized cash rent for consolidated properties for the three months ended September 30, 2013 was attributable to 1515 Broadway, 1185 Avenue of the Americas and One Madison Avenue, respectively. In addition, one debt and preferred equity investment accounted for more than 10% of the income earned on debt and preferred equity investments during the three months ended September 30, 2013. | |
Reclassification | ' |
Reclassification | |
Certain prior year balances have been reclassified to conform to our current year presentation primarily in order to eliminate discontinued operations from income from continuing operations and to reclassify deferred origination fees from deferred income to debt and preferred equity investments. | |
Accounting Standards Update | ' |
Accounting Standards Updates | |
In February 2013, the FASB issued guidance on the presentation and disclosure of reclassification adjustments out of accumulated other comprehensive income, or AOCI. The standard requires an entity to present information about significant items reclassified out of AOCI by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to financial statements. The guidance became effective for calendar year-end public companies beginning in the first quarter of 2013 and its adoption did not have a material impact on our consolidated financial statements. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Schedule of commercial office properties | ' | |||||||||||
Our investments in the New York Metropolitan area also include investments in Brooklyn, Long Island, Westchester County, Connecticut and Northern New Jersey, which are collectively known as the Suburban assets: | ||||||||||||
Location | Ownership | Number of | Square Feet | Weighted Average | ||||||||
Properties | Occupancy(1) | |||||||||||
Manhattan | Consolidated properties | 26 | 18,012,945 | 93.8 | % | |||||||
Unconsolidated properties | 9 | 5,934,434 | 96.2 | % | ||||||||
Suburban | Consolidated properties | 26 | 4,087,400 | 79.1 | % | |||||||
Unconsolidated properties | 4 | 1,222,100 | 85.3 | % | ||||||||
65 | 29,256,879 | 91.9 | % | |||||||||
_________________________________ | ||||||||||||
-1 | The weighted average occupancy represents the total leased square feet divided by total available rentable square feet. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Summary of identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) | ' | |||||||
The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Identified intangible assets (included in other assets): | ||||||||
Gross amount | $ | 732,160 | $ | 725,861 | ||||
Accumulated amortization | (325,224 | ) | (263,107 | ) | ||||
Net | $ | 406,936 | $ | 462,754 | ||||
Identified intangible liabilities (included in deferred revenue): | ||||||||
Gross amount | $ | 667,495 | $ | 651,921 | ||||
Accumulated amortization | (411,814 | ) | (357,225 | ) | ||||
Net | $ | 255,681 | $ | 294,696 | ||||
Schedule of marketable securities | ' | |||||||
At September 30, 2013 and December 31, 2012, we held the following marketable securities (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Level 1 – Equity marketable securities | $ | 3,109 | $ | 2,202 | ||||
Level 2 – Commercial mortgage-backed securities | 26,346 | 15,575 | ||||||
Level 3 – Rake bonds | 3,408 | 3,652 | ||||||
Total marketable securities available-for-sale | $ | 32,863 | $ | 21,429 | ||||
Property_Acquisitions_Tables
Property Acquisitions (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of allocation of the purchase price of the assets acquired and liabilities assumed | ' | |||
The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of this acquisition (in thousands): | ||||
248-252 | ||||
Bedford | ||||
Avenue | ||||
Land | $ | 10,865 | ||
Building and building leasehold | 44,035 | |||
Above market lease value | — | |||
Acquired in-place leases | — | |||
Other assets, net of other liabilities | — | |||
Assets acquired | 54,900 | |||
Fair value adjustment to mortgage note payable | — | |||
Below market lease value | — | |||
Liabilities assumed | — | |||
Purchase price allocation | $ | 54,900 | ||
Net consideration funded by us at closing, excluding consideration financed by debt | $ | 21,782 | ||
Equity and/or debt investment held | $ | — | ||
Debt assumed | $ | — | ||
Property_Dispositions_Tables
Property Dispositions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Summary of income from discontinued operations | ' | |||||||||||||||
The following table summarizes income from discontinued operations for the three and nine months ended September 30, 2013 and 2012, respectively (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Rental revenue | $ | 1,696 | $ | 5,446 | $ | 10,656 | $ | 13,872 | ||||||||
Escalation and reimbursement revenues | 683 | 611 | 1,292 | 1,778 | ||||||||||||
Other income (loss) | 1 | (376 | ) | 8 | (376 | ) | ||||||||||
Total revenues | 2,380 | 5,681 | 11,956 | 15,274 | ||||||||||||
Operating expenses | 660 | 2,065 | 3,643 | 4,930 | ||||||||||||
Real estate taxes | 187 | 302 | 765 | 916 | ||||||||||||
Interest expense, net of interest income | 130 | 696 | 461 | 1,627 | ||||||||||||
Depreciable real estate reserves | — | — | 2,150 | — | ||||||||||||
Transaction related costs | (3 | ) | 65 | — | 160 | |||||||||||
Depreciation and amortization | — | 1,602 | 3,212 | 4,758 | ||||||||||||
Total expenses | 974 | 4,730 | 10,231 | 12,391 | ||||||||||||
Net income from discontinued operations | $ | 1,406 | $ | 951 | $ | 1,725 | $ | 2,883 | ||||||||
Debt_and_Preferred_Equity_Inve1
Debt and Preferred Equity Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Summary of debt investments | ' | |||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, we held the following debt investments with an aggregate weighted average current yield of approximately 11.3% at September 30, 2013 (in thousands): | ||||||||||||||||||||||||
Loan | September 30, | September 30, | December 31, | Initial | ||||||||||||||||||||
Type | 2013 | 2013 | 2012 | Maturity | ||||||||||||||||||||
Senior | Carrying Value, | Carrying Value, | Date | |||||||||||||||||||||
Financing | Net of Discounts | Net of Discounts | ||||||||||||||||||||||
and Deferred | and Deferred | |||||||||||||||||||||||
Origination Fees | Origination Fees | |||||||||||||||||||||||
Other Loan | $ | 398,500 | $ | 14,837 | $ | — | March 2015 | |||||||||||||||||
Mezzanine Loan | 205,000 | 67,740 | 66,307 | February 2016 | ||||||||||||||||||||
Mortgage/Mezzanine Loan | 167,355 | 44,549 | 44,013 | May 2016 | ||||||||||||||||||||
Mezzanine Loan | 177,000 | 15,226 | 15,906 | May 2016 | ||||||||||||||||||||
Junior Participation | 133,000 | 49,000 | 49,000 | June 2016 | ||||||||||||||||||||
Mezzanine Loan | 165,000 | 71,254 | 70,967 | November 2016 | ||||||||||||||||||||
Mortgage/Mezzanine Loan(1) | 1,109,000 | 78,268 | 115,804 | March 2017 | ||||||||||||||||||||
Other Loan | 15,000 | 3,500 | 3,500 | September 2021 | ||||||||||||||||||||
Mortgage(2) | — | — | 218,068 | — | ||||||||||||||||||||
Total fixed rate | $ | 2,369,855 | $ | 344,374 | $ | 583,565 | ||||||||||||||||||
Mortgage Loan | — | 29,912 | — | December 2013 | ||||||||||||||||||||
Junior Participation(3) | 57,750 | 10,869 | 10,869 | February 2014 | ||||||||||||||||||||
Junior Participation(4) | 80,932 | 23,953 | — | February 2014 | ||||||||||||||||||||
Mortgage/Mezzanine Loan | 330,000 | 131,595 | 131,231 | July 2014 | ||||||||||||||||||||
Mezzanine Loan(5) | 62,500 | 37,394 | 37,288 | July 2014 | ||||||||||||||||||||
Mezzanine Loan | 180,000 | 59,852 | 59,739 | August 2014 | ||||||||||||||||||||
Mortgage | — | 14,855 | 14,745 | September 2014 | ||||||||||||||||||||
Mezzanine Loan(6) | 87,374 | 37,365 | 34,444 | October 2014 | ||||||||||||||||||||
Mortgage/Mezzanine Loan(7) | — | 53,258 | 47,253 | February 2015 | ||||||||||||||||||||
Mezzanine Loan | 110,000 | 48,991 | — | Sep-15 | ||||||||||||||||||||
Mezzanine Loan(8) | 92,711 | 27,772 | 55,336 | December 2015 | ||||||||||||||||||||
Mezzanine Loan | 775,000 | 72,585 | — | March 2016 | ||||||||||||||||||||
Mezzanine Loan(9) | 160,000 | 22,515 | 7,624 | June 2016 | ||||||||||||||||||||
Mezzanine Loan | 87,300 | 25,580 | 34,761 | July 2016 | ||||||||||||||||||||
Mortgage/Mezzanine Loan | 72,000 | 20,558 | — | Jul-18 | ||||||||||||||||||||
Total floating rate | $ | 2,095,567 | $ | 617,054 | $ | 433,290 | ||||||||||||||||||
Total | 4,465,422 | 961,428 | 1,016,855 | |||||||||||||||||||||
Loan loss reserve(10) | (4,000 | ) | (7,000 | ) | ||||||||||||||||||||
$ | 957,428 | $ | 1,009,855 | |||||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | Interest is added to the principal balance for this accrual only loan. In January 2013, we sold 50% of the mezzanine loan for $57.8 million and recognized additional income of $12.9 million, which is included in investment and preferred equity income on the consolidated statements of income. The unaccrued interest during the period in which the loan was on non-accrual status is being accreted as of January 2013. | |||||||||||||||||||||||
-2 | In connection with the repayment of the loan in May 2013, we recognized additional income of $6.4 million, which is included in investment and preferred equity income on our consolidated statements of income. | |||||||||||||||||||||||
-3 | In June 2013, the loan was extended to February 2014, subject to an additional four-month extension option. | |||||||||||||||||||||||
-4 | As of September 30, 2013, we were committed to fund an additional $0.9 million in connection with this loan. | |||||||||||||||||||||||
-5 | As a result of the transfer not meeting the conditions for sale accounting, the $5.0 million portion of the outstanding loan that was participated out has been recorded in other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||||||||
-6 | As of September 30, 2013, we were committed to fund an additional $12.3 million in connection with this loan. | |||||||||||||||||||||||
-7 | As of September 30, 2013, we were committed to fund an additional $5.2 million in connection with this loan. | |||||||||||||||||||||||
-8 | We funded $56.3 million at origination. In June 2013, we sold 50% of our interest in the $85.0 million mezzanine loan. As of September 30, 2013, we were committed to fund an additional $13.6 million in connection with our share of this loan. | |||||||||||||||||||||||
-9 | As part of the refinancing of the related senior mortgage in June 2013, we originated a $30.0 million mezzanine loan and our previous investment in the amount of $15.0 million, including the $7.4 million participated interest, was repaid in full. Following the refinancing, we entered into a loan participation agreement in the amount of $7.4 million on this $30.0 million mezzanine loan. Due to our continued involvement with the loan, the portion that was participated out has been recorded in other assets and other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||||||||
-10 | Loan loss reserves are specifically allocated to investments. Our reserves reflect management's judgment of the probability and severity of losses based on Level 3 data. We cannot be certain that our judgment will prove to be correct or that reserves will be adequate over time to protect against potential future losses. | |||||||||||||||||||||||
Summary of preferred equity investments | ' | |||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, we held the following preferred equity investments, with an aggregate weighted average current yield of approximately 10.9% at September 30, 2013 (in thousands): | ||||||||||||||||||||||||
Type | September 30, | September 30, | December 31, | Initial | ||||||||||||||||||||
2013 | 2013 | 2012 | Mandatory | |||||||||||||||||||||
Senior | Carrying | Carrying | Redemption | |||||||||||||||||||||
Financing | Value, Net of | Value, Net of | ||||||||||||||||||||||
Discounts | Discounts | |||||||||||||||||||||||
and Deferred | and Deferred | |||||||||||||||||||||||
Origination | Origination | |||||||||||||||||||||||
Fees | Fees | |||||||||||||||||||||||
Preferred equity | $ | 70,000 | $ | 9,937 | $ | 9,927 | October 2014 | |||||||||||||||||
Preferred equity(1)(2) | 525,000 | 107,723 | 99,768 | July 2015 | ||||||||||||||||||||
Preferred equity(1)(3) | 55,986 | 24,426 | 18,925 | April 2016 | ||||||||||||||||||||
Preferred equity(1) | 926,260 | 216,037 | 209,959 | July 2016 | ||||||||||||||||||||
$ | 1,577,246 | $ | 358,123 | $ | 338,579 | |||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | The difference between the pay and accrual rates is included as an addition to the principal balance outstanding. | |||||||||||||||||||||||
-2 | The reserve previously taken against this loan is being accreted up to the face amount through the maturity date. In June 2013, the redemption date was extended from July 2014 to July 2015. | |||||||||||||||||||||||
-3 | As of September 30, 2013, we were committed to fund an additional $1.4 million on this loan. | |||||||||||||||||||||||
Rollforward of total allowance for loan loss reserves | ' | |||||||||||||||||||||||
The following table is a rollforward of our total loan loss reserves at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Balance at beginning of year | $ | 7,000 | $ | 50,175 | ||||||||||||||||||||
Expensed | — | 3,000 | ||||||||||||||||||||||
Recoveries | — | (2,436 | ) | |||||||||||||||||||||
Charge-offs and reclassifications | (3,000 | ) | (43,739 | ) | ||||||||||||||||||||
Balance at end of period | $ | 4,000 | $ | 7,000 | ||||||||||||||||||||
Summary of impaired loans, which may include non-accrual loans | ' | |||||||||||||||||||||||
The following table presents impaired loans, which may include non-accrual loans, as of September 30, 2013 and December 31, 2012, respectively (in thousands): | ||||||||||||||||||||||||
September 30, 2013 | 31-Dec-12 | |||||||||||||||||||||||
Unpaid Principal | Recorded | Allowance | Unpaid | Recorded | Allowance | |||||||||||||||||||
Balance | Investment | Allocated | Principal | Investment | Allocated | |||||||||||||||||||
Balance | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial real estate | 10,750 | 10,750 | 4,000 | 10,750 | 10,750 | 7,000 | ||||||||||||||||||
Total | $ | 10,750 | $ | 10,750 | $ | 4,000 | $ | 10,750 | $ | 10,750 | $ | 7,000 | ||||||||||||
Summary of average recorded investment in impaired loans, including non-accrual loans and the related investment and preferred equity income recognized | ' | |||||||||||||||||||||||
The following table presents the average recorded investment in impaired loans, which may include non-accrual loans and the related investment and preferred equity income recognized during the three and nine months ended September 30, 2013 and 2012, respectively (in thousands): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Average recorded investment in impaired loans | $ | 10,890 | $ | 40,304 | $ | 10,877 | $ | 63,391 | ||||||||||||||||
Investment and preferred equity income recognized | 3,316 | (298 | ) | 3,804 | 3,480 | |||||||||||||||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||
Schedule of general information on joint ventures | ' | |||||||||||||||||
The table below provides general information on each of our joint ventures as of September 30, 2013 (amounts in thousands): | ||||||||||||||||||
Property | Partner | Ownership | Economic | Square | Acquired | Acquisition | ||||||||||||
Interest | Interest | Feet | Price(1) | |||||||||||||||
100 Park Avenue | Prudential | 49.9 | % | 49.9 | % | 834 | Jan-00 | $ | 95,800 | |||||||||
21 West 34th Street | Sutton | 50 | % | 50 | % | 30 | Jul-05 | 22,400 | ||||||||||
1604-1610 Broadway(2) | Onyx | 70 | % | 70 | % | 30 | Nov-05 | 4,400 | ||||||||||
27-29 West 34th Street | Sutton | 50 | % | 50 | % | 41 | Jan-06 | 30,000 | ||||||||||
717 Fifth Avenue | Sutton/Private Investor | 10.92 | % | 10.92 | % | 120 | Sep-06 | 251,900 | ||||||||||
800 Third Avenue | Private Investors | 42.95 | % | 42.95 | % | 526 | Dec-06 | 285,000 | ||||||||||
1745 Broadway | Witkoff/SITQ/Lehman Bros. | 32.26 | % | 32.26 | % | 674 | Apr-07 | 520,000 | ||||||||||
1 and 2 Jericho Plaza | Onyx/Credit Suisse | 20.26 | % | 20.26 | % | 640 | Apr-07 | 210,000 | ||||||||||
The Meadows | Onyx | 50 | % | 50 | % | 582 | Sep-07 | 111,500 | ||||||||||
388 and 390 Greenwich Street(3) | SITQ | 50.6 | % | 50.6 | % | 2,600 | Dec-07 | 1,575,000 | ||||||||||
180/182 Broadway(4) | Harel/Sutton | 25.5 | % | 25.5 | % | 71 | Feb-08 | 43,600 | ||||||||||
600 Lexington Avenue | CPPIB | 55 | % | 55 | % | 304 | May-10 | 193,000 | ||||||||||
11 West 34th Street | Private Investor/Sutton | 30 | % | 30 | % | 17 | Dec-10 | 10,800 | ||||||||||
7 Renaissance | Cappelli | 50 | % | 50 | % | 37 | Dec-10 | 4,000 | ||||||||||
3 Columbus Circle(5) | Moinian | 48.9 | % | 48.9 | % | 769 | Jan-11 | 500,000 | ||||||||||
280 Park Avenue | Vornado | 50 | % | 49.5 | % | 1,237 | Mar-11 | 400,000 | ||||||||||
1552-1560 Broadway(6) | Sutton | 50 | % | 50 | % | 49 | Aug-11 | 136,550 | ||||||||||
747 Madison Avenue | Harel/Sutton | 33.33 | % | 33.33 | % | 10 | Sep-11 | 66,250 | ||||||||||
724 Fifth Avenue | Sutton | 50 | % | 50 | % | 65 | Jan-12 | 223,000 | ||||||||||
10 East 53rd Street | CPPIB | 55 | % | 55 | % | 390 | Feb-12 | 252,500 | ||||||||||
33 Beekman(7) | Harel/Private Investor | 45.9 | % | 45.9 | % | 145 | Aug-12 | 31,000 | ||||||||||
West Coast office portfolio(8) | Blackstone | 42.02 | % | 43.74 | % | 4,067 | Sep-12 | 880,103 | ||||||||||
521 Fifth Avenue(9) | Plaza | 50.5 | % | 50.5 | % | 460 | Nov-12 | 315,000 | ||||||||||
21 East 66th Street(10) | Private Investors | 32.28 | % | 32.28 | % | 17 | Dec-12 | 75,000 | ||||||||||
315 West 36th Street | Private Investors | 35.5 | % | 35.5 | % | 148 | Dec-12 | 45,000 | ||||||||||
Herald Center(11) | AG | 40 | % | 40 | % | 365 | Jan-13 | 50,000 | ||||||||||
_________________________________ | ||||||||||||||||||
-1 | Acquisition price represents the actual or implied gross purchase price for the joint venture. | |||||||||||||||||
-2 | In March 2013, Sutton conveyed his interest in this property to us. | |||||||||||||||||
-3 | The property is subject to a triple-net lease arrangement with a single tenant, which expires in 2020. | |||||||||||||||||
-4 | In June 2013, the joint venture completed its redevelopment project and has conveyed a 30-year ground lease condominium interest in the building to Pace University, or Pace, its primary tenant. | |||||||||||||||||
-5 | We had an obligation to fund an additional $47.5 million to the joint venture which has been fully funded as of June 30, 2013. As a result of the sale of a condominium interest in September 2012, Young & Rubicam, Inc., or Y&R, owns a portion of the property, generally floors three through eight referred to as Y&R units. As the joint venture has an option to repurchase the Y&R units, no gain was recognized on this transaction. | |||||||||||||||||
-6 | In connection with this acquisition, the joint venture also acquired a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. The purchase price relates only to the purchase of the 1552 Broadway interest which comprises 13,045 square feet. In 2012, we, along with Sutton, acquired the property at 155 West 46th Street, which is adjacent to 1552 and 1560 Broadway, and sold it to the fee owner of 1560 Broadway. | |||||||||||||||||
-7 | The joint venture acquired the fee interest in the property and will develop an approximately 30 story building for student housing. Upon completion of the development, the joint venture will convey a long-term ground lease condominium interest in the building to Pace. | |||||||||||||||||
-8 | Prior to the recapitalization in September 2012, the Company held $26.7 million in mezzanine and preferred equity positions in the entity that owned the portfolio. Following the recapitalization, Blackstone became the majority owner of the joint venture, with Equity Office Properties, a Blackstone affiliate, being responsible for the portfolio’s management and leasing. In February 2013, we acquired Gramercy’s 10.73% interest in the joint venture and simultaneously sold 20.78% of the newly acquired interest to Square Mile Capital Management LLC or Square Mile. During the nine months ended September 30, 2013, we acquired Square Mile’s 6.00% interest in the joint venture and the joint venture sold three of the properties for an aggregate of $224.3 million, on which we recognized a gain of approximately $2.1 million. The proceeds from the sale of these properties were used primarily to repay $194.5 million of the mortgage and $20.5 million of the mezzanine loan. | |||||||||||||||||
-9 | Following the sale of our 49.5% partnership interest in 521 Fifth Avenue, we deconsolidated the entity effective November 30, 2012 and have accounted for our investment under the equity method. | |||||||||||||||||
-10 | We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% in four residential units at the property. | |||||||||||||||||
-11 | The joint venture acquired a preferred equity interest in an entity that holds the interest in a mixed commercial use property located in Manhattan. The preferred equity bears interest at a rate of 8.75% per annum and matures in June 2016. | |||||||||||||||||
Schedule of first mortgage notes payable collateralized by the respective joint venture properties and assignment of leases | ' | |||||||||||||||||
