Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'SL GREEN REALTY CORP | ' | ' |
Entity Central Index Key | '0001040971 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding (shares) | ' | 95,047,602 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $7.60 |
SL Green Operating Partnership | ' | ' | ' |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'SL GREEN OPERATING PARTNERSHIP, LP. | ' | ' |
Entity Central Index Key | '0001492869 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding (shares) | ' | 876,199 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commercial real estate properties, at cost: | ' | ' |
Land and land interests | $3,032,526 | $2,886,099 |
Building and improvements | 7,884,663 | 7,389,766 |
Building leasehold and improvements | 1,366,281 | 1,346,748 |
Properties under capital lease | 50,310 | 40,340 |
Total commercial real estate properties, at cost | 12,333,780 | 11,662,953 |
Less: accumulated depreciation | -1,646,240 | -1,393,323 |
Total commercial real estate properties, net | 10,687,540 | 10,269,630 |
Assets held for sale | 0 | 4,901 |
Cash and cash equivalents | 206,692 | 189,984 |
Restricted cash | 142,051 | 136,071 |
Investment in marketable securities | 32,049 | 21,429 |
Tenant and other receivables, net of allowance of $17,325 and $14,341 in 2013 and 2012, respectively | 60,393 | 55,855 |
Related party receivables | 8,530 | 7,531 |
Deferred rents receivable, net of allowance of $30,333 and $29,580 in 2013 and 2012, respectively | 386,508 | 340,747 |
Debt and preferred equity investments, net of discounts and deferred origination fees of $18,593 and $22,341 in 2013 and 2012, and allowance of $1,000 and $7,000 in 2013 and 2012, respectively | 1,304,839 | 1,348,434 |
Investments in unconsolidated joint ventures | 1,113,218 | 1,032,243 |
Deferred costs, net | 267,058 | 261,145 |
Other assets | 750,123 | 718,326 |
Total assets | 14,959,001 | 14,386,296 |
Liabilities | ' | ' |
Mortgages and other loans payable | 4,860,578 | 4,615,464 |
Revolving credit facility | 220,000 | 70,000 |
Term loan and senior unsecured notes | 1,739,330 | 1,734,956 |
Accrued interest payable and other liabilities | 114,622 | 81,080 |
Accounts payable and accrued expenses | 145,889 | 159,598 |
Deferred revenue | 263,261 | 312,995 |
Capitalized lease obligations | 47,671 | 37,518 |
Deferred land leases payable | 22,185 | 20,897 |
Dividend and distributions payable | 52,255 | 37,839 |
Security deposits | 61,308 | 46,253 |
Liabilities related to assets held for sale | 0 | 136 |
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 |
Total liabilities | 7,627,099 | 7,216,736 |
Commitments and contingencies | 0 | 0 |
Noncontrolling interests in Operating Partnership | 265,476 | 212,907 |
Equity | ' | ' |
Common stock, $0.01 par value, 160,000 shares authorized and 98,563 and 94,896 issued and outstanding at December 31, 2013 and 2012, respectively (including 3,570 and 3,646 shares held in Treasury at December 31, 2013 and 2012, respectively) | 986 | 950 |
Additional paid-in-capital | 5,015,904 | 4,667,900 |
Treasury stock at cost | -317,356 | -322,858 |
Accumulated other comprehensive loss | -15,211 | -29,587 |
Retained earnings | 1,619,150 | 1,701,092 |
Total SL Green stockholders' equity | 6,525,405 | 6,419,802 |
Noncontrolling interests in other partnerships | 491,471 | 487,301 |
Total equity | 7,016,876 | 6,907,103 |
Total liabilities and equity | 14,959,001 | 14,386,296 |
Series G Preferred Units | ' | ' |
Liabilities | ' | ' |
Preferred Units | 47,550 | 47,550 |
Series H Preferred Units | ' | ' |
Liabilities | ' | ' |
Preferred Units | 2,000 | 2,000 |
Series C Preferred Stock | ' | ' |
Equity | ' | ' |
Preferred stock, issued | 0 | 180,340 |
Series I Preferred Stock | ' | ' |
Equity | ' | ' |
Preferred stock, issued | 221,932 | 221,965 |
SL Green Operating Partnership | ' | ' |
Commercial real estate properties, at cost: | ' | ' |
Land and land interests | 3,032,526 | 2,886,099 |
Building and improvements | 7,884,663 | 7,389,766 |
Building leasehold and improvements | 1,366,281 | 1,346,748 |
Properties under capital lease | 50,310 | 40,340 |
Total commercial real estate properties, at cost | 12,333,780 | 11,662,953 |
Less: accumulated depreciation | -1,646,240 | -1,393,323 |
Total commercial real estate properties, net | 10,687,540 | 10,269,630 |
Assets held for sale | 0 | 4,901 |
Cash and cash equivalents | 206,692 | 189,984 |
Restricted cash | 142,051 | 136,071 |
Investment in marketable securities | 32,049 | 21,429 |
Tenant and other receivables, net of allowance of $17,325 and $14,341 in 2013 and 2012, respectively | 60,393 | 55,855 |
Related party receivables | 8,530 | 7,531 |
Deferred rents receivable, net of allowance of $30,333 and $29,580 in 2013 and 2012, respectively | 386,508 | 340,747 |
Debt and preferred equity investments, net of discounts and deferred origination fees of $18,593 and $22,341 in 2013 and 2012, and allowance of $1,000 and $7,000 in 2013 and 2012, respectively | 1,304,839 | 1,348,434 |
Investments in unconsolidated joint ventures | 1,113,218 | 1,032,243 |
Deferred costs, net | 267,058 | 261,145 |
Other assets | 750,123 | 718,326 |
Total assets | 14,959,001 | 14,386,296 |
Liabilities | ' | ' |
Mortgages and other loans payable | 4,860,578 | 4,615,464 |
Revolving credit facility | 220,000 | 70,000 |
Term loan and senior unsecured notes | 1,739,330 | 1,734,956 |
Accrued interest payable and other liabilities | 114,622 | 81,080 |
Accounts payable and accrued expenses | 145,889 | 159,598 |
Deferred revenue | 263,261 | 312,995 |
Capitalized lease obligations | 47,671 | 37,518 |
Deferred land leases payable | 22,185 | 20,897 |
Dividend and distributions payable | 52,255 | 37,839 |
Security deposits | 61,308 | 46,253 |
Liabilities related to assets held for sale | 0 | 136 |
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 |
Total liabilities | 7,627,099 | 7,216,736 |
Commitments and contingencies | 0 | 0 |
Equity | ' | ' |
Accumulated other comprehensive loss | -15,662 | -30,649 |
Total liabilities and equity | 14,959,001 | 14,386,296 |
SL Green stockholders equity: | ' | ' |
SL Green partners' capital (979 and 940 general partner common units and 94,014 and 90,310 limited partner common units outstanding at December 31, 2013 and 2012, respectively) | 6,506,747 | 6,189,529 |
Limited partner interests in SLGOP (2,902 and 2,760 limited partner common units outstanding at December 31, 2013 and 2012, respectively | 77,864 | 71,524 |
Total SLGOP partners' capital | 6,790,881 | 6,632,709 |
Noncontrolling interests in other partnerships | 491,471 | 487,301 |
Total capital | 7,282,352 | 7,120,010 |
SL Green Operating Partnership | Series G Preferred Units | ' | ' |
SL Green stockholders equity: | ' | ' |
Preferred units | 47,550 | 47,550 |
SL Green Operating Partnership | Series H Preferred Units | ' | ' |
SL Green stockholders equity: | ' | ' |
Preferred units | 2,000 | 2,000 |
SL Green Operating Partnership | Series C Preferred Stock | ' | ' |
SL Green stockholders equity: | ' | ' |
Preferred units | 0 | 180,340 |
Total capital | 0 | 180,340 |
SL Green Operating Partnership | Series I Preferred Stock | ' | ' |
SL Green stockholders equity: | ' | ' |
Preferred units | 221,932 | 221,965 |
Total capital | $221,932 | $221,965 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | Series H Preferred Units | Series H Preferred Units | Series G Preferred Units | Series G Preferred Units | Series C Preferred Stock | Series I Preferred Stock | Series I Preferred Stock | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | ||
Series H Preferred Units | Series H Preferred Units | Series G Preferred Units | Series G Preferred Units | Series C Preferred Stock | Series I Preferred Stock | Series I Preferred Stock | ||||||||||||
Tenant and other receivables, allowance (in dollars) | $17,325 | $14,341 | ' | ' | ' | ' | ' | ' | ' | $17,325 | $14,341 | ' | ' | ' | ' | ' | ' | ' |
Deferred rents receivable, allowance (in dollars) | 30,333 | 29,580 | ' | ' | ' | ' | ' | ' | ' | 30,333 | 29,580 | ' | ' | ' | ' | ' | ' | ' |
Debt and preferred equity investments, discount (in dollars) | 18,593 | 22,341 | ' | ' | ' | ' | ' | ' | ' | 8,624 | 26,466 | ' | ' | ' | ' | ' | ' | ' |
Debt and preferred equity investments, allowance (in dollars) | $1,000 | $7,000 | ' | ' | ' | ' | ' | ' | ' | $1,000 | $7,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred Units, shares issued (shares) | ' | ' | 80,000 | 80,000 | 1,902,000 | 1,902,000 | ' | ' | ' | ' | ' | 80,000 | 80,000 | 1,902,000 | 1,902,000 | 7,700,000 | 9,200,000 | 9,200,000 |
Preferred Units, shares outstanding (shares) | ' | ' | 80,000 | 80,000 | 1,902,000 | 1,902,000 | ' | ' | ' | ' | ' | 80,000 | 80,000 | 1,902,000 | 1,902,000 | 11,700,000 | 9,200,000 | 9,200,000 |
Preferred Units, liquidation preference (in dollars per share) | ' | ' | $25 | $25 | $25 | $25 | ' | ' | ' | ' | ' | $25 | $25 | $25 | $25 | $25 | $25 | $25 |
Preferred stock, par value (in dollars per share) | $0.01 | ' | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 |
Preferred stock, liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | ' | $25 | $25 | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued (shares) | ' | ' | ' | ' | ' | ' | 7,700,000 | 9,200,000 | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding (shares) | ' | ' | ' | ' | ' | ' | 7,700,000 | 9,200,000 | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (shares) | 160,000,000 | 160,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued (shares) | 98,563,000 | 94,896,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding (shares) | 98,563,000 | 94,896,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, shares (shares) | 3,570,000 | 3,646,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SL Green partner's capital, general partner common units outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 940,000 | 885,000 | ' | ' | ' | ' | ' | ' | ' |
SL Green partners' capital, limited partner common units outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94,993,000 | 90,310,000 | ' | ' | ' | ' | ' | ' | ' |
Limited partner interests in Operating Partnership, limited partner common units outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,902,000 | 2,760,000 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | |||||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' | ' | ' | ' | ' |
Rental revenue, net | ' | ' | ' | ' | $1,080,684,000 | $1,062,682,000 | $947,479,000 |
Escalation and reimbursement | ' | ' | ' | ' | 169,529,000 | 165,156,000 | 143,544,000 |
Investment income | ' | ' | ' | ' | 193,843,000 | 119,155,000 | 120,418,000 |
Other income | ' | ' | ' | ' | 25,021,000 | 35,736,000 | 35,418,000 |
Total revenues | 346,599,000 | 357,011,000 | 344,535,000 | 334,585,000 | 1,469,077,000 | 1,382,729,000 | 1,246,859,000 |
Expenses | ' | ' | ' | ' | ' | ' | ' |
Operating expenses (including $18,728 (2013), $17,274 (2012) and $15,041 (2011) of related party expenses) | ' | ' | ' | ' | 293,514,000 | 292,392,000 | 257,938,000 |
Real estate taxes | ' | ' | ' | ' | 218,832,000 | 209,337,000 | 173,154,000 |
Ground rent | ' | ' | ' | ' | 39,926,000 | 37,866,000 | 32,919,000 |
Interest expense, net of interest income | ' | ' | ' | ' | 330,215,000 | 329,897,000 | 285,248,000 |
Amortization of deferred financing costs | ' | ' | ' | ' | 16,695,000 | 19,450,000 | 14,108,000 |
Depreciation and amortization | ' | ' | ' | ' | 337,692,000 | 325,737,000 | 271,306,000 |
Loan loss and other investment reserves, net of recoveries | ' | ' | ' | ' | 0 | 564,000 | 6,722,000 |
Transaction related costs, net of recoveries | ' | ' | ' | ' | 3,987,000 | 5,625,000 | 5,561,000 |
Marketing, general and administrative | ' | ' | ' | ' | 86,192,000 | 82,840,000 | 80,103,000 |
Total expenses | ' | ' | ' | ' | 1,327,053,000 | 1,303,708,000 | 1,127,059,000 |
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, purchase price fair value adjustment, (loss) gain on sale of investment in marketable securities, depreciable real estate reserves and (loss) gain on early extinguishment of debt | ' | ' | ' | ' | 142,024,000 | 79,021,000 | 119,800,000 |
Equity in net income from unconsolidated joint ventures | ' | ' | ' | ' | 9,921,000 | 76,418,000 | 1,583,000 |
Equity in net gain on sale of interest in unconsolidated joint venture/ real estate | 19,277,000 | -4,807,000 | 15,323,000 | 7,260,000 | 3,601,000 | 37,053,000 | 2,918,000 |
Purchase price fair value adjustment | ' | ' | ' | ' | -2,305,000 | 0 | 498,195,000 |
(Loss) gain on sale of investment in marketable securities | ' | ' | ' | ' | -65,000 | 4,940,000 | 4,866,000 |
Depreciable real estate reserves | ' | ' | ' | ' | 0 | 0 | -5,789,000 |
(Loss) gain on early extinguishment of debt | -6,978,000 | 0 | 0 | 0 | -18,518,000 | -6,978,000 | 904,000 |
Income from continuing operations | ' | ' | ' | ' | 134,658,000 | 190,454,000 | 622,477,000 |
Net income from discontinued operations | 9,737,000 | 951,000 | 899,000 | 1,032,000 | 1,725,000 | 12,619,000 | 8,560,000 |
Gain on sale of discontinued operations | 0 | 0 | 0 | 6,627,000 | 14,900,000 | 6,627,000 | 46,085,000 |
Net income | ' | ' | ' | ' | 151,283,000 | 209,700,000 | 677,122,000 |
Net income attributable to noncontrolling interests: | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interests in the Operating Partnership | ' | ' | ' | ' | -3,023,000 | -5,597,000 | -14,629,000 |
Noncontrolling interests in other partnerships | ' | ' | ' | ' | -10,629,000 | -5,591,000 | -15,083,000 |
Preferred units distribution | ' | ' | ' | ' | -2,260,000 | -2,107,000 | 0 |
Net income attributable to SL Green | 27,363,000 | 25,657,000 | 110,584,000 | 32,801,000 | 135,371,000 | 196,405,000 | 647,410,000 |
Preferred stock redemption costs | 0 | -10,010,000 | 0 | 0 | -12,160,000 | -10,010,000 | 0 |
Perpetual preferred stock dividends | -7,407,000 | -7,915,000 | -7,544,000 | -7,545,000 | -21,881,000 | -30,411,000 | -30,178,000 |
Net income | 19,956,000 | 7,732,000 | 103,040,000 | 25,256,000 | 101,330,000 | 155,984,000 | 617,232,000 |
Amounts attributable to SL Green common stockholders: | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ' | ' | ' | ' | 83,927,000 | 101,638,000 | 74,341,000 |
Purchase price fair value adjustment | ' | ' | ' | ' | -2,239,000 | 0 | 486,660,000 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | ' | ' | ' | ' | 3,496,000 | 35,769,000 | 2,850,000 |
Net income from discontinued operations | ' | ' | ' | ' | 1,675,000 | 12,180,000 | 8,363,000 |
Gain on sale of discontinued operations | ' | ' | ' | ' | 14,471,000 | 6,397,000 | 45,018,000 |
Net income | 19,956,000 | 7,732,000 | 103,040,000 | 25,256,000 | 101,330,000 | 155,984,000 | 617,232,000 |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations before discontinued operations (usd per share) | ' | ' | ' | ' | $0.89 | $1.14 | $6.70 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) | ' | ' | ' | ' | $0.04 | $0.40 | $0.03 |
Net income from discontinued operations (usd per share) | ' | ' | ' | ' | $0.02 | $0.14 | $0.10 |
Gain on sale of discontinued operations (usd per share) | ' | ' | ' | ' | $0.15 | $0.07 | $0.54 |
Net income attributable to SL Green common stockholders (usd per share) | $0.22 | $0.09 | $1.15 | $0.29 | $1.10 | $1.75 | $7.37 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations before discontinued operations (usd per share) | ' | ' | ' | ' | $0.88 | $1.13 | $6.67 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) | ' | ' | ' | ' | $0.04 | $0.40 | $0.03 |
Net income from discontinued operations (usd per share) | ' | ' | ' | ' | $0.02 | $0.14 | $0.10 |
Gain on sale of discontinued operations (usd per share) | ' | ' | ' | ' | $0.16 | $0.07 | $0.53 |
Net income attributable to SL Green common stockholders (usd per share) | $0.22 | $0.09 | $1.14 | $0.29 | $1.10 | $1.74 | $7.33 |
Basic weighted average common shares outstanding (in shares) | ' | ' | ' | ' | 92,269 | 89,319 | 83,762 |
Diluted weighted average common shares and common share equivalents outstanding (usd per share) | ' | ' | ' | ' | 95,266 | 92,873 | 86,244 |
Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Purchase price fair value adjustment | ' | ' | ' | ' | -2,305,000 | 0 | 498,195,000 |
SL Green Operating Partnership | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' |
Rental revenue, net | ' | ' | ' | ' | 1,080,684,000 | 1,062,682,000 | 947,479,000 |
Escalation and reimbursement | ' | ' | ' | ' | 169,529,000 | 165,156,000 | 143,544,000 |
Investment income | ' | ' | ' | ' | 193,843,000 | 119,155,000 | 120,418,000 |
Other income | ' | ' | ' | ' | 25,021,000 | 35,736,000 | 35,418,000 |
Total revenues | 346,598,000 | 357,011,000 | 344,535,000 | 334,585,000 | 1,469,077,000 | 1,382,729,000 | 1,246,859,000 |
Expenses | ' | ' | ' | ' | ' | ' | ' |
Operating expenses (including $18,728 (2013), $17,274 (2012) and $15,041 (2011) of related party expenses) | ' | ' | ' | ' | 293,514,000 | 292,392,000 | 257,938,000 |
Real estate taxes | ' | ' | ' | ' | 218,832,000 | 209,337,000 | 173,154,000 |
Ground rent | ' | ' | ' | ' | 39,926,000 | 37,866,000 | 32,919,000 |
Interest expense, net of interest income | ' | ' | ' | ' | 330,215,000 | 329,897,000 | 285,248,000 |
Amortization of deferred financing costs | ' | ' | ' | ' | 16,695,000 | 19,450,000 | 14,108,000 |
Depreciation and amortization | ' | ' | ' | ' | 337,692,000 | 325,737,000 | 271,306,000 |
Loan loss and other investment reserves, net of recoveries | ' | ' | ' | ' | 0 | 564,000 | 6,722,000 |
Transaction related costs, net of recoveries | ' | ' | ' | ' | 3,987,000 | 5,625,000 | 5,561,000 |
Marketing, general and administrative | ' | ' | ' | ' | 86,192,000 | 82,840,000 | 80,103,000 |
Total expenses | ' | ' | ' | ' | 1,327,053,000 | 1,303,708,000 | 1,127,059,000 |
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, purchase price fair value adjustment, (loss) gain on sale of investment in marketable securities, depreciable real estate reserves and (loss) gain on early extinguishment of debt | ' | ' | ' | ' | 142,024,000 | 79,021,000 | 119,800,000 |
Equity in net income from unconsolidated joint ventures | ' | ' | ' | ' | 9,921,000 | 76,418,000 | 1,583,000 |
Equity in net gain on sale of interest in unconsolidated joint venture/ real estate | 19,277,000 | -4,807,000 | 15,323,000 | 7,260,000 | 3,601,000 | 37,053,000 | 2,918,000 |
Purchase price fair value adjustment | ' | ' | ' | ' | -2,305,000 | 0 | 498,195,000 |
(Loss) gain on sale of investment in marketable securities | ' | ' | ' | ' | -65,000 | 4,940,000 | 4,866,000 |
Depreciable real estate reserves | ' | ' | ' | ' | 0 | 0 | -5,789,000 |
(Loss) gain on early extinguishment of debt | -6,978,000 | 0 | 0 | 0 | -18,518,000 | -6,978,000 | 904,000 |
Income from continuing operations | ' | ' | ' | ' | 134,658,000 | 190,454,000 | 622,477,000 |
Net income from discontinued operations | 9,737,000 | 951,000 | 899,000 | 1,032,000 | 1,725,000 | 12,619,000 | 8,560,000 |
Gain on sale of discontinued operations | 0 | 0 | 0 | 6,627,000 | 14,900,000 | 6,627,000 | 46,085,000 |
Net income | ' | ' | ' | ' | 151,283,000 | 209,700,000 | 677,122,000 |
Net income attributable to noncontrolling interests: | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interests in other partnerships | ' | ' | ' | ' | -10,629,000 | -5,591,000 | -15,083,000 |
Net income attributable to SL Green | ' | ' | ' | ' | 138,394,000 | 202,002,000 | 662,039,000 |
Preferred stock redemption costs | 0 | -10,010,000 | 0 | 0 | ' | ' | ' |
Perpetual preferred stock dividends | -7,407,000 | -7,915,000 | -7,544,000 | -7,545,000 | ' | ' | ' |
Net income | ' | ' | ' | ' | 104,353,000 | 161,581,000 | 631,861,000 |
Amounts attributable to SL Green common stockholders: | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ' | ' | ' | ' | 86,432,000 | 105,282,000 | 76,103,000 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | ' | ' | ' | ' | 3,601,000 | 37,053,000 | 2,918,000 |
Gain on sale of discontinued operations | ' | ' | ' | ' | 14,900,000 | 6,627,000 | 46,085,000 |
Net income | ' | ' | ' | ' | 104,353,000 | 161,581,000 | 631,861,000 |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) | ' | ' | ' | ' | $0.04 | $0.40 | $0.03 |
Gain on sale of discontinued operations (usd per share) | ' | ' | ' | ' | $0.15 | $0.07 | $0.54 |
Net income attributable to SL Green common stockholders (usd per share) | $0.22 | $0.09 | $1.15 | $0.29 | ' | ' | ' |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) | ' | ' | ' | ' | $0.04 | $0.40 | $0.03 |
Gain on sale of discontinued operations (usd per share) | ' | ' | ' | ' | $0.16 | $0.07 | $0.53 |
Net income attributable to SL Green common stockholders (usd per share) | $0.22 | $0.09 | $1.14 | $0.29 | ' | ' | ' |
Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Preferred unit distributions | ' | ' | ' | ' | -2,260,000 | -2,107,000 | 0 |
Preferred unit redemption costs | ' | ' | ' | ' | -12,160,000 | -10,010,000 | 0 |
Perpetual preferred unit distributions | ' | ' | ' | ' | -21,881,000 | -30,411,000 | -30,178,000 |
Net income attributable to SLGOP common unitholders | 20,677,000 | 8,299,000 | 106,461,000 | 26,144,000 | 104,353,000 | 161,581,000 | 631,861,000 |
Purchase price fair value adjustment | ' | ' | ' | ' | -2,305,000 | 0 | 498,195,000 |
Net income from discontinued operations | ' | ' | ' | ' | $1,725,000 | $12,619,000 | $8,560,000 |
Net income from continuing operations before gains on sale and discontinued operations (in dollars per share) | ' | ' | ' | ' | $0.89 | $1.14 | $6.70 |
Net income from discontinued operations (in dollars per share) | ' | ' | ' | ' | $0.02 | $0.14 | $0.10 |
Net income attributable to SL Green common stockholders (in dollars per share) | ' | ' | ' | ' | $1.10 | $1.75 | $7.37 |
Net income from continuing operations before gains on sale and discontinued operations (in dollars per share) | ' | ' | ' | ' | $0.88 | $1.13 | $6.67 |
Net income from discontinued operations (in dollars per share) | ' | ' | ' | ' | $0.02 | $0.14 | $0.10 |
Net income attributable to SL Green common stockholders (in dollars per share) | ' | ' | ' | ' | $1.10 | $1.74 | $7.33 |
Basic weighted average common shares outstanding (in shares) | ' | ' | ' | ' | 95,004 | 92,526 | 85,747 |
Diluted weighted average common shares and common share equivalents outstanding (in shares) | ' | ' | ' | ' | 95,266 | 92,873 | 86,244 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating expenses, paid to related parties | $18,728 | $17,274 | $15,041 |
SL Green Operating Partnership | ' | ' | ' |
Operating expenses, paid to related parties | $18,728 | $17,274 | $16,266 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $151,283 | $209,700 | $677,122 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in net unrealized gain (loss) on derivative instruments, including SL Green's share of joint venture net unrealized gain (loss) on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | 13,490 | 2,127 | -3,346 |
Change in unrealized gain (loss) on marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 1,497 | -3,657 | -2,731 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 14,987 | -1,530 | -6,077 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 166,270 | 208,170 | 671,045 |
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -15,912 | -13,295 | -29,712 |
Other comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -611 | 388 | 291 |
Comprehensive income attributable to SL Green | ' | ' | ' | ' | ' | ' | ' | ' | 149,747 | 195,263 | 641,624 |
SL Green Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 151,283 | 209,700 | 677,122 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in net unrealized gain (loss) on derivative instruments, including SL Green's share of joint venture net unrealized gain (loss) on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | 13,490 | 2,127 | -3,346 |
Change in unrealized gain (loss) on marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 1,497 | -3,657 | -2,731 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 14,987 | -1,530 | -6,077 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 166,270 | 208,170 | 671,045 |
Net income attributable to noncontrolling interests | 41,971 | 41,873 | 27,679 | 26,871 | 28,084 | 26,224 | 114,005 | 33,689 | -10,629 | -5,591 | -15,083 |
Comprehensive income attributable to SL Green | ' | ' | ' | ' | ' | ' | ' | ' | $155,641 | $202,579 | $655,962 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Additional Paid- In-Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Series C Preferred Stock | Series D Preferred Stock | Series I Preferred Stock |
In Thousands, except Share data, unless otherwise specified | Preferred Stock | Preferred Stock | Preferred Stock | |||||||
Balance at Dec. 31, 2010 | $5,397,544 | $817 | $3,660,842 | ($303,222) | ($22,659) | $1,172,963 | $518,460 | $274,022 | $96,321 | $0 |
Balance (in shares) at Dec. 31, 2010 | ' | 78,307,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 662,493 | ' | ' | ' | ' | 647,410 | 15,083 | ' | ' | ' |
Other comprehensive income: | -5,786 | ' | ' | ' | -5,786 | ' | ' | ' | ' | ' |
Preferred dividends | -30,178 | ' | ' | ' | ' | -30,178 | ' | ' | ' | ' |
Redemption of units and DRIP proceeds | 898 | ' | 898 | ' | ' | ' | ' | ' | ' | ' |
Redemption of units and DRIP proceeds (in shares) | ' | 13,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Reallocation of noncontrolling interest in the operating partnership | -39,040 | ' | ' | ' | ' | -39,040 | ' | ' | ' | ' |
Deferred compensation plan and stock award, net | -4,787 | 3 | 696 | -5,486 | ' | ' | ' | ' | ' | ' |
Deferred compensation plan and stock award, net (in shares) | ' | 262,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred compensation plan | 33,252 | ' | 33,252 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | 531,306 | 70 | 531,236 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock (in shares) | ' | 6,957,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from stock options exercised | 10,037 | 2 | 10,035 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from stock options exercised (in shares) | ' | 244,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation of joint venture interest | 87,798 | ' | ' | ' | ' | ' | 87,798 | ' | ' | ' |
Cash distributions to noncontrolling interests | -143,579 | ' | ' | ' | ' | ' | -143,579 | ' | ' | ' |
Cash distribution declared | -46,649 | ' | ' | ' | ' | -46,649 | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 6,453,309 | 892 | 4,236,959 | -308,708 | -28,445 | 1,704,506 | 477,762 | 274,022 | 96,321 | 0 |
Balance (in shares) at Dec. 31, 2011 | ' | 85,783,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 201,996 | ' | ' | ' | ' | 196,405 | 5,591 | ' | ' | ' |
Other comprehensive income: | -1,142 | ' | ' | ' | -1,142 | ' | ' | ' | ' | ' |
Preferred dividends | -30,411 | ' | ' | ' | ' | -30,411 | ' | ' | ' | ' |
Redemption of units and DRIP proceeds | 99,570 | 13 | 99,557 | ' | ' | ' | ' | ' | ' | ' |
Redemption of units and DRIP proceeds (in shares) | ' | 1,305,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of units of the Operating Partnership to common stock | 87,513 | 11 | 87,502 | ' | ' | ' | ' | ' | ' | ' |
Conversion of units of the Operating Partnership to common stock (in shares) | ' | 1,096,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred stock | -200,013 | ' | ' | ' | ' | -10,010 | ' | -93,682 | -96,321 | ' |
Reallocation of noncontrolling interest in the operating partnership | -61,238 | ' | ' | ' | ' | -61,238 | ' | ' | ' | ' |
Deferred compensation plan and stock award, net | -13,428 | 3 | 719 | -14,150 | ' | ' | ' | ' | ' | ' |
Deferred compensation plan and stock award, net (in shares) | ' | 43,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred compensation plan | 28,742 | ' | 28,742 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 221,965 | ' | ' | ' | ' | ' | ' | ' | ' | 221,965 |
Proceeds from issuance of common stock | 201,279 | 27 | 201,252 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock (in shares) | ' | 2,640,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from stock options exercised | 13,173 | 4 | 13,169 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from stock options exercised (in shares) | ' | 383,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation of joint venture interest | 25,894 | ' | ' | ' | ' | ' | 25,894 | ' | ' | ' |
Cash distributions to noncontrolling interests | -21,946 | ' | ' | ' | ' | ' | -21,946 | ' | ' | ' |
Cash distribution declared | -98,160 | ' | ' | ' | ' | -98,160 | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 6,907,103 | 950 | 4,667,900 | -322,858 | -29,587 | 1,701,092 | 487,301 | 180,340 | 0 | 221,965 |
Balance (in shares) at Dec. 31, 2012 | ' | 91,250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 146,000 | ' | ' | ' | ' | 135,371 | 10,629 | ' | ' | ' |
Other comprehensive income: | 14,376 | ' | ' | ' | 14,376 | ' | ' | ' | ' | ' |
Preferred dividends | -21,881 | ' | ' | ' | ' | -21,881 | ' | ' | ' | ' |
Redemption of units and DRIP proceeds | 67 | ' | 67 | ' | ' | ' | ' | ' | ' | ' |
Conversion of units of the Operating Partnership to common stock | 17,287 | 2 | 17,285 | ' | ' | ' | ' | ' | ' | ' |
Conversion of units of the Operating Partnership to common stock (in shares) | ' | 239,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred stock | -192,500 | ' | ' | ' | ' | -12,160 | ' | -180,340 | ' | ' |
Preferred stock issuance costs | -33 | ' | ' | ' | ' | ' | ' | ' | ' | -33 |
Reallocation of noncontrolling interest in the operating partnership | -45,618 | ' | ' | ' | ' | -45,618 | ' | ' | ' | ' |
Deferred compensation plan and stock award, net | 166 | 2 | 752 | -588 | ' | ' | ' | ' | ' | ' |
Deferred compensation plan and stock award, net (in shares) | ' | 135,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred compensation plan | 26,329 | ' | 26,329 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 290,699 | 30 | 290,669 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (shares) | ' | 3,062,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | 12,904 | 2 | 12,902 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock (in shares) | ' | 224,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of treasury stock | 7,120 | ' | ' | 6,090 | ' | 1,030 | ' | ' | ' | ' |
Sale of treasury stock (shares) | ' | 83,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution to consolidated joint venture interest | 8,164 | ' | ' | ' | ' | ' | 8,164 | ' | ' | ' |
Cash contributions from noncontrolling interests | -14,623 | ' | ' | ' | ' | ' | -14,623 | ' | ' | ' |
Cash distribution declared | -138,684 | ' | ' | ' | ' | -138,684 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $7,016,876 | $986 | $5,015,904 | ($317,356) | ($15,211) | $1,619,150 | $491,471 | $0 | $0 | $221,932 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash distribution declared, per common share (usd per share) | $1.49 | $1.08 | $0.55 |
Consolidated_Statements_of_Cap
Consolidated Statements of Capital Statement (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | ||||
General Partner | General Partner | General Partner | Limited Partners | Limited Partners | Limited Partners | Series C Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Series I Preferred Stock | Series I Preferred Stock | Common Stock | Common Stock | Common Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Noncontrolling Interests | Noncontrolling Interests | |||||||
Limited Partners | Limited Partners | Limited Partners | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | $7,120,010 | $6,648,339 | $5,481,882 | $6,189,529 | $5,714,856 | $4,573,565 | ' | ' | ' | $180,340 | $274,022 | $274,022 | $96,321 | $96,321 | $0 | $221,965 | $0 | $71,524 | $114,497 | $42,556 | ($30,649) | ($29,119) | ($23,042) | $487,301 | $477,762 | $518,460 |
Balance (shares) | ' | ' | ' | ' | ' | ' | 91,250 | 85,783 | 78,307 | 2,760 | 2,765 | 1,249 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | 149,023 | 207,593 | 677,122 | 113,490 | 165,994 | 617,232 | ' | ' | ' | 6,932 | 20,290 | 22,300 | 4,266 | 7,878 | ' | 14,949 | 5,855 | 3,023 | 5,597 | 14,629 | ' | ' | ' | 10,629 | 5,591 | 15,083 |
Other comprehensive income | 14,987 | -1,530 | -6,077 | 14,987 | -1,530 | -6,077 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,987 | -1,530 | -6,077 | ' | ' | ' |
Preferred distributions | ' | ' | ' | -21,881 | -30,411 | -30,178 | ' | ' | ' | ' | ' | ' | -6,932 | -20,290 | -22,300 | -4,266 | -7,878 | ' | -14,949 | -5,855 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of units in the Operating Partnership | 24,750 | 42,239 | 62,443 | 24,750 | 42,239 | 60,443 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,750 | 42,239 | 60,443 | ' | ' | ' | ' | ' | ' |
Issuance of units (in units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 381 | 801 | 1,530 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DRIP proceeds | 67 | 99,570 | 898 | 67 | 99,570 | 32 | 67 | 99,570 | 898 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -866 | ' | ' | ' | ' | ' | ' |
DRIP proceeds (in units) | ' | ' | ' | ' | ' | ' | 0 | -1,305 | -13 | ' | ' | -12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of units | 17,287 | 87,513 | ' | 0 | 0 | ' | 17,287 | 87,513 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,287 | -87,513 | ' | ' | ' | ' | ' | ' | ' |
Conversion of units (in units) | ' | ' | ' | ' | ' | ' | -239 | -1,096 | ' | 239 | 1,096 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred units | -192,500 | -200,013 | ' | -192,500 | -200,013 | ' | -12,160 | -10,010 | ' | ' | ' | ' | -180,340 | -93,682 | ' | -96,321 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred units issuance costs | -33 | ' | ' | -33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation plan (shares) | ' | ' | ' | ' | ' | ' | -135 | -43 | -262 | ' | -290 | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation plan | 166 | -13,428 | -4,787 | 166 | -13,428 | -4,787 | 166 | -13,428 | -4,787 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred compensation plan | 26,329 | 28,742 | 33,252 | 26,329 | 28,742 | 33,252 | 26,329 | 28,742 | 33,252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution to consolidated joint venture interest | ' | ' | ' | 8,164 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,164 | ' | ' |
Contributions to consolidated joint venture | ' | ' | ' | ' | 25,894 | 86,797 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,001 | ' | ' | ' | ' | 25,894 | 87,798 |
Contributionsbnet proceeds from preferred stock offering | ' | ' | ' | ' | 221,965 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 221,965 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributionsbnet proceeds from common stock offering | ' | ' | ' | 290,699 | 201,279 | 531,306 | 290,699 | 201,279 | 531,306 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions - net proceeds from common stock offering (in units) | ' | ' | ' | ' | ' | ' | 3,062 | 2,640 | 6,957 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions-treasury shares | -7,120 | ' | ' | 7,120 | ' | ' | 7,120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions-treasury shares (shares) | ' | ' | ' | ' | ' | ' | 83 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions - proceeds from stock options exercised | ' | ' | ' | 12,904 | 13,173 | 10,037 | 12,904 | 13,173 | 10,037 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions - proceeds from stock options exercised (in units) | ' | ' | ' | ' | ' | ' | 224 | 383 | 244 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distributions to noncontrolling interests | ' | -21,946 | -143,579 | -14,623 | -21,946 | -143,579 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,623 | -21,946 | -143,579 |
Cash distribution declared ($0.99 per common unit, none of which represented a return of capital for federal income tax purposes) | ' | ' | ' | -142,830 | -101,456 | -47,911 | -138,684 | -98,160 | -46,647 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,146 | -3,296 | -1,264 | ' | ' | ' | ' | ' | ' |
Ending Balance | ' | ' | ' | $7,282,352 | $7,120,010 | $6,648,339 | $6,506,747 | $6,189,529 | $5,714,856 | ' | ' | ' | $0 | $180,340 | $274,022 | $0 | $96,321 | $0 | $221,932 | $221,965 | $77,864 | $71,524 | $114,497 | ($15,662) | ($30,649) | ($29,119) | $491,471 | $487,301 | $477,762 |
Balance (shares) | ' | ' | ' | ' | ' | ' | 94,993 | 91,250 | 85,783 | 2,902 | 2,760 | 2,765 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cap1
Consolidated Statements of Capital (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash distribution declared, per common share (usd per share) | $1.49 | $1.08 | $0.55 |
SL Green Operating Partnership | ' | ' | ' |
Cash distribution declared, per common share (usd per share) | $1.49 | $1.08 | $0.55 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Activities | ' | ' | ' |
Net income | $151,283,000 | $209,700,000 | $677,122,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 357,599,000 | 351,539,000 | 292,311,000 |
Equity in net income from unconsolidated joint ventures | -9,921,000 | -76,418,000 | -1,583,000 |
Distributions of cumulative earnings from unconsolidated joint ventures | 34,997,000 | 91,145,000 | 11,185,000 |
Equity in net gain on sale of interest in unconsolidated joint venture interest/ real estate | -3,601,000 | -37,053,000 | -2,918,000 |
Purchase price fair value adjustment | 2,305,000 | 0 | -498,195,000 |
Depreciable real estate reserves | 2,150,000 | 0 | 5,789,000 |
Gain on sale of discontinued operations | -14,900,000 | -6,627,000 | -46,085,000 |
Gain on sale of debt securities | 0 | 0 | -19,840,000 |
Loan loss and other investment reserves, net of recoveries | 0 | 564,000 | 6,722,000 |
(Loss) gain on sale of investment in marketable securities | 0 | 4,940,000 | 4,866,000 |
Loss (gain) on early extinguishment of debt | -10,963,000 | -6,978,000 | 904,000 |
Deferred rents receivable | -56,739,000 | -66,079,000 | -87,230,000 |
Other non-cash adjustments | -37,843,000 | -18,868,000 | 523,000 |
Changes in operating assets and liabilities: | ' | ' | ' |
Restricted cashboperations | 2,037,000 | -13,812,000 | -681,000 |
Tenant and other receivables | -7,570,000 | -10,998,000 | -4,720,000 |
Related party receivables | -917,000 | -3,529,000 | 2,461,000 |
Deferred lease costs | -52,228,000 | -48,368,000 | -38,412,000 |
Other assets | 2,904,000 | -35,932,000 | 4,029,000 |
Accounts payable, accrued expenses and other liabilities | -1,473,000 | 9,389,000 | 10,704,000 |
Deferred revenue and land leases payable | 7,157,000 | 62,000 | 1,706,000 |
Net cash provided by operating activities | 386,203,000 | 346,753,000 | 307,118,000 |
Investing Activities | ' | ' | ' |
Acquisitions of real estate property | -594,595,000 | -544,568,000 | -446,756,000 |
Additions to land, buildings and improvements | -196,571,000 | -148,148,000 | -159,100,000 |
Escrowed cashbcapital improvements/acquisition deposits | -7,672,000 | -70,080,000 | 29,281,000 |
Investments in unconsolidated joint ventures | -150,274,000 | -215,174,000 | -109,920,000 |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 42,720,000 | 127,876,000 | 112,359,000 |
Net proceeds from disposition of real estate/joint venture interest | 227,615,000 | 178,485,000 | 160,548,000 |
Proceeds from sale of marketable securities | -2,370,000 | -11,070,000 | -40,248,000 |
Purchases of marketable securities | -11,493,000 | -6,660,000 | -28,570,000 |
Other investments | -43,163,000 | -36,750,000 | 537,000 |
Debt and preferred equity and other investments, net of repayments/participations | 102,628,000 | -459,454,000 | -332,482,000 |
Net cash used in investing activities | -628,435,000 | -1,163,403,000 | -733,855,000 |
Financing Activities | ' | ' | ' |
Proceeds from mortgages and other loans payable | 1,257,172,000 | 1,230,167,000 | 826,000,000 |
Repayments of mortgages and other loans payable | -1,085,220,000 | -688,065,000 | -765,378,000 |
Proceeds from revolving credit facility and senior unsecured notes | 1,164,000,000 | 1,751,480,000 | 1,901,068,000 |
Repayments of revolving credit facility and senior unsecured notes | -1,020,215,000 | -1,581,554,000 | -2,043,144,000 |
Proceeds from stock options exercised and DRIP issuance | 12,971,000 | 112,743,000 | 10,211,000 |
Net proceeds from sale of common stock | 290,699,000 | 201,279,000 | 516,168,000 |
Net proceeds from sale of preferred stock | 0 | 221,965,000 | 0 |
Redemption of preferred stock | -192,533,000 | -200,013,000 | 0 |
Sale or purchase of treasury stock | 7,120,000 | -14,150,000 | -5,486,000 |
Distributions to noncontrolling interests in other partnerships | -14,623,000 | -21,946,000 | -143,578,000 |
Contributions from noncontrolling interests in other partnerships | 8,164,000 | 25,894,000 | 0 |
Distributions to noncontrolling interests in the Operating Partnership | -4,146,000 | -3,296,000 | -727,000 |
Dividends paid on common and preferred stock | -148,407,000 | -121,238,000 | -63,866,000 |
Other obligations related to mortgage loan participations | 0 | 5,000,000 | 35,850,000 |
Deferred loan costs and capitalized lease obligation | -16,042,000 | -49,824,000 | -35,019,000 |
Net cash provided by financing activities | 258,940,000 | 868,442,000 | 232,099,000 |
Net increase (decrease) in cash and cash equivalents | 16,708,000 | 51,792,000 | -194,638,000 |
Cash and cash equivalents at beginning of year | 189,984,000 | 138,192,000 | 332,830,000 |
Cash and cash equivalents at end of year | 206,692,000 | 189,984,000 | 138,192,000 |
Supplemental cash flow disclosures: | ' | ' | ' |
Interest paid | 325,903,000 | 322,469,000 | 277,109,000 |
Income taxes paid | 2,666,000 | 17,000 | 138,000 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ' | ' | ' |
Issuance of common stock as deferred compensation | 164,000 | 722,000 | 699,000 |
Redemption of units in the Operating Partnership | 17,287,000 | 87,513,000 | 865,000 |
Derivative instruments at fair value | 636,000 | 92,000 | 1,870,000 |
Assignment of debt investment to joint venture | 0 | 25,362,000 | 286,571,000 |
Mortgage assigned to joint venture | 0 | 0 | 30,000,000 |
Tenant improvements and capital expenditures payable | 502,000 | 1,738,000 | 3,990,000 |
Fair value adjustment to noncontrolling interest in the Operating Partnership | 45,618,000 | 61,238,000 | 39,040,000 |
Accrued acquisition liabilities | 0 | 0 | 34,500,000 |
Assumption of mortgage loans | 84,642,000 | 0 | 943,767,000 |
Consolidation of real estate investments and other adjustments | 90,934,000 | 0 | 1,156,929,000 |
Consolidation of real estate investmentsbnoncontrolling interest in other partnerships | 0 | 0 | 87,264,000 |
Repayment of mezzanine loans | 0 | 13,750,000 | 0 |
Redemption of Series E units | 0 | 31,698,000 | 0 |
Repayment of financing receivable | 0 | 28,195,000 | 0 |
Investment in joint venture | 0 | 5,135,000 | 0 |
Capital leased asset | 9,992,000 | 28,132,000 | 0 |
Deconsolidation of a subsidiary | 0 | 104,107,000 | 0 |
Transfer to net assets held for sale | 0 | 4,901,000 | 0 |
Transfer to liabilities related to net assets held for sale | 0 | 136,000 | 0 |
Issuance of preferred units | 0 | 47,550,000 | 0 |
SL Green Operating Partnership | ' | ' | ' |
Operating Activities | ' | ' | ' |
Net income | 151,283,000 | 209,700,000 | 677,122,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 357,599,000 | 351,539,000 | 292,311,000 |
Equity in net income from unconsolidated joint ventures | -9,921,000 | -76,418,000 | -1,583,000 |
Distributions of cumulative earnings from unconsolidated joint ventures | 34,997,000 | 91,145,000 | 11,185,000 |
Equity in net gain on sale of interest in unconsolidated joint venture interest/ real estate | -3,601,000 | -37,053,000 | -2,918,000 |
Purchase price fair value adjustment | 2,305,000 | 0 | -498,195,000 |
Depreciable real estate reserves | 2,150,000 | 0 | 5,789,000 |
Gain on sale of discontinued operations | -14,900,000 | -6,627,000 | -46,085,000 |
Gain on sale of debt securities | 0 | 0 | -19,840,000 |
Loan loss and other investment reserves, net of recoveries | 0 | 564,000 | 6,722,000 |
(Loss) gain on sale of investment in marketable securities | 0 | 4,940,000 | 4,866,000 |
Loss (gain) on early extinguishment of debt | -10,963,000 | -6,978,000 | 904,000 |
Deferred rents receivable | -56,739,000 | -66,079,000 | -87,230,000 |
Other non-cash adjustments | -37,843,000 | -18,868,000 | 523,000 |
Changes in operating assets and liabilities: | ' | ' | ' |
Restricted cashboperations | 2,037,000 | -13,812,000 | -681,000 |
Tenant and other receivables | -7,570,000 | -10,998,000 | -4,720,000 |
Related party receivables | -917,000 | -3,529,000 | 2,461,000 |
Deferred lease costs | -52,228,000 | -48,368,000 | -38,412,000 |
Other assets | 2,904,000 | -35,932,000 | 4,029,000 |
Accounts payable, accrued expenses and other liabilities | -1,473,000 | 9,389,000 | 10,704,000 |
Deferred revenue and land leases payable | 7,157,000 | 62,000 | 1,706,000 |
Net cash provided by operating activities | 386,203,000 | 346,753,000 | 307,118,000 |
Investing Activities | ' | ' | ' |
Acquisitions of real estate property | -594,595,000 | -544,568,000 | -446,756,000 |
Additions to land, buildings and improvements | -196,571,000 | -148,148,000 | -159,100,000 |
Escrowed cashbcapital improvements/acquisition deposits | -7,672,000 | -70,080,000 | 29,281,000 |
Investments in unconsolidated joint ventures | -150,274,000 | -215,174,000 | -109,920,000 |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 42,720,000 | 127,876,000 | 112,359,000 |
Net proceeds from disposition of real estate/joint venture interest | 227,615,000 | 178,485,000 | 160,548,000 |
Proceeds from sale of marketable securities | -2,370,000 | -11,070,000 | -40,248,000 |
Purchases of marketable securities | -11,493,000 | -6,660,000 | -28,570,000 |
Other investments | -43,163,000 | -36,750,000 | 537,000 |
Debt and preferred equity and other investments, net of repayments/participations | 102,628,000 | -459,454,000 | -332,482,000 |
Net cash used in investing activities | -628,435,000 | -1,163,403,000 | -733,855,000 |
Financing Activities | ' | ' | ' |
Proceeds from mortgages and other loans payable | 1,257,172,000 | 1,230,167,000 | 826,000,000 |
Repayments of mortgages and other loans payable | -1,085,220,000 | -688,065,000 | -765,378,000 |
Proceeds from revolving credit facility and senior unsecured notes | 1,164,000,000 | 1,751,480,000 | 1,901,068,000 |
Repayments of revolving credit facility and senior unsecured notes | -1,020,215,000 | -1,581,554,000 | -2,043,144,000 |
Proceeds from stock options exercised and DRIP issuance | 12,971,000 | 112,743,000 | 10,211,000 |
Net proceeds from sale of common stock | 290,699,000 | 201,279,000 | 516,168,000 |
Net proceeds from sale of preferred stock | 0 | 221,965,000 | 0 |
Redemption of preferred stock | -192,533,000 | -200,013,000 | 0 |
Sale or purchase of treasury stock | 7,120,000 | -14,150,000 | -5,486,000 |
Distributions to noncontrolling interests in other partnerships | -14,623,000 | -21,946,000 | -143,578,000 |
Contributions from noncontrolling interests in other partnerships | 8,164,000 | 25,894,000 | 0 |
Dividends paid on common and preferred stock | -152,553,000 | -124,534,000 | -64,593,000 |
Other obligations related to mortgage loan participations | 0 | 5,000,000 | 35,850,000 |
Deferred loan costs and capitalized lease obligation | -16,042,000 | -49,824,000 | -35,019,000 |
Net cash provided by financing activities | 258,940,000 | 868,442,000 | 232,099,000 |
Net increase (decrease) in cash and cash equivalents | 16,708,000 | 51,792,000 | -194,638,000 |
Cash and cash equivalents at beginning of year | 189,984,000 | 138,192,000 | 332,830,000 |
Cash and cash equivalents at end of year | 206,692,000 | 189,984,000 | 138,192,000 |
Supplemental cash flow disclosures: | ' | ' | ' |
Interest paid | 325,903,000 | 322,469,000 | 277,109,000 |
Income taxes paid | 2,666,000 | 17,000 | 138,000 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ' | ' | ' |
Issuance of common stock as deferred compensation | 164,000 | 722,000 | 699,000 |
Issuance of units in the Operating Partnership | 24,750,000 | 42,239,000 | 62,443,000 |
Redemption of units in the Operating Partnership | 17,287,000 | 87,513,000 | 865,000 |
Derivative instruments at fair value | 636,000 | 92,000 | 1,870,000 |
Assignment of debt investment to joint venture | 0 | 25,362,000 | 286,571,000 |
Mortgage assigned to joint venture | 0 | 0 | 30,000,000 |
Tenant improvements and capital expenditures payable | 502,000 | 1,738,000 | 3,990,000 |
Accrued acquisition liabilities | 0 | 0 | 34,500,000 |
Assumption of mortgage loans | 84,642,000 | 0 | 943,767,000 |
Assumption of mortgage loans | 90,934,000 | 0 | 1,156,929,000 |
Consolidation of real estate investments and other adjustments | 0 | 0 | 87,264,000 |
Consolidation of real estate investmentsbnoncontrolling interest in other partnerships | 0 | 13,750,000 | 0 |
Repayment of mezzanine loans | 0 | 31,698,000 | 0 |
Redemption of Series E units | 0 | 28,195,000 | 0 |
Investment in joint venture | 0 | 5,135,000 | 0 |
Capital leased asset | 9,992,000 | 28,132,000 | 0 |
Deconsolidation of a subsidiary | 0 | 104,107,000 | 0 |
Transfer to net assets held for sale | 0 | 4,901,000 | 0 |
Transfer to liabilities related to net assets held for sale | 0 | 136,000 | 0 |
Issuance of preferred units | $0 | $47,550,000 | $0 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly distributions declared, per share (usd per share) | $0.50 | $0.33 | $0.25 |
SL Green Operating Partnership | ' | ' | ' |
Quarterly distributions declared, per share (usd per share) | $0.50 | $0.33 | $0.25 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended | |||||||||||
Dec. 31, 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 December 31, 2013, noncontrolling investors held, in the aggregate, a 2.96% 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 December 31, 2013, we owned the following interests in commercial office buildings 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 properties: | ||||||||||||
Location | Ownership | Number of | Square Feet (unaudited) | Weighted Average | ||||||||
Buildings | Occupancy(1) (unaudited) | |||||||||||
Manhattan | Consolidated properties | 23 | 17,306,045 | 94.5 | % | |||||||
Unconsolidated properties | 9 | 5,934,434 | 96.6 | % | ||||||||
Suburban | Consolidated properties | 26 | 4,087,400 | 79.8 | % | |||||||
Unconsolidated properties | 4 | 1,222,100 | 87.2 | % | ||||||||
62 | 28,549,979 | 92.5 | % | |||||||||
______________________________________________________________________ | ||||||||||||
-1 | The weighted average occupancy represents the total leased square feet divided by total available rentable square feet. | |||||||||||
As of December 31, 2013, we also owned investments in 16 retail properties encompassing approximately 875,800 square feet (unaudited), 20 development buildings encompassing approximately 3,230,800 square feet (unaudited), four residential buildings encompassing 801 units (approximately 719,900 square feet (unaudited)) and two land interests encompassing approximately 961,400 square feet (unaudited). The Company also has ownership interests in 28 west coast office properties encompassing 52 buildings totaling 3,654,300 square feet (unaudited). In addition, we manage two office buildings owned by third parties and affiliated companies encompassing approximately 626,400 square feet (unaudited). As of December 31, 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 of 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, shares of SL Green's common stock on a one-for-one basis. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 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 a variable interest entity, or VIE, in which we are considered a primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Included in commercial real estate properties on our consolidated balance sheets for the years ended December 31, 2013 and 2012 are approximately $605.9 million and $607.4 million, respectively, related to our consolidated VIEs. Included in mortgages and other loans payable on our consolidated balance sheets for the years ended December 31, 2013 and 2012 are approximately $370.9 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 require earnings and other comprehensive income to be 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 or 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 | ||||||||
Real estate properties are presented at cost less accumulated depreciation and amortization. Costs directly related to the development or redevelopment of properties are capitalized. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. | ||||||||
A property to be disposed of is reported at the lower of its carrying value or its estimated fair value, less its cost to sell. Once an asset is held for sale, depreciation expense is no longer recorded and the historic results are reclassified as discontinued operations. See Note 4, "Property Dispositions." | ||||||||
Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: | ||||||||
Category | Term | |||||||
Building (fee ownership) | 40 years | |||||||
Building improvements | shorter of remaining life of the building or useful life | |||||||
Building (leasehold interest) | lesser of 40 years or remaining term of the lease | |||||||
Property under capital lease | remaining lease term | |||||||
Furniture and fixtures | four to seven years | |||||||
Tenant improvements | shorter of remaining term of the lease or useful life | |||||||
Depreciation expense (including amortization of the capital lease asset) amounted to approximately $309.4 million, $301.0 million and $249.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted 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 do not believe that the values of any of our consolidated properties were impaired at December 31, 2013. | ||||||||
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. | ||||||||
