Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 01, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | SL GREEN REALTY CORP | |
Entity Central Index Key | 1,040,971 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 100,319,785 | |
SL Green Operating Partnership | ||
Document Information [Line Items] | ||
Entity Registrant Name | SL GREEN OPERATING PARTNERSHIP, LP. | |
Entity Central Index Key | 1,492,869 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 1,497,718 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Commercial real estate properties, at cost: | ||
Land and land interests | $ 4,108,821 | $ 4,779,159 |
Building and improvements | 9,362,614 | 10,423,739 |
Building leasehold and improvements | 1,435,255 | 1,431,259 |
Properties under capital lease | 47,445 | 47,445 |
Total commercial real estate properties, at cost | 14,954,135 | 16,681,602 |
Less: accumulated depreciation | (2,166,059) | (2,060,706) |
Total commercial real estate properties, net | 12,788,076 | 14,620,896 |
Assets held for sale | 39,642 | 34,981 |
Cash and cash equivalents | 276,226 | 255,399 |
Restricted cash | 166,905 | 233,578 |
Investments in marketable securities | 39,339 | 45,138 |
Tenant and other receivables, net of allowance of $18,728 and $17,618 in 2016 and 2015, respectively | 57,551 | 63,491 |
Related party receivables | 13,059 | 10,650 |
Deferred rents receivable, net of allowance of $22,917 and $21,730 in 2016 and 2015, respectively | 443,981 | 498,776 |
Debt and preferred equity investments, net of discounts and deferred origination fees of $14,329 and $18,759 in 2016 and 2015, respectively | 1,357,181 | 1,670,020 |
Investments in unconsolidated joint ventures | 1,126,486 | 1,203,858 |
Deferred costs, net | 256,303 | 239,920 |
Other assets | 979,474 | 850,939 |
Total assets | 17,544,223 | 19,727,646 |
Liabilities | ||
Mortgages and other loans payable, net | 5,524,110 | 6,881,920 |
Revolving credit facility, net | 277,420 | 985,055 |
Term loan and senior unsecured notes, net | 2,060,690 | 2,308,478 |
Accrued interest payable | 36,378 | 42,406 |
Other liabilities | 243,011 | 168,477 |
Accounts payable and accrued expenses | 189,690 | 196,213 |
Deferred revenue | 384,145 | 399,102 |
Capital lease obligations | 41,751 | 41,360 |
Deferred land leases payable | 2,236 | 1,783 |
Dividend and distributions payable | 80,555 | 79,790 |
Security deposits | 68,199 | 68,023 |
Liabilities related to assets held for sale | 7 | 29,000 |
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 |
Total liabilities | 9,008,192 | 11,301,607 |
Commitments and contingencies | ||
Noncontrolling interests in Operating Partnership | 486,452 | 424,206 |
Preferred units | 302,460 | 282,516 |
Equity | ||
Common stock, $0.01 par value, 160,000 shares authorized and 100,164 and 100,063 issued and outstanding at June 30, 2016 and December 31, 2015, respectively (including 87 shares held in treasury at June 30, 2016 and December 31, 2015) | 1,003 | 1,001 |
Additional paid-in-capital | 5,466,593 | 5,439,735 |
Treasury stock at cost | (10,000) | (10,000) |
Accumulated other comprehensive loss | (16,558) | (8,749) |
Retained earnings | 1,655,320 | 1,643,546 |
Total SL Green stockholders' equity | 7,318,290 | 7,287,465 |
Noncontrolling interests in other partnerships | 428,829 | 431,852 |
Total equity | 7,747,119 | 7,719,317 |
SL Green stockholders equity: | ||
Total liabilities and equity/capital | 17,544,223 | 19,727,646 |
Series I Preferred Stock | ||
Equity | ||
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2016 and December 31, 2015 | 221,932 | 221,932 |
SL Green Operating Partnership | ||
Commercial real estate properties, at cost: | ||
Land and land interests | 4,108,821 | 4,779,159 |
Building and improvements | 9,362,614 | 10,423,739 |
Building leasehold and improvements | 1,435,255 | 1,431,259 |
Properties under capital lease | 47,445 | 47,445 |
Total commercial real estate properties, at cost | 14,954,135 | 16,681,602 |
Less: accumulated depreciation | (2,166,059) | (2,060,706) |
Total commercial real estate properties, net | 12,788,076 | 14,620,896 |
Assets held for sale | 39,642 | 34,981 |
Cash and cash equivalents | 276,226 | 255,399 |
Restricted cash | 166,905 | 233,578 |
Investments in marketable securities | 39,339 | 45,138 |
Tenant and other receivables, net of allowance of $18,728 and $17,618 in 2016 and 2015, respectively | 57,551 | 63,491 |
Related party receivables | 13,059 | 10,650 |
Deferred rents receivable, net of allowance of $22,917 and $21,730 in 2016 and 2015, respectively | 443,981 | 498,776 |
Debt and preferred equity investments, net of discounts and deferred origination fees of $14,329 and $18,759 in 2016 and 2015, respectively | 1,357,181 | 1,670,020 |
Investments in unconsolidated joint ventures | 1,126,486 | 1,203,858 |
Deferred costs, net | 256,303 | 239,920 |
Other assets | 979,474 | 850,939 |
Total assets | 17,544,223 | 19,727,646 |
Liabilities | ||
Mortgages and other loans payable, net | 5,524,110 | 6,881,920 |
Revolving credit facility, net | 277,420 | 985,055 |
Term loan and senior unsecured notes, net | 2,060,690 | 2,308,478 |
Accrued interest payable | 36,378 | 42,406 |
Other liabilities | 243,011 | 168,477 |
Accounts payable and accrued expenses | 189,690 | 196,213 |
Deferred revenue | 384,145 | 399,102 |
Capital lease obligations | 41,751 | 41,360 |
Deferred land leases payable | 2,236 | 1,783 |
Dividend and distributions payable | 80,555 | 79,790 |
Security deposits | 68,199 | 68,023 |
Liabilities related to assets held for sale | 7 | 29,000 |
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 |
Total liabilities | 9,008,192 | 11,301,607 |
Commitments and contingencies | ||
Noncontrolling interests in Operating Partnership | 486,452 | 424,206 |
Limited partner interests in SLGOP (4,504 and 3,746 limited partner common units outstanding at June 30, 2016 and December 31, 2015, respectively) | 486,452 | 424,206 |
Preferred units | 302,460 | 282,516 |
SL Green stockholders equity: | ||
SL Green partners' capital (1,041 and 1,035 general partner common units and 99,041 and 98,941 limited partner common units outstanding at June 30, 2016 and December 31, 2015, respectively) | 7,112,916 | 7,074,282 |
Total SLGOP partners' capital | 7,318,290 | 7,287,465 |
Noncontrolling interests in other partnerships | 428,829 | 431,852 |
Total capital | 7,747,119 | 7,719,317 |
Total liabilities and equity/capital | 17,544,223 | 19,727,646 |
SL Green Operating Partnership | Series I Preferred Stock | ||
SL Green stockholders equity: | ||
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2016 and December 31, 2015 | $ 221,932 | $ 221,932 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Tenant and other receivables, allowance | $ 18,728 | $ 17,618 |
Deferred rents receivable, allowance | 22,917 | 21,730 |
Debt and preferred equity investments, discount and deferred origination fees | $ 14,329 | $ 18,759 |
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 |
Common stock, shares issued (in shares) | 100,164,000 | 100,063,000 |
Common stock, shares outstanding (in shares) | 100,164,000 | 100,063,000 |
Treasury stock, shares (in shares) | 87,000 | 87,000 |
Series I Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares issued (in shares) | 9,200,000 | 9,200,000 |
Preferred stock, shares outstanding (in shares) | 9,200,000 | 9,200,000 |
SL Green Operating Partnership | ||
Tenant and other receivables, allowance | $ 18,728 | $ 17,618 |
Deferred rents receivable, allowance | 22,917 | 21,730 |
Debt and preferred equity investments, discount and deferred origination fees | $ 14,329 | $ 18,759 |
Limited partner interests in Operating Partnership, limited partner common units outstanding (shares) | 4,504,000 | 3,746,000 |
SL Green partner's capital, general partner common units outstanding (shares) | 1,041,000 | 1,035,000 |
SL Green partners' capital, limited partner common units outstanding (shares) | 99,041,000 | 98,941,000 |
SL Green Operating Partnership | Series I Preferred Stock | ||
Preferred units, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred units, shares issued | 9,200,000 | 9,200,000 |
Preferred units, shares outstanding | 9,200,000 | 9,200,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues | ||||
Rental revenue, net | $ 416,809,000 | $ 304,226,000 | $ 762,416,000 | $ 607,555,000 |
Escalation and reimbursement | 48,616,000 | 41,407,000 | 94,227,000 | 82,376,000 |
Investment income | 44,214,000 | 45,191,000 | 98,951,000 | 87,260,000 |
Other income | 107,975,000 | 18,250,000 | 117,464,000 | 28,182,000 |
Total revenues | 617,614,000 | 409,074,000 | 1,073,058,000 | 805,373,000 |
Expenses | ||||
Operating expenses, including $6,667 and $10,129 in 2016 and $4,472 and $8,189 in 2015 of related party expenses | 75,324,000 | 70,114,000 | 154,844,000 | 146,891,000 |
Real estate taxes | 62,124,000 | 56,286,000 | 123,798,000 | 112,009,000 |
Ground rent | 8,307,000 | 8,086,000 | 16,615,000 | 16,274,000 |
Interest expense, net of interest income | 89,089,000 | 75,746,000 | 183,761,000 | 151,553,000 |
Amortization of deferred financing costs | 7,433,000 | 5,952,000 | 15,365,000 | 12,567,000 |
Depreciation and amortization | 425,042,000 | 199,565,000 | 604,350,000 | 307,902,000 |
Transaction related costs | 2,115,000 | 3,067,000 | 3,394,000 | 4,210,000 |
Marketing, general and administrative | 24,484,000 | 23,200,000 | 48,516,000 | 48,664,000 |
Total expenses | 693,918,000 | 442,016,000 | 1,150,643,000 | 800,070,000 |
(Loss) 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, gain on sale of real estate, net, depreciable real estate reserves, loss on sale of investment in marketable securities and loss on early extinguishment of debt | (76,304,000) | (32,942,000) | (77,585,000) | 5,303,000 |
Equity in net income from unconsolidated joint ventures | 5,841,000 | 2,994,000 | 15,937,000 | 7,024,000 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 33,448,000 | 769,000 | 43,363,000 | 769,000 |
Gain on sale of real estate, net | 196,580,000 | 0 | 210,353,000 | 0 |
Depreciable real estate reserves | (10,387,000) | 0 | (10,387,000) | 0 |
Loss on sale of investment in marketable securities | (83,000) | 0 | (83,000) | 0 |
Loss on early extinguishment of debt | 0 | 0 | 0 | (49,000) |
Income (loss) from continuing operations | 149,095,000 | (29,179,000) | 181,598,000 | 13,047,000 |
Net income (loss) from discontinued operations | 0 | 0 | 0 | 427,000 |
Gain on sale of discontinued operations | 0 | 0 | 0 | 12,983,000 |
Net income (loss) | 149,095,000 | (29,179,000) | 181,598,000 | 26,457,000 |
Net income attributable to noncontrolling interests: | ||||