The first mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at September 30, 2013 and December 31, 2012, respectively, were as follows (amounts in thousands): | ||||||||||||||||||
Property | Maturity Date | Interest | September 30, | December 31, | ||||||||||||||
Rate(1) | 2013 | 2012 | ||||||||||||||||
100 Park Avenue | Sep-14 | 6.64 | % | $ | 210,427 | $ | 212,287 | |||||||||||
7 Renaissance | Feb-15 | 10 | % | 1,276 | 856 | |||||||||||||
11 West 34th Street | Jan-16 | 4.82 | % | 17,279 | 17,491 | |||||||||||||
280 Park Avenue | Jun-16 | 6.57 | % | 708,525 | 710,000 | |||||||||||||
21 West 34th Street | Dec-16 | 5.76 | % | 100,000 | 100,000 | |||||||||||||
1745 Broadway | Jan-17 | 5.68 | % | 340,000 | 340,000 | |||||||||||||
1 and 2 Jericho Plaza | May-17 | 5.65 | % | 163,750 | 163,750 | |||||||||||||
800 Third Avenue | Aug-17 | 6 | % | 20,910 | 20,910 | |||||||||||||
388 and 390 Greenwich Street(2) | Dec-17 | 3.2 | % | 996,082 | 996,082 | |||||||||||||
315 West 36th Street | Dec-17 | 3.16 | % | 25,000 | 25,000 | |||||||||||||
717 Fifth Avenue | Jul-22 | 4.45 | % | 300,000 | 300,000 | |||||||||||||
21 East 66th Street(3) | Apr-23 | 3.6 | % | 12,000 | 12,000 | |||||||||||||
717 Fifth Avenue | Jun-24 | 9 | % | 301,520 | 294,509 | |||||||||||||
1604-1610 Broadway(4) | — | 5.66 | % | 27,000 | 27,000 | |||||||||||||
Total fixed rate debt | $ | 3,223,769 | $ | 3,219,885 | ||||||||||||||
180/182 Broadway(5) | Dec-13 | 2.94 | % | 89,868 | 71,524 | |||||||||||||
West Coast office portfolio(6) | Sep-14 | 3.93 | % | 526,290 | 745,025 | |||||||||||||
747 Madison Avenue | Oct-14 | 2.96 | % | 33,125 | 33,125 | |||||||||||||
The Meadows(7) | Sep-15 | 7.75 | % | 58,212 | 57,000 | |||||||||||||
3 Columbus Circle(8) | Apr-16 | 2.37 | % | 241,264 | 247,253 | |||||||||||||
1552 Broadway(9) | Apr-16 | 3.47 | % | 143,430 | 113,869 | |||||||||||||
Other loan payable | Jun-16 | 1.09 | % | 30,000 | 30,000 | |||||||||||||
724 Fifth Avenue | Jan-17 | 2.54 | % | 120,000 | 120,000 | |||||||||||||
10 East 53rd Street | Feb-17 | 2.69 | % | 125,000 | 125,000 | |||||||||||||
33 Beekman(10) | Aug-17 | 2.94 | % | 18,362 | 18,362 | |||||||||||||
600 Lexington Avenue | Oct-17 | 2.27 | % | 121,570 | 124,384 | |||||||||||||
388 and 390 Greenwich Street(2) | Dec-17 | 1.18 | % | 142,297 | 142,297 | |||||||||||||
27-29 West 34th Street(11) | May-18 | 2.09 | % | 53,038 | 53,375 | |||||||||||||
521 Fifth Avenue | Nov-19 | 2.39 | % | 170,000 | 170,000 | |||||||||||||
21 East 66th Street | Jun-33 | 2.88 | % | 1,978 | 2,033 | |||||||||||||
16 Court Street(12) | — | 84,916 | ||||||||||||||||
Total floating rate debt | $ | 1,874,434 | $ | 2,138,163 | ||||||||||||||
Total joint venture mortgages and other loans payable | $ | 5,098,203 | $ | 5,358,048 | ||||||||||||||
_________________________________ | ||||||||||||||||||
-1 | Effective weighted average interest rate for the three months ended September 30, 2013, taking into account interest rate hedges in effect during the period. | |||||||||||||||||
-2 | These loans comprised of a $576.0 million mortgage and a $562.4 million mezzanine loan, both of which are fixed rate loans, except for $72.0 million of the mortgage and $70.3 million of the mezzanine loan which are floating. Up to $200.0 million of the mezzanine loan, secured indirectly by these properties, is recourse to us. We believe it is unlikely that we will be required to perform under this guarantee. | |||||||||||||||||
-3 | In April 2013, this loan was refinanced at par and its maturity was extended to April 2023. | |||||||||||||||||
-4 | This loan went into default in November 2009 due to the non-payment of debt service. | |||||||||||||||||
-5 | This loan has a committed amount of $90.0 million. | |||||||||||||||||
-6 | As a result of the sale of two of its properties, the joint venture paid down $194.5 million of its mortgage and $20.5 million of its mezzanine loan. | |||||||||||||||||
-7 | As of September 30, 2013, $1.8 million of the existing loan remained unfunded. | |||||||||||||||||
-8 | This loan has a committed amount of $260.0 million. The joint venture has the ability to increase the mortgage by $40.0 million based on meeting certain performance hurdles. In connection with this obligation, we executed a master lease agreement and our joint venture partner executed a contribution agreement to reflect its pro rata obligation under the master lease. The lien on the mortgage and the master lease excludes the condominium interest owned by Y&R. See Note 5 of prior table. | |||||||||||||||||
-9 | In April 2013, we refinanced the previous $119.6 million mortgage with a $200.0 million three-year loan construction financing facility comprised of a $170.0 million mortgage loan and a $30.0 million mezzanine loan. The facility has two one-year extension options. As of September 30, 2013, $44.2 million of the mortgage loan and $12.4 million of the mezzanine loan remained unfunded. | |||||||||||||||||
-10 | This loan has a committed amount of $75.0 million, which is recourse to us. Our partner has indemnified us for its pro rata share of the recourse guarantee. A portion of the guarantee terminates upon the joint venture reaching certain milestones. We believe it is unlikely that we will be required to perform under this guarantee. | |||||||||||||||||
-11 | In May 2013, this loan was refinanced and its maturity was extended to May 2018. | |||||||||||||||||
-12 | In April 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest. | |||||||||||||||||
Schedule of combined balance sheets for the unconsolidated joint ventures | ' | |||||||||||||||||
The combined balance sheets for the unconsolidated joint ventures, at September 30, 2013 and December 31, 2012, are as follows (in thousands): | ||||||||||||||||||
September 30, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Assets | ||||||||||||||||||
Commercial real estate property, net | $ | 6,566,636 | $ | 6,910,991 | ||||||||||||||
Other assets | 937,469 | 728,113 | ||||||||||||||||
Total assets | $ | 7,504,105 | $ | 7,639,104 | ||||||||||||||
Liabilities and members’ equity | ||||||||||||||||||
Mortgages and other loans payable | $ | 5,098,203 | $ | 5,358,048 | ||||||||||||||
Other liabilities | 378,752 | 406,929 | ||||||||||||||||
Members’ equity | 2,027,150 | 1,874,127 | ||||||||||||||||
Total liabilities and members’ equity | $ | 7,504,105 | $ | 7,639,104 | ||||||||||||||
Company’s net investment in unconsolidated joint ventures | $ | 1,109,815 | $ | 1,032,243 | ||||||||||||||
Schedule of combined statements of income for the unconsolidated joint ventures | ' | |||||||||||||||||
The combined statements of income for the unconsolidated joint ventures for the three and nine months ended September 30, 2013 and 2012, respectively, are as follows (in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Total revenues | $ | 156,571 | $ | 120,121 | $ | 462,776 | $ | 364,587 | ||||||||||
Operating expenses | 29,211 | 17,984 | 86,027 | 50,957 | ||||||||||||||
Ground rent | 657 | 657 | 1,972 | 2,317 | ||||||||||||||
Real estate taxes | 19,105 | 12,008 | 53,368 | 37,865 | ||||||||||||||
Interest expense, net of interest income | 56,169 | 55,058 | 169,137 | 160,528 | ||||||||||||||
Amortization of deferred financing costs | 2,869 | 2,338 | 12,454 | 7,009 | ||||||||||||||
Depreciation and amortization | 49,402 | 35,242 | 144,552 | 107,749 | ||||||||||||||
Transaction related costs | — | 934 | — | 1,292 | ||||||||||||||
Total expenses | 157,413 | 124,221 | 467,510 | 367,717 | ||||||||||||||
Gain on early extinguishment of debt | — | 21,421 | — | 21,421 | ||||||||||||||
Net (loss) income | $ | (842 | ) | $ | 17,321 | $ | (4,734 | ) | $ | 18,291 | ||||||||
Company’s equity in net income of unconsolidated joint ventures | $ | 2,939 | $ | 11,658 | $ | 4,251 | $ | 80,988 | ||||||||||
Deferred_Costs_Tables
Deferred Costs (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deferred Costs [Abstract] | ' | |||||||
Schedule of components of deferred costs | ' | |||||||
Deferred costs at September 30, 2013 and December 31, 2012 consisted of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Deferred financing | $ | 149,888 | $ | 152,596 | ||||
Deferred leasing | 304,135 | 285,931 | ||||||
454,023 | 438,527 | |||||||
Less accumulated amortization | (206,173 | ) | (177,382 | ) | ||||
Deferred costs, net | $ | 247,850 | $ | 261,145 | ||||
Mortgages_and_Other_Loans_Paya1
Mortgages and Other Loans Payable (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Mortgages and Other Loans Payable | ' | ||||||||||||||
Schedule of first mortgages and other loans payable collateralized by the respective properties and assignment of leases | ' | ||||||||||||||
The first mortgages and other loans payable collateralized by the respective properties and assignment of leases at September 30, 2013 and December 31, 2012, respectively, were as follows (amounts in thousands): | |||||||||||||||
Property | Maturity | Interest | September 30, | December 31, | |||||||||||
Date | Rate(1) | 2013 | 2012 | ||||||||||||
609 Partners, LLC(2) | Jul-14 | 5 | % | $ | 23 | $ | 23 | ||||||||
125 Park Avenue | Oct-14 | 5.75 | % | 146,250 | 146,250 | ||||||||||
711 Third Avenue | Jun-15 | 4.99 | % | 120,000 | 120,000 | ||||||||||
625 Madison Avenue | Nov-15 | 7.27 | % | 122,178 | 125,603 | ||||||||||
500 West Putnam | Jan-16 | 5.52 | % | 23,665 | 24,060 | ||||||||||
420 Lexington Avenue | Sep-16 | 7.15 | % | 183,443 | 184,992 | ||||||||||
Landmark Square | Dec-16 | 4 | % | 83,309 | 84,486 | ||||||||||
485 Lexington Avenue | Feb-17 | 5.61 | % | 450,000 | 450,000 | ||||||||||
120 West 45th Street | Feb-17 | 6.12 | % | 170,000 | 170,000 | ||||||||||
762 Madison Avenue | Feb-17 | 3.75 | % | 8,252 | 8,371 | ||||||||||
2 Herald Square | Apr-17 | 5.36 | % | 191,250 | 191,250 | ||||||||||
885 Third Avenue | Jul-17 | 6.26 | % | 267,650 | 267,650 | ||||||||||
Other loan payable(3) | Sep-19 | 8 | % | 50,000 | 50,000 | ||||||||||
One Madison Avenue | May-20 | 5.91 | % | 592,560 | 607,678 | ||||||||||
100 Church | Jul-22 | 4.68 | % | 230,000 | 230,000 | ||||||||||
919 Third Avenue(4) | Jun-23 | 5.12 | % | 500,000 | 500,000 | ||||||||||
400 East 57th Street | Feb-24 | 4.13 | % | 70,000 | 70,000 | ||||||||||
400 East 58th Street | Feb-24 | 4.13 | % | 30,000 | 30,000 | ||||||||||
1515 Broadway(5) | Mar-25 | 3.93 | % | 900,000 | — | ||||||||||
300 Main Street(6) | — | — | — | 11,500 | |||||||||||
220 East 42nd Street | — | — | — | 185,906 | |||||||||||
Total fixed rate debt | $ | 4,138,580 | $ | 3,457,769 | |||||||||||
16 Court Street(7) | Oct-13 | 2.69 | % | 84,354 | — | ||||||||||
Master repurchase(8) | Nov-13 | 3.19 | % | 131,966 | 116,667 | ||||||||||
180 Maiden Lane(9) | Nov-16 | 2.38 | % | 264,858 | 271,215 | ||||||||||
248-252 Bedford Avenue | Mar-18 | 2.44 | % | 22,000 | — | ||||||||||
1515 Broadway(5) | — | — | — | 769,813 | |||||||||||
Total floating rate debt | $ | 503,178 | $ | 1,157,695 | |||||||||||
Total mortgages and other loans payable | $ | 4,641,758 | $ | 4,615,464 | |||||||||||
_________________________________ | |||||||||||||||
-1 | Effective weighted average interest rate for the three months ended September 30, 2013, taking into account interest rate hedges in effect during the period. | ||||||||||||||
-2 | As part of an acquisition, the Operating Partnership issued 63.9 million units of its 5.0% Series E preferred units, or the Series E units, with a liquidation preference of $1.00 per unit. As of September 30, 2013, 63.8 million Series E units had been redeemed. | ||||||||||||||
-3 | This loan is secured by a portion of a preferred equity investment. | ||||||||||||||
-4 | We own a 51.0% controlling interest in the joint venture that is the borrower on this loan. This loan is non-recourse to us. | ||||||||||||||
-5 | In February 2013, we refinanced the previous $775.0 million mortgage with a new $900.0 million 12-year mortgage and realized a net loss on early extinguishment of debt of approximately $18.5 million, including a prepayment penalty of $7.6 million. | ||||||||||||||
-6 | The property was sold in September 2013. | ||||||||||||||
-7 | In April 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest. In October 2013, the maturity date of the loan was extended to December 2013. | ||||||||||||||
-8 | The Master Repurchase Agreement, or MRA, has a maximum facility capacity of $175.0 million, under which we agreed to sell certain debt investments in exchange for cash with a simultaneous agreement to repurchase the same debt investments at a certain date or on demand. In September 2013, the maturity of this MRA was extended to November 2013 subject to a 10 months extension option. This MRA bears interest based on 1-month LIBOR plus 300 basis points through September 2013 and a floating rate of interest of 350 basis points over 1-month LIBOR through the extended maturity date. | ||||||||||||||
-9 | In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its 50.1% share of the obligation under the master lease |
Corporate_Indebtedness_Tables
Corporate Indebtedness (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of senior unsecured notes and other related disclosures by scheduled maturity date | ' | ||||||||||||||||||||||||||||
The following table sets forth our senior unsecured notes and other related disclosures as of September 30, 2013 and December 31, 2012, respectively by scheduled maturity date (amounts in thousands): | |||||||||||||||||||||||||||||
Issuance | September 30, | September 30, | 31-Dec-12 | Coupon | Effective | Term | Maturity Date | ||||||||||||||||||||||
2013 | 2013 | Accreted | Rate(1) | Rate | (in Years) | ||||||||||||||||||||||||
Unpaid | Accreted | Balance | |||||||||||||||||||||||||||
Principal | Balance | ||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
August 13, 2004(2)(3) | $ | 75,898 | $ | 75,898 | $ | 75,898 | 5.88 | % | 5.88 | % | 10 | August 15, 2014 | |||||||||||||||||
March 31, 2006(2)(3) | 255,308 | 255,194 | 255,165 | 6 | % | 6 | % | 10 | March 31, 2016 | ||||||||||||||||||||
October 12, 2010(4) | 345,000 | 295,151 | 287,373 | 3 | % | 3 | % | 7 | October 15, 2017 | ||||||||||||||||||||
August 5, 2011(5) | 250,000 | 249,666 | 249,620 | 5 | % | 5 | % | 7 | August 15, 2018 | ||||||||||||||||||||
March 16, 2010(5) | 250,000 | 250,000 | 250,000 | 7.75 | % | 7.75 | % | 10 | March 15, 2020 | ||||||||||||||||||||
November 15, 2012(5) | 200,000 | 200,000 | 200,000 | 4.5 | % | 4.5 | % | 10 | December 1, 2022 | ||||||||||||||||||||
June 27, 2005(2)(6) | 7 | 7 | 7 | 4 | % | 4 | % | 20 | June 15, 2025 | ||||||||||||||||||||
March 26, 2007(7) | 11,953 | 11,953 | 16,893 | 3 | % | 3 | % | 20 | March 30, 2027 | ||||||||||||||||||||
$ | 1,388,166 | $ | 1,337,869 | $ | 1,334,956 | ||||||||||||||||||||||||
_________________________________ | |||||||||||||||||||||||||||||
-1 | Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates. | ||||||||||||||||||||||||||||
-2 | Issued by ROP. | ||||||||||||||||||||||||||||
-3 | On December 27, 2012, we repurchased $42.4 million of aggregate principal amount of these notes, consisting of $22.7 million of the 5.875% Notes and $19.7 million of the 6.0% Notes, for a total consideration of $46.4 million and realized a net loss on early extinguishment of debt of approximately $3.8 million. | ||||||||||||||||||||||||||||
-4 | In October 2010, the Operating Partnership issued $345.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on April 15 and October 15. The notes had an initial exchange rate representing an exchange price that was set at a 30.0% premium to the last reported sale price of the Company's common stock on October 6, 2010, or $85.81. The initial exchange rate is subject to adjustment under certain circumstances. The current exchange rate is 11.7153 shares of our common stock per $1,000 principal amount of these notes. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of our common stock, if any, at our option. The notes are guaranteed by ROP. On the issuance date, $78.3 million of the debt balance was recorded in equity. As of September 30, 2013, approximately $49.8 million remained to be amortized into the debt balance. | ||||||||||||||||||||||||||||
-5 | Issued by the Company, the Operating Partnership and ROP, as co-obligors. | ||||||||||||||||||||||||||||
-6 | Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to ROP, at the option of the holder at par plus accrued and unpaid interest, on June 15, 2015 and 2020 and upon the occurrence of certain change of control transactions. As a result of the acquisition of all outstanding shares of common stock of Reckson, or the Reckson Merger, the adjusted exchange rate for the debentures is 7.7461 shares of our common stock per $1,000 of principal amount of debentures and the adjusted reference dividend for the debentures is $1.3491. During the year ended December 31, 2012, we repurchased $650,000 of these bonds at par. | ||||||||||||||||||||||||||||
-7 | In March 2007, the Operating Partnership issued $750.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on March 30 and September 30. The notes have an initial exchange rate representing an exchange price that was set at a 25.0% premium to the last reported sale price of the Company's common stock on March 20, 2007, or $173.30. The initial exchange rate is subject to adjustment under certain circumstances. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of the Company's common stock, if any, at our option. The notes are currently redeemable at the Operating Partnership’s option. The Operating Partnership may be required to repurchase the notes on March 30, 2017 and 2022, and upon the occurrence of certain designated events. On March 30, 2012, we repurchased $102.2 million of aggregate principal amount of the exchangeable notes pursuant to a mandatory offer to repurchase the notes. On the issuance date, $66.6 million was recorded in equity and was fully amortized into the debt balance as of March 31, 2012. On January 2, 2013, we repurchased $4.9 million of aggregate principal amount of exchangeable notes at 99.6% of the principal amount. | ||||||||||||||||||||||||||||
Schedule of combined aggregate principal maturities | ' | ||||||||||||||||||||||||||||
Combined aggregate principal maturities of mortgages and other loans payable, revolving credit facility, trust preferred securities, term loan and senior unsecured notes and our share of joint venture debt as of September 30, 2013, including as-of-right extension options, were as follows (in thousands): | |||||||||||||||||||||||||||||
Scheduled | Principal | Revolving | Trust | Term Loan | Total | Joint | |||||||||||||||||||||||
Amortization | Repayments | Credit | Preferred | and Senior | Venture | ||||||||||||||||||||||||
Facility | Securities | Unsecured | Debt | ||||||||||||||||||||||||||
Notes | |||||||||||||||||||||||||||||
2013 | $ | 10,093 | $ | 216,320 | $ | — | $ | — | $ | — | $ | 226,413 | $ | 77,387 | |||||||||||||||
2014 | 43,808 | 146,273 | — | — | 75,898 | 265,979 | 324,001 | ||||||||||||||||||||||
2015 | 47,028 | 229,537 | — | — | 7 | 276,572 | 41,085 | ||||||||||||||||||||||
2016 | 55,689 | 515,487 | — | — | 255,308 | 826,484 | 597,456 | ||||||||||||||||||||||
2017 | 61,213 | 1,086,579 | — | — | 356,953 | 1,504,745 | 930,713 | ||||||||||||||||||||||
Thereafter | 311,611 | 1,918,121 | 340,000 | 100,000 | 1,100,000 | 3,769,732 | 198,805 | ||||||||||||||||||||||
$ | 529,442 | $ | 4,112,317 | $ | 340,000 | $ | 100,000 | $ | 1,788,166 | $ | 6,869,925 | $ | 2,169,447 | ||||||||||||||||
Schedule of consolidated interest expense, excluding capitalized interest | ' | ||||||||||||||||||||||||||||
Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Interest expense | $ | 83,536 | $ | 86,045 | $ | 248,905 | $ | 248,986 | |||||||||||||||||||||
Interest income | (563 | ) | (386 | ) | (1,485 | ) | (1,197 | ) | |||||||||||||||||||||
Interest expense, net | $ | 82,973 | $ | 85,659 | $ | 247,420 | $ | 247,789 | |||||||||||||||||||||
Interest capitalized | $ | 2,828 | $ | 3,360 | $ | 9,191 | $ | 8,892 | |||||||||||||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Schedule of amounts due to/from related parties | ' | |||||||
Amounts due to/from related parties at September 30, 2013 and December 31, 2012 consisted of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Due from joint ventures | $ | 2,128 | $ | 511 | ||||
Other | 5,672 | 7,020 | ||||||
Related party receivables | $ | 7,800 | $ | 7,531 | ||||
Due to a joint venture (included in Accounts payable and accrued expenses) | $ | — | $ | (8,401 | ) | |||
Noncontrolling_Interests_in_Op1
Noncontrolling Interests in Operating Partnership (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Schedule of activity relating to the noncontrolling interests in the operating partnership | ' | |||||||
Below is the rollforward analysis of the activity relating to the noncontrolling interests in the Operating Partnership (in thousands): | ||||||||
Nine Months Ended | Year Ended | |||||||
September 30, 2013 | December 31, | |||||||
2012 | ||||||||
Balance at beginning of period | $ | 212,907 | $ | 195,030 | ||||
Distributions | (2,695 | ) | (3,296 | ) | ||||
Issuance of common units | 14,270 | 42,239 | ||||||