A variety of costs are incurred in the development and leasing of our properties. After determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. The costs of land and building under development include specifically identifiable costs. The capitalized costs include, but are not limited to, pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. We consider a construction project as substantially completed and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity. We cease capitalization on the portions substantially completed and occupied or held available for occupancy, and capitalize only those costs associated with the portions under construction. | ||||||||
Results of operations of properties acquired are included in the consolidated statements of income from the date of acquisition. | ||||||||
We recognize the assets acquired, liabilities assumed (including contingencies) and any noncontrolling interests in an acquired entity at their fair values on the acquisition date. We expense acquisition-related transaction costs as incurred, which are included in transaction related costs on our consolidated statements of income. | ||||||||
When we acquire our partner's equity interest in an existing unconsolidated joint venture and gain control over the investment, we record the consolidated investment at fair value. The difference between the book value of our equity investment on the purchase date and our share of the fair value of the investment's purchase price is recorded as a purchase price fair value adjustment in our consolidated statements of 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 an increase of approximately $13.5 million, $10.4 million and $19.6 million in rental revenue for the years ended December 31, 2013, 2012 and 2011, respectively, for the amortization of aggregate below-market leases in excess of above-market leases and a reduction in lease origination costs, resulting from the allocation of the purchase price of the applicable properties. The increase in rental revenue for the year ended December 31, 2013 is net of approximately $6.8 million resulting from the write-off of above-market and in-place balances associated with a former tenant. We recognized a reduction in interest expense for the amortization of the above-market rate mortgages assumed of approximately $5.3 million, $1.8 million and $5.9 million for the years ended December 31, 2013, 2012 and 2011, 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 December 31, 2013 and 2012 (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Identified intangible assets (included in other assets): | ||||||||
Gross amount | $ | 746,704 | $ | 725,861 | ||||
Accumulated amortization | (343,339 | ) | (263,107 | ) | ||||
Net | $ | 403,365 | $ | 462,754 | ||||
Identified intangible liabilities (included in deferred revenue): | ||||||||
Gross amount | $ | 671,380 | $ | 651,921 | ||||
Accumulated amortization | (429,138 | ) | (357,225 | ) | ||||
Net | $ | 242,242 | $ | 294,696 | ||||
The estimated annual amortization of acquired below-market leases, net of acquired above-market leases (a component of rental revenue), for each of the five succeeding years is as follows (in thousands): | ||||||||
2014 | $ | (1,984 | ) | |||||
2015 | (2,464 | ) | ||||||
2016 | (4,632 | ) | ||||||
2017 | (3,758 | ) | ||||||
2018 | (4,763 | ) | ||||||
The estimated annual amortization of all other identifiable assets (a component of depreciation and amortization expense) including tenant improvements for each of the five succeeding years is as follows (in thousands): | ||||||||
2014 | $ | 14,938 | ||||||
2015 | 10,387 | |||||||
2016 | 6,878 | |||||||
2017 | 5,482 | |||||||
2018 | 3,978 | |||||||
Cash and Cash Equivalents | ||||||||
We consider all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. | ||||||||
Fair Value Measurements | ||||||||
Refer to Note 17, "Fair Value Measurements," in the accompanying notes to consolidated financial statements. | ||||||||
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. Unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component. | ||||||||
The cost of bonds and marketable securities sold was determined using the specific identification method. | ||||||||
At December 31, 2013 and 2012, we held the following marketable securities (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Equity marketable securities | $ | 4,307 | $ | 2,202 | ||||
Commercial mortgage-backed securities | 24,419 | 15,575 | ||||||
Rake bonds | 3,323 | 3,652 | ||||||
Total marketable securities available-for-sale | $ | 32,049 | $ | 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 commercial mortgage-backed securities was $23.0 million and $13.7 million at December 31, 2013 and 2012, respectively. | ||||||||
The cost basis of the rake bonds was $3.6 million and $3.7 million at December 31, 2013 and 2012, respectively. These bonds mature at various times through 2030. | ||||||||
There were no sales of any of our marketable securities during the year ended December 31, 2013. During the years ended December 31, 2012 and 2011, we disposed of some of our shares in Gramercy for aggregate net proceeds of $6.8 million and $6.2 million and realized gains of $4.9 million and $4.5 million, respectively, which are included in gain on sale of investment in marketable securities on the consolidated statements of income. During the year ended December 31, 2011, we sold $22.5 million of rake bonds and realized a gain of $0.4 million, which are also included in gain on sale of investment in marketable securities on the consolidated statements of income. | ||||||||
Investments in Unconsolidated Joint Ventures | ||||||||
We account for our investments in unconsolidated joint ventures under the equity method of accounting in cases where we exercise significant influence over, but do not control, these entities and are not considered to be the primary beneficiary. We consolidate those joint ventures that we control or which are VIEs and where we are considered to be the primary beneficiary. In all these joint ventures, the rights of the joint venture partner are both protective as well as participating. Unless we are determined to be the primary beneficiary in a VIE, these participating rights preclude us from consolidating these non-VIE entities. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. Equity income (loss) from unconsolidated joint ventures is allocated based on our ownership or economic interest in each joint venture. When a capital event (as defined in each joint venture agreement) such as a refinancing occurs, if return thresholds are met, future equity income will be allocated at our increased economic interest. We recognize incentive income from unconsolidated real estate joint ventures as income to the extent it is earned and not subject to a clawback feature. Distributions we receive from unconsolidated real estate joint ventures in excess of our basis in the investment are recorded as offsets to our investment balance if we remain liable for future obligations of the joint venture or may otherwise be committed to provide future additional financial support. None of the joint venture debt is recourse to us, except for $218.4 million which we guarantee at two joint ventures and performance guarantees under master leases at two other joint ventures. See Note 6, "Investments in Unconsolidated Joint Ventures." | ||||||||
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. During the year ended December 31, 2011, we recorded a $5.8 million impairment charge on one of our equity investments, which we sold in July 2012. These charges are included in depreciable real estate reserves in the consolidated statements of income. See Note 6, "Investments in Unconsolidated Joint Ventures." We do not believe that the values of any of our equity investments were impaired at December 31, 2013. | ||||||||
Restricted Cash | ||||||||
Restricted cash primarily consists of security deposits held on behalf of our tenants, interest reserves, as well as capital improvement and real estate tax escrows required under certain loan agreements. | ||||||||
Deferred Lease Costs | ||||||||
Deferred lease costs consist of fees and direct costs incurred to initiate and renew operating leases and are amortized on a straight-line basis over the related lease term. Certain of our employees provide leasing services to the wholly-owned properties. Approximately $12.4 million, $11.0 million and $9.6 million of their compensation for the years ended December 31, 2013, 2012 and 2011, respectively, was capitalized and is amortized over an estimated average lease term of seven years. | ||||||||
Deferred Financing Costs | ||||||||
Deferred financing costs represent commitment fees, legal, title and other third party costs associated with obtaining commitments for financing which result in a closing of such financing. These costs are amortized over the terms of the respective agreements. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not close. | ||||||||
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, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred 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 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 sheet 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 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 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. | ||||||||
Asset management fees are recognized on a straight-line basis over the term of the asset management agreement. | ||||||||
Allowance for Doubtful Accounts | ||||||||
We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our tenants to make required payments. If the financial condition of a specific tenant were to deteriorate, resulting in an impairment of its ability to make payments, additional allowances may be required. | ||||||||
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 loss 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. There were no additional loan reserves recorded during the year ended December 31, 2013. We recorded loan loss reserves of $3.0 million and $10.9 million on investments being held to maturity during the years ended December 31, 2012 and 2011, respectively. We also recorded recoveries of approximately $2.4 million and $4.4 million during the years ended December 31, 2012 and 2011, respectively, in connection with the sale of our investments. This is included in loan loss and other investment reserves, net of recoveries on the 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. | ||||||||
Rent Expense | ||||||||
Rent expense is recognized on a straight-line basis over the initial term of the lease. The excess of the rent expense recognized over the amounts contractually due pursuant to the underlying lease is included in the deferred land lease payable on the consolidated balance sheets. | ||||||||
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 included in the consolidated statements of income 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, a TRS may perform non-customary services for the tenants of the Company, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRS generates income, resulting in Federal and state income tax liability for these entities. | ||||||||
During the year ended December 31, 2013, we recorded Federal, state and local tax provision of $4.4 million. There were no Federal, state and local tax provisions for the years ended December 31, 2012 and 2011. | ||||||||
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. | ||||||||
Underwriting Commissions and Costs | ||||||||
Underwriting commissions and costs incurred in connection with our stock offerings are reflected as a reduction of additional paid-in-capital. | ||||||||
Exchangeable Debt Instruments | ||||||||
The initial proceeds from exchangeable debt that may be settled in cash, including partial cash settlements, must be bifurcated between a liability component and an equity component associated with the embedded conversion option. The objective of the accounting guidance is to require the liability and equity components of exchangeable debt to be separately accounted for in a manner such that the interest expense on the exchangeable debt is not recorded at the stated rate of interest but rather at an effective rate that reflects the issuer's conventional debt borrowing rate at the date of issuance. We calculate the liability component of exchangeable debt based on the present value of the contractual cash flows discounted at our comparable market conventional debt borrowing rate at the date of issuance. The difference between the principal amount and the fair value of the liability component is reported as a discount on the exchangeable debt that is accreted as additional interest expense from the issuance date through the contractual maturity date using the effective interest method. A portion of this additional interest expense may be capitalized to the development and redevelopment balances qualifying for interest capitalization each period. The liability component of the exchangeable debt is reported net of discounts on our consolidated balance sheets. We calculate the equity component of exchangeable debt based on the difference between the initial proceeds received from the issuance of the exchangeable debt and the fair value of the liability component at the issuance date. The equity component is included in additional paid-in-capital, net of issuance costs, on our consolidated balance sheets. We allocate issuance costs for exchangeable debt between the liability and the equity components based on their relative values. | ||||||||
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 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 SL Green's 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 the Company's common stock, at the current quoted market price, from certain key employee to satisfy minimum statutory tax-withholding requirements related to shares that vested during the period. | ||||||||
Awards can also be made in the form of a separate series of units of limited partnership interest in the Operating Partnership called long-term incentive plan units, or LTIP units. LTIP units, which can be granted either as free-standing awards or in tandem with other awards under our stock incentive plan, are valued by reference to the value of the Company's common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee of the Company's board of directors may determine, including continued employment or service, computation of financial metrics and/or achievement of pre-established performance goals and objectives. | ||||||||
Derivative Instruments | ||||||||
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 require that hedging derivative instruments are effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential for qualifying for hedge accounting. Some derivative instruments are associated with an anticipated transaction. In those cases, hedge effectiveness criteria also require that it be probable that the underlying transaction occurs. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract. | ||||||||
To determine the fair values of derivative instruments, we use a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. For the majority of financial instruments including most derivatives, long-term investments and long-term debt, standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost, and termination cost are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. | ||||||||
In the normal course of business, we are exposed to the effect of interest rate changes and limit these risks by following established risk management policies and procedures including the use of derivatives. To address exposure to interest rates, derivatives are used primarily to fix the rate on debt based on floating-rate indices and manage the cost of borrowing obligations. | ||||||||
We use a variety of commonly used derivative products that are considered plain vanilla derivatives. These derivatives typically include interest rate swaps, caps, collars and floors. We expressly prohibit the use of unconventional derivative instruments and using derivative instruments for trading or speculative purposes. Further, we have a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. | ||||||||
We may employ swaps, forwards or purchased options to hedge qualifying forecasted transactions. Gains and losses related to these transactions are deferred and recognized in net income as interest expense in the same period or periods that the underlying transaction occurs, expires or is otherwise terminated. | ||||||||
Hedges that are reported at fair value and presented on the balance sheet could be characterized as cash flow hedges or fair value hedges. Interest rate caps and collars are examples of cash flow hedges. Cash flow hedges address the risk associated with future cash flows of interest payments. For all hedges held by us and which were deemed to be fully effective in meeting the hedging objectives established by our corporate policy governing interest rate risk management, no net gains or losses were reported in earnings. The changes in fair value of hedge instruments are reflected in accumulated other comprehensive income. For derivative instruments not designated as hedging instruments, the gain or loss, resulting from the change in the estimated fair value of the derivative instruments, is recognized in current earnings during the period of change. | ||||||||
Earnings per Share of the Company | ||||||||
We present 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 shares 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 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 7.5%, 6.6% and 6.1% of our share of annualized cash rent, respectively, no other tenant in our portfolio accounted for more than 2.2% of our annualized cash rent, including our share of joint venture annualized rent, at December 31, 2013. Approximately 10.6%, 7.8%, 7.7% and 6.4% of our annualized cash rent for consolidated properties was attributable to 1515 Broadway, 919 Third Avenue, 1185 Avenue of the Americas and One Madison Avenue, respectively, for the year ended December 31, 2013. Approximately 10.2%, 8.0%, 7.1% and 6.2% of our annualized cash rent for consolidated properties was attributable to 1515 Broadway, 919 Third Avenue, 1185 Avenue of the Americas and One Madison Avenue, respectively, for the year ended December 31, 2012. Approximately 10.3%, 8.3%, 7.2%, and 6.5% of our annualized rent for consolidated properties was attributable to 1515 Broadway, 919 Third Avenue, 1185 Avenue of the Americas and One Madison Avenue, respectively, for the year ended December 31, 2011. In addition, three debt and preferred equity investments accounted for more than 10.0% of the income earned on debt and preferred equity investments during 2013. As of December 31, 2013, approximately 73.9% of our workforce is covered by three collective bargaining agreements. Approximately 77.3% of our workforce which services substantially all of our properties is covered by a collective bargaining agreement which expires in 2015. See Note 20, "Benefits Plans." | ||||||||
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, to reclassify deferred origination fees from deferred income to debt and preferred equity investments and to reclassify contingent liabilities relating to operating escalation reimbursements from tenant and other receivables, net of allowance to accrued interest and other liabilities. | ||||||||
Accounting Standards Updates | ||||||||
In May 2011, the FASB issued updated guidance on fair value measurement which amends U.S. GAAP to conform to IFRS measurement and disclosure requirements. The amendments change the wording used to describe the requirements in U.S. GAAP for measuring fair value, changes certain fair value measurement principles and enhances disclosure requirements. This guidance was effective as of the first quarter of 2012, and its adoption did not have a material impact on our consolidated financial statements. | ||||||||
In December 2011, the FASB issued guidance that concluded when a parent ceases to have a controlling financial interest in a subsidiary that is in-substance real estate as a result of default on the subsidiary's nonrecourse debt, the reporting entity must apply the accounting guidance for sales of real estate to determine whether it should derecognize the in-substance real estate. The reporting entity is precluded from derecognizing the real estate until legal ownership has been transferred to the lender to satisfy the debt. The guidance was effective for calendar year-end public and nonpublic companies in 2013 and is to be applied on a prospective basis. Early adoption of the guidance is permitted. Adoption of this guidance did not have a material impact on our consolidated financial statements. | ||||||||
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 was 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 | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||||||
Property Acquisitions | ' | |||||||||||||||||||
Property Acquisitions | ||||||||||||||||||||
2013 Acquisitions | ||||||||||||||||||||
In November 2013, we acquired a 492,987 square foot (unaudited) mixed-use residential and commercial property, consisting of 333 apartment units and 270,132 square foot (unaudited) of commercial space, located at 315 West 33rd Street for $386.8 million. | ||||||||||||||||||||
In November 2013, we acquired the aggregate 66,692 square foot (unaudited) assemblage of retail development properties located on Fifth Avenue for $146.0 million. | ||||||||||||||||||||
In April 2013, we acquired interests from our joint venture partner, City Investment Fund, or CIF, in 16 Court Street in Brooklyn for $4.0 million. We have consolidated the ownership of the 318,000 square foot (unaudited) building. The transaction valued the consolidated interest at $96.2 million, inclusive of the $84.6 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. | ||||||||||||||||||||
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 90.0% 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 these 2013 acquisitions (in thousands): | ||||||||||||||||||||
315 West 33 Street(1) | Assemblage of Retail Development Properties on Fifth Avenue(1) | 16 Court | 248-252 | |||||||||||||||||
Bedford | ||||||||||||||||||||
Avenue | ||||||||||||||||||||
Land | $ | 116,033 | $ | 43,800 | $ | 19,217 | $ | 10,865 | ||||||||||||
Building and building leasehold | 270,742 | 102,200 | 63,210 | 44,035 | ||||||||||||||||
Above market lease value | — | — | 5,122 | — | ||||||||||||||||
Acquired in-place leases | — | — | 9,422 | — | ||||||||||||||||
Other assets, net of other liabilities | — | — | 3,380 | — | ||||||||||||||||
Assets acquired | 386,775 | 146,000 | 100,351 | 54,900 | ||||||||||||||||
Mark-to-market assumed debt | — | — | 294 | — | ||||||||||||||||
Below market lease value | — | — | 3,885 | — | ||||||||||||||||
Liabilities assumed | — | — | 4,179 | — | ||||||||||||||||
Purchase price allocation | $ | 386,775 | $ | 146,000 | $ | 96,172 | $ | 54,900 | ||||||||||||
Net consideration funded by us at closing, excluding consideration financed by debt | $ | 386,775 | $ | 146,000 | $ | 4,000 | $ | 21,782 | ||||||||||||
Equity and/or debt investment held | $ | — | $ | — | $ | 13,835 | $ | — | ||||||||||||
Debt assumed | $ | — | $ | — | $ | 84,642 | $ | — | ||||||||||||
______________________________________________________________________ | ||||||||||||||||||||
-1 | 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. | |||||||||||||||||||
2012 Acquisitions | ||||||||||||||||||||
In December 2012, we acquired the aggregate 42,000 square foot (unaudited) vacant retail buildings located at 985-987 Third Avenue for $18.0 million. | ||||||||||||||||||||
In December 2012, we acquired a 68,000 square foot (unaudited) mixed-use retail, office and residential building located at 131-137 Spring Street for $122.3 million. | ||||||||||||||||||||
In October 2012, we, along with Stonehenge Partners, acquired a 99-year leasehold position covering an 82,250 square foot (unaudited), 96 unit residential building located at 1080 Amsterdam Avenue, which we are developing into a luxury residential building. | ||||||||||||||||||||
In September 2012, we acquired the aggregate 267,000 square foot (unaudited) office buildings located at 635 and 641 Sixth Avenue for $173.0 million. | ||||||||||||||||||||
In June 2012, we acquired a 215,000 square foot (unaudited) office building located at 304 Park Avenue South for $135.0 million. The property was acquired with approximately $102.0 million in cash and $33.0 million in units of limited partnership interest of the Operating Partnership. | ||||||||||||||||||||
In October 2011, we formed a joint venture with Stonehenge Partners and, in January 2012, we acquired five retail and two multifamily properties in Manhattan for $193.1 million, inclusive of the issuance of $47.6 million aggregate liquidation preference of 4.5% Series G Preferred Units of limited partnership interest of the Operating Partnership. Simultaneous with the closing, we financed the multifamily component, which encompasses 385 units and 488,000 square feet (unaudited), with an aggregate 12 years $100.0 million fixed rate mortgage which bears interest at 4.1% and one of the retail properties financed with a 5-year $8.5 million fixed rate mortgage which bears interest at 3.8%. We hold an 80.0% interest in this joint venture which we consolidate as it is a VIE and we have been designated as the primary beneficiary. In February 2013, we sold one of the retail properties, which is further described in Note 4, "Property Dispositions." | ||||||||||||||||||||
The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of these 2012 acquisitions (in thousands): | ||||||||||||||||||||
985-987 Third Avenue | 131-137 Spring Street | 635-641 | 304 Park | Stonehenge | ||||||||||||||||
Sixth | Avenue | Properties | ||||||||||||||||||
Avenue | South | |||||||||||||||||||
Land | $ | 5,400 | $ | 27,021 | $ | 69,848 | $ | 54,189 | $ | 65,533 | ||||||||||
Building and building leasehold | 12,600 | 105,342 | 104,474 | 75,619 | 128,457 | |||||||||||||||
Above market lease value | — | 179 | — | 2,824 | 594 | |||||||||||||||
Acquired in-place leases | — | 7,046 | 7,727 | 8,265 | 9,573 | |||||||||||||||
Other assets, net of other liabilities | — | — | — | — | 2,190 | |||||||||||||||
Assets acquired | 18,000 | 139,588 | 182,049 | 140,897 | 206,347 | |||||||||||||||
Fair value adjustment to mortgage note payable | — | — | — | — | — | |||||||||||||||
Below market lease value | — | 17,288 | 9,049 | 5,897 | 13,239 | |||||||||||||||
Liabilities assumed | — | 17,288 | 9,049 | 5,897 | 13,239 | |||||||||||||||
Purchase price allocation | $ | 18,000 | $ | 122,300 | $ | 173,000 | $ | 135,000 | $ | 193,108 | ||||||||||
Net consideration funded by us at closing, excluding consideration financed by debt | $ | 18,000 | $ | 122,300 | $ | 173,000 | $ | 135,000 | $ | 78,121 | ||||||||||
Equity and/or debt investment held | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Debt assumed | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
2011 Acquisitions | ||||||||||||||||||||
In November 2011, we acquired all of the interests in 51 East 42nd Street, a 142,000 square foot (unaudited) office building for approximately $80.0 million, inclusive of the issuance of $2.0 million, aggregate liquidation preference of 6.0% Series H Preferred Units of limited partnership interest of the Operating Partnership. | ||||||||||||||||||||
In November 2011 we, along with The Moinian Group, formed a joint venture to recapitalize 180 Maiden Lane, a fully-leased, 1.1 million square foot (unaudited) Class A office tower. The consideration for our 49.9% stake in the joint venture included $41.0 million in cash and common units of limited partnership interest of the Operating Partnership valued at $31.7 million. The transaction valued the property at $442.3 million. In connection with the issuance of these Operating Partnership units, we recorded an $8.3 million fair value adjustment due to changes in our stock price. Simultaneous with the closing of the recapitalization, the joint venture refinanced the existing $344.2 million indebtedness with a five-year $280.0 million mortgage. We consolidate this joint venture, which is a VIE in which we have been designated as the primary beneficiary, as a result of the control we exert over leasing activities at the property. | ||||||||||||||||||||
In May 2011, we acquired a substantial ownership interest in the 205,000 square foot (unaudited) office condominium at 110 East 42nd Street, along with control of the asset. We had previously provided a $16.0 million senior mezzanine loan as part of our sale of the condominium unit in 2007. The May 2011 transaction included a consensual modification of that loan. In conjunction with the transaction, we successfully restructured the in-place mortgage financing, which had previously been in default. | ||||||||||||||||||||
In April 2011, we purchased SITQ Immobilier, a subsidiary of Caisse de depot et placement du Quebec, or SITQ's, 31.5% economic interest in 1515 Broadway, thereby consolidating full ownership of the 1,750,000 square foot (unaudited) building. The transaction valued the consolidated interests at $1.2 billion. This valuation was based on a negotiated sales agreement and took into consideration such factors as whether this was a distressed sale and whether a minority discount was warranted. We acquired the interest subject to the $458.8 million mortgage encumbering the property. We recognized a purchase price fair value adjustment of $475.1 million upon the closing of this transaction. This property, which we initially acquired in May 2002, was previously accounted for as an investment in unconsolidated joint ventures. | ||||||||||||||||||||
In January 2011, we purchased CIF's 49.9% interest in 521 Fifth Avenue, thereby assuming full ownership of the 460,000 square-foot (unaudited) building. The transaction valued the consolidated interests at approximately $245.7 million, excluding $4.5 million of cash and other assets acquired. We acquired the interest subject to the $140.0 million mortgage encumbering the property. We recognized a purchase price fair value adjustment of $13.8 million upon the closing of this transaction. In April 2011, we refinanced the property with a new $150.0 million two-year mortgage which carries a floating rate of interest of 200 basis points over the 30-day LIBOR. In connection with that refinancing, we acquired the fee interest in the property for $15.0 million. | ||||||||||||||||||||
The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of these 2011 acquisitions (in thousands): | ||||||||||||||||||||
51 East | 180 | 110 East | 1515 | 521 | ||||||||||||||||
42nd | Maiden | 42nd | Broadway | Fifth | ||||||||||||||||
Street | Lane | Street | Avenue | |||||||||||||||||
Land | $ | 44,095 | $ | 191,523 | $ | 34,000 | $ | 462,700 | $ | 110,100 | ||||||||||
Building and building leasehold | 33,470 | 233,230 | 46,411 | 707,938 | 146,686 | |||||||||||||||
Above market lease value | 5,616 | 7,944 | 823 | 18,298 | 3,318 | |||||||||||||||
Acquired in-place leases | 4,333 | 29,948 | 5,396 | 98,661 | 23,016 | |||||||||||||||
Other assets, net of other liabilities | — | — | — | 27,127 | — | |||||||||||||||
Assets acquired | 87,514 | 462,645 | 86,630 | 1,314,724 | 283,120 | |||||||||||||||
Fair value adjustment to mortgage note payable | — | — | — | (3,693 | ) | — | ||||||||||||||
Below market lease value | 7,514 | 20,320 | 2,326 | 84,417 | 25,977 | |||||||||||||||
Liabilities assumed | 7,514 | 20,320 | 2,326 | 80,724 | 25,977 | |||||||||||||||
Purchase price allocation | $ | 80,000 | $ | 442,325 | $ | 84,304 | $ | 1,234,000 | $ | 257,143 | ||||||||||
Net consideration funded by us at closing, excluding consideration financed by debt | $ | 81,632 | $ | 81,835 | $ | 2,744 | $ | 259,228 | $ | 70,000 | ||||||||||
Equity and/or debt investment held | $ | — | $ | — | $ | 16,000 | $ | 40,942 | $ | 41,432 | ||||||||||
Debt assumed | $ | — | $ | — | $ | 65,000 | $ | 458,767 | $ | 140,000 | ||||||||||
Property_Dispositions
Property Dispositions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Property Dispositions | ' | |||||||||||
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, which is net of a $3.0 million employee compensation award accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on sale. | ||||||||||||
In February 2013, we, along with our joint venture partner, sold the retail property located at 44 West 55th Street, New York, New York for $6.3 million. We recognized a gain of $1.1 million on the sale. | ||||||||||||
In February 2012, we sold the leased fee interest at 292 Madison Avenue, New York, New York for $85.0 million. We recognized a gain of $6.6 million on the sale, which is net of a $1.5 million employee compensation award accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. | ||||||||||||
In May 2011, we sold a 359,000 square foot (unaudited) property located at 28 West 44th Street, New York, New York for $161 million. We recognized a gain of $46.1 million on the sale. | ||||||||||||
Discontinued operations included the results of operations of real estate assets sold prior to December 31, 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, 292 Madison Avenue, which was sold in February 2012, and 28 West 44th Street, which was sold in May 2011. | ||||||||||||
The following table summarizes net income from discontinued operations for the years ended December 31, 2013, 2012 and 2011, respectively (in thousands). | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | ||||||||||||
Rental revenue | $ | 10,656 | $ | 18,651 | $ | 27,093 | ||||||
Escalation and reimbursement revenues | 1,292 | 2,263 | 2,924 | |||||||||
Other income | 8 | 8,190 | 121 | |||||||||
Total revenues | 11,956 | 29,104 | 30,138 | |||||||||
Operating expenses | 3,643 | 6,646 | 7,424 | |||||||||
Real estate taxes | 765 | 1,224 | 2,334 | |||||||||
Interest expense, net of interest income | 461 | 2,082 | 4,922 | |||||||||
Depreciable real estate reserves | 2,150 | — | — | |||||||||
Transaction related costs | — | 160 | 1 | |||||||||
Depreciation and amortization | 3,212 | 6,373 | 6,715 | |||||||||
Amortization of deferred financing costs | — | — | 182 | |||||||||
Total expenses | 10,231 | 16,485 | 21,578 | |||||||||
Net income from discontinued operations | $ | 1,725 | $ | 12,619 | $ | 8,560 | ||||||
Debt_and_Preferred_Equity_Inve
Debt and Preferred Equity Investments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Debt and Preferred Equity Investments | ' | |||||||||||||||||||||||
Debt and Preferred Equity Investments | ||||||||||||||||||||||||
During the years ended December 31, 2013 and 2012, our debt and preferred equity investments (net of discounts and deferred origination fees) increased approximately $601.3 million and $672.9 million, respectively, due to originations, purchases, accretion of reserves, discounts and paid-in-kind interest. We recorded repayments, participations and sales of approximately $644.9 million and $298.7 million, respectively, and loan loss reserves of zero and $3.0 million during the years ended December 31, 2013 and 2012, respectively, which offset the increases in debt and preferred equity investments. | ||||||||||||||||||||||||
Debt Investments | ||||||||||||||||||||||||
As of December 31, 2013 and 2012, we held the following debt investments with an aggregate weighted average current yield of approximately 11.47% at December 31, 2013 (in thousands): | ||||||||||||||||||||||||
Loan Type | December 31, 2013 | December 31, 2013 | December 31, 2012 | Initial | ||||||||||||||||||||
Senior | Carrying Value, | Carrying Value, | Maturity | |||||||||||||||||||||
Financing | Net of Discounts and Deferred Origination Fees | Net of Discounts and Deferred Origination Fees | Date | |||||||||||||||||||||
Junior Participation | $ | 398,500 | $ | 11,856 | $ | — | Mar-15 | |||||||||||||||||
Mezzanine Loan | 205,000 | 68,319 | 66,307 | Feb-16 | ||||||||||||||||||||
Mortgage/Mezzanine Loan | 166,710 | 44,742 | 44,013 | May-16 | ||||||||||||||||||||
Mezzanine Loan | 177,000 | 15,012 | 15,906 | May-16 | ||||||||||||||||||||
Junior Participation | 133,000 | 49,000 | 49,000 | Jun-16 | ||||||||||||||||||||
Mezzanine Loan | 165,000 | 71,312 | 70,967 | Nov-16 | ||||||||||||||||||||
Mortgage/Mezzanine Loan(1) | 1,109,000 | 80,983 | 115,804 | Mar-17 | ||||||||||||||||||||
Mezzanine Loan(2) | 521,750 | 20,954 | — | Jun-17 | ||||||||||||||||||||
Other Loan | 15,000 | 3,500 | 3,500 | Sep-21 | ||||||||||||||||||||
Mezzanine Loan(3) | 90,000 | 19,926 | — | Nov-23 | ||||||||||||||||||||
Mortgage Loan(4) | — | — | 218,068 | — | ||||||||||||||||||||
Total fixed rate | $ | 2,980,960 | $ | 385,604 | $ | 583,565 | ||||||||||||||||||
Junior Participation(5) | $ | 80,932 | $ | 24,046 | $ | — | Feb-14 | |||||||||||||||||
Junior Participation(6) | 57,750 | 10,873 | 10,869 | Jun-14 | ||||||||||||||||||||
Mortgage/Mezzanine Loan | 330,000 | 131,724 | 131,231 | Jul-14 | ||||||||||||||||||||
Mezzanine Loan | 180,000 | 59,892 | 59,739 | Aug-14 | ||||||||||||||||||||
Mezzanine Loan(7) | 89,956 | 38,549 | 34,444 | Oct-14 | ||||||||||||||||||||
Mortgage Loan | — | 30,000 | — | Dec-14 | ||||||||||||||||||||
Mezzanine Loan | 110,000 | 49,110 | — | Sep-15 | ||||||||||||||||||||
Mezzanine Loan(8) | 92,711 | 27,662 | 55,336 | Dec-15 | ||||||||||||||||||||
Mezzanine Loan | 775,000 | 72,823 | — | Mar-16 | ||||||||||||||||||||
Mezzanine Loan(9) | 160,000 | 22,526 | 7,624 | Jun-16 | ||||||||||||||||||||
Mezzanine Loan | 87,300 | 25,590 | 34,761 | Jul-16 | ||||||||||||||||||||
Mezzanine Loan(10) | 163,500 | 25,725 | — | Nov-16 | ||||||||||||||||||||
Mezzanine Loan(11) | 33,289 | 11,798 | — | Dec-16 | ||||||||||||||||||||
Mortgage/Mezzanine Loan | 55,000 | 20,553 | — | Jul-18 | ||||||||||||||||||||
Mortgage Loan | — | — | 14,745 | — | ||||||||||||||||||||
Mezzanine Loan | — | — | 37,288 | — | ||||||||||||||||||||
Mortgage/Mezzanine Loan | — | — | 47,253 | — | ||||||||||||||||||||
Total floating rate | $ | 2,215,438 | $ | 550,871 | $ | 433,290 | ||||||||||||||||||
Total | 5,196,398 | 936,475 | 1,016,855 | |||||||||||||||||||||
Loan loss reserve(12) | (1,000 | ) | (7,000 | ) | ||||||||||||||||||||
$ | 935,475 | $ | 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 income on the consolidated statements of income. | |||||||||||||||||||||||
-2 | In October 2013, we entered into a loan participation agreement in the amount of $41.3 million on a $82.5 million mortgage. As a result of the transfer not meeting the conditions for sale accounting, the portion that was participated out has been recorded in other assets and other liabilities in the accompanying consolidated balance sheet. In addition, as of December 31, 2013, we were committed to fund an additional $20.0 million in connection with this loan. | |||||||||||||||||||||||
-3 | In November 2013, we entered into a loan participation agreement in the amount of $5.0 million on a $25.0 million mortgage. As a result of the transfer not meeting the conditions for sale accounting, the portion that was participated out has been recorded in other assets and other liabilities in the consolidated balance sheets. | |||||||||||||||||||||||
-4 | In November 2012, we acquired this nonperforming loan with an original balance of $219.0 million subject to interest based on default rate. In connection with the repayment of the loan in May 2013, we recognized additional income of $6.4 million, which is included in investment income on our consolidated statements of income. | |||||||||||||||||||||||
-5 | As of December 31, 2013, we were committed to fund an additional $0.9 million in connection with this loan. | |||||||||||||||||||||||
-6 | In December 2013, the loan was extended to June 2014. | |||||||||||||||||||||||
-7 | As of December 31, 2013, we were committed to fund an additional $11.2 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. Additionally, in December 2013 we closed on an $8.5 million future funding upsize, bringing our total additional committed funding amount to $22.1 million at December 31, 2013. | |||||||||||||||||||||||
-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 a $30.0 million mortgage. 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 consolidated balance sheets. | |||||||||||||||||||||||
-10 | As of December 31, 2013, we were committed to fund an additional $11.4 million in connection with this loan. | |||||||||||||||||||||||
-11 | As of December 31, 2013, we were committed to fund an additional $0.3 million in connection with this loan. | |||||||||||||||||||||||
-12 | 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 December 31, 2013 and 2012, we held the following preferred equity investments with an aggregate weighted average current yield of approximately 10.91% at December 31, 2013 (in thousands): | ||||||||||||||||||||||||
Type | December 31, 2013 | December 31, 2013 | December 31, 2012 | Initial | ||||||||||||||||||||
Senior | Carrying Value, | Carrying Value, | Mandatory | |||||||||||||||||||||
Financing | Net of Discounts and Deferred Origination Fees | Net of Discounts and Deferred Origination Fees | Redemption | |||||||||||||||||||||
Preferred equity(1) | $ | 525,000 | $ | 115,198 | $ | 99,768 | Jul-15 | |||||||||||||||||
Preferred equity(1)(2) | 55,747 | 25,896 | 18,925 | Apr-16 | ||||||||||||||||||||
Preferred equity(1) | 926,260 | 218,330 | 209,959 | Jul-16 | ||||||||||||||||||||
Preferred equity | 70,000 | 9,940 | 9,927 | Nov-17 | ||||||||||||||||||||
$ | 1,577,007 | $ | 369,364 | $ | 338,579 | |||||||||||||||||||
______________________________________________________________________ | ||||||||||||||||||||||||
-1 | The difference between the pay and accrual rates is included as an addition to the principal balance outstanding. | |||||||||||||||||||||||
-2 | As of December 31, 2013, the loan is fully funded. | |||||||||||||||||||||||
The following table is a rollforward of our total loan loss reserves at December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance at beginning of year | $ | 7,000 | $ | 50,175 | $ | 61,361 | ||||||||||||||||||
Expensed | — | 3,000 | 10,875 | |||||||||||||||||||||
Recoveries | — | (2,436 | ) | (4,370 | ) | |||||||||||||||||||
Charge-offs and reclassifications | (6,000 | ) | (43,739 | ) | (17,691 | ) | ||||||||||||||||||
Balance at end of period | $ | 1,000 | $ | 7,000 | $ | 50,175 | ||||||||||||||||||
At December 31, 2013, 2012 and 2011, all debt and preferred equity investments were performing in accordance with the terms of the loan agreements. | ||||||||||||||||||||||||
We have determined that we have one portfolio segment of financing receivables at December 31, 2013 and 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 $172.8 million and $121.3 million at December 31, 2013 and 2012, respectively. No financing receivables were 90 days past due at December 31, 2013. | ||||||||||||||||||||||||
The following table presents impaired loans, which may include non-accrual loans, as of December 31, 2013 and 2012, respectively (in thousands): | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Unpaid | Recorded | Allowance | Unpaid | Recorded | Allowance | |||||||||||||||||||
Principal | Investment | Allocated | Principal | Investment | Allocated | |||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial real estate | 10,750 | 10,750 | 1,000 | 10,750 | 10,750 | 7,000 | ||||||||||||||||||
Total | $ | 10,750 | $ | 10,750 | $ | 1,000 | $ | 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 years ended December 31, 2013 and 2012, respectively (in thousands): | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 10,881 | $ | 50,231 | ||||||||||||||||||||
Investment income recognized | 7,117 | 3,712 | ||||||||||||||||||||||
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. |
Investment_in_Unconsolidated_J
Investment in Unconsolidated Joint Ventures | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||
Investment in Unconsolidated Joint Ventures | ' | ||||||||||||||
Investments in Unconsolidated Joint Ventures | |||||||||||||||
We have investments in several real estate joint ventures with various partners, including 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 388 and 390 Greenwich Street, 650 Fifth Avenue, 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 five VIEs was $310.7 million and $117.7 million at December 31, 2013 and 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 December 31, 2013 (amounts in thousands): | |||||||||||||||
Property | Partner | Ownership | Economic | Square | Acquisition Date | Acquisition | |||||||||
Interest | Interest | Feet | Price(1) | ||||||||||||
100 Park Avenue | Prudential | 49.90% | 49.90% | 834 | Jan-00 | $ | 95,800 | ||||||||
21 West 34th Street | Sutton | 50.00% | 50.00% | 30 | Jul-05 | 22,400 | |||||||||
1604-1610 Broadway(2) | Onyx | 70.00% | 70.00% | 30 | Nov-05 | 4,400 | |||||||||
717 Fifth Avenue(3) | 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 | 50.00% | 50.00% | 582 | Sep-07 | 111,500 | |||||||||
388 and 390 Greenwich Street(4) | SITQ | 50.60% | 50.60% | 2,600 | Dec-07 | 1,575,000 | |||||||||
180/182 Broadway(5) | Harel/Sutton | 25.50% | 25.50% | 71 | Feb-08 | 43,600 | |||||||||
600 Lexington Avenue | CPPIB | 55.00% | 55.00% | 304 | May-10 | 193,000 | |||||||||
11 West 34th Street(6) | Private Investor/Sutton | 30.00% | 30.00% | 17 | Dec-10 | 10,800 | |||||||||
7 Renaissance | Cappelli | 50.00% | 50.00% | 37 | Dec-10 | 4,000 | |||||||||
3 Columbus Circle(7) | Moinian | 48.90% | 48.90% | 769 | Jan-11 | 500,000 | |||||||||
280 Park Avenue(8) | Vornado | 50.00% | 49.50% | 1,237 | Mar-11 | 400,000 | |||||||||
1552-1560 Broadway(9) | Sutton | 50.00% | 50.00% | 49 | Aug-11 | 136,550 | |||||||||
747 Madison Avenue(10) | Harel/Sutton | 33.33% | 33.33% | 10 | Sep-11 | 66,250 | |||||||||
724 Fifth Avenue | Sutton | 50.00% | 50.00% | 65 | Jan-12 | 223,000 | |||||||||
10 East 53rd Street | CPPIB | 55.00% | 55.00% | 390 | Feb-12 | 252,500 | |||||||||
33 Beekman(11) | Harel/Naftali | 45.90% | 45.90% | 145 | Aug-12 | 31,000 | |||||||||
West Coast office portfolio(12) | Blackstone | 42.02% | 43.74% | 4,474 | Sep-12 | 880,103 | |||||||||
521 Fifth Avenue(13) | Plaza | 50.50% | 50.50% | 460 | Nov-12 | 315,000 | |||||||||
21 East 66th Street(14) | Private Investors | 32.28% | 32.28% | 17 | Dec-12 | 75,000 | |||||||||
315 West 36th Street | Private Investors | 35.50% | 35.50% | 148 | Dec-12 | 45,000 | |||||||||
Herald Center(15) | AG | 40.00% | 40.00% | 365 | Jan-13 | 50,000 | |||||||||
650 Fifth Avenue(16) | Sutton | 50.00% | 50.00% | 32 | Nov-13 | — | |||||||||
______________________________________________________________________ | |||||||||||||||
-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. In January 2014, our ground lease position was terminated. | ||||||||||||||
-3 | In June 2012, this retail condominium was recapitalized. The recapitalization triggered a promote to our partner, which resulted in a reduction of our economic interest. In addition, we sold 50% of our remaining interest at a property valuation of $617.6 million. We recognized $67.9 million of additional cash income, equivalent to profit, due to the distribution of refinancing proceeds and a gain on sale of $3.0 million, which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. | ||||||||||||||
-4 | The property is subject to a triple-net lease arrangement with a single tenant, which expires in 2020. In December 2013, the joint venture signed an agreement extending the lease through December 31, 2035. The agreement includes an option for the tenant to acquire the property for a specified price during the period from December 1, 2017 through December 31, 2020. | ||||||||||||||
-5 | In June 2013, the joint venture completed its redevelopment project. In July 2013, the lease for Pace University, or Pace, its primary tenant, commenced. | ||||||||||||||
-6 | The property is subject to a long-term net lease arrangement. | ||||||||||||||
-7 | 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. Because the joint venture has an option to repurchase the Y&R units, no gain was recognized on this sale. | ||||||||||||||
-8 | In March 2011, we contributed our debt investment with a carrying value of $286.6 million to a newly formed joint venture in which we hold a 50% interest. We realized $38.7 million of additional income upon the contribution. This income is included in investment income in the consolidated statements of income. The joint venture paid us approximately $111.3 million and also assumed $30.0 million of related floating rate financing which matures in June 2016. In May 2011, this joint venture took control of the underlying property as part of a recapitalization transaction which valued the investment at approximately $1.1 billion. | ||||||||||||||
-9 | 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. | ||||||||||||||
-10 | The joint venture owns 100% interest as tenant-in-common in 30 East 65th Street Corporation and the related proprietary lease of three cooperative apartment units in the building. In October 2013, the joint ventured acquired two additional cooperative apartment units in the building for $7.5 million. | ||||||||||||||
-11 | 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. | ||||||||||||||
-12 | In September 2012, the Company, together with an affiliate of Blackstone, Gramercy and Square Mile Capital Management LLC, or Square Mile, formed a joint venture to recapitalize a 31-property, 4.5-million-square-foot West Coast office portfolio. The joint venture extended the $678.8 million mortgage secured by the portfolio for a term of 2 years with a 1-year extension option. In addition, the joint venture entered into a new $68.0 million mezzanine loan for a term of 2 years. 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 year ended December 31, 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. | ||||||||||||||
-13 | In November 2012, we sold our 49.5% partnership interest in 521 Fifth Avenue to Plaza Global Real Estate Partners for a gross valuation price of $315.0 million for this property. We recognized a gain of $19.4 million on the sale which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. We also refinanced the existing $150.0 million loan with a $170.0 million 7-year mortgage loan which bears interest at 220 basis points over LIBOR. Following the sale, we deconsolidated the entity effective November 30, 2012 and have accounted our investment under the equity method because of lack of control. During the year ended December 31, 2013, we recognized additional post closing costs of $2.8 million as an adjustment to the gain. | ||||||||||||||
-14 | We hold a 32.28% interest in 3 retail and 2 residential units at the property and a 16.14% in 4 residential units at the property. | ||||||||||||||
-15 | The joint venture owned a preferred equity interest in an entity that holds the interest in a mixed commercial use property located in Manhattan. The preferred equity bore interest at a rate of 8.75% per annum through its redemption date in December 2013. | ||||||||||||||
-16 | The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. In connection with the ground lease obligation, SLG provided a performance guaranty and Sutton executed a contribution agreement to reflect its pro rata obligation. In an event the property is converted into a condominium unit and the landlord elects the purchase option, the joint venture shall be obligated to acquire the unit at the then fair value. In November 2013, the joint venture signed an agreement to buy out the lease of retailer Juicy Couture for $51.0 million as part of its plan to redevelop and reposition the property. Under this agreement, the tenant shall terminate the lease no later than April 2014. | ||||||||||||||
In December 2013, we sold our 50.0% partnership interest in the joint venture which holds 27-29 West 34th Street to Sutton at an implied gross valuation of $70.1 million, inclusive of the $52.8 million mortgage encumbering the property. We recognized a gain of $7.6 million on the sale of our investment which is net of a $1.5 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. Simultaneously, we, along with Sutton, also formed a new joint venture and retained the air rights at this property. | |||||||||||||||
In July 2012, we, along with our joint venture partner, sold One Court Square for $481.1 million, which included the assumption by the purchaser of $315.0 million of existing debt. We recognized a gain of $1.0 million on the sale of this property. | |||||||||||||||
In April 2012, we, along with our joint venture partner, Jeff Sutton, sold the property located at 379 Broadway for $48.5 million, inclusive of the fee position which was acquired for $13.5 million. We recognized a gain of $6.5 million on the sale of this property. | |||||||||||||||
In March 2012, we, along with our joint venture partner, Jeff Sutton, sold the property located at 141 Fifth Avenue for $46.0 million. We recognized a gain of $7.3 million on sale of this investment which is net of a $1.5 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. | |||||||||||||||
In November 2011, we acquired the remaining 50% interest in the joint venture which held an investment in a debt position on the property located at 450 West 33rd Street. As we own 100% of this investment, we have reclassified it and recorded it as a debt investment. See Note 5, "Debt and Preferred Equity Investments." | |||||||||||||||
In August 2011, we sold our 10% interest in the joint venture that held 1551-1555 Broadway for approximately $9.7 million. We recognized a gain of $4.0 million on the sale. | |||||||||||||||
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 December 31, 2013 and 2012, respectively, are as follows (amounts in thousands): | |||||||||||||||
Property | Maturity Date | Interest | 31-Dec-13 | 31-Dec-12 | |||||||||||
Rate(1) | |||||||||||||||
100 Park Avenue | Sep-14 | 6.64 | % | $ | 209,786 | $ | 212,287 | ||||||||