Noncontrolling interests in the Operating Partnership | (5,586,000) | 1,577,000 | (6,508,000) | (166,000) |
Net income attributable to noncontrolling interests | (3,435,000) | (6,626,000) | (5,409,000) | (12,553,000) |
Preferred units distributions | (2,880,000) | (1,140,000) | (5,528,000) | (2,091,000) |
Net income (loss) attributable to SL Green/SLGOP | 137,194,000 | (35,368,000) | 164,153,000 | 11,647,000 |
Perpetual preferred stock dividends | (3,737,000) | (3,738,000) | (7,475,000) | (7,476,000) |
Amounts attributable to SL Green common stockholders: | ||||
(Loss) income from continuing operations before purchase price fair value adjustment, gains on sale and discontinued operations | (77,056,000) | (39,846,000) | (76,947,000) | (9,467,000) |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 32,058,000 | 740,000 | 41,634,000 | 740,000 |
Net income from discontinued operations | 0 | 0 | 0 | 411,000 |
Gain on sale of discontinued operations | 0 | 0 | 0 | 12,487,000 |
Gain on sale of real estate | 188,410,000 | 0 | 201,964,000 | 0 |
Depreciable real estate reserves | (9,955,000) | 0 | (9,973,000) | 0 |
Net income (loss) attributable to SL Green common stockholders | $ 133,457,000 | $ (39,106,000) | $ 156,678,000 | $ 4,171,000 |
Basic earnings per share: | ||||
(Loss) income from continuing operations before purchase price fair value adjustment, gains on sale and discontinued operations (usd per share) | $ (0.77) | $ (0.40) | $ (0.77) | $ (0.10) |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) | 0.32 | 0.01 | 0.42 | 0.01 |
Gain on sale of discontinued operations (usd per share) | 0 | 0 | 0 | 0.13 |
Gain on sale of real estate (in dollars per share) | 1.88 | 0 | 2.02 | 0 |
Depreciable Real Estate Reserves, Effect on Earnings, Per Basic Share | (0.10) | 0 | (0.10) | 0 |
Net income attributable to SL Green common stockholders (usd per share) | 1.33 | (0.39) | 1.57 | 0.04 |
Diluted earnings per share: | ||||
(Loss) income from continuing operations before purchase price fair value adjustment, gains on sale and discontinued operations (usd per share) | (0.77) | (0.40) | (0.77) | (0.10) |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) | 0.32 | 0.01 | 0.42 | 0.01 |
Gain on sale of discontinued operations (usd per share) | 0 | 0 | 0 | 0.13 |
Gain on sale of real estate (in dollars per share) | 1.88 | 0 | 2.01 | 0 |
Depreciable real estate reserves (in dollars per share) | (0.10) | 0 | (0.10) | 0 |
Net income attributable to SL Green common stockholders (usd per share) | 1.33 | (0.39) | 1.56 | 0.04 |
Dividends per share/unit (usd per share) | $ 0.72 | $ 0.60 | $ 1.44 | $ 1.20 |
Basic weighted average common shares outstanding (in shares) | 100,134,000 | 99,579,000 | 100,093,000 | 98,994,000 |
Diluted weighted average common shares and common share equivalents outstanding (in shares) | 104,792,000 | 99,579,000 | 104,533,000 | 103,423,000 |
SL Green Operating Partnership | ||||
Revenues | ||||
Rental revenue, net | $ 416,809,000 | $ 304,226,000 | $ 762,416,000 | $ 607,555,000 |
Escalation and reimbursement | 48,616,000 | 41,407,000 | 94,227,000 | 82,376,000 |
Investment income | 44,214,000 | 45,191,000 | 98,951,000 | 87,260,000 |
Other income | 107,975,000 | 18,250,000 | 117,464,000 | 28,182,000 |
Total revenues | 617,614,000 | 409,074,000 | 1,073,058,000 | 805,373,000 |
Expenses | ||||
Operating expenses, including $6,667 and $10,129 in 2016 and $4,472 and $8,189 in 2015 of related party expenses | 75,324,000 | 70,114,000 | 154,844,000 | 146,891,000 |
Real estate taxes | 62,124,000 | 56,286,000 | 123,798,000 | 112,009,000 |
Ground rent | 8,307,000 | 8,086,000 | 16,615,000 | 16,274,000 |
Interest expense, net of interest income | 89,089,000 | 75,746,000 | 183,761,000 | 151,553,000 |
Amortization of deferred financing costs | 7,433,000 | 5,952,000 | 15,365,000 | 12,567,000 |
Depreciation and amortization | 425,042,000 | 199,565,000 | 604,350,000 | 307,902,000 |
Transaction related costs | 2,115,000 | 3,067,000 | 3,394,000 | 4,210,000 |
Marketing, general and administrative | 24,484,000 | 23,200,000 | 48,516,000 | 48,664,000 |
Total expenses | 693,918,000 | 442,016,000 | 1,150,643,000 | 800,070,000 |
(Loss) 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, gain on sale of real estate, net, depreciable real estate reserves, loss on sale of investment in marketable securities and loss on early extinguishment of debt | (76,304,000) | (32,942,000) | (77,585,000) | 5,303,000 |
Equity in net income from unconsolidated joint ventures | 5,841,000 | 2,994,000 | 15,937,000 | 7,024,000 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 33,448,000 | 769,000 | 43,363,000 | 769,000 |
Gain on sale of real estate, net | 196,580,000 | 0 | 210,353,000 | 0 |
Depreciable real estate reserves | (10,387,000) | 0 | (10,387,000) | 0 |
Loss on sale of investment in marketable securities | (83,000) | 0 | (83,000) | 0 |
Loss on early extinguishment of debt | 0 | 0 | 0 | (49,000) |
Income (loss) from continuing operations | 149,095,000 | (29,179,000) | 181,598,000 | 13,047,000 |
Net income (loss) from discontinued operations | 0 | 0 | 0 | 427,000 |
Gain on sale of discontinued operations | 0 | 0 | 0 | 12,983,000 |
Net income (loss) | 149,095,000 | (29,179,000) | 181,598,000 | 26,457,000 |
Net income attributable to noncontrolling interests: | ||||
Noncontrolling interests in the Operating Partnership | (6,508,000) | |||
Net income attributable to noncontrolling interests | (3,435,000) | (6,626,000) | (5,409,000) | (12,553,000) |
Preferred units distributions | (2,880,000) | (1,140,000) | (5,528,000) | (2,091,000) |
Net income (loss) attributable to SL Green/SLGOP | 142,780,000 | (36,945,000) | 170,661,000 | 11,813,000 |
Perpetual preferred unit distributions | (3,737,000) | (3,738,000) | (7,475,000) | (7,476,000) |
Net income (loss) attributable to SLGOP common unitholders | 139,043,000 | (40,683,000) | 163,186,000 | 4,337,000 |
Amounts attributable to SL Green common stockholders: | ||||
(Loss) income from continuing operations before purchase price fair value adjustment, gains on sale and discontinued operations | (80,598,000) | (41,452,000) | (80,143,000) | (9,842,000) |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 33,448,000 | 769,000 | 43,363,000 | 769,000 |
Net income from discontinued operations | 0 | 0 | 0 | 427,000 |
Gain on sale of discontinued operations | 0 | 0 | 0 | 12,983,000 |
Gain on sale of real estate | 196,580,000 | 0 | 210,353,000 | 0 |
Depreciable real estate reserves | (10,387,000) | 0 | (10,387,000) | 0 |
Net income (loss) attributable to SL Green common stockholders | $ 139,043,000 | $ (40,683,000) | $ 163,186,000 | $ 4,337,000 |
Basic earnings per share: | ||||
(Loss) income from continuing operations before gains on sale and discontinued operations (usd per share) | $ (0.77) | $ (0.40) | $ (0.77) | $ (0.10) |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) | 0.32 | 0.01 | 0.42 | 0.01 |
Net income from discontinued operations (usd per share) | 0 | 0 | 0 | 0 |
Gain on sale of discontinued operations (usd per share) | 0 | 0 | 0 | 0.13 |
Gain on sale of real estate (in dollars per share) | 1.88 | 0 | 2.02 | 0 |
Depreciable Real Estate Reserves, Effect on Earnings, Per Basic Share | (0.10) | 0 | (0.10) | 0 |
Net income attributable to SLGOP common unitholders (usd per share) | 1.33 | (0.39) | 1.57 | 0.04 |
Diluted earnings per share: | ||||
(Loss) income from continuing operations before gains on sale and discontinued operations (in usd per share) | (0.77) | (0.40) | (0.77) | (0.10) |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) | 0.32 | 0.01 | 0.42 | 0.01 |
Gain on sale of discontinued operations (usd per share) | 0 | 0 | 0 | 0.13 |
Gain on sale of real estate (in dollars per share) | 1.88 | 0 | 2.01 | 0 |
Depreciable real estate reserves (in dollars per share) | (0.10) | 0 | (0.10) | 0 |
Net income attributable to SLGOP common unitholders (usd per share) | 1.33 | (0.39) | 1.56 | 0.04 |
Dividends per share/unit (usd per share) | $ 0.72 | $ 0.60 | $ 1.44 | $ 1.20 |
Basic weighted average common shares outstanding (in shares) | 104,476,000 | 103,487,000 | 104,251,000 | 102,930,000 |
Basic weighted average common units outstanding (in shares) | 104,476 | 103,487 | 104,251 | 102,930 |
Diluted weighted average common units and common unit equivalents outstanding (in shares) | 104,792 | 103,487 | 104,533 | 103,423 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating expenses, paid to related parties | $ 6,667 | $ 4,472 | $ 10,129 | $ 8,189 |
SL Green Operating Partnership | ||||
Operating expenses, paid to related parties | $ 6,667 | $ 4,472 | $ 10,129 | $ 8,189 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income (loss) | $ 149,095 | $ (29,179) | $ 181,598 | $ 26,457 |
Other comprehensive income (loss): | ||||
Change in net unrealized gain (loss) on derivative instruments, including SL Green's/SLGOP's share of joint venture net unrealized (loss) gain on derivative instruments | 257 | 2,250 | (7,315) | (3,430) |
Change in unrealized gain (loss) on marketable securities | 354 | (1,304) | (869) | (654) |
Other comprehensive income (loss) | 611 | 946 | (8,184) | (4,084) |
Comprehensive income (loss) | 149,706 | (28,233) | 173,414 | 22,373 |
Net income (loss) attributable to noncontrolling interests and preferred units distributions | (11,901) | (6,189) | (17,445) | (14,810) |
Other comprehensive income (loss) attributable to noncontrolling interests | 53 | (42) | 375 | 158 |
Comprehensive income attributable to SL Green/SLGOP | 137,858 | (34,464) | 156,344 | 7,721 |
SL Green Operating Partnership | ||||
Net income (loss) | 149,095 | (29,179) | 181,598 | 26,457 |
Other comprehensive income (loss): | ||||
Change in net unrealized gain (loss) on derivative instruments, including SL Green's/SLGOP's share of joint venture net unrealized (loss) gain on derivative instruments | 257 | 2,250 | (7,315) | (3,430) |
Change in unrealized gain (loss) on marketable securities | 354 | (1,304) | (869) | (654) |
Other comprehensive income (loss) | 611 | 946 | (8,184) | (4,084) |
Comprehensive income (loss) | 149,706 | (28,233) | 173,414 | 22,373 |
Net income (loss) attributable to noncontrolling interests and preferred units distributions | (3,435) | (6,626) | (5,409) | (12,553) |
Other comprehensive income (loss) attributable to noncontrolling interests | 53 | (42) | 375 | 158 |
Comprehensive income attributable to SL Green/SLGOP | $ 146,324 | $ (34,901) | $ 168,380 | $ 9,978 |
Consolidated Statement of Equit
Consolidated Statement of Equity - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid- In-Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2015 | $ 7,719,317 | $ 1,001 | $ 5,439,735 | $ (10,000) | $ (8,749) | $ 1,643,546 | $ 431,852 |