Redemption of common units | (17,287 | ) | (87,513 | ) | ||||
Net income | 1,909 | 5,597 | ||||||
Accumulated other comprehensive income (loss) allocation | 490 | (388 | ) | |||||
Fair value adjustment | 38,452 | 61,238 | ||||||
Balance at end of period | $ | 248,046 | $ | 212,907 | ||||
Stockholders_Equity_of_the_Com1
Stockholders' Equity of the Company (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Schedule of earnings per share calculation | ' | |||||||||||||||
Earnings per share for the three and nine months ended September 30, 2013 and 2012 is computed as follows (amounts in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 37,025 | $ | 7,732 | $ | 64,210 | $ | 136,028 | ||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 1,110 | 567 | 1,909 | 4,876 | ||||||||||||
Stock options | — | — | — | — | ||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Denominator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Weighted average common stock oustanding | 91,988 | 90,241 | 91,684 | 88,929 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common stock | 2,792 | 3,320 | 2,705 | 3,188 | ||||||||||||
3.00% exchangeable senior notes due 2017 | — | — | — | — | ||||||||||||
3.00% exchangeable senior notes due 2027 | — | — | — | — | ||||||||||||
4.00% exchangeable senior debentures due 2025 | — | — | — | — | ||||||||||||
Stock-based compensation plans | 236 | 330 | 242 | 368 | ||||||||||||
Diluted weighted average common stock outstanding | 95,016 | 93,891 | 94,631 | 92,485 | ||||||||||||
Partners_Capital_of_the_Operat1
Partners' Capital of the Operating Partnership (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of earnings per unit calculation | ' | |||||||||||||||
Earnings per Unit | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Stock options | — | — | — | — | ||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Denominator | ||||||||||||||||
Basic Earnings: | ||||||||||||||||
Weighted average common units outstanding | 94,780 | 93,561 | 94,389 | 92,117 | ||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
3.00% exchangeable senior notes due 2017 | — | — | — | — | ||||||||||||
3.00% exchangeable senior notes due 2027 | — | — | — | — | ||||||||||||
4.00% exchangeable senior debentures due 2025 | — | — | — | — | ||||||||||||
Stock-based compensation plans | 236 | 330 | 242 | 368 | ||||||||||||
Diluted weighted average common units outstanding | 95,016 | 93,891 | 94,631 | 92,485 | ||||||||||||
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of weighted average assumptions used to estimate the grant date fair value of options granted | ' | |||||||||||||||
The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the nine months ended September 30, 2013 and the year ended December 31, 2012. | ||||||||||||||||
September 30, | 31-Dec-12 | |||||||||||||||
2013 | ||||||||||||||||
Dividend yield | 1.95 | % | 2 | % | ||||||||||||
Expected life of option | 4.7 years | 3.7 years | ||||||||||||||
Risk-free interest rate | 0.78 | % | 0.46 | % | ||||||||||||
Expected stock price volatility | 35.59 | % | 37.4 | % | ||||||||||||
Summary of the status of stock options and changes during the period | ' | |||||||||||||||
A summary of the status of our stock options as of September 30, 2013 and December 31, 2012 and changes during the nine months ended September 30, 2013 and the year ended December 31, 2012 are presented below: | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Options | Weighted | Options | Weighted | |||||||||||||
Outstanding | Average | Outstanding | Average | |||||||||||||
Exercise | Exercise | |||||||||||||||
Price | Price | |||||||||||||||
Balance at beginning of year | 1,201,000 | $ | 75.05 | 1,277,200 | $ | 63.37 | ||||||||||
Granted | 246,000 | 79.58 | 361,331 | 75.36 | ||||||||||||
Exercised | (184,919 | ) | 51.62 | (382,612 | ) | 36.65 | ||||||||||
Lapsed or canceled | (33,202 | ) | 83.61 | (54,919 | ) | 72.99 | ||||||||||
Balance at end of period | 1,228,879 | $ | 79.25 | 1,201,000 | $ | 75.05 | ||||||||||
Options exercisable at end of period | 506,903 | $ | 87.48 | 479,913 | $ | 86.85 | ||||||||||
Weighted average fair value of options granted during the period | $ | 4,999,225 | $ | 6,602,967 | ||||||||||||
Summary of restricted and change during the period | ' | |||||||||||||||
A summary of our restricted stock as of September 30, 2013 and December 31, 2012 and charges during the nine months ended September 30, 2013 and the year ended December 31, 2012 is presented below: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at beginning of year | 2,804,901 | 2,912,456 | ||||||||||||||
Granted | 9,867 | 92,729 | ||||||||||||||
Cancelled | (3,267 | ) | (200,284 | ) | ||||||||||||
Balance at end of period | 2,811,501 | 2,804,901 | ||||||||||||||
Vested during the period | 6,634 | 408,800 | ||||||||||||||
Compensation expense recorded | $ | 4,421,551 | $ | 6,930,381 | ||||||||||||
Weighted average fair value of restricted stock granted during the period | $ | 882,249 | $ | 7,023,942 | ||||||||||||
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss of the Company (Tables) (SL Green Realty Corporation) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
SL Green Realty Corporation | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The following tables set forth the changes in accumulated other comprehensive income (loss) by component: | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Net unrealized loss on derivative instruments (1) | SL Green’s share of joint venture net unrealized loss on derivative instruments (2) | Unrealized gains and loss on marketable securities | Total | |||||||||||||
Beginning balance | $ | (16,834 | ) | $ | (16,063 | ) | $ | 3,310 | $ | (29,587 | ) | |||||
Other comprehensive (loss) income before reclassifications | (121 | ) | 5,248 | 317 | 5,444 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,222 | 3,672 | — | 4,894 | ||||||||||||
Ending balance | $ | (15,733 | ) | $ | (7,143 | ) | $ | 3,627 | $ | (19,249 | ) | |||||
___________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of September 30, 2013 and December 31, 2012, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized gain on derivative instrument, was approximately $14.3 million and $15.0 million, respectively. | |||||||||||||||
-2 | Amount reclassified from accumulated other comprehensive income (loss) is included in equity in net income from unconsolidated joint ventures in the respective consolidated statements of income. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss of the Operating Partnership (Tables) (SL Green Operating Partnership) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
SL Green Operating Partnership | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The following tables set forth the changes in accumulated other comprehensive income (loss) by component: | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Net unrealized loss on derivative instruments (1) | SLGOP’s share of joint venture net unrealized loss on derivative instruments (2) | Unrealized gains and loss on marketable securities | Total | |||||||||||||
Beginning balance | $ | (17,438 | ) | $ | (16,640 | ) | $ | 3,429 | $ | (30,649 | ) | |||||
Other comprehensive (loss) income before reclassifications | (20 | ) | 5,503 | 306 | 5,789 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,258 | 3,781 | — | 5,039 | ||||||||||||
Ending balance | $ | (16,200 | ) | $ | (7,356 | ) | $ | 3,735 | $ | (19,821 | ) | |||||
___________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of September 30, 2013 and December 31, 2012, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized gain on derivative instrument, was approximately $14.8 million and $15.5 million, respectively. | |||||||||||||||
-2 | Amount reclassified from accumulated other comprehensive income (loss) is included in equity in net income from unconsolidated joint ventures in the respective consolidated statements of income. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | ' | |||||||||||||||
The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities | $ | 32,863 | $ | 3,109 | $ | 26,346 | $ | 3,408 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swap agreements (included in accrued interest payable and other liabilities | $ | 1,465 | — | $ | 1,465 | — | ||||||||||
December 31, 2012 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities | $ | 21,429 | $ | 2,202 | $ | 15,575 | $ | 3,652 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swap agreements (included in accrued interest payable and other liabilities | $ | 1,959 | — | $ | 1,959 | — | ||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||
The following table provides the carrying value and fair value of these financial instruments as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Debt and preferred equity investments | $ | 1,315,551 | -1 | $ | 1,348,434 | -1 | ||||||||||
Fixed rate debt | $ | 5,606,449 | $ | 5,979,568 | $ | 4,922,725 | $ | 5,334,244 | ||||||||
Variable rate debt | 1,213,178 | 1,235,108 | 1,597,695 | 1,557,494 | ||||||||||||
$ | 6,819,627 | $ | 7,214,676 | $ | 6,520,420 | $ | 6,891,738 | |||||||||
_____________________________________ | ||||||||||||||||
-1 | Debt and preferred equity investments had an estimated fair value ranging between $1.3 billion and $1.4 billion at September 30, 2013. At December 31, 2012, the debt and preferred equity investments had an estimated fair value ranging between $1.3 billion and $1.4 billion. |
Financial_Instruments_Derivati1
Financial Instruments: Derivatives and Hedging (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of notional and fair value of derivative financial instruments and foreign currency hedges | ' | ||||||||||||||||||||||||||||
The following table summarizes the notional and fair value of our derivative financial instruments at September 30, 2013 based on Level 2 inputs. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (amounts in thousands): | |||||||||||||||||||||||||||||
Notional | Strike | Effective | Expiration | Balance Sheet Location | Fair | ||||||||||||||||||||||||
Value | Rate | Date | Date | Value | |||||||||||||||||||||||||
Interest Rate Cap | $ | 271,912 | 6 | % | Nov-12 | Nov-13 | Other Liabilities | $ | — | ||||||||||||||||||||
Interest Rate Swap | $ | 30,000 | 2.295 | % | Jul-10 | Jun-16 | Other Liabilities | (1,412 | ) | ||||||||||||||||||||
Interest Rate Swap | $ | 8,500 | 0.74 | % | Feb-12 | Feb-15 | Other Liabilities | (53 | ) | ||||||||||||||||||||
$ | (1,465 | ) | |||||||||||||||||||||||||||
Schedule of effect of derivative financial instruments on consolidated statements of income | ' | ||||||||||||||||||||||||||||
The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the three months ended September 30, 2013 and 2012, respectively (in thousands): | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Loss | Location of Gain (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) or | |||||||||||||||||||||||||
Recognized in | Reclassified from | Recognized | |||||||||||||||||||||||||||
Other Comprehensive | Accumulated Other | into Income | |||||||||||||||||||||||||||
Loss | Comprehensive Loss into Income | (Ineffective Portion) | |||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
Derivative | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest Rate Swaps/Caps | $ | (160 | ) | $ | (278 | ) | Interest expense | $ | 320 | $ | 468 | Interest expense | $ | 2 | $ | (1 | ) | ||||||||||||
Share of unconsolidated joint ventures' derivative instruments | (2,606 | ) | (3,074 | ) | Equity in net income (loss) from unconsolidated joint ventures | 1,281 | 2,782 | Equity in net income (loss) from unconsolidated joint ventures | 5 | — | |||||||||||||||||||
$ | (2,766 | ) | $ | (3,352 | ) | $ | 1,601 | $ | 3,250 | $ | 7 | $ | (1 | ) | |||||||||||||||
The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the nine months ended September 30, 2013 and 2012, respectively (in thousands): | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Loss | Location of Gain (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) | |||||||||||||||||||||||||
Recognized in | Reclassified from | Recognized | |||||||||||||||||||||||||||
Other Comprehensive | Accumulated Other | in Income | |||||||||||||||||||||||||||
Loss | Comprehensive Loss into Income | (Ineffective Portion) | |||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | ||||||||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
Derivative | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest Rate Swaps/Caps | $ | (20 | ) | $ | (901 | ) | Interest expense | $ | 1,258 | $ | 1,394 | Interest expense | $ | 2 | $ | — | |||||||||||||
Share of unconsolidated joint ventures' derivative instruments | 5,503 | (9,404 | ) | Equity in net income (loss) from unconsolidated joint ventures | 3,781 | 8,276 | Equity in net income (loss) from unconsolidated joint ventures | — | — | ||||||||||||||||||||
$ | 5,483 | $ | (10,305 | ) | $ | 5,039 | $ | 9,670 | $ | 2 | $ | — | |||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of future minimum lease payments under capital lease and non-cancellable operating leases | ' | |||||||
The following is a schedule of future minimum lease payments under capital leases and non-cancellable operating leases with initial terms in excess of one year as of September 30, 2013 (in thousands): | ||||||||
Capital leases | Non-cancellable | |||||||
operating leases | ||||||||
2013 (3 months) | $ | 573 | $ | 8,914 | ||||
2014 | 2,293 | 35,655 | ||||||
2015 | 2,364 | 35,810 | ||||||
2016 | 2,543 | 36,251 | ||||||
2017 | 2,653 | 36,474 | ||||||
Thereafter | 356,544 | 1,188,301 | ||||||
Total minimum lease payments | 366,970 | $ | 1,341,405 | |||||
Less amount representing interest | (319,478 | ) | ||||||
Present value of net minimum lease payments | $ | 47,492 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of selected results of operations and selected asset information | ' | |||||||||||||||
Selected results of operations for the three and nine months ended September 30, 2013 and 2012, and selected asset information as of September 30, 2013 and December 31, 2012, regarding our operating segments are as follows (in thousands): | ||||||||||||||||
Real | Debt and | Total | ||||||||||||||
Estate | Preferred | Company | ||||||||||||||
Segment | Equity | |||||||||||||||
Segment | ||||||||||||||||
Total revenues | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Sep-13 | $ | 319,317 | $ | 44,448 | $ | 363,765 | ||||||||||
September 30, 2012 | 329,142 | 27,869 | 357,011 | |||||||||||||
Nine months ended: | ||||||||||||||||
30-Sep-13 | $ | 950,491 | $ | 143,887 | $ | 1,094,378 | ||||||||||
September 30, 2012 | 948,475 | 87,655 | 1,036,130 | |||||||||||||
Income (loss) from continuing operations before purchase price fair value adjustment and equity in net (loss) gain on sale of unconsolidated joint venture/real estate | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Sep-13 | $ | (5,885 | ) | $ | 36,382 | $ | 30,497 | |||||||||
September 30, 2012 | 10,214 | 22,272 | 32,486 | |||||||||||||
Nine months ended: | ||||||||||||||||
30-Sep-13 | $ | (21,705 | ) | $ | 118,243 | $ | 96,538 | |||||||||
September 30, 2012 | 84,757 | 70,200 | 154,957 | |||||||||||||
Total assets | ||||||||||||||||
As of: | ||||||||||||||||
30-Sep-13 | $ | 13,247,401 | $ | 1,327,518 | $ | 14,574,919 | ||||||||||
31-Dec-12 | 13,021,095 | 1,357,890 | 14,378,985 | |||||||||||||
Schedule of reconciliation of income from continuing operations to net income attributable to SL Green common stockholders | ' | |||||||||||||||
The table below reconciles income from continuing operations to net income for the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income from continuing operations before purchase price fair value adjustment and equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | $ | 30,497 | $ | 32,486 | $ | 96,538 | $ | 154,957 | ||||||||
Purchase price fair value adjustment | — | — | (2,305 | ) | — | |||||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | (354 | ) | (4,807 | ) | (3,937 | ) | 17,776 | |||||||||
Income from continuing operations | 30,143 | 27,679 | 90,296 | 172,733 | ||||||||||||
Net income from discontinued operations | 1,406 | 951 | 1,725 | 2,883 | ||||||||||||
Gain on sale of discontinued operations | 13,787 | — | 14,900 | 6,627 | ||||||||||||
Net income | $ | 45,336 | $ | 28,630 | $ | 106,921 | $ | 182,243 | ||||||||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Details) (SL Green Operating Partnership [Member]) | 9 Months Ended | 1 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 1997 | |
Service Corporation | |||
Organization | ' | ' | ' |
Economic interest in variable interest entity (as a percent) | ' | ' | 95.00% |
Percentage of ownership in SL Green Management LLC owned by operating partnership (as a percent) | 100.00% | ' | ' |
Noncontrolling interest in the operating partnership (as a percent) | 2.94% | 2.94% | ' |
Organization_and_Basis_of_Pres3
Organization and Basis of Presentation (Details 2) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | ||
sqft | |||
property | |||
Real estate properties | ' | ' | |
Number of properties (properties) | 65 | ' | |
Area of property (in square foot) | 29,256,879 | ' | |
Weighted Average Occupancy (as a percent) | 91.90% | [1] | ' |
Debt and preferred equity investments | $1,315,551,000 | $1,348,434,000 | |
Number of shares to be received on redemption of one unit of limited partnership interests (shares) | 1 | ' | |
Stand-alone retail properties | ' | ' | |
Real estate properties | ' | ' | |
Number of properties (properties) | 16 | ' | |
Area of property (in square foot) | 621,300 | ' | |
Development | ' | ' | |
Real estate properties | ' | ' | |
Number of properties (properties) | 13 | ' | |
Area of property (in square foot) | 2,424,600 | ' | |
Residential properties | ' | ' | |
Real estate properties | ' | ' | |
Number of properties (properties) | 3 | ' | |
Area of property (in square foot) | 497,100 | ' | |
Number of units (properties) | 468 | ' | |
Land | ' | ' | |
Real estate properties | ' | ' | |
Number of properties (properties) | 2 | ' | |
Area of property (in square foot) | 961,400 | ' | |
Managed office properties | ' | ' | |
Real estate properties | ' | ' | |
Area of property (in square foot) | 626,400 | ' | |
Number of office properties managed (properties) | 2 | ' | |
Manhattan | Consolidated properties | ' | ' | |
Real estate properties | ' | ' | |
Number of properties (properties) | 26 | ' | |
Area of property (in square foot) | 18,012,945 | ' | |
Weighted Average Occupancy (as a percent) | 93.80% | [1] | ' |
Manhattan | Unconsolidated properties | ' | ' | |
Real estate properties | ' | ' | |
Number of properties (properties) | 9 | ' | |
Area of property (in square foot) | 5,934,434 | ' | |
Weighted Average Occupancy (as a percent) | 96.20% | [1] | ' |
Suburban | Consolidated properties | ' | ' | |
Real estate properties | ' | ' | |
Number of properties (properties) | 26 | ' | |
Area of property (in square foot) | 4,087,400 | ' | |
Weighted Average Occupancy (as a percent) | 79.10% | [1] | ' |
Suburban | Unconsolidated properties | ' | ' | |
Real estate properties | ' | ' | |
Number of properties (properties) | 4 | ' | |
Area of property (in square foot) | 1,222,100 | ' | |
Weighted Average Occupancy (as a percent) | 85.30% | [1] | ' |
West Coast | Office properties | ' | ' | |
Real estate properties | ' | ' | |
Number of properties (properties) | 28 | ' | |
Area of property (in square foot) | 3,654,300 | ' | |
[1] | The weighted average occupancy represents the total leased square feet divided by total available rentable square feet. |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Principles of Consolidation | ' | ' |
Commercial real estate properties | $10,139,703 | $10,269,630 |
Mortgages and other loans payable | 4,641,758 | 4,615,464 |
Consolidated VIEs | ' | ' |
Principles of Consolidation | ' | ' |
Commercial real estate properties | 600,100 | 607,400 |
Mortgages and other loans payable | $373,100 | $379,600 |
Significant_Accounting_Policie4
Significant Accounting Policies (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Apr. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
16 Court Street | 300 Main Street | 300 Main Street | In-place leases | In-place leases | Other intangible assets | Other intangible assets | Above-market leases | Above-market leases | Below-market leases | Below-market leases | Buildings | Buildings | ||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||
Investment in Commercial Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge for assets held for sale | ' | ' | ' | ' | ' | ' | $2,200,000 | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price fair value adjustment recognized | ' | ' | ' | ' | ' | -2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '40 years |
Estimated useful life of other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '14 years | '3 years | '40 years | '1 year | '14 years | '1 year | '14 years | ' | ' |