7 Renaissance | Dec-15 | 10 | % | 1,276 | 856 | ||||||||||
11 West 34th Street | Jan-16 | 4.82 | % | 17,205 | 17,491 | ||||||||||
280 Park Avenue | Jun-16 | 6.57 | % | 706,886 | 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(3) | Jul-22 | 4.45 | % | 300,000 | 300,000 | ||||||||||
21 East 66th Street(4) | Apr-23 | 4.1 | % | 12,000 | 12,000 | ||||||||||
717 Fifth Avenue(3) | Jul-24 | 9 | % | 304,000 | 294,509 | ||||||||||
1604-1610 Broadway(5) | — | 5.66 | % | 27,000 | 27,000 | ||||||||||
Total fixed rate debt | $ | 3,223,895 | $ | 3,219,885 | |||||||||||
West Coast office portfolio(6) | Sep-14 | 3.93 | % | 526,290 | 745,025 | ||||||||||
747 Madison Avenue | Oct-14 | 2.97 | % | 33,125 | 33,125 | ||||||||||
180/182 Broadway(7) | Dec-14 | 2.94 | % | 89,893 | 71,524 | ||||||||||
The Meadows(8) | Sep-15 | 7.75 | % | 67,350 | 57,000 | ||||||||||
3 Columbus Circle(9) | Apr-16 | 2.38 | % | 239,233 | 247,253 | ||||||||||
1552 Broadway(10) | Apr-16 | 3.48 | % | 158,690 | 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(11) | Aug-17 | 2.94 | % | 18,362 | 18,362 | ||||||||||
600 Lexington Avenue | Oct-17 | 2.28 | % | 120,616 | 124,384 | ||||||||||
388 and 390 Greenwich Street(2) | Dec-17 | 1.34 | % | 142,297 | 142,297 | ||||||||||
521 Fifth Avenue | Nov-19 | 2.39 | % | 170,000 | 170,000 | ||||||||||
21 East 66th Street | Jun-33 | 2.88 | % | 1,959 | 2,033 | ||||||||||
27-29 West 34th Street(12) | — | 53,375 | |||||||||||||
16 Court Street(13) | — | 84,916 | |||||||||||||
Total floating rate debt | $ | 1,842,815 | $ | 2,138,163 | |||||||||||
Total joint venture mortgages and other loans payable | $ | 5,066,710 | $ | 5,358,048 | |||||||||||
_________________________________ | |||||||||||||||
-1 | Effective weighted average interest rate for the year ended December 31, 2013, taking into account interest rate hedges in effect during the period. | ||||||||||||||
-2 | These loans are 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 June 2012, the joint venture replaced the $245.0 million floating rate mortgage loan, which bore interest at 275 basis points over LIBOR and was due to mature in September 2012, with a $300.0 million fixed rate mortgage loan and $290.0 million mezzanine loan which is subject to accretion based on the difference between contractual interest rate and contractual pay rate. | ||||||||||||||
-4 | In April 2013, the loan was refinanced at par and its maturity was extended to April 2023. | ||||||||||||||
-5 | This loan went into default in November 2009 due to the non-payment of debt service. | ||||||||||||||
-6 | As a result of the sale of three of its properties, the joint venture paid down $194.5 million of its mortgage and $20.5 million of its mezzanine loan. | ||||||||||||||
-7 | This loan has a committed amount of $90.0 million. In November 2013, this loan was extended by one-year, subject to principal amortization through the maturity date. | ||||||||||||||
-8 | As a result of the refinancing and restructuring in August 2012, we replaced the previous mortgage with a $60.0 million, three-year mortgage, of which $3.0 million was unfunded as of December 31, 2012, and recognized additional income of $10.8 million due to the repayment of the previous mortgage at a discount. In December 2013, the joint venture upsized the original mortgage with a maximum amount of $60.0 million to $67.4 million. All other terms of the loan remained the same. | ||||||||||||||
-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 7 of prior table. | ||||||||||||||
-10 | 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 December 31, 2013, $37.6 million of the mortgage loan and $3.7 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 May 2013, this loan was refinanced and its maturity was extended to May 2018. In December 2013, we sold our interest in the joint venture, inclusive of our share in the joint venture debt. | ||||||||||||||
-13 | 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 joint ventures, except for 800 Third Avenue, 1 and 2 Jericho Plaza, 280 Park Avenue, 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 $4.7 million, $7.9 million and $8.6 million from these services for the years ended December 31, 2013, 2012 and 2011, respectively. In addition, we have the ability to earn incentive fees based on the ultimate financial performance of certain of the joint venture properties. | |||||||||||||||
The combined balance sheets for the unconsolidated joint ventures, at December 31, 2013 and 2012, are as follows (in thousands): | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Assets | |||||||||||||||
Commercial real estate property, net | $ | 6,846,021 | $ | 6,910,991 | |||||||||||
Other assets | 827,282 | 728,113 | |||||||||||||
Total assets | $ | 7,673,303 | $ | 7,639,104 | |||||||||||
Liabilities and members' equity | |||||||||||||||
Mortgages and other loans payable | $ | 5,066,710 | $ | 5,358,048 | |||||||||||
Other liabilities | 596,960 | 406,929 | |||||||||||||
Members' equity | 2,009,633 | 1,874,127 | |||||||||||||
Total liabilities and members' equity | $ | 7,673,303 | $ | 7,639,104 | |||||||||||
Company's investments in unconsolidated joint ventures | $ | 1,113,218 | $ | 1,032,243 | |||||||||||
The combined statements of income for the unconsolidated joint ventures, from acquisition date through the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Total revenues | $ | 628,649 | $ | 511,157 | $ | 480,935 | |||||||||
Operating expenses | 114,633 | 80,722 | 71,830 | ||||||||||||
Ground rent | 2,863 | 2,975 | 3,683 | ||||||||||||
Real estate taxes | 71,755 | 53,613 | 51,511 | ||||||||||||
Interest expense, net of interest income | 225,765 | 221,476 | 210,489 | ||||||||||||
Amortization of deferred financing costs | 17,092 | 9,739 | 12,911 | ||||||||||||
Transaction related costs | 808 | 2,044 | 2,665 | ||||||||||||
Depreciation and amortization | 192,504 | 166,336 | 137,070 | ||||||||||||
Total expenses | 625,420 | 536,905 | 490,159 | ||||||||||||
Gain on early extinguishment of debt | — | 21,421 | — | ||||||||||||
Net income (loss) before gain on sale | $ | 3,229 | $ | (4,327 | ) | $ | (9,224 | ) | |||||||
Company's equity in net income from unconsolidated joint ventures | $ | 9,921 | $ | 76,418 | $ | 1,583 | |||||||||
Equity in net income from unconsolidated joint ventures for the year ended December 31, 2012 includes $67.9 million of additional income recognized in June 2012 as a result of the distribution of 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, as further discussed in the prior tables. |
Deferred_Costs
Deferred Costs | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs [Abstract] | ' | |||||||
Deferred Costs | ' | |||||||
Deferred Costs | ||||||||
Deferred costs at December 31, 2013 and 2012 consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Deferred leasing | $ | 326,379 | $ | 285,931 | ||||
Deferred financing | 157,088 | 152,596 | ||||||
483,467 | 438,527 | |||||||
Less accumulated amortization | (216,409 | ) | (177,382 | ) | ||||
Deferred costs, net | $ | 267,058 | $ | 261,145 | ||||
Mortgages_and_Other_Loans_Paya
Mortgages and Other Loans Payable | 12 Months Ended | ||||||||||||||
Dec. 31, 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 December 31, 2013 and 2012, respectively, were as follows (amounts in thousands): | |||||||||||||||
Property | Maturity | Interest | 31-Dec-13 | 31-Dec-12 | |||||||||||
Date | Rate(1) | ||||||||||||||
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 | % | 120,830 | 125,603 | ||||||||||
500 West Putnam | Jan-16 | 5.52 | % | 23,529 | 24,060 | ||||||||||
420 Lexington Avenue | Sep-16 | 7.15 | % | 182,641 | 184,992 | ||||||||||
Landmark Square | Dec-16 | 4 | % | 82,909 | 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 | % | 8,211 | 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 | % | 587,336 | 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(7) | — | — | — | 185,906 | |||||||||||
Total fixed rate debt | $ | 4,130,629 | $ | 3,457,769 | |||||||||||
Master repurchase(8) | Dec-14 | 3.28 | % | 91,000 | 116,667 | ||||||||||
16 Court Street(9) | Apr-16 | 3.22 | % | 79,243 | — | ||||||||||
180 Maiden Lane(10) | Nov-16 | 2.39 | % | 262,706 | 271,215 | ||||||||||
248-252 Bedford Avenue | Mar-18 | 2.44 | % | 22,000 | — | ||||||||||
220 East 42nd Street(7) | Oct-20 | 4.05 | % | 275,000 | — | ||||||||||
1515 Broadway(5) | — | — | — | 769,813 | |||||||||||
Total floating rate debt | $ | 729,949 | $ | 1,157,695 | |||||||||||
Total mortgages and other loans payable | $ | 4,860,578 | $ | 4,615,464 | |||||||||||
_________________________________ | |||||||||||||||
-1 | Effective weighted average interest rate for the year ended December 31, 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 December 31, 2013, 22,658 Series E units remaining outstanding. | ||||||||||||||
-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 April 2012, we refinanced the previous $447.2 million mortgage with a $775.0 million seven-year mortgage. 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 October 2013, we closed on a $275.0 million seven-year mortgage. This new mortgage replaced the $185.9 million previous mortgage that was repaid in August 2013. | ||||||||||||||
-8 | In December 2013, we entered into a new Master Repurchase Agreement, or MRA, with a maximum facility capacity of $300.0 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. This new MRA, which bears interest ranging from 250 and 325 basis points over one-month LIBOR depending on the pledged collateral, replaced the previous $175.0 million MRA facility, which bore interest based on one-month LIBOR plus 300 basis points basis points through September 2013 and 350 basis points through November 2013. | ||||||||||||||
-9 | In April 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest. In December 2013, we repaid $5.0 million of the principal balance and modified and extended the terms of the existing mortgage. The modified mortgage bears interest based on one-month LIBOR plus 350 basis points with a floor of 50 basis points. | ||||||||||||||
-10 | In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its pro rata share of the obligation under the master lease. | ||||||||||||||
At December 31, 2013 and 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 | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 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 existing 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 December 31, 2013, the applicable spread was 145 basis points for revolving credit facility and 165 basis points for the term loan facility. At December 31, 2013, the effective interest rate was 1.62% for the 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 facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of ROP. As of December 31, 2013, the facility fee was 30 basis points. At December 31, 2013, we had approximately $74.6 million of outstanding letters of credit, $220.0 million drawn under the revolving credit facility and $400.0 million outstanding under the term loan facility, with total undrawn capacity of approximately $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). | ||||||||||||||||||||||||||||
2011 Revolving Credit Facility | ||||||||||||||||||||||||||||
The 2012 credit facility replaced our $1.5 billion revolving credit facility, or the 2011 revolving credit facility, which was terminated concurrently with the entering into the 2012 credit facility. The 2011 revolving credit facility bore interest at a spread over LIBOR ranging from 100 basis points to 185 basis points, based on the credit rating assigned to the senior unsecured long-term indebtedness of ROP, and required to pay quarterly in arrears a 17.5 to 45 basis point facility fee on the total commitments under the 2011 revolving credit facility. The 2011 revolving credit facility included certain restrictions and covenants and, as of the time of the termination of the 2011 revolving credit facility and as of November 2012, we were in compliance with all such restrictions and covenants. | ||||||||||||||||||||||||||||
2007 Revolving Credit Facility | ||||||||||||||||||||||||||||
The 2011 revolving credit facility replaced our $1.5 billion revolving credit facility, or the 2007 revolving credit facility, which was terminated concurrently with the entering into the 2011 revolving credit facility. The 2007 revolving credit facility bore interest at a spread over the 30-day LIBOR ranging from 70 basis points to 110 basis points, based on our leverage ratio, and required a 12.5 to 20 basis point fee, also based on our leverage ratio, on the unused balance payable annually in arrears. The 2007 revolving credit facility included certain restrictions and covenants and, as of the time of the termination of the 2007 revolving credit facility and as of October 31, 2011, we were in compliance with all such restrictions and covenants. | ||||||||||||||||||||||||||||
Senior Unsecured Notes | ||||||||||||||||||||||||||||
The following table sets forth our senior unsecured notes and other related disclosures as of December 31, 2013 and 2012, respectively by scheduled maturity date (amounts in thousands): | ||||||||||||||||||||||||||||
Issuance | December 31, | December 31, | 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 | 255,206 | 255,165 | 6 | % | 6 | % | 10 | March 31, 2016 | |||||||||||||||||||
October 12, 2010(4) | 345,000 | 297,837 | 287,373 | 3 | % | 3 | % | 7 | October 15, 2017 | |||||||||||||||||||
August 5, 2011(5) | 250,000 | 249,681 | 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) | 10,701 | 10,701 | 16,893 | 3 | % | 3 | % | 20 | March 30, 2027 | |||||||||||||||||||
$ | 1,386,914 | $ | 1,339,330 | $ | 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 SL Green'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 SL Green's 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 SL Green's 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 December 31, 2013, approximately $47.2 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 SL Green's 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 SL Green'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. During the year ended December 31, 2013, we repurchased $6.2 million of aggregate principal amount of exchangeable notes at approximately at par. | |||||||||||||||||||||||||||
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 the Company to continue to qualify as a REIT for Federal income tax purposes. As of December 31, 2013 and 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 trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at a fixed rate of 5.61% for the first ten years ending July 2015. Thereafter, the interest rate will float at three-month LIBOR plus 1.25%. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense. | ||||||||||||||||||||||||||||
Principal Maturities | ||||||||||||||||||||||||||||
Combined aggregate principal maturities of mortgages and other loans payable, 2012 revolving credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of December 31, 2013, including as-of-right extension options, were as follows (in thousands): | ||||||||||||||||||||||||||||
Scheduled | Principal | Revolving | Trust | Tern Loan and Senior | Total | Joint | ||||||||||||||||||||||
Amortization | Repayments | Credit | Preferred | Unsecured | Venture | |||||||||||||||||||||||
Facility | Securities | Notes | Debt | |||||||||||||||||||||||||
2014 | $ | 43,976 | $ | 237,273 | $ | — | $ | — | $ | 75,898 | $ | 357,147 | $ | 398,312 | ||||||||||||||
2015 | 47,312 | 229,537 | — | — | 7 | 276,856 | 45,332 | |||||||||||||||||||||
2016 | 55,938 | 594,017 | — | — | 255,308 | 905,263 | 604,510 | |||||||||||||||||||||
2017 | 61,213 | 1,086,579 | 220,000 | — | 355,701 | 1,723,493 | 930,338 | |||||||||||||||||||||
2018 | 64,205 | 21,363 | — | — | 650,000 | 735,568 | 28 | |||||||||||||||||||||
Thereafter | 247,407 | 2,171,758 | — | 100,000 | 450,000 | 2,969,165 | 173,944 | |||||||||||||||||||||
$ | 520,051 | $ | 4,340,527 | $ | 220,000 | $ | 100,000 | $ | 1,786,914 | $ | 6,967,492 | $ | 2,152,464 | |||||||||||||||
Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Interest expense | $ | 332,276 | $ | 331,516 | $ | 287,252 | ||||||||||||||||||||||
Interest income | (2,061 | ) | (1,619 | ) | (2,004 | ) | ||||||||||||||||||||||
Interest expense, net | $ | 330,215 | $ | 329,897 | $ | 285,248 | ||||||||||||||||||||||
Interest capitalized | $ | 11,475 | $ | 12,218 | $ | 5,123 | ||||||||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||
Dec. 31, 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 SL Green's 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. Income earned from profit participation, which is included in other income on the consolidated statements of income, was approximately $3.5 million, $4.0 million and $2.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. We also recorded expenses of approximately $19.5 million, $17.9 million and $16.1 million for the years ended December 31, 2013, 2012 and 2011 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, our CEO, is the owner of A-List. We recorded approximately $293,636, $155,500 and $140,300 for the years ended December 31, 2013, 2012 and 2011 respectively, for these services. | ||||||||
Leases | ||||||||
Nancy Peck and Company leases 1,003 square feet (unaudited) 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. We received management fees from such entity of approximately $441,093, $384,900 and $420,300 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Other | ||||||||
Amounts due from/to related parties at December 31, 2013 and 2012 consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Due from joint ventures | $ | 2,376 | $ | 511 | ||||
Other | 6,154 | 7,020 | ||||||
Related party receivables | $ | 8,530 | $ | 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 | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Noncontrolling Interests on the Company's Consolidated Financial Statements | ' | |||||||
Noncontrolling Interests on the Company's Consolidated Financial Statements | ||||||||
Noncontrolling interests represent the common and preferred units of limited partnership interest in the Operating Partnership not held by the Company as well as third party equity interests in our other consolidated subsidiaries. Noncontrolling interests in the Operating Partnership are shown in the mezzanine equity while the noncontrolling interests in our other consolidated subsidiaries are shown in the equity section of the Company’s consolidated financial statements. | ||||||||
Common Units of Limited Partnership Interest in the Operating Partnership | ||||||||
As of December 31, 2013 and 2012, the noncontrolling interest unit holders owned 2.96% (2,902,317 units) and 2.94% (2,759,758 units) of the Operating Partnership, respectively. At December 31, 2013, 2,902,317 shares of SL Green's 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 SL Green's 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) as of December 31, 2013, and 2012: | ||||||||
2013 | 2012 | |||||||
Balance at beginning of period | $ | 212,907 | $ | 195,030 | ||||
Distributions | (4,146 | ) | (3,296 | ) | ||||
Issuance of common units | 24,750 | 42,239 | ||||||
Redemption of common units | (17,287 | ) | (87,513 | ) | ||||
Net income | 3,023 | 5,597 | ||||||
Accumulated other comprehensive income (loss) allocation | 611 | (388 | ) | |||||
Fair value adjustment | 45,618 | 61,238 | ||||||
Balance at end of period | $ | 265,476 | $ | 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 SL Green's 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 of limited partnership interest, 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 | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Stockholders' Equity of the Company | ' | |||||||||||
Stockholders’ Equity of the Company | ||||||||||||
Common Stock | ||||||||||||
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2013, 94,993,284 shares of common stock and no shares of excess stock were issued and outstanding. | ||||||||||||
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 $248.9 million, after deducting offering expenses. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 2,600,000 common units of limited partnership interest and were used to repay debt, fund new investments and for other corporate purposes. | ||||||||||||
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 SL Green's common stock. During the year ended December 31, 2013, the Company sold 462,276 shares of SL Green's 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 December 31, 2013, $2.8 million remained available for issuance of common stock 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 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, we filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRIP, which automatically became effective upon filing. We registered 3,500,000 shares of SL Green's common stock under the DRIP. The DRIP commenced on September 24, 2001. | ||||||||||||
During the years ended December 31, 2013 and 2012, we issued approximately 761 and 1,300,000 shares of SL Green's common stock and received approximately $66,600 and $99.6 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 years ended December 31, 2013, 2012 and 2011 is computed as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
Numerator | 2013 | 2012 | 2011 | |||||||||
Basic Earnings: | ||||||||||||
Income attributable to SL Green common stockholders | $ | 101,330 | $ | 155,984 | $ | 617,232 | ||||||
Effect of Dilutive Securities: | ||||||||||||
Redemption of units to common shares | 3,023 | 5,597 | 14,629 | |||||||||
Stock options | — | — | — | |||||||||
Diluted Earnings: | ||||||||||||
Income attributable to SL Green common stockholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||
December 31, | ||||||||||||
Denominator | 2013 | 2012 | 2011 | |||||||||
Basic Shares: | ||||||||||||
Weighted average common stock outstanding | 92,269 | 89,319 | 83,762 | |||||||||
Effect of Dilutive Securities: | ||||||||||||
Redemption of units to common shares | 2,735 | 3,207 | 1,985 | |||||||||
3.0% exchangeable senior debentures due 2017 | — | — | — | |||||||||
3.0% exchangeable senior debentures due 2027 | — | — | — | |||||||||
4.0% exchangeable senior debentures due 2025 | — | — | — | |||||||||
Stock-based compensation plans | 262 | 347 | 497 | |||||||||
Diluted weighted average common stock outstanding | 95,266 | 92,873 | 86,244 | |||||||||
We have excluded approximately 964,789, 627,000 and 680,000 common stock equivalents from the diluted shares outstanding for the years ended December 31, 2013, 2012 and 2011, 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 December 31, 2013 owned 94,993,284 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 December 31, 2013, limited partners other than SL Green owned approximately 2.96% (2,902,317 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 | ||||||||||||
Earnings per unit for the years ended December 31, 2013, 2012 and 2011 is computed as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
Numerator | 2013 | 2012 | 2011 | |||||||||
Basic Earnings: | ||||||||||||
Income attributable to SLGOP common unitholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||
Effect of Dilutive Securities: | ||||||||||||
Stock options | — | — | — | |||||||||
Diluted Earnings: | ||||||||||||
Income attributable to SLGOP common unitholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||
December 31, | ||||||||||||
Denominator | 2013 | 2012 | 2011 | |||||||||
Basic units: | ||||||||||||
Weighted average common units outstanding | 95,004 | 92,526 | 85,747 | |||||||||
Effect of Dilutive Securities: | ||||||||||||
3.0% exchangeable senior debentures due 2017 | — | — | — | |||||||||
3.0% exchangeable senior debentures due 2027 | — | — | — | |||||||||
4.0% exchangeable senior debentures due 2025 | — | — | — | |||||||||
Stock-based compensation plans | 262 | 347 | 497 | |||||||||
Diluted weighted average common units outstanding | 95,266 | 92,873 | 86,244 | |||||||||
We have excluded approximately 964,789 ,627,000 and 680,000 common unit equivalents from the diluted units outstanding for the years ended December 31, 2013, 2012 and 2011, respectively, as they were anti-dilutive. |
Partners_Capital_of_the_Operat
Partners' Capital of the Operating Partnership | 12 Months Ended | |||||||||||
Dec. 31, 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 per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2013, 94,993,284 shares of common stock and no shares of excess stock were issued and outstanding. | ||||||||||||
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 $248.9 million, after deducting offering expenses. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 2,600,000 common units of limited partnership interest and were used to repay debt, fund new investments and for other corporate purposes. | ||||||||||||
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 SL Green's common stock. During the year ended December 31, 2013, the Company sold 462,276 shares of SL Green's 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 December 31, 2013, $2.8 million remained available for issuance of common stock 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 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, we filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRIP, which automatically became effective upon filing. We registered 3,500,000 shares of SL Green's common stock under the DRIP. The DRIP commenced on September 24, 2001. | ||||||||||||
During the years ended December 31, 2013 and 2012, we issued approximately 761 and 1,300,000 shares of SL Green's common stock and received approximately $66,600 and $99.6 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 years ended December 31, 2013, 2012 and 2011 is computed as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
Numerator | 2013 | 2012 | 2011 | |||||||||
Basic Earnings: | ||||||||||||
Income attributable to SL Green common stockholders | $ | 101,330 | $ | 155,984 | $ | 617,232 | ||||||
Effect of Dilutive Securities: | ||||||||||||
Redemption of units to common shares | 3,023 | 5,597 | 14,629 | |||||||||
Stock options | — | — | — | |||||||||
Diluted Earnings: | ||||||||||||
Income attributable to SL Green common stockholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||
December 31, | ||||||||||||
Denominator | 2013 | 2012 | 2011 | |||||||||
Basic Shares: | ||||||||||||
Weighted average common stock outstanding | 92,269 | 89,319 | 83,762 | |||||||||
Effect of Dilutive Securities: | ||||||||||||
Redemption of units to common shares | 2,735 | 3,207 | 1,985 | |||||||||
3.0% exchangeable senior debentures due 2017 | — | — | — | |||||||||
3.0% exchangeable senior debentures due 2027 | — | — | — | |||||||||
4.0% exchangeable senior debentures due 2025 | — | — | — | |||||||||
Stock-based compensation plans | 262 | 347 | 497 | |||||||||
Diluted weighted average common stock outstanding | 95,266 | 92,873 | 86,244 | |||||||||
We have excluded approximately 964,789, 627,000 and 680,000 common stock equivalents from the diluted shares outstanding for the years ended December 31, 2013, 2012 and 2011, 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 December 31, 2013 owned 94,993,284 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 December 31, 2013, limited partners other than SL Green owned approximately 2.96% (2,902,317 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 | ||||||||||||
Earnings per unit for the years ended December 31, 2013, 2012 and 2011 is computed as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
Numerator | 2013 | 2012 | 2011 | |||||||||
Basic Earnings: | ||||||||||||
Income attributable to SLGOP common unitholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||
Effect of Dilutive Securities: | ||||||||||||
Stock options | — | — | — | |||||||||
Diluted Earnings: | ||||||||||||
Income attributable to SLGOP common unitholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||
December 31, | ||||||||||||
Denominator | 2013 | 2012 | 2011 | |||||||||
Basic units: | ||||||||||||
Weighted average common units outstanding | 95,004 | 92,526 | 85,747 | |||||||||
Effect of Dilutive Securities: | ||||||||||||
3.0% exchangeable senior debentures due 2017 | — | — | — | |||||||||
3.0% exchangeable senior debentures due 2027 | — | — | — | |||||||||
4.0% exchangeable senior debentures due 2025 | — | — | — | |||||||||
Stock-based compensation plans | 262 | 347 | 497 | |||||||||
Diluted weighted average common units outstanding | 95,266 | 92,873 | 86,244 | |||||||||
We have excluded approximately 964,789 ,627,000 and 680,000 common unit equivalents from the diluted units outstanding for the years ended December 31, 2013, 2012 and 2011, respectively, as they were anti-dilutive. |
Sharebased_Compensation
Share-based Compensation | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Share-based Compensation | ' | |||||||||||||||||||||||
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 years from the date of grant counting as 0.77 fungible units per share subject to such award 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 SL Green'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 December 31, 2013, 4.2 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 five or 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 years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Dividend yield | 1.92 | % | 2 | % | 2 | % | ||||||||||||||||||
Expected life of option | 4.1 years | 3.7 years | 4.2 years | |||||||||||||||||||||
Risk-free interest rate | 0.96 | % | 0.46 | % | 1 | % | ||||||||||||||||||
Expected stock price volatility | 36.12 | % | 37.4 | % | 47.98 | % | ||||||||||||||||||
A summary of the status of our stock options as of December 31, 2013, 2012 and 2011 and changes during the years then ended are presented below: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | |||||||||||||||||||
Outstanding | Average | Outstanding | Average | Outstanding | Average | |||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||||
Balance at beginning of year | 1,201,000 | $ | 75.05 | 1,277,200 | $ | 63.37 | 1,353,002 | $ | 58.85 | |||||||||||||||
Granted | 828,100 | 87.23 | 361,331 | 75.36 | 212,400 | 66.42 | ||||||||||||||||||
Exercised | (223,531 | ) | 53.93 | (382,612 | ) | 36.65 | (243,901 | ) | 40.48 | |||||||||||||||
Lapsed or cancelled | (40,535 | ) | 83.94 | (54,919 | ) | 72.99 | (44,301 | ) | 65.89 | |||||||||||||||
Balance at end of year | 1,765,034 | $ | 83.24 | 1,201,000 | $ | 75.05 | 1,277,200 | $ | 63.37 | |||||||||||||||
Options exercisable at end of year | 461,458 | $ | 89.38 | 479,913 | $ | 86.85 | 644,429 | $ | 72.31 | |||||||||||||||
Weighted average fair value of options granted during the year | $ | 18,041,576 | $ | 6,602,967 | $ | 4,647,554 | ||||||||||||||||||
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 4.60 years and the remaining average contractual life of the options exercisable was 3.83 years. | ||||||||||||||||||||||||
During the years ended December 31, 2013, 2012, and 2011, we recognized approximately $6.5 million, $5.1 million and $4.7 million of compensation expense, respectively, for these options. As of December 31, 2013, there was approximately $20.3 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 December 31, 2013, 2012 and 2011 and charges during the years then ended are presented below: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance at beginning of year | 2,804,901 | 2,912,456 | 2,728,290 | |||||||||||||||||||||
Granted | 192,563 | 92,729 | 185,333 | |||||||||||||||||||||
Cancelled | (3,267 | ) | (200,284 | ) | (1,167 | ) | ||||||||||||||||||
Balance at end of year | 2,994,197 | 2,804,901 | 2,912,456 | |||||||||||||||||||||
Vested during the year | 21,074 | 408,800 | 66,299 | |||||||||||||||||||||
Compensation expense recorded | $ | 6,713,155 | $ | 6,930,381 | $ | 17,365,401 | ||||||||||||||||||
Weighted average fair value of restricted stock granted during the year | $ | 17,386,949 | $ | 7,023,942 | $ | 21,768,084 | ||||||||||||||||||
The fair value of restricted stock that vested during the years ended December 31, 2013, 2012 and 2011 was $1.6 million, $22.4 million and $4.3 million, respectively. As of December 31, 2013, there was $17.8 million of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted average period of approximately 2.7 years. | ||||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, approximately $4.5 million, $4.1 million and $3.4 million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options. | ||||||||||||||||||||||||
We granted LTIP units, which include bonus, time-based and performance based awards, with a fair value of $27.1 million, zero and $8.5 million as of 2013, 2012 and 2011, respectively. The grant date fair value of the LTIP unit awards was calculated in accordance with ASC 718. A third party consultant determined the fair value of the LTIP units to have a discount from SL Green's common stock price. The discount was calculated by considering the inherent uncertainty that the LTIP units will reach parity with other common partnership units and the illiquidity due to transfer restrictions. As of December 31, 2013, there was $5.0 million of total unrecognized compensation expense related to the time-based and performance based awards, which is expected to be recognized over a weighted average period of approximately 1.5 years. During the years ended December 31, 2013, 2012 and 2011, we recorded compensation expense related to bonus, time-based and performance based awards of approximately $27.3 million, $12.6 million and $8.5 million, respectively. | ||||||||||||||||||||||||
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), 25% of these LTIP Units vested on December 11, 2013 (accelerated from the original January 1, 2014 vesting date) and the remainder is scheduled to vest on January 1, 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 $4.5 million, $10.7 million and $9.3 million during the years ended December 31, 2013, 2012 and 2011, 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 $85.0 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 $85.0 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 $8.0 million, $5.5 million and $0.1 million during the years ended December 31, 2013, 2012 and 2011, respectively, related to the 2011 Outperformance Plan. | ||||||||||||||||||||||||
Deferred Compensation Plan for Directors | ||||||||||||||||||||||||
Under our Non-Employee Director's Deferral Program, which commenced July 2004, the Company's non-employee directors may elect to defer up to 100% of their annual retainer fee, chairman fees, meeting fees and annual stock grant. Unless otherwise elected by a participant, fees deferred under the program shall be credited in the form of phantom stock units. The program provides that a director's phantom stock units generally will be settled in an equal number of shares of common stock upon the earlier of (i) the January 1 coincident with or next following such director's termination of service from the Board of Directors or (ii) a change in control by us, as defined by the program. Phantom stock units are credited to each non-employee director quarterly using the closing price of SL Green's common stock on the first business day of the respective quarter. Each participating non-employee director is also credited with dividend equivalents or phantom stock units based on the dividend rate for each quarter, which are either paid in cash currently or credited to the director’s account as additional phantom stock units. | ||||||||||||||||||||||||
During the year ended December 31, 2013, approximately 7,622 phantom stock units were earned. As of December 31, 2013, there were approximately 73,524 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program. | ||||||||||||||||||||||||
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 our stockholders at our 2008 annual meeting of stockholders. As of December 31, 2013, approximately 73,635 shares of SL Green's common stock had been issued under the ESPP. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss of the Company | 12 Months Ended | |||||||||||||||
Dec. 31, 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 per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2013, 94,993,284 shares of common stock and no shares of excess stock were issued and outstanding. | ||||||||||||||||
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 $248.9 million, after deducting offering expenses. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 2,600,000 common units of limited partnership interest and were used to repay debt, fund new investments and for other corporate purposes. | ||||||||||||||||
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 SL Green's common stock. During the year ended December 31, 2013, the Company sold 462,276 shares of SL Green's 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 December 31, 2013, $2.8 million remained available for issuance of common stock 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 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, we filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRIP, which automatically became effective upon filing. We registered 3,500,000 shares of SL Green's common stock under the DRIP. The DRIP commenced on September 24, 2001. | ||||||||||||||||
During the years ended December 31, 2013 and 2012, we issued approximately 761 and 1,300,000 shares of SL Green's common stock and received approximately $66,600 and $99.6 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 years ended December 31, 2013, 2012 and 2011 is computed as follows (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
Numerator | 2013 | 2012 | 2011 | |||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 101,330 | $ | 155,984 | $ | 617,232 | ||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 3,023 | 5,597 | 14,629 | |||||||||||||
Stock options | — | — | — | |||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||||||
December 31, | ||||||||||||||||
Denominator | 2013 | 2012 | 2011 | |||||||||||||
Basic Shares: | ||||||||||||||||
Weighted average common stock outstanding | 92,269 | 89,319 | 83,762 | |||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 2,735 | 3,207 | 1,985 | |||||||||||||
3.0% exchangeable senior debentures due 2017 | — | — | — | |||||||||||||
3.0% exchangeable senior debentures due 2027 | — | — | — | |||||||||||||
4.0% exchangeable senior debentures due 2025 | — | — | — | |||||||||||||
Stock-based compensation plans | 262 | 347 | 497 | |||||||||||||
Diluted weighted average common stock outstanding | 95,266 | 92,873 | 86,244 | |||||||||||||
We have excluded approximately 964,789, 627,000 and 680,000 common stock equivalents from the diluted shares outstanding for the years ended December 31, 2013, 2012 and 2011, 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 December 31, 2013 owned 94,993,284 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 December 31, 2013, limited partners other than SL Green owned approximately 2.96% (2,902,317 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 | ||||||||||||||||
Earnings per unit for the years ended December 31, 2013, 2012 and 2011 is computed as follows (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
Numerator | 2013 | 2012 | 2011 | |||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Stock options | — | — | — | |||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||||||
December 31, | ||||||||||||||||
Denominator | 2013 | 2012 | 2011 | |||||||||||||
Basic units: | ||||||||||||||||
Weighted average common units outstanding | 95,004 | 92,526 | 85,747 | |||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
3.0% exchangeable senior debentures due 2017 | — | — | — | |||||||||||||
3.0% exchangeable senior debentures due 2027 | — | — | — | |||||||||||||
4.0% exchangeable senior debentures due 2025 | — | — | — | |||||||||||||
Stock-based compensation plans | 262 | 347 | 497 | |||||||||||||
Diluted weighted average common units outstanding | 95,266 | 92,873 | 86,244 | |||||||||||||
We have excluded approximately 964,789 ,627,000 and 680,000 common unit equivalents from the diluted units outstanding for the years ended December 31, 2013, 2012 and 2011, respectively, as they were anti-dilutive. | ||||||||||||||||
SL Green Realty Corp | ' | |||||||||||||||
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 as of December 31, 2013, 2012 and 2011: | ||||||||||||||||
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 | |||||||||||||
Balance at December 31, 2010 | $ | (14,009 | ) | $ | (18,303 | ) | $ | 9,653 | $ | (22,659 | ) | |||||
Other comprehensive (loss) income before reclassifications | (5,019 | ) | (9,914 | ) | (4,682 | ) | (19,615 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,518 | 10,816 | 1,495 | 13,829 | ||||||||||||
Balance at December 31, 2011 | (17,510 | ) | (17,401 | ) | 6,466 | (28,445 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | (1,124 | ) | (9,098 | ) | (4,879 | ) | (15,101 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,800 | 10,436 | 1,723 | 13,959 | ||||||||||||
Balance at December 31, 2012 | (16,834 | ) | (16,063 | ) | 3,310 | (29,587 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | (168 | ) | 6,267 | 1,474 | 7,573 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,877 | 4,926 | — | 6,803 | ||||||||||||
Balance at December 31, 2013 | $ | (15,125 | ) | $ | (4,870 | ) | $ | 4,784 | $ | (15,211 | ) | |||||
___________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of December 31, 2013, 2012 and 2011, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was approximately $13.8 million , $15.0 million and $16.3 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 | 12 Months Ended | |||||||||||||||
Dec. 31, 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 per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2013, 94,993,284 shares of common stock and no shares of excess stock were issued and outstanding. | ||||||||||||||||
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 $248.9 million, after deducting offering expenses. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 2,600,000 common units of limited partnership interest and were used to repay debt, fund new investments and for other corporate purposes. | ||||||||||||||||
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 SL Green's common stock. During the year ended December 31, 2013, the Company sold 462,276 shares of SL Green's 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 December 31, 2013, $2.8 million remained available for issuance of common stock 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 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, we filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRIP, which automatically became effective upon filing. We registered 3,500,000 shares of SL Green's common stock under the DRIP. The DRIP commenced on September 24, 2001. | ||||||||||||||||
During the years ended December 31, 2013 and 2012, we issued approximately 761 and 1,300,000 shares of SL Green's common stock and received approximately $66,600 and $99.6 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 years ended December 31, 2013, 2012 and 2011 is computed as follows (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
Numerator | 2013 | 2012 | 2011 | |||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 101,330 | $ | 155,984 | $ | 617,232 | ||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 3,023 | 5,597 | 14,629 | |||||||||||||
Stock options | — | — | — | |||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SL Green common stockholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||||||
December 31, | ||||||||||||||||
Denominator | 2013 | 2012 | 2011 | |||||||||||||
Basic Shares: | ||||||||||||||||
Weighted average common stock outstanding | 92,269 | 89,319 | 83,762 | |||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Redemption of units to common shares | 2,735 | 3,207 | 1,985 | |||||||||||||
3.0% exchangeable senior debentures due 2017 | — | — | — | |||||||||||||
3.0% exchangeable senior debentures due 2027 | — | — | — | |||||||||||||
4.0% exchangeable senior debentures due 2025 | — | — | — | |||||||||||||
Stock-based compensation plans | 262 | 347 | 497 | |||||||||||||
Diluted weighted average common stock outstanding | 95,266 | 92,873 | 86,244 | |||||||||||||
We have excluded approximately 964,789, 627,000 and 680,000 common stock equivalents from the diluted shares outstanding for the years ended December 31, 2013, 2012 and 2011, 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 December 31, 2013 owned 94,993,284 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 December 31, 2013, limited partners other than SL Green owned approximately 2.96% (2,902,317 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 | ||||||||||||||||
Earnings per unit for the years ended December 31, 2013, 2012 and 2011 is computed as follows (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
Numerator | 2013 | 2012 | 2011 | |||||||||||||
Basic Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
Stock options | — | — | — | |||||||||||||
Diluted Earnings: | ||||||||||||||||
Income attributable to SLGOP common unitholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||||||
December 31, | ||||||||||||||||
Denominator | 2013 | 2012 | 2011 | |||||||||||||
Basic units: | ||||||||||||||||
Weighted average common units outstanding | 95,004 | 92,526 | 85,747 | |||||||||||||
Effect of Dilutive Securities: | ||||||||||||||||
3.0% exchangeable senior debentures due 2017 | — | — | — | |||||||||||||
3.0% exchangeable senior debentures due 2027 | — | — | — | |||||||||||||
4.0% exchangeable senior debentures due 2025 | — | — | — | |||||||||||||
Stock-based compensation plans | 262 | 347 | 497 | |||||||||||||
Diluted weighted average common units outstanding | 95,266 | 92,873 | 86,244 | |||||||||||||
We have excluded approximately 964,789 ,627,000 and 680,000 common unit equivalents from the diluted units outstanding for the years ended December 31, 2013, 2012 and 2011, 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 as of December 31, 2013, 2012 and 2011: | ||||||||||||||||
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 | |||||||||||||
Balance at December 31, 2010 | $ | (14,246 | ) | $ | (18,613 | ) | $ | 9,817 | $ | (23,042 | ) | |||||
Other comprehensive loss before reclassifications | (5,699 | ) | (10,273 | ) | (4,261 | ) | (20,233 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,554 | 11,072 | 1,530 | $ | 14,156 | |||||||||||
Balance at December 31, 2011 | $ | (18,391 | ) | $ | (17,814 | ) | $ | 7,086 | $ | (29,119 | ) | |||||
Other comprehensive loss before reclassifications | (912 | ) | (9,637 | ) | (5,442 | ) | (15,991 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,865 | 10,811 | 1,785 | 14,461 | ||||||||||||
Balance at December 31, 2012 | $ | (17,438 | ) | $ | (16,640 | ) | $ | 3,429 | $ | (30,649 | ) | |||||
Other comprehensive (loss) income before reclassifications | (68 | ) | 6,553 | 1,497 | 7,982 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,933 | 5,072 | — | 7,005 | ||||||||||||
Balance at December 31, 2013 | $ | (15,573 | ) | $ | (5,015 | ) | $ | 4,926 | $ | (15,662 | ) | |||||
___________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of December 31, 2013, 2012 and 2011, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was approximately $14.2 million, $15.5 million and $16.7 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 | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
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/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy 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 December 31, 2013 and 2012, respectively (in thousands): | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities | $ | 32,049 | $ | 4,307 | $ | 24,419 | $ | 3,323 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swap agreements (included in accrued interest payable and other liabilities) | $ | 1,329 | — | $ | 1,329 | — | ||||||||||
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 December 31, 2013 and 2012 (in thousands): | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Debt and preferred equity investments | $ | 1,304,839 | -1 | $ | 1,348,434 | -1 | ||||||||||
Fixed rate debt | $ | 5,599,960 | 5,886,980 | $ | 4,922,725 | $ | 5,334,244 | |||||||||
Variable rate debt | 1,319,948 | 1,327,422 | 1,597,695 | 1,557,494 | ||||||||||||
$ | 6,919,908 | $ | 7,214,402 | $ | 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 both December 31, 2013 and 2012. | |||||||||||||||
Disclosure about fair value of financial instruments was based on pertinent information available to us as of December 31, 2013 and 2012. 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 | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 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. | |||||||||||||||||||||||||||||||||||||||||
The following table summarizes the notional and fair value of our consolidated derivative financial instruments at December 31, 2013 based on Level 2 information pursuant to ASC 810-10. 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 | $ | 263,426 | 6 | % | Nov-13 | Nov-15 | Other Assets | $ | 9 | ||||||||||||||||||||||||||||||||
Interest Rate Cap | 137,500 | 4 | % | Oct-13 | Sep-15 | Other Assets | 7 | ||||||||||||||||||||||||||||||||||
Interest Rate Swap | 30,000 | 2.295 | % | Jul-10 | Jun-16 | Other Liabilities | (1,293 | ) | |||||||||||||||||||||||||||||||||
Interest Rate Swap | 8,500 | 0.74 | % | Feb-12 | Feb-15 | Other Liabilities | (45 | ) | |||||||||||||||||||||||||||||||||
$ | (1,322 | ) | |||||||||||||||||||||||||||||||||||||||
Certain interest rate caps are not designated as a hedging instruments and changes in the value are marked to market through earnings. During the year ended December 31, 2013, 2012 and 2011, we recorded a loss on the changes in the fair value of $16,000, $770,000 and $66,000, respectively, which is included in interest expense on the consolidated statements of income. Included in 2012 was approximately $0.7 million of change in fair value of a terminated currency hedge which was marked to market. | |||||||||||||||||||||||||||||||||||||||||
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 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 years ended December 31, 2013, 2012 and 2011, respectively (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss 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) | ||||||||||||||||||||||||||||||||||||||||
Years Ended | Years Ended | Years Ended | |||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
Derivative | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Interest Rate Swaps/Caps | $ | (68 | ) | (912 | ) | $ | (5,699 | ) | Interest expense | $ | 1,933 | 1,865 | $ | 1,554 | Interest expense | $ | 3 | 3 | $ | (16 | ) | ||||||||||||||||||||
Share of unconsolidated joint ventures' derivative instruments | 6,553 | (9,637 | ) | (10,273 | ) | Equity in net income from unconsolidated joint ventures | 5,072 | 10,811 | 11,072 | Equity in net income from unconsolidated joint ventures | — | — | — | ||||||||||||||||||||||||||||
$ | 6,485 | $ | (10,549 | ) | $ | (15,972 | ) | $ | 7,005 | $ | 12,676 | $ | 12,626 | $ | 3 | $ | 3 | $ | (16 | ) | |||||||||||||||||||||
Rental_Income
Rental Income | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Leases [Abstract] | ' | |||||||
Rental Income | ' | |||||||
Rental Income | ||||||||
The Operating Partnership is the lessor and the sublessor to tenants under operating leases with expiration dates ranging from January 1, 2014 to 2044. The minimum rental amounts due under the leases are generally either subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs. Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases in effect at December 31, 2013 for the consolidated properties, including consolidated joint venture properties, and our share of unconsolidated joint venture properties are as follows (in thousands): | ||||||||
Consolidated | Unconsolidated | |||||||
Properties | Properties | |||||||
2014 | $ | 992,002 | $ | 245,879 | ||||
2015 | 939,016 | 195,447 | ||||||
2016 | 870,664 | 214,616 | ||||||
2017 | 792,471 | 201,671 | ||||||
2018 | 733,754 | 202,309 | ||||||
Thereafter | 3,785,428 | 1,911,877 | ||||||
$ | 8,113,335 | $ | 2,971,799 | |||||
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Benefit Plans | ' | |||||||||||
Benefit Plans | ||||||||||||
The building employees are covered by multi-employer defined benefit pension plans and post-retirement health and welfare plans. We participate in the Building Service 32BJ, or Union, Pension Plan and Health Plan. The Pension Plan is a multi-employer, non-contributory defined benefit pension plan that was established under the terms of collective bargaining agreements between the Service Employees International Union, Local 32BJ, the Realty Advisory Board on Labor Relations, Inc. and certain other employees. This Pension Plan is administered by a joint board of trustees consisting of union trustees and employer trustees and operates under employer identification number 13-1879376. The Pension Plan year runs from July 1 to June 30. Employers contribute to the Pension Plan at a fixed rate on behalf of each covered employee. Separate actuarial information regarding such pension plans is not made available to the contributing employers by the union administrators or trustees, since the plans do not maintain separate records for each reporting unit. However, on September 28, 2011, September 28, 2012 and September 28, 2013, the actuary certified that for the plan years beginning July 1, 2011, July 1, 2012 and July 2013, respectively, the Pension Plan was in critical status under the Pension Protection Act of 2006. The Pension Plan trustees adopted a rehabilitation plan consistent with this requirement. No surcharges have been paid to the Pension Plan as of December 31, 2013. For the years ended December 31, 2013, 2012 and 2011, the Pension Plan received contributions from employers totaling $221.9 million, $212.7 million and $201.3 million, respectively. | ||||||||||||