Beginning Balance (in shares) at Dec. 31, 2015 | 99,976,000 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 169,562 | 164,153 | 5,409 | ||||
Other comprehensive loss | (7,809) | (7,809) | |||||
Preferred dividends | (7,475) | (7,475) | |||||
DRSPP proceeds (in shares) | 1,000 | ||||||
DRSPP proceeds | 89 | 89 | |||||
Conversion of units of the Operating Partnership to common stock (in shares) | 109,000 | ||||||
Conversion of units of the Operating Partnership to common stock | 11,795 | $ 1 | 11,794 | ||||
Reallocation of noncontrolling interest in the Operating Partnership | (906) | (906) | |||||
Deferred compensation plan and stock award, net (in shares) | 4,000 | ||||||
Deferred compensation plan and stock award, net | (2,150) | (2,150) | |||||
Amortization of deferred compensation plan | 12,823 | 12,823 | |||||
Issuance of common stock | (40) | (40) | |||||
Proceeds from stock options exercised (in shares) | 74,000 | ||||||
Proceeds from stock options exercised | 4,343 | $ 1 | 4,342 | ||||
Contributions to consolidated joint venture interests | 1,434 | 1,434 | |||||
Cash distributions to noncontrolling interests | (9,866) | (9,866) | |||||
Cash distributions declared ($1.44 per common share, none of which represented a return of capital for federal income tax purposes) | (143,998) | (143,998) | |||||
Ending Balance at Jun. 30, 2016 | $ 7,747,119 | $ 1,003 | $ 5,466,593 | $ (10,000) | $ (16,558) | $ 1,655,320 | $ 428,829 |
Ending Balance (in shares) at Jun. 30, 2016 | 100,164,000 |
Consolidated Statement of Equi8
Consolidated Statement of Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash distribution declared, per common share (in dollars per share) | $ 0.72 | $ 0.60 | $ 1.44 | $ 1.20 |
Consolidated Statement of Capit
Consolidated Statement of Capital $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)shares | |
Increase (Decrease) in Partner's Capital | |
DRSPP proceeds | $ 89 |
Conversion of common units | 11,795 |
Reallocation of noncontrolling interests in the operating partnership | (906) |
Deferred compensation plan and stock award, net | (2,150) |
Amortization of deferred compensation plan | 12,823 |
Contribution to consolidated joint venture interests | 1,434 |
Cash distributions to noncontrolling interests | $ (9,866) |
Common Stock | |
Increase (Decrease) in Partner's Capital | |
DRSPP proceeds (in shares) | shares | 1,000 |
Conversion of common units | $ 1 |
Deferred compensation plan and stock award, net (in shares) | shares | 4,000 |
Contributions - proceeds from stock options exercised (in shares) | shares | 74,000 |
Noncontrolling Interests | |
Increase (Decrease) in Partner's Capital | |
Contribution to consolidated joint venture interests | $ 1,434 |
Cash distributions to noncontrolling interests | (9,866) |
SL Green Operating Partnership | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance | 7,719,317 |
Net income | 169,562 |
Other comprehensive (loss) | (7,809) |
Preferred distributions | (7,475) |
DRSPP proceeds | 89 |
Conversion of common units | 11,755 |
Reallocation of noncontrolling interests in the operating partnership | (906) |
Deferred compensation plan and stock award, net | (2,150) |
Amortization of deferred compensation plan | 12,823 |
Contribution to consolidated joint venture interests | 1,434 |
Contributions - proceeds from stock options exercised | 4,343 |
Cash distributions to noncontrolling interests | (9,866) |
Cash distributions declared ($1.44 per common unit, none of which represented a return of capital for federal income tax purposes) | (143,998) |
Ending Balance | 7,747,119 |
SL Green Operating Partnership | Preferred Units | Series C Preferred Stock | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance | |
Ending Balance | |
SL Green Operating Partnership | Preferred Units | Series I Preferred Stock | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance | 221,932 |
Ending Balance | 221,932 |
SL Green Operating Partnership | Common Stock | Partners' Interest | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance | $ 7,074,282 |
Beginning Balance (units) | shares | 99,976,000 |
Net income | $ 164,153 |
Preferred distributions | $ (7,475) |
DRSPP proceeds (in shares) | shares | 1,000 |
DRSPP proceeds | $ 89 |
Conversion of common units (in shares) | shares | 109,000 |
Conversion of common units | $ 11,755 |
Reallocation of noncontrolling interests in the operating partnership | $ (906) |
Deferred compensation plan and stock award, net (in shares) | shares | 4,000 |
Deferred compensation plan and stock award, net | $ (2,150) |
Amortization of deferred compensation plan | $ 12,823 |
Contributions - proceeds from stock options exercised (in shares) | shares | 74,000 |
Contributions - proceeds from stock options exercised | $ 4,343 |
Cash distributions declared ($1.44 per common unit, none of which represented a return of capital for federal income tax purposes) | (143,998) |
Ending Balance | $ 7,112,916 |
Ending Balance (units) | shares | 100,164,000 |
SL Green Operating Partnership | Accumulated Other Comprehensive Income (Loss) | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance | $ (8,749) |
Other comprehensive (loss) | (7,809) |
Ending Balance | (16,558) |
SL Green Operating Partnership | Noncontrolling Interests | |
Increase (Decrease) in Partner's Capital | |
Beginning Balance | 431,852 |
Net income | 5,409 |
Contribution to consolidated joint venture interests | 1,434 |
Cash distributions to noncontrolling interests | (9,866) |
Ending Balance | $ 428,829 |
Consolidated Statement of Cap10
Consolidated Statement of Capital (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash distribution declared, per common share (in dollars per share) | $ 0.72 | $ 0.60 | $ 1.44 | $ 1.20 |
SL Green Operating Partnership | ||||
Cash distribution declared, per common share (in dollars per share) | $ 0.72 | $ 0.60 | $ 1.44 | $ 1.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | ||
Operating Activities | |||
Net income (loss) | $ 181,598,000 | $ 26,457,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 619,715,000 | 320,472,000 | |
Equity in net income from unconsolidated joint ventures | (15,937,000) | (7,024,000) | |
Distributions of cumulative earnings from unconsolidated joint ventures | 15,260,000 | 22,464,000 | |
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate | (43,363,000) | (769,000) | |
Depreciable real estate reserves | 10,387,000 | 0 | |
Gain on sale of real estate | (210,353,000) | 0 | |
Gain on sale of discontinued operations | 0 | (12,983,000) | |
Loss on sale of investment in marketable securities | 83,000 | 0 | |
Loss on early extinguishment of debt | 0 | 49,000 | |
Deferred rents receivable | 53,042,000 | (65,260,000) | |
Other non-cash adjustments | (164,276,000) | [1] | (3,592,000) |
Changes in operating assets and liabilities: | |||
Restricted cash—operations | (10,069,000) | (1,246,000) | |
Tenant and other receivables | 4,820,000 | (6,826,000) | |
Related party receivables | (2,386,000) | 340,000 | |
Deferred lease costs | (31,951,000) | (35,918,000) | |
Other assets | 4,362,000 | 11,410,000 | |
Accounts payable, accrued expenses and other liabilities and security deposits | (33,635,000) | (16,987,000) | |
Deferred revenue and land leases payable | (3,919,000) | 2,872,000 | |
Net cash provided by operating activities | 373,378,000 | 233,459,000 | |
Investing Activities | |||
Acquisitions of real estate property | (37,728,000) | (42,556,000) | |
Additions to land, buildings and improvements | (157,118,000) | (122,520,000) | |
Escrowed cash—capital improvements/acquisition deposits/deferred purchase price | 76,220,000 | (229,853,000) | |
Investments in unconsolidated joint ventures | (25,389,000) | (109,135,000) | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 161,413,000 | 49,059,000 | |
Net proceeds from disposition of real estate/joint venture interest | 1,916,312,000 | 491,598,000 | |
Proceeds from sale of marketable securities | 5,180,000 | 295,000 | |
Purchases of marketable securities | (331,000) | (7,769,000) | |
Other investments | (2,987,000) | (9,620,000) | |
Origination of debt and preferred equity investments | (227,196,000) | (387,216,000) | |
Repayments or redemption of debt and preferred equity investments | 418,371,000 | 109,784,000 | |
Net cash provided by investing activities | 2,126,747,000 | (257,933,000) | |
Financing Activities | |||
Proceeds from mortgages and other loans payable | 250,514,000 | 106,421,000 | |
Repayments of mortgages and other loans payable | (1,663,616,000) | (489,138,000) | |
Proceeds from revolving credit facility and senior unsecured notes | 700,000,000 | 1,055,000,000 | |
Repayments of revolving credit facility and senior unsecured notes | (1,664,296,000) | (735,007,000) | |
Proceeds from stock options exercised and DRIP issuance | 4,431,000 | 111,307,000 | |
Proceeds from sale of common stock | 0 | 124,999,000 | |
Redemption of preferred stock | (2,849,000) | (200,000) | |
Distributions to noncontrolling interests in other partnerships | (9,866,000) | (111,715,000) | |
Contributions from noncontrolling interests in other partnerships | 1,434,000 | 8,655,000 | |
Distributions to noncontrolling interests in the Operating Partnership | (6,009,000) | (4,693,000) | |
Dividends/Distributions paid on common and preferred stock/units | (156,234,000) | (127,310,000) | |
Other obligations related to mortgage loan participations | 76,500,000 | 25,000,000 | |
Deferred loan costs and capitalized lease obligation | (9,307,000) | (4,358,000) | |
Net cash used in financing activities | (2,479,298,000) | (41,039,000) | |
Net increase in cash and cash equivalents | 20,827,000 | (65,513,000) | |
Cash and cash equivalents at beginning of year | 255,399,000 | 281,409,000 | |
Cash and cash equivalents at end of period | 276,226,000 | 215,896,000 | |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||
Issuance of units in the operating partnership relating to the investment in unconsolidated joint ventures | 51,647,000 | 0 | |
Redemption of units in the operating partnership | 11,795,000 | 37,992,000 | |
Derivative instruments at fair value | 7,701,000 | 2,000,000 | |
Exchange of debt investment for equity in joint venture | 68,581,000 | 10,151,000 | |
Transfer of restricted cash to operating cash and cash equivalents as a result of sale | 0 | 21,578,000 | |
Acquisition of subsidiary interest from noncontrolling interest | 0 | 20,630,000 | |
Tenant improvements and capital expenditures payable | 11,637,000 | 17,661,000 | |
Fair value adjustment to noncontrolling interest in operating partnership | 906,000 | 20,670,000 | |