Rental Revenue increase (decrease) for above-market leases and reductions in lease origination costs in excess of below-market leases | -1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Above market rate mortgage and in-place lease balance, write-offs | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenue increase (decrease) for below-market leases in excess of above-market leases and reductions in lease origination costs | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in rental revenue from amortization of acquired leases | ' | 2,600,000 | 8,500,000 | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase/(reduction) in interest expense from amortization of above-market rate mortgages | -1,300,000 | -1,300,000 | -4,000,000 | -700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Identified intangible assets (included in other assets): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount | 732,160,000 | ' | 732,160,000 | ' | 725,861,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | -325,224,000 | ' | -325,224,000 | ' | -263,107,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net | 406,936,000 | ' | 406,936,000 | ' | 462,754,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Identified intangible liabilities (included in deferred revenue): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount | 667,495,000 | ' | 667,495,000 | ' | 651,921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | -411,814,000 | ' | -411,814,000 | ' | -357,225,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net | $255,681,000 | ' | $255,681,000 | ' | $294,696,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant_Accounting_Policie5
Significant Accounting Policies (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Investment in Marketable Securities | ' | ' | ' |
Total marketable securities available-for-sale | $32,863,000 | $32,863,000 | $21,429,000 |
Level 1 | ' | ' | ' |
Investment in Marketable Securities | ' | ' | ' |
Total marketable securities available-for-sale | 3,109,000 | 3,109,000 | 2,202,000 |
Level 2 | ' | ' | ' |
Investment in Marketable Securities | ' | ' | ' |
Total marketable securities available-for-sale | 26,346,000 | 26,346,000 | 15,575,000 |
Level 3 | ' | ' | ' |
Investment in Marketable Securities | ' | ' | ' |
Total marketable securities available-for-sale | 3,408,000 | 3,408,000 | 3,652,000 |
Cost Basis | 3,600,000 | 3,600,000 | 3,700,000 |
Sale of securities | $0 | $0 | ' |
Significant_Accounting_Policie6
Significant Accounting Policies (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Days past due for income recognition on debt and preferred equity investments to be suspended | ' | ' | '90 days | ' | ' |
Loan loss reserves or charge-offs on investments being held to maturity | $0 | $0 | $0 | ($3,000) | ($3,000) |
Recoveries recorded | ' | $0 | $0 | $2,400 | $2,436 |
Significant_Accounting_Policie7
Significant Accounting Policies (Details 5) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Maximum | ||||
Income Taxes | ' | ' | ' | ' |
Minimum annual taxable income distributed to stockholders to maintain REIT qualification (as a percent) | ' | ' | 90.00% | ' |
Federal, state and local tax provision | $2.10 | $0 | $6 | $0.10 |
Significant_Accounting_Policie8
Significant Accounting Policies (Details 6) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Customer concentration | Credit concentration | Annualized rent | Annualized rent | Annualized rent | Annualized rent | Annualized rent | Annualized rent | Annualized rent | |
Tenant | investment | 1515 Broadway | 1185 Avenue of the Americas | One Madison Avenue | Three tenant | Tenant 1 | Tenant 2 | Tenant 3 | |
Customer concentration | Customer concentration | Customer concentration | Customer concentration | Customer concentration | Customer concentration | Customer concentration | |||
Concentration of Credit Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tenants (tenants) | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of annualized rent for any one tenant not individually disclosed (percent) | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' |
Percentage of concentration (percent) | ' | ' | 10.00% | 7.00% | 6.00% | ' | 7.30% | 6.50% | 6.00% |
Number of investments (investments) | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Minimum revenue on debt and preferred equity investments (as a percent) | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Property_Acquisitions_Details
Property Acquisitions (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 |
sqft | 16 Court Street | 248-252 Bedford Avenue | 248-252 Bedford Avenue | ||
sqft | unit | Mortgage loan | |||
property | |||||
Property Acquisitions | ' | ' | ' | ' | ' |
Purchase price allocation | ' | ' | $4,000,000 | $54,900,000 | ' |
Area of property (in square foot) | 29,256,879 | ' | 318,000 | ' | ' |
Consolidated interests in acquiree | ' | ' | 96,200,000 | ' | ' |
Debt assumed | ' | ' | 84,700,000 | ' | ' |
Purchase price fair value adjustment recognized | ' | ' | -2,300,000 | ' | ' |
Number of units (properties) | ' | ' | ' | 84 | ' |
Number of apartment units acquired (units) | ' | ' | ' | 72 | ' |
Number of townhouses acquired (units) | ' | ' | ' | 12 | ' |
Term | ' | ' | ' | ' | '5 years |
Floating rate debt | $503,178,000 | $1,157,695,000 | ' | ' | $22,000,000 |
Interest rate added to base rate (as a percent) | ' | ' | ' | ' | 2.25% |
Interest rate, description | ' | ' | ' | ' | 'LIBOR |
Ownership interest in consolidated joint venture (as a percent) | ' | ' | ' | 90.00% | ' |
Property_Acquisitions_Property
Property Acquisitions Property Acquisitions-Table (Details) (248-252 Bedford Avenue, USD $) | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |
248-252 Bedford Avenue | ' |
Property Acquisitions | ' |
Land | $10,865 |
Building and building leasehold | 44,035 |
Above market lease value | 0 |
Acquired in-place leases | 0 |
Other assets, net of other liabilities | 0 |
Assets acquired | 54,900 |
Fair value adjustment to mortgage note payable | 0 |
Below market lease value | 0 |
Liabilities assumed | 0 |
Purchase price allocation | 54,900 |
Net consideration funded by us at closing, excluding consideration financed by debt | 21,782 |
Equity and/or debt investment held | 0 |
Debt assumed | $0 |
Property_Dispositions_Details
Property Dispositions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Feb. 28, 2013 | |
West 34th Street 333 [Member] | 300 Main Street | 300 Main Street | West 44 Street 55 [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration for sale of property | ' | ' | ' | ' | $220,300,000 | $13,500,000 | ' | $6,300,000 |
Impairment charge for assets held for sale | ' | ' | ' | ' | ' | 2,200,000 | 2,200,000 | ' |
Gain on sale of property | 13,787,000 | 0 | 14,900,000 | 6,627,000 | 13,800,000 | ' | ' | 1,100,000 |
Net proceeds from the sale | ' | ' | ' | ' | 211,000,000 | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenue | 1,696,000 | 5,446,000 | 10,656,000 | 13,872,000 | ' | ' | ' | ' |
Escalation and reimbursement revenues | 683,000 | 611,000 | 1,292,000 | 1,778,000 | ' | ' | ' | ' |
Other income | 1,000 | -376,000 | 8,000 | -376,000 | ' | ' | ' | ' |
Total revenues | 2,380,000 | 5,681,000 | 11,956,000 | 15,274,000 | ' | ' | ' | ' |
Operating expense | 660,000 | 2,065,000 | 3,643,000 | 4,930,000 | ' | ' | ' | ' |
Real estate taxes | 187,000 | 302,000 | 765,000 | 916,000 | ' | ' | ' | ' |
Interest expense, net of interest income | 130,000 | 696,000 | 461,000 | 1,627,000 | ' | ' | ' | ' |
Depreciable real estate reserves | 0 | 0 | 2,150,000 | 0 | ' | ' | ' | ' |
Transaction related costs | -3,000 | 65,000 | 0 | 160,000 | ' | ' | ' | ' |
Depreciation and amortization | 0 | 1,602,000 | 3,212,000 | 4,758,000 | ' | ' | ' | ' |
Total expenses | 974,000 | 4,730,000 | 10,231,000 | 12,391,000 | ' | ' | ' | ' |
Net income (loss) from discontinued operations | $1,406,000 | $951,000 | $1,725,000 | $2,883,000 | ' | ' | ' | ' |
Debt_and_Preferred_Equity_Inve2
Debt and Preferred Equity Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | 31-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | ||||||||||||||||||||||
Debt investment | Debt investment | Fixed rate debt | Fixed rate debt | Other loan with an initial maturity of March 2015 | Other loan with an initial maturity of March 2015 | Mezzanine loan with an initial maturity date of February 2016 | Mezzanine loan with an initial maturity date of February 2016 | Mortgage/Mezzanine loan with an initial maturity date of May 2016 | Mortgage/Mezzanine loan with an initial maturity date of May 2016 | Mezzanine loan with an initial maturity date of May 2016 | Mezzanine loan with an initial maturity date of May 2016 | Junior participation with an initial maturity date of June 2016 | Junior participation with an initial maturity date of June 2016 | Mezzanine loan with an initial maturity date of November 2016 | Mezzanine loan with an initial maturity date of November 2016 | Mortgage/Mezzanine loan with an initial maturity date of March 2017 | Mortgage/Mezzanine loan with an initial maturity date of March 2017 | Mortgage/Mezzanine loan with an initial maturity date of March 2017 | Other loan with an initial maturity of September 2021 | Other loan with an initial maturity of September 2021 | Mortgage | Mortgage | Mortgage | Total floating rate | Total floating rate | Mezzanine loan with an initial maturity date of December 2013 | Mezzanine loan with an initial maturity date of December 2013 | Junior participation with an initial maturity date of June 2013 extended to February 2014 | Junior participation with an initial maturity date of June 2013 extended to February 2014 | Junior participation with an initial maturity date of June 2013 extended to February 2014 | Junior participation with an initial maturity date of February 2014 | Junior participation with an initial maturity date of February 2014 | Mortgage/Mezzanine Loan with an initial maturity date of July 2014 | Mortgage/Mezzanine Loan with an initial maturity date of July 2014 | Mezzanine loan with an initial maturity date of July 2014 | Mezzanine loan with an initial maturity date of July 2014 | Mezzanine loan with an initial maturity date of August 2014 | Mezzanine loan with an initial maturity date of August 2014 | Mortgage with initial maturity date of September 2014 | Mortgage with initial maturity date of September 2014 | Mezzanine Loan with initial maturity date of October 2014 | Mezzanine Loan with initial maturity date of October 2014 | Mortgage/Mezzanine loan with an initial maturity date of February 2015 | Mortgage/Mezzanine loan with an initial maturity date of February 2015 | Mezzainine Loan with an Initial Maturity Date of September 2015 [Member] | Mezzainine Loan with an Initial Maturity Date of September 2015 [Member] | Mezzanine loan with an initial maturity date of December 2015 | Mezzanine loan with an initial maturity date of December 2015 | Mezzanine loan with an initial maturity date of December 2015 | Mortgage with initial maturity date of March 2016 | Mortgage with initial maturity date of March 2016 | Mezzanine loan with an initial maturity date of June 2016 | Mezzanine loan with an initial maturity date of June 2016 | Mezzanine loan with an initial maturity date of June 2016 | Mezzanine loan with an initial maturity date of July 2016 | Mezzanine loan with an initial maturity date of July 2016 | Mortgage/Mezzanine Loan with an initial maturity date of July 2018 | Mortgage/Mezzanine Loan with an initial maturity date of July 2018 | Other Liabilities [Member] | ||||||||||||||||||||||||||||
Mezzanine loan with an initial maturity date of July 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Increase in debt and preferred equity investments (net of discounts and deferred origination fees), including investments classified as held-for-sale | ' | ' | $497,400,000 | $374,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Decrease in debt and preferred equity investments (net of discounts), including investments classified as held-for-sale | ' | ' | 530,200,000 | 288,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Loan loss reserves | 0 | 0 | 0 | 3,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Aggregate weighted average current yield (as a percent) | ' | ' | 11.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Senior Financing | 4,465,422,000 | ' | 4,465,422,000 | ' | ' | ' | ' | ' | 2,369,855,000 | ' | 398,500,000 | ' | 205,000,000 | ' | 167,355,000 | ' | 177,000,000 | ' | 133,000,000 | ' | 165,000,000 | ' | ' | 1,109,000,000 | [1] | ' | 15,000,000 | ' | ' | 0 | [2] | ' | 2,095,567,000 | ' | 0 | ' | ' | 57,750,000 | [3] | ' | 80,932,000 | [4] | ' | 330,000,000 | ' | 62,500,000 | [5] | ' | 180,000,000 | ' | 0 | ' | 87,374,000 | [6] | ' | 0 | [7] | ' | 110,000,000 | ' | ' | 92,711,000 | [8] | ' | 775,000,000 | ' | ' | 160,000,000 | [9] | ' | 87,300,000 | ' | 72,000,000 | ' | ' | ||||||||||||
Carrying Value, Net of Discounts and Deferred Origination Fees, at fixed rate | ' | ' | ' | ' | ' | ' | ' | ' | 344,374,000 | 583,565,000 | 14,837,000 | 0 | 67,740,000 | 66,307,000 | 44,549,000 | 44,013,000 | 15,226,000 | 15,906,000 | 49,000,000 | 49,000,000 | 71,254,000 | 70,967,000 | ' | 78,268,000 | [1] | 115,804,000 | [1] | 3,500,000 | 3,500,000 | ' | 0 | [2] | 218,068,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Carrying Value, Net of Discounts and Deferred Origination Fees, at floating rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 617,054,000 | 433,290,000 | 29,912,000 | 0 | ' | 10,869,000 | [3] | 10,869,000 | [3] | 23,953,000 | [4] | 0 | [4] | 131,595,000 | 131,231,000 | 37,394,000 | [5] | 37,288,000 | [5] | 59,852,000 | 59,739,000 | 14,855,000 | 14,745,000 | 37,365,000 | [6] | 34,444,000 | [6] | 53,258,000 | [7] | 47,253,000 | [7] | 48,991,000 | 0 | ' | 27,772,000 | [8] | 55,336,000 | [8] | 72,585,000 | 0 | ' | 22,515,000 | [9] | 7,624,000 | [9] | 25,580,000 | 34,761,000 | 20,558,000 | 0 | ' | |||||||
Carrying value, net of discounts | ' | ' | ' | ' | ' | ' | 961,428,000 | 1,016,855,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Loan loss reserve | -4,000,000 | ' | -4,000,000 | ' | -7,000,000 | -50,175,000 | -4,000,000 | [10] | -7,000,000 | [10] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Total, net of reserve | ' | ' | ' | ' | ' | ' | 957,428,000 | 1,009,855,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Percentage of loan sold (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Amount recovered from sale of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Additional income recognized on sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,900,000 | ' | ' | ' | ' | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Value of mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Extension term (extension term) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Additional commitments to fund in connection with loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,300,000 | ' | 5,200,000 | ' | ' | ' | ' | 13,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Loan Participation Amount included in Other assets and/or Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,400,000 | ' | ' | ' | ' | ' | ' | 5,000,000 | [5] | ||||||||||||||||||||
Amount funded in origination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
[1] | Interest is added to the principal balance for this accrual only loan. In JanuaryB 2013, we sold 50% of the mezzanine loan for $57.8 million and recognized additional income of $12.9 million, which is included in investment and preferred equity income on the consolidated statements of income. The unaccrued interest during the period in which the loan was on non-accrual status is being accreted as of JanuaryB 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | In connection with the repayment of the loan in MayB 2013, we recognized additional income of $6.4 million, which is included in investment and preferred equity income on our consolidated statements of income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | In June 2013, the loan was extended to FebruaryB 2014, subject to an additional four-month extension option. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | As of SeptemberB 30, 2013, we were committed to fund an additional $0.9 million in connection with this loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | As a result of the transfer not meeting the conditions for sale accounting, the $5.0 million portion of the outstanding loan that was participated out has been recorded in other liabilities in the accompanying consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | As of SeptemberB 30, 2013, we were committed to fund an additional $12.3 million in connection with this loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | As of SeptemberB 30, 2013, we were committed to fund an additional $5.2 million in connection with this loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | We funded $56.3 million at origination. In JuneB 2013, we sold 50% of our interest in the $85.0 million mezzanine loan. As of SeptemberB 30, 2013, we were committed to fund an additional $13.6 million in connection with our share of this loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | As part of the refinancing of the related senior mortgage in JuneB 2013, we originated a $30.0 million mezzanine loan and our previous investment in the amount of $15.0 million, including the $7.4 million participated interest, was repaid in full. Following the refinancing, we entered into a loan participation agreement in the amount of $7.4 million on this $30.0 million mezzanine loan. Due to our continued involvement with the loan, the portion that was participated out has been recorded in other assets and other liabilities in the accompanying consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | Loan loss reserves are specifically allocated to investments. Our reserves reflect management's judgment of the probability and severity of losses based on Level 3 data. We cannot be certain that our judgment will prove to be correct or that reserves will be adequate over time to protect against potential future losses. |
Debt_and_Preferred_Equity_Inve3
Debt and Preferred Equity Investments (Details 2) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Preferred equity investment | ' | ' | ||
Aggregate weighted average current yield (as a percent) | 11.30% | ' | ||
Senior Financing | $4,465,422,000 | ' | ||
Carrying Value, Net of Discounts and Deferred Origination Fees, at floating rate | 1,315,551,000 | 1,348,434,000 | ||
Preferred equity investments | ' | ' | ||
Preferred equity investment | ' | ' | ||
Aggregate weighted average current yield (as a percent) | 10.90% | ' | ||
Senior Financing | 1,577,246,000 | ' | ||
Carrying Value, Net of Discounts and Deferred Origination Fees, at fixed rate | 358,123,000 | 338,579,000 | ||
Preferred equity with initial mandatory redemption on October, 2014 | ' | ' | ||
Preferred equity investment | ' | ' | ||
Senior Financing | 70,000,000 | ' | ||
Carrying Value, Net of Discounts and Deferred Origination Fees, at floating rate | 9,937,000 | 9,927,000 | ||
Preferred equity with initial mandatory redemption on July, 2015 | ' | ' | ||
Preferred equity investment | ' | ' | ||
Senior Financing | 525,000,000 | [1],[2] | ' | |
Carrying Value, Net of Discounts and Deferred Origination Fees, at floating rate | 107,723,000 | [1],[2] | 99,768,000 | [1],[2] |
Preferred equity with initial mandatory redemption on April, 2016 | ' | ' | ||
Preferred equity investment | ' | ' | ||
Senior Financing | 55,986,000 | [1],[3] | ' | |
Carrying Value, Net of Discounts and Deferred Origination Fees, at floating rate | 24,426,000 | [1],[3] | 18,925,000 | [1],[3] |
Additional commitments to fund in connection with loan | 1,400,000 | ' | ||
Preferred equity with initial mandatory redemption on July, 2016 | ' | ' | ||
Preferred equity investment | ' | ' | ||
Senior Financing | 926,260,000 | [1] | ' | |
Carrying Value, Net of Discounts and Deferred Origination Fees, at floating rate | $216,037,000 | [1] | $209,959,000 | [1] |
[1] | The difference between the pay and accrual rates is included as an addition to the principal balance outstanding. | |||
[2] | The reserve previously taken against this loan is being accreted up to the face amount through the maturity date. In JuneB 2013, the redemption date was extended from JulyB 2014 to JulyB 2015. | |||
[3] | As of SeptemberB 30, 2013, we were committed to fund an additional $1.4 million on this loan. |
Debt_and_Preferred_Equity_Inve4
Debt and Preferred Equity Investments (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Loan loss reserve activity | ' | ' | ' | ' | ' |
Balance at beginning of year | ' | ' | $7,000 | $50,175 | $50,175 |
Expensed | 0 | 0 | 0 | 3,000 | 3,000 |
Recoveries | ' | 0 | 0 | -2,400 | -2,436 |
Charge-offs and reclassifications | ' | ' | -3,000 | ' | -43,739 |
Balance at end of period | $4,000 | ' | $4,000 | ' | $7,000 |
Debt_and_Preferred_Equity_Inve5
Debt and Preferred Equity Investments (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
segment | segment | ||||
Impaired loans, including non-accrual loans | ' | ' | ' | ' | ' |
Number of portfolio segments of financial receivables (segments) | ' | ' | 1 | ' | 1 |
Additional amount of financing receivables included in other assets | $145,800,000 | ' | $145,800,000 | ' | $121,300,000 |