The Health Plan was established under the terms of collective bargaining agreements between the Union, the Realty Advisory Board on Labor Relations, Inc. and certain other employers. The Health Plan provides health and other benefits to eligible participants employed in the building service industry who are covered under collective bargaining agreements, or other written agreements, with the Union. The Health Plan is administered by a Board of Trustees with equal representation by the employers and the Union and operates under employer identification number 13-2928869. The Health Plan receives contributions in accordance with collective bargaining agreements or participation agreements. Generally, these agreements provide that the employers contribute to the Health Plan at a fixed rate on behalf of each covered employee. Pursuant to the contribution diversion provision in the collective bargaining agreements, the collective bargaining parties agreed, beginning January 1, 2009, to divert to the Pension Plan $1.95 million of employer contributions per quarter that would have been due to the Health Plan. Effective October 1, 2010, the diversion of contributions was discontinued. For the years ended December 31, 2013, 2012 and 2011, the Health Plan received contributions from employers totaling $923.5 million, $893.3 million and $843.2 million, respectively. | ||||||||||||
Contributions we made to the multi-employer plans for the years ended December 31, 2013, 2012 and 2011 are included in the table below (in thousands): | ||||||||||||
Benefit Plan | 2013 | 2012 | 2011 | |||||||||
Pension Plan | $ | 2,765 | $ | 2,506 | $ | 2,264 | ||||||
Health Plan | 8,522 | 8,020 | 6,919 | |||||||||
Other plans | 6,006 | 6,025 | 5,111 | |||||||||
Total plan contributions | $ | 17,293 | $ | 16,551 | $ | 14,294 | ||||||
401(K) Plan | ||||||||||||
In August 1997, we implemented a 401(K) Savings/Retirement Plan, or the 401(K) Plan, to cover eligible employees of ours, and any designated affiliate. The 401(K) Plan permits eligible employees to defer up to 15% of their annual compensation, subject to certain limitations imposed by the Code. The employees' elective deferrals are immediately vested and non-forfeitable upon contribution to the 401(K) Plan. During 2000, we amended our 401(K) Plan to include a matching contribution, subject to ERISA limitations, equal to 50% of the first 4% of annual compensation deferred by an employee. During 2003, we amended our 401(K) Plan to provide for discretionary matching contributions only. For 2013, 2012 and 2011, a matching contribution equal to 50% of the first 6% of annual compensation was made. For the years ended December 31, 2013, 2012 and 2011, we made matching contributions of approximately $550,000, $561,000 and $502,000, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 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. | ||||||||
Employment Agreements | ||||||||
We have entered into employment agreements with certain executives, which expire between January 2015 and January 2018. The minimum cash-based compensation, including base salary and guaranteed bonus payments, associated with these employment agreements total approximately $4.7 million for 2014. In addition these employment agreements provide for deferred compensation awards based on our stock price and which were valued at approximately $1.2 million on the grant date. The value of these awards may change based on fluctuations in our stock price. | ||||||||
Insurance | ||||||||
We maintain "all-risk" property and rental value coverage (including coverage regarding the perils of flood, earthquake and terrorism) within two property insurance portfolios and liability insurance. As of December 31, 2013, the first property portfolio maintains a blanket limit of $950.0 million per occurrence, including terrorism, for the majority of the New York City properties in our portfolio. The second portfolio maintains a limit of $700.0 million per occurrence, including terrorism, for some New York City properties and the majority of the Suburban properties. Both policies expire on December 31, 2014. Each policy includes $100.0 million of flood coverage, with a lower sublimit for locations in high hazard flood zones. We maintain liability policies which cover all our properties and provide limits of $201.0 million per occurrence and in the aggregate per location. The liability policies expire on October 31, 2014. Additional coverage may be purchased on a stand-alone basis for certain assets. | ||||||||
In October 2006, we formed a wholly-owned taxable REIT subsidiary, Belmont Insurance Company, or Belmont, to act as a captive insurance company and be one of the elements of our overall insurance program. Belmont is a subsidiary of ours. Belmont was formed in an effort to, among other reasons, stabilize to some extent the fluctuations of insurance market conditions. Belmont is licensed in New York to write Terrorism, NBCR (nuclear, biological, chemical, and radiological), General Liability, Environmental Liability and D&O coverage. Belmont has purchased reinsurance to reinsure the retained insurance risks not covered by other insurance. | ||||||||
Belmont is a form of self-insurance. We are responsible for the liquidity and capital resources of Belmont and its accounts are included in our consolidated financial statements. All losses required to be paid by Belmont are recorded as losses by us. | ||||||||
Belmont had loss reserves of approximately $7.0 million and $6.2 million as of December 31, 2013 and 2012, respectively. | ||||||||
Capital and Ground Leases Arrangements | ||||||||
In November 2013, we renewed and extended the maturity date of the ground lease at 420 Lexington Avenue from December 31, 2029 through December 31, 2050, with two options for further extension through December 2085. Ground lease rent payments will be $10.9 million annually through December 2019, $11.2 million annually through December 2029 and then beginning in January 2030 through the remaining lease term, a minimum annual rent of $12.3 million, subject to a one-time adjustment based on 6% of the fair value of the land. | ||||||||
In October 2012, we, together with Stonehenge Partners, acquired a leasehold position at 1080 Amsterdam Avenue. The joint venture prepaid $13.0 million of ground lease rent, which will be applied against rental payments over the term of the lease. The lease will expire on July 31, 2111 or earlier in accordance with the terms of the lease agreement. Land was estimated to be approximately 40% of the fair market value of the property. The portion of the lease attributed to land was classified as an operating lease and the remainder as a capital lease which had a cost basis of $27.4 million at December 31, 2013. | ||||||||
The property located at 711 Third Avenue operates under an operating sub-lease, which expires in 2083. Under the sub-lease, we were responsible for ground rent payments of $1.55 million annually through July 2011 on the 50% portion of the fee we do not own. The ground rent was reset in July 2011. Following the reset, we are responsible for ground rent payments of $5.25 million annually through July 2016 and then $5.5 million annually thereafter on the 50% portion of the fee we do not own. | ||||||||
The property located at 461 Fifth Avenue operates under a ground lease (approximately $2.1 million annually) with a term expiration date of 2027 and with two options to renew for an additional 21 years each, followed by a third option for 15 years. We also have an option to purchase the ground lease for a fixed price on a specific date. | ||||||||
The property located at 625 Madison Avenue operates under a ground lease (approximately $4.6 million annually) with a term expiration date of 2022 and with two options to renew for an additional 23 years. | ||||||||
The property located at 1185 Avenue of the Americas operates under a ground lease (approximately $6.9 million annually) with a term expiration of 2020 and with an option to renew for an additional 23 years. | ||||||||
In April 1988, the SL Green predecessor entered into a lease agreement for the property at 673 First Avenue, which has been capitalized for financial statement purposes. Land was estimated to be approximately 70% of the fair market value of the property. The portion of the lease attributed to land was classified as an operating lease and the remainder as a capital lease. The initial lease term was 49 years with an option for an additional 25 years. In November 2012, we extended the lease to August 2087, an additional 50 years past its scheduled 2037 expiration date, with an effective date of September 2012. We continue to lease the property located at 673 First Avenue, which has been classified as a capital lease with a cost basis of $22.9 million and cumulative amortization of $6.5 million and $6.3 million at December 31, 2013 and 2012, respectively. | ||||||||
The following is a schedule of future minimum lease payments under capital leases and noncancellable operating leases with initial terms in excess of one year as of December 31, 2013 (in thousands): | ||||||||
December 31, | Capital lease | Non-cancellable | ||||||
operating leases | ||||||||
2014 | $ | 2,292 | $ | 35,356 | ||||
2015 | 2,363 | 35,511 | ||||||
2016 | 2,531 | 35,943 | ||||||
2017 | 2,652 | 36,176 | ||||||
2018 | 2,652 | 36,176 | ||||||
Thereafter | 353,826 | 1,409,808 | ||||||
Total minimum lease payments | 366,316 | $ | 1,588,970 | |||||
Less amount representing interest | (318,645 | ) | ||||||
Present value of net minimum lease payments | $ | 47,671 | ||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
Segment Information | |||||||||||||
We are a REIT primarily 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 years ended December 31, 2013, 2012 and 2011, and selected asset information as of December 31, 2013 and 2012, regarding our operating segments are as follows (in thousands): | |||||||||||||
Real | Debt and Preferred | Total | |||||||||||
Estate | Equity | Company | |||||||||||
Segment | Segment | ||||||||||||
Total revenues | |||||||||||||
Years ended: | |||||||||||||
31-Dec-13 | $ | 1,275,234 | $ | 193,843 | $ | 1,469,077 | |||||||
31-Dec-12 | 1,263,574 | 119,155 | 1,382,729 | ||||||||||
31-Dec-11 | 1,126,441 | 120,418 | 1,246,859 | ||||||||||
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate and purchase price fair value adjustment | |||||||||||||
Years ended: | |||||||||||||
31-Dec-13 | $ | (27,024 | ) | $ | 160,386 | $ | 133,362 | ||||||
31-Dec-12 | 60,455 | 92,946 | 153,401 | ||||||||||
31-Dec-11 | 20,327 | 101,037 | 121,364 | ||||||||||
Total assets | |||||||||||||
As of: | |||||||||||||
31-Dec-13 | $ | 13,641,727 | $ | 1,317,274 | $ | 14,959,001 | |||||||
31-Dec-12 | 13,028,406 | 1,357,890 | 14,386,296 | ||||||||||
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 revolving credit facility borrowing cost. 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 $90.2 million, $88.5 million and $85.7 million for the years ended December 31, 2013, 2012 and 2011, 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 years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate and purchase price fair value adjustment | $ | 133,362 | $ | 153,401 | $ | 121,364 | |||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 3,601 | 37,053 | 2,918 | ||||||||||
Purchase price fair value adjustment | (2,305 | ) | — | 498,195 | |||||||||
Income from continuing operations | 134,658 | 190,454 | 622,477 | ||||||||||
Net income from discontinued operations | 1,725 | 12,619 | 8,560 | ||||||||||
Gain on sale of discontinued operations | 14,900 | 6,627 | 46,085 | ||||||||||
Net income | $ | 151,283 | $ | 209,700 | $ | 677,122 | |||||||
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
SL Green Realty Corp | ' | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | ' | |||||||||||||||
Quarterly Financial Data (unaudited) | ' | |||||||||||||||
Quarterly Financial Data of the Company (unaudited) | ||||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2013 and 2012, which is reflective of the reclassification of the properties sold or held during 2013 and 2012 as discontinued operations (see Note 4, "Property Dispositions"), was as follows (in thousands, except for per share amounts): | ||||||||||||||||
2013 Quarter Ended | December 31 | September 30 | June 30 | March 31 | ||||||||||||
Total revenues | $ | 374,699 | $ | 363,765 | $ | 365,145 | $ | 365,468 | ||||||||
Income from continuing before equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, purchase price fair value adjustment, gain (loss) on early extinguishment of debt, loss on sale of investment in marketable securities, net of noncontrolling interests | $ | 33,314 | $ | 25,924 | $ | 34,019 | $ | 42,776 | ||||||||
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate | 7,538 | (354 | ) | (3,583 | ) | — | ||||||||||
Purchase price fair value adjustment | — | — | (2,305 | ) | — | |||||||||||
Gain (loss) on early extinguishment of debt | 5 | — | (10 | ) | (18,513 | ) | ||||||||||
Loss on sale of investment in marketable securities | — | — | (8 | ) | (57 | ) | ||||||||||
Net income (loss) from discontinued operations | — | 1,406 | (678 | ) | 997 | |||||||||||
Gain on sale of discontinued operations | — | 13,787 | — | 1,113 | ||||||||||||
Net income attributable to SL Green | 40,857 | 40,763 | 27,435 | 26,316 | ||||||||||||
Preferred stock redemption costs | — | — | (12,160 | ) | — | |||||||||||
Perpetual preferred stock dividends | (3,737 | ) | (3,738 | ) | (6,999 | ) | (7,407 | ) | ||||||||
Net income attributable to SL Green common stockholders | $ | 37,120 | $ | 37,025 | $ | 8,276 | $ | 18,909 | ||||||||
Net income attributable to common stockholders per common share—basic | $ | 0.39 | $ | 0.4 | $ | 0.09 | $ | 0.21 | ||||||||
Net income attributable to common stockholders per common share—diluted | $ | 0.39 | $ | 0.4 | $ | 0.09 | $ | 0.21 | ||||||||
2012 Quarter Ended | December 31 | September 30 | June 30 | March 31 | ||||||||||||
Total revenues | $ | 346,599 | $ | 357,011 | $ | 344,535 | $ | 334,585 | ||||||||
Income from continuing before equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, loss on early extinguishment of debt, gain on sale of investment in marketable securities, net of noncontrolling interests | $ | 2,624 | $ | 27,276 | $ | 94,362 | $ | 17,882 | ||||||||
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/ real estate | 19,277 | (4,807 | ) | 15,323 | 7,260 | |||||||||||
Loss on early extinguishment of debt | (6,978 | ) | — | — | — | |||||||||||
Gain on sale of investment in marketable securities | 2,703 | 2,237 | — | — | ||||||||||||
Net income from discontinued operations | 9,737 | 951 | 899 | 1,032 | ||||||||||||
Gain on sale of discontinued operations | — | — | — | 6,627 | ||||||||||||
Net income attributable to SL Green | 27,363 | 25,657 | 110,584 | 32,801 | ||||||||||||
Preferred stock redemption costs | — | (10,010 | ) | — | — | |||||||||||
Perpetual preferred stock dividends | (7,407 | ) | (7,915 | ) | (7,544 | ) | (7,545 | ) | ||||||||
Net income attributable to SL Green common stockholders | $ | 19,956 | $ | 7,732 | $ | 103,040 | $ | 25,256 | ||||||||
Net income attributable to common stockholders per common share—basic | $ | 0.22 | $ | 0.09 | $ | 1.15 | $ | 0.29 | ||||||||
Net income attributable to common stockholders per common share—diluted | $ | 0.22 | $ | 0.09 | $ | 1.14 | $ | 0.29 | ||||||||
SL Green Operating Partnership | ' | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | ' | |||||||||||||||
Quarterly Financial Data (unaudited) | ' | |||||||||||||||
Quarterly Financial Data of the Operating Partnership (unaudited) | ||||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2013 and 2012, which is reflective of the reclassification of the properties sold or held during 2013 and 2012 as discontinued operations (see Note 4, "Property Dispositions"), was as follows (in thousands, except for per share amounts): | ||||||||||||||||
2013 Quarter Ended | December 31 | September 30 | June 30 | March 31 | ||||||||||||
Total revenues | $ | 374,699 | $ | 363,765 | $ | 365,145 | $ | 365,468 | ||||||||
Income from continuing before equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, purchase price fair value adjustment, gain (loss) on early extinguishment of debt, loss on sale of investment in marketable securities, net of noncontrolling interests | $ | 34,428 | $ | 27,034 | $ | 34,263 | $ | 43,331 | ||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/ real estate | 7,538 | (354 | ) | (3,583 | ) | — | ||||||||||
Purchase price fair value adjustment | — | — | (2,305 | ) | — | |||||||||||
Gain (loss) on early extinguishment of debt | 5 | — | (10 | ) | (18,513 | ) | ||||||||||
Loss on sale of investment in marketable securities | — | — | (8 | ) | (57 | ) | ||||||||||
Net income (loss) from discontinued operations | — | 1,406 | (678 | ) | 997 | |||||||||||
Gain on sale of discontinued operations | — | 13,787 | — | 1,113 | ||||||||||||
Net income attributable to SLGOP | 41,971 | 41,873 | 27,679 | 26,871 | ||||||||||||
Preferred unit redemption costs | — | — | (12,160 | ) | — | |||||||||||
Perpetual preferred units distributions | (3,737 | ) | (3,738 | ) | (6,999 | ) | (7,407 | ) | ||||||||
Net income attributable to SLGOP common unitholders | $ | 38,234 | $ | 38,135 | $ | 8,520 | $ | 19,464 | ||||||||
Net income attributable to common unitholders per common unit—basic | $ | 0.39 | $ | 0.4 | $ | 0.09 | $ | 0.21 | ||||||||
Net income attributable to common unitholders per common unit—diluted | $ | 0.39 | $ | 0.4 | $ | 0.09 | $ | 0.21 | ||||||||
2012 Quarter Ended | December 31 | September 30 | June 30 | March 31 | ||||||||||||
Total revenues | $ | 346,598 | $ | 357,011 | $ | 344,535 | $ | 334,585 | ||||||||
Income from continuing before equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, loss on early extinguishment of debt, gain on sale of investment in marketable securities, net of noncontrolling interests | $ | 3,345 | $ | 27,843 | $ | 97,783 | $ | 18,770 | ||||||||
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/ real estate | 19,277 | (4,807 | ) | 15,323 | 7,260 | |||||||||||
Loss on early extinguishment of debt | (6,978 | ) | — | — | — | |||||||||||
Gain on sale of investment in marketable securities | 2,703 | 2,237 | — | — | ||||||||||||
Net income from discontinued operations | 9,737 | 951 | 899 | 1,032 | ||||||||||||
Gain on sale of discontinued operations | — | — | — | 6,627 | ||||||||||||
Net income attributable to SLGOP | 28,084 | 26,224 | 114,005 | 33,689 | ||||||||||||
Preferred unit redemption costs | — | (10,010 | ) | — | — | |||||||||||
Perpetual preferred distributions | (7,407 | ) | (7,915 | ) | (7,544 | ) | (7,545 | ) | ||||||||
Net income attributable to SLGOP common unitholders | $ | 20,677 | $ | 8,299 | $ | 106,461 | $ | 26,144 | ||||||||
Net income attributable to common unitholders per common unit—basic | $ | 0.22 | $ | 0.09 | $ | 1.15 | $ | 0.29 | ||||||||
Net income attributable to common unitholders per common unit—diluted | $ | 0.22 | $ | 0.09 | $ | 1.14 | $ | 0.29 | ||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In January 2014, we sold our 50.0% interest in the joint venture which holds 21-25 West 34th Street at an implied gross valuation of $114.9 million, inclusive of the $100.0 million mortgage encumbering the property. |
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||
Schedule II-Valuation and Qualifying Accounts | ' | ||||||||||||||
Schedule II—Valuation and Qualifying Accounts | |||||||||||||||
December 31, 2013 | |||||||||||||||
(in thousands) | |||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||
Description | Balance at | Additions | Uncollectible | Balance at | |||||||||||
Beginning of | Charged Against | Accounts | End of Year | ||||||||||||
Year | Operations | Written-off/Recovery | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||||
Tenant and other receivables—allowance | $ | 14,341 | 3,052 | (68 | ) | $ | 17,325 | ||||||||
Deferred rent receivable—allowance | $ | 29,580 | 3,133 | (2,380 | ) | $ | 30,333 | ||||||||
Year Ended December 31, 2012 | |||||||||||||||
Tenant and other receivables—allowance | $ | 11,326 | 10,147 | (7,132 | ) | $ | 14,341 | ||||||||
Deferred rent receivable—allowance | $ | 29,156 | 3,193 | (2,769 | ) | $ | 29,580 | ||||||||
Year Ended December 31, 2011 | |||||||||||||||
Tenant receivables—allowance | $ | 10,198 | 4,537 | (3,409 | ) | $ | 11,326 | ||||||||
Deferred rent receivable—allowance | $ | 30,834 | 6,638 | (8,316 | ) | $ | 29,156 | ||||||||
Schedule_IIIReal_Estate_And_Ac
Schedule III-Real Estate And Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||
Schedule III-Real Estate And Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||||||||
SL Green Realty Corp. and SL Green Operating Partnership, L.P. | |||||||||||||||||||||||||||||||||||||||||||
Schedule III—Real Estate And Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Column A | Column B | Column C | Column D Cost | Column E Gross Amount at Which | Column F | Column G | Column H | Column I | |||||||||||||||||||||||||||||||||||
Initial Cost | Capitalized | Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Subsequent To | |||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Building & | Land | Building & | Land | Building & | Total | Accumulated Depreciation | Date of | Date | Life on | |||||||||||||||||||||||||||||||
Improvements | Improvements | Improvements | Construction | Acquired | Which | ||||||||||||||||||||||||||||||||||||||
Depreciation is | |||||||||||||||||||||||||||||||||||||||||||
Computed | |||||||||||||||||||||||||||||||||||||||||||
673 First Ave(1) | $ | — | $ | — | $ | 35,727 | $ | — | $ | 23,464 | $ | — | $ | 59,191 | $ | 59,191 | $ | 20,019 | 1928 | Aug-97 | Various | ||||||||||||||||||||||
420 Lexington Ave(1) | 182,641 | — | 107,832 | — | 169,790 | — | 277,622 | 277,622 | 91,253 | 1927 | Mar-98 | Various | |||||||||||||||||||||||||||||||
711 Third Avenue(1) | 120,000 | 19,844 | 42,499 | — | 35,029 | 19,844 | 77,528 | 97,372 | 29,359 | 1955 | May-98 | Various | |||||||||||||||||||||||||||||||
555 W. 57th Street(1) | — | 18,846 | 78,704 | — | 43,084 | 18,846 | 121,788 | 140,634 | 44,318 | 1971 | Jan-99 | Various | |||||||||||||||||||||||||||||||
317 Madison Ave(1) | — | 21,205 | 85,559 | — | 28,821 | 21,205 | 114,380 | 135,585 | 49,963 | 1920 | Jun-01 | Various | |||||||||||||||||||||||||||||||
220 East 42nd Street(1) | 275,000 | 50,373 | 203,727 | 635 | 52,189 | 51,008 | 255,916 | 306,924 | 72,157 | 1929 | Feb-03 | Various | |||||||||||||||||||||||||||||||
461 Fifth Avenue(1) | — | — | 62,695 | — | 8,003 | — | 70,698 | 70,698 | 19,807 | 1988 | Oct-03 | Various | |||||||||||||||||||||||||||||||
750 Third Avenue(1) | — | 51,093 | 205,972 | — | 33,895 | 51,093 | 239,867 | 290,960 | 62,379 | 1958 | Jul-04 | Various | |||||||||||||||||||||||||||||||
625 Madison Ave(1) | 120,830 | — | 246,673 | — | 33,212 | — | 279,885 | 279,885 | 69,230 | 1956 | Oct-04 | Various | |||||||||||||||||||||||||||||||
485 Lexington Avenue(1) | 450,000 | 77,517 | 326,825 | 765 | 87,964 | 78,282 | 414,789 | 493,071 | 112,976 | 1956 | Dec-04 | Various | |||||||||||||||||||||||||||||||
609 Fifth Avenue(1) | — | 36,677 | 145,954 | — | 7,230 | 36,677 | 153,184 | 189,861 | 28,481 | 1925 | Jun-06 | Various | |||||||||||||||||||||||||||||||
120 West 45th Street(1) | 170,000 | 60,766 | 250,922 | — | 18,090 | 60,766 | 269,012 | 329,778 | 49,892 | 1998 | Jan-07 | Various | |||||||||||||||||||||||||||||||
810 Seventh Avenue(1) | — | 114,077 | 476,386 | — | 44,614 | 114,077 | 521,000 | 635,077 | 98,988 | 1970 | Jan-07 | Various | |||||||||||||||||||||||||||||||
919 Third Avenue(1)(2) | 500,000 | 223,529 | 1,033,198 | 35,410 | 16,799 | 258,939 | 1,049,997 | 1,308,936 | 188,175 | 1970 | Jan-07 | Various | |||||||||||||||||||||||||||||||
1185 Avenue of the Americas(1) | — | — | 728,213 | — | 32,402 | — | 760,615 | 760,615 | 152,278 | 1969 | Jan-07 | Various | |||||||||||||||||||||||||||||||
1350 Avenue of the Americas(1) | — | 91,038 | 380,744 | — | 26,376 | 91,038 | 407,120 | 498,158 | 78,379 | 1966 | Jan-07 | Various | |||||||||||||||||||||||||||||||
1100 King Street— | — | 49,392 | 104,376 | 2,473 | 16,810 | 51,865 | 121,186 | 173,051 | 26,659 | 1983/1986 | Jan-07 | Various | |||||||||||||||||||||||||||||||
1-7 International Drive(3) | |||||||||||||||||||||||||||||||||||||||||||
520 White Plains Road(3) | — | 6,324 | 26,096 | — | 4,352 | 6,324 | 30,448 | 36,772 | 6,573 | 1979 | Jan-07 | Various | |||||||||||||||||||||||||||||||
115-117 Stevens Avenue(3) | — | 5,933 | 23,826 | — | 5,891 | 5,933 | 29,717 | 35,650 | 6,825 | 1984 | Jan-07 | Various | |||||||||||||||||||||||||||||||
100 Summit Lake Drive(3) | — | 10,526 | 43,109 | — | 7,036 | 10,526 | 50,145 | 60,671 | 10,089 | 1988 | Jan-07 | Various | |||||||||||||||||||||||||||||||
200 Summit Lake Drive(3) | — | 11,183 | 47,906 | — | 6,222 | 11,183 | 54,128 | 65,311 | 10,388 | 1990 | Jan-07 | Various | |||||||||||||||||||||||||||||||
500 Summit Lake Drive(3) | — | 9,777 | 39,048 | — | 5,508 | 9,777 | 44,556 | 54,333 | 8,023 | 1986 | Jan-07 | Various | |||||||||||||||||||||||||||||||
140 Grand Street(3) | — | 6,865 | 28,264 | — | 4,048 | 6,865 | 32,312 | 39,177 | 6,608 | 1991 | Jan-07 | Various | |||||||||||||||||||||||||||||||
360 Hamilton Avenue(3) | — | 29,497 | 118,250 | — | 11,545 | 29,497 | 129,795 | 159,292 | 25,138 | 2000 | Jan-07 | Various | |||||||||||||||||||||||||||||||
1-6 Landmark Square(4) | 82,909 | 50,947 | 195,167 | — | 23,919 | 50,947 | 219,086 | 270,033 | 41,223 | 1973-1984 | Jan-07 | Various | |||||||||||||||||||||||||||||||
7 Landmark Square(4) | — | 2,088 | 7,748 | (367 | ) | (134 | ) | 1,721 | 7,614 | 9,335 | 403 | 2007 | Jan-07 | Various | |||||||||||||||||||||||||||||
680 Washington Boulevard(2)(4) | — | 11,696 | 45,364 | — | 4,218 | 11,696 | 49,582 | 61,278 | 9,539 | 1989 | Jan-07 | Various | |||||||||||||||||||||||||||||||
750 Washington Boulevard(2)(4) | — | 16,916 | 68,849 | — | 4,854 | 16,916 | 73,703 | 90,619 | 14,140 | 1989 | Jan-07 | Various | |||||||||||||||||||||||||||||||
1010 Washington Boulevard(4) | — | 7,747 | 30,423 | — | 3,667 | 7,747 | 34,090 | 41,837 | 6,507 | 1988 | Jan-07 | Various | |||||||||||||||||||||||||||||||
500 West Putnam Avenue(4) | 23,529 | 11,210 | 44,782 | — | 4,594 | 11,210 | 49,376 | 60,586 | 8,837 | 1973 | Jan-07 | Various | |||||||||||||||||||||||||||||||
150 Grand Street(3) | — | 1,371 | 5,446 | — | 10,485 | 1,371 | 15,931 | 17,302 | 1,137 | 1962 | Jan-07 | Various | |||||||||||||||||||||||||||||||
400 Summit Lake Drive(3) | — | 38,889 | — | 285 | 1 | 39,174 | 1 | 39,175 | 1 | --- | Jan-07 | Various | |||||||||||||||||||||||||||||||
331 Madison Avenue(1) | — | 14,763 | 65,241 | — | 902 | 14,763 | 66,143 | 80,906 | 12,419 | 1923 | Apr-07 | Various | |||||||||||||||||||||||||||||||
1055 Washington Boulevard(4) | — | 13,516 | 53,228 | — | 3,118 | 13,516 | 56,346 | 69,862 | 10,700 | 1987 | Jun-07 | Various | |||||||||||||||||||||||||||||||
1 Madison Avenue(1) | 587,336 | 172,641 | 654,394 | 905 | 14,384 | 173,546 | 668,778 | 842,324 | 107,764 | 1960 | Aug-07 | Various | |||||||||||||||||||||||||||||||
125 Chubb Way(5) | — | 5,884 | 25,958 | — | 23,478 | 5,884 | 49,436 | 55,320 | 3,372 | 2008 | Jan-08 | Various | |||||||||||||||||||||||||||||||
100 Church Street(1) | 230,000 | 32,494 | 79,996 | 2,500 | 81,109 | 34,994 | 161,105 | 196,099 | 21,198 | 1959 | Jan-10 | Various | |||||||||||||||||||||||||||||||
125 Park Avenue(1) | 146,250 | 120,900 | 189,714 | — | 29,893 | 120,900 | 219,607 | 340,507 | 26,598 | 1923 | Oct-10 | Various | |||||||||||||||||||||||||||||||
2 Herald Square(1) | 191,250 | 92,655 | — | 100,633 | — | 193,288 | — | 193,288 | — | --- | Dec-10 | Various | |||||||||||||||||||||||||||||||
885 Third Avenue(1) | 267,650 | 131,766 | — | 110,771 | — | 242,537 | — | 242,537 | — | --- | Dec-10 | Various | |||||||||||||||||||||||||||||||
Williamsburg(6) | — | 3,677 | 14,708 | 2,523 | (4,550 | ) | 6,200 | 10,158 | 16,358 | 821 | 2010 | Dec-10 | Various | ||||||||||||||||||||||||||||||
1515 Broadway(1) | 900,000 | 462,700 | 707,938 | 1,145 | 27,119 | 463,845 | 735,057 | 1,198,902 | 63,103 | 1972 | Apr-11 | Various | |||||||||||||||||||||||||||||||
110 East 42nd Street(1) | — | 34,000 | 46,411 | 2,354 | 13,490 | 36,354 | 59,901 | 96,255 | 6,371 | 1921 | May-11 | Various | |||||||||||||||||||||||||||||||
180 Maiden Lane(1)(7) | 262,706 | 191,523 | 233,230 | — | 4,871 | 191,523 | 238,101 | 429,624 | 18,599 | 1984 | Nov-11 | Various | |||||||||||||||||||||||||||||||
51 East 42nd Street(1) | — | 44,095 | 33,470 | 5 | 2,255 | 44,100 | 35,725 | 79,825 | 2,440 | 1913 | Nov-11 | Various | |||||||||||||||||||||||||||||||
400 East 57th Street(1)(8) | 70,000 | 39,780 | 69,895 | — | 6,027 | 39,780 | 75,922 | 115,702 | 3,571 | 1931 | Jan-12 | Various | |||||||||||||||||||||||||||||||
400 East 58th Street(1)(8) | 30,000 | 17,549 | 30,916 | — | 2,388 | 17,549 | 33,304 | 50,853 | 1,552 | 1929 | Jan-12 | Various | |||||||||||||||||||||||||||||||
752 Madison Avenue(1)(8) | — | — | 7,131 | — | 10 | — | 7,141 | 7,141 | 423 | 1996/2012 | Jan-12 | Various | |||||||||||||||||||||||||||||||
762 Madison Avenue(1)(8) | 8,211 | 6,153 | 10,461 | — | 89 | 6,153 | 10,550 | 16,703 | 524 | 1910 | Jan-12 | Various | |||||||||||||||||||||||||||||||
19-21 East 65th Street(1)(8) | — | — | 7,389 | — | 151 | — | 7,540 | 7,540 | 365 | 1928-1940 | Jan-12 | Various | |||||||||||||||||||||||||||||||
304 Park Avenue(1) | — | 54,189 | 75,619 | 300 | 4,198 | 54,489 | 79,817 | 134,306 | 4,726 | 1930 | Jun-12 | Various | |||||||||||||||||||||||||||||||
635 Sixth Avenue(1) | — | 24,180 | 37,158 | 163 | 18,071 | 24,343 | 55,229 | 79,572 | — | 1902 | Sep-12 | Various | |||||||||||||||||||||||||||||||
641 Sixth Avenue(1) | — | 45,668 | 67,316 | 308 | 768 | 45,976 | 68,084 | 114,060 | 2,922 | 1902 | Sep-12 | Various | |||||||||||||||||||||||||||||||
1080 Amsterdam(1)(9) | — | — | 27,445 | — | 8,450 | — | 35,895 | 35,895 | — | 1932 | Oct-12 | Various | |||||||||||||||||||||||||||||||
131-137 Spring Street(1) | — | 27,021 | 105,342 | 154 | 637 | 27,175 | 105,979 | 133,154 | 2,826 | 1891 | Dec-12 | Various | |||||||||||||||||||||||||||||||
985-987 Third Avenue(1) | — | 5,400 | 12,600 | 3,635 | 248 | 9,035 | 12,848 | 21,883 | — | 1900/1972 | Dec-12 | Various | |||||||||||||||||||||||||||||||
248-252 Bedford Avenue(6)(10) | 22,000 | 10,865 | 44,035 | — | 2,106 | 10,865 | 46,141 | 57,006 | 490 | 2012 | Mar-13 | Various | |||||||||||||||||||||||||||||||
16 Court Street(6) | 79,243 | 19,217 | 63,210 | — | 2,207 | 19,217 | 65,417 | 84,634 | 1,736 | 1927-1928 | Apr-13 | Various | |||||||||||||||||||||||||||||||
315 West 33rd Street (1) | — | 116,033 | 270,742 | — | — | 116,033 | 270,742 | 386,775 | 921 | 2000-2001 | Nov-13 | Various | |||||||||||||||||||||||||||||||
Fifth Avenue Retail Assemblage(1) | — | 43,800 | 102,200 | — | — | 43,800 | 102,200 | 146,000 | 284 | 1909/1920/1921 | Nov-13 | Various | |||||||||||||||||||||||||||||||
Other(11) | — | 1,130 | — | 1,004 | 9,826 | 2,134 | 9,826 | 11,960 | 2,771 | ||||||||||||||||||||||||||||||||||
Total | $ | 4,719,555 | $ | 2,766,925 | $ | 8,276,031 | $ | 265,601 | $ | 1,025,223 | $ | 3,032,526 | $ | 9,301,254 | $ | 12,333,780 | $ | 1,646,240 | |||||||||||||||||||||||||
______________________________________________________________________ | |||||||||||||||||||||||||||||||||||||||||||
-1 | Property located in New York, New York. | ||||||||||||||||||||||||||||||||||||||||||
-2 | We own a 51% interest in this property. | ||||||||||||||||||||||||||||||||||||||||||
-3 | Property located in Westchester County, New York. | ||||||||||||||||||||||||||||||||||||||||||
-4 | Property located in Connecticut. | ||||||||||||||||||||||||||||||||||||||||||
-5 | Property located in New Jersey. | ||||||||||||||||||||||||||||||||||||||||||
-6 | Property located in Brooklyn, New York. | ||||||||||||||||||||||||||||||||||||||||||
-7 | We own a 49.9% interest in this property. | ||||||||||||||||||||||||||||||||||||||||||
-8 | We own a 80.0% interest in this property. | ||||||||||||||||||||||||||||||||||||||||||
-9 | We own a 87.5% interest in this property. | ||||||||||||||||||||||||||||||||||||||||||
-10 | We own a 90.0% interest in this property. | ||||||||||||||||||||||||||||||||||||||||||
-11 | Other includes tenant improvements at eEmerge, capitalized interest and corporate improvements. | ||||||||||||||||||||||||||||||||||||||||||
Schedule III—Real Estate And Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
The changes in real estate for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 11,662,953 | $ | 11,147,151 | $ | 8,890,064 | |||||||||||||||||||||||||||||||||||||
Property acquisitions | 702,717 | 649,445 | 2,276,308 | ||||||||||||||||||||||||||||||||||||||||
Improvements | 199,141 | 146,410 | 162,875 | ||||||||||||||||||||||||||||||||||||||||
Retirements/disposals/deconsolidation | (231,031 | ) | (280,053 | ) | (182,096 | ) | |||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 12,333,780 | $ | 11,662,953 | $ | 11,147,151 | |||||||||||||||||||||||||||||||||||||
The aggregate cost of land, buildings and improvements, before depreciation, for Federal income tax purposes at December 31, 2013 was approximately $8.6 billion. | |||||||||||||||||||||||||||||||||||||||||||
The changes in accumulated depreciation, exclusive of amounts relating to equipment, autos, and furniture and fixtures, for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,393,323 | $ | 1,136,603 | $ | 916,293 | |||||||||||||||||||||||||||||||||||||
Depreciation for year | 286,776 | 288,560 | 245,421 | ||||||||||||||||||||||||||||||||||||||||
Retirements/disposals/deconsolidation | (33,859 | ) | (31,840 | ) | (25,111 | ) | |||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 1,646,240 | $ | 1,393,323 | $ | 1,136,603 | |||||||||||||||||||||||||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 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 a variable interest entity, or VIE, in which we are considered a primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Included in commercial real estate properties on our consolidated balance sheets for the years ended December 31, 2013 and 2012 are approximately $605.9 million and $607.4 million, respectively, related to our consolidated VIEs. Included in mortgages and other loans payable on our consolidated balance sheets for the years ended December 31, 2013 and 2012 are approximately $370.9 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 require earnings and other comprehensive income to be 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 or 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 | |||
Real estate properties are presented at cost less accumulated depreciation and amortization. Costs directly related to the development or redevelopment of properties are capitalized. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. | |||
A property to be disposed of is reported at the lower of its carrying value or its estimated fair value, less its cost to sell. Once an asset is held for sale, depreciation expense is no longer recorded and the historic results are reclassified as discontinued operations. See Note 4, "Property Dispositions." | |||
Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: | |||
Category | Term | ||
Building (fee ownership) | 40 years | ||
Building improvements | shorter of remaining life of the building or useful life | ||
Building (leasehold interest) | lesser of 40 years or remaining term of the lease | ||
Property under capital lease | remaining lease term | ||
Furniture and fixtures | four to seven years | ||
Tenant improvements | shorter of remaining term of the lease or useful life | ||
Depreciation expense (including amortization of the capital lease asset) amounted to approximately $309.4 million, $301.0 million and $249.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||
On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted 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 do not believe that the values of any of our consolidated properties were impaired at December 31, 2013. | |||
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. | |||
A variety of costs are incurred in the development and leasing of our properties. After determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. The costs of land and building under development include specifically identifiable costs. The capitalized costs include, but are not limited to, pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. We consider a construction project as substantially completed and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity. We cease capitalization on the portions substantially completed and occupied or held available for occupancy, and capitalize only those costs associated with the portions under construction. | |||
Results of operations of properties acquired are included in the consolidated statements of income from the date of acquisition. | |||
We recognize the assets acquired, liabilities assumed (including contingencies) and any noncontrolling interests in an acquired entity at their fair values on the acquisition date. We expense acquisition-related transaction costs as incurred, which are included in transaction related costs on our consolidated statements of income. | |||
When we acquire our partner's equity interest in an existing unconsolidated joint venture and gain control over the investment, we record the consolidated investment at fair value. The difference between the book value of our equity investment on the purchase date and our share of the fair value of the investment's purchase price is recorded as a purchase price fair value adjustment in our consolidated statements of 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. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
We consider all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. | |||
Fair Value Measurements | ' | ||
Fair Value Measurements | |||
Refer to Note 17, "Fair Value Measurements," in the accompanying notes to consolidated financial statements. | |||
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. Unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component. | |||
The cost of bonds and marketable securities sold was determined using the specific identification method. | |||
Investment in Unconsolidated Joint Ventures | ' | ||
Investments in Unconsolidated Joint Ventures | |||
We account for our investments in unconsolidated joint ventures under the equity method of accounting in cases where we exercise significant influence over, but do not control, these entities and are not considered to be the primary beneficiary. We consolidate those joint ventures that we control or which are VIEs and where we are considered to be the primary beneficiary. In all these joint ventures, the rights of the joint venture partner are both protective as well as participating. Unless we are determined to be the primary beneficiary in a VIE, these participating rights preclude us from consolidating these non-VIE entities. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. Equity income (loss) from unconsolidated joint ventures is allocated based on our ownership or economic interest in each joint venture. When a capital event (as defined in each joint venture agreement) such as a refinancing occurs, if return thresholds are met, future equity income will be allocated at our increased economic interest. We recognize incentive income from unconsolidated real estate joint ventures as income to the extent it is earned and not subject to a clawback feature. Distributions we receive from unconsolidated real estate joint ventures in excess of our basis in the investment are recorded as offsets to our investment balance if we remain liable for future obligations of the joint venture or may otherwise be committed to provide future additional financial support. None of the joint venture debt is recourse to us, except for $218.4 million which we guarantee at two joint ventures and performance guarantees under master leases at two other joint ventures. See Note 6, "Investments in Unconsolidated Joint Ventures." | |||
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. | |||
Restricted Cash | ' | ||
Restricted Cash | |||
Restricted cash primarily consists of security deposits held on behalf of our tenants, interest reserves, as well as capital improvement and real estate tax escrows required under certain loan agreements. | |||
Deferred Lease Costs | ' | ||
Deferred Lease Costs | |||
Deferred lease costs consist of fees and direct costs incurred to initiate and renew operating leases and are amortized on a straight-line basis over the related lease term. Certain of our employees provide leasing services to the wholly-owned properties. Approximately $12.4 million, $11.0 million and $9.6 million of their compensation for the years ended December 31, 2013, 2012 and 2011, respectively, was capitalized and is amortized over an estimated average lease term of seven years. | |||
Deferred Financing Costs | ' | ||
Deferred Financing Costs | |||
Deferred financing costs represent commitment fees, legal, title and other third party costs associated with obtaining commitments for financing which result in a closing of such financing. These costs are amortized over the terms of the respective agreements. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not close. | |||
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, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred 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 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 sheet 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 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 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. | |||
Asset management fees are recognized on a straight-line basis over the term of the asset management agreement. | |||
Allowance for Doubtful Accounts | ' | ||
Allowance for Doubtful Accounts | |||
We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our tenants to make required payments. If the financial condition of a specific tenant were to deteriorate, resulting in an impairment of its ability to make payments, additional allowances may be required. | |||
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 loss 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. There were no additional loan reserves recorded during the year ended December 31, 2013. We recorded loan loss reserves of $3.0 million and $10.9 million on investments being held to maturity during the years ended December 31, 2012 and 2011, respectively. We also recorded recoveries of approximately $2.4 million and $4.4 million during the years ended December 31, 2012 and 2011, respectively, in connection with the sale of our investments. This is included in loan loss and other investment reserves, net of recoveries on the 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. | |||
Rent Expense | ' | ||
Rent Expense | |||
Rent expense is recognized on a straight-line basis over the initial term of the lease. The excess of the rent expense recognized over the amounts contractually due pursuant to the underlying lease is included in the deferred land lease payable on the consolidated balance sheets. | |||
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 included in the consolidated statements of income 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, a TRS may perform non-customary services for the tenants of the Company, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRS generates income, resulting in Federal and state income tax liability for these entities. | |||
During the year ended December 31, 2013, we recorded Federal, state and local tax provision of $4.4 million. There were no Federal, state and local tax provisions for the years ended December 31, 2012 and 2011. | |||
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. | |||
Underwriting Commissions and Costs | ' | ||
Underwriting Commissions and Costs | |||
Underwriting commissions and costs incurred in connection with our stock offerings are reflected as a reduction of additional paid-in-capital. | |||
Exchangeable Debt Instruments | ' | ||
Exchangeable Debt Instruments | |||
The initial proceeds from exchangeable debt that may be settled in cash, including partial cash settlements, must be bifurcated between a liability component and an equity component associated with the embedded conversion option. The objective of the accounting guidance is to require the liability and equity components of exchangeable debt to be separately accounted for in a manner such that the interest expense on the exchangeable debt is not recorded at the stated rate of interest but rather at an effective rate that reflects the issuer's conventional debt borrowing rate at the date of issuance. We calculate the liability component of exchangeable debt based on the present value of the contractual cash flows discounted at our comparable market conventional debt borrowing rate at the date of issuance. The difference between the principal amount and the fair value of the liability component is reported as a discount on the exchangeable debt that is accreted as additional interest expense from the issuance date through the contractual maturity date using the effective interest method. A portion of this additional interest expense may be capitalized to the development and redevelopment balances qualifying for interest capitalization each period. The liability component of the exchangeable debt is reported net of discounts on our consolidated balance sheets. We calculate the equity component of exchangeable debt based on the difference between the initial proceeds received from the issuance of the exchangeable debt and the fair value of the liability component at the issuance date. The equity component is included in additional paid-in-capital, net of issuance costs, on our consolidated balance sheets. We allocate issuance costs for exchangeable debt between the liability and the equity components based on their relative values. | |||
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 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 SL Green's 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 the Company's common stock, at the current quoted market price, from certain key employee to satisfy minimum statutory tax-withholding requirements related to shares that vested during the period. | |||
Awards can also be made in the form of a separate series of units of limited partnership interest in the Operating Partnership called long-term incentive plan units, or LTIP units. LTIP units, which can be granted either as free-standing awards or in tandem with other awards under our stock incentive plan, are valued by reference to the value of the Company's common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee of the Company's board of directors may determine, including continued employment or service, computation of financial metrics and/or achievement of pre-established performance goals and objectives. | |||
Derivative Instruments | ' | ||
Derivative Instruments | |||
In the normal course of business, we use a variety of commonly used derivative instruments, such as interest rate swaps, caps, collar and floors, to manage, or hedge, interest rate risk. We require that hedging derivative instruments are effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential for qualifying for hedge accounting. Some derivative instruments are associated with an anticipated transaction. In those cases, hedge effectiveness criteria also require that it be probable that the underlying transaction occurs. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract. | |||
To determine the fair values of derivative instruments, we use a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. For the majority of financial instruments including most derivatives, long-term investments and long-term debt, standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost, and termination cost are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. | |||
In the normal course of business, we are exposed to the effect of interest rate changes and limit these risks by following established risk management policies and procedures including the use of derivatives. To address exposure to interest rates, derivatives are used primarily to fix the rate on debt based on floating-rate indices and manage the cost of borrowing obligations. | |||
We use a variety of commonly used derivative products that are considered plain vanilla derivatives. These derivatives typically include interest rate swaps, caps, collars and floors. We expressly prohibit the use of unconventional derivative instruments and using derivative instruments for trading or speculative purposes. Further, we have a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. | |||
We may employ swaps, forwards or purchased options to hedge qualifying forecasted transactions. Gains and losses related to these transactions are deferred and recognized in net income as interest expense in the same period or periods that the underlying transaction occurs, expires or is otherwise terminated. | |||
Hedges that are reported at fair value and presented on the balance sheet could be characterized as cash flow hedges or fair value hedges. Interest rate caps and collars are examples of cash flow hedges. Cash flow hedges address the risk associated with future cash flows of interest payments. For all hedges held by us and which were deemed to be fully effective in meeting the hedging objectives established by our corporate policy governing interest rate risk management, no net gains or losses were reported in earnings. The changes in fair value of hedge instruments are reflected in accumulated other comprehensive income. For derivative instruments not designated as hedging instruments, the gain or loss, resulting from the change in the estimated fair value of the derivative instruments, is recognized in current earnings during the period of change. | |||
Earnings per Share of the Company | ' | ||
Earnings per Share of the Company | |||
We present 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 shares 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 | ' | ||
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 properties located in Brooklyn, Long Island. Westchester County, Connecticut, Northern New Jersey and the west coast. | |||
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, to reclassify deferred origination fees from deferred income to debt and preferred equity investments and to reclassify contingent liabilities relating to operating escalation reimbursements from tenant and other receivables, net of allowance to accrued interest and other liabilities. | |||
Accounting Standards Updates | ' | ||
Accounting Standards Updates | |||
In May 2011, the FASB issued updated guidance on fair value measurement which amends U.S. GAAP to conform to IFRS measurement and disclosure requirements. The amendments change the wording used to describe the requirements in U.S. GAAP for measuring fair value, changes certain fair value measurement principles and enhances disclosure requirements. This guidance was effective as of the first quarter of 2012, and its adoption did not have a material impact on our consolidated financial statements. | |||
In December 2011, the FASB issued guidance that concluded when a parent ceases to have a controlling financial interest in a subsidiary that is in-substance real estate as a result of default on the subsidiary's nonrecourse debt, the reporting entity must apply the accounting guidance for sales of real estate to determine whether it should derecognize the in-substance real estate. The reporting entity is precluded from derecognizing the real estate until legal ownership has been transferred to the lender to satisfy the debt. The guidance was effective for calendar year-end public and nonpublic companies in 2013 and is to be applied on a prospective basis. Early adoption of the guidance is permitted. Adoption of this guidance did not have a material impact on our consolidated financial statements. | |||
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 was 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) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Schedule of commercial office properties | ' | |||||||||||
As of December 31, 2013, we owned the following interests in commercial office buildings 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 properties: | ||||||||||||
Location | Ownership | Number of | Square Feet (unaudited) | Weighted Average | ||||||||
Buildings | Occupancy(1) (unaudited) | |||||||||||
Manhattan | Consolidated properties | 23 | 17,306,045 | 94.5 | % | |||||||
Unconsolidated properties | 9 | 5,934,434 | 96.6 | % | ||||||||
Suburban | Consolidated properties | 26 | 4,087,400 | 79.8 | % | |||||||
Unconsolidated properties | 4 | 1,222,100 | 87.2 | % | ||||||||
62 | 28,549,979 | 92.5 | % | |||||||||
______________________________________________________________________ | ||||||||||||
-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) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Schedule of estimated useful lives | ' | |||||||
Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: | ||||||||
Category | Term | |||||||
Building (fee ownership) | 40 years | |||||||
Building improvements | shorter of remaining life of the building or useful life | |||||||
Building (leasehold interest) | lesser of 40 years or remaining term of the lease | |||||||
Property under capital lease | remaining lease term | |||||||
Furniture and fixtures | four to seven years | |||||||