Capital lease assets | 0 | 0 | |
Transfer of assets to assets held for sale | 1,931,217,000 | 420,569,000 | |
Transfer of liabilities related to assets held for sale | 1,612,008,000 | 178,252,000 | |
Deferred leasing payable | 1,222,000 | 5,525,000 | |
Removal of fully depreciated commercial real estate properties | 13,471,000 | 0 | |
SL Green Operating Partnership | |||
Operating Activities | |||
Net income (loss) | 181,598,000 | 26,457,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 619,715,000 | 320,472,000 | |
Equity in net income from unconsolidated joint ventures | (15,937,000) | (7,024,000) | |
Distributions of cumulative earnings from unconsolidated joint ventures | 15,260,000 | 22,464,000 | |
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate | (43,363,000) | (769,000) | |
Depreciable real estate reserves | 10,387,000 | 0 | |
Gain on sale of real estate | (210,353,000) | 0 | |
Gain on sale of discontinued operations | 0 | (12,983,000) | |
Loss on sale of investment in marketable securities | 83,000 | 0 | |
Loss on early extinguishment of debt | 0 | 49,000 | |
Deferred rents receivable | 53,042,000 | (65,260,000) | |
Other non-cash adjustments | (164,276,000) | [1] | (3,592,000) |
Changes in operating assets and liabilities: | |||
Restricted cash—operations | (10,069,000) | (1,246,000) | |
Tenant and other receivables | 4,820,000 | (6,826,000) | |
Related party receivables | (2,386,000) | 340,000 | |
Deferred lease costs | (31,951,000) | (35,918,000) | |
Other assets | 4,362,000 | 11,410,000 | |
Accounts payable, accrued expenses and other liabilities and security deposits | (33,635,000) | (16,987,000) | |
Deferred revenue and land leases payable | (3,919,000) | 2,872,000 | |
Net cash provided by operating activities | 373,378,000 | 233,459,000 | |
Investing Activities | |||
Acquisitions of real estate property | (37,728,000) | (42,556,000) | |
Additions to land, buildings and improvements | (157,118,000) | (122,520,000) | |
Escrowed cash—capital improvements/acquisition deposits/deferred purchase price | 76,220,000 | (229,853,000) | |
Investments in unconsolidated joint ventures | (25,389,000) | (109,135,000) | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 161,413,000 | 49,059,000 | |
Net proceeds from disposition of real estate/joint venture interest | 1,916,312,000 | 491,598,000 | |
Proceeds from sale of marketable securities | 5,180,000 | 295,000 | |
Purchases of marketable securities | (331,000) | (7,769,000) | |
Other investments | (2,987,000) | (9,620,000) | |
Origination of debt and preferred equity investments | (227,196,000) | (387,216,000) | |
Repayments or redemption of debt and preferred equity investments | 418,371,000 | 109,784,000 | |
Net cash provided by investing activities | 2,126,747,000 | (257,933,000) | |
Financing Activities | |||
Proceeds from mortgages and other loans payable | 250,514,000 | 106,421,000 | |
Repayments of mortgages and other loans payable | (1,663,616,000) | (489,138,000) | |
Proceeds from revolving credit facility and senior unsecured notes | 700,000,000 | 1,055,000,000 | |
Repayments of revolving credit facility and senior unsecured notes | (1,664,296,000) | (735,007,000) | |
Proceeds from stock options exercised and DRIP issuance | 4,431,000 | 111,307,000 | |
Proceeds from sale of common stock | 0 | 124,999,000 | |
Redemption of preferred stock | (2,849,000) | (200,000) | |
Distributions to noncontrolling interests in other partnerships | (9,866,000) | (111,715,000) | |
Contributions from noncontrolling interests in other partnerships | 1,434,000 | 8,655,000 | |
Dividends/Distributions paid on common and preferred stock/units | (162,243,000) | (132,003,000) | |
Other obligations related to mortgage loan participations | 76,500,000 | 25,000,000 | |
Deferred loan costs and capitalized lease obligation | (9,307,000) | (4,358,000) | |
Net cash used in financing activities | (2,479,298,000) | (41,039,000) | |
Net increase in cash and cash equivalents | 20,827,000 | (65,513,000) | |
Cash and cash equivalents at beginning of year | 255,399,000 | 281,409,000 | |
Cash and cash equivalents at end of period | 276,226,000 | 215,896,000 | |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||
Issuance of units in the operating partnership relating to the investment in unconsolidated joint ventures | 51,647,000 | 0 | |
Redemption of units in the operating partnership | 11,795,000 | 37,992,000 | |
Derivative instruments at fair value | 7,701,000 | 2,000,000 | |
Exchange of debt investment for equity in joint venture | 68,581,000 | 10,151,000 | |
Transfer of restricted cash to operating cash and cash equivalents as a result of sale | 0 | 21,578,000 | |
Acquisition of subsidiary interest from noncontrolling interest | 0 | 20,630,000 | |
Tenant improvements and capital expenditures payable | 11,637,000 | 17,661,000 | |
Transfer of assets to assets held for sale | 1,931,217,000 | 420,569,000 | |
Transfer of liabilities related to assets held for sale | 1,612,008,000 | 178,252,000 | |
Deferred leasing payable | 1,222,000 | 5,525,000 | |
Removal of fully depreciated commercial real estate properties | 13,471,000 | 0 | |
Preferred Units | |||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||
Issuance of preferred units relating to the real estate acquisition | 22,793,000 | 53,808,000 | |
Preferred Units | SL Green Operating Partnership | |||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||
Issuance of preferred units relating to the real estate acquisition | $ 22,793,000 | $ 53,808,000 | |
[1] | Included in Other non-cash adjustments is $172.4 million for the six months ended June 30, 2016 for the amortization of the below-market lease at 388-390 Greenwich Street as a result of the tenant exercising their option to purchase the property and entering into an agreement to accelerate the sale |
Consolidated Statements of Ca12
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Amortization of acquired leases | $ 191.6 |
388-390 Greenwich Street | |
Amortization of acquired leases | 172.4 |
SL Green Operating Partnership | 388-390 Greenwich Street | |
Amortization of acquired leases | $ 172.4 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation SL Green Realty Corp., which is referred to as the Company or SL Green, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Operating Partnership received a contribution of interest in the real estate properties, as well as 95% of the economic interest in the management, leasing and construction companies which are referred to as the Service Corporation. All of the management, leasing and construction services that are provided to the properties that are wholly-owned by us and that are provided to certain joint ventures are conducted through SL Green Management LLC which is 100% owned by the Operating Partnership. The Company has qualified, and expects to qualify in the current fiscal year, as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, and operates as a self-administered, self-managed REIT. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to minimize the payment of Federal income taxes at the corporate level. Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including the Operating Partnership. Substantially all of our assets are held by, and all of our operations are conducted through, the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership. As of June 30, 2016 , noncontrolling investors held, in the aggregate, a 4.30% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership. The Operating Partnership is considered a variable interest entity, or VIE, in which we are the primary beneficiary. See Note 11, "Noncontrolling Interests on the Company's Consolidated Financial Statements." Reckson Associates Realty Corp., or Reckson, and Reckson Operating Partnership, L.P., or ROP, are wholly-owned subsidiaries of SL Green Realty Corp. As of June 30, 2016 , we owned the following interests in properties in the New York Metropolitan area, primarily in midtown Manhattan. Our investments in the New York Metropolitan area also include investments in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, which are collectively known as the Suburban properties: Consolidated Unconsolidated Total Location Property Number of Properties Approximate Square Feet (unaudited) Number of Properties Approximate Square Feet (unaudited) Number of Properties Approximate Square Feet (unaudited) Weighted Average Occupancy (1) (unaudited) Commercial: Manhattan Office 25 18,368,606 6 4,244,139 31 22,612,745 95.6 % Retail 10 (2) 418,563 9 352,952 19 771,515 87.8 % Development/Redevelopment 3 42,635 3 767,311 6 809,946 34.9 % Fee Interest 1 176,530 — — 1 176,530 100.0 % 39 19,006,334 18 5,364,402 57 24,370,736 93.4 % Suburban Office 26 (3) 4,235,300 2 640,000 28 4,875,300 82.1 % Retail 1 52,000 — — 1 52,000 100.0 % Development/Redevelopment 1 1,000 1 — 2 1,000 100.0 % 28 4,288,300 3 640,000 31 4,928,300 82.3 % Total commercial properties 67 23,294,634 21 6,004,402 88 29,299,036 91.5 % Residential: Manhattan Residential 4 (2) 762,587 17 2,957,282 21 3,719,869 67.5 % Suburban Residential — — — — — — — % Total residential properties 4 762,587 17 2,957,282 21 3,719,869 67.5 % Total portfolio (3) 71 24,057,221 38 8,961,684 109 33,018,905 88.8 % (1) The weighted average occupancy for commercial properties represents the total occupied square feet divided by the total acquisition square footage. The weighted average occupancy for residential properties represents the total occupied units divided by the total available units. (2) As of June 30, 2016 , we owned a building that was comprised of approximately 270,132 square feet (unaudited) of retail space and approximately 222,855 square feet (unaudited) of residential space. For the purpose of this report, we have included the building in the retail properties count and have bifurcated the square footage into the retail and residential components. (3) Includes the property at 500 West Putnam, which is classified as held for sale at June 30, 2016. As of June 30, 2016 , we also managed an office building of approximately 336,000 square foot (unaudited), which is owned by a third party and held debt and preferred equity investments with a book value of $1.7 billion , including $0.3 billion of debt and preferred equity investments and other financing receivables that are included in other balance sheet line items. 