Average recorded investment in impaired loans | 10,890,000 | 40,304,000 | 10,877,000 | 63,391,000 | ' |
Investment and preferred equity income (loss) recognized | 3,316,000 | -298,000 | 3,804,000 | 3,480,000 | ' |
Class of financing receivable | ' | ' | ' | ' | ' |
Impaired loans, including non-accrual loans | ' | ' | ' | ' | ' |
No related allowance, unpaid principal balance | 0 | ' | 0 | ' | 0 |
No related allowance, recorded investment | 0 | ' | 0 | ' | 0 |
No related allowance, related allowance | 0 | ' | 0 | ' | 0 |
With related allowance, unpaid principal balance | 10,750,000 | ' | 10,750,000 | ' | 10,750,000 |
With related allowance, recorded investment | 10,750,000 | ' | 10,750,000 | ' | 10,750,000 |
With related allowance, related allowance | 4,000,000 | ' | 4,000,000 | ' | 7,000,000 |
Impaired financing receivable, unpaid principal balance | 10,750,000 | ' | 10,750,000 | ' | 10,750,000 |
Impaired financing receivable, recorded investment | 10,750,000 | ' | 10,750,000 | ' | 10,750,000 |
Impaired financing receivable, allowance allocated | $4,000,000 | ' | $4,000,000 | ' | $7,000,000 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Details) (USD $) | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||
entity | 100 Park Avenue | 21 West 34th Street | 1604-1610 Broadway | 27-29 West 34th Street | 717 Fifth Avenue | 717 Fifth Avenue | 800 Third Avenue | 1745 Broadway | 1 and 2 Jericho Plaza | The Meadows | 388 and 390 Greenwich Street | 180/182 Broadway and 63 Nassu Street | 600 Lexington Avenue | 11 West 34th Street | 7 Renaissance | 3 Columbus Circle | 3 Columbus Circle | 280 Park Avenue | 1552-1560 Broadway | 747 Madison Avenue | 724 Fifth Avenue | 10 East 53rd Street | 33 Beekman | West Coast office portfolio | West Coast office portfolio | West Coast office portfolio | West Coast office portfolio | West Coast office portfolio | 521 Fifth Avenue | 521 Fifth Avenue | 21 East 66th Street | 21 East 66th Street | 21 East 66th Street | 21 East 66th Street | 315 West 36th Street | Herald Center | Herald Center | 1552 Broadway | Joint venture | Joint venture | ||||||||||||||||||||||||||||
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | property | Mortgage loan | Mezzanine loans | sqft | sqft | Three retail units | 2 residential units | Four residential units | sqft | sqft | sqft | ||||||||||||||||||||||||||||||||||||
floor | sqft | unit | unit | unit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General information on each joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Investments in unconsolidated joint ventures | $1,109,815,000 | $1,032,243,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,109,815,000 | $1,032,243,000 | ||||||||||||||||||||||||||
Equity Method Investments, Ownership Percentage Sold | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Number of VIEs in which the entity is not primary beneficiary (entities) | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Net equity investment in VIEs in which the entity is not primary beneficiary | 136,700,000 | 117,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Ownership Interest (as a percent) | ' | ' | 49.90% | 50.00% | 70.00% | [1] | 50.00% | ' | 10.92% | [2] | 42.95% | 32.26% | 20.26% | 50.00% | 50.60% | [2] | 25.50% | [3] | 55.00% | 30.00% | 50.00% | ' | 48.90% | [4] | 50.00% | 50.00% | [5] | 33.33% | 50.00% | 55.00% | 45.90% | [6] | ' | 42.02% | [7] | ' | ' | ' | ' | 50.50% | [8] | 32.28% | [9] | 32.28% | ' | 16.14% | 35.50% | 40.00% | [10] | ' | ' | ' | ' | |||||||||||||||
Economic Interest (as a percent) | ' | ' | 49.90% | 50.00% | 70.00% | [1] | 50.00% | ' | 10.92% | [2] | 42.95% | 32.26% | 20.26% | 50.00% | 50.60% | [2] | 25.50% | [3] | 55.00% | 30.00% | 50.00% | ' | 48.90% | [4] | 49.50% | 50.00% | [5] | 33.33% | 50.00% | 55.00% | 45.90% | [6] | ' | 43.74% | [7] | ' | ' | ' | ' | 50.50% | [8] | 32.28% | [9] | ' | ' | ' | 35.50% | 40.00% | [10] | ' | ' | ' | ' | |||||||||||||||
Area of property (in square foot) | 29,256,879 | ' | 834,000 | 30,000 | 30,000 | [1] | 41,000 | ' | 120,000 | [2] | 526,000 | 674,000 | 640,000 | 582,000 | 2,600,000 | [2] | 71,000 | [3] | 304,000 | 17,000 | 37,000 | ' | 769,000 | [4] | 1,237,000 | 49,000 | [5] | 10,000 | 65,000 | 390,000 | 145,000 | [6] | ' | 4,067,000 | [7] | ' | ' | ' | ' | 460,000 | [8] | 17,000 | [9] | ' | ' | ' | 148,000 | 365,000 | [10] | ' | 13,045 | ' | ' | |||||||||||||||
Acquisition Price | ' | ' | 95,800,000 | [11] | 22,400,000 | [11] | 4,400,000 | [1],[11] | 30,000,000 | [11] | ' | 251,900,000 | [11],[2] | 285,000,000 | [11] | 520,000,000 | [11] | 210,000,000 | [11] | 111,500,000 | [11] | 1,575,000,000 | [11],[2] | 43,600,000 | [11],[3] | 193,000,000 | [11] | 10,800,000 | [11] | 4,000,000 | [11] | ' | 500,000,000 | [11],[4] | 400,000,000 | [11] | 136,550,000 | [11],[5] | 66,250,000 | [11] | 223,000,000 | [11] | 252,500,000 | [11] | 31,000,000 | [11],[6] | ' | 880,103,000 | [11],[7] | ' | ' | ' | ' | 315,000,000 | [11],[8] | 75,000,000 | [11],[9] | ' | ' | ' | 45,000,000 | [11] | 50,000,000 | [10],[11] | ' | ' | ' | ' |
Partnership interest sold to a third party (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.78% | ' | ' | ' | ' | 49.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Gain recognized on sale of beneficial interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Number of floors of student housing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Additional cash income recognized due to distribution of refinancing proceeds | ' | ' | ' | ' | ' | ' | 67,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Ownership interest acquired (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.73% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Interest rate, fixed rate debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.75% | ' | ' | ' | ||||||||||||||||||||||||||
Number of properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 224,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Gain (Loss) on Sale of Property Plant Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Repaid loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,500,000 | 20,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Prior to the recapitalization positions held in mezzanine and preferred equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Number of units in property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | 4 | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Committed additional capital contribution funded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $47,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
[1] | In MarchB 2013, Sutton conveyed his interest in this property to us. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The property is subject to a triple-net lease arrangement with a single tenant, which expires in 2020. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | In June 2013, the joint venture completed its redevelopment project and has conveyed a 30-year ground lease condominium interest in the building to Pace University, or Pace, its primary tenant. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | We had an obligation to fund an additional $47.5 million to the joint venture which has been fully funded as of JuneB 30, 2013. As a result of the sale of a condominium interest in SeptemberB 2012, YoungB & Rubicam,B Inc., or Y&R, owns a portion of the property, generally floors three through eight referred to as Y&R units. As the joint venture has an option to repurchase the Y&R units, no gain was recognized on this transaction. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | In connection with this acquisition, the joint venture also acquired a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. The purchase price relates only to the purchase of the 1552 Broadway interest which comprises 13,045 square feet. In 2012, we, along with Sutton, acquired the property at 155 West 46thB Street, which is adjacent to 1552 and 1560 Broadway, and sold it to the fee owner of 1560 Broadway. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The joint venture acquired the fee interest in the property and will develop an approximately 30 story building for student housing. Upon completion of the development, the joint venture will convey a long-term ground lease condominium interest in the building to Pace. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Prior to the recapitalization in September 2012, the Company held $26.7 million in mezzanine and preferred equity positions in the entity that owned the portfolio. Following the recapitalization, Blackstone became the majority owner of the joint venture, with Equity Office Properties, a Blackstone affiliate, being responsible for the portfoliobs management and leasing. In FebruaryB 2013, we acquired Gramercybs 10.73% interest in the joint venture and simultaneously sold 20.78% of the newly acquired interest to Square Mile Capital Management LLC or Square Mile. During the nine months ended September 30, 2013, we acquired Square Milebs 6.00% interest in the joint venture and the joint venture sold three of the properties for an aggregate of $224.3 million, on which we recognized a gain of approximately $2.1 million. The proceeds from the sale of these properties were used primarily to repay $194.5 million of the mortgage and $20.5 million of the mezzanine loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | Following the sale of our 49.5% partnership interest in 521 Fifth Avenue, we deconsolidated the entity effective NovemberB 30, 2012 and have accounted for our investment under the equity method. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% in four residential units at the property. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | The joint venture acquired a preferred equity interest in an entity that holds the interest in a mixed commercial use property located in Manhattan. The preferred equity bears interest at a rate of 8.75% per annum and matures in JuneB 2016. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | Acquisition price represents the actual or implied gross purchase price for the joint venture. |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
717 Fifth Avenue | 717 Fifth Avenue | 717 Fifth Avenue | 717 Fifth Avenue | 16 Court Street | 16 Court Street | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | West Coast office portfolio | West Coast office portfolio | West Coast office portfolio | 521 Fifth Avenue | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan | Mortgage loan | Mezzanine loans | Mezzanine loans | 100 Park Avenue | 100 Park Avenue | 7 Renaissance | 7 Renaissance | 11 West 34th Street | 11 West 34th Street | 280 Park Avenue | 280 Park Avenue | 21 West 34th Street | 21 West 34th Street | 1745 Broadway | 1745 Broadway | 1 and 2 Jericho Plaza | 1 and 2 Jericho Plaza | 800 Third Avenue | 800 Third Avenue | 388 and 390 Greenwich Street | 388 and 390 Greenwich Street | 388 and 390 Greenwich Street | 388 and 390 Greenwich Street | 315 West 36th Street | 315 West 36th Street | 21 East 66th Street | 21 East 66th Street | 1604-1610 Broadway | 1604-1610 Broadway | 180/182 Broadway and 63 Nassu Street | 180/182 Broadway and 63 Nassu Street | West Coast office portfolio | West Coast office portfolio | 747 Madison Avenue | 747 Madison Avenue | The Meadows | The Meadows | The Meadows | 3 Columbus Circle | 3 Columbus Circle | 1552 Broadway | 1552 Broadway | 1552 Broadway | 1552 Broadway | 1552 Broadway | 1552 Broadway | 1552 Broadway | 1552 Broadway | Other loan payable | Other loan payable | 724 Fifth Avenue | 724 Fifth Avenue | 10 East 53rd Street | 10 East 53rd Street | 33 Beekman | 33 Beekman | 600 Lexington Avenue | 600 Lexington Avenue | 27-29 West 34th Street | 27-29 West 34th Street | 521 Fifth Avenue | 521 Fifth Avenue | 16 Court Street | 16 Court Street | Mortgage loan | Mezzanine loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan | Mezzanine loans | Mortgage loan | Mortgage loan | Mezzanine loans | Mezzanine loans | Construction financing facility | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
extenstion_option | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First mortgage notes and other loan payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Interest rate, fixed rate debt (as a percent) | ' | ' | 4.45% | [1] | ' | 9.00% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | 6.64% | [1] | ' | 10.00% | [1] | ' | 4.82% | [1] | ' | 6.57% | [1] | ' | 5.76% | [1] | ' | 5.68% | [1] | ' | 5.65% | [1] | ' | 6.00% | [1] | ' | 3.20% | [1],[2] | ' | ' | ' | 3.16% | [1] | ' | 3.60% | [1],[3] | ' | 5.66% | [1],[4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Interest rate, floating rate debt (as a percent) | ' | ' | ' | ' | ' | ' | 2.69% | [1],[5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.18% | [1],[2] | ' | ' | ' | ' | ' | 2.88% | [1] | ' | ' | ' | 2.94% | [1],[6] | ' | 3.93% | [1],[7] | ' | 2.96% | [1] | ' | ' | 7.75% | [1],[8] | ' | 2.37% | [1],[9] | ' | ' | 3.47% | [1],[10] | ' | ' | ' | ' | ' | ' | 1.09% | [1] | ' | 2.54% | [1] | ' | 2.69% | [1] | ' | 2.94% | [1],[11] | ' | 2.27% | [1] | ' | 2.09% | [1],[12] | ' | 2.39% | [1] | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Total fixed rate debt | $4,138,580,000 | $3,457,769,000 | $300,000,000 | $300,000,000 | $301,520,000 | $294,509,000 | ' | ' | $3,223,769,000 | ' | $3,223,769,000 | ' | $3,219,885,000 | $210,427,000 | $212,287,000 | $1,276,000 | $856,000 | $17,279,000 | $17,491,000 | $708,525,000 | $710,000,000 | $100,000,000 | $100,000,000 | $340,000,000 | $340,000,000 | $163,750,000 | $163,750,000 | $20,910,000 | $20,910,000 | $996,082,000 | [2] | $996,082,000 | [2] | ' | ' | $25,000,000 | $25,000,000 | $12,000,000 | [3] | $12,000,000 | [3] | $27,000,000 | [4] | $27,000,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Total floating rate debt | 503,178,000 | 1,157,695,000 | ' | ' | ' | ' | 84,354,000 | [5] | 0 | [5] | 1,874,434,000 | ' | 1,874,434,000 | ' | 2,138,163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,297,000 | [2] | 142,297,000 | [2] | 72,000,000 | 70,300,000 | ' | ' | 1,978,000 | 2,033,000 | ' | ' | 89,868,000 | [6] | 71,524,000 | [6] | 526,290,000 | [7] | 745,025,000 | [7] | 33,125,000 | 33,125,000 | ' | 58,212,000 | [8] | 57,000,000 | [8] | 241,264,000 | [9] | 247,253,000 | [9] | ' | 143,430,000 | [10] | 113,869,000 | [10] | ' | ' | ' | ' | ' | 30,000,000 | 30,000,000 | 120,000,000 | 120,000,000 | 125,000,000 | 125,000,000 | 18,362,000 | [11] | 18,362,000 | [11] | 121,570,000 | 124,384,000 | 53,038,000 | [12] | 53,375,000 | [12] | 170,000,000 | 170,000,000 | 0 | [13] | 84,916,000 | [13] | ' | ' | ' | ' | |||||||||||||||||||||
Total joint venture mortgages and other loans payable | 4,641,758,000 | 4,615,464,000 | ' | ' | ' | ' | ' | ' | 5,098,203,000 | ' | 5,098,203,000 | ' | 5,358,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 576,000,000 | 562,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Maximum amount of loan recourse to entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Committed amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 260,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Repaid loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,500,000 | 20,500,000 | ' | |||||||||||||||||||||||||||||||||||||||||
Amount of original debt being refinanced into another loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Refinanced mortgage loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,000,000 | ' | 30,000,000 | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Gain (loss) on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Unfunded amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | 44,200,000 | ' | 12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Possible increase in mortgage based on meeting certain performance hurdles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Term of refinanced mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Number of extension options (extension options) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Extension option term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Ownership interest sold (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.78% | ' | ' | 49.50% | |||||||||||||||||||||||||||||||||||||||||
Management, leasing, construction supervision and asset management services revenue | ' | ' | ' | ' | ' | ' | ' | ' | $3,500,000 | $2,500,000 | $7,500,000 | $6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
[1] | Effective weighted average interest rate for the three months ended SeptemberB 30, 2013, taking into account interest rate hedges in effect during the period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | These loans comprised of a $576.0 million mortgage and a $562.4 million mezzanine loan, both of which are fixed rate loans, except for $72.0 million of the mortgage and $70.3 million of the mezzanine loan which are floating. Up to $200.0 million of the mezzanine loan, secured indirectly by these properties, is recourse to us. We believe it is unlikely that we will be required to perform under this guarantee. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | In AprilB 2013, this loan was refinanced at par and its maturity was extended to AprilB 2023. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | This loan went into default in NovemberB 2009 due to the non-payment of debt service. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | In AprilB 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest. In October 2013, the maturity date of the loan was extended to December 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | This loan has a committed amount of $90.0 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | As a result of the sale of two of its properties, the joint venture paid down $194.5 million of its mortgage and $20.5 million of its mezzanine loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | As of SeptemberB 30, 2013, $1.8 million of the existing loan remained unfunded. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | This loan has a committed amount of $260.0 million. The joint venture has the ability to increase the mortgage by $40.0 million based on meeting certain performance hurdles. In connection with this obligation, we executed a master lease agreement and our joint venture partner executed a contribution agreement to reflect its pro rata obligation under the master lease. The lien on the mortgage and the master lease excludes the condominium interest owned by Y&R. See Note 5 of prior table. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | In AprilB 2013, we refinanced the previous $119.6 million mortgage with a $200.0 million three-year loan construction financing facility comprised of a $170.0 million mortgage loan and a $30.0 million mezzanine loan. The facility has two one-year extension options. As of SeptemberB 30, 2013, $44.2 million of the mortgage loan and $12.4 million of the mezzanine loan remained unfunded. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | This loan has a committed amount of $75.0 million, which is recourse to us. Our partner has indemnified us for its pro rata share of the recourse guarantee. A portion of the guarantee terminates upon the joint venture reaching certain milestones. We believe it is unlikely that we will be required to perform under this guarantee. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | In MayB 2013, this loan was refinanced and its maturity was extended to MayB 2018. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | In AprilB 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest. |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
717 Fifth Avenue | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | ||||||
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial real estate property, net | $10,139,703,000 | ' | $10,139,703,000 | ' | $10,269,630,000 | ' | $6,566,636,000 | ' | $6,566,636,000 | ' | $6,910,991,000 | ' | ' |
Other assets | 729,426,000 | ' | 729,426,000 | ' | 718,326,000 | ' | 937,469,000 | ' | 937,469,000 | ' | 728,113,000 | ' | ' |
Total assets | ' | ' | ' | ' | ' | ' | 7,504,105,000 | ' | 7,504,105,000 | ' | 7,639,104,000 | ' | ' |
Liabilities and members' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgages and other loans payable | 4,641,758,000 | ' | 4,641,758,000 | ' | 4,615,464,000 | ' | 5,098,203,000 | ' | 5,098,203,000 | ' | 5,358,048,000 | 5,098,203,000 | 5,358,048,000 |
Other liabilities | ' | ' | ' | ' | ' | ' | 378,752,000 | ' | 378,752,000 | ' | 406,929,000 | ' | ' |
Members' equity | ' | ' | ' | ' | ' | ' | 2,027,150,000 | ' | 2,027,150,000 | ' | 1,874,127,000 | ' | ' |
Total liabilities and members equity | ' | ' | ' | ' | ' | ' | 7,504,105,000 | ' | 7,504,105,000 | ' | 7,639,104,000 | ' | ' |
Company's net investment in unconsolidated joint ventures | 1,109,815,000 | ' | 1,109,815,000 | ' | 1,032,243,000 | ' | 1,109,815,000 | ' | 1,109,815,000 | ' | 1,032,243,000 | ' | ' |
Combined statements of income for the unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | 156,571,000 | 120,121,000 | 462,776,000 | 364,587,000 | ' | ' | ' |
Operating expense | 77,272,000 | 82,351,000 | 218,901,000 | 221,670,000 | ' | ' | 29,211,000 | 17,984,000 | 86,027,000 | 50,957,000 | ' | ' | ' |