Tenant improvements | shorter of remaining term of the lease or useful life | |||||||
Summary of identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) | ' | |||||||
The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of December 31, 2013 and 2012 (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Identified intangible assets (included in other assets): | ||||||||
Gross amount | $ | 746,704 | $ | 725,861 | ||||
Accumulated amortization | (343,339 | ) | (263,107 | ) | ||||
Net | $ | 403,365 | $ | 462,754 | ||||
Identified intangible liabilities (included in deferred revenue): | ||||||||
Gross amount | $ | 671,380 | $ | 651,921 | ||||
Accumulated amortization | (429,138 | ) | (357,225 | ) | ||||
Net | $ | 242,242 | $ | 294,696 | ||||
Schedule of estimated annual amortization of acquired below-market leases, net of acquired above-market leases | ' | |||||||
The estimated annual amortization of acquired below-market leases, net of acquired above-market leases (a component of rental revenue), for each of the five succeeding years is as follows (in thousands): | ||||||||
2014 | $ | (1,984 | ) | |||||
2015 | (2,464 | ) | ||||||
2016 | (4,632 | ) | ||||||
2017 | (3,758 | ) | ||||||
2018 | (4,763 | ) | ||||||
Schedule of estimated annual amortization of all other identifiable assets | ' | |||||||
The estimated annual amortization of all other identifiable assets (a component of depreciation and amortization expense) including tenant improvements for each of the five succeeding years is as follows (in thousands): | ||||||||
2014 | $ | 14,938 | ||||||
2015 | 10,387 | |||||||
2016 | 6,878 | |||||||
2017 | 5,482 | |||||||
2018 | 3,978 | |||||||
Schedule of marketable securities | ' | |||||||
At December 31, 2013 and 2012, we held the following marketable securities (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Equity marketable securities | $ | 4,307 | $ | 2,202 | ||||
Commercial mortgage-backed securities | 24,419 | 15,575 | ||||||
Rake bonds | 3,323 | 3,652 | ||||||
Total marketable securities available-for-sale | $ | 32,049 | $ | 21,429 | ||||
Property_Acquisitions_Tables
Property Acquisitions (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
2013 Acquisitions | ' | |||||||||||||||||||
Property Acquisitions | ' | |||||||||||||||||||
Schedule of Recognized Identified 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 these 2013 acquisitions (in thousands): | ||||||||||||||||||||
315 West 33 Street(1) | Assemblage of Retail Development Properties on Fifth Avenue(1) | 16 Court | 248-252 | |||||||||||||||||
Bedford | ||||||||||||||||||||
Avenue | ||||||||||||||||||||
Land | $ | 116,033 | $ | 43,800 | $ | 19,217 | $ | 10,865 | ||||||||||||
Building and building leasehold | 270,742 | 102,200 | 63,210 | 44,035 | ||||||||||||||||
Above market lease value | — | — | 5,122 | — | ||||||||||||||||
Acquired in-place leases | — | — | 9,422 | — | ||||||||||||||||
Other assets, net of other liabilities | — | — | 3,380 | — | ||||||||||||||||
Assets acquired | 386,775 | 146,000 | 100,351 | 54,900 | ||||||||||||||||
Mark-to-market assumed debt | — | — | 294 | — | ||||||||||||||||
Below market lease value | — | — | 3,885 | — | ||||||||||||||||
Liabilities assumed | — | — | 4,179 | — | ||||||||||||||||
Purchase price allocation | $ | 386,775 | $ | 146,000 | $ | 96,172 | $ | 54,900 | ||||||||||||
Net consideration funded by us at closing, excluding consideration financed by debt | $ | 386,775 | $ | 146,000 | $ | 4,000 | $ | 21,782 | ||||||||||||
Equity and/or debt investment held | $ | — | $ | — | $ | 13,835 | $ | — | ||||||||||||
Debt assumed | $ | — | $ | — | $ | 84,642 | $ | — | ||||||||||||
______________________________________________________________________ | ||||||||||||||||||||
-1 | 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. | |||||||||||||||||||
2012 Acquisitions | ' | |||||||||||||||||||
Property Acquisitions | ' | |||||||||||||||||||
Schedule of Recognized Identified 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 these 2012 acquisitions (in thousands): | ||||||||||||||||||||
985-987 Third Avenue | 131-137 Spring Street | 635-641 | 304 Park | Stonehenge | ||||||||||||||||
Sixth | Avenue | Properties | ||||||||||||||||||
Avenue | South | |||||||||||||||||||
Land | $ | 5,400 | $ | 27,021 | $ | 69,848 | $ | 54,189 | $ | 65,533 | ||||||||||
Building and building leasehold | 12,600 | 105,342 | 104,474 | 75,619 | 128,457 | |||||||||||||||
Above market lease value | — | 179 | — | 2,824 | 594 | |||||||||||||||
Acquired in-place leases | — | 7,046 | 7,727 | 8,265 | 9,573 | |||||||||||||||
Other assets, net of other liabilities | — | — | — | — | 2,190 | |||||||||||||||
Assets acquired | 18,000 | 139,588 | 182,049 | 140,897 | 206,347 | |||||||||||||||
Fair value adjustment to mortgage note payable | — | — | — | — | — | |||||||||||||||
Below market lease value | — | 17,288 | 9,049 | 5,897 | 13,239 | |||||||||||||||
Liabilities assumed | — | 17,288 | 9,049 | 5,897 | 13,239 | |||||||||||||||
Purchase price allocation | $ | 18,000 | $ | 122,300 | $ | 173,000 | $ | 135,000 | $ | 193,108 | ||||||||||
Net consideration funded by us at closing, excluding consideration financed by debt | $ | 18,000 | $ | 122,300 | $ | 173,000 | $ | 135,000 | $ | 78,121 | ||||||||||
Equity and/or debt investment held | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Debt assumed | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
2011 Acquisitions | ' | |||||||||||||||||||
Property Acquisitions | ' | |||||||||||||||||||
Schedule of Recognized Identified 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 these 2011 acquisitions (in thousands): | ||||||||||||||||||||
51 East | 180 | 110 East | 1515 | 521 | ||||||||||||||||
42nd | Maiden | 42nd | Broadway | Fifth | ||||||||||||||||
Street | Lane | Street | Avenue | |||||||||||||||||
Land | $ | 44,095 | $ | 191,523 | $ | 34,000 | $ | 462,700 | $ | 110,100 | ||||||||||
Building and building leasehold | 33,470 | 233,230 | 46,411 | 707,938 | 146,686 | |||||||||||||||
Above market lease value | 5,616 | 7,944 | 823 | 18,298 | 3,318 | |||||||||||||||
Acquired in-place leases | 4,333 | 29,948 | 5,396 | 98,661 | 23,016 | |||||||||||||||
Other assets, net of other liabilities | — | — | — | 27,127 | — | |||||||||||||||
Assets acquired | 87,514 | 462,645 | 86,630 | 1,314,724 | 283,120 | |||||||||||||||
Fair value adjustment to mortgage note payable | — | — | — | (3,693 | ) | — | ||||||||||||||
Below market lease value | 7,514 | 20,320 | 2,326 | 84,417 | 25,977 | |||||||||||||||
Liabilities assumed | 7,514 | 20,320 | 2,326 | 80,724 | 25,977 | |||||||||||||||
Purchase price allocation | $ | 80,000 | $ | 442,325 | $ | 84,304 | $ | 1,234,000 | $ | 257,143 | ||||||||||
Net consideration funded by us at closing, excluding consideration financed by debt | $ | 81,632 | $ | 81,835 | $ | 2,744 | $ | 259,228 | $ | 70,000 | ||||||||||
Equity and/or debt investment held | $ | — | $ | — | $ | 16,000 | $ | 40,942 | $ | 41,432 | ||||||||||
Debt assumed | $ | — | $ | — | $ | 65,000 | $ | 458,767 | $ | 140,000 | ||||||||||
Property_Dispositions_Tables
Property Dispositions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Summary of income from discontinued operations | ' | |||||||||||
The following table summarizes net income from discontinued operations for the years ended December 31, 2013, 2012 and 2011, respectively (in thousands). | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | ||||||||||||
Rental revenue | $ | 10,656 | $ | 18,651 | $ | 27,093 | ||||||
Escalation and reimbursement revenues | 1,292 | 2,263 | 2,924 | |||||||||
Other income | 8 | 8,190 | 121 | |||||||||
Total revenues | 11,956 | 29,104 | 30,138 | |||||||||
Operating expenses | 3,643 | 6,646 | 7,424 | |||||||||
Real estate taxes | 765 | 1,224 | 2,334 | |||||||||
Interest expense, net of interest income | 461 | 2,082 | 4,922 | |||||||||
Depreciable real estate reserves | 2,150 | — | — | |||||||||
Transaction related costs | — | 160 | 1 | |||||||||
Depreciation and amortization | 3,212 | 6,373 | 6,715 | |||||||||
Amortization of deferred financing costs | — | — | 182 | |||||||||
Total expenses | 10,231 | 16,485 | 21,578 | |||||||||
Net income from discontinued operations | $ | 1,725 | $ | 12,619 | $ | 8,560 | ||||||
Debt_and_Preferred_Equity_Inve1
Debt and Preferred Equity Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Summary of debt investments | ' | |||||||||||||||||||||||
As of December 31, 2013 and 2012, we held the following debt investments with an aggregate weighted average current yield of approximately 11.47% at December 31, 2013 (in thousands): | ||||||||||||||||||||||||
Loan Type | December 31, 2013 | December 31, 2013 | December 31, 2012 | Initial | ||||||||||||||||||||
Senior | Carrying Value, | Carrying Value, | Maturity | |||||||||||||||||||||
Financing | Net of Discounts and Deferred Origination Fees | Net of Discounts and Deferred Origination Fees | Date | |||||||||||||||||||||
Junior Participation | $ | 398,500 | $ | 11,856 | $ | — | Mar-15 | |||||||||||||||||
Mezzanine Loan | 205,000 | 68,319 | 66,307 | Feb-16 | ||||||||||||||||||||
Mortgage/Mezzanine Loan | 166,710 | 44,742 | 44,013 | May-16 | ||||||||||||||||||||
Mezzanine Loan | 177,000 | 15,012 | 15,906 | May-16 | ||||||||||||||||||||
Junior Participation | 133,000 | 49,000 | 49,000 | Jun-16 | ||||||||||||||||||||
Mezzanine Loan | 165,000 | 71,312 | 70,967 | Nov-16 | ||||||||||||||||||||
Mortgage/Mezzanine Loan(1) | 1,109,000 | 80,983 | 115,804 | Mar-17 | ||||||||||||||||||||
Mezzanine Loan(2) | 521,750 | 20,954 | — | Jun-17 | ||||||||||||||||||||
Other Loan | 15,000 | 3,500 | 3,500 | Sep-21 | ||||||||||||||||||||
Mezzanine Loan(3) | 90,000 | 19,926 | — | Nov-23 | ||||||||||||||||||||
Mortgage Loan(4) | — | — | 218,068 | — | ||||||||||||||||||||
Total fixed rate | $ | 2,980,960 | $ | 385,604 | $ | 583,565 | ||||||||||||||||||
Junior Participation(5) | $ | 80,932 | $ | 24,046 | $ | — | Feb-14 | |||||||||||||||||
Junior Participation(6) | 57,750 | 10,873 | 10,869 | Jun-14 | ||||||||||||||||||||
Mortgage/Mezzanine Loan | 330,000 | 131,724 | 131,231 | Jul-14 | ||||||||||||||||||||
Mezzanine Loan | 180,000 | 59,892 | 59,739 | Aug-14 | ||||||||||||||||||||
Mezzanine Loan(7) | 89,956 | 38,549 | 34,444 | Oct-14 | ||||||||||||||||||||
Mortgage Loan | — | 30,000 | — | Dec-14 | ||||||||||||||||||||
Mezzanine Loan | 110,000 | 49,110 | — | Sep-15 | ||||||||||||||||||||
Mezzanine Loan(8) | 92,711 | 27,662 | 55,336 | Dec-15 | ||||||||||||||||||||
Mezzanine Loan | 775,000 | 72,823 | — | Mar-16 | ||||||||||||||||||||
Mezzanine Loan(9) | 160,000 | 22,526 | 7,624 | Jun-16 | ||||||||||||||||||||
Mezzanine Loan | 87,300 | 25,590 | 34,761 | Jul-16 | ||||||||||||||||||||
Mezzanine Loan(10) | 163,500 | 25,725 | — | Nov-16 | ||||||||||||||||||||
Mezzanine Loan(11) | 33,289 | 11,798 | — | Dec-16 | ||||||||||||||||||||
Mortgage/Mezzanine Loan | 55,000 | 20,553 | — | Jul-18 | ||||||||||||||||||||
Mortgage Loan | — | — | 14,745 | — | ||||||||||||||||||||
Mezzanine Loan | — | — | 37,288 | — | ||||||||||||||||||||
Mortgage/Mezzanine Loan | — | — | 47,253 | — | ||||||||||||||||||||
Total floating rate | $ | 2,215,438 | $ | 550,871 | $ | 433,290 | ||||||||||||||||||
Total | 5,196,398 | 936,475 | 1,016,855 | |||||||||||||||||||||
Loan loss reserve(12) | (1,000 | ) | (7,000 | ) | ||||||||||||||||||||
$ | 935,475 | $ | 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 income on the consolidated statements of income. | |||||||||||||||||||||||
-2 | In October 2013, we entered into a loan participation agreement in the amount of $41.3 million on a $82.5 million mortgage. As a result of the transfer not meeting the conditions for sale accounting, the portion that was participated out has been recorded in other assets and other liabilities in the accompanying consolidated balance sheet. In addition, as of December 31, 2013, we were committed to fund an additional $20.0 million in connection with this loan. | |||||||||||||||||||||||
-3 | In November 2013, we entered into a loan participation agreement in the amount of $5.0 million on a $25.0 million mortgage. As a result of the transfer not meeting the conditions for sale accounting, the portion that was participated out has been recorded in other assets and other liabilities in the consolidated balance sheets. | |||||||||||||||||||||||
-4 | In November 2012, we acquired this nonperforming loan with an original balance of $219.0 million subject to interest based on default rate. In connection with the repayment of the loan in May 2013, we recognized additional income of $6.4 million, which is included in investment income on our consolidated statements of income. | |||||||||||||||||||||||
-5 | As of December 31, 2013, we were committed to fund an additional $0.9 million in connection with this loan. | |||||||||||||||||||||||
-6 | In December 2013, the loan was extended to June 2014. | |||||||||||||||||||||||
-7 | As of December 31, 2013, we were committed to fund an additional $11.2 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. Additionally, in December 2013 we closed on an $8.5 million future funding upsize, bringing our total additional committed funding amount to $22.1 million at December 31, 2013. | |||||||||||||||||||||||
-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 a $30.0 million mortgage. 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 consolidated balance sheets. | |||||||||||||||||||||||
-10 | As of December 31, 2013, we were committed to fund an additional $11.4 million in connection with this loan. | |||||||||||||||||||||||
-11 | As of December 31, 2013, we were committed to fund an additional $0.3 million in connection with this loan. | |||||||||||||||||||||||
-12 | 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 December 31, 2013 and 2012, we held the following preferred equity investments with an aggregate weighted average current yield of approximately 10.91% at December 31, 2013 (in thousands): | ||||||||||||||||||||||||
Type | December 31, 2013 | December 31, 2013 | December 31, 2012 | Initial | ||||||||||||||||||||
Senior | Carrying Value, | Carrying Value, | Mandatory | |||||||||||||||||||||
Financing | Net of Discounts and Deferred Origination Fees | Net of Discounts and Deferred Origination Fees | Redemption | |||||||||||||||||||||
Preferred equity(1) | $ | 525,000 | $ | 115,198 | $ | 99,768 | Jul-15 | |||||||||||||||||
Preferred equity(1)(2) | 55,747 | 25,896 | 18,925 | Apr-16 | ||||||||||||||||||||
Preferred equity(1) | 926,260 | 218,330 | 209,959 | Jul-16 | ||||||||||||||||||||
Preferred equity | 70,000 | 9,940 | 9,927 | Nov-17 | ||||||||||||||||||||
$ | 1,577,007 | $ | 369,364 | $ | 338,579 | |||||||||||||||||||
______________________________________________________________________ | ||||||||||||||||||||||||
-1 | The difference between the pay and accrual rates is included as an addition to the principal balance outstanding. | |||||||||||||||||||||||
-2 | As of December 31, 2013, the loan is fully funded. | |||||||||||||||||||||||
Rollforward of total allowance for loan loss reserves | ' | |||||||||||||||||||||||
The following table is a rollforward of our total loan loss reserves at December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance at beginning of year | $ | 7,000 | $ | 50,175 | $ | 61,361 | ||||||||||||||||||
Expensed | — | 3,000 | 10,875 | |||||||||||||||||||||
Recoveries | — | (2,436 | ) | (4,370 | ) | |||||||||||||||||||
Charge-offs and reclassifications | (6,000 | ) | (43,739 | ) | (17,691 | ) | ||||||||||||||||||
Balance at end of period | $ | 1,000 | $ | 7,000 | $ | 50,175 | ||||||||||||||||||
Summary of impaired loans, which may include non-accrual loans | ' | |||||||||||||||||||||||
The following table presents impaired loans, which may include non-accrual loans, as of December 31, 2013 and 2012, respectively (in thousands): | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Unpaid | Recorded | Allowance | Unpaid | Recorded | Allowance | |||||||||||||||||||
Principal | Investment | Allocated | Principal | Investment | Allocated | |||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial real estate | 10,750 | 10,750 | 1,000 | 10,750 | 10,750 | 7,000 | ||||||||||||||||||
Total | $ | 10,750 | $ | 10,750 | $ | 1,000 | $ | 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 years ended December 31, 2013 and 2012, respectively (in thousands): | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Average recorded investment in impaired loans | $ | 10,881 | $ | 50,231 | ||||||||||||||||||||
Investment income recognized | 7,117 | 3,712 | ||||||||||||||||||||||
Investment_in_Unconsolidated_J1
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 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 December 31, 2013 (amounts in thousands): | |||||||||||||||
Property | Partner | Ownership | Economic | Square | Acquisition Date | Acquisition | |||||||||
Interest | Interest | Feet | Price(1) | ||||||||||||
100 Park Avenue | Prudential | 49.90% | 49.90% | 834 | Jan-00 | $ | 95,800 | ||||||||
21 West 34th Street | Sutton | 50.00% | 50.00% | 30 | Jul-05 | 22,400 | |||||||||
1604-1610 Broadway(2) | Onyx | 70.00% | 70.00% | 30 | Nov-05 | 4,400 | |||||||||
717 Fifth Avenue(3) | 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 | 50.00% | 50.00% | 582 | Sep-07 | 111,500 | |||||||||
388 and 390 Greenwich Street(4) | SITQ | 50.60% | 50.60% | 2,600 | Dec-07 | 1,575,000 | |||||||||
180/182 Broadway(5) | Harel/Sutton | 25.50% | 25.50% | 71 | Feb-08 | 43,600 | |||||||||
600 Lexington Avenue | CPPIB | 55.00% | 55.00% | 304 | May-10 | 193,000 | |||||||||
11 West 34th Street(6) | Private Investor/Sutton | 30.00% | 30.00% | 17 | Dec-10 | 10,800 | |||||||||
7 Renaissance | Cappelli | 50.00% | 50.00% | 37 | Dec-10 | 4,000 | |||||||||
3 Columbus Circle(7) | Moinian | 48.90% | 48.90% | 769 | Jan-11 | 500,000 | |||||||||
280 Park Avenue(8) | Vornado | 50.00% | 49.50% | 1,237 | Mar-11 | 400,000 | |||||||||
1552-1560 Broadway(9) | Sutton | 50.00% | 50.00% | 49 | Aug-11 | 136,550 | |||||||||
747 Madison Avenue(10) | Harel/Sutton | 33.33% | 33.33% | 10 | Sep-11 | 66,250 | |||||||||
724 Fifth Avenue | Sutton | 50.00% | 50.00% | 65 | Jan-12 | 223,000 | |||||||||
10 East 53rd Street | CPPIB | 55.00% | 55.00% | 390 | Feb-12 | 252,500 | |||||||||
33 Beekman(11) | Harel/Naftali | 45.90% | 45.90% | 145 | Aug-12 | 31,000 | |||||||||
West Coast office portfolio(12) | Blackstone | 42.02% | 43.74% | 4,474 | Sep-12 | 880,103 | |||||||||
521 Fifth Avenue(13) | Plaza | 50.50% | 50.50% | 460 | Nov-12 | 315,000 | |||||||||
21 East 66th Street(14) | Private Investors | 32.28% | 32.28% | 17 | Dec-12 | 75,000 | |||||||||
315 West 36th Street | Private Investors | 35.50% | 35.50% | 148 | Dec-12 | 45,000 | |||||||||
Herald Center(15) | AG | 40.00% | 40.00% | 365 | Jan-13 | 50,000 | |||||||||
650 Fifth Avenue(16) | Sutton | 50.00% | 50.00% | 32 | Nov-13 | — | |||||||||
______________________________________________________________________ | |||||||||||||||
-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. In January 2014, our ground lease position was terminated. | ||||||||||||||
-3 | In June 2012, this retail condominium was recapitalized. The recapitalization triggered a promote to our partner, which resulted in a reduction of our economic interest. In addition, we sold 50% of our remaining interest at a property valuation of $617.6 million. We recognized $67.9 million of additional cash income, equivalent to profit, due to the distribution of refinancing proceeds and a gain on sale of $3.0 million, which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. | ||||||||||||||
-4 | The property is subject to a triple-net lease arrangement with a single tenant, which expires in 2020. In December 2013, the joint venture signed an agreement extending the lease through December 31, 2035. The agreement includes an option for the tenant to acquire the property for a specified price during the period from December 1, 2017 through December 31, 2020. | ||||||||||||||
-5 | In June 2013, the joint venture completed its redevelopment project. In July 2013, the lease for Pace University, or Pace, its primary tenant, commenced. | ||||||||||||||
-6 | The property is subject to a long-term net lease arrangement. | ||||||||||||||
-7 | 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. Because the joint venture has an option to repurchase the Y&R units, no gain was recognized on this sale. | ||||||||||||||
-8 | In March 2011, we contributed our debt investment with a carrying value of $286.6 million to a newly formed joint venture in which we hold a 50% interest. We realized $38.7 million of additional income upon the contribution. This income is included in investment income in the consolidated statements of income. The joint venture paid us approximately $111.3 million and also assumed $30.0 million of related floating rate financing which matures in June 2016. In May 2011, this joint venture took control of the underlying property as part of a recapitalization transaction which valued the investment at approximately $1.1 billion. | ||||||||||||||
-9 | 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. | ||||||||||||||
-10 | The joint venture owns 100% interest as tenant-in-common in 30 East 65th Street Corporation and the related proprietary lease of three cooperative apartment units in the building. In October 2013, the joint ventured acquired two additional cooperative apartment units in the building for $7.5 million. | ||||||||||||||
-11 | 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. | ||||||||||||||
-12 | In September 2012, the Company, together with an affiliate of Blackstone, Gramercy and Square Mile Capital Management LLC, or Square Mile, formed a joint venture to recapitalize a 31-property, 4.5-million-square-foot West Coast office portfolio. The joint venture extended the $678.8 million mortgage secured by the portfolio for a term of 2 years with a 1-year extension option. In addition, the joint venture entered into a new $68.0 million mezzanine loan for a term of 2 years. 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 year ended December 31, 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. | ||||||||||||||
-13 | In November 2012, we sold our 49.5% partnership interest in 521 Fifth Avenue to Plaza Global Real Estate Partners for a gross valuation price of $315.0 million for this property. We recognized a gain of $19.4 million on the sale which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. We also refinanced the existing $150.0 million loan with a $170.0 million 7-year mortgage loan which bears interest at 220 basis points over LIBOR. Following the sale, we deconsolidated the entity effective November 30, 2012 and have accounted our investment under the equity method because of lack of control. During the year ended December 31, 2013, we recognized additional post closing costs of $2.8 million as an adjustment to the gain. | ||||||||||||||
-14 | We hold a 32.28% interest in 3 retail and 2 residential units at the property and a 16.14% in 4 residential units at the property. | ||||||||||||||
-15 | The joint venture owned a preferred equity interest in an entity that holds the interest in a mixed commercial use property located in Manhattan. The preferred equity bore interest at a rate of 8.75% per annum through its redemption date in December 2013. | ||||||||||||||
-16 | The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. In connection with the ground lease obligation, SLG provided a performance guaranty and Sutton executed a contribution agreement to reflect its pro rata obligation. In an event the property is converted into a condominium unit and the landlord elects the purchase option, the joint venture shall be obligated to acquire the unit at the then fair value. In November 2013, the joint venture signed an agreement to buy out the lease of retailer Juicy Couture for $51.0 million as part of its plan to redevelop and reposition the property. Under this agreement, the tenant shall terminate the lease no later than April 2014. | ||||||||||||||
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 December 31, 2013 and 2012, respectively, are as follows (amounts in thousands): | |||||||||||||||
Property | Maturity Date | Interest | 31-Dec-13 | 31-Dec-12 | |||||||||||
Rate(1) | |||||||||||||||
100 Park Avenue | Sep-14 | 6.64 | % | $ | 209,786 | $ | 212,287 | ||||||||
7 Renaissance | Dec-15 | 10 | % | 1,276 | 856 | ||||||||||
11 West 34th Street | Jan-16 | 4.82 | % | 17,205 | 17,491 | ||||||||||
280 Park Avenue | Jun-16 | 6.57 | % | 706,886 | 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(3) | Jul-22 | 4.45 | % | 300,000 | 300,000 | ||||||||||
21 East 66th Street(4) | Apr-23 | 4.1 | % | 12,000 | 12,000 | ||||||||||
717 Fifth Avenue(3) | Jul-24 | 9 | % | 304,000 | 294,509 | ||||||||||
1604-1610 Broadway(5) | — | 5.66 | % | 27,000 | 27,000 | ||||||||||
Total fixed rate debt | $ | 3,223,895 | $ | 3,219,885 | |||||||||||
West Coast office portfolio(6) | Sep-14 | 3.93 | % | 526,290 | 745,025 | ||||||||||
747 Madison Avenue | Oct-14 | 2.97 | % | 33,125 | 33,125 | ||||||||||
180/182 Broadway(7) | Dec-14 | 2.94 | % | 89,893 | 71,524 | ||||||||||
The Meadows(8) | Sep-15 | 7.75 | % | 67,350 | 57,000 | ||||||||||
3 Columbus Circle(9) | Apr-16 | 2.38 | % | 239,233 | 247,253 | ||||||||||
1552 Broadway(10) | Apr-16 | 3.48 | % | 158,690 | 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(11) | Aug-17 | 2.94 | % | 18,362 | 18,362 | ||||||||||
600 Lexington Avenue | Oct-17 | 2.28 | % | 120,616 | 124,384 | ||||||||||
388 and 390 Greenwich Street(2) | Dec-17 | 1.34 | % | 142,297 | 142,297 | ||||||||||
521 Fifth Avenue | Nov-19 | 2.39 | % | 170,000 | 170,000 | ||||||||||
21 East 66th Street | Jun-33 | 2.88 | % | 1,959 | 2,033 | ||||||||||
27-29 West 34th Street(12) | — | 53,375 | |||||||||||||
16 Court Street(13) | — | 84,916 | |||||||||||||
Total floating rate debt | $ | 1,842,815 | $ | 2,138,163 | |||||||||||
Total joint venture mortgages and other loans payable | $ | 5,066,710 | $ | 5,358,048 | |||||||||||
_________________________________ | |||||||||||||||
-1 | Effective weighted average interest rate for the year ended December 31, 2013, taking into account interest rate hedges in effect during the period. | ||||||||||||||
-2 | These loans are 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 June 2012, the joint venture replaced the $245.0 million floating rate mortgage loan, which bore interest at 275 basis points over LIBOR and was due to mature in September 2012, with a $300.0 million fixed rate mortgage loan and $290.0 million mezzanine loan which is subject to accretion based on the difference between contractual interest rate and contractual pay rate. | ||||||||||||||
-4 | In April 2013, the loan was refinanced at par and its maturity was extended to April 2023. | ||||||||||||||
-5 | This loan went into default in November 2009 due to the non-payment of debt service. | ||||||||||||||
-6 | As a result of the sale of three of its properties, the joint venture paid down $194.5 million of its mortgage and $20.5 million of its mezzanine loan. | ||||||||||||||
-7 | This loan has a committed amount of $90.0 million. In November 2013, this loan was extended by one-year, subject to principal amortization through the maturity date. | ||||||||||||||
-8 | As a result of the refinancing and restructuring in August 2012, we replaced the previous mortgage with a $60.0 million, three-year mortgage, of which $3.0 million was unfunded as of December 31, 2012, and recognized additional income of $10.8 million due to the repayment of the previous mortgage at a discount. In December 2013, the joint venture upsized the original mortgage with a maximum amount of $60.0 million to $67.4 million. All other terms of the loan remained the same. | ||||||||||||||
-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 7 of prior table. | ||||||||||||||
-10 | 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 December 31, 2013, $37.6 million of the mortgage loan and $3.7 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 May 2013, this loan was refinanced and its maturity was extended to May 2018. In December 2013, we sold our interest in the joint venture, inclusive of our share in the joint venture debt. | ||||||||||||||
-13 | 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 December 31, 2013 and 2012, are as follows (in thousands): | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Assets | |||||||||||||||
Commercial real estate property, net | $ | 6,846,021 | $ | 6,910,991 | |||||||||||
Other assets | 827,282 | 728,113 | |||||||||||||
Total assets | $ | 7,673,303 | $ | 7,639,104 | |||||||||||
Liabilities and members' equity | |||||||||||||||
Mortgages and other loans payable | $ | 5,066,710 | $ | 5,358,048 | |||||||||||
Other liabilities | 596,960 | 406,929 | |||||||||||||
Members' equity | 2,009,633 | 1,874,127 | |||||||||||||
Total liabilities and members' equity | $ | 7,673,303 | $ | 7,639,104 | |||||||||||
Company's investments in unconsolidated joint ventures | $ | 1,113,218 | $ | 1,032,243 | |||||||||||
Schedule of combined statements of income for the unconsolidated joint ventures | ' | ||||||||||||||
The combined statements of income for the unconsolidated joint ventures, from acquisition date through the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Total revenues | $ | 628,649 | $ | 511,157 | $ | 480,935 | |||||||||
Operating expenses | 114,633 | 80,722 | 71,830 | ||||||||||||
Ground rent | 2,863 | 2,975 | 3,683 | ||||||||||||
Real estate taxes | 71,755 | 53,613 | 51,511 | ||||||||||||
Interest expense, net of interest income | 225,765 | 221,476 | 210,489 | ||||||||||||
Amortization of deferred financing costs | 17,092 | 9,739 | 12,911 | ||||||||||||
Transaction related costs | 808 | 2,044 | 2,665 | ||||||||||||
Depreciation and amortization | 192,504 | 166,336 | 137,070 | ||||||||||||
Total expenses | 625,420 | 536,905 | 490,159 | ||||||||||||
Gain on early extinguishment of debt | — | 21,421 | — | ||||||||||||
Net income (loss) before gain on sale | $ | 3,229 | $ | (4,327 | ) | $ | (9,224 | ) | |||||||
Company's equity in net income from unconsolidated joint ventures | $ | 9,921 | $ | 76,418 | $ | 1,583 | |||||||||
Deferred_Costs_Tables
Deferred Costs (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs [Abstract] | ' | |||||||
Schedule of components of deferred costs | ' | |||||||
Deferred costs at December 31, 2013 and 2012 consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Deferred leasing | $ | 326,379 | $ | 285,931 | ||||
Deferred financing | 157,088 | 152,596 | ||||||
483,467 | 438,527 | |||||||
Less accumulated amortization | (216,409 | ) | (177,382 | ) | ||||
Deferred costs, net | $ | 267,058 | $ | 261,145 | ||||
Mortgages_and_Other_Loans_Paya1
Mortgages and Other Loans Payable (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 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 December 31, 2013 and 2012, respectively, were as follows (amounts in thousands): | |||||||||||||||
Property | Maturity | Interest | 31-Dec-13 | 31-Dec-12 | |||||||||||
Date | Rate(1) | ||||||||||||||
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 | % | 120,830 | 125,603 | ||||||||||
500 West Putnam | Jan-16 | 5.52 | % | 23,529 | 24,060 | ||||||||||
420 Lexington Avenue | Sep-16 | 7.15 | % | 182,641 | 184,992 | ||||||||||
Landmark Square | Dec-16 | 4 | % | 82,909 | 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 | % | 8,211 | 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 | % | 587,336 | 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(7) | — | — | — | 185,906 | |||||||||||
Total fixed rate debt | $ | 4,130,629 | $ | 3,457,769 | |||||||||||
Master repurchase(8) | Dec-14 | 3.28 | % | 91,000 | 116,667 | ||||||||||
16 Court Street(9) | Apr-16 | 3.22 | % | 79,243 | — | ||||||||||
180 Maiden Lane(10) | Nov-16 | 2.39 | % | 262,706 | 271,215 | ||||||||||
248-252 Bedford Avenue | Mar-18 | 2.44 | % | 22,000 | — | ||||||||||
220 East 42nd Street(7) | Oct-20 | 4.05 | % | 275,000 | — | ||||||||||
1515 Broadway(5) | — | — | — | 769,813 | |||||||||||
Total floating rate debt | $ | 729,949 | $ | 1,157,695 | |||||||||||
Total mortgages and other loans payable | $ | 4,860,578 | $ | 4,615,464 | |||||||||||
_________________________________ | |||||||||||||||
-1 | Effective weighted average interest rate for the year ended December 31, 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 December 31, 2013, 22,658 Series E units remaining outstanding. | ||||||||||||||
-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 April 2012, we refinanced the previous $447.2 million mortgage with a $775.0 million seven-year mortgage. 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 October 2013, we closed on a $275.0 million seven-year mortgage. This new mortgage replaced the $185.9 million previous mortgage that was repaid in August 2013. | ||||||||||||||
-8 | In December 2013, we entered into a new Master Repurchase Agreement, or MRA, with a maximum facility capacity of $300.0 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. This new MRA, which bears interest ranging from 250 and 325 basis points over one-month LIBOR depending on the pledged collateral, replaced the previous $175.0 million MRA facility, which bore interest based on one-month LIBOR plus 300 basis points basis points through September 2013 and 350 basis points through November 2013. | ||||||||||||||
-9 | In April 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest. In December 2013, we repaid $5.0 million of the principal balance and modified and extended the terms of the existing mortgage. The modified mortgage bears interest based on one-month LIBOR plus 350 basis points with a floor of 50 basis points. | ||||||||||||||
-10 | In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its pro rata share of the obligation under the master lease. |
Corporate_Indebtedness_Tables
Corporate Indebtedness (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2013 and 2012, respectively by scheduled maturity date (amounts in thousands): | ||||||||||||||||||||||||||||
Issuance | December 31, | December 31, | 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 | 255,206 | 255,165 | 6 | % | 6 | % | 10 | March 31, 2016 | |||||||||||||||||||
October 12, 2010(4) | 345,000 | 297,837 | 287,373 | 3 | % | 3 | % | 7 | October 15, 2017 | |||||||||||||||||||
August 5, 2011(5) | 250,000 | 249,681 | 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) | 10,701 | 10,701 | 16,893 | 3 | % | 3 | % | 20 | March 30, 2027 | |||||||||||||||||||
$ | 1,386,914 | $ | 1,339,330 | $ | 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 SL Green'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 SL Green's 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 SL Green's 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 December 31, 2013, approximately $47.2 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 SL Green's 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 SL Green'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. During the year ended December 31, 2013, we repurchased $6.2 million of aggregate principal amount of exchangeable notes at approximately at par. | |||||||||||||||||||||||||||
Schedule of combined aggregate principal maturities | ' | |||||||||||||||||||||||||||
Combined aggregate principal maturities of mortgages and other loans payable, 2012 revolving credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of December 31, 2013, including as-of-right extension options, were as follows (in thousands): | ||||||||||||||||||||||||||||
Scheduled | Principal | Revolving | Trust | Tern Loan and Senior | Total | Joint | ||||||||||||||||||||||
Amortization | Repayments | Credit | Preferred | Unsecured | Venture | |||||||||||||||||||||||
Facility | Securities | Notes | Debt | |||||||||||||||||||||||||
2014 | $ | 43,976 | $ | 237,273 | $ | — | $ | — | $ | 75,898 | $ | 357,147 | $ | 398,312 | ||||||||||||||
2015 | 47,312 | 229,537 | — | — | 7 | 276,856 | 45,332 | |||||||||||||||||||||
2016 | 55,938 | 594,017 | — | — | 255,308 | 905,263 | 604,510 | |||||||||||||||||||||
2017 | 61,213 | 1,086,579 | 220,000 | — | 355,701 | 1,723,493 | 930,338 | |||||||||||||||||||||
2018 | 64,205 | 21,363 | — | — | 650,000 | 735,568 | 28 | |||||||||||||||||||||
Thereafter | 247,407 | 2,171,758 | — | 100,000 | 450,000 | 2,969,165 | 173,944 | |||||||||||||||||||||
$ | 520,051 | $ | 4,340,527 | $ | 220,000 | $ | 100,000 | $ | 1,786,914 | $ | 6,967,492 | $ | 2,152,464 | |||||||||||||||
Schedule of consolidated interest expense, excluding capitalized interest | ' | |||||||||||||||||||||||||||
Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Interest expense | $ | 332,276 | $ | 331,516 | $ | 287,252 | ||||||||||||||||||||||
Interest income | (2,061 | ) | (1,619 | ) | (2,004 | ) | ||||||||||||||||||||||
Interest expense, net | $ | 330,215 | $ | 329,897 | $ | 285,248 | ||||||||||||||||||||||
Interest capitalized | $ | 11,475 | $ | 12,218 | $ | 5,123 | ||||||||||||||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Schedule of amounts due from/to related parties | ' | |||||||
Amounts due from/to related parties at December 31, 2013 and 2012 consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Due from joint ventures | $ | 2,376 | $ | 511 | ||||
Other | 6,154 | 7,020 | ||||||
Related party receivables | $ | 8,530 | $ | 7,531 | ||||
Due to a joint venture (included in Accounts payable and accrued expenses) | $ | — | $ | (8,401 | ) | |||
Noncontrolling_Interests_on_th
Noncontrolling Interests on the Company's Consolidated Financial Statements (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Schedule of Noncontrolling Interest | ' | |||||||
Below is the rollforward analysis of the activity relating to the noncontrolling interests in the Operating Partnership (in thousands) as of December 31, 2013, and 2012: | ||||||||
2013 | 2012 | |||||||
Balance at beginning of period | $ | 212,907 | $ | 195,030 | ||||
Distributions | (4,146 | ) | (3,296 | ) | ||||
Issuance of common units | 24,750 | 42,239 | ||||||
Redemption of common units | (17,287 | ) | (87,513 | ) | ||||
Net income | 3,023 | 5,597 | ||||||
Accumulated other comprehensive income (loss) allocation | 611 | (388 | ) | |||||
Fair value adjustment | 45,618 | 61,238 | ||||||
Balance at end of period | $ | 265,476 | $ | 212,907 | ||||
Stockholders_Equity_of_the_Com1
Stockholders' Equity of the Company (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share | ' | |||||||||||
Earnings per share for the years ended December 31, 2013, 2012 and 2011 is computed as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
Numerator | 2013 | 2012 | 2011 | |||||||||
Basic Earnings: | ||||||||||||
Income attributable to SL Green common stockholders | $ | 101,330 | $ | 155,984 | $ | 617,232 | ||||||
Effect of Dilutive Securities: | ||||||||||||
Redemption of units to common shares | 3,023 | 5,597 | 14,629 | |||||||||
Stock options | — | — | — | |||||||||
Diluted Earnings: | ||||||||||||
Income attributable to SL Green common stockholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||
December 31, | ||||||||||||
Denominator | 2013 | 2012 | 2011 | |||||||||
Basic Shares: | ||||||||||||
Weighted average common stock outstanding | 92,269 | 89,319 | 83,762 | |||||||||
Effect of Dilutive Securities: | ||||||||||||
Redemption of units to common shares | 2,735 | 3,207 | 1,985 | |||||||||
3.0% exchangeable senior debentures due 2017 | — | — | — | |||||||||
3.0% exchangeable senior debentures due 2027 | — | — | — | |||||||||
4.0% exchangeable senior debentures due 2025 | — | — | — | |||||||||
Stock-based compensation plans | 262 | 347 | 497 | |||||||||
Diluted weighted average common stock outstanding | 95,266 | 92,873 | 86,244 | |||||||||
Partners_Capital_of_the_Operat1
Partners' Capital of the Operating Partnership (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Schedule of calculation of numerator and denominator in earnings per unit | ' | |||||||||||
Earnings per unit for the years ended December 31, 2013, 2012 and 2011 is computed as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
Numerator | 2013 | 2012 | 2011 | |||||||||
Basic Earnings: | ||||||||||||
Income attributable to SLGOP common unitholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||
Effect of Dilutive Securities: | ||||||||||||
Stock options | — | — | — | |||||||||
Diluted Earnings: | ||||||||||||
Income attributable to SLGOP common unitholders | $ | 104,353 | $ | 161,581 | $ | 631,861 | ||||||
December 31, | ||||||||||||
Denominator | 2013 | 2012 | 2011 | |||||||||
Basic units: | ||||||||||||
Weighted average common units outstanding | 95,004 | 92,526 | 85,747 | |||||||||
Effect of Dilutive Securities: | ||||||||||||
3.0% exchangeable senior debentures due 2017 | — | — | — | |||||||||
3.0% exchangeable senior debentures due 2027 | — | — | — | |||||||||
4.0% exchangeable senior debentures due 2025 | — | — | — | |||||||||
Stock-based compensation plans | 262 | 347 | 497 | |||||||||
Diluted weighted average common units outstanding | 95,266 | 92,873 | 86,244 | |||||||||
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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 years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Dividend yield | 1.92 | % | 2 | % | 2 | % | ||||||||||||||||||
Expected life of option | 4.1 years | 3.7 years | 4.2 years | |||||||||||||||||||||
Risk-free interest rate | 0.96 | % | 0.46 | % | 1 | % | ||||||||||||||||||
Expected stock price volatility | 36.12 | % | 37.4 | % | 47.98 | % | ||||||||||||||||||
Summary of the status of stock options and changes during the period | ' | |||||||||||||||||||||||
A summary of the status of our stock options as of December 31, 2013, 2012 and 2011 and changes during the years then ended are presented below: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | |||||||||||||||||||
Outstanding | Average | Outstanding | Average | Outstanding | Average | |||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||||
Balance at beginning of year | 1,201,000 | $ | 75.05 | 1,277,200 | $ | 63.37 | 1,353,002 | $ | 58.85 | |||||||||||||||
Granted | 828,100 | 87.23 | 361,331 | 75.36 | 212,400 | 66.42 | ||||||||||||||||||
Exercised | (223,531 | ) | 53.93 | (382,612 | ) | 36.65 | (243,901 | ) | 40.48 | |||||||||||||||
Lapsed or cancelled | (40,535 | ) | 83.94 | (54,919 | ) | 72.99 | (44,301 | ) | 65.89 | |||||||||||||||
Balance at end of year | 1,765,034 | $ | 83.24 | 1,201,000 | $ | 75.05 | 1,277,200 | $ | 63.37 | |||||||||||||||
Options exercisable at end of year | 461,458 | $ | 89.38 | 479,913 | $ | 86.85 | 644,429 | $ | 72.31 | |||||||||||||||
Weighted average fair value of options granted during the year | $ | 18,041,576 | $ | 6,602,967 | $ | 4,647,554 | ||||||||||||||||||
Summary of restricted stock and charges during the period | ' | |||||||||||||||||||||||
A summary of our restricted stock as of December 31, 2013, 2012 and 2011 and charges during the years then ended are presented below: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance at beginning of year | 2,804,901 | 2,912,456 | 2,728,290 | |||||||||||||||||||||
Granted | 192,563 | 92,729 | 185,333 | |||||||||||||||||||||
Cancelled | (3,267 | ) | (200,284 | ) | (1,167 | ) | ||||||||||||||||||
Balance at end of year | 2,994,197 | 2,804,901 | 2,912,456 | |||||||||||||||||||||
Vested during the year | 21,074 | 408,800 | 66,299 | |||||||||||||||||||||
Compensation expense recorded | $ | 6,713,155 | $ | 6,930,381 | $ | 17,365,401 | ||||||||||||||||||
Weighted average fair value of restricted stock granted during the year | $ | 17,386,949 | $ | 7,023,942 | $ | 21,768,084 | ||||||||||||||||||
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss of the Company (Tables) (SL Green Realty Corp) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
SL Green Realty Corp | ' | |||||||||||||||
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 as of December 31, 2013, 2012 and 2011: | ||||||||||||||||
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 | |||||||||||||
Balance at December 31, 2010 | $ | (14,009 | ) | $ | (18,303 | ) | $ | 9,653 | $ | (22,659 | ) | |||||
Other comprehensive (loss) income before reclassifications | (5,019 | ) | (9,914 | ) | (4,682 | ) | (19,615 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,518 | 10,816 | 1,495 | 13,829 | ||||||||||||
Balance at December 31, 2011 | (17,510 | ) | (17,401 | ) | 6,466 | (28,445 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | (1,124 | ) | (9,098 | ) | (4,879 | ) | (15,101 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,800 | 10,436 | 1,723 | 13,959 | ||||||||||||
Balance at December 31, 2012 | (16,834 | ) | (16,063 | ) | 3,310 | (29,587 | ) | |||||||||
Other comprehensive (loss) income before reclassifications | (168 | ) | 6,267 | 1,474 | 7,573 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,877 | 4,926 | — | 6,803 | ||||||||||||
Balance at December 31, 2013 | $ | (15,125 | ) | $ | (4,870 | ) | $ | 4,784 | $ | (15,211 | ) | |||||
___________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of December 31, 2013, 2012 and 2011, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was approximately $13.8 million , $15.0 million and $16.3 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) | 12 Months Ended | |||||||||||||||
Dec. 31, 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 as of December 31, 2013, 2012 and 2011: | ||||||||||||||||
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 | |||||||||||||
Balance at December 31, 2010 | $ | (14,246 | ) | $ | (18,613 | ) | $ | 9,817 | $ | (23,042 | ) | |||||
Other comprehensive loss before reclassifications | (5,699 | ) | (10,273 | ) | (4,261 | ) | (20,233 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,554 | 11,072 | 1,530 | $ | 14,156 | |||||||||||
Balance at December 31, 2011 | $ | (18,391 | ) | $ | (17,814 | ) | $ | 7,086 | $ | (29,119 | ) | |||||
Other comprehensive loss before reclassifications | (912 | ) | (9,637 | ) | (5,442 | ) | (15,991 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,865 | 10,811 | 1,785 | 14,461 | ||||||||||||
Balance at December 31, 2012 | $ | (17,438 | ) | $ | (16,640 | ) | $ | 3,429 | $ | (30,649 | ) | |||||
Other comprehensive (loss) income before reclassifications | (68 | ) | 6,553 | 1,497 | 7,982 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,933 | 5,072 | — | 7,005 | ||||||||||||
Balance at December 31, 2013 | $ | (15,573 | ) | $ | (5,015 | ) | $ | 4,926 | $ | (15,662 | ) | |||||
___________________________ | ||||||||||||||||
-1 | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of December 31, 2013, 2012 and 2011, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was approximately $14.2 million, $15.5 million and $16.7 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_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | ' | |||||||||||||||
The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at December 31, 2013 and 2012, respectively (in thousands): | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities | $ | 32,049 | $ | 4,307 | $ | 24,419 | $ | 3,323 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swap agreements (included in accrued interest payable and other liabilities) | $ | 1,329 | — | $ | 1,329 | — | ||||||||||
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 December 31, 2013 and 2012 (in thousands): | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Debt and preferred equity investments | $ | 1,304,839 | -1 | $ | 1,348,434 | -1 | ||||||||||
Fixed rate debt | $ | 5,599,960 | 5,886,980 | $ | 4,922,725 | $ | 5,334,244 | |||||||||
Variable rate debt | 1,319,948 | 1,327,422 | 1,597,695 | 1,557,494 | ||||||||||||
$ | 6,919,908 | $ | 7,214,402 | $ | 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 both December 31, 2013 and 2012. |
Financial_Instruments_Derivati1
Financial Instruments: Derivatives and Hedging (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 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 consolidated derivative financial instruments at December 31, 2013 based on Level 2 information pursuant to ASC 810-10. 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 | $ | 263,426 | 6 | % | Nov-13 | Nov-15 | Other Assets | $ | 9 | ||||||||||||||||||||||||||||||||
Interest Rate Cap | 137,500 | 4 | % | Oct-13 | Sep-15 | Other Assets | 7 | ||||||||||||||||||||||||||||||||||
Interest Rate Swap | 30,000 | 2.295 | % | Jul-10 | Jun-16 | Other Liabilities | (1,293 | ) | |||||||||||||||||||||||||||||||||
Interest Rate Swap | 8,500 | 0.74 | % | Feb-12 | Feb-15 | Other Liabilities | (45 | ) | |||||||||||||||||||||||||||||||||
$ | (1,322 | ) | |||||||||||||||||||||||||||||||||||||||
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 years ended December 31, 2013, 2012 and 2011, respectively (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Amount of Gain or (Loss) | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss 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) | ||||||||||||||||||||||||||||||||||||||||
Years Ended | Years Ended | Years Ended | |||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
Derivative | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Interest Rate Swaps/Caps | $ | (68 | ) | (912 | ) | $ | (5,699 | ) | Interest expense | $ | 1,933 | 1,865 | $ | 1,554 | Interest expense | $ | 3 | 3 | $ | (16 | ) | ||||||||||||||||||||
Share of unconsolidated joint ventures' derivative instruments | 6,553 | (9,637 | ) | (10,273 | ) | Equity in net income from unconsolidated joint ventures | 5,072 | 10,811 | 11,072 | Equity in net income from unconsolidated joint ventures | — | — | — | ||||||||||||||||||||||||||||
$ | 6,485 | $ | (10,549 | ) | $ | (15,972 | ) | $ | 7,005 | $ | 12,676 | $ | 12,626 | $ | 3 | $ | 3 | $ | (16 | ) | |||||||||||||||||||||
Rental_Income_Tables
Rental Income (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Leases [Abstract] | ' | |||||||
Schedule of approximate future minimum rents to be received over the next five years and thereafter | ' | |||||||
Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases in effect at December 31, 2013 for the consolidated properties, including consolidated joint venture properties, and our share of unconsolidated joint venture properties are as follows (in thousands): | ||||||||
Consolidated | Unconsolidated | |||||||
Properties | Properties | |||||||
2014 | $ | 992,002 | $ | 245,879 | ||||
2015 | 939,016 | 195,447 | ||||||
2016 | 870,664 | 214,616 | ||||||
2017 | 792,471 | 201,671 | ||||||
2018 | 733,754 | 202,309 | ||||||
Thereafter | 3,785,428 | 1,911,877 | ||||||
$ | 8,113,335 | $ | 2,971,799 | |||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Schedule of contributions made to multi-employer plans | ' | |||||||||||
Contributions we made to the multi-employer plans for the years ended December 31, 2013, 2012 and 2011 are included in the table below (in thousands): | ||||||||||||
Benefit Plan | 2013 | 2012 | 2011 | |||||||||
Pension Plan | $ | 2,765 | $ | 2,506 | $ | 2,264 | ||||||
Health Plan | 8,522 | 8,020 | 6,919 | |||||||||
Other plans | 6,006 | 6,025 | 5,111 | |||||||||
Total plan contributions | $ | 17,293 | $ | 16,551 | $ | 14,294 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of future minimum lease payments under capital leases and non cancellable operating leases | ' | |||||||
The following is a schedule of future minimum lease payments under capital leases and noncancellable operating leases with initial terms in excess of one year as of December 31, 2013 (in thousands): | ||||||||
December 31, | Capital lease | Non-cancellable | ||||||
operating leases | ||||||||
2014 | $ | 2,292 | $ | 35,356 | ||||
2015 | 2,363 | 35,511 | ||||||
2016 | 2,531 | 35,943 | ||||||
2017 | 2,652 | 36,176 | ||||||
2018 | 2,652 | 36,176 | ||||||
Thereafter | 353,826 | 1,409,808 | ||||||
Total minimum lease payments | 366,316 | $ | 1,588,970 | |||||
Less amount representing interest | (318,645 | ) | ||||||
Present value of net minimum lease payments | $ | 47,671 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of selected results of operations and selected asset information | ' | ||||||||||||
Selected results of operations for the years ended December 31, 2013, 2012 and 2011, and selected asset information as of December 31, 2013 and 2012, regarding our operating segments are as follows (in thousands): | |||||||||||||
Real | Debt and Preferred | Total | |||||||||||
Estate | Equity | Company | |||||||||||
Segment | Segment | ||||||||||||
Total revenues | |||||||||||||
Years ended: | |||||||||||||
31-Dec-13 | $ | 1,275,234 | $ | 193,843 | $ | 1,469,077 | |||||||
31-Dec-12 | 1,263,574 | 119,155 | 1,382,729 | ||||||||||
31-Dec-11 | 1,126,441 | 120,418 | 1,246,859 | ||||||||||
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate and purchase price fair value adjustment | |||||||||||||
Years ended: | |||||||||||||
31-Dec-13 | $ | (27,024 | ) | $ | 160,386 | $ | 133,362 | ||||||
31-Dec-12 | 60,455 | 92,946 | 153,401 | ||||||||||
31-Dec-11 | 20,327 | 101,037 | 121,364 | ||||||||||
Total assets | |||||||||||||
As of: | |||||||||||||
31-Dec-13 | $ | 13,641,727 | $ | 1,317,274 | $ | 14,959,001 | |||||||
31-Dec-12 | 13,028,406 | 1,357,890 | 14,386,296 | ||||||||||
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 years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate and purchase price fair value adjustment | $ | 133,362 | $ | 153,401 | $ | 121,364 | |||||||
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 3,601 | 37,053 | 2,918 | ||||||||||
Purchase price fair value adjustment | (2,305 | ) | — | 498,195 | |||||||||
Income from continuing operations | 134,658 | 190,454 | 622,477 | ||||||||||
Net income from discontinued operations | 1,725 | 12,619 | 8,560 | ||||||||||
Gain on sale of discontinued operations | 14,900 | 6,627 | 46,085 | ||||||||||
Net income | $ | 151,283 | $ | 209,700 | $ | 677,122 | |||||||
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