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. Basis of Quarterly Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company and the Operating Partnership at June 30, 2016 and the results of operations for the periods presented have been included. The operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2015 of the Company and the Operating Partnership. The consolidated balance sheets at December 31, 2015 have been derived from the audited financial statements as of that date but do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Principles of Consolidation The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. See Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures." All significant intercompany balances and transactions have been eliminated. We consolidate a variable interest entity, or VIE, in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Included in commercial real estate properties on our consolidated balance sheets as of June 30, 2016 and December 31, 2015 are $1.5 billion and $200.7 million , respectively, related to our consolidated VIEs. Included in mortgages and other loans payable on our consolidated balance sheets as of June 30, 2016 and December 31, 2015 are $594.6 million and $101.1 million , respectively, collateralized by the real estate assets of the related consolidated VIEs. As of June 30, 2016 , assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets did not include amounts related to 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 us. Noncontrolling interests are required to be presented as a separate component of equity in the consolidated balance sheet and the presentation of net income is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. We assess the accounting treatment for each joint venture and debt and preferred equity investment. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements typically contain certain protective rights such as requiring partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. Investment in Commercial Real Estate Properties On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be other than temporarily impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. We also evaluate our real estate properties for potential impairment when a real estate property has been classified as held for sale. Real estate assets held for sale are valued at the lower of either their carrying value or fair value less costs to sell. We do not believe that there were any indicators of impairment at any of our consolidated properties at June 30, 2016 , except for 500 West Putnam Avenue in Greenwich, Connecticut for which we recorded a $10.4 million depreciable real estate reserve during the three months ended June 30, 2016. We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from three to 40 years . We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from one to 14 years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally ranges from 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 $156.8 million , $191.6 million , $8.3 million , and $22.6 million of rental revenue for the three and six months ended June 30, 2016 and 2015 , 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. Included in rental revenue is $149.9 million and $172.4 million for the three and six months ended June 30, 2016 for the amortization of the below-market lease at 388-390 Greenwich Street as a result of the tenant exercising their option to purchase the property and entering into an agreement to accelerate the sale. We recognized as a reduction to interest expense the amortization of the above-market rate mortgages assumed of $0.7 million , $1.3 million , $0.6 million , and $1.2 million for the three and six months ended June 30, 2016 and 2015 , 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 June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Identified intangible assets (included in other assets): Gross amount $ 1,022,430 $ 939,518 Accumulated amortization (420,167 ) (403,747 ) Net (1) $ 602,263 $ 535,771 Identified intangible liabilities (included in deferred revenue): Gross amount $ 861,539 $ 866,561 Accumulated amortization (498,992 ) (486,928 ) Net (1) $ 362,547 $ 379,633 (1) As of June 30, 2016 and December 31, 2015, $0.1 million and $0.2 million , respectively and $0.1 million and $0.1 million , respectively, of net intangible assets and net intangible liabilities, were reclassified to assets held for sale and liabilities related to assets held for sale. In February 2016, we closed on the sale of 885 Third Avenue but did not meet the criteria for sale accounting under the full accrual method in ASC 360-20, Property, Plant and Equipment - Real Estate Sales. As a result the property remains on our consolidated balance sheet until the criteria is met. Fair Value Measurements See Note 16, "Fair Value Measurements." Investment in Marketable Securities We designate a security as held-to-maturity, available-for-sale, or trading at acquisition. As of June 30, 2016 , we did not have any securities designated as held-to-maturity or trading. We account for our available-for-sale securities at fair value pursuant to Accounting Standards Codification, or ASC, 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. Any 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 is determined using the specific identification method. At June 30, 2016 and December 31, 2015 , we held the following marketable securities (in thousands): June 30, 2016 December 31, 2015 Equity marketable securities $ 334 $ 4,704 Commercial mortgage-backed securities 39,005 40,434 Total marketable securities available-for-sale $ 39,339 $ 45,138 The cost basis of the commercial mortgage-backed securities was $37.8 million and $38.7 million at June 30, 2016 and December 31, 2015 , respectively. These securities mature at various times through 2049. During the three and six months ended June 30, 2016 and 2015, we disposed of marketable securities for aggregate net proceeds of $4.3 million , $4.3 million , $0.2 million , and $0.3 million , respectively. 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 ventures' projected discounted cash flows. We do not believe that the values of any of our equity investments were impaired at June 30, 2016 . We may originate loans for real estate acquisition, development and construction, where we expect to receive some of the residual profit from such projects. When the risk and rewards of these arrangements are essentially the same as an investor or joint venture partner, we account for these arrangements as real estate investments under the equity method of accounting for investments. Otherwise, we account for these arrangements consistent with our loan accounting for our debt and preferred equity investments. 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 costs, net on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets. We establish, on a current basis, an allowance for future potential tenant credit losses, which may occur against this account. The balance reflected on the consolidated balance sheets is net of such allowance. In addition to base rent, our tenants also generally will pay their pro rata share of increases in real estate taxes and operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year. We record a gain on sale of real estate when title is conveyed to the buyer, subject to the buyer's financial commitment being sufficient to provide economic substance to the sale and provided that we have no substantial economic involvement with the buyer. Interest income on debt and preferred equity investments is accrued based on the contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Some debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest is 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. Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as an adjustment to the interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cashflows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For debt investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield. Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition on any non-accrual debt or preferred equity investment is resumed when such non-accrual debt or preferred equity investment 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. We may syndicate a portion of the loans that we originate or sell the loans individually. When a transaction meets the criteria for sale accounting, we derecognize the loan sold and recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income on the consolidated statement of operations. Any fees received at the time of sale or syndication are recognized as part of investment income. Asset management fees are recognized on a straight-line basis over the term of the asset management agreement. 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 include geographic trends, product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish a 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. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If additional information reflects increased recovery of our investment, we will adjust our reserves accordingly. There were no loan reserves recorded during the three and six months ended June 30, 2016 and 2015. Debt and preferred equity investments held for sale are carried at the lower of cost or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its net carrying value to debt and preferred equity investments held to maturity. For these reclassified investments, the difference between the current carrying value and the expected cash to be collected at maturity will be accreted into income over the remaining term of the investment. Income Taxes SL Green is taxed as a REIT under Section 856(c) of the Code. As a REIT, SL Green generally is not subject to Federal income tax. To maintain its qualification as a REIT, SL Green must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. If SL Green fails to qualify as a REIT in any taxable year, SL Green 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 operations relates to the Operating Partnership’s consolidated taxable REIT subsidiaries. The Operating Partnership may also be subject to certain state, local and franchise taxes. 