Ground rent | 10,127,000 | 8,874,000 | 29,767,000 | 26,570,000 | ' | ' | 657,000 | 657,000 | 1,972,000 | 2,317,000 | ' | ' | ' |
Real estate taxes | 55,511,000 | 53,293,000 | 161,625,000 | 156,746,000 | ' | ' | 19,105,000 | 12,008,000 | 53,368,000 | 37,865,000 | ' | ' | ' |
Interest expense, net of interest income | 82,973,000 | 85,659,000 | 247,420,000 | 247,789,000 | ' | ' | 56,169,000 | 55,058,000 | 169,137,000 | 160,528,000 | ' | ' | ' |
Amortization of deferred financing costs | 4,331,000 | 4,493,000 | 13,034,000 | 11,626,000 | ' | ' | 2,869,000 | 2,338,000 | 12,454,000 | 7,009,000 | ' | ' | ' |
Depreciation and amortization | ' | ' | 264,833,000 | 249,950,000 | ' | ' | 49,402,000 | 35,242,000 | 144,552,000 | 107,749,000 | ' | ' | ' |
Transaction related costs, net of recoveries | -2,349,000 | 1,372,000 | 719,000 | 4,398,000 | ' | ' | 0 | 934,000 | 0 | 1,292,000 | ' | ' | ' |
Total expenses | 336,207,000 | 338,420,000 | 983,503,000 | 964,398,000 | ' | ' | 157,413,000 | 124,221,000 | 467,510,000 | 367,717,000 | ' | ' | ' |
Loss on early extinguishment of debt | 0 | 0 | -18,523,000 | 0 | ' | ' | 0 | 21,421,000 | 0 | 21,421,000 | ' | ' | ' |
Net (loss) income | ' | ' | ' | ' | ' | ' | -842,000 | 17,321,000 | -4,734,000 | 18,291,000 | ' | ' | ' |
Company's equity in net income (loss) of unconsolidated joint ventures | 2,939,000 | 11,658,000 | 4,251,000 | 80,988,000 | ' | ' | 2,939,000 | 11,658,000 | 4,251,000 | 80,988,000 | ' | ' | ' |
Additional cash income recognized due to distribution of refinancing proceeds | ' | ' | ' | ' | ' | $67,900,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred_Costs_Details
Deferred Costs (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs [Abstract] | ' | ' |
Deferred financing | $149,888 | $152,596 |
Deferred leasing | 304,135 | 285,931 |
Deferred costs, gross | 454,023 | 438,527 |
Less accumulated amortization | -206,173 | -177,382 |
Deferred costs, net | $247,850 | $261,145 |
Mortgages_and_Other_Loans_Paya2
Mortgages and Other Loans Payable (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Nov. 30, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||
SL Green Operating Partnership [Member] | Master repurchase | Master repurchase | Master repurchase | 609 Partners, LLC | 609 Partners, LLC | 609 Partners, LLC | 125 Park Avenue | 125 Park Avenue | 711 Third Avenue | 711 Third Avenue | 625 Madison Avenue | 625 Madison Avenue | 500 West Putnam | 500 West Putnam | 420 Lexington Avenue | 420 Lexington Avenue | Landmark Square | Landmark Square | 485 Lexington Avenue | 485 Lexington Avenue | 120 West 45th Street | 120 West 45th Street | 762 Madison Avenue | 762 Madison Avenue | 2 Herald Square | 2 Herald Square | 885 Third Avenue | 885 Third Avenue | Other loan payable due in September, 2019 | Other loan payable due in September, 2019 | One Madison Avenue | One Madison Avenue | 100 Church Street | 100 Church Street | 919 Third Avenue | 919 Third Avenue | 400 East 57th Street | 400 East 57th Street | 400 East 58th Street | 400 East 58th Street | 1515 Broadway | 1515 Broadway | 1515 Broadway | 1515 Broadway | 300 Main Street | 300 Main Street | East 220 Street 42 [Member] | East 220 Street 42 [Member] | 16 Court Street | 16 Court Street | 180 Maiden Lane | 180 Maiden Lane | 248-252 Bedford Avenue | 248-252 Bedford Avenue | |||||||||||||||||||||||||||||||||||||||
Series E preferred units | Refinancing | SL Green Operating Partnership [Member] | Refinancing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series E preferred units | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First mortgage notes and other loan payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Interest rate, fixed rate debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | [1],[2] | ' | ' | 5.75% | [1] | ' | 4.99% | [1] | ' | 7.27% | [1] | ' | 5.52% | [1] | ' | 7.15% | [1] | ' | 4.00% | [1] | ' | 5.61% | [1] | ' | 6.12% | [1] | ' | 3.75% | [1] | ' | 5.36% | [1] | ' | 6.26% | [1] | ' | 8.00% | [1],[3] | ' | 5.91% | [1] | ' | 4.68% | [1] | ' | 5.12% | [1],[4] | ' | 4.13% | [1] | ' | 4.13% | [1] | ' | ' | 3.93% | [1],[5] | ' | ' | 0.00% | [1],[6] | ' | 0.00% | [1] | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Interest rate, floating rate debt (as a percent) | ' | ' | ' | ' | ' | ' | 3.19% | [1],[7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.69% | [1],[8] | ' | 2.38% | [1],[9] | ' | 2.44% | [1] | ' | |||||||||||||||||||||||||||||
Total fixed rate debt | $4,138,580,000 | ' | $4,138,580,000 | ' | $3,457,769,000 | ' | ' | ' | ' | $23,000 | [2] | $23,000 | [2] | ' | $146,250,000 | $146,250,000 | $120,000,000 | $120,000,000 | $122,178,000 | $125,603,000 | $23,665,000 | $24,060,000 | $183,443,000 | $184,992,000 | $83,309,000 | $84,486,000 | $450,000,000 | $450,000,000 | $170,000,000 | $170,000,000 | $8,252,000 | $8,371,000 | $191,250,000 | $191,250,000 | $267,650,000 | $267,650,000 | $50,000,000 | [3] | $50,000,000 | [3] | $592,560,000 | $607,678,000 | $230,000,000 | $230,000,000 | $500,000,000 | [4] | $500,000,000 | [4] | $70,000,000 | $70,000,000 | $30,000,000 | $30,000,000 | $900,000,000 | $900,000,000 | [5] | $0 | [5] | ' | $0 | [6] | $11,500,000 | [6] | $0 | $185,906,000 | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||
Total floating rate debt | 503,178,000 | ' | 503,178,000 | ' | 1,157,695,000 | ' | 131,966,000 | [7] | 116,667,000 | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 769,813,000 | [5] | ' | ' | ' | ' | ' | 84,354,000 | [8] | 0 | [8] | 264,858,000 | [9] | 271,215,000 | [9] | 22,000,000 | 0 | |||||||||||||||||||||||||
Total mortgages and other loans payable | 4,641,758,000 | ' | 4,641,758,000 | ' | 4,615,464,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Preferred Units, shares issued (in shares) | ' | ' | ' | ' | ' | 22,658 | ' | ' | ' | ' | ' | 63,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Preferred Units (as a percent) | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Preferred Units, liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Preferred units, shares redeemed (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Interest in property (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Repaid loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 775,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Interest rate, description | ' | ' | ' | ' | ' | ' | '1-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Interest rate added to base rate (as a percent) | ' | ' | ' | ' | ' | ' | 3.00% | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable | 8,000,000,000 | ' | 8,000,000,000 | ' | 7,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | 0 | 0 | 18,523,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Prepayment penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | $175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Extension option available | ' | ' | ' | ' | ' | ' | '10 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
[1] | Effective weighted average interest rate for the three months ended SeptemberB 30, 2013, taking into account interest rate hedges in effect during the period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | As part of an acquisition, the Operating Partnership issued 63.9 million units of its 5.0% SeriesB E preferred units, or the SeriesB E units, with a liquidation preference of $1.00 per unit. As of SeptemberB 30, 2013, 63.8 million SeriesB E units had been redeemed. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | This loan is secured by a portion of a preferred equity investment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | We own a 51.0% controlling interest in the joint venture that is the borrower on this loan. This loan is non-recourse to us. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | In FebruaryB 2013, we refinanced the previous $775.0 million mortgage with a new $900.0 million 12-year mortgage and realized a net loss on early extinguishment of debt of approximately $18.5 million, including a prepayment penalty of $7.6 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The property was sold in September 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The Master Repurchase Agreement, or MRA, has a maximum facility capacity of $175.0 million, under which we agreed to sell certain debt investments in exchange for cash with a simultaneous agreement to repurchase the same debt investments at a certain date or on demand. In September 2013, the maturity of this MRA was extended to November 2013 subject to a 10 months extension option. This MRA bears interest based on 1-month LIBOR plus 300 basis points through September 2013 and a floating rate of interest of 350 basis points over 1-month LIBOR through the extended maturity date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | In AprilB 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest. In October 2013, the maturity date of the loan was extended to December 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its 50.1% share of the obligation under the master lease. |
Corporate_Indebtedness_Details
Corporate Indebtedness (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Nov. 30, 2012 | Sep. 30, 2013 | Nov. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 27, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 27, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 02, 2013 | Mar. 31, 2012 | Mar. 31, 2007 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 27, 2012 | Jun. 30, 2005 | Sep. 30, 2013 | |||||||||||||||||
2012 Credit Facility | 2012 Credit Facility | Term loan | Term loan | Term loan | Term loan | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | 5.88% Senior unsecured notes maturing on August 15, 2014 | 5.88% Senior unsecured notes maturing on August 15, 2014 | 6.00% Senior unsecured notes maturing on March 31, 2016 | 6.00% Senior unsecured notes maturing on March 31, 2016 | 6.00% Senior unsecured notes maturing on March 31, 2016 | 3.0% exchangeable senior notes due 2017 | 3.0% exchangeable senior notes due 2017 | 3.0% exchangeable senior notes due 2017 | 5.00% senior unsecured notes maturing on August 15, 2018 | 5.00% senior unsecured notes maturing on August 15, 2018 | 7.75% Senior unsecured notes maturing on March 15, 2020 | 7.75% Senior unsecured notes maturing on March 15, 2020 | 4.50% senior unsecured notes maturing on December 1, 2022 | 4.50% senior unsecured notes maturing on December 1, 2022 | 4.0% exchangeable senior debentures due 2025 | 4.0% exchangeable senior debentures due 2025 | 3.00% Senior unsecured notes maturing on March 30, 2027 | 3.00% Senior unsecured notes maturing on March 30, 2027 | 3.00% Senior unsecured notes maturing on March 30, 2027 | 3.00% Senior unsecured notes maturing on March 30, 2027 | 3.00% Senior unsecured notes maturing on March 30, 2027 | 5.875% Senior unsecured notes | Term Loans and Trust Preferred Securities | Term Loans and Trust Preferred Securities | ||||||||||||||||||||||
Minimum | Maximum | extenstion_option | Minimum | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Revolving credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | $1,600,000,000 | ' | $400,000,000 | ' | ' | $1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Number of extension options (extension options) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Extension option available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Maximum borrowing capacity, optional expansion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Interest rate, description | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Letters of credit | ' | ' | ' | ' | ' | 79,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Outstanding under line of credit facility | 340,000,000 | ' | 340,000,000 | ' | 70,000,000 | ' | ' | 400,000,000 | ' | ' | ' | ' | 340,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Ability to borrow under line of credit facility | ' | ' | ' | ' | ' | 900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Interest rate added to base rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 1.65% | ' | 1.15% | 2.00% | ' | 1.45% | 1.00% | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Facility fee on total commitments, payable quarterly in arrears (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 0.15% | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Extension fee required to be paid (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt disclosures by scheduled maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Unpaid Principal Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,388,166,000 | ' | 75,898,000 | [1],[2] | ' | ' | 255,308,000 | [1],[2] | ' | ' | 345,000,000 | [3] | ' | 250,000,000 | [4] | ' | 250,000,000 | [4] | ' | 200,000,000 | [4] | ' | 7,000 | [5] | ' | ' | ' | ' | 11,953,000 | [6] | ' | ' | ' | ' | ||||||||
Accreted Balance | 1,737,869,000 | ' | 1,737,869,000 | ' | 1,734,956,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,337,869,000 | 1,334,956,000 | 75,898,000 | [1],[2] | 75,898,000 | [1],[2] | ' | 255,194,000 | [1],[2] | 255,165,000 | [1],[2] | ' | 295,151,000 | [3] | 287,373,000 | [3] | 249,666,000 | [4] | 249,620,000 | [4] | 250,000,000 | [4] | 250,000,000 | [4] | 200,000,000 | [4] | 200,000,000 | [4] | 7,000 | [5] | 7,000 | [5] | ' | ' | ' | 11,953,000 | [6] | 16,893,000 | [6] | ' | ' | ' |
Coupon Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.88% | [1],[2],[7] | ' | 6.00% | 6.00% | [1],[2],[7] | ' | ' | 3.00% | [3],[7] | ' | 5.00% | [4],[7] | ' | 7.75% | [4],[7] | ' | 4.50% | [4],[7] | ' | 4.00% | [5],[7] | ' | ' | ' | ' | 3.00% | [6],[7] | ' | 5.88% | ' | 5.61% | ||||||||
Effective Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | 1.64% | ' | ' | ' | ' | ' | 5.88% | [1],[2] | ' | ' | 6.00% | [1],[2] | ' | ' | 3.00% | [3] | ' | 5.00% | [4] | ' | 7.75% | [4] | ' | 4.50% | [4] | ' | 4.00% | [5] | ' | ' | ' | ' | 3.00% | [6] | ' | ' | ' | ' | ||||||||
Term (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | [1],[2] | ' | ' | '10 years | [1],[2] | ' | ' | '7 years | [3] | ' | '7 years | [4] | ' | '10 years | [4] | ' | '10 years | [4] | ' | '20 years | [5] | ' | ' | ' | ' | '20 years | [6] | ' | ' | ' | ' | ||||||||
Aggregate principal amount of notes repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,400,000 | ' | ' | ' | ' | 19,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | 22,700,000 | ' | ' | ||||||||||||||||
Loss on early extinguishment of debt | 0 | 0 | 18,523,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt instrument issued, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 345,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | 100,000,000 | ' | ||||||||||||||||
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000 | ' | 102,200,000 | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Premium on sale price to calculate exchange price of notes (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ||||||||||||||||
Exchange price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $85.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $173.30 | ' | ' | ' | ' | ' | ||||||||||||||||
Adjusted exchange rate for the debentures (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.7153 | ' | ' | ' | ' | ' | ' | ' | 7.7461 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Amount of convertible debt recorded in equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $78,300,000 | $49,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $66,600,000 | ' | ' | ' | ' | ' | ||||||||||||||||
Adjusted reference dividend for debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Maximum consecutive quarters up to which interest payment can be deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ||||||||||||||||
Number of years for which securities will bear fixed rate of interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ||||||||||||||||
Consideration as a percentage of accrued balance on repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.60% | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
[1] | Issued by ROP. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | On DecemberB 27, 2012, we repurchased $42.4 million of aggregate principal amount of these notes, consisting of $22.7 million of the 5.875% Notes and $19.7 million of the 6.0% Notes, for a total consideration of $46.4 million and realized a net loss on early extinguishment of debt of approximately $3.8 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | In OctoberB 2010, the Operating Partnership issued $345.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on AprilB 15 and OctoberB 15. The notes had an initial exchange rate representing an exchange price that was set at a 30.0% premium to the last reported sale price of the Company's common stock on OctoberB 6, 2010, or $85.81. The initial exchange rate is subject to adjustment under certain circumstances. The current exchange rate is 11.7153 shares of our common stock per $1,000 principal amount of these notes. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of our common stock, if any, at our option. The notes are guaranteed by ROP. On the issuance date, $78.3 million of the debt balance was recorded in equity. As of SeptemberB 30, 2013, approximately $49.8 million remained to be amortized into the debt balance. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Issued by the Company, the Operating Partnership and ROP, as co-obligors. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to ROP, at the option of the holder at par plus accrued and unpaid interest, on JuneB 15, 2015 and 2020 and upon the occurrence of certain change of control transactions. As a result of the acquisition of all outstanding shares of common stock of Reckson, or the Reckson Merger, the adjusted exchange rate for the debentures is 7.7461 shares of our common stock per $1,000 of principal amount of debentures and the adjusted reference dividend for the debentures is $1.3491. During the year ended DecemberB 31, 2012, we repurchased $650,000 of these bonds at par. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | In MarchB 2007, the Operating Partnership issued $750.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on MarchB 30 and SeptemberB 30. The notes have an initial exchange rate representing an exchange price that was set at a 25.0% premium to the last reported sale price of the Company's common stock on MarchB 20, 2007, or $173.30. The initial exchange rate is subject to adjustment under certain circumstances. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of the Company's common stock, if any, at our option. The notes are currently redeemable at the Operating Partnershipbs option. The Operating Partnership may be required to repurchase the notes on MarchB 30, 2017 and 2022, and upon the occurrence of certain designated events. On MarchB 30, 2012, we repurchased $102.2 million of aggregate principal amount of the exchangeable notes pursuant to a mandatory offer to repurchase the notes. On the issuance date, $66.6 million was recorded in equity and was fully amortized into the debt balance as of MarchB 31, 2012. On JanuaryB 2, 2013, we repurchased $4.9 million of aggregate principal amount of exchangeable notes at 99.6% of the principal amount. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates. |
Corporate_IndebtednessFuture_P
Corporate Indebtedness-Future Payment (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Amortization and Maturities of Long-term Debt [Abstract] | ' |
2013 | $226,413 |
2014 | 265,979 |
2015 | 276,572 |
2016 | 826,484 |
2017 | 1,504,745 |
Thereafter | 3,769,732 |
Total amortization of debt and principal repayments | 6,869,925 |
Mortgages and other loans payable | ' |
Scheduled Amortization | ' |
2013 | 10,093 |
2014 | 43,808 |
2015 | 47,028 |
2016 | 55,689 |
2017 | 61,213 |
Thereafter | 311,611 |
Total amortization of debt | 529,442 |
Maturities of Long-term Debt [Abstract] | ' |
2013 | 216,320 |
2014 | 146,273 |
2015 | 229,537 |
2016 | 515,487 |
2017 | 1,086,579 |
Thereafter | 1,918,121 |
Total principal repayments | 4,112,317 |
Revolving credit facility | ' |
Maturities of Long-term Debt [Abstract] | ' |
Thereafter | 340,000 |
Total principal repayments | 340,000 |
Term Loans and Trust Preferred Securities | ' |
Maturities of Long-term Debt [Abstract] | ' |
Thereafter | 100,000 |
Total principal repayments | 100,000 |
Term Loan and Senior Unsecured Notes | ' |
Amortization and Maturities of Long-term Debt [Abstract] | ' |
2014 | 75,898 |
2015 | 7 |
2016 | 255,308 |
2017 | 356,953 |
Thereafter | 1,100,000 |
Total amortization of debt and principal repayments | 1,788,166 |
Joint venture | ' |
Maturities of Long-term Debt [Abstract] | ' |
2013 | 77,387 |
2014 | 324,001 |
2015 | 41,085 |
2016 | 597,456 |
2017 | 930,713 |
Thereafter | 198,805 |
Total principal repayments | $2,169,447 |
Corporate_IndebtednessInterest
Corporate Indebtedness-Interest (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Interest expense | $83,536 | $86,045 | $248,905 | $248,986 |
Interest income | -563 | -386 | -1,485 | -1,197 |
Interest expense, net | 82,973 | 85,659 | 247,420 | 247,789 |