SL Green Realty Corp | ' | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2013 and 2012, which is reflective of the reclassification of the properties sold or held during 2013 and 2012 as discontinued operations (see Note 4, "Property Dispositions"), was as follows (in thousands, except for per share amounts): | ||||||||||||||||
2013 Quarter Ended | December 31 | September 30 | June 30 | March 31 | ||||||||||||
Total revenues | $ | 374,699 | $ | 363,765 | $ | 365,145 | $ | 365,468 | ||||||||
Income from continuing before equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, purchase price fair value adjustment, gain (loss) on early extinguishment of debt, loss on sale of investment in marketable securities, net of noncontrolling interests | $ | 33,314 | $ | 25,924 | $ | 34,019 | $ | 42,776 | ||||||||
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate | 7,538 | (354 | ) | (3,583 | ) | — | ||||||||||
Purchase price fair value adjustment | — | — | (2,305 | ) | — | |||||||||||
Gain (loss) on early extinguishment of debt | 5 | — | (10 | ) | (18,513 | ) | ||||||||||
Loss on sale of investment in marketable securities | — | — | (8 | ) | (57 | ) | ||||||||||
Net income (loss) from discontinued operations | — | 1,406 | (678 | ) | 997 | |||||||||||
Gain on sale of discontinued operations | — | 13,787 | — | 1,113 | ||||||||||||
Net income attributable to SL Green | 40,857 | 40,763 | 27,435 | 26,316 | ||||||||||||
Preferred stock redemption costs | — | — | (12,160 | ) | — | |||||||||||
Perpetual preferred stock dividends | (3,737 | ) | (3,738 | ) | (6,999 | ) | (7,407 | ) | ||||||||
Net income attributable to SL Green common stockholders | $ | 37,120 | $ | 37,025 | $ | 8,276 | $ | 18,909 | ||||||||
Net income attributable to common stockholders per common share—basic | $ | 0.39 | $ | 0.4 | $ | 0.09 | $ | 0.21 | ||||||||
Net income attributable to common stockholders per common share—diluted | $ | 0.39 | $ | 0.4 | $ | 0.09 | $ | 0.21 | ||||||||
2012 Quarter Ended | December 31 | September 30 | June 30 | March 31 | ||||||||||||
Total revenues | $ | 346,599 | $ | 357,011 | $ | 344,535 | $ | 334,585 | ||||||||
Income from continuing before equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, loss on early extinguishment of debt, gain on sale of investment in marketable securities, net of noncontrolling interests | $ | 2,624 | $ | 27,276 | $ | 94,362 | $ | 17,882 | ||||||||
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/ real estate | 19,277 | (4,807 | ) | 15,323 | 7,260 | |||||||||||
Loss on early extinguishment of debt | (6,978 | ) | — | — | — | |||||||||||
Gain on sale of investment in marketable securities | 2,703 | 2,237 | — | — | ||||||||||||
Net income from discontinued operations | 9,737 | 951 | 899 | 1,032 | ||||||||||||
Gain on sale of discontinued operations | — | — | — | 6,627 | ||||||||||||
Net income attributable to SL Green | 27,363 | 25,657 | 110,584 | 32,801 | ||||||||||||
Preferred stock redemption costs | — | (10,010 | ) | — | — | |||||||||||
Perpetual preferred stock dividends | (7,407 | ) | (7,915 | ) | (7,544 | ) | (7,545 | ) | ||||||||
Net income attributable to SL Green common stockholders | $ | 19,956 | $ | 7,732 | $ | 103,040 | $ | 25,256 | ||||||||
Net income attributable to common stockholders per common share—basic | $ | 0.22 | $ | 0.09 | $ | 1.15 | $ | 0.29 | ||||||||
Net income attributable to common stockholders per common share—diluted | $ | 0.22 | $ | 0.09 | $ | 1.14 | $ | 0.29 | ||||||||
SL Green Operating Partnership | ' | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Summarized quarterly financial data for the years ended December 31, 2013 and 2012, which is reflective of the reclassification of the properties sold or held during 2013 and 2012 as discontinued operations (see Note 4, "Property Dispositions"), was as follows (in thousands, except for per share amounts): | ||||||||||||||||
2013 Quarter Ended | December 31 | September 30 | June 30 | March 31 | ||||||||||||
Total revenues | $ | 374,699 | $ | 363,765 | $ | 365,145 | $ | 365,468 | ||||||||
Income from continuing before equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, purchase price fair value adjustment, gain (loss) on early extinguishment of debt, loss on sale of investment in marketable securities, net of noncontrolling interests | $ | 34,428 | $ | 27,034 | $ | 34,263 | $ | 43,331 | ||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/ real estate | 7,538 | (354 | ) | (3,583 | ) | — | ||||||||||
Purchase price fair value adjustment | — | — | (2,305 | ) | — | |||||||||||
Gain (loss) on early extinguishment of debt | 5 | — | (10 | ) | (18,513 | ) | ||||||||||
Loss on sale of investment in marketable securities | — | — | (8 | ) | (57 | ) | ||||||||||
Net income (loss) from discontinued operations | — | 1,406 | (678 | ) | 997 | |||||||||||
Gain on sale of discontinued operations | — | 13,787 | — | 1,113 | ||||||||||||
Net income attributable to SLGOP | 41,971 | 41,873 | 27,679 | 26,871 | ||||||||||||
Preferred unit redemption costs | — | — | (12,160 | ) | — | |||||||||||
Perpetual preferred units distributions | (3,737 | ) | (3,738 | ) | (6,999 | ) | (7,407 | ) | ||||||||
Net income attributable to SLGOP common unitholders | $ | 38,234 | $ | 38,135 | $ | 8,520 | $ | 19,464 | ||||||||
Net income attributable to common unitholders per common unit—basic | $ | 0.39 | $ | 0.4 | $ | 0.09 | $ | 0.21 | ||||||||
Net income attributable to common unitholders per common unit—diluted | $ | 0.39 | $ | 0.4 | $ | 0.09 | $ | 0.21 | ||||||||
2012 Quarter Ended | December 31 | September 30 | June 30 | March 31 | ||||||||||||
Total revenues | $ | 346,598 | $ | 357,011 | $ | 344,535 | $ | 334,585 | ||||||||
Income from continuing before equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, loss on early extinguishment of debt, gain on sale of investment in marketable securities, net of noncontrolling interests | $ | 3,345 | $ | 27,843 | $ | 97,783 | $ | 18,770 | ||||||||
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/ real estate | 19,277 | (4,807 | ) | 15,323 | 7,260 | |||||||||||
Loss on early extinguishment of debt | (6,978 | ) | — | — | — | |||||||||||
Gain on sale of investment in marketable securities | 2,703 | 2,237 | — | — | ||||||||||||
Net income from discontinued operations | 9,737 | 951 | 899 | 1,032 | ||||||||||||
Gain on sale of discontinued operations | — | — | — | 6,627 | ||||||||||||
Net income attributable to SLGOP | 28,084 | 26,224 | 114,005 | 33,689 | ||||||||||||
Preferred unit redemption costs | — | (10,010 | ) | — | — | |||||||||||
Perpetual preferred distributions | (7,407 | ) | (7,915 | ) | (7,544 | ) | (7,545 | ) | ||||||||
Net income attributable to SLGOP common unitholders | $ | 20,677 | $ | 8,299 | $ | 106,461 | $ | 26,144 | ||||||||
Net income attributable to common unitholders per common unit—basic | $ | 0.22 | $ | 0.09 | $ | 1.15 | $ | 0.29 | ||||||||
Net income attributable to common unitholders per common unit—diluted | $ | 0.22 | $ | 0.09 | $ | 1.14 | $ | 0.29 | ||||||||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Details) (SL Green Operating Partnership) | 1 Months Ended | ||
Jun. 30, 1997 | Dec. 31, 2013 | Dec. 31, 2012 | |
Organization | ' | ' | ' |
Percentage of ownership in SL Green Management LLC owned by operating partnership (percent) | 100.00% | ' | ' |
Noncontrolling interest in the operating partnership (as a percent) | ' | 2.96% | 2.94% |
Service Corporation | ' | ' | ' |
Organization | ' | ' | ' |
Economic interest in variable interest entity (as a percent) | 95.00% | ' | ' |
Organization_and_Basis_of_Pres3
Organization and Basis of Presentation (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
sqft | |||
building | |||
Real estate properties | ' | ' | |
Number of buildings (buildings) | 62 | ' | |
Square Feet (sqft) | 28,549,979 | ' | |
Weighted Average Occupancy (as a percent) | 92.50% | [1] | ' |
Debt and preferred equity investments | $1,304,839 | $1,348,434 | |
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 buildings (buildings) | 16 | ' | |
Square Feet (sqft) | 875,800 | ' | |
Development | ' | ' | |
Real estate properties | ' | ' | |
Number of buildings (buildings) | 20 | ' | |
Square Feet (sqft) | 3,230,800 | ' | |
Residential properties | ' | ' | |
Real estate properties | ' | ' | |
Number of buildings (buildings) | 4 | ' | |
Square Feet (sqft) | 719,900 | ' | |
Number of units (unit) | 801 | ' | |
Land | ' | ' | |
Real estate properties | ' | ' | |
Square Feet (sqft) | 961,400 | ' | |
Number of properties (properties) | 2 | ' | |
Managed office properties | ' | ' | |
Real estate properties | ' | ' | |
Square Feet (sqft) | 626,400 | ' | |
Number of office properties managed (property) | 2 | ' | |
Manhattan | Consolidated properties | ' | ' | |
Real estate properties | ' | ' | |
Number of buildings (buildings) | 23 | ' | |
Square Feet (sqft) | 17,306,045 | ' | |
Weighted Average Occupancy (as a percent) | 94.50% | [1] | ' |
Manhattan | Unconsolidated properties | ' | ' | |
Real estate properties | ' | ' | |
Number of buildings (buildings) | 9 | ' | |
Square Feet (sqft) | 5,934,434 | ' | |
Weighted Average Occupancy (as a percent) | 96.60% | [1] | ' |
Suburban | Consolidated properties | ' | ' | |
Real estate properties | ' | ' | |
Number of buildings (buildings) | 26 | ' | |
Square Feet (sqft) | 4,087,400 | ' | |
Weighted Average Occupancy (as a percent) | 79.80% | [1] | ' |
Suburban | Unconsolidated properties | ' | ' | |
Real estate properties | ' | ' | |
Number of buildings (buildings) | 4 | ' | |
Square Feet (sqft) | 1,222,100 | ' | |
Weighted Average Occupancy (as a percent) | 87.20% | [1] | ' |
Southern California | Office properties | ' | ' | |
Real estate properties | ' | ' | |
Number of buildings (buildings) | 52 | ' | |
Square Feet (sqft) | 3,654,300 | ' | |
Number of properties (properties) | 28 | ' | |
[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 $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Principles of Consolidation | ' | ' |
Commercial real estate properties | $10,687,540 | $10,269,630 |
Mortgages and other loans payable | 4,860,578 | 4,615,464 |
Consolidated VIEs | ' | ' |
Principles of Consolidation | ' | ' |
Commercial real estate properties | 605,900 | 607,400 |
Mortgages and other loans payable | $370,900 | $379,600 |
Significant_Accounting_Policie4
Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Other intangible assets | Other intangible assets | Above-market leases | Above-market leases | In-place leases | In-place leases | Acquired below-market leases, net of acquired above-market leases | All other identifiable assets | 300 Main Street | 16 Court Street | Buildings (fee ownership) | Building (leasehold interest) | Furniture and fixtures | Furniture and fixtures | Building | Building | ||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||
Investment in Commercial Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '40 years | '40 years | '4 years | '7 years | '3 years | '40 years |
Depreciation expense (including amortization of the capital lease asset) | $309,400,000 | $301,000,000 | $249,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges recorded | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' |
Period from cessation of major construction to consider construction project as complete and available for occupancy, maximum | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price fair value adjustment | -2,305,000 | 0 | 498,195,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,300,000 | ' | ' | ' | ' | ' | ' |
Estimated useful life of other intangible assets | ' | ' | ' | '1 year | '14 years | '1 year | '14 years | '1 year | '14 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in rental revenue from amortization of acquired leases | 13,500,000 | 10,400,000 | 19,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of above and in place market leases | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in interest expense from amortization of above-market rate mortgages | -5,300,000 | -1,800,000 | -5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Identified intangible assets (included in other assets): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount | 746,704,000 | 725,861,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | -343,339,000 | -263,107,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net | 403,365,000 | 462,754,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Identified intangible liabilities (included in deferred revenue): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount | 671,380,000 | 651,921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | -429,138,000 | -357,225,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net | 242,242,000 | 294,696,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated annual amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,984,000 | 14,938,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,464,000 | 10,387,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,632,000 | 6,878,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,758,000 | 5,482,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($4,763,000) | $3,978,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Significant_Accounting_Policie5
Significant Accounting Policies (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment in Marketable Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities | $32,049,000 | ' | ' | ' | $21,429,000 | ' | ' | ' | $32,049,000 | $21,429,000 | ' |
Net proceeds on sale of marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,800,000 | 6,200,000 |
Realized gain (loss) on investment in marketable securities | 0 | 0 | -8,000 | -57,000 | 2,703,000 | 2,237,000 | 0 | 0 | 0 | 4,900,000 | 4,500,000 |
Proceeds from sale and maturity of marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 2,370,000 | 11,070,000 | 40,248,000 |
Commercial mortgage-backed securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in Marketable Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost basis | 23,000,000 | ' | ' | ' | 13,700,000 | ' | ' | ' | 23,000,000 | 13,700,000 | ' |
Rake bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in Marketable Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost basis | 3,600,000 | ' | ' | ' | 3,700,000 | ' | ' | ' | 3,600,000 | 3,700,000 | ' |
Realized gain (loss) on investment in marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 |
Proceeds from sale and maturity of marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,500,000 |
Level 1 | Equity marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in Marketable Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities | 4,307,000 | ' | ' | ' | 2,202,000 | ' | ' | ' | 4,307,000 | 2,202,000 | ' |
Level 2 | Commercial mortgage-backed securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in Marketable Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities | 24,419,000 | ' | ' | ' | 15,575,000 | ' | ' | ' | 24,419,000 | 15,575,000 | ' |
Level 3 | Rake bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in Marketable Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities | 3,323,000 | ' | ' | ' | 3,652,000 | ' | ' | ' | 3,323,000 | 3,652,000 | ' |
Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in Marketable Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities | $32,049,000 | ' | ' | ' | $21,429,000 | ' | ' | ' | $32,049,000 | $21,429,000 | ' |
Significant_Accounting_Policie6
Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
investment | ||||
Investment in Unconsolidated Joint Ventures | ' | ' | ' | ' |
Impairment charges recorded | ' | ' | $5,800,000 | ' |
Number of investments with other than temporary impairment (investment) | ' | ' | ' | 1 |
Deferred Lease Costs | ' | ' | ' | ' |
Portion of compensation capitalized | 12,400,000 | 11,000,000 | 9,600,000 | ' |
Estimated average lease term | '7 years | ' | ' | ' |
Joint venture | ' | ' | ' | ' |
Investment in Unconsolidated Joint Ventures | ' | ' | ' | ' |
Recourse debt | $218,400,000 | ' | ' | ' |
Number of joint ventures with debt recourse (joint ventures) | 2 | ' | ' | ' |
Significant_Accounting_Policie7
Significant Accounting Policies (Details 5) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reserve for Possible Credit Losses | ' | ' | ' |
Days past due for income recognition on debt and preferred equity investments to be suspended | '90 days | ' | ' |
Loan loss reserves and charge offs | $0 | $564,000 | $6,722,000 |
Recoveries recorded | 0 | 2,436,000 | 4,370,000 |
Income taxes | ' | ' | ' |
Federal, state and local tax provision | 4,400,000 | 0 | 0 |
Debt and Preferred Equity Investments Held to Maturity | ' | ' | ' |
Reserve for Possible Credit Losses | ' | ' | ' |
Loan loss reserves and charge offs | ' | $3,000,000 | $10,900,000 |
Significant_Accounting_Policie8
Significant Accounting Policies (Details 6) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Credit concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Number of investments (investment) | 3 | ' | ' |
Workforce concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Number of collective bargaining agreements (agreement) | 3 | ' | ' |
Annualized rent | Customer concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Number of tenants (tenants) | 3 | ' | ' |
Maximum percentage of annualized rent for any one tenant not individually disclosed (percent) | 2.20% | ' | ' |
Annualized rent | 1515 Broadway | Customer concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Percentage of concentration (percent) | 10.60% | 10.20% | 10.30% |
Annualized rent | 919 Third Avenue | Customer concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Percentage of concentration (percent) | 7.80% | 8.00% | 8.30% |
Annualized rent | 1185 Avenue of the Americas | Customer concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Percentage of concentration (percent) | 7.70% | 7.10% | 7.20% |
Annualized rent | One Madison Avenue | Customer concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Percentage of concentration (percent) | 6.40% | 6.20% | 6.50% |
Annualized rent | Tenant 1 | Customer concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Percentage of concentration (percent) | 7.50% | ' | ' |
Annualized rent | Tenant 2 | Customer concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Percentage of concentration (percent) | 6.60% | ' | ' |
Annualized rent | Tenant 3 | Customer concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Percentage of concentration (percent) | 6.10% | ' | ' |
Revenue earned on debt and preferred equity investments | Credit concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Minimum revenue on debt and preferred equity investments (percent) | 10.00% | ' | ' |
Collective bargaining arrangements | Workforce concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Percentage of concentration (percent) | 73.90% | ' | ' |
Collective bargaining arrangements which expires in 2015 | Workforce concentration | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Percentage of concentration (percent) | 77.30% | ' | ' |
Property_Acquisitions_Details
Property Acquisitions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2013 | Nov. 30, 2013 | Apr. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2012 | Oct. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | 31-May-11 | Apr. 30, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Mar. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Mar. 31, 2013 | Nov. 30, 2013 | Mar. 31, 2013 | |||
sqft | 315 West 33rd Street | Retail Properties on Fifth Avenue | 16 Court Street | 248-252 Bedford Avenue | 131-137 Spring Street | 985-987 Third Avenue | 1080 Amsterdam Avenue | 635-641 Sixth Avenue | 635-641 Sixth Avenue | 635-641 Sixth Avenue | 304 Park Avenue | Stonehenge Properties | Stonehenge Properties | Manhattan | Manhattan | Retail properties | Multifamily properties | 51 East 42nd Street | 51 East 42nd Street | 180 Maiden Lane | 110 East 42nd Street | 1515 Broadway | 521 Fifth Avenue | 521 Fifth Avenue | LIBOR | Mixed-Use Residential and Commercial Property | Apartments | Apartments | Commercial | Townhouses | |||||
sqft | sqft | unit | sqft | sqft | sqft | sqft | sqft | Series G Preferred Units | property | property | sqft | Series H Preferred Units | sqft | sqft | sqft | sqft | 248-252 Bedford Avenue | 315 West 33rd Street | 315 West 33rd Street | 248-252 Bedford Avenue | 315 West 33rd Street | 248-252 Bedford Avenue | |||||||||||||
unit | unit | sqft | unit | unit | sqft | unit | |||||||||||||||||||||||||||||
sqft | |||||||||||||||||||||||||||||||||||
Property Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Area of property (sqft) | 28,549,979 | ' | ' | ' | 66,692 | 318,000 | ' | 68,000 | 42,000 | 82,250 | ' | ' | 267,000 | 215,000 | ' | ' | ' | ' | ' | 488,000 | 142,000 | ' | 1,100,000 | 205,000 | 1,750,000 | ' | 460,000 | ' | 492,987 | ' | ' | 270,132 | ' | ||
Business Combination, Consideration Transferred | ' | ' | ' | ' | $146,000,000 | $4,000,000 | ' | $122,300,000 | $18,000,000 | ' | $173,000,000 | ' | ' | $135,000,000 | ' | ' | $193,100,000 | ' | ' | ' | $80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage encumbering the property | ' | ' | ' | ' | ' | 84,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase price fair value adjustment | -2,305,000 | 0 | 498,195,000 | ' | ' | -2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of units (unit) | ' | ' | ' | ' | ' | ' | 84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 385 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333 | 72 | ' | 12 | ||
Term | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '12 years | ' | ' | '5 years | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ||
Face amount of loan | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 344,200,000 | 16,000,000 | ' | 150,000,000 | 140,000,000 | ' | ' | ' | ' | ' | ' | ||
Interest rate added to base rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 2.25% | ' | ' | ' | ' | ' | ||
Stated interest rate of preferred partnership units issued (as a percent) | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Recognized Identifiable Assets Acquired and Liabilities Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Land | ' | ' | ' | 116,033,000 | [1] | 43,800,000 | [1] | 19,217,000 | 10,865,000 | 27,021,000 | 5,400,000 | ' | ' | 69,848,000 | ' | 54,189,000 | 65,533,000 | ' | ' | ' | ' | ' | 44,095,000 | ' | 191,523,000 | 34,000,000 | 462,700,000 | ' | 110,100,000 | ' | ' | ' | ' | ' | ' |
Building and building leasehold | ' | ' | ' | 270,742,000 | [1] | 102,200,000 | [1] | 63,210,000 | 44,035,000 | 105,342,000 | 12,600,000 | ' | ' | 104,474,000 | ' | 75,619,000 | 128,457,000 | ' | ' | ' | ' | ' | 33,470,000 | ' | 233,230,000 | 46,411,000 | 707,938,000 | ' | 146,686,000 | ' | ' | ' | ' | ' | ' |
Above market lease value | ' | ' | ' | 0 | [1] | 0 | [1] | 5,122,000 | 0 | 179,000 | 0 | ' | ' | 0 | ' | 2,824,000 | 594,000 | ' | ' | ' | ' | ' | 5,616,000 | ' | 7,944,000 | 823,000 | 18,298,000 | ' | 3,318,000 | ' | ' | ' | ' | ' | ' |
Acquired in-place leases | ' | ' | ' | 0 | [1] | 0 | [1] | 9,422,000 | 0 | 7,046,000 | 0 | ' | ' | 7,727,000 | ' | 8,265,000 | 9,573,000 | ' | ' | ' | ' | ' | 4,333,000 | ' | 29,948,000 | 5,396,000 | 98,661,000 | ' | 23,016,000 | ' | ' | ' | ' | ' | ' |
Other assets, net of other liabilities | ' | ' | ' | 0 | [1] | 0 | [1] | 3,380,000 | 0 | 0 | 0 | ' | ' | 0 | ' | 0 | 2,190,000 | ' | ' | ' | ' | ' | 0 | ' | 0 | 0 | 27,127,000 | ' | 0 | ' | ' | ' | ' | ' | ' |
Assets acquired | ' | ' | ' | 386,775,000 | [1] | 146,000,000 | [1] | 100,351,000 | 54,900,000 | 139,588,000 | 18,000,000 | ' | ' | 182,049,000 | ' | 140,897,000 | 206,347,000 | ' | ' | ' | ' | ' | 87,514,000 | ' | 462,645,000 | 86,630,000 | 1,314,724,000 | ' | 283,120,000 | ' | ' | ' | ' | ' | ' |
Fair value adjustment to mortgage note payable | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | 0 | -3,693,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ||
Mark-to-market assumed debt | ' | ' | ' | 0 | [1] | 0 | [1] | 294,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Below market lease value | ' | ' | ' | 0 | [1] | 0 | [1] | 3,885,000 | 0 | 17,288,000 | 0 | ' | ' | 9,049,000 | ' | 5,897,000 | 13,239,000 | ' | ' | ' | ' | ' | 7,514,000 | ' | 20,320,000 | 2,326,000 | 84,417,000 | ' | 25,977,000 | ' | ' | ' | ' | ' | ' |
Liabilities assumed | ' | ' | ' | 0 | [1] | 0 | [1] | 4,179,000 | 0 | 17,288,000 | 0 | ' | ' | 9,049,000 | ' | 5,897,000 | 13,239,000 | ' | ' | ' | ' | ' | 7,514,000 | ' | 20,320,000 | 2,326,000 | 80,724,000 | ' | 25,977,000 | ' | ' | ' | ' | ' | ' |
Purchase price allocation | ' | ' | ' | 386,775,000 | [1] | 146,000,000 | [1] | 96,172,000 | 54,900,000 | 122,300,000 | 18,000,000 | ' | ' | 173,000,000 | ' | 135,000,000 | 193,108,000 | ' | ' | ' | ' | ' | 80,000,000 | ' | 442,325,000 | 84,304,000 | 1,234,000,000 | ' | 257,143,000 | ' | ' | ' | ' | 386,800,000 | ' |
Net consideration funded by us at closing, excluding consideration financed by debt | ' | ' | ' | 386,775,000 | [1] | 146,000,000 | [1] | 4,000,000 | 21,782,000 | 122,300,000 | 18,000,000 | ' | ' | 173,000,000 | ' | 135,000,000 | 78,121,000 | ' | ' | ' | ' | ' | 81,632,000 | ' | 81,835,000 | 2,744,000 | 259,228,000 | ' | 70,000,000 | ' | ' | ' | ' | ' | ' |
Equity and/or debt investment held | ' | ' | ' | 0 | [1] | 0 | [1] | 13,835,000 | 0 | 0 | 0 | ' | ' | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | 0 | 2,000,000 | 0 | 16,000,000 | 40,942,000 | ' | 41,432,000 | ' | ' | ' | ' | ' | ' |
Debt assumed | ' | ' | ' | 0 | [1] | 0 | [1] | 84,642,000 | 0 | 0 | 0 | ' | ' | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | 65,000,000 | 458,767,000 | ' | 140,000,000 | ' | ' | ' | ' | ' | ' |
Term of lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | '99 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of properties (units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Consideration in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 41,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of properties acquired (properties) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fixed rate debt | 4,130,629,000 | 3,457,769,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest rate, fixed rate debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.80% | 4.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ownership interest in consolidated joint venture (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stake in the joint venture (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Value of preferred operating partnership units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 31,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Consolidated interests in acquiree | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 442,300,000 | ' | 1,200,000,000 | ' | 245,700,000 | ' | ' | ' | ' | ' | ' | ||
Debt assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 458,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase price fair value adjustment recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | ' | 475,100,000 | ' | 13,800,000 | ' | ' | ' | ' | ' | ' | ||
Mortgage on properties assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Senior mezzanine loan | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 344,200,000 | 16,000,000 | ' | 150,000,000 | 140,000,000 | ' | ' | ' | ' | ' | ' | ||
Economic Interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.50% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Remaining ownership interest acquired (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.90% | ' | ' | ' | ' | ' | ' | ||
Cash and other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ||
Fee interest in the property acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,000,000 | ' | ' | ' | ' | ' | ' | ' | ||
[1] | 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. |
Property_Dispositions_Details
Property Dispositions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Aug. 30, 2013 | Feb. 28, 2013 | Feb. 29, 2012 | 31-May-11 | |
sqft | sqft | 300 Main Street | 333 West 34th Street | 44th West 55th Street | 292 Madison Avenue | Property at 28 West 44th Street | ||||||||||
sqft | ||||||||||||||||
Property Dispositions and Assets Held for Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration for sale of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,500,000 | $220,300,000 | $6,300,000 | $85,000,000 | $161,000,000 |
Asset impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' |
Gain on sale of property | 0 | 13,787,000 | 0 | 1,113,000 | 0 | 0 | 0 | 6,627,000 | 14,900,000 | 6,627,000 | 46,085,000 | ' | 13,800,000 | 1,100,000 | 6,600,000 | 46,100,000 |
Employee compensation award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | 1,500,000 | ' |
Area of property (sqft) | 28,549,979 | ' | ' | ' | ' | ' | ' | ' | 28,549,979 | ' | ' | ' | ' | ' | ' | 359,000 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenue | ' | ' | ' | ' | ' | ' | ' | ' | 10,656,000 | 18,651,000 | 27,093,000 | ' | ' | ' | ' | ' |
Escalation and reimbursement revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,292,000 | 2,263,000 | 2,924,000 | ' | ' | ' | ' | ' |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | 8,190,000 | 121,000 | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 11,956,000 | 29,104,000 | 30,138,000 | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,643,000 | 6,646,000 | 7,424,000 | ' | ' | ' | ' | ' |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 765,000 | 1,224,000 | 2,334,000 | ' | ' | ' | ' | ' |
Interest expense, net of interest income | ' | ' | ' | ' | ' | ' | ' | ' | 461,000 | 2,082,000 | 4,922,000 | ' | ' | ' | ' | ' |
Depreciable real estate reserves | ' | ' | ' | ' | ' | ' | ' | ' | 2,150,000 | 0 | 0 | ' | ' | ' | ' | ' |
Transaction related costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 160,000 | 1,000 | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 3,212,000 | 6,373,000 | 6,715,000 | ' | ' | ' | ' | ' |
Amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 182,000 | ' | ' | ' | ' | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 10,231,000 | 16,485,000 | 21,578,000 | ' | ' | ' | ' | ' |
Net income from discontinued operations | $0 | $1,406,000 | ($678,000) | $997,000 | $9,737,000 | $951,000 | $899,000 | $1,032,000 | $1,725,000 | $12,619,000 | $8,560,000 | ' | ' | ' | ' | ' |
Debt_and_Preferred_Equity_Inve2
Debt and Preferred Equity Investments (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 30, 2013 | Nov. 30, 2013 | Jun. 30, 2013 | Oct. 31, 2013 | Nov. 30, 2013 | Jun. 30, 2013 | ||||||||||||||||||||||||||
Debt investment | Debt investment | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total fixed rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Total floating rate | Loan participations and assignments | Loan participations and assignments | Loan participations and assignments | Loan participations and assignments | Mortgages | Mortgages | Mortgages | ||||||||||||||||||||||||||||||
Junior Participation, March 2015 | Junior Participation, March 2015 | Mezzanine Loan, February 2016 | Mezzanine Loan, February 2016 | Mortgage/Mezzanine Loan, May 2016 | Mortgage/Mezzanine Loan, May 2016 | Mezzanine Loan, May 2016 | Mezzanine Loan, May 2016 | Junior Participation, June 2016 | Junior Participation, June 2016 | Mezzanine Loan, November 2016 | Mezzanine Loan, November 2016 | Mortgage/Mezzanine Loan, March 2017 | Mortgage/Mezzanine Loan, March 2017 | Mortgage/Mezzanine Loan, March 2017 | Mezzanine Loan, June 2017 | Mezzanine Loan, June 2017 | Other Loan, September 2021 | Other Loan, September 2021 | Mezzanine Loan, November 2023 | Mezzanine Loan, November 2023 | Mortgage Loan | Mortgage Loan | Mortgage Loan | Mortgage Loan | Mezzanine Loan, November 2016 | Mezzanine Loan, November 2016 | Mortgage Loan | Mortgage Loan | Junior Participation, February 2014 | Junior Participation, February 2014 | Junior Participation, June, 2013 | Junior Participation, June, 2013 | Mortgage/Mezzanine Loan, July 2014 | Mortgage/Mezzanine Loan, July 2014 | Mezzanine Loan, August 2014 | Mezzanine Loan, August 2014 | Mezzanine Loan, October 2014 | Mezzanine Loan, October 2014 | Mortgage Loan, December 2014 | Mortgage Loan, December 2014 | Mezzanine Loan, September 2015 | Mezzanine Loan, September 2015 | Mezzanine Loan, December 2015 | Mezzanine Loan, December 2015 | Mezzanine Loan, December 2015 | Mezzanine Loan, December 2015 | Mezzanine Loan, March 2016 | Mezzanine Loan, March 2016 | Mezzanine Loan, June 2016 | Mezzanine Loan, June 2016 | Mezzanine Loan, June 2016 | Mezzanine Loan, July 2016 | Mezzanine Loan, July 2016 | Mezzanine Loan, December 2016 | Mezzanine Loan, December 2016 | Mortgage/Mezzanine Loan, July 2018 | Mortgage/Mezzanine Loan, July 2018 | Mezzanine Loan | Mezzanine Loan | Mortgage/Mezzanine Loan | Mortgage/Mezzanine Loan | Mezzanine Loan, June 2017 | Mezzanine Loan, June 2017 | Mezzanine Loan, November 2023 | Mezzanine Loan, June 2016 | Mezzanine Loan, June 2017 | Mezzanine Loan, November 2023 | Mezzanine Loan, June 2016 | ||||||||||||||||||||||||||||||||||||
Debt investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Increase in debt and preferred equity investments (net of discounts), including investments classified as held-for-sale | $601,300,000 | $672,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Decrease in debt and preferred equity investments (net of discounts), including investments classified as held-for-sale | 644,900,000 | 298,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Loan loss reserves recorded | 0 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Aggregate weighted average current yield (as a percent) | 11.47% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Senior Financing | 5,196,398,000 | ' | ' | ' | ' | ' | 2,980,960,000 | ' | 398,500,000 | ' | 205,000,000 | ' | 166,710,000 | ' | 177,000,000 | ' | 133,000,000 | ' | 165,000,000 | ' | ' | 1,109,000,000 | [1] | ' | 521,750,000 | [2] | ' | 15,000,000 | ' | 90,000,000 | [3] | ' | ' | ' | 0 | [4] | ' | 2,215,438,000 | ' | 163,500,000 | [5] | ' | 0 | ' | 80,932,000 | [6] | ' | 57,750,000 | [7] | ' | 330,000,000 | ' | 180,000,000 | ' | 89,956,000 | [8] | ' | 0 | ' | 110,000,000 | ' | 92,711,000 | [9] | ' | 92,711,000 | [9] | ' | 775,000,000 | ' | ' | 160,000,000 | [10] | ' | 87,300,000 | ' | 33,289,000 | [11] | ' | 55,000,000 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Carrying Value, Net of Discounts | ' | ' | ' | ' | ' | ' | 385,604,000 | 583,565,000 | 11,856,000 | 0 | 68,319,000 | 66,307,000 | 44,742,000 | 44,013,000 | 15,012,000 | 15,906,000 | 49,000,000 | 49,000,000 | 71,312,000 | 70,967,000 | ' | 80,983,000 | [1] | 115,804,000 | [1] | 20,954,000 | [2] | 0 | [2] | 3,500,000 | 3,500,000 | 19,926,000 | [3] | 0 | [3] | ' | ' | 0 | [4] | 218,068,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Debt and preferred equity investments | 1,304,839,000 | 1,348,434,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,871,000 | 433,290,000 | 25,725,000 | [5] | 0 | [5] | 0 | 14,745,000 | 24,046,000 | [6] | 0 | [6] | 10,873,000 | [7] | 10,869,000 | [7] | 131,724,000 | 131,231,000 | 59,892,000 | 59,739,000 | 38,549,000 | [8] | 34,444,000 | [8] | 30,000,000 | 0 | 49,110,000 | 0 | 27,662,000 | [9] | ' | 27,662,000 | [9] | 55,336,000 | [9] | 72,823,000 | 0 | ' | 22,526,000 | [10] | 7,624,000 | [10] | 25,590,000 | 34,761,000 | 11,798,000 | [11] | 0 | [11] | 20,553,000 | 0 | 0 | 37,288,000 | 0 | 47,253,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Carrying value, net of discounts | ' | ' | ' | ' | 936,475,000 | 1,016,855,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Loan loss reserve | -1,000,000 | -7,000,000 | -50,175,000 | -61,361,000 | -1,000,000 | [12] | -7,000,000 | [12] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||
Total, net of reserve | ' | ' | ' | ' | 935,475,000 | 1,009,855,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Percentage of loan sold (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Amount recognized from sale of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Gain (Loss) on Sales of Loans, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Loans acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 219,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,500,000 | 25,000,000 | 30,000,000 | |||||||||||||||||||||||||
Additional funds committed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | 11,200,000 | ' | ' | ' | ' | ' | 22,100,000 | ' | 22,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Payments for origination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Face amount of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Additional funding provided | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Repayments of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Loan Participation Amount Included in Other asset and Other Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $41,300,000 | $5,000,000 | $7,400,000 | ' | ' | ' | |||||||||||||||||||||||||
[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 income on the consolidated statements of income. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | In October 2013, we entered into a loan participation agreement in the amount of $41.3 million on a $82.5 million mortgage. As a result of the transfer not meeting the conditions for sale accounting, the portion that was participated out has been recorded in other assets and other liabilities in the accompanying consolidated balance sheet. In addition, as of December 31, 2013, we were committed to fund an additional $20.0 million in connection with this loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | In November 2013, we entered into a loan participation agreement in the amount of $5.0 million on a $25.0 million mortgage. As a result of the transfer not meeting the conditions for sale accounting, the portion that was participated out has been recorded in other assets and other liabilities in the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | In November 2012, we acquired this nonperforming loan with an original balance of $219.0 million subject to interest based on default rate. In connection with the repayment of the loan in May 2013, we recognized additional income of $6.4 million, which is included in investment income on our consolidated statements of income. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | As of DecemberB 31, 2013, we were committed to fund an additional $11.4 million in connection with this loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | As of DecemberB 31, 2013, we were committed to fund an additional $0.9 million in connection with this loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | In December 2013, the loan was extended to June 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | As of DecemberB 31, 2013, we were committed to fund an additional $11.2 million in connection with this loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | We funded $56.3 million at origination. In June 2013, we sold 50% of our interest in the $85.0 million mezzanine loan. Additionally, in December 2013 we closed on an $8.5 million future funding upsize, bringing our total additional committed funding amount to $22.1 million at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | 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 a $30.0 million mortgage. 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 consolidated balance sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | As of December 31, 2013, we were committed to fund an additional $0.3 million in connection with this loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | 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 $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Preferred equity investment | ' | ' | ||
Aggregate weighted average current yield (as a percent) | 11.47% | ' | ||
Senior Financing | $5,196,398 | ' | ||
Debt and preferred equity investments | 1,304,839 | 1,348,434 | ||
Preferred equity investments | ' | ' | ||
Preferred equity investment | ' | ' | ||
Aggregate weighted average current yield (as a percent) | 10.91% | ' | ||
Senior Financing | 1,577,007 | ' | ||
Debt and preferred equity investments | 369,364 | 338,579 | ||
Preferred equity with initial mandatory redemption on July, 2015 | ' | ' | ||
Preferred equity investment | ' | ' | ||
Senior Financing | 525,000 | [1] | ' | |
Debt and preferred equity investments | 115,198 | [1] | 99,768 | [1] |
Preferred equity with initial mandatory redemption on April, 2016 | ' | ' | ||
Preferred equity investment | ' | ' | ||
Senior Financing | 55,747 | [1],[2] | ' | |
Debt and preferred equity investments | 25,896 | [1],[2] | 18,925 | [1],[2] |
Preferred equity with initial mandatory redemption on July, 2016 | ' | ' | ||
Preferred equity investment | ' | ' | ||
Senior Financing | 926,260 | [1] | ' | |
Debt and preferred equity investments | 218,330 | [1] | 209,959 | [1] |
Preferred equity with initial mandatory redemption on November 2017 | ' | ' | ||
Preferred equity investment | ' | ' | ||
Senior Financing | 70,000 | ' | ||
Debt and preferred equity investments | $9,940 | $9,927 | ||
[1] | The difference between the pay and accrual rates is included as an addition to the principal balance outstanding. | |||
[2] | As of December 31, 2013, the loan is fully funded. |
Debt_and_Preferred_Equity_Inve4
Debt and Preferred Equity Investments (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loan loss reserve activity | ' | ' | ' |
Balance at beginning of year | $7,000 | $50,175 | $61,361 |
Expensed | 0 | 3,000 | 10,875 |
Recoveries | 0 | -2,436 | -4,370 |
Charge-offs and reclassifications | -6,000 | -43,739 | -17,691 |
Balance at end of period | $1,000 | $7,000 | $50,175 |
Debt_and_Preferred_Equity_Inve5
Debt and Preferred Equity Investments (Details 4) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
segment | segment | |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Number of portfolio segments of financial receivables (segment) | 1 | 1 |
Additional amount of financing receivables included in other assets | $172,800,000 | $121,300,000 |
Unpaid Principal Balance | ' | ' |
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 10,750,000 | 10,750,000 |
Unpaid Principal Balance | 10,750,000 | 10,750,000 |
Recorded Investment | ' | ' |
With no related allowance recorded | 0 | 0 |
With an allowance recorded | 10,750,000 | 10,750,000 |
Recorded Investment | 10,750,000 | 10,750,000 |
Allowance Allocated | 1,000,000 | 7,000,000 |
Average recorded investment in impaired loans | 10,881,000 | 50,231,000 |
Investment income recognized | $7,117,000 | $3,712,000 |
Investment_in_Unconsolidated_J2
Investment in Unconsolidated Joint Ventures (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Mar. 31, 2011 | Dec. 31, 2013 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | |||||||||||||||||||||||||||
sqft | investment | 100 Park Avenue | 21 West 34th Street | 1604-1610 Broadway | 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 | 600 Lexington Avenue | 11 West 34th Street | 7 Renaissance | 3 Columbus Circle | 3 Columbus Circle | 280 Park Avenue | 280 Park Avenue | 280 Park Avenue | 1552-1560 Broadway | 1552-1560 Broadway | 747 Madison Avenue | 747 Madison Avenue | 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 | 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 | 650 Fifth Avenue | 650 Fifth Avenue | Joint venture | 521 Fifth Avenue | 521 Fifth Avenue | Mezzanine loans | Mortgage Loan | Mortgage Loan | ||||||||||||||||||||||||||||||||||||
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | unit | sqft | unit | sqft | sqft | sqft | sqft | property | sqft | sqft | Three retail units | 2 residential units | Four residential units | sqft | sqft | sqft | 747 Madison Avenue | Joint venture | Joint venture | Joint venture | Joint venture | ||||||||||||||||||||||||||||||||||||||||||||||
floor | property | sqft | unit | unit | unit | West Coast office portfolio | West Coast office portfolio | West Coast office portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General information on each joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Number of VIEs in which the entity is not primary beneficiary | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Net equity investment in VIEs in which the entity is not primary beneficiary | $310,700,000 | ' | ' | ' | $117,700,000 | ' | ' | ' | $310,700,000 | $117,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Ownership Interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.90% | 50.00% | 70.00% | [1] | ' | 10.92% | [2] | 42.95% | 32.26% | 20.26% | 50.00% | 50.60% | [3] | 25.50% | [4] | 55.00% | 30.00% | [5] | 50.00% | ' | 48.90% | [6] | ' | 50.00% | [7] | ' | 50.00% | [8] | ' | ' | 33.33% | [9] | ' | 50.00% | 55.00% | 45.90% | [10] | ' | ' | 42.02% | [11] | ' | ' | 50.50% | [12] | 32.28% | [13] | 32.28% | ' | 16.14% | 35.50% | 40.00% | [14] | ' | 50.00% | [15] | 100.00% | ' | ' | ' | ' | ' | |||||||||||
Economic Interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.90% | 50.00% | 70.00% | [1] | ' | 10.92% | [2] | 42.95% | 32.26% | 20.26% | 50.00% | 50.60% | [3] | 25.50% | [4] | 55.00% | 30.00% | [5] | 50.00% | ' | 48.90% | [6] | ' | 49.50% | [7] | ' | 50.00% | [8] | ' | ' | 33.33% | [9] | ' | 50.00% | 55.00% | 45.90% | [10] | ' | ' | 43.74% | [11] | ' | ' | 50.50% | [12] | 32.28% | [13] | ' | ' | ' | 35.50% | 40.00% | [14] | ' | 50.00% | [15] | ' | ' | ' | ' | ' | ' | |||||||||||
Area of property (sqft) | 28,549,979 | ' | ' | ' | ' | ' | ' | ' | 28,549,979 | ' | ' | 834,000 | 30,000 | 30,000 | [1] | ' | 120,000 | [2] | 526,000 | 674,000 | 640,000 | 582,000 | 2,600,000 | [3] | 71,000 | [4] | 304,000 | 17,000 | [5] | 37,000 | ' | 769,000 | [6] | ' | 1,237,000 | [7] | ' | 49,000 | [8] | 13,045 | ' | 10,000 | [9] | ' | 65,000 | 390,000 | 145,000 | [10] | ' | 4,500,000 | 4,474,000 | [11] | ' | ' | 460,000 | [12] | 17,000 | [13] | ' | ' | ' | 148,000 | 365,000 | [14] | ' | 32,000 | [15] | ' | ' | ' | ' | ' | ' | |||||||||||
Acquisition Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,800,000 | [16] | 22,400,000 | [16] | 4,400,000 | [1],[16] | ' | 251,900,000 | [16],[2] | 285,000,000 | [16] | 520,000,000 | [16] | 210,000,000 | [16] | 111,500,000 | [16] | 1,575,000,000 | [16],[3] | 43,600,000 | [16],[4] | 193,000,000 | [16] | 10,800,000 | [16],[5] | 4,000,000 | [16] | ' | 500,000,000 | [16],[6] | ' | 400,000,000 | [16],[7] | ' | 136,550,000 | [16],[8] | ' | ' | 66,250,000 | [16],[9] | ' | 223,000,000 | [16] | 252,500,000 | [16] | 31,000,000 | [10],[16] | ' | ' | 880,103,000 | [11],[16] | ' | ' | 315,000,000 | [12],[16] | 75,000,000 | [13],[16] | ' | ' | ' | 45,000,000 | [16] | 50,000,000 | [14],[16] | ' | 0 | [15],[16] | ' | ' | ' | ' | ' | ' |
Beneficial interest sold (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 617,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 315,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Proceeds from sale of equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 224,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Recognized gain (loss) on sale of interest in property | 7,538,000 | -354,000 | -3,583,000 | 0 | 19,277,000 | -4,807,000 | 15,323,000 | 7,260,000 | 3,601,000 | 37,053,000 | 2,918,000 | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,400,000 | ' | ||||||||||||||||||||||||||
Employee compensation award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Valuation of investment under the recapitalization transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286,600,000 | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Effective ownership interest in underlying investment (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Additional income upon the contribution of debt investment to joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 193,843,000 | 119,155,000 | 120,418,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Debt investments contributed to joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 25,362,000 | 286,571,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Floating rate financing assumed by joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Number of units in property (units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Number of units in real estate property acquired (units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Payments to acquire equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | 150,274,000 | 215,174,000 | 109,920,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,000,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Number of floors of student housing (floors) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Number of properties (properties) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Prior to the recapitalization positions held in mezzanine and preferred equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 678,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Period of extension option for mortgage secured by the portfolio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Number of properties sold (properties) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Repayments of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,500,000 | ' | 194,500,000 | ||||||||||||||||||||||||||
Remaining percentage of interest acquired in joint venture (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Partnership interest sold to Harel by joint venture (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.78% | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.50% | ' | ' | ' | ' | ||||||||||||||||||||||||||
Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ||||||||||||||||||||||||||
Interest rate, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Interest rate added to base rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Ownership interest sold (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.78% | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.50% | ' | ' | ' | ' | ||||||||||||||||||||||||||
Face amount of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,000,000 | ' | 26,700,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,500,000 | ' | ' | ||||||||||||||||||||||||||
Mortgage on properties assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $170,000,000 | ' | ' | ' | ||||||||||||||||||||||||||
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.75% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
[1] | In MarchB 2013, Sutton conveyed his interest in this property to us. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | In June 2012, this retail condominium was recapitalized. The recapitalization triggered a promote to our partner, which resulted in a reduction of our economic interest. In addition, we sold 50% of our remaining interest at a property valuation of $617.6 million. We recognized $67.9 million of additional cash income, equivalent to profit, due to the distribution of refinancing proceeds and a gain on sale of $3.0 million, which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The property is subject to a triple-net lease arrangement with a single tenant, which expires in 2020. In December 2013, the joint venture signed an agreement extending the lease through December 31, 2035. The agreement includes an option for the tenant to acquire the property for a specified price during the period from December 1, 2017 through December 31, 2020. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | In June 2013, the joint venture completed its redevelopment project. In July 2013, the lease for Pace University, or Pace, its primary tenant, commenced. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | The property is subject to a long-term net lease arrangement. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | 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. Because the joint venture has an option to repurchase the Y&R units, no gain was recognized on this sale. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | In March 2011, we contributed our debt investment with a carrying value of $286.6 million to a newly formed joint venture in which we hold a 50% interest. We realized $38.7 million of additional income upon the contribution. This income is included in investment income in the consolidated statements of income. The joint venture paid us approximately $111.3 million and also assumed $30.0 million of related floating rate financing which matures in June 2016. In May 2011, this joint venture took control of the underlying property as part of a recapitalization transaction which valued the investment at approximately $1.1 billion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | The joint venture owns 100% interest as tenant-in-common in 30 East 65th Street Corporation and the related proprietary lease of three cooperative apartment units in the building. In October 2013, the joint ventured acquired two additional cooperative apartment units in the building for $7.5 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | In September 2012, the Company, together with an affiliate of Blackstone, Gramercy and Square Mile Capital Management LLC, or Square Mile, formed a joint venture to recapitalize a 31-property, 4.5-million-square-foot West Coast office portfolio. The joint venture extended the $678.8 million mortgage secured by the portfolio for a term of 2 years with a 1-year extension option. In addition, the joint venture entered into a new $68.0 million mezzanine loan for a term of 2 years. 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 year ended December 31, 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | In November 2012, we sold our 49.5% partnership interest in 521 Fifth Avenue to Plaza Global Real Estate Partners for a gross valuation price of $315.0 million for this property. We recognized a gain of $19.4 million on the sale which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. We also refinanced the existing $150.0 million loan with a $170.0 million 7-year mortgage loan which bears interest at 220 basis points over LIBOR. Following the sale, we deconsolidated the entity effective NovemberB 30, 2012 and have accounted our investment under the equity method because of lack of control. During the year ended December 31, 2013, we recognized additional post closing costs of $2.8 million as an adjustment to the gain. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | We hold a 32.28% interest in 3 retail and 2 residential units at the property and a 16.14% in 4 residential units at the property. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | The joint venture owned a preferred equity interest in an entity that holds the interest in a mixed commercial use property located in Manhattan. The preferred equity bore interest at a rate of 8.75% per annum through its redemption date in December 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[15] | The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. In connection with the ground lease obligation, SLG provided a performance guaranty and Sutton executed a contribution agreement to reflect its pro rata obligation. In an event the property is converted into a condominium unit and the landlord elects the purchase option, the joint venture shall be obligated to acquire the unit at the then fair value. In November 2013, the joint venture signed an agreement to buy out the lease of retailer Juicy Couture for $51.0 million as part of its plan to redevelop and reposition the property. Under this agreement, the tenant shall terminate the lease no later than April 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[16] | Acquisition price represents the actual or implied gross purchase price for the joint venture. |