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 TRSs. In general, TRSs may perform non-customary services for the tenants of the Company, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in Federal and state income tax liability for these entities. During the three and six months ended June 30, 2016 and 2015 , we recorded Federal, state and local tax provisions of $0.3 million , $1.5 million , $1.1 million , and $1.4 million , respectively. We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. Stock-Based Employee Compensation Plans We have a stock-based employee compensation plan, described more fully in Note 14, "Share-based Compensation." The Company's stock options are recorded at fair value at the time of issuance. Fair value of the stock options is determined using the Black-Scholes option pricing model. The Black-Scholes model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our plan has characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in our opinion, the existing models do not necessarily provide a reliable single measure of the fair value of the employee stock options. Compensation cost for stock options, if any, is recognized over the vesting period of the award. Our policy is to grant options with an exercise price equal to the quoted closing market price of the Company's common stock on 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 awards that vest based on the achievement of a performance condition or market condition, we determine whether it is probable that the performance condition will be met, and estimate compensation cost based on the fair value of the award at the applicable reporting date estimated using a binomial model or market quotes. For share-based awards for which there is no pre-established performance measure, we recognize compensation cost over the service vesting period, which represents the requisite service period, on a straight-line basis. In accordance with the provisions of our share-based incentive compensation plans, we accept the return of shares of the Company's common stock, at the current quoted market price, from certain key employees to satisfy minimum statutory tax-withholding requirements related to shares that vested during the period. Awards can also be made in the form of a separate series of units of limited partnership interest in the Operating Partnership called long-term incentive plan units, or LTIP units. LTIP units, which can be granted either as free-standing awards or in tandem with other awards under our stock incentive plan, are valued by reference to the value of the Company's common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee of the Company's board of directors may determine, including continued employment or service, computation of financial metrics and/or achievement of pre-established performance goals and objectives. Earnings per Share of the Company The Company presents both basic and diluted earnings per share, or EPS. Basic EPS excludes dilution and is computed by dividing net income or loss 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 notes 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 or loss 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 New York City. 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 a 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 and New Jersey. The tenants located in our buildings operate in various industries. Other than two tenants, who account for 9.1% and 6.4% of our share of annualized cash rent, no other tenant in our portfolio accounted for more than 5.0% of our share of annualized cash rent, including our share of joint venture annualized rent, at June 30, 2016 . For the three months ended June 30, 2016 , 10.0% , 9.3% , 7.2% , 6.7% , 5.9% , and 5.1% of our share of annualized cash rent for consolidated properties was attributable to 11 Madison Avenue, 1515 Broadway, 919 Third Avenue, 1185 Avenue of the Americas, 420 Lexington Avenue and One Madison Avenue, respectively. Annualized cash rent for all other consolidated properties was below 5.0% . Reclassification Certain prior year balances have been reclassified to conform to our current year presentation. Accounting Standards Updates In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The guidance changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. The guidance replaces the current ‘incurred loss’ model with an ‘expected loss’ approach. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted after December 2018. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The guidance simplifies the accounting for share-based payment award transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments Equity Method and Joint Ventures (Topic 323). The guidance eliminates the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The guidance is effective for all entities for fiscal years beginning after 15 December 2016 and interim periods within those years. Early adoption is permitted in any interim or annual period. |
Property Acquisitions
Property Acquisitions | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Property Acquisitions | Property Acquisitions 2016 Acquisitions During the six months ended June 30, 2016, the property listed below was acquired from a third party. The following summarizes our preliminary allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of this acquisition (in thousands): 183 Broadway (1) Acquisition Date March 2016 Ownership Type Fee Interest Property Type Retail/Residential Purchase Price Allocation: Land $ 26,640 Building and building leasehold 2,960 Above-market lease value — Acquired in-place leases — Other assets, net of other liabilities — Assets acquired 29,600 Mark-to-market assumed debt — Below-market lease value — Derivatives — Liabilities assumed — Purchase price $ 29,600 Net consideration funded by us at closing, excluding consideration financed by debt $ 29,600 Equity and/or debt investment held $ — Debt assumed $ — (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. 2015 Acquisitions During the six months ended June 30, 2016, we finalized the purchase price allocations based on facts and circumstances that existed at the acquisition dates for the following 2015 acquisitions (in thousands): Upper Eastside Residential (1) 11 Madison Avenue (1) 1640 Flatbush Avenue (1) Acquisition Date June 2015 August 2015 March 2015 Ownership Type Fee Interest Fee Interest Fee Interest Property Type Residential/Retail Office Retail Purchase Price Allocation: Land $ 48,152 $ 675,776 $ 6,226 Building and building leasehold — 1,553,602 501 Above-market lease value — 19,764 — Acquired in-place leases 1,922 366,949 146 Other assets, net of other liabilities — — — Assets acquired 50,074 2,616,091 6,873 Mark-to-market assumed debt — — — Below-market lease value — (187,732 ) (73 ) Derivatives — — — Liabilities assumed — (187,732 ) (73 ) Purchase price $ 50,074 $ 2,428,359 $ 6,800 Net consideration funded by us at closing, excluding consideration financed by debt $ — $ — $ — Equity and/or debt investment held $ — $ — $ — Debt assumed $ — $ — $ — (1) Based on our preliminary analysis of the purchase price, we had allocated $17.5 million and $32.5 million to land and building, respectively, at the Upper Eastside Residential Property, $849.9 million and $1.6 billion to land and building, respectively, at 11 Madison Avenue, and $6.1 million and $0.7 million to land and building, respectively, at 1640 Flatbush Avenue. The impact to our consolidated statement of operations for the six months ended June 30, 2016 to adjust for the finalized purchase price allocations was $6.0 million in rental revenue for the amortization of aggregate below-market leases and $14.5 million of depreciation expense. |
Properties Held for Sale and Pr
Properties Held for Sale and Property Dispositions | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Properties Held for Sale and Property Dispositions | Properties Held for Sale and Property Dispositions Properties Held for Sale During the three months ended June 30, 2016, we entered into an agreement to sell the property at 500 West Putnam Avenue in Greenwich, Connecticut for $41.0 million and recorded a $10.4 million depreciable real estate reserve on the property. We closed on the sale in July. Property Dispositions The following table summarizes the properties sold during the six months ended June 30, 2016: Property Disposition Date Property Type Approximate Square Feet Sales Price (1) (in millions) Gain on Sale (2) (in millions) 248-252 Bedford Avenue February 2016 Residential 66,611 $ 55.0 $ 15.3 885 Third Avenue (3) February 2016 Land 607,000 453.0 — 7 International Drive May 2016 Land 31 Acres 20.0 (6.9 ) 388 Greenwich June 2016 Office 2,635,000 2,002.3 206.5 (1) Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property. (2) The gain on sale for 248-252 Bedford Avenue and 388 Greenwich are net of $1.3 million and $1.6 million , respectively in employee compensation awards accrued in connection with the realization of the investment gain as a bonus to certain employees that were instrumental in realizing the gain on sale. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods. (3) In February 2016, we closed on the sale of 885 Third Avenue. The sale did not meet the criteria for sale accounting and as a result the property remains on our consolidated balance sheet until the criteria is met. An estimated loss relating to the sale of $6.6 million was recorded in December 2015. Discontinued Operations The Company adopted ASU 2014-08 effective January 1, 2015 which raised the threshold for disposals to qualify as discontinued operations to dispositions which represent a strategic shift in an entity’s operations. The guidance was applied prospectively for new disposals. As a result, the results of operations for 500 West Putnam Avenue in Greenwich, Connecticut, which was classified as held for sale at June 30, 2016 along with 120 West 45th Street and 131-137 Spring Street, which were classified as held for sale at June 30, 2015, are included in continuing operations for all periods presented. Discontinued operations for the six months ended June 30, 2015 included the results of operations of 180 Maiden Lane, which was held for sale at December 31, 2014 and sold in January 2015, as follows (in thousands): Three and six months ended June 30, 2015 Revenues Rental revenue $ 236 Escalation and reimbursement revenues (127 ) Other income — Total revenues 109 Operating expenses (631 ) Real estate taxes 250 Ground rent — Transaction related costs (49 ) Depreciable real estate reserves 109 Interest expense, net of interest income 3 Amortization of deferred financing costs — Depreciation and amortization Total expenses (318 ) Net income from discontinued operations $ 427 |
Debt and Preferred Equity Inves