Interest capitalized | $2,828 | $3,360 | $9,191 | $8,892 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Alliance Building Services | Alliance Building Services | Alliance Building Services | Alliance Building Services | A-List Marketing, LLC | A-List Marketing, LLC | A-List Marketing, LLC | A-List Marketing, LLC | Nancy Peck and Company | Entity with Stephen L Green ownership interest | Entity with Stephen L Green ownership interest | Entity with Stephen L Green ownership interest | Entity with Stephen L Green ownership interest | |||
sqft | |||||||||||||||
Related Party Transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Profit participation from related party | ' | ' | $800,000 | $800,000 | $2,700,000 | $2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments made for services | ' | ' | 4,800,000 | 4,700,000 | 13,200,000 | 12,900,000 | 50,700 | 2,400 | 158,000 | 58,300 | ' | ' | ' | ' | ' |
Space at 420 Lexington Avenue leased (in square feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,003 | ' | ' | ' | ' |
Lease rent due per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,516 | ' | ' | ' | ' |
Increased lease rent due per year beginning in year seven | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' |
Property management fees from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,000 | 93,000 | 319,000 | 292,000 |
Due from joint ventures | 2,128,000 | 511,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 5,672,000 | 7,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party receivables | 7,800,000 | 7,531,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to joint venture (included in Accounts payable and accrued expenses) | $0 | ($8,401,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling_Interests_in_Op2
Noncontrolling Interests in Operating Partnership (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 |
Series G Preferred Units | Series G Preferred Units | Series H Preferred Units | Series H Preferred Units | SL Green Operating Partnership [Member] | SL Green Operating Partnership [Member] | SL Green Operating Partnership [Member] | SL Green Operating Partnership [Member] | SL Green Operating Partnership [Member] | SL Green Operating Partnership [Member] | SL Green Operating Partnership [Member] | |
unit | unit | Series G Preferred Units | Series H Preferred Units | Series E preferred units | Series F Preferred Stock [Member] | ||||||
Organization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest in the operating partnership (as a percent) | ' | ' | ' | ' | 2.94% | 2.94% | 2.94% | ' | ' | ' | ' |
Number of units of operating partnership owned by the noncontrolling interest unit holders (units) | ' | ' | ' | ' | 2,792,050 | 2,792,050 | 2,759,758 | ' | ' | ' | ' |
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | ' | ' | ' | ' | 2,792,050 | 2,792,050 | ' | ' | ' | ' | ' |
Number of preferred units issued (in shares) | 1,902,000 | 1,902,000 | 80,000 | 80,000 | ' | ' | ' | 1,902,000 | 80,000 | 22,658 | 60 |
Dividend rate preferred units (as a percent) | ' | ' | ' | ' | ' | ' | ' | 4.50% | 6.00% | 5.00% | ' |
Liquidation preference of preferred units (in dollars per share) | $25 | $25 | $25 | $25 | ' | ' | ' | $25 | $25 | $1 | $1,000 |
Annual dividends on preferred units (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $1.13 | $1.50 | ' | ' |
Operating partnership common stock value use for conversion of preferred units (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $88.50 | ' | ' | ' |
Number of company common stock issue on redemption of operation partnership common units | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Noncontrolling_InterestRollfor
Noncontrolling Interest-Rollforward (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SL Green Operating Partnership [Member] | SL Green Operating Partnership [Member] | SL Green Operating Partnership [Member] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | ' | ' | ($11,809) | ' | ' | ($2,695) | ($3,296) | ' |
Issuance of common units | ' | ' | ' | ' | ' | 14,270 | 42,239 | ' |
Redemption of common units | ' | ' | ' | ' | ' | -17,287 | -87,513 | ' |
Net income | 1,110 | 567 | 1,909 | 4,876 | ' | 1,909 | 5,597 | ' |
Accumulated other comprehensive income (loss) | -25 | -59 | 490 | -396 | ' | 490 | -388 | ' |
Fair value adjustment | ' | ' | ' | ' | ' | 38,452 | 61,238 | ' |
Balance at the end of period | $248,046 | ' | $248,046 | ' | $212,907 | $248,046 | $212,907 | $195,030 |
Stockholders_Equity_of_the_Com2
Stockholders' Equity of the Company (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2011 | Sep. 30, 2013 | Aug. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Aug. 31, 2012 | Jul. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | |
Common Stock | Common Stock | Series I Preferred Units | Series I Preferred Units | Series C Preferred Units | Series C Preferred Units | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Realty Corporation | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | Stock Options Stock Appreciation Rights and Other Awards [Member] | ||||||
Common Stock | At-the-market equity offering programs | At-the-market equity offering programs | Common Stock | Series I Preferred Units | Series I Preferred Units | Series C Preferred Units | Series C Preferred Units | Series C Preferred Units | Series C Preferred Units | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Dividend Reinvestment and Stock Purchase Plan [Member] | Dividend Reinvestment and Stock Purchase Plan [Member] | Dividend Reinvestment and Stock Purchase Plan [Member] | Common Stock | Series I Preferred Units | Series I Preferred Units | Series C Preferred Units | ||||||||||||||||
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized capital stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 260,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized shares, par value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (in shares) | 160,000,000 | ' | 160,000,000 | ' | 160,000,000 | ' | ' | ' | ' | ' | ' | 160,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued (in shares) | 95,780,000 | ' | 95,780,000 | ' | 94,896,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess stock authorized (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess stock, par value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding net of treasury shares (shares) | ' | ' | ' | ' | ' | 92,214,000 | 91,250,000 | ' | ' | ' | ' | ' | 92,214,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess Stock, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares to be issued (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | ' | ' | ' | ' | 462,000 | ' | ' | ' | ' | ' | ' | ' | 462,276 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 651 | 1,300,000 | ' | ' | ' | 462,276 | ' | ' | ' | ' |
Proceeds from Shares Sold Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' | 41,758,000 | 423,544,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,000 | 99,500,000 | ' | 41,758,000 | 423,544,000 | ' | ' | ' | ' | ' |
Aggregate value of shares available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | 9,200,000 | ' | 7,700,000 | ' | ' | ' | ' | ' | ' | 9,200,000 | ' | ' | ' | 11,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | 9,200,000 | 7,700,000 | ' |
Preferred Units (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | 7.63% | ' | ' | ' | 7.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | $25 | $25 | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Perpetual Preferred stock, annual dividends per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.63 | ' | ' | $1.91 | ' | ' | $1.97 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 221,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred units, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Units, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | 7.63% | ' | ' | ' | 7.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock redeemed (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | 4,000,000 | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of accumulated and unpaid dividends (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.35 | $0.37 | ' | ' | $0.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock redemption costs | $0 | $10,010,000 | $12,160,000 | $10,010,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,200,000 | $6,300,000 | ' | ' | $3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years |
Stockholders_EquityEPS_Details
Stockholders' Equity-EPS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Basic Earnings: | ' | ' | ' | ' | ||
Net income attributable to SL Green common stockholders | $37,025 | $7,732 | $64,210 | $136,028 | ||
Basic Shares: | ' | ' | ' | ' | ||
Basic weighted average common shares outstanding (in shares) | 91,988,000 | 90,241,000 | 91,684,000 | 88,929,000 | ||
Effect of Dilutive Securities: | ' | ' | ' | ' | ||
Diluted weighted average common shares and common share equivalents outstanding (in shares) | 95,016,000 | 93,891,000 | 94,631,000 | 92,485,000 | ||
3.0% exchangeable senior notes due 2017 | ' | ' | ' | ' | ||
Effect of Dilutive Securities: | ' | ' | ' | ' | ||
Interest rate (as a percent) | 3.00% | [1],[2] | ' | 3.00% | [1],[2] | ' |
3.0% exchangeable senior notes due 2027 | ' | ' | ' | ' | ||
Effect of Dilutive Securities: | ' | ' | ' | ' | ||
Interest rate (as a percent) | 3.00% | [1],[3] | ' | 3.00% | [1],[3] | ' |
4.0% exchangeable senior debentures due 2025 | ' | ' | ' | ' | ||
Effect of Dilutive Securities: | ' | ' | ' | ' | ||
Interest rate (as a percent) | 4.00% | [1],[4] | ' | 4.00% | [1],[4] | ' |
SL Green Realty Corporation | ' | ' | ' | ' | ||
Basic Earnings: | ' | ' | ' | ' | ||
Net income attributable to SL Green common stockholders | 37,025 | 7,732 | 64,210 | 136,028 | ||
Effect of Dilutive Securities: | ' | ' | ' | ' | ||
Redemption of units to common shares | 1,110 | 567 | 1,909 | 4,876 | ||
Diluted Earnings: | ' | ' | ' | ' | ||
Income attributable to SL Green common stockholders | $38,135 | $8,299 | $66,119 | $140,904 | ||
Basic Shares: | ' | ' | ' | ' | ||
Basic weighted average common shares outstanding (in shares) | 91,988,000 | 90,241,000 | 91,684,000 | 88,929,000 | ||
Effect of Dilutive Securities: | ' | ' | ' | ' | ||
Redemption of units to common shares | 2,792,000 | 3,320,000 | 2,705,000 | 3,188,000 | ||
Stock-based compensation plans (in shares) | 236,000 | 330,000 | 242,000 | 368,000 | ||
Diluted weighted average common shares and common share equivalents outstanding (in shares) | 95,016,000 | 93,891,000 | 94,631,000 | 92,485,000 | ||
Common stock shares excluded from the diluted shares outstanding (shares) | 703,702 | 548,000 | 922,239 | 613,000 | ||
SL Green Realty Corporation | 3.0% exchangeable senior notes due 2017 | ' | ' | ' | ' | ||
Effect of Dilutive Securities: | ' | ' | ' | ' | ||
Interest rate (as a percent) | 3.00% | ' | 3.00% | ' | ||
SL Green Realty Corporation | 3.0% exchangeable senior notes due 2027 | ' | ' | ' | ' | ||
Effect of Dilutive Securities: | ' | ' | ' | ' | ||
Interest rate (as a percent) | 3.00% | ' | 3.00% | ' | ||
SL Green Realty Corporation | 4.0% exchangeable senior debentures due 2025 | ' | ' | ' | ' | ||
Effect of Dilutive Securities: | ' | ' | ' | ' | ||
Interest rate (as a percent) | 4.00% | ' | 4.00% | ' | ||
[1] | Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates. | |||||
[2] | In OctoberB 2010, the Operating Partnership issued $345.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on AprilB 15 and OctoberB 15. The notes had an initial exchange rate representing an exchange price that was set at a 30.0% premium to the last reported sale price of the Company's common stock on OctoberB 6, 2010, or $85.81. The initial exchange rate is subject to adjustment under certain circumstances. The current exchange rate is 11.7153 shares of our common stock per $1,000 principal amount of these notes. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of our common stock, if any, at our option. The notes are guaranteed by ROP. On the issuance date, $78.3 million of the debt balance was recorded in equity. As of SeptemberB 30, 2013, approximately $49.8 million remained to be amortized into the debt balance. | |||||
[3] | In MarchB 2007, the Operating Partnership issued $750.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on MarchB 30 and SeptemberB 30. The notes have an initial exchange rate representing an exchange price that was set at a 25.0% premium to the last reported sale price of the Company's common stock on MarchB 20, 2007, or $173.30. The initial exchange rate is subject to adjustment under certain circumstances. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of the Company's common stock, if any, at our option. The notes are currently redeemable at the Operating Partnershipbs option. The Operating Partnership may be required to repurchase the notes on MarchB 30, 2017 and 2022, and upon the occurrence of certain designated events. On MarchB 30, 2012, we repurchased $102.2 million of aggregate principal amount of the exchangeable notes pursuant to a mandatory offer to repurchase the notes. On the issuance date, $66.6 million was recorded in equity and was fully amortized into the debt balance as of MarchB 31, 2012. On JanuaryB 2, 2013, we repurchased $4.9 million of aggregate principal amount of exchangeable notes at 99.6% of the principal amount. | |||||
[4] | Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to ROP, at the option of the holder at par plus accrued and unpaid interest, on JuneB 15, 2015 and 2020 and upon the occurrence of certain change of control transactions. As a result of the acquisition of all outstanding shares of common stock of Reckson, or the Reckson Merger, the adjusted exchange rate for the debentures is 7.7461 shares of our common stock per $1,000 of principal amount of debentures and the adjusted reference dividend for the debentures is $1.3491. During the year ended DecemberB 31, 2012, we repurchased $650,000 of these bonds at par. |
Partners_Capital_of_the_Operat2
Partners' Capital of the Operating Partnership (Details) | Sep. 30, 2013 | Dec. 31, 2012 |
unit | unit | |
SL Green Operating Partnership [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Noncontrolling interest in the operating partnership (as a percent) | 2.94% | 2.94% |
Number of units of operating partnership owned by the noncontrolling interest unit holders (units) | 2,792,050 | 2,759,758 |
Common Stock | ' | ' |
Stockholders' Equity | ' | ' |
Common stock, shares outstanding net of treasury shares (shares) | 92,214,000 | 91,250,000 |
Common Stock | SL Green Operating Partnership [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common stock, shares outstanding net of treasury shares (shares) | 92,214,396 | ' |
Series I Preferred Units | SL Green Operating Partnership [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Preferred units, outstanding | 9,200,000 | ' |
Partners_Capital_of_the_Operat3
Partners' Capital of the Operating Partnership-EPS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Stockholders' Equity | ' | ' | ' | ' | ||
Income attributable to SLGOP common unitholders | $37,025 | $7,732 | $64,210 | $136,028 | ||
SL Green Operating Partnership [Member] | ' | ' | ' | ' | ||
Stockholders' Equity | ' | ' | ' | ' | ||
Income attributable to SLGOP common unitholders | 38,135 | 8,299 | 66,119 | 140,904 | ||
Income attributable to SLGOP common unitholders | $38,135 | $8,299 | $66,119 | $140,904 | ||
Basic weighted average common units outstanding (in shares) | 94,780 | 93,561 | 94,389 | 92,117 | ||
Stock-based compensation plans (in shares) | 236 | 330 | 242 | 368 | ||
Diluted weighted average common units and common share equivalents outstanding (in shares) | 95,016 | 93,891 | 94,631 | 92,485 | ||
Common stock units excluded from the diluted units outstanding (shares) | 703,702 | 548,000 | 922,239 | 613,000 | ||
3.0% exchangeable senior notes due 2017 | ' | ' | ' | ' | ||
Stockholders' Equity | ' | ' | ' | ' | ||
Interest rate (as a percent) | 3.00% | [1],[2] | ' | 3.00% | [1],[2] | ' |
3.0% exchangeable senior notes due 2017 | SL Green Operating Partnership [Member] | ' | ' | ' | ' | ||
Stockholders' Equity | ' | ' | ' | ' | ||
Interest rate (as a percent) | 3.00% | ' | 3.00% | ' | ||
3.00% Senior unsecured notes maturing on March 30, 2027 | ' | ' | ' | ' | ||
Stockholders' Equity | ' | ' | ' | ' | ||
Interest rate (as a percent) | 3.00% | [1],[3] | ' | 3.00% | [1],[3] | ' |
3.00% Senior unsecured notes maturing on March 30, 2027 | SL Green Operating Partnership [Member] | ' | ' | ' | ' | ||
Stockholders' Equity | ' | ' | ' | ' | ||
Interest rate (as a percent) | 3.00% | ' | 3.00% | ' | ||
4.0% exchangeable senior debentures due 2025 | ' | ' | ' | ' | ||
Stockholders' Equity | ' | ' | ' | ' | ||
Interest rate (as a percent) | 4.00% | [1],[4] | ' | 4.00% | [1],[4] | ' |
4.0% exchangeable senior debentures due 2025 | SL Green Operating Partnership [Member] | ' | ' | ' | ' | ||
Stockholders' Equity | ' | ' | ' | ' | ||
Interest rate (as a percent) | 4.00% | ' | 4.00% | ' | ||
[1] | Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates. | |||||
[2] | In OctoberB 2010, the Operating Partnership issued $345.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on AprilB 15 and OctoberB 15. The notes had an initial exchange rate representing an exchange price that was set at a 30.0% premium to the last reported sale price of the Company's common stock on OctoberB 6, 2010, or $85.81. The initial exchange rate is subject to adjustment under certain circumstances. The current exchange rate is 11.7153 shares of our common stock per $1,000 principal amount of these notes. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of our common stock, if any, at our option. The notes are guaranteed by ROP. On the issuance date, $78.3 million of the debt balance was recorded in equity. As of SeptemberB 30, 2013, approximately $49.8 million remained to be amortized into the debt balance. | |||||
[3] | In MarchB 2007, the Operating Partnership issued $750.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on MarchB 30 and SeptemberB 30. The notes have an initial exchange rate representing an exchange price that was set at a 25.0% premium to the last reported sale price of the Company's common stock on MarchB 20, 2007, or $173.30. The initial exchange rate is subject to adjustment under certain circumstances. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of the Company's common stock, if any, at our option. The notes are currently redeemable at the Operating Partnershipbs option. The Operating Partnership may be required to repurchase the notes on MarchB 30, 2017 and 2022, and upon the occurrence of certain designated events. On MarchB 30, 2012, we repurchased $102.2 million of aggregate principal amount of the exchangeable notes pursuant to a mandatory offer to repurchase the notes. On the issuance date, $66.6 million was recorded in equity and was fully amortized into the debt balance as of MarchB 31, 2012. On JanuaryB 2, 2013, we repurchased $4.9 million of aggregate principal amount of exchangeable notes at 99.6% of the principal amount. | |||||
[4] | Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to ROP, at the option of the holder at par plus accrued and unpaid interest, on JuneB 15, 2015 and 2020 and upon the occurrence of certain change of control transactions. As a result of the acquisition of all outstanding shares of common stock of Reckson, or the Reckson Merger, the adjusted exchange rate for the debentures is 7.7461 shares of our common stock per $1,000 of principal amount of debentures and the adjusted reference dividend for the debentures is $1.3491. During the year ended DecemberB 31, 2012, we repurchased $650,000 of these bonds at par. |
Sharebased_CompensationAmended
Share-based Compensation-Amended and Restated Text (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Third Amended and Restated 2005 Stock Option and Incentive Plan [Member] | Full Value Awards [Member] | Stock Options Stock Appreciation Rights and Other Awards [Member] | Other Awards [Member] | |
Minimum | Maximum | fungibleunits | fungibleunits | fungibleunits | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum fungible untis that may be granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 17,130,000 | ' | ' | ' |
Fungible units per share (fungible units by share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.76 | 0.77 | 1 |
Shares that may be issued if equal to fungible units (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 17,130,000 | ' | ' | ' |
Fungible units available for issuance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 5,800,000 | ' | ' | ' |
Option expiration period | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Option vesting period | ' | ' | ' | ' | '1 year | '5 years | ' | ' | ' | ' | ' | ' |
Period of commencement of option vesting, from date of grant | '1 year | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of options granted, low end of the range (usd per share) | ' | ' | $20.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of options granted, high end of range (usd per share) | ' | ' | $137.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining weighted average contractual life of the options outstanding | ' | ' | '4 years 3 months 4 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining weighted average contractual life of the options exercisable | ' | ' | '3 years 10 months 10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | $2,200,000 | $1,000,000 | $4,800,000 | $3,900,000 | ' | ' | $4,421,551 | $6,930,381 | ' | ' | ' | ' |
Total unrecognized compensation cost related to unvested stock awards | $8,900,000 | ' | $8,900,000 | ' | ' | ' | $8,500,000 | ' | ' | ' | ' | ' |
Weighted average period for recognition of compensation cost related to unvested stock awards | ' | ' | '3 years | ' | ' | ' | '2 years 0 months 0 days | ' | ' | ' | ' | ' |
Sharebased_CompensationFair_Va
Share-based Compensation-Fair Value Assumptions (Details) (Employee Stock Option [Member]) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Dividend yield (percent) | 1.95% | 2.00% |
Expected life of option | '4 years 8 months 12 days | '3 years 8 months 12 days |
Risk-free interest rate (percent) | 0.78% | 0.46% |
Expected stock price volatility | 35.59% | 37.40% |
Sharebased_CompensationOptions
Share-based Compensation-Options roll forward (Details) (Employee Stock Option [Member], USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Options Outstanding, beginning of the year (shares) | 1,201,000 | 1,277,200 |
Options Outstanding, granted (shares) | 246,000 | 361,331 |
Options Outstanding, Exercised (shares) | -184,919 | -382,612 |
Options Outstanding, Lapsed or canceled (shares) | -33,202 | -54,919 |
Options Outstanding, end of the year (shares) | 1,228,879 | 1,201,000 |
Options Outstanding, options exercisable at the end of the period (shares) | 506,903 | 479,913 |
Options Outstanding, weighted average fair value of options granted during the period | $4,999,225 | $6,602,967 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' |
Weighted Average Exercise Price, beginning of the year (usd per share) | $75.05 | $63.37 |
Weighted Average Exercise Price, granted (usd per share) | $79.58 | $75.36 |
Weighted Average Exercise Price, exercised (usd per share) | $51.62 | $36.65 |
Weighted Average Exercise Price, lapsed or canceled (usd per share) | $83.61 | $72.99 |
Weighted Average Exercise Price, end of the year (usd per share) | $79.25 | $75.05 |
Weighted Average Exercise Price, options exercisable at the end of the period (usd per share) | $87.48 | $86.85 |
Sharebased_Compensation_Detail
Share-based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Annual award vesting rate, low end of range (percent) | ' | ' | ' | ' | 15.00% | ' | ' |
Annual award vesting rate, high end of range (percent) | ' | ' | ' | ' | 35.00% | ' | ' |
Fair value of restricted stock vested during the period | ' | ' | ' | ' | $400,000 | $22,400,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | 2,811,501 | 2,804,901 | 2,912,456 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | 9,867 | 92,729 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | ' | ' | ' | ' | -3,267 | -200,284 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | ' | 6,634 | 408,800 | ' |
Compensation expense | ' | ' | ' | ' | 4,421,551 | 6,930,381 | ' |
Options Outstanding, weighted average fair value of options granted during the period | ' | ' | ' | ' | 882,249 | 7,023,942 | ' |
Total unrecognized compensation cost related to unvested stock awards | ' | ' | ' | ' | 8,500,000 | ' | ' |
Weighted average period for recognition of compensation cost related to unvested stock awards | ' | ' | ' | ' | '2 years 0 months 0 days | ' | ' |
Cost capitalized | $900,000 | $900,000 | $2,900,000 | $2,900,000 | ' | ' | ' |
Sharebased_CompensationNotiona
Share-based Compensation-Notional Unit (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 17, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cost capitalized | $900,000 | $900,000 | $2,900,000 | $2,900,000 | ' | ' | ' | ' |
Notional Unit Long-term Compensation Plan 2010 [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Term of long term compensation program | ' | ' | '3 years | ' | ' | ' | ' | ' |
Approximate amount of awards that may be earned by recipients after beginning of the second year if maximum performance achieved | 25,000,000 | ' | 25,000,000 | ' | ' | ' | ' | ' |
Approximate amount of awards that may be earned by recipients after beginning of the third year if maximum performance achieved | 25,000,000 | ' | 25,000,000 | ' | ' | ' | ' | ' |
Minimum stock price appreciation to earn maximum amount of awards (as a percent) | ' | ' | ' | ' | 50.00% | ' | ' | ' |
LTP units earned (in shares) | ' | ' | ' | ' | 327,416 | ' | 385,583 | 366,815 |
Percentage of LTIP units earned, vested on December 17, 2012 | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Total compensation cost of plan subject to forfeitures | ' | ' | 31,700,000 | ' | ' | ' | ' | ' |
Compensation expense | 900,000 | 3,300,000 | 3,600,000 | 7,000,000 | ' | ' | ' | ' |
Notional Unit Long-term Compensation Plan 2010 [Member] | Minimum | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate amount of LTP units that may be earned by the recipients based on stock price appreciation | 15,000,000 | ' | 15,000,000 | ' | ' | ' | ' | ' |
Notional Unit Long-term Compensation Plan 2010 [Member] | Maximum | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate amount of LTP units that may be earned by the recipients based on stock price appreciation | $75,000,000 | ' | $75,000,000 | ' | ' | ' | ' | ' |
Sharebased_CompensationOther_D
Share-based Compensation-Other (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 31, 2008 | |
Long Term Outperformance Compensation Program 2011 [Member] | Long Term Outperformance Compensation Program 2011 [Member] | Long Term Outperformance Compensation Program 2011 [Member] | Long Term Outperformance Compensation Program 2011 [Member] | Long Term Outperformance Compensation Program 2011 [Member] | Deferred Stock Compensation Plan for Directors [Member] | Employee Stock [Member] | Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate amount of LTP units that may be earned by the recipients based on stock price appreciation | ' | ' | ' | ' | $85,000,000 | ' | ' | ' | ' | ' | ' | ' |
Term of long term compensation program | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Value of LTIP Units that could be earned expressed as percentage of outperformance amounts in excess of the 30% benchmark | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Minimum return to be achieved for restricted stock awards to be made to plan participate (as a percent) | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' |
Award annual vesting (percent) | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' |
Maximum performance pool established, net of forfeitures | ' | ' | ' | ' | 85,000,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of LTIP Units earned, vesting on August 31, 2014 | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options Percentage of Awards Vesting on August 31, 2015 | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' |
Total compensation cost of plan subject to forfeitures | ' | ' | ' | ' | ' | ' | ' | 26,300,000 | ' | ' | ' | ' |
Cost capitalized | 900,000 | 900,000 | 2,900,000 | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | ' | ' | ' | ' | $1,700,000 | $1,400,000 | $6,200,000 | $4,000,000 | ' | ' | ' |
Maximum percentage of the annual retainer fee, chairman fees and meeting fees that may be deferred by non-employee diretors | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Awards granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,692 | ' | ' |
Phantom stock units outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,805 | ' | ' |
Shares of common stock available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 |
Duration of each offering period starting the first day of each calendar quarter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' |
Purchase price as a percentage of market value of the common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' |
Shares of common stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,026 | ' |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss of the Company (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | ' | ($29,587,000) | |
Ending balance | -19,249,000 | -29,587,000 | |
SL Green Realty Corporation | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | -29,587,000 | ' | |
Other comprehensive (loss) income before reclassifications | 5,444,000 | ' | |
Amounts reclassified from accumulated other comprehensive income (loss) | 4,894,000 | ' | |
Ending balance | -19,249,000 | ' | |
SL Green Realty Corporation | Unrealized Gains (Losses) on Marketable Securities [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | -16,834,000 | [1] | ' |
Other comprehensive (loss) income before reclassifications | -121,000 | [1] | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,222,000 | [1] | ' |
Ending balance | -15,733,000 | [1] | ' |
SL Green Realty Corporation | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | 3,310,000 | ' | |
Other comprehensive (loss) income before reclassifications | 317,000 | ' | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ' | |
Ending balance | 3,627,000 | ' | |
Deferred net losses from terminated hedges | -14,300,000 | -15,000,000 | |
SL Green Realty Corporation | Joint venture | Unrealized Gains (Losses) on Marketable Securities [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | -16,063,000 | [2] | ' |
Other comprehensive (loss) income before reclassifications | 5,248,000 | [2] | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,672,000 | [2] | ' |
Ending balance | ($7,143,000) | [2] | ' |
[1] | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of September 30, 2013 and December 31, 2012, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized gain on derivative instrument, was approximately $14.3 million and $15.0 million, respectively. | ||
[2] | Amount reclassified from accumulated other comprehensive income (loss) is included in equity in net income from unconsolidated joint ventures in the respective consolidated statements of income. |
Accumulated_Other_Comprehensiv5
Accumulated Other Comprehensive Loss of the Operating Partnership (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | ' | ($29,587,000) | |
Ending balance | -19,249,000 | -29,587,000 | |
SL Green Operating Partnership | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | -30,649,000 | ' | |
Other comprehensive (loss) income before reclassifications | 5,789,000 | ' | |
Amounts reclassified from accumulated other comprehensive income (loss) | 5,039,000 | ' | |
Ending balance | -19,821,000 | ' | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | SL Green Operating Partnership | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | 3,429,000 | ' | |
Other comprehensive (loss) income before reclassifications | 306,000 | ' | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ' | |
Ending balance | 3,735,000 | ' | |
Deferred net losses from terminated hedges | -14,800,000 | -15,500,000 | |
Unrealized Gains (Losses) on Marketable Securities [Member] | SL Green Operating Partnership | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | -17,438,000 | [1] | ' |
Other comprehensive (loss) income before reclassifications | -20,000 | [1] | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,258,000 | [1] | ' |
Ending balance | -16,200,000 | [1] | ' |
Joint venture | Unrealized Gains (Losses) on Marketable Securities [Member] | SL Green Operating Partnership | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | -16,640,000 | [2] | ' |
Other comprehensive (loss) income before reclassifications | 5,503,000 | [2] | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,781,000 | [2] | ' |
Ending balance | ($7,356,000) | [2] | ' |
[1] | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. | ||
[2] | Amount reclassified from accumulated other comprehensive income (loss) is included in equity in net income from unconsolidated joint ventures in the respective consolidated statements of income. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value of Financial Instruments | ' | ' |
Total marketable securities available-for-sale | $32,863,000 | $21,429,000 |
Debt and preferred equity investments | 1,315,551,000 | 1,348,434,000 |
Fair Value | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 1,465,000 | 1,959,000 |
Total marketable securities available-for-sale | 32,863,000 | 21,429,000 |
Level 1 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 |
Total marketable securities available-for-sale | 3,109,000 | 2,202,000 |
Level 2 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 1,465,000 | 1,959,000 |
Total marketable securities available-for-sale | 26,346,000 | 15,575,000 |
Level 3 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 |
Total marketable securities available-for-sale | 3,408,000 | 3,652,000 |
Carrying Value | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Fixed and variable rate debt, Fair value Disclosure | 6,819,627,000 | 6,520,420,000 |
Carrying Value | Level 3 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Debt and preferred equity investments | 1,315,551,000 | 1,348,434,000 |
Fair Value | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Fixed and variable rate debt, Fair value Disclosure | 7,214,676,000 | 6,891,738,000 |
Minimum | Fair Value | Level 3 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Debt and preferred equity investments | 1,300,000,000 | 1,300,000,000 |
Maximum | Fair Value | Level 3 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Debt and preferred equity investments | 1,400,000,000 | 1,400,000,000 |
Fixed rate debt | Carrying Value | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Fixed and variable rate debt, Fair value Disclosure | 5,606,449,000 | 4,922,725,000 |
Fixed rate debt | Fair Value | Level 3 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Fixed and variable rate debt, Fair value Disclosure | 5,979,568,000 | 5,334,244,000 |
Variable rate debt | Carrying Value | Level 3 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Fixed and variable rate debt, Fair value Disclosure | 1,213,178,000 | 1,597,695,000 |
Variable rate debt | Fair Value | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Fixed and variable rate debt, Fair value Disclosure | $1,235,108,000 | $1,557,494,000 |
Financial_Instruments_Derivati2
Financial Instruments: Derivatives and Hedging (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Financial Instruments: Derivatives and Hedging | ' | ' | ' | ' |
Estimated current balance held in accumulated other comprehensive loss to be reclassified into earnings within the next 12 months | ' | ' | $2,700,000 | ' |
Share of joint venture of accumulated other comprehensive loss reclassified into equity in net income from unconsolidated joint ventures within the next 12 months | ' | ' | 5,000,000 | ' |
Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion) | -2,766,000 | -3,352,000 | 5,483,000 | -10,305,000 |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | 1,601,000 | 3,250,000 | 5,039,000 | 9,670,000 |
Amount of Gain (Loss) Recognized in Income (Effective Portion) | 7,000 | -1,000 | 2,000 | 0 |
Interest Rate Cap expiring in November, 2013 | ' | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' | ' |
Notional Value | 271,912,000 | ' | 271,912,000 | ' |
Strike Rate (as a percent) | 6.00% | ' | 6.00% | ' |
Interest Rate Cap expiring in June, 2016 | ' | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' | ' |
Notional Value | 30,000,000 | ' | 30,000,000 | ' |
Strike Rate (as a percent) | 2.30% | ' | 2.30% | ' |
Interest Rate Swap expiring in February, 2015 | ' | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' | ' |
Notional Value | 8,500,000 | ' | 8,500,000 | ' |
Strike Rate (as a percent) | 0.74% | ' | 0.74% | ' |
Level 2 | ' | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' | ' |
Fair Value | -1,465,000 | ' | -1,465,000 | ' |
Level 2 | Interest Rate Cap expiring in November, 2013 | ' | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' | ' |
Fair Value | 0 | ' | 0 | ' |
Level 2 | Interest Rate Cap expiring in June, 2016 | ' | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' | ' |
Fair Value | -1,412,000 | ' | -1,412,000 | ' |
Level 2 | Interest Rate Swap expiring in February, 2015 | ' | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' | ' |
Fair Value | -53,000 | ' | -53,000 | ' |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion) | -160,000 | -278,000 | -20,000 | -901,000 |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | 320,000 | 468,000 | 1,258,000 | 1,394,000 |
Amount of Gain (Loss) Recognized in Income (Effective Portion) | 2,000 | -1,000 | 2,000 | 0 |
Unconsolidated Joint Venture [Member] | Derivative [Member] | ' | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion) | -2,606,000 | -3,074,000 | 5,503,000 | -9,404,000 |
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | 1,281,000 | 2,782,000 | 3,781,000 | 8,276,000 |
Amount of Gain (Loss) Recognized in Income (Effective Portion) | $5,000 | $0 | $0 | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Property Acquisitions | ' |
Initial term of non cancellable operating leases, minimum | '1 year |
Capital leases | ' |
2013 (3 months) | $573,000 |
2014 | 2,293,000 |
2015 | 2,364,000 |
2016 | 2,543,000 |
2017 | 2,653,000 |
Thereafter | 356,544,000 |
Total minimum lease payments | 366,970,000 |
Less amount representing interest | -319,478,000 |
Present value of net minimum lease payments | 47,492,000 |
Non-cancellable operating leases | ' |
2013 (3 months) | 8,914,000 |
2014 | 35,655,000 |
2015 | 35,810,000 |
2016 | 36,251,000 |
2017 | 36,474,000 |
Thereafter | 1,188,301,000 |
Total minimum lease payments | 1,341,405,000 |
315 West 33rd Street [Member] | ' |
Property Acquisitions | ' |
Contractual obligation | $386,000,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
segment | |||||
transaction | |||||
Segment information | ' | ' | ' | ' | ' |
Number of reportable segments (segments) | ' | ' | 2 | ' | ' |
Total revenues: | $363,765,000 | $357,011,000 | $1,094,378,000 | $1,036,130,000 | ' |
Income (loss) from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate | 30,497,000 | 32,486,000 | 96,538,000 | 154,957,000 | ' |
Total assets | 14,574,919,000 | ' | 14,574,919,000 | ' | 14,378,985,000 |
Leverage rate assumption (as a percent) | ' | ' | 100.00% | ' | ' |
Marketing, general and administrative expenses and transaction related costs | 18,500,000 | 21,900,000 | 64,200,000 | 65,900,000 | ' |
Transactions between reportable segments (transactions) | ' | ' | 0 | ' | ' |
Real Estate Segment | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Total revenues: | 319,317,000 | 329,142,000 | 950,491,000 | 948,475,000 | ' |
Income (loss) from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate | -5,885,000 | 10,214,000 | -21,705,000 | 84,757,000 | ' |
Total assets | 13,247,401,000 | ' | 13,247,401,000 | ' | 13,021,095,000 |
Debt and Preferred Equity Segment | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' |
Total revenues: | 44,448,000 | 27,869,000 | 143,887,000 | 87,655,000 | ' |
Income (loss) from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate | 36,382,000 | 22,272,000 | 118,243,000 | 70,200,000 | ' |
Total assets | $1,327,518,000 | ' | $1,327,518,000 | ' | $1,357,890,000 |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reconciliation of income from continuing operations to net income attributable to SL Green common stockholders | ' | ' | ' | ' |
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate | $30,497 | $32,486 | $96,538 | $154,957 |
Purchase price fair value adjustment | 0 | 0 | -2,305 | 0 |
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | -354 | -4,807 | -3,937 | 17,776 |
Income from continuing operations | 30,143 | 27,679 | 90,296 | 172,733 |
Net income from discontinued operations | 1,406 | 951 | 1,725 | 2,883 |
Gain on sale of discontinued operations | 13,787 | 0 | 14,900 | 6,627 |
Net income | $45,336 | $28,630 | $106,921 | $182,243 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 9 Months Ended | 0 Months Ended | 1 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Nov. 07, 2013 | Oct. 31, 2013 | |
Subsequent event | Mortgages [Member] | ||||
Mortgage for 220 East 42nd Street [Member] | |||||
Subsequent event | |||||
Subsequent Events | ' | ' | ' | ' | ' |
Term | ' | ' | ' | ' | '7 years |
Face amount of mortgage | ' | ' | ' | ' | $275,000,000 |
Interest rate added to base rate (as a percent) | ' | ' | ' | ' | 1.60% |
Interest rate, description | ' | ' | ' | ' | '30-day LIBOR |
Common stock, shares issued (in shares) | 95,780,000 | ' | 94,896,000 | 2,600,000 | ' |
Common stock, par value (in dollars per share) | $0.01 | ' | $0.01 | $0.01 | ' |
Sales price of stock (usd per share) | ' | ' | ' | $95.94 | ' |
Net proceeds from sale of common stock/preferred stock | 41,758,000 | 423,544,000 | ' | 249,400,000 | ' |
Payments of stock issuance costs | ' | ' | ' | $5,700,000 | ' |
Shares authorized for sale to underwriter (shares) | ' | ' | ' | 390,000 | ' |
Shares authorized for sale to underwriter (usd per share) | ' | ' | ' | $95.94 | ' |