Investment_in_Unconsolidated_J3
Investment in Unconsolidated Joint Ventures (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
33 Beekman | 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 | Joint venture | Initial Maturity July 2022 | Initial Maturity July 2022 | Initial Maturity July 2024 | Initial Maturity July 2024 | West Coast office portfolio | West Coast office portfolio | West Coast office portfolio | West Coast office portfolio | West Coast office portfolio | 3 Columbus Circle | LIBOR | LIBOR | ||||||||||||||||||||||||||||||||||||||||||||||
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 | 717 Fifth Avenue | 717 Fifth Avenue | 717 Fifth Avenue | 21 East 66th Street | 21 East 66th Street | 1604-1610 Broadway | 1604-1610 Broadway | West Coast office portfolio | West Coast office portfolio | 747 Madison Avenue | 747 Madison Avenue | 180/182 Broadway | 180/182 Broadway | 180/182 Broadway | 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 | 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 | 521 Fifth Avenue | 521 Fifth Avenue | 521 Fifth Avenue | 27-29 West 34th Street | 27-29 West 34th Street | 16 Court Street | 16 Court Street | Joint venture | Joint venture | Joint venture | Joint venture | property | Joint venture | Joint venture | 717 Fifth Avenue | 16 Court Street | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan | Mezzanine loans | Mortgage loan | Mortgage loan | Mezzanine loans | extenstion_option | Mortgage loan | Mortgage loan | Mezzanine loans | Mezzanine loans | 717 Fifth Avenue | 717 Fifth Avenue | 717 Fifth Avenue | 717 Fifth Avenue | Mezzanine loans | Mortgage Loan | Mortgage loan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First mortgage notes and other loan payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Interest rate, fixed rate debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | 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] | ' | ' | ' | ' | 4.10% | [1],[3] | ' | 5.66% | [1],[4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.45% | [1],[5] | ' | 9.00% | [1],[5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||
Interest rate, floating rate debt (as a percent) | ' | ' | ' | 3.22% | [1],[6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.34% | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | 2.88% | [1] | ' | ' | ' | 3.93% | [1],[7] | ' | 2.97% | [1] | ' | ' | 2.94% | [1],[8] | ' | ' | ' | 7.75% | [1],[9] | 2.38% | [1],[10] | ' | ' | 3.48% | [1],[11] | ' | ' | ' | ' | ' | 1.09% | [1] | ' | 2.54% | [1] | ' | 2.69% | [1] | ' | 2.94% | [1],[12] | ' | 2.28% | [1] | ' | ' | 2.39% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||
Total fixed rate debt | $4,130,629,000 | $3,457,769,000 | ' | ' | ' | $3,223,895,000 | $3,219,885,000 | $209,786,000 | $212,287,000 | $1,276,000 | $856,000 | $17,205,000 | $17,491,000 | $706,886,000 | $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 | ' | $300,000,000 | $290,000,000 | $12,000,000 | [3] | $12,000,000 | [3] | $27,000,000 | [4] | $27,000,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | [5] | $300,000,000 | [5] | $304,000,000 | [5] | $294,509,000 | [5] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Total floating rate debt | 729,949,000 | 1,157,695,000 | ' | 79,243,000 | [6] | 0 | [6] | 1,842,815,000 | 2,138,163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,297,000 | [2] | 142,297,000 | [2] | 72,000,000 | 70,300,000 | ' | ' | ' | ' | ' | 1,959,000 | 2,033,000 | ' | ' | 526,290,000 | [7] | 745,025,000 | [7] | 33,125,000 | 33,125,000 | ' | 89,893,000 | [8] | 71,524,000 | [8] | ' | 57,000,000 | [9] | 67,350,000 | [9] | 239,233,000 | [10] | 247,253,000 | [10] | ' | 158,690,000 | [11] | 113,869,000 | [11] | ' | ' | ' | ' | 30,000,000 | 30,000,000 | 120,000,000 | 120,000,000 | 125,000,000 | 125,000,000 | 18,362,000 | [12] | 18,362,000 | [12] | 120,616,000 | 124,384,000 | ' | 170,000,000 | 170,000,000 | 0 | [13] | 53,375,000 | [13] | 0 | [14] | 84,916,000 | [14] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||
Total mortgages and other loans payable | 4,860,578,000 | 4,615,464,000 | ' | ' | ' | 5,066,710,000 | 5,358,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 576,000,000 | 562,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Maximum amount of loan recourse to entity | ' | ' | 75,000,000 | ' | ' | 218,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Face amount of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,000,000 | ' | 26,700,000 | 20,500,000 | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Interest rate added to base rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 3.50% | |||||||||||||||||||||||||||||||||||||||||||
Number of properties sold (properties) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Repayments of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,500,000 | ' | 20,500,000 | 194,500,000 | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Committed amount | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | 60,000,000 | ' | 67,400,000 | ' | ' | 200,000,000 | ' | ' | ' | 170,000,000 | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Period of extension option for mortgage secured by the portfolio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Term of refinanced mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 224,300,000 | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Possible increase in mortgage based on meeting certain performance hurdles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Undrawn amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Committed additional capital contribution funded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 260,000,000 | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Number of extension options (extension options) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Unfunded amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $37,600,000 | ' | $3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
[1] | Effective weighted average interest rate for the year ended DecemberB 31, 2013, taking into account interest rate hedges in effect during the period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | These loans are 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, the 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 June 2012, the joint venture replaced the $245.0 million floating rate mortgage loan, which bore interest at 275 basis points over LIBOR and was due to mature in September 2012, with a $300.0 million fixed rate mortgage loan and $290.0 million mezzanine loan which is subject to accretion based on the difference between contractual interest rate and contractual pay rate. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | In AprilB 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest. In December 2013, we repaid $5.0 million of the principal balance and modified and extended the terms of the existing mortgage. The modified mortgage bears interest based on one-month LIBOR plus 350 basis points with a floor of 50 basis points. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | As a result of the sale of three of its properties, the joint venture paid down $194.5 million of its mortgage and $20.5 million of its mezzanine loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | This loan has a committed amount of $90.0 million. In November 2013, this loan was extended by one-year, subject to principal amortization through the maturity date | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | As a result of the refinancing and restructuring in August 2012, we replaced the previous mortgage with a $60.0 million, three-year mortgage, of which $3.0 million was unfunded as of DecemberB 31, 2012, and recognized additional income of $10.8 million due to the repayment of the previous mortgage at a discount. In December 2013, the joint venture upsized the original mortgage with a maximum amount of $60.0 million to $67.4 million. All other terms of the loan remained the same. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | 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 7 of prior table. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | 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 DecemberB 31, 2013, $37.6 million of the mortgage loan and $3.7 million of the mezzanine loan remained unfunded. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | In MayB 2013, this loan was refinanced and its maturity was extended to MayB 2018. In December 2013, we sold our interest in the joint venture, inclusive of our share in the joint venture debt. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | In AprilB 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest. |
Investment_in_Unconsolidated_J4
Investment in Unconsolidated Joint Ventures (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets | ' | ' | ' |
Commercial real estate property, net | $10,687,540 | $10,269,630 | ' |
Other assets | 750,123 | 718,326 | ' |
Liabilities and members' equity | ' | ' | ' |
Mortgages and other loans payable | 4,860,578 | 4,615,464 | ' |
Company's investments in unconsolidated joint ventures | 1,113,218 | 1,032,243 | ' |
Combined statements of income for the unconsolidated joint ventures | ' | ' | ' |
Operating expenses | 293,514 | 292,392 | 257,938 |
Ground rent | 39,926 | 37,866 | 32,919 |
Real estate taxes | 218,832 | 209,337 | 173,154 |
Interest expense, net of interest income | 330,215 | 329,897 | 285,248 |
Amortization of deferred financing costs | 16,695 | 19,450 | 14,108 |
Transaction related costs, net of recoveries | 3,987 | 5,625 | 5,561 |
Depreciation and amortization | 357,599 | 351,539 | 292,311 |
Total expenses | 1,327,053 | 1,303,708 | 1,127,059 |
Company's equity in net income from unconsolidated joint ventures | 9,921 | 76,418 | 1,583 |
Joint venture | ' | ' | ' |
Assets | ' | ' | ' |
Commercial real estate property, net | 6,846,021 | 6,910,991 | ' |
Other assets | 827,282 | 728,113 | ' |
Total assets | 7,673,303 | 7,639,104 | ' |
Liabilities and members' equity | ' | ' | ' |
Mortgages and other loans payable | 5,066,710 | 5,358,048 | ' |
Other liabilities | 596,960 | 406,929 | ' |
Members' equity | 2,009,633 | 1,874,127 | ' |
Total liabilities and members' equity | 7,673,303 | 7,639,104 | ' |
Company's investments in unconsolidated joint ventures | 1,113,218 | 1,032,243 | ' |
Combined statements of income for the unconsolidated joint ventures | ' | ' | ' |
Total revenues | 628,649 | 511,157 | 480,935 |
Operating expenses | 114,633 | 80,722 | 71,830 |
Ground rent | 2,863 | 2,975 | 3,683 |
Real estate taxes | 71,755 | 53,613 | 51,511 |
Interest expense, net of interest income | 225,765 | 221,476 | 210,489 |
Amortization of deferred financing costs | 17,092 | 9,739 | 12,911 |
Transaction related costs, net of recoveries | 808 | 2,044 | 2,665 |
Depreciation and amortization | 192,504 | 166,336 | 137,070 |
Total expenses | 625,420 | 536,905 | 490,159 |
Gain on early extinguishment of debt | 0 | 21,421 | 0 |
Net income (loss) before gain on sale | 3,229 | -4,327 | -9,224 |
Company's equity in net income from unconsolidated joint ventures | $9,921 | $76,418 | $1,583 |
Investment_in_Unconsolidated_J5
Investment in Unconsolidated Joint Ventures Investment in Unconsolidated Joint Ventures-Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2012 | Apr. 30, 2012 | Mar. 31, 2012 | Nov. 30, 2011 | Aug. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Aug. 31, 2012 | ||
27-29 West 34th Street | One Court Square | 379 West Broadway | 141 Fifth Avenue | 33 West 450 Street | 1551 to 1555 Broadway | 717 Fifth Avenue | 717 Fifth Avenue | Joint venture | Joint venture | Joint venture | The Meadows | |||||||||||||
Joint venture | ||||||||||||||||||||||||
Investment in Unconsolidated Joint Ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Beneficial interest sold (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | 10.00% | 50.00% | ' | ' | ' | ' | ' | |
Consideration for sale of beneficial interest in real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $70,100,000 | ' | ' | ' | ' | $9,700,000 | ' | ' | ' | ' | ' | ' | |
Mortgage loan related to property sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 481,100,000 | 48,500,000 | 46,000,000 | ' | ' | 617,600,000 | ' | ' | ' | ' | ' | |
Mortgage assigned to joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 30,000,000 | ' | 315,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity in net gain on sale of interest in unconsolidated joint venture/ real estate | 7,538,000 | -354,000 | -3,583,000 | 0 | 19,277,000 | -4,807,000 | 15,323,000 | 7,260,000 | 3,601,000 | 37,053,000 | 2,918,000 | 7,600,000 | 1,000,000 | 6,500,000 | 7,300,000 | ' | 4,000,000 | 3,000,000 | ' | ' | ' | ' | ' | |
Accrued employee compensation award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Fees position acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Employee compensation award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | |
Remaining percentage of interest acquired in joint venture (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | |
Ownership Interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 10.92% | [1] | ' | ' | ' | ' |
Management fees, base revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | 7,900,000 | 8,600,000 | ' | |
Cash income recognized on distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,900,000 | ' | ' | ' | ' | ' | |
Gain on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,800,000 | |
[1] | In June 2012, this retail condominium was recapitalized. The recapitalization triggered a promote to our partner, which resulted in a reduction of our economic interest. In addition, we sold 50% of our remaining interest at a property valuation of $617.6 million. We recognized $67.9 million of additional cash income, equivalent to profit, due to the distribution of refinancing proceeds and a gain on sale of $3.0 million, which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. |
Deferred_Costs_Details
Deferred Costs (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs [Abstract] | ' | ' |
Deferred leasing | $326,379 | $285,931 |
Deferred financing | 157,088 | 152,596 |
Deferred costs, gross | 483,467 | 438,527 |
Less accumulated amortization | -216,409 | -177,382 |
Deferred costs, net | $267,058 | $261,145 |
Mortgages_and_Other_Loans_Paya2
Mortgages and Other Loans Payable (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
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 | Other loan payable | One Madison Avenue | One Madison Avenue | 100 Church | 100 Church | 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 | 220 East 42nd Street | 220 East 42nd Street | 220 East 42nd Street | 220 East 42nd Street | Master repurchase | Master repurchase | 16 Court Street | 16 Court Street | 180 Maiden Lane | 180 Maiden Lane | 248-252 Bedford Avenue | 248-252 Bedford Avenue | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | |||||||||||||||||||||||||||||||||||||||||||||||
Series E preferred units | Master repurchase | Master repurchase | 16 Court Street | Minimum | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Master repurchase | Master repurchase | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages and Other Loans 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],[7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Interest rate, floating rate debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | [1],[5] | ' | ' | ' | ' | ' | 4.05% | [1],[7] | ' | 3.28% | [1],[8] | ' | 3.22% | [1],[9] | ' | 2.39% | [1],[10] | ' | 2.44% | [1] | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||
Total fixed rate debt | $4,130,629,000 | ' | ' | ' | $3,457,769,000 | ' | ' | ' | $4,130,629,000 | $3,457,769,000 | ' | ' | $23,000 | [2] | $23,000 | [2] | ' | $146,250,000 | $146,250,000 | $120,000,000 | $120,000,000 | $120,830,000 | $125,603,000 | $23,529,000 | $24,060,000 | $182,641,000 | $184,992,000 | $82,909,000 | $84,486,000 | $450,000,000 | $450,000,000 | $170,000,000 | $170,000,000 | $8,211,000 | $8,371,000 | $191,250,000 | $191,250,000 | $267,650,000 | $267,650,000 | $50,000,000 | [3] | $50,000,000 | [3] | $587,336,000 | $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 | [5] | $0 | [5] | $0 | [6] | $11,500,000 | [6] | ' | ' | $0 | [7] | $185,906,000 | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||
Total floating rate debt | 729,949,000 | ' | ' | ' | 1,157,695,000 | ' | ' | ' | 729,949,000 | 1,157,695,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [5] | 769,813,000 | [5] | ' | ' | ' | ' | 275,000,000 | [7] | 0 | [7] | 91,000,000 | [8] | 116,667,000 | [8] | 79,243,000 | [9] | 0 | [9] | 262,706,000 | [10] | 271,215,000 | [10] | 22,000,000 | 0 | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Total mortgages and other loans payable | 4,860,578,000 | ' | ' | ' | 4,615,464,000 | ' | ' | ' | 4,860,578,000 | 4,615,464,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Preferred Units, shares issued (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Preferred Units (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Preferred Units, liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Preferred Units, shares outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,658 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Interest in property (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 775,000,000 | 447,200,000 | ' | ' | ' | ' | ' | 185,900,000 | ' | ' | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Refinanced mortgage loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000,000 | 775,000,000 | ' | ' | ' | ' | 275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | '7 years | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Loss (gain) on early extinguishment of debt | -5,000 | 0 | 10,000 | 18,513,000 | 6,978,000 | 0 | 0 | 0 | 18,518,000 | 6,978,000 | -904,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Prepayment penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Revolving credit facility, maximum borrowing capacity | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Interest rate added to base rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.00% | 3.50% | 2.50% | 3.25% | ||||||||||||||||||||||||||||||||||
Repaid loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable | $8,000,000,000 | ' | ' | ' | $7,600,000,000 | ' | ' | ' | $8,000,000,000 | $7,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Variable rate floor (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ||||||||||||||||||||||||||||||||||
[1] | Effective weighted average interest rate for the year ended DecemberB 31, 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 DecemberB 31, 2013, 22,658 SeriesB E units remaining outstanding. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 April 2012, we refinanced the previous $447.2 million mortgage with a $775.0 million seven-year mortgage. 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] | In October 2013, we closed on a $275.0 million seven-year mortgage. This new mortgage replaced the $185.9 million previous mortgage that was repaid in August 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | In December 2013, we entered into a new Master Repurchase Agreement, or MRA, with a maximum facility capacity of $300.0 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. This new MRA, which bears interest ranging from 250 and 325 basis points over one-month LIBOR depending on the pledged collateral, replaced the previous $175.0 million MRA facility, which bore interest based on one-month LIBOR plus 300 basis points basis points through September 2013 and 350 basis points through November 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | In AprilB 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest. In December 2013, we repaid $5.0 million of the principal balance and modified and extended the terms of the existing mortgage. The modified mortgage bears interest based on one-month LIBOR plus 350 basis points with a floor of 50 basis points. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its pro rata share of the obligation under the master lease. |
Corporate_Indebtedness_Details
Corporate Indebtedness (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 27, 2012 | Dec. 27, 2012 | Dec. 27, 2012 | Oct. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2007 | Dec. 31, 2013 | Jun. 30, 2005 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||
Joint venture | 2012 Credit Facility | 2012 Credit Facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Term loan | Term loan | 2011 Revolving Credit Facility | 2011 Revolving Credit Facility | 2011 Revolving Credit Facility | 2007 Revolving Credit Facility | 2007 Revolving Credit Facility | 2007 Revolving Credit Facility | Senior Unsecured Notes | 6.00% Senior unsecured notes maturing on March 31, 2016 | 5.875% Senior Unsecured Notes | 6.00% Senior Unsecured Notes | 3.00% Senior unsecured notes maturing on October 15, 2017 | 3.00% Senior unsecured notes maturing on October 15, 2017 | 4.0% exchangeable senior debentures due 2025 | 4.0% exchangeable senior debentures due 2025 | 3.0% exchangeable senior debentures due 2027 | 3.0% exchangeable senior debentures due 2027 | Term Loans and Trust Preferred Securities | Term Loans and Trust Preferred Securities | Mortgages and other loans payable | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes | |||||||||||||||||||||||||||||
extenstion_option | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Revolving credit facility | Revolving credit facility | Revolving credit facility | Term loan | Term loan | Term loan | 2011 Revolving Credit Facility | 2011 Revolving Credit Facility | 2007 Revolving Credit Facility | 2007 Revolving Credit Facility | Term Loans and Trust Preferred Securities | 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 | 3.00% Senior unsecured notes maturing on October 15, 2017 | 3.00% Senior unsecured notes maturing on October 15, 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 | 3.0% exchangeable senior debentures due 2027 | 3.0% exchangeable senior debentures due 2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Line of Credit Facility, Extension Fee, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Revolving credit facility, maximum borrowing capacity | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | $1,600,000,000 | ' | ' | ' | $1,200,000,000 | ' | ' | ' | ' | $400,000,000 | $1,500,000,000 | ' | ' | $1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Number of extension options (extension options) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Extension option available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Maximum borrowing capacity, optional expansion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Interest rate added to base rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.45% | 1.75% | 1.00% | 1.65% | 2.00% | 1.15% | 1.85% | 1.00% | 1.10% | 0.70% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Fee on the unused balance, payable quarterly in arrears (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | 0.15% | ' | ' | ' | 0.45% | 0.18% | ' | 0.20% | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Facility fee on total commitments, payable quarterly in arrears (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Outstanding under line of credit facility | 220,000,000 | ' | ' | ' | 70,000,000 | ' | ' | ' | 220,000,000 | 70,000,000 | ' | ' | ' | ' | ' | ' | 220,000,000 | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Ability to borrow under line of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt disclosures by scheduled maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Unpaid Principal Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,386,914,000 | ' | 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 | [2],[5] | ' | 10,701,000 | [6] | ' | ||||||||
Accreted Balance | 1,739,330,000 | ' | ' | ' | 1,734,956,000 | ' | ' | ' | 1,739,330,000 | 1,734,956,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,339,330,000 | 1,334,956,000 | 75,898,000 | [1],[2] | 75,898,000 | [1],[2] | 255,206,000 | [1],[2] | 255,165,000 | [1],[2] | 297,837,000 | [3] | 287,373,000 | [3] | 249,681,000 | [4] | 249,620,000 | [4] | 250,000,000 | [4] | 250,000,000 | [4] | 200,000,000 | [4] | 200,000,000 | [4] | 7,000 | [2],[5] | 7,000 | [2],[5] | 10,701,000 | [6] | 16,893,000 | [6] |
Coupon Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.88% | 6.00% | ' | 3.00% | ' | 4.00% | ' | 3.00% | ' | 5.61% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.88% | [1],[2],[7] | ' | 6.00% | [1],[2],[7] | ' | 3.00% | [3],[7] | ' | 5.00% | [4],[7] | ' | 7.75% | [4],[7] | ' | 4.50% | [4],[7] | ' | 4.00% | [2],[5],[7] | ' | 3.00% | [6],[7] | ' | ||||||||
Effective Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.62% | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.88% | [1],[2] | ' | 6.00% | [1],[2] | ' | 3.00% | [3] | ' | 5.00% | [4] | ' | 7.75% | [4] | ' | 4.50% | [4] | ' | 4.00% | [2],[5] | ' | 3.00% | [6] | ' | ||||||||
Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | [1],[2] | ' | '10 years | [1],[2] | ' | '7 years | [3] | ' | '7 years | [4] | ' | '10 years | [4] | ' | '10 years | [4] | ' | '20 years | [2],[5] | ' | '20 years | [6] | ' | ||||||||
Aggregate principal amount of notes repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,400,000 | 22,700,000 | 19,700,000 | ' | ' | 650,000 | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,400,000 | ' | ' | ' | ' | ' | ' | 102,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Loss (gain) on early extinguishment of debt | -5,000 | 0 | 10,000 | 18,513,000 | 6,978,000 | 0 | 0 | 0 | 18,518,000 | 6,978,000 | -904,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt instrument issued, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 345,000,000 | ' | ' | ' | 750,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
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 | ' | $1.35 | ' | $173.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Adjusted exchange rate for the debentures (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.7153 | 7.7461 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Amount of convertible debt recorded in equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,300,000 | ' | ' | ' | 66,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Number of years for which securities will bear fixed rate of interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Scheduled Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,976,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,312,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,938,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,213,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,205,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 247,407,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total amortization of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 520,051,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Principal Repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 398,312,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237,273,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 229,537,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 604,510,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 594,017,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 930,338,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,086,579,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,363,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 173,944,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,171,758,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total principal repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,152,464,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,340,527,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Scheduled Amortization and Principal Repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2014 | 357,147,000 | ' | ' | ' | ' | ' | ' | ' | 357,147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,898,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2015 | 276,856,000 | ' | ' | ' | ' | ' | ' | ' | 276,856,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2016 | 905,263,000 | ' | ' | ' | ' | ' | ' | ' | 905,263,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 255,308,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2017 | 1,723,493,000 | ' | ' | ' | ' | ' | ' | ' | 1,723,493,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,000,000 | ' | ' | ' | ' | ' | 355,701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
2018 | 735,568,000 | ' | ' | ' | ' | ' | ' | ' | 735,568,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Thereafter | 2,969,165,000 | ' | ' | ' | ' | ' | ' | ' | 2,969,165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total amortization of debt and principal repayments | 6,967,492,000 | ' | ' | ' | ' | ' | ' | ' | 6,967,492,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,000,000 | ' | ' | ' | ' | ' | 1,786,914,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 332,276,000 | 331,516,000 | 287,252,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -2,061,000 | -1,619,000 | -2,004,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 330,215,000 | 329,897,000 | 285,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Interest capitalized | ' | ' | ' | ' | ' | ' | ' | ' | $11,475,000 | $12,218,000 | $5,123,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
[1] | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Issued by ROP. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 SL Green'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 SL Green's 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 SL Green's 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 DecemberB 31, 2013, approximately $47.2 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 SL Green's 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 SL Green'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. During the year ended December 31, 2013, we repurchased $6.2 million of aggregate principal amount of exchangeable notes at approximately at par. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates. |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Amounts due from/to related parties | ' | ' | ' |
Due from joint ventures | $2,376,000 | $511,000 | ' |
Other | 6,154,000 | 7,020,000 | ' |
Related party receivables | 8,530,000 | 7,531,000 | ' |
Due to a joint venture (included in Accounts payable and accrued expenses) | 0 | -8,401,000 | ' |
Alliance Building Services | ' | ' | ' |
Related Party Transactions | ' | ' | ' |
Profit participation from related party | 3,500,000 | 4,000,000 | 2,700,000 |
Payments made for services | 19,500,000 | 17,900,000 | 16,100,000 |
A-List Marketing, LLC | ' | ' | ' |
Related Party Transactions | ' | ' | ' |
Payments made for services | 293,636 | 155,500 | 140,300 |
Nancy Peck and Company | ' | ' | ' |
Related Party Transactions | ' | ' | ' |
Space at 420 Lexington Avenue leased (sqft) | 1,003 | ' | ' |
Lease rent due per year | 35,516 | ' | ' |
Increased lease rent due per year beginning in year seven | 40,000 | ' | ' |
Entity with Stephen L Green ownership interest | ' | ' | ' |
Related Party Transactions | ' | ' | ' |
Property management fees from related party | $441,093 | $384,900 | $420,300 |
Noncontrolling_Interests_on_th1
Noncontrolling Interests on the Company's Consolidated Financial Statements (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 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 | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | SL Green Operating Partnership | ||||
Series G Preferred Units | Series H Preferred Units | Series E preferred units | Series F Preferred Units | ||||||||||
Organization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest in the operating partnership (as a percent) | ' | ' | ' | ' | ' | ' | ' | 2.96% | 2.94% | ' | ' | ' | ' |
Number of units of operating partnership owned by the noncontrolling interest unit holders (shares) | ' | ' | ' | ' | ' | ' | ' | 2,902,317 | 2,759,758 | ' | ' | ' | ' |
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | ' | ' | ' | ' | ' | ' | ' | 2,902,317 | ' | ' | ' | ' | ' |
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 | ' | ' |
Annual dividends on preferred units (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.13 | $1.50 | $1 | $1,000 |
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 | ' | ' | ' |
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | $212,907 | ' | ' | ' | ' | ' | ' | $212,907 | $195,030 | ' | ' | ' | ' |
Distributions | ' | -21,946 | -143,579 | ' | ' | ' | ' | -4,146 | -3,296 | ' | ' | ' | ' |
Issuance of common units | ' | ' | ' | ' | ' | ' | ' | 24,750 | 42,239 | ' | ' | ' | ' |
Redemption of common units | ' | ' | ' | ' | ' | ' | ' | -17,287 | -87,513 | ' | ' | ' | ' |
Net income | 3,023 | 5,597 | 14,629 | ' | ' | ' | ' | 3,023 | 5,597 | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) allocation | 611 | -388 | -291 | ' | ' | ' | ' | 611 | -388 | ' | ' | ' | ' |
Fair value adjustment | ' | ' | ' | ' | ' | ' | ' | 45,618 | 61,238 | ' | ' | ' | ' |
Balance at end of period | $265,476 | $212,907 | ' | ' | ' | ' | ' | $265,476 | $212,907 | ' | ' | ' | ' |
Stockholders_Equity_of_the_Com2
Stockholders' Equity of the Company (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Authorized capital stock (in shares) | ' | 260,000,000 | ' |
Authorized shares, par value (in dollars per share) | ' | $0.01 | ' |
Common stock, shares authorized (shares) | ' | 160,000,000 | 160,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Share Price | $95.94 | ' | ' |
Excess stock, shares 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 | ' |
Shares issued (shares) | ' | 94,993,284 | ' |
Shares outstanding (shares) | ' | 0 | ' |
Issuance of common stock (shares) | 2,600,000 | ' | ' |
Issuance of common stock | $248,900 | $290,699 | $221,965 |
Stockholders_Equity_of_the_Com3
Stockholders' Equity of the Company (Details 2) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Nov. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2011 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jul. 14, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | |
At-the-market equity offering programs | At-the-market equity offering programs | Series I Preferred Stock | Series I Preferred Stock | Series I Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Dividend Reinvestment and Stock Purchase Plan (DRIP) | Dividend Reinvestment and Stock Purchase Plan (DRIP) | Dividend Reinvestment and Stock Purchase Plan (DRIP) | |||||||||||||
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate value of the shares of common stock to be sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (shares) | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 462,276 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 761 | 1,300,000 | ' |
Aggregate gross proceeds from shares sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 290,699,000 | 201,279,000 | 516,168,000 | 41,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,600 | 99,600,000 | ' |
Aggregate value of shares available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | 9,200,000 | 7,700,000 | 11,700,000 | 7,700,000 | 7,700,000 | ' | ' | ' | ' | ' |
Perpetual Preferred Units (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | 7.63% | ' | 7.63% | ' | ' | 7.88% | ' | ' | ' |
Perpetual Preferred stock, liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | $25 | $25 | ' | $25 | $25 | ' | ' | ' | ' | ' |
Perpetual Preferred stock, annual dividends per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.63 | ' | $0.35 | $0.37 | $1.91 | ' | $0.49 | $1.97 | ' | ' | ' |
Net proceeds from sale of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 221,965,000 | 0 | ' | ' | 221,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (shares) | ' | 160,000,000 | ' | ' | ' | 160,000,000 | ' | ' | ' | 160,000,000 | 160,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 |
Preferred stock redeemed (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | 4,000,000 | ' | ' | ' |
Preferred stock Redemption (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | $25 | ' | ' | ' |
Preferred stock redemption costs | ' | $0 | $0 | $12,160,000 | $0 | $0 | $10,010,000 | $0 | $0 | $12,160,000 | $10,010,000 | $0 | ' | ' | ' | ' | ' | $12,200,000 | $6,300,000 | ' | ' | ' | $3,700,000 | ' | ' | ' |
Stockholders_Equity_of_the_Com4
Stockholders' Equity of the Company (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic Earnings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to SL Green common stockholders | $37,120 | $37,025 | $8,276 | $18,909 | $19,956 | $7,732 | $103,040 | $25,256 | $101,330 | $155,984 | $617,232 |
Effect of Dilutive Securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of units to common shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Diluted Earnings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income attributable to SLGOP common unitholders | ' | ' | ' | ' | ' | ' | ' | ' | 104,353 | 161,581 | 631,861 |
Basic Shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 92,269,000 | 89,319,000 | 83,762,000 |
Effect of Dilutive Securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of units to common shares (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,735,000 | 3,207,000 | 1,985,000 |
Stock-based compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 262,000 | 347,000 | 497,000 |
Diluted weighted average common stock outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 95,266,000 | 92,873,000 | 86,244,000 |
Common stock shares excluded from the diluted shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 964,789 | 627,000 | 680,000 |
3.0% exchangeable senior debentures due 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of Dilutive Securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest rate (as a percent) | 3.00% | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
3.0% exchangeable senior debentures due 2027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of Dilutive Securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest rate (as a percent) | 3.00% | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
4.0% exchangeable senior debentures due 2025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of Dilutive Securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest rate (as a percent) | 4.00% | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of Dilutive Securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of units to common shares | ' | ' | ' | ' | ' | ' | ' | ' | 3,023 | 5,597 | 14,629 |
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of Dilutive Securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of units to common shares | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Partners_Capital_of_the_Operat2
Partners' Capital of the Operating Partnership (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Common Stock | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Shares outstanding (shares) | 94,993,000 | 91,250,000 | 85,783,000 | 78,307,000 |
SL Green Operating Partnership | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Noncontrolling interest in the operating partnership (as a percent) | 2.96% | 2.94% | ' | ' |
Number of units of operating partnership owned by the noncontrolling interest unit holders (shares) | 2,902,317 | 2,759,758 | ' | ' |
SL Green Operating Partnership | Common Stock | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Shares outstanding (shares) | 94,993,284 | ' | ' | ' |
SL Green Operating Partnership | Series I Preferred Units | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Shares outstanding (shares) | 9,200,000 | ' | ' | ' |
Partners_Capital_of_the_Operat3
Partners' Capital of the Operating Partnership-EPS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to SL Green common stockholders | $37,120 | $37,025 | $8,276 | $18,909 | $19,956 | $7,732 | $103,040 | $25,256 | $101,330 | $155,984 | $617,232 |
Redemption of units to common shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income attributable to SLGOP common unitholders | ' | ' | ' | ' | ' | ' | ' | ' | 104,353 | 161,581 | 631,861 |
Basic weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 92,269,000 | 89,319,000 | 83,762,000 |
Stock-based compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 262,000 | 347,000 | 497,000 |
Common stock shares excluded from the diluted shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 964,789 | 627,000 | 680,000 |
SL Green Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to SL Green common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 104,353 | 161,581 | 631,861 |
Income attributable to SLGOP common unitholders | ' | ' | ' | ' | ' | ' | ' | ' | $104,353 | $161,581 | $631,861 |
Basic weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 95,004,000 | 92,526,000 | 85,747,000 |
Stock-based compensation plans (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 262,000 | 347,000 | 497,000 |
Diluted weighted average common units outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 95,266,000 | 92,873,000 | 86,244,000 |
Common stock shares excluded from the diluted shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 964,789 | 627,000 | 680,000 |
3.0% exchangeable senior debentures due 2017 | SL Green Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | 3.00% | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Stock-based compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
3.0% exchangeable senior debentures due 2027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | 3.00% | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Stock-based compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
3.0% exchangeable senior debentures due 2027 | SL Green Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | 3.00% | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Stock-based compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
4.0% exchangeable senior debentures due 2025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | 4.00% | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Stock-based compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
4.0% exchangeable senior debentures due 2025 | SL Green Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | 4.00% | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Stock-based compensation plans (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Sharebased_Compensation_Detail
Share-based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Awards | ' | ' | ' |
Options Outstanding | ' | ' | ' |
Weighted average fair value of options granted during the year | $17,386,949 | $7,023,942 | $21,768,084 |
Summary of restricted stock | ' | ' | ' |
Balance at beginning of year (in shares) | 2,804,901 | 2,912,456 | 2,728,290 |
Granted (in shares) | 192,563 | 92,729 | 185,333 |
Cancelled (in shares) | -3,267 | -200,284 | -1,167 |
Balance at end of period (in shares) | 2,994,197 | 2,804,901 | 2,912,456 |
Vested during the period (in shares) | 21,074 | 408,800 | 66,299 |
Compensation expense recorded | 6,713,155 | 6,930,381 | 17,365,401 |
Weighted average fair value of restricted stock granted during the year | 17,386,949 | 7,023,942 | 21,768,084 |
Stock options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Dividend yield (as a percent) | 1.92% | 2.00% | 2.00% |
Expected life of option | '4 years 1 month 6 days | '3 years 8 months 12 days | '4 years 2 months 12 days |
Risk-free interest rate (as a percent) | 0.96% | 0.46% | 1.00% |
Expected stock price volatility (as a percent) | 36.12% | 37.40% | 47.98% |
Options Outstanding | ' | ' | ' |
Balance at beginning of year (in shares) | 1,201,000 | 1,277,200 | 1,353,002 |
Granted (in shares) | 828,100 | 361,331 | 212,400 |
Exercised (in shares) | -223,531 | -382,612 | -243,901 |
Lapsed or cancelled (in shares) | -40,535 | -54,919 | -44,301 |
Balance at end of period (in shares) | 1,765,034 | 1,201,000 | 1,277,200 |
Options exercisable at end of period (in shares) | 461,458 | 479,913 | 644,429 |
Weighted average fair value of options granted during the year | 18,041,576 | 6,602,967 | 4,647,554 |
Weighted Average Exercise Price | ' | ' | ' |
Balance at beginning of year (in dollars per share) | $75.05 | $63.37 | $58.85 |
Granted (in dollars per share) | $87.23 | $75.36 | $66.42 |
Exercised (in dollars per share) | $53.93 | $36.65 | $40.48 |
Lapsed or cancelled (in dollars per share) | $83.94 | $72.99 | $65.89 |
Balance at end of period (in dollars per share) | $83.24 | $75.05 | $63.37 |
Options exercisable at end of period (in dollars per share) | $89.38 | $86.85 | $72.31 |
Summary of restricted stock | ' | ' | ' |
Compensation expense recorded | 6,500,000 | 5,100,000 | 4,700,000 |
Weighted average fair value of restricted stock granted during the year | $18,041,576 | $6,602,967 | $4,647,554 |
Sharebased_CompensationAdditio
Share-based Compensation-Additional Information (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 11, 2013 | Dec. 17, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2008 | |
Stock options | Stock options | Stock options | Stock options | Stock options | Restricted Stock Awards | Restricted Stock Awards | Restricted Stock Awards | Restricted Stock Awards | LTIP units | LTIP units | LTIP units | Performance Shares | Performance Shares | Performance Shares | 2010 Notional Unit Long-Term Compensation Plan | 2010 Notional Unit Long-Term Compensation Plan | 2010 Notional Unit Long-Term Compensation Plan | 2010 Notional Unit Long-Term Compensation Plan | 2010 Notional Unit Long-Term Compensation Plan | 2010 Notional Unit Long-Term Compensation Plan | 2010 Notional Unit Long-Term Compensation Plan | 2010 Notional Unit Long-Term Compensation Plan | Third Amendment and Restated 2005 Stock Option and Incentive Plan | Stock options, stock appreciation rights and other awards | All other awards | 2011 Outperformance Plan | 2011 Outperformance Plan | 2011 Outperformance Plan | 2011 Outperformance Plan | Deferred Stock Compensation Plan for Directors | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | ||||
Minimum | Maximum | Minimum | Maximum | fungibleunits | fungibleunits | fungibleunits | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum fungible units that may be granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,130,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fungible units per share (fungible units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.76 | 0.77 | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Award expiration period | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Shares that may be issued if equal to fungible units (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,130,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement By Share-based Payment Award, Number Of Fungible Units Available For Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vesting period | ' | ' | ' | ' | ' | ' | '1 year | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of commencement of option vesting, from date of grant | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of options granted, low end of the range (in dollars per share) | ' | ' | ' | $20.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of options granted, high end of the range (in dollars per share) | ' | ' | ' | $137.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining weighted average contractual life of the options outstanding | ' | ' | ' | '4 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining weighted average contractual life of the options exercisable | ' | ' | ' | '3 years 9 months 28 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | ' | ' | $6,500,000 | $5,100,000 | $4,700,000 | ' | ' | $6,713,155 | $6,930,381 | $17,365,401 | ' | ' | ' | ' | ' | ' | ' | $4,500,000 | $10,700,000 | $9,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | $8,000,000 | $5,500,000 | $100,000 | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to unvested stock awards | ' | ' | ' | 20,300,000 | ' | ' | ' | ' | 17,800,000 | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period for recognition of compensation cost related to unvested stock awards | ' | ' | ' | '3 years | ' | ' | ' | ' | '2 years 8 months | ' | ' | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,300,000 | 12,600,000 | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual award vesting rate, low end of range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual award vesting rate, high end of range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of restricted stock vested during the period | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 22,400,000 | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of the plan, subject to adjustment for forfeitures | 4,500,000 | 4,100,000 | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,300,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of options granted during the year | ' | ' | ' | 18,041,576 | 6,602,967 | 4,647,554 | ' | ' | 17,386,949 | 7,023,942 | 21,768,084 | ' | 27,100,000 | 0 | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate amount of LTIP units that may be earned by the recipients based on stock price appreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | 85,000,000 | ' | ' | ' | ' |
Approximate amount of awards that may be earned by recipients after beginning of the second year if maximum performance achieved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum stock price appreciation to earn maximum amount of awards (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LTIP units earned (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 327,416 | 385,583 | ' | ' | 366,815 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of LTIP Units earned, vested on December 17, 2012 (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of LTIP Units that could be earned expressed as percentage of outperformance amount in excess of the 30% benchmark (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Duration period return to stockholders exceeds 25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Cumulative return to stockholders (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' |
Return to stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $85,000,000 | ' | ' | ' | ' | ' | ' | ' |
Portion of earned LTIP Units vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-third | ' | ' | ' | ' | ' | ' | ' |
Percentage of LTIP Units earned, vesting on August 31, 2014 (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of LTIP Units earned, vesting on August 31, 2015 (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of the annual retainer fee, chairman fees and meeting fees that may be deferred by non-employee directors (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Awards granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 192,563 | 92,729 | 185,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,622 | ' | ' | ' |
Phantom stock units outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,994,197 | 2,804,901 | 2,912,456 | 2,728,290 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,524 | ' | ' | ' |
Shares of common stock available for issuance (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' |
Shares of common stock issued (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,635 | ' |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss of the Company (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ' | ' | ' | |||
Ending Balance | ($15,211,000) | ($29,587,000) | ' | |||
Deferred net losses from terminated hedges | 13,800,000 | 15,000,000 | 16,300,000 | |||
SL Green Realty Corp | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ' | ' | ' | |||
Beginning Balance | -29,587,000 | -28,445,000 | -22,659,000 | |||
Other comprehensive (loss) income before reclassifications | 7,573,000 | -15,101,000 | -19,615,000 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 6,803,000 | 13,959,000 | 13,829,000 | |||
Ending Balance | -15,211,000 | -29,587,000 | -28,445,000 | |||
SL Green Realty Corp | Net unrealized loss on derivative instruments | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ' | ' | ' | |||
Beginning Balance | -16,834,000 | [1] | -17,510,000 | [1] | -14,009,000 | [1] |
Other comprehensive (loss) income before reclassifications | -168,000 | [1] | -1,124,000 | [1] | -5,019,000 | [1] |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,877,000 | [1] | 1,800,000 | [1] | 1,518,000 | [1] |
Ending Balance | -15,125,000 | [1] | -16,834,000 | [1] | -17,510,000 | [1] |
SL Green Realty Corp | Unrealized gains and loss on marketable securities | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ' | ' | ' | |||
Beginning Balance | 3,310,000 | 6,466,000 | 9,653,000 | |||
Other comprehensive (loss) income before reclassifications | 1,474,000 | -4,879,000 | -4,682,000 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 1,723,000 | 1,495,000 | |||
Ending Balance | 4,784,000 | 3,310,000 | 6,466,000 | |||
SL Green Realty Corp | Joint venture | Net unrealized loss on derivative instruments | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ' | ' | ' | |||
Beginning Balance | -16,063,000 | [2] | -17,401,000 | [2] | -18,303,000 | [2] |
Other comprehensive (loss) income before reclassifications | 6,267,000 | [2] | -9,098,000 | [2] | -9,914,000 | [2] |
Amounts reclassified from accumulated other comprehensive income (loss) | 4,926,000 | [2] | 10,436,000 | [2] | 10,816,000 | [2] |
Ending Balance | ($4,870,000) | [2] | ($16,063,000) | [2] | ($17,401,000) | [2] |
[1] | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of DecemberB 31, 2013, 2012 and 2011, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was approximately $13.8 million , $15.0 million and $16.3 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 $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership [Roll Forward] | ' | ' | ' | |||
Ending Balance | ($15,211,000) | ($29,587,000) | ' | |||
Deferred net losses from terminated hedges | 13,800,000 | 15,000,000 | 16,300,000 | |||
SL Green Operating Partnership | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership [Roll Forward] | ' | ' | ' | |||
Beginning Balance | -30,649,000 | -29,119,000 | -23,042,000 | |||
Other comprehensive (loss) income before reclassifications | 7,982,000 | -15,991,000 | -20,233,000 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 7,005,000 | 14,461,000 | 14,156,000 | |||
Ending Balance | -15,662,000 | -30,649,000 | -29,119,000 | |||
Deferred net losses from terminated hedges | 14,200,000 | 15,500,000 | 16,700,000 | |||
Unrealized gains and loss on marketable securities | SL Green Operating Partnership | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership [Roll Forward] | ' | ' | ' | |||
Beginning Balance | -17,438,000 | [1] | -18,391,000 | [1] | -14,246,000 | [1] |
Other comprehensive (loss) income before reclassifications | -68,000 | [1] | -912,000 | [1] | -5,699,000 | [1] |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,933,000 | [1] | 1,865,000 | [1] | 1,554,000 | [1] |
Ending Balance | -15,573,000 | [1] | -17,438,000 | [1] | -18,391,000 | [1] |
Net unrealized loss on derivative instruments | SL Green Operating Partnership | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership [Roll Forward] | ' | ' | ' | |||
Beginning Balance | 3,429,000 | 7,086,000 | 9,817,000 | |||
Other comprehensive (loss) income before reclassifications | 1,497,000 | -5,442,000 | -4,261,000 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 1,785,000 | 1,530,000 | |||
Ending Balance | 4,926,000 | 3,429,000 | 7,086,000 | |||
Joint venture | Unrealized gains and loss on marketable securities | SL Green Operating Partnership | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership [Roll Forward] | ' | ' | ' | |||
Beginning Balance | -16,640,000 | [2] | -17,814,000 | [2] | -18,613,000 | [2] |
Other comprehensive (loss) income before reclassifications | 6,553,000 | [2] | -9,637,000 | [2] | -10,273,000 | [2] |
Amounts reclassified from accumulated other comprehensive income (loss) | 5,072,000 | [2] | 10,811,000 | [2] | 11,072,000 | [2] |
Ending Balance | ($5,015,000) | [2] | ($16,640,000) | [2] | ($17,814,000) | [2] |
[1] | Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of income. As of DecemberB 31, 2013, 2012 and 2011, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was approximately $14.2 million, $15.5 million and $16.7 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_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value of Financial Instruments | ' | ' |
Marketable securities | $32,049,000 | $21,429,000 |
Interest rate swap agreements (included in accrued interest payable and other liabilities) | 1,329,000 | 1,959,000 |
Debt and preferred equity investments | 1,304,839,000 | 1,348,434,000 |
Carrying Value | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Fixed rate debt | 5,599,960,000 | 4,922,725,000 |
Variable rate debt | 1,319,948,000 | 1,597,695,000 |
Notional Value | 6,919,908,000 | 6,520,420,000 |
Fair Value | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Notional Value | 7,214,402,000 | 6,891,738,000 |
Estimated fair value of debt and preferred equity investments, low end of range | 1,300,000,000 | ' |
Estimated fair value of debt and preferred equity investments, high end of range | 1,400,000,000 | ' |
Level 3 | Carrying Value | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Debt and preferred equity investments | 1,304,839,000 | 1,348,434,000 |
Level 3 | Fair Value | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Fixed rate debt | 5,886,980,000 | 5,334,244,000 |
Variable rate debt | 1,327,422,000 | 1,557,494,000 |
Equity marketable securities | Level 1 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Marketable securities | 4,307,000 | 2,202,000 |
Interest rate swap agreements (included in accrued interest payable and other liabilities) | 0 | 0 |
Commercial mortgage-backed securities | Level 2 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Marketable securities | 24,419,000 | 15,575,000 |
Interest rate swap agreements (included in accrued interest payable and other liabilities) | 1,329,000 | 1,959,000 |
Rake bonds | Level 3 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Marketable securities | 3,323,000 | 3,652,000 |
Interest rate swap agreements (included in accrued interest payable and other liabilities) | $0 | $0 |
Financial_Instruments_Derivati2
Financial Instruments: Derivatives and Hedging (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Financial Instruments: Derivatives and Hedging | ' | ' | ' |
Interest rate swap agreements (included in accrued interest payable and other liabilities | ($1,329,000) | ($1,959,000) | ' |
Loss from settlement of hedges included in accumulated other comprehensive loss | -16,000 | -770,000 | -66,000 |
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) | 6,485,000 | -10,549,000 | -15,972,000 |
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 7,005,000 | 12,676,000 | 12,626,000 |
Amount of Gain or (Loss) or Recognized into Income (Ineffective Portion) | 3,000 | 3,000 | -16,000 |
Derivative, Fair Value, Net | 1,322,000 | ' | ' |
Interest Rate Swap | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion) | -68,000 | -912,000 | -5,699,000 |
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 1,933,000 | 1,865,000 | 1,554,000 |
Amount of Gain or (Loss) or Recognized into Income (Ineffective Portion) | 3,000 | 3,000 | -16,000 |
Interest Rate Cap expiring in November, 2015 | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' |
Notional Value | 263,426,000 | ' | ' |
Strike Rate (as a percent) | 6.00% | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 9,000 | ' | ' |
Interest Rate Cap Expiring in September 2015 | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' |
Notional Value | 137,500,000 | ' | ' |
Strike Rate (as a percent) | 4.00% | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 7,000 | ' | ' |
Interest Rate Cap expiring in June, 2016 | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' |
Notional Value | 30,000,000 | ' | ' |
Strike Rate (as a percent) | 2.30% | ' | ' |
Interest rate swap agreements (included in accrued interest payable and other liabilities | -1,293,000 | ' | ' |
Interest Rate Swap expiring in February, 2015 | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' |
Notional Value | 8,500,000 | ' | ' |
Strike Rate (as a percent) | 0.74% | ' | ' |
Interest rate swap agreements (included in accrued interest payable and other liabilities | -45,000 | ' | ' |
Level 2 | Interest Rate Swap expiring in February, 2015 | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' |
Loss from settlement of hedges included in accumulated other comprehensive loss | ' | -700,000 | ' |
Joint venture | ' | ' | ' |
Financial Instruments: Derivatives and Hedging | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion) | 6,553,000 | -9,637,000 | -10,273,000 |
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 5,072,000 | 10,811,000 | 11,072,000 |
Amount of Gain or (Loss) or Recognized into Income (Ineffective Portion) | $0 | $0 | $0 |
Rental_Income_Details
Rental Income (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Consolidated properties | ' |
Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases | ' |
2014 | $992,002 |
2015 | 939,016 |
2016 | 870,664 |
2017 | 792,471 |
2018 | 733,754 |
Thereafter | 3,785,428 |
Total minimum lease payments | 8,113,335 |
Unconsolidated properties | ' |
Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases | ' |
2014 | 245,879 |
2015 | 195,447 |
2016 | 214,616 |
2017 | 201,671 |
2018 | 202,309 |
Thereafter | 1,911,877 |
Total minimum lease payments | $2,971,799 |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 12 Months Ended | 21 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2000 | Oct. 02, 2010 | |
Multi-employer plans | ' | ' | ' | ' | ' |
Plan contributions | $17,293,000 | $16,551,000 | $14,294,000 | ' | ' |
Quarterly diversion of employer contributions from the Health Plan to the Pension Plan | ' | ' | ' | ' | 1,950,000 |
401 (K) Plan | ' | ' | ' | ' | ' |
Employee contribution limit per calendar year (percent) | 15.00% | ' | ' | ' | ' |
Employer match of employee contributions of first specified percentage of annual compensation (percent) | 50.00% | 50.00% | 50.00% | 50.00% | ' |
Percentage of eligible compensation matched by employer (percent) | 6.00% | 6.00% | 6.00% | 4.00% | ' |
Matching contribution | 550,000 | 561,000 | 502,000 | ' | ' |
Pension Plan | ' | ' | ' | ' | ' |
Multi-employer plans | ' | ' | ' | ' | ' |
Plan contributions | 221,900,000 | 212,700,000 | 201,300,000 | ' | ' |
Health Plan | ' | ' | ' | ' | ' |
Multi-employer plans | ' | ' | ' | ' | ' |
Plan contributions | 923,500,000 | 893,300,000 | 843,200,000 | ' | ' |
Pension Plan | ' | ' | ' | ' | ' |
Multi-employer plans | ' | ' | ' | ' | ' |
Plan contributions | 2,765,000 | 2,506,000 | 2,264,000 | ' | ' |
Health Plan | ' | ' | ' | ' | ' |
Multi-employer plans | ' | ' | ' | ' | ' |
Plan contributions | 8,522,000 | 8,020,000 | 6,919,000 | ' | ' |
Other plans | ' | ' | ' | ' | ' |
Multi-employer plans | ' | ' | ' | ' | ' |
Plan contributions | $6,006,000 | $6,025,000 | $5,111,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | |
portfolio | Belmont | Belmont | Property and rental value coverage | Property and rental value coverage | |
Commitments and Contingencies. | ' | ' | ' | ' | ' |
Employment agreements with certain executives, minimum cash-based compensation for next fiscal year | $4,700,000 | ' | ' | ' | ' |
Employment agreements with certain executives, grant date value of deferred compensation awards | 1,200,000 | ' | ' | ' | ' |
Number of property insurance portfolios for which all-risk property and rental value coverage is maintained (portfolio) | 2 | ' | ' | ' | ' |
Blanket limit per occurrence maintained under first property portfolio (up to $950 million) | ' | ' | ' | ' | 950,000,000 |
Limit per occurrence maintained under second property portfolio (up to $700 million) | ' | ' | ' | ' | 700,000,000 |
Amount of flood coverage (up to $100 million) | ' | ' | ' | ' | 100,000,000 |
Limit per occurrence and in aggregate per location under liability policies (up to $201 million) | ' | ' | ' | 201,000,000 | ' |
Loss reserves | ' | $7,000,000 | $6,200,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Apr. 30, 1988 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
420 Lexington Avenue | 1080 Amsterdam Avenue | 1080 Amsterdam Avenue | 711 Third Avenue | 461 Fifth Avenue | 625 Madison Avenue | 1185 Avenue of the Americas | 673 First Avenue | 673 First Avenue | 673 First Avenue | 673 First Avenue | Through July 2016 | After July 2016 | |||
extenstion_option | extenstion_option | extenstion_option | 711 Third Avenue | 711 Third Avenue | |||||||||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Term of Second Renewal Option | ' | ' | ' | ' | ' | ' | '21 years | '23 years | ' | ' | ' | ' | ' | ' | ' |
Number of renewal options available (extension option) | ' | ' | 2 | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' |
Annual ground lease payments through December 2019 | ' | ' | $10,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual ground lease payments through December 2029 | ' | ' | 11,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual ground lease payments due thereafter | ' | ' | 12,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of land as a percentage of the fair market value of the property (percent) | ' | ' | 6.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment of ground lease rent | ' | ' | ' | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative amortization | ' | ' | ' | ' | 27,400,000 | ' | ' | ' | ' | ' | ' | 6,500,000 | 6,300,000 | ' | ' |
Required annual ground lease payments, prior to reset | ' | ' | ' | ' | ' | 1,550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of fee not owned by the entity (percent) | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required annual ground lease payments | ' | ' | ' | ' | ' | ' | 2,100,000 | 4,600,000 | 6,900,000 | ' | ' | ' | ' | 5,250,000 | 5,500,000 |
Term of first renewal option | ' | ' | ' | ' | ' | ' | '21 years | '23 years | '23 years | ' | '25 years | ' | ' | ' | ' |
Operating Leases, Term of Third Renewal Option | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' |
Land as percentage of fair market value of the property (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' |
Initial lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '49 years | ' | ' | ' | ' |
Extension in lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '50 years | ' | ' | ' | ' | ' |
Capital lease, cost basis | $50,310,000 | $40,340,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22,900,000 | ' | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details 3) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Initial term of non cancellable operating leases, minimum | '1 year |
Capital lease | ' |
2014 | $2,292 |
2015 | 2,363 |
2016 | 2,531 |
2017 | 2,652 |
2018 | 2,652 |
Thereafter | 353,826 |
Total minimum lease payments | 366,316 |
Less amount representing interest | -318,645 |
Present value of net minimum lease payments | 47,671 |
Non-cancellable operating leases | ' |
2014 | 35,356 |
2015 | 35,511 |
2016 | 35,943 |
2017 | 36,176 |
2018 | 36,176 |
Thereafter | 1,409,808 |
Total minimum lease payments | $1,588,970 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
segment | |||||||||||
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments (segment) | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Total revenues | $374,699,000 | $363,765,000 | $365,145,000 | $365,468,000 | $346,599,000 | $357,011,000 | $344,535,000 | $334,585,000 | $1,469,077,000 | $1,382,729,000 | $1,246,859,000 |
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate and purchase price fair value adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 133,362,000 | 153,401,000 | 121,364,000 |
Total assets | 14,959,001,000 | ' | ' | ' | 14,386,296,000 | ' | ' | ' | 14,959,001,000 | 14,386,296,000 | ' |
Leverage rate assumption (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Marketing, general and administrative expenses and transaction related costs | ' | ' | ' | ' | ' | ' | ' | ' | 90,200,000 | 88,500,000 | 85,700,000 |
Real Estate Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,275,234,000 | 1,263,574,000 | 1,126,441,000 |
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate and purchase price fair value adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -27,024,000 | 60,455,000 | 20,327,000 |
Total assets | 13,641,727,000 | ' | ' | ' | 13,028,406,000 | ' | ' | ' | 13,641,727,000 | 13,028,406,000 | ' |
Debt and Preferred Equity Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 193,843,000 | 119,155,000 | 120,418,000 |
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate and purchase price fair value adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 160,386,000 | 92,946,000 | 101,037,000 |
Total assets | $1,317,274,000 | ' | ' | ' | $1,357,890,000 | ' | ' | ' | $1,317,274,000 | $1,357,890,000 | ' |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
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 and purchase price fair value adjustment | ' | ' | ' | ' | ' | ' | ' | ' | $133,362 | $153,401 | $121,364 |
Equity in net gain on sale of interest in unconsolidated joint venture/ real estate | 7,538 | -354 | -3,583 | 0 | 19,277 | -4,807 | 15,323 | 7,260 | 3,601 | 37,053 | 2,918 |
Purchase price fair value adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -2,305 | 0 | 498,195 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 134,658 | 190,454 | 622,477 |
Net income from discontinued operations | 0 | 1,406 | -678 | 997 | 9,737 | 951 | 899 | 1,032 | 1,725 | 12,619 | 8,560 |
Gain on sale of discontinued operations | 0 | 13,787 | 0 | 1,113 | 0 | 0 | 0 | 6,627 | 14,900 | 6,627 | 46,085 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $151,283 | $209,700 | $677,122 |
Quarterly_Financial_Data_unaud2
Quarterly Financial Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $374,699,000 | $363,765,000 | $365,145,000 | $365,468,000 | $346,599,000 | $357,011,000 | $344,535,000 | $334,585,000 | $1,469,077,000 | $1,382,729,000 | $1,246,859,000 |
Income from continuing before equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, purchase price fair value adjustment, gain (loss) on early extinguishment of debt, loss on sale of investment in marketable securities, net of noncontrolling interests | 33,314,000 | 25,924,000 | 34,019,000 | 42,776,000 | 2,624,000 | 27,276,000 | 94,362,000 | 17,882,000 | ' | ' | ' |
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate | 7,538,000 | -354,000 | -3,583,000 | 0 | 19,277,000 | -4,807,000 | 15,323,000 | 7,260,000 | 3,601,000 | 37,053,000 | 2,918,000 |
Purchase price fair value adjustment | 0 | 0 | -2,305,000 | 0 | ' | ' | ' | ' | -2,239,000 | 0 | 486,660,000 |
Gain (loss) on early extinguishment of debt | 5,000 | 0 | -10,000 | -18,513,000 | -6,978,000 | 0 | 0 | 0 | -18,518,000 | -6,978,000 | 904,000 |
Gain (loss) on sale of investment in marketable securities | 0 | 0 | -8,000 | -57,000 | 2,703,000 | 2,237,000 | 0 | 0 | 0 | 4,900,000 | 4,500,000 |
Net income (loss) from discontinued operations | 0 | 1,406,000 | -678,000 | 997,000 | 9,737,000 | 951,000 | 899,000 | 1,032,000 | 1,725,000 | 12,619,000 | 8,560,000 |
Gain on sale of discontinued operations | 0 | 13,787,000 | 0 | 1,113,000 | 0 | 0 | 0 | 6,627,000 | 14,900,000 | 6,627,000 | 46,085,000 |
Net income attributable to SL Green | 40,857,000 | 40,763,000 | 27,435,000 | 26,316,000 | 27,363,000 | 25,657,000 | 110,584,000 | 32,801,000 | 135,371,000 | 196,405,000 | 647,410,000 |
Preferred stock redemption costs | 0 | 0 | -12,160,000 | 0 | 0 | -10,010,000 | 0 | 0 | -12,160,000 | -10,010,000 | 0 |
Perpetual preferred stock dividends | -3,737,000 | -3,738,000 | -6,999,000 | -7,407,000 | -7,407,000 | -7,915,000 | -7,544,000 | -7,545,000 | -21,881,000 | -30,411,000 | -30,178,000 |
Net income attributable to SL Green common stockholders | 37,120,000 | 37,025,000 | 8,276,000 | 18,909,000 | 19,956,000 | 7,732,000 | 103,040,000 | 25,256,000 | 101,330,000 | 155,984,000 | 617,232,000 |
Net income per common share-Basic (usd per share) | $0.39 | $0.40 | $0.09 | $0.21 | $0.22 | $0.09 | $1.15 | $0.29 | $1.10 | $1.75 | $7.37 |
Net income per common share-Diluted (usd per share) | $0.39 | $0.40 | $0.09 | $0.21 | $0.22 | $0.09 | $1.14 | $0.29 | $1.10 | $1.74 | $7.33 |
SL Green Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 374,699,000 | 363,765,000 | 365,145,000 | 365,468,000 | 346,598,000 | 357,011,000 | 344,535,000 | 334,585,000 | 1,469,077,000 | 1,382,729,000 | 1,246,859,000 |
Income from continuing before equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate, purchase price fair value adjustment, gain (loss) on early extinguishment of debt, loss on sale of investment in marketable securities, net of noncontrolling interests | 34,428,000 | 27,034,000 | 34,263,000 | 43,331,000 | 3,345,000 | 27,843,000 | 97,783,000 | 18,770,000 | ' | ' | ' |
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate | 7,538,000 | -354,000 | -3,583,000 | 0 | 19,277,000 | -4,807,000 | 15,323,000 | 7,260,000 | 3,601,000 | 37,053,000 | 2,918,000 |
Purchase price fair value adjustment | 0 | 0 | -2,305,000 | 0 | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on early extinguishment of debt | 5,000 | 0 | -10,000 | -18,513,000 | -6,978,000 | 0 | 0 | 0 | -18,518,000 | -6,978,000 | 904,000 |
Gain (loss) on sale of investment in marketable securities | 0 | 0 | -8,000 | -57,000 | 2,703,000 | 2,237,000 | 0 | 0 | ' | ' | ' |
Net income (loss) from discontinued operations | 0 | 1,406,000 | -678,000 | 997,000 | 9,737,000 | 951,000 | 899,000 | 1,032,000 | 1,725,000 | 12,619,000 | 8,560,000 |
Gain on sale of discontinued operations | 0 | 13,787,000 | 0 | 1,113,000 | 0 | 0 | 0 | 6,627,000 | 14,900,000 | 6,627,000 | 46,085,000 |
Net income attributable to SL Green | ' | ' | ' | ' | ' | ' | ' | ' | 138,394,000 | 202,002,000 | 662,039,000 |
Preferred stock redemption costs | 0 | 0 | -12,160,000 | 0 | 0 | -10,010,000 | 0 | 0 | ' | ' | ' |
Perpetual preferred stock dividends | -3,737,000 | -3,738,000 | -6,999,000 | -7,407,000 | -7,407,000 | -7,915,000 | -7,544,000 | -7,545,000 | ' | ' | ' |
Net income attributable to SL Green common stockholders | $38,234,000 | $38,135,000 | $8,520,000 | $19,464,000 | ' | ' | ' | ' | $104,353,000 | $161,581,000 | $631,861,000 |
Net income per common share-Basic (usd per share) | $0.39 | $0.40 | $0.09 | $0.21 | $0.22 | $0.09 | $1.15 | $0.29 | ' | ' | ' |
Net income per common share-Diluted (usd per share) | $0.39 | $0.40 | $0.09 | $0.21 | $0.22 | $0.09 | $1.14 | $0.29 | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (21-25 West 34th Street, Subsequent Event, USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2014 |
21-25 West 34th Street | Subsequent Event | ' |
Subsequent Event [Line Items] | ' |
Ownership interest sold (as a percent) | 50.00% |
Consideration for sale of beneficial interest in real estate property | $114.90 |
Mortgage loan related to property sales | $100 |
Schedule_IIValuation_and_Quali1
Schedule II-Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Tenant and other receivablesballowance | ' | ' | ' |
Changes in valuation allowance | ' | ' | ' |
Balance at Beginning of Year | $14,341 | $11,326 | $10,198 |
Additions Charged Against Operations | 3,052 | 10,147 | 4,537 |
Uncollectible Accounts Written-off/Recovery | -68 | -7,132 | -3,409 |
Balance at End of Year | 17,325 | 14,341 | 11,326 |
Deferred rent receivableballowance | ' | ' | ' |
Changes in valuation allowance | ' | ' | ' |
Balance at Beginning of Year | 29,580 | 29,156 | 30,834 |
Additions Charged Against Operations | 3,133 | 3,193 | 6,638 |
Uncollectible Accounts Written-off/Recovery | -2,380 | -2,769 | -8,316 |
Balance at End of Year | $30,333 | $29,580 | $29,156 |
Schedule_IIIReal_Estate_And_Ac1
Schedule III-Real Estate And Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
In Thousands, unless otherwise specified | |||||
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | $4,719,555 | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 2,766,925 | ' | ' | ' | |
Building & Improvements | 8,276,031 | ' | ' | ' | |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 265,601 | ' | ' | ' | |
Building & Improvements | 1,025,223 | ' | ' | ' | |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 3,032,526 | ' | ' | ' | |
Building & Improvements | 9,301,254 | ' | ' | ' | |
Total | 12,333,780 | 11,662,953 | 11,147,151 | 8,890,064 | |
Accumulated Depreciation | 1,646,240 | 1,393,323 | 1,136,603 | 916,293 | |
673 First Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Building & Improvements | 35,727 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 23,464 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Building & Improvements | 59,191 | [1] | ' | ' | ' |
Total | 59,191 | [1] | ' | ' | ' |
Accumulated Depreciation | 20,019 | [1] | ' | ' | ' |
420 Lexington Avenue | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 182,641 | [1] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Building & Improvements | 107,832 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 169,790 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Building & Improvements | 277,622 | [1] | ' | ' | ' |
Total | 277,622 | [1] | ' | ' | ' |
Accumulated Depreciation | 91,253 | [1] | ' | ' | ' |
711 Third Avenue | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 120,000 | [1] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 19,844 | [1] | ' | ' | ' |
Building & Improvements | 42,499 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 35,029 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 19,844 | [1] | ' | ' | ' |
Building & Improvements | 77,528 | [1] | ' | ' | ' |
Total | 97,372 | [1] | ' | ' | ' |
Accumulated Depreciation | 29,359 | [1] | ' | ' | ' |
555 W. 57th Street | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 18,846 | [1] | ' | ' | ' |
Building & Improvements | 78,704 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 43,084 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 18,846 | [1] | ' | ' | ' |
Building & Improvements | 121,788 | [1] | ' | ' | ' |
Total | 140,634 | [1] | ' | ' | ' |
Accumulated Depreciation | 44,318 | [1] | ' | ' | ' |
317 Madison Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 21,205 | [1] | ' | ' | ' |
Building & Improvements | 85,559 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 28,821 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 21,205 | [1] | ' | ' | ' |
Building & Improvements | 114,380 | [1] | ' | ' | ' |
Total | 135,585 | [1] | ' | ' | ' |
Accumulated Depreciation | 49,963 | [1] | ' | ' | ' |
220 East 42nd Street | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 275,000 | [1] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 50,373 | [1] | ' | ' | ' |
Building & Improvements | 203,727 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 635 | [1] | ' | ' | ' |
Building & Improvements | 52,189 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 51,008 | [1] | ' | ' | ' |
Building & Improvements | 255,916 | [1] | ' | ' | ' |
Total | 306,924 | [1] | ' | ' | ' |
Accumulated Depreciation | 72,157 | [1] | ' | ' | ' |
461 Fifth Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Building & Improvements | 62,695 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 8,003 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Building & Improvements | 70,698 | [1] | ' | ' | ' |
Total | 70,698 | [1] | ' | ' | ' |
Accumulated Depreciation | 19,807 | [1] | ' | ' | ' |
750 Third Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 51,093 | [1] | ' | ' | ' |
Building & Improvements | 205,972 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 33,895 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 51,093 | [1] | ' | ' | ' |
Building & Improvements | 239,867 | [1] | ' | ' | ' |
Total | 290,960 | [1] | ' | ' | ' |
Accumulated Depreciation | 62,379 | [1] | ' | ' | ' |
625 Madison Avenue | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 120,830 | [1] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Building & Improvements | 246,673 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 33,212 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Building & Improvements | 279,885 | [1] | ' | ' | ' |
Total | 279,885 | [1] | ' | ' | ' |
Accumulated Depreciation | 69,230 | [1] | ' | ' | ' |
485 Lexington Avenue | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 450,000 | [1] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 77,517 | [1] | ' | ' | ' |
Building & Improvements | 326,825 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 765 | [1] | ' | ' | ' |
Building & Improvements | 87,964 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 78,282 | [1] | ' | ' | ' |
Building & Improvements | 414,789 | [1] | ' | ' | ' |
Total | 493,071 | [1] | ' | ' | ' |
Accumulated Depreciation | 112,976 | [1] | ' | ' | ' |
609 Fifth Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 36,677 | [1] | ' | ' | ' |
Building & Improvements | 145,954 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 7,230 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 36,677 | [1] | ' | ' | ' |
Building & Improvements | 153,184 | [1] | ' | ' | ' |
Total | 189,861 | [1] | ' | ' | ' |
Accumulated Depreciation | 28,481 | [1] | ' | ' | ' |
120 West 45th Street | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 170,000 | [1] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 60,766 | [1] | ' | ' | ' |
Building & Improvements | 250,922 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 18,090 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 60,766 | [1] | ' | ' | ' |
Building & Improvements | 269,012 | [1] | ' | ' | ' |
Total | 329,778 | [1] | ' | ' | ' |
Accumulated Depreciation | 49,892 | [1] | ' | ' | ' |
810 Seventh Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 114,077 | [1] | ' | ' | ' |
Building & Improvements | 476,386 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 44,614 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 114,077 | [1] | ' | ' | ' |
Building & Improvements | 521,000 | [1] | ' | ' | ' |
Total | 635,077 | [1] | ' | ' | ' |
Accumulated Depreciation | 98,988 | [1] | ' | ' | ' |
919 Third Avenue | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 500,000 | [1],[2] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 223,529 | [1],[2] | ' | ' | ' |
Building & Improvements | 1,033,198 | [1],[2] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 35,410 | [1],[2] | ' | ' | ' |
Building & Improvements | 16,799 | [1],[2] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 258,939 | [1],[2] | ' | ' | ' |
Building & Improvements | 1,049,997 | [1],[2] | ' | ' | ' |
Total | 1,308,936 | [1],[2] | ' | ' | ' |
Accumulated Depreciation | 188,175 | [1],[2] | ' | ' | ' |
1185 Avenue of the Americas | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Building & Improvements | 728,213 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 32,402 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Building & Improvements | 760,615 | [1] | ' | ' | ' |
Total | 760,615 | [1] | ' | ' | ' |
Accumulated Depreciation | 152,278 | [1] | ' | ' | ' |
1350 Avenue of the Americas | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 91,038 | [1] | ' | ' | ' |
Building & Improvements | 380,744 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 26,376 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 91,038 | [1] | ' | ' | ' |
Building & Improvements | 407,120 | [1] | ' | ' | ' |
Total | 498,158 | [1] | ' | ' | ' |
Accumulated Depreciation | 78,379 | [1] | ' | ' | ' |
1100 King Street - 1-7 International Drive | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 49,392 | [3] | ' | ' | ' |
Building & Improvements | 104,376 | [3] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 2,473 | [3] | ' | ' | ' |
Building & Improvements | 16,810 | [3] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 51,865 | [3] | ' | ' | ' |
Building & Improvements | 121,186 | [3] | ' | ' | ' |
Total | 173,051 | [3] | ' | ' | ' |
Accumulated Depreciation | 26,659 | [3] | ' | ' | ' |
520 White Plains Road | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 6,324 | [3] | ' | ' | ' |
Building & Improvements | 26,096 | [3] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 4,352 | [3] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 6,324 | [3] | ' | ' | ' |
Building & Improvements | 30,448 | [3] | ' | ' | ' |
Total | 36,772 | [3] | ' | ' | ' |
Accumulated Depreciation | 6,573 | [3] | ' | ' | ' |
115-117 Stevens Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 5,933 | [3] | ' | ' | ' |
Building & Improvements | 23,826 | [3] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 5,891 | [3] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 5,933 | [3] | ' | ' | ' |
Building & Improvements | 29,717 | [3] | ' | ' | ' |
Total | 35,650 | [3] | ' | ' | ' |
Accumulated Depreciation | 6,825 | [3] | ' | ' | ' |
100 Summit Lake Drive | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 10,526 | [3] | ' | ' | ' |
Building & Improvements | 43,109 | [3] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 7,036 | [3] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 10,526 | [3] | ' | ' | ' |
Building & Improvements | 50,145 | [3] | ' | ' | ' |
Total | 60,671 | [3] | ' | ' | ' |
Accumulated Depreciation | 10,089 | [3] | ' | ' | ' |
200 Summit Lake Drive | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 11,183 | [3] | ' | ' | ' |
Building & Improvements | 47,906 | [3] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 6,222 | [3] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 11,183 | [3] | ' | ' | ' |
Building & Improvements | 54,128 | [3] | ' | ' | ' |
Total | 65,311 | [3] | ' | ' | ' |
Accumulated Depreciation | 10,388 | [3] | ' | ' | ' |
500 Summit Lake Drive | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 9,777 | [3] | ' | ' | ' |
Building & Improvements | 39,048 | [3] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 5,508 | [3] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 9,777 | [3] | ' | ' | ' |
Building & Improvements | 44,556 | [3] | ' | ' | ' |
Total | 54,333 | [3] | ' | ' | ' |
Accumulated Depreciation | 8,023 | [3] | ' | ' | ' |
140 Grand Street | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 6,865 | [3] | ' | ' | ' |
Building & Improvements | 28,264 | [3] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 4,048 | [3] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 6,865 | [3] | ' | ' | ' |
Building & Improvements | 32,312 | [3] | ' | ' | ' |
Total | 39,177 | [3] | ' | ' | ' |
Accumulated Depreciation | 6,608 | [3] | ' | ' | ' |
360 Hamilton Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 29,497 | [3] | ' | ' | ' |
Building & Improvements | 118,250 | [3] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 11,545 | [3] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 29,497 | [3] | ' | ' | ' |
Building & Improvements | 129,795 | [3] | ' | ' | ' |
Total | 159,292 | [3] | ' | ' | ' |
Accumulated Depreciation | 25,138 | [3] | ' | ' | ' |
1-6 Landmark Square | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 82,909 | [4] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 50,947 | [4] | ' | ' | ' |
Building & Improvements | 195,167 | [4] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 23,919 | [4] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 50,947 | [4] | ' | ' | ' |
Building & Improvements | 219,086 | [4] | ' | ' | ' |
Total | 270,033 | [4] | ' | ' | ' |
Accumulated Depreciation | 41,223 | [4] | ' | ' | ' |
7 Landmark Square | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 2,088 | [4] | ' | ' | ' |
Building & Improvements | 7,748 | [4] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | -367 | [4] | ' | ' | ' |
Building & Improvements | -134 | [4] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 1,721 | [4] | ' | ' | ' |
Building & Improvements | 7,614 | [4] | ' | ' | ' |
Total | 9,335 | [4] | ' | ' | ' |
Accumulated Depreciation | 403 | [4] | ' | ' | ' |
680 Washington Boulevard | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 11,696 | [2],[4] | ' | ' | ' |
Building & Improvements | 45,364 | [2],[4] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 4,218 | [2],[4] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 11,696 | [2],[4] | ' | ' | ' |
Building & Improvements | 49,582 | [2],[4] | ' | ' | ' |
Total | 61,278 | [2],[4] | ' | ' | ' |
Accumulated Depreciation | 9,539 | [2],[4] | ' | ' | ' |
Interest in property (as a percent) | 51.00% | ' | ' | ' | |
750 Washington Boulevard | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 16,916 | [2],[4] | ' | ' | ' |
Building & Improvements | 68,849 | [2],[4] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 4,854 | [2],[4] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 16,916 | [2],[4] | ' | ' | ' |
Building & Improvements | 73,703 | [2],[4] | ' | ' | ' |
Total | 90,619 | [2],[4] | ' | ' | ' |
Accumulated Depreciation | 14,140 | [2],[4] | ' | ' | ' |
1010 Washington Boulevard | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 7,747 | [4] | ' | ' | ' |
Building & Improvements | 30,423 | [4] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 3,667 | [4] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 7,747 | [4] | ' | ' | ' |
Building & Improvements | 34,090 | [4] | ' | ' | ' |
Total | 41,837 | [4] | ' | ' | ' |
Accumulated Depreciation | 6,507 | [4] | ' | ' | ' |
500 West Putnam | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 23,529 | [4] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 11,210 | [4] | ' | ' | ' |
Building & Improvements | 44,782 | [4] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 4,594 | [4] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 11,210 | [4] | ' | ' | ' |
Building & Improvements | 49,376 | [4] | ' | ' | ' |
Total | 60,586 | [4] | ' | ' | ' |
Accumulated Depreciation | 8,837 | [4] | ' | ' | ' |
150 Grand Street | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 1,371 | ' | ' | ' | |
Building & Improvements | 5,446 | ' | ' | ' | |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 10,485 | ' | ' | ' | |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 1,371 | ' | ' | ' | |
Building & Improvements | 15,931 | ' | ' | ' | |
Total | 17,302 | ' | ' | ' | |
Accumulated Depreciation | 1,137 | ' | ' | ' | |
400 Summit Lake Drive | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 38,889 | [3] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 285 | [3] | ' | ' | ' |
Building & Improvements | 1 | [3] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 39,174 | [3] | ' | ' | ' |
Building & Improvements | 1 | [3] | ' | ' | ' |
Total | 39,175 | [3] | ' | ' | ' |
Accumulated Depreciation | 1 | [3] | ' | ' | ' |
331 Madison Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 14,763 | [1] | ' | ' | ' |
Building & Improvements | 65,241 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 0 | [1] | ' | ' | ' |
Building & Improvements | 902 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 14,763 | [1] | ' | ' | ' |
Building & Improvements | 66,143 | [1] | ' | ' | ' |
Total | 80,906 | [1] | ' | ' | ' |
Accumulated Depreciation | 12,419 | [1] | ' | ' | ' |
1055 Washington Boulevard | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 13,516 | [4] | ' | ' | ' |
Building & Improvements | 53,228 | [4] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 3,118 | [4] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 13,516 | [4] | ' | ' | ' |
Building & Improvements | 56,346 | [4] | ' | ' | ' |
Total | 69,862 | [4] | ' | ' | ' |
Accumulated Depreciation | 10,700 | [4] | ' | ' | ' |
One Madison Avenue | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 587,336 | [1] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 172,641 | [1] | ' | ' | ' |
Building & Improvements | 654,394 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 905 | [1] | ' | ' | ' |
Building & Improvements | 14,384 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 173,546 | [1] | ' | ' | ' |
Building & Improvements | 668,778 | [1] | ' | ' | ' |
Total | 842,324 | [1] | ' | ' | ' |
Accumulated Depreciation | 107,764 | [1] | ' | ' | ' |
125 Chubb Way | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 5,884 | [5] | ' | ' | ' |
Building & Improvements | 25,958 | [5] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 23,478 | [5] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 5,884 | [5] | ' | ' | ' |
Building & Improvements | 49,436 | [5] | ' | ' | ' |
Total | 55,320 | [5] | ' | ' | ' |
Accumulated Depreciation | 3,372 | [5] | ' | ' | ' |
100 Church | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 230,000 | [1] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 32,494 | [1] | ' | ' | ' |
Building & Improvements | 79,996 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 2,500 | [1] | ' | ' | ' |
Building & Improvements | 81,109 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 34,994 | [1] | ' | ' | ' |
Building & Improvements | 161,105 | [1] | ' | ' | ' |
Total | 196,099 | [1] | ' | ' | ' |
Accumulated Depreciation | 21,198 | [1] | ' | ' | ' |
125 Park Avenue | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 146,250 | [1] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 120,900 | [1] | ' | ' | ' |
Building & Improvements | 189,714 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 29,893 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 120,900 | [1] | ' | ' | ' |
Building & Improvements | 219,607 | [1] | ' | ' | ' |
Total | 340,507 | [1] | ' | ' | ' |
Accumulated Depreciation | 26,598 | [1] | ' | ' | ' |
2 Herald Square | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 191,250 | [1] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 92,655 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 100,633 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 193,288 | [1] | ' | ' | ' |
Total | 193,288 | [1] | ' | ' | ' |
885 Third Avenue | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 267,650 | [1] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 131,766 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 110,771 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 242,537 | [1] | ' | ' | ' |
Total | 242,537 | [1] | ' | ' | ' |
Williamsburg | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 3,677 | [6] | ' | ' | ' |
Building & Improvements | 14,708 | [6] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 2,523 | [6] | ' | ' | ' |
Building & Improvements | -4,550 | [6] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 6,200 | [6] | ' | ' | ' |
Building & Improvements | 10,158 | [6] | ' | ' | ' |
Total | 16,358 | [6] | ' | ' | ' |
Accumulated Depreciation | 821 | [6] | ' | ' | ' |
1515 Broadway | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 900,000 | [1] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 462,700 | [1] | ' | ' | ' |
Building & Improvements | 707,938 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 1,145 | [1] | ' | ' | ' |
Building & Improvements | 27,119 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 463,845 | [1] | ' | ' | ' |
Building & Improvements | 735,057 | [1] | ' | ' | ' |
Total | 1,198,902 | [1] | ' | ' | ' |
Accumulated Depreciation | 63,103 | [1] | ' | ' | ' |
110 East 42nd Street | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 34,000 | [1] | ' | ' | ' |
Building & Improvements | 46,411 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 2,354 | [1] | ' | ' | ' |
Building & Improvements | 13,490 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 36,354 | [1] | ' | ' | ' |
Building & Improvements | 59,901 | [1] | ' | ' | ' |
Total | 96,255 | [1] | ' | ' | ' |
Accumulated Depreciation | 6,371 | [1] | ' | ' | ' |
180 Maiden Lane | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 262,706 | [1],[7] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 191,523 | [1],[7] | ' | ' | ' |
Building & Improvements | 233,230 | [1],[7] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 4,871 | [1],[7] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 191,523 | [1],[7] | ' | ' | ' |
Building & Improvements | 238,101 | [1],[7] | ' | ' | ' |
Total | 429,624 | [1],[7] | ' | ' | ' |
Accumulated Depreciation | 18,599 | [1],[7] | ' | ' | ' |
Interest in property (as a percent) | 49.90% | ' | ' | ' | |
51 East 42nd Street | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 44,095 | [1] | ' | ' | ' |
Building & Improvements | 33,470 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 5 | [1] | ' | ' | ' |
Building & Improvements | 2,255 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 44,100 | [1] | ' | ' | ' |
Building & Improvements | 35,725 | [1] | ' | ' | ' |
Total | 79,825 | [1] | ' | ' | ' |
Accumulated Depreciation | 2,440 | [1] | ' | ' | ' |
400 East 57th Street | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 70,000 | [1],[8] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 39,780 | [1],[8] | ' | ' | ' |
Building & Improvements | 69,895 | [1],[8] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 6,027 | [1],[8] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 39,780 | [1],[8] | ' | ' | ' |
Building & Improvements | 75,922 | [1],[8] | ' | ' | ' |
Total | 115,702 | [1],[8] | ' | ' | ' |
Accumulated Depreciation | 3,571 | [1],[8] | ' | ' | ' |
400 East 58th Street | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 30,000 | [1],[8] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 17,549 | [1],[8] | ' | ' | ' |
Building & Improvements | 30,916 | [1],[8] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 2,388 | [1],[8] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 17,549 | [1],[8] | ' | ' | ' |
Building & Improvements | 33,304 | [1],[8] | ' | ' | ' |
Total | 50,853 | [1],[8] | ' | ' | ' |
Accumulated Depreciation | 1,552 | [1],[8] | ' | ' | ' |
Interest in property (as a percent) | 80.00% | ' | ' | ' | |
752 Madison Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Building & Improvements | 7,131 | [1],[8] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 10 | [1],[8] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Building & Improvements | 7,141 | [1],[8] | ' | ' | ' |
Total | 7,141 | [1],[8] | ' | ' | ' |
Accumulated Depreciation | 423 | [1],[8] | ' | ' | ' |
762 Madison Avenue | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 8,211 | [1],[8] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 6,153 | [1],[8] | ' | ' | ' |
Building & Improvements | 10,461 | [1],[8] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 89 | [1],[8] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 6,153 | [1],[8] | ' | ' | ' |
Building & Improvements | 10,550 | [1],[8] | ' | ' | ' |
Total | 16,703 | [1],[8] | ' | ' | ' |
Accumulated Depreciation | 524 | [1],[8] | ' | ' | ' |
19-21 East 65th Street | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Building & Improvements | 7,389 | [1],[8] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 151 | [1],[8] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Building & Improvements | 7,540 | [1],[8] | ' | ' | ' |
Total | 7,540 | [1],[8] | ' | ' | ' |
Accumulated Depreciation | 365 | [1],[8] | ' | ' | ' |
304 Park Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 54,189 | [1] | ' | ' | ' |
Building & Improvements | 75,619 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 300 | [1] | ' | ' | ' |
Building & Improvements | 4,198 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 54,489 | [1] | ' | ' | ' |
Building & Improvements | 79,817 | [1] | ' | ' | ' |
Total | 134,306 | [1] | ' | ' | ' |
Accumulated Depreciation | 4,726 | [1] | ' | ' | ' |
635 Sixth Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 24,180 | [1] | ' | ' | ' |
Building & Improvements | 37,158 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 163 | [1] | ' | ' | ' |
Building & Improvements | 18,071 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 24,343 | [1] | ' | ' | ' |
Building & Improvements | 55,229 | [1] | ' | ' | ' |
Total | 79,572 | [1] | ' | ' | ' |
Accumulated Depreciation | 0 | [1] | ' | ' | ' |
641 Sixth Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 45,668 | [1] | ' | ' | ' |
Building & Improvements | 67,316 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 308 | [1] | ' | ' | ' |
Building & Improvements | 768 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 45,976 | [1] | ' | ' | ' |
Building & Improvements | 68,084 | [1] | ' | ' | ' |
Total | 114,060 | [1] | ' | ' | ' |
Accumulated Depreciation | 2,922 | [1] | ' | ' | ' |
1080 Amsterdam | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Building & Improvements | 27,445 | [1],[9] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 0 | [1],[9] | ' | ' | ' |
Building & Improvements | 8,450 | [1],[9] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Building & Improvements | 35,895 | [1],[9] | ' | ' | ' |
Total | 35,895 | [1],[9] | ' | ' | ' |
Interest in property (as a percent) | 87.50% | ' | ' | ' | |
131-137 Spring Street | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 27,021 | [1] | ' | ' | ' |
Building & Improvements | 105,342 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 154 | [1] | ' | ' | ' |
Building & Improvements | 637 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 27,175 | [1] | ' | ' | ' |
Building & Improvements | 105,979 | [1] | ' | ' | ' |
Total | 133,154 | [1] | ' | ' | ' |
Accumulated Depreciation | 2,826 | [1] | ' | ' | ' |
985-987 Third Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 5,400 | [1] | ' | ' | ' |
Building & Improvements | 12,600 | [1] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 3,635 | [1] | ' | ' | ' |
Building & Improvements | 248 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 9,035 | [1] | ' | ' | ' |
Building & Improvements | 12,848 | [1] | ' | ' | ' |
Total | 21,883 | [1] | ' | ' | ' |
248-252 Bedford Avenue | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 22,000 | [10],[6] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 10,865 | [10],[6] | ' | ' | ' |
Building & Improvements | 44,035 | [10],[6] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Building & Improvements | 2,106 | [10],[6] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 10,865 | [10],[6] | ' | ' | ' |
Building & Improvements | 46,141 | [10],[6] | ' | ' | ' |
Total | 57,006 | [10],[6] | ' | ' | ' |
Accumulated Depreciation | 490 | [10],[6] | ' | ' | ' |
Interest in property (as a percent) | 90.00% | ' | ' | ' | |
16 Court Street | ' | ' | ' | ' | |
Real Estate And Accumulated Depreciation | ' | ' | ' | ' | |
Encumbrances | 79,243 | [6] | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | |
Land | 19,217 | [6] | ' | ' | ' |
Building & Improvements | 63,210 | [6] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 0 | [6] | ' | ' | ' |
Building & Improvements | 2,207 | [6] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 19,217 | [6] | ' | ' | ' |
Building & Improvements | 65,417 | [6] | ' | ' | ' |
Total | 84,634 | [6] | ' | ' | ' |
Accumulated Depreciation | 1,736 | [6] | ' | ' | ' |
315 West 33rd Street | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 116,033 | [1] | ' | ' | ' |
Building & Improvements | 270,742 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 116,033 | [1] | ' | ' | ' |
Building & Improvements | 270,742 | [1] | ' | ' | ' |
Total | 386,775 | [1] | ' | ' | ' |
Accumulated Depreciation | 921 | [1] | ' | ' | ' |
Retail Properties on Fifth Avenue | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 43,800 | [1] | ' | ' | ' |
Building & Improvements | 102,200 | [1] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 43,800 | [1] | ' | ' | ' |
Building & Improvements | 102,200 | [1] | ' | ' | ' |
Total | 146,000 | [1] | ' | ' | ' |
Accumulated Depreciation | 284 | [1] | ' | ' | ' |
Other | ' | ' | ' | ' | |
Initial Cost | ' | ' | ' | ' | |
Land | 1,130 | [11] | ' | ' | ' |
Cost Capitalized Subsequent To Acquisition | ' | ' | ' | ' | |
Land | 1,004 | [11] | ' | ' | ' |
Building & Improvements | 9,826 | [11] | ' | ' | ' |
Gross Amount at Which Carried at Close of Period | ' | ' | ' | ' | |
Land | 2,134 | [11] | ' | ' | ' |
Building & Improvements | 9,826 | [11] | ' | ' | ' |
Total | 11,960 | [11] | ' | ' | ' |
Accumulated Depreciation | $2,771 | [11] | ' | ' | ' |
[1] | Property located in New York, New York. | ||||
[2] | We own a 51% interest in this property. | ||||
[3] | Property located in Westchester County, New York. | ||||
[4] | Property located in Connecticut. | ||||
[5] | Property located in New Jersey. | ||||
[6] | Property located in Brooklyn, New York. | ||||
[7] | We own a 49.9% interest in this property. | ||||
[8] | We own a 80.0% interest in this property. | ||||
[9] | We own a 87.5% interest in this property. | ||||
[10] | We own a 90.0% interest in this property. | ||||
[11] | Other includes tenant improvements at eEmerge, capitalized interest and corporate improvements. |
Schedule_IIIReal_Estate_And_Ac2
Schedule III-Real Estate And Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Changes in real estate | ' | ' | ' |
Balance at beginning of year | $11,662,953,000 | $11,147,151,000 | $8,890,064,000 |
Property acquisitions | 702,717,000 | 649,445,000 | 2,276,308,000 |
Improvements | 199,141,000 | 146,410,000 | 162,875,000 |
Retirements/disposals/deconsolidation | -231,031,000 | -280,053,000 | -182,096,000 |
Balance at end of year | 12,333,780,000 | 11,662,953,000 | 11,147,151,000 |
Aggregate cost of land, buildings and improvements, before depreciation, for Federal income tax purposes | 8,600,000,000 | ' | ' |
Changes in accumulated depreciation, exclusive of amounts relating to equipment, autos, and furniture and fixtures | ' | ' | ' |
Balance at beginning of year | 1,393,323,000 | 1,136,603,000 | 916,293,000 |
Depreciation for year | 286,776,000 | 288,560,000 | 245,421,000 |
Retirements/disposals/deconsolidation | -33,859,000 | -31,840,000 | -25,111,000 |
Balance at end of year | $1,646,240,000 | $1,393,323,000 | $1,136,603,000 |