Debt and Preferred Equity Investments | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt and Preferred Equity Investments | Debt and Preferred Equity Investments During the six months ended June 30, 2016 and 2015 , our debt and preferred equity investments, net of discounts and deferred origination fees, increased $255.0 million and $386.2 million , respectively, due to originations, purchases, advances under future funding obligations, discount and fee amortization, and paid-in-kind interest, net of premium amortization. We recorded repayments, participations and sales of $567.9 million and $109.8 million during the six months ended June 30, 2016 and 2015 , respectively, which offset the increases in debt and preferred equity investments. Certain debt investments that were participated out but did not meet the conditions for sale accounting are included in other assets and other liabilities on the consolidated balance sheets. Debt Investments As of June 30, 2016 and December 31, 2015 we held the following debt investments with an aggregate weighted average current yield of 9.55% at June 30, 2016 (in thousands): Loan Type June 30, 2016 Future Funding Obligations June 30, 2016 Senior Financing June 30, 2016 Carrying Value (1) December 31, 2015 Carrying Value (1) Maturity Date (2) Fixed Rate Investments: Mezzanine Loan $ — $ 165,000 $ 72,271 $ 72,102 October 2016 Jr. Mortgage Participation/Mezzanine Loan — 1,109,000 189,380 104,661 March 2017 Mezzanine Loan (3a) 10,000 502,100 55,988 41,115 June 2017 Mortgage Loan (4) — — 26,284 26,262 February 2019 Mortgage Loan — — 447 513 August 2019 Mezzanine Loan — 15,000 3,500 3,500 September 2021 Mezzanine Loan (3b) — 89,527 19,939 19,936 November 2023 Mezzanine Loan (3c) — 115,000 12,921 24,916 June 2024 Mezzanine Loan — 95,000 30,000 30,000 January 2025 Mezzanine Loan (5) — — — 49,691 Jr. Mortgage Participation (6) — — — 49,000 Other (6)(7) — — — 23,510 Other (6)(7) — — — 66,183 Total fixed rate $ 10,000 $ 2,090,627 $ 410,730 $ 511,389 Floating Rate Investments: Mortgage/Mezzanine Loan (8) — — 105,278 94,901 October 2016 Mezzanine Loan — 360,000 99,811 99,530 November 2016 Mezzanine Loan 8,459 136,384 52,827 49,751 December 2016 Mezzanine Loan 281 39,201 13,761 13,731 December 2016 Mortgage/Mezzanine Loan (3d) 43,572 — 137,150 134,264 January 2017 Mezzanine Loan 1,127 118,949 28,796 28,551 January 2017 Mezzanine Loan (3e)(9) — 40,000 15,212 68,977 June 2017 Mortgage/ Mezzanine Loan — — 32,679 — June 2017 Mortgage/Mezzanine Loan — — 22,919 22,877 July 2017 Mortgage/Mezzanine Loan — — 16,931 16,901 September 2017 Mortgage/Mezzanine Loan 4,234 — 19,607 19,282 October 2017 Mezzanine Loan — 60,000 14,931 14,904 November 2017 Mezzanine Loan (3f) — 85,000 15,011 29,505 December 2017 Mezzanine Loan (3g) — 65,000 14,542 28,563 December 2017 Mortgage/Mezzanine Loan (3h) 795 — 14,998 14,942 December 2017 Jr. Mortgage Participation — 40,000 19,880 19,846 April 2018 Mezzanine Loan — 175,000 34,785 34,725 April 2018 Jr. Mortgage Participation/Mezzanine Loan (3i) — 55,000 10,512 20,510 July 2018 Mortgage/Mezzanine Loan (10) 523 20,523 10,829 31,210 August 2018 Mezzanine Loan 2,325 45,025 34,318 — October 2018 Mezzanine Loan — 33,000 26,812 26,777 December 2018 Mezzanine Loan 4,560 156,383 54,731 52,774 December 2018 Mezzanine Loan 23,456 217,202 55,217 49,625 December 2018 Loan Type June 30, 2016 Future Funding Obligations June 30, 2016 Senior Financing June 30, 2016 Carrying Value (1) December 31, 2015 Carrying Value (1) Maturity Date (2) Mezzanine Loan 6,383 16,383 5,363 — January 2019 Mezzanine Loan — 38,000 21,869 21,845 March 2019 Mezzanine Loan — 265,000 24,646 — April 2019 Mezzanine Loan (11) — — — 22,625 Mezzanine Loan (12) — — — 74,700 Mezzanine Loan (13) — — — 66,398 Jr. Mortgage Participation/Mezzanine Loan (6) — — — 18,395 Mezzanine Loan (14) — — — 40,346 Total floating rate $ 95,715 $ 1,966,050 $ 903,415 $ 1,116,455 Total $ 105,715 $ 4,056,677 $ 1,314,145 $ 1,627,844 (1) Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees. (2) Represents contractual maturity, excluding any unexercised extension options. (3) Carrying value is net of the following amount that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting: (a) $41.3 million , (b) $5.0 million , (c) $12.0 million , (d) $36.3 million , (e) $14.5 million , (f) $14.6 million , (g) $14.1 million , (h) $5.1 million and (i) $10.0 million . (4) In September 2014, we acquired a $26.4 million mortgage loan at a $0.2 million discount and a $5.7 million junior mortgage participation at a $5.7 million discount. The junior mortgage participation was a nonperforming loan at acquisition and is currently on non-accrual status. (5) In April 2016, we closed on an option to acquire a 20% interest in the underlying asset at a previously agreed upon purchase option valuation, and our mezzanine loan was simultaneously repaid. (6) These loans were repaid in March 2016. (7) These loans were collateralized by defeasance securities. (8) In April 2016, the maturity date was extended to October 2016. (9) In March 2016, the mortgage was sold. (10) In January 2016, the loans were modified. In March 2016, the mortgage was sold. (11) This loan was repaid in June 2016. (12) This loan was repaid in May 2016. (13) In March 2016, we contributed our interest in the loan in exchange for a joint venture interest which is now accounted for under the equity method of accounting. It is included in unconsolidated joint ventures on the consolidated balance sheets. (14) These loans were repaid in February 2016. Preferred Equity Investments As of June 30, 2016 and December 31, 2015 , we held the following preferred equity investments with an aggregate weighted average current yield of 7.97% at June 30, 2016 (in thousands): Type June 30, 2016 Future Funding Obligations June 30, 2016 Senior Financing June 30, 2016 Carrying Value (1) December 31, 2015 (1) Initial Mandatory Redemption Preferred equity $ — $ 71,486 $ 9,974 $ 9,967 March 2018 Preferred equity 4,779 59,966 33,062 32,209 November 2018 Total $ 4,779 $ 131,452 $ 43,036 $ 42,176 (1) Carrying value is net of deferred origination fees. At June 30, 2016 and December 31, 2015 , all debt and preferred equity investments were performing in accordance with the terms of the relevant investments, with the exception of a junior mortgage participation acquired in September 2014, which has a carrying value of zero . We have determined that we have one portfolio segment of financing receivables at June 30, 2016 and 2015 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 $119.3 million and $121.5 million at June 30, 2016 and December 31, 2015 , respectively. No financing receivables were 90 days past due at June 30, 2016 . |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures We have investments in several real estate joint ventures with various partners. As of June 30, 2016 , 650 Fifth Avenue, 800 Third Avenue, 21 East 66th Street, 605 West 42 nd Street and certain properties within the Stonehenge Portfolio are VIEs in which we are not the primary beneficiary. Our net equity investment in these VIEs was $ 216.9 million as of June 30, 2016 . As of December 31, 2015 , 650 Fifth Avenue and 33 Beekman were VIEs in which we were not the primary beneficiary. Our net equity investment in these VIEs was $39.7 million as of December 31, 2015 . Our maximum loss is limited to the amount of our equity investment in these VIEs. All other investments below are voting interest entities. As we do not control the joint ventures listed below, we account for them under the equity method of accounting. The table below provides general information on each of our joint ventures as of June 30, 2016 : Property Partner Ownership Interest Economic Interest Approximate Square Feet Acquisition Date Acquisition Price (1) (in thousands) 100 Park Avenue Prudential Real Estate Investors 49.90% 49.90% 834,000 January 2000 $ 95,800 717 Fifth Avenue Jeff Sutton/Private Investor 10.92% 10.92% 119,500 September 2006 251,900 800 Third Avenue Private Investors 60.52% 60.52% 526,000 December 2006 285,000 1745 Broadway Ivanhoe Cambridge, Inc. 56.88% 56.88% 674,000 April 2007 520,000 Jericho Plaza (2) Onyx Equities/Private Investor 11.67% 11.67% 640,000 April 2007 210,000 11 West 34th Street Private Investor/ Jeff Sutton 30.00% 30.00% 17,150 December 2010 10,800 3 Columbus Circle (3) The Moinian Group 48.90% 48.90% 741,500 January 2011 500,000 280 Park Avenue Vornado Realty Trust 50.00% 50.00% 1,219,158 March 2011 400,000 1552-1560 Broadway (4) Jeff Sutton 50.00% 50.00% 35,897 August 2011 136,550 724 Fifth Avenue Jeff Sutton 50.00% 50.00% 65,040 January 2012 223,000 10 East 53rd Street Canadian Pension Plan Investment Board 55.00% 55.00% 354,300 February 2012 252,500 521 Fifth Avenue Plaza Global Real Estate Partners LP 50.50% 50.50% 460,000 November 2012 315,000 21 East 66th Street (5) Private Investors 32.28% 32.28% 16,736 December 2012 75,000 650 Fifth Avenue (6) Jeff Sutton 50.00% 50.00% 32,324 November 2013 121 Greene Street Jeff Sutton 50.00% 50.00% 7,131 September 2014 27,400 175-225 Third Street Brooklyn, New York KCLW 3rd Street LLC/LIVWRK LLC 95.00% 95.00% — October 2014 74,600 55 West 46th Street Prudential Real Estate Investors 25.00% 25.00% 347,000 November 2014 295,000 Stonehenge Portfolio Various Various Various 2,046,733 Various 36,668 131-137 Spring Street Invesco Real Estate 20.00% 20.00% 68,342 August 2015 277,750 76 11th Avenue (7) Oxford/Vornado 33.33% 36.58% 764,000 March 2016 138,240 605 West 42nd Street (8) The Moinian Group 20.00% 20.00% 927,358 April 2016 759,000 (1) Acquisition price represents the actual or implied gross purchase price for the joint venture, which is not adjusted for subsequent acquisitions of additional interests. (2) Our ownership percentage was reduced in the first quarter of 2016, from 77.78% to 11.67% , upon completion of the restructuring of the joint venture. (3) As a result of the sale of a condominium interest in September 2012, Young & Rubicam, Inc., or Y&R, owns floors three through eight at the property. Because the joint venture has an option to repurchase these floors, the gain associated with this sale was deferred. (4) The purchase price represents only the purchase of the 1552 Broadway interest which comprised approximately 13,045 square feet. The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. (5) We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% interest in three residential units at the property. (6) 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 our joint venture partner executed a contribution agreement to reflect its pro rata obligation. In the 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. (7) The joint venture owns two mezzanine notes secured by interests in the entity that owns 76 11th Avenue. The difference between our ownership interest and our economic interest results from our right to 50% of the total exit fee while each of our partners is entitled to receive 25% of the total exit fee. (8) The Company was granted an option to purchase the interest at an agreed upon valuation in July 2014 when it originated a $50.0 million mezzanine loan to the project's developer. The mezzanine loan was repaid prior to the closing of the Company's acquisition of its joint venture interest. Acquisition, Development and Construction Arrangements Based on the characteristics of the following arrangements, which are similar to those of an investment, combined with the expected residual profit of not greater than 50% , we have accounted for these debt and preferred equity investments under the equity method. As of June 30, 2016 and December 31, 2015, the carrying value for acquisition, development and construction arrangements were as follows (in thousands): Loan Type June 30, 2016 December 31, 2015 Initial Maturity Date Mezzanine loan and preferred equity $ 100,000 $ 99,936 March 2017 Mezzanine loan (1) 45,719 45,942 February 2022 $ 145,719 $ 145,878 (1) We have an option to convert our loan to an equity interest subject to certain conditions. We have determined that our option to convert the loan to equity is not a derivative financial instrument pursuant to GAAP. Sale of Joint Venture Interest or Property The following table summarizes the investments in unconsolidated joint ventures sold during the six months ended June 30, 2016 : Property Ownership Percentage Disposition Date Type of Sale Gross Asset Valuation (in thousands) (1) Gain on Sale (in thousands) (2) 1 Jericho Plaza (3) 66.11% February 2016 Office $ 95,200 $ 3,300 7 Renaissance Square 50.00% March 2016 Office $ 20,700 $ 4,200 EOP Denver 4.79% March 2016 Office $ 180,700 $ 2,800 33 Beekman (4) 45.90% May 2016 Residential $ 196,000 $ 33,000 (1) Represents implied gross valuation for the joint venture or sales price of the property. (2) Represents the Company's share of the gain. The gain on sale is net of $1.1 million employee compensation awards accrued in connection with the realization of these investment gains as a bonus to certain employees that were instrumental in realizing the gains on sale. (3) Our ownership percentage was reduced in the first quarter of 2016, from 77.78% to 11.67% , upon completion of the restructuring of the joint venture. (4) In connection with the sale of the property, we also recognized a promote of $10.8 million . Mortgages and Other Loans Payable 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 June 30, 2016 and December 31, 2015 , respectively, are as follows (amounts in thousands): Property Maturity Date Interest Rate (1) June 30, 2016 December 31, 2015 Fixed Rate Debt: 1745 Broadway January 2017 5.68 % $ 340,000 $ 340,000 521 Fifth Avenue November 2019 3.73 % 170,000 170,000 717 Fifth Avenue (2) July 2022 4.45 % 300,000 300,000 717 Fifth Avenue (2) July 2022 6.27 % 355,328 325,704 21 East 66th Street April 2023 3.60 % 12,000 12,000 3 Columbus Circle March 2025 3.61 % 350,000 350,000 800 Third Avenue February 2026 3.17 % 177,000 20,910 Stonehenge Portfolio (3) Various 4.19 % 364,249 430,627 280 Park Avenue — 692,963 Property Maturity Date Interest Rate (1) June 30, 2016 December 31, 2015 7 Renaissance Square — 2,927 Total fixed rate debt $ 2,068,577 $ 2,645,131 Floating Rate Debt: 650 Fifth Avenue (4) October 2016 3.94 % $ 65,000 $ 65,000 175-225 Third Street December 2016 4.50 % 40,000 40,000 10 East 53rd Street February 2017 2.94 % 125,000 125,000 724 Fifth Avenue April 2017 2.86 % 275,000 275,000 1552 Broadway (5) April 2017 4.66 % 185,410 190,409 55 West 46th Street (6) October 2017 2.74 % 151,536 150,000 Jericho Plaza (7) March 2018 4.59 % 75,799 163,750 605 West 42nd Street July 2018 2.56 % 539,000 — 280 Park Avenue June 2019 2.44 % 900,000 30,000 121 Greene Street November 2019 1.94 % 15,000 15,000 131-137 Spring Street August 2020 1.99 % 141,000 141,000 11 West 34th Street January 2021 1.89 % 23,000 23,000 100 Park Avenue February 2021 2.19 % 360,000 360,000 21 East 66th Street June 2033 2.00 % 1,765 1,805 Stonehenge Portfolio (8) Various 5.81 % 65,489 10,500 33 Beekman — 73,518 Total floating rate debt $ 2,962,999 $ 1,663,982 Total joint venture mortgages and other loans payable $ 5,031,576 $ 4,309,113 Deferred financing costs, net (109,083 ) (42,565 ) Total joint venture mortgages and other loans payable, net $ 4,922,493 $ 4,266,548 (1) Effective weighted average interest rate for the three months ended June 30, 2016 , taking into account interest rate hedges in effect during the period. (2) These loans are comprised of a $300.0 million fixed rate mortgage loan and $355.3 million mezzanine loan. The mezzanine loan is subject to accretion based on the difference between contractual interest rate and contractual pay rate. (3) Amount is comprised of $13.2 million , $34.6 million , , $140.3 million , and $176.2 million in fixed-rate mortgages that mature in October 2016, November 2017, August 2019, and June 2024, respectively. (4) This loan has a committed amount of $97.0 million , of which $32.0 million was unfunded as of June 30, 2016 . (5) These loans are comprised of a $145.0 million mortgage loan and a $41.5 million mezzanine loan. As of June 30, 2016 , $0.6 million of the mortgage loan and $0.5 million of the mezzanine loan were unfunded. (6) This loan has a committed amount of $190.0 million , of which $38.5 million was unfunded as of June 30, 2016 . (7) We hold an 11.67% non-controlling interest in the joint venture and the property secures a two year $100.0 million loan, of which $75.8 million is currently outstanding. (8) Amount is comprised of $55.2 million and $10.3 million in floating-rate mortgages that mature in June 2017 and December 2017, respectively. We act as the operating partner and day-to-day manager for all our joint ventures, except for 800 Third Avenue, Jericho Plaza, 280 Park Avenue, 3 Columbus Circle, 21 East 66th Street, 175-225 Third Street, 605 West 42nd Street and the Stonehenge Portfolio. We are entitled to receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures. We incurred a $2.0 million loss and earned $2.5 million , $2.1 million and $4.9 million from these services for the three and six months ended June 2016 and 2015 , 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 June 30, 2016 and December 31, 2015 are as follows (in thousands): June 30, 2016 December 31, 2015 Assets Commercial real estate property, net $ 6,510,775 $ 6,122,468 Debt and preferred equity investments, net 304,901 145,878 Other assets 741,839 715,840 Total assets $ 7,557,515 $ 6,984,186 Liabilities and members' equity Mortgages and other loans payable, net $ 4,922,493 $ 4,266,548 Other liabilities 534,611 523,160 Members' equity 2,100,411 2,194,478 Total liabilities and members' equity $ 7,557,515 $ 6,984,186 Company's investments in unconsolidated joint ventures $ 1,126,486 $ 1,203,858 The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three and six months ended June 30, 2016 and 2015 , are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total revenues $ 151,575 $ 143,535 $ 314,087 $ 272,451 Operating expenses 27,166 26,345 54,420 51,831 Ground rent 3,715 2,572 6,926 5,164 Real estate taxes 24,332 22,335 48,542 41,711 Interest expense, net of interest income 46,351 51,715 96,087 95,722 Amortization of deferred financing costs 7,276 3,145 10,512 6,155 Transaction related costs — 3 — 11 Depreciation and amortization 37,294 37,894 75,145 70,878 Total expenses 146,134 144,009 291,632 271,472 Loss on early extinguishment of debt — — (1,606 ) (833 ) Net income (loss) before gain on sale $ 5,441 $ (474 ) $ 20,849 $ 146 Company's equity in net income from unconsolidated joint ventures $ 5,841 $ 2,994 $ 15,937 $ 7,024 |
Deferred Costs
Deferred Costs | 6 Months Ended |
Jun. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs | Deferred Costs Deferred costs at June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 Deferred leasing $ 447,805 $ 415,406 Less: accumulated amortization (191,502 ) (175,486 ) Deferred costs, net $ 256,303 $ 239,920 |
Mortgages and Other Loans Payab
Mortgages and Other Loans Payable | 6 Months Ended |
Jun. 30, 2016 | |
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 or debt investments at June 30, 2016 and December 31, 2015 , respectively, were as follows (amounts in thousands): Property Maturity Date Interest Rate (1) June 30, 2016 December 31, 2015 Fixed Rate Debt: Landmark Square December 2016 4.00 % $ 78,682 $ 79,562 FHLB Facility January 2017 1.03 % 105,000 — FHLB Facility January 2017 0.80 % 100,000 — 485 Lexington Avenue February 2017 5.61 % 450,000 450,000 762 Madison Avenue February 2017 3.86 % 7,784 7,872 885 Third Avenue (2) July 2017 6.26 % 267,650 267,650 Unsecured Loan June 2018 4.81 % 16,000 16,000 One Madison Avenue May 2020 5.91 % 530,876 542,817 100 Church Street July 2022 4.68 % 223,294 225,099 919 Third Avenue (3) June 2023 5.12 % 500,000 500,000 400 East 57th Street February 2024 4.13 % 66,998 67,644 400 East 58th Street February 2024 4.13 % 28,713 28,990 420 Lexington Avenue October 2024 3.99 % 300,000 300,000 1515 Broadway March 2025 3.93 % 896,248 900,000 11 Madison Avenue September 2025 3.84 % 1,400,000 1,400,000 Series J Preferred Units (4) April 2051 3.75 % 4,000 4,000 388-390 Greenwich Street (5) — 1,004,000 500 West Putnam Avenue (6) — 22,376 Total fixed rate debt $ 4,975,245 $ 5,816,010 Floating Rate Debt: Master Repurchase Agreement (7) July 2016 3.59 % $ 134,259 $ 253,424 FHLB Facility December 2016 0.72 % 24,000 45,750 600 Lexington Avenue October 2017 2.63 % 110,857 112,795 719 Seventh Avenue February 2018 3.49 % 27,514 — 183,187 Broadway & 5-7 Dey Street May 2018 3.11 % 58,000 40,000 1080 Amsterdam November 2018 4.19 % 3,525 3,525 220 East 42nd Street October 2020 2.04 % 275,000 275,000 388-390 Greenwich Street (5) — 446,000 248-252 Bedford Avenue (8) — 29,000 Total floating rate debt $ 633,155 $ 1,205,494 Total fixed rate and floating rate debt $ 5,608,400 $ 7,021,504 Mortgages reclassed to liabilities related to assets held for sale (5)(8) — (29,000 ) Total mortgages and other loans payable $ 5,608,400 $ 6,992,504 Deferred financing costs, net of amortization (84,290 ) (110,584 ) Total mortgages and other loans payable, net $ 5,524,110 $ 6,881,920 (1) Effective weighted average interest rate for the quarter ended June 30, 2016 , taking into account interest rate hedges in effect during the period. (2) In February 2016, we closed on the sale of 885 Third Avenue. The sale did not meet the criteria for sale accounting and as a result the property remains on our consolidated balance sheet until the criteria is met. (3) We own a 51.0% controlling interest in the consolidated joint venture that is the borrower on this loan. (4) In connection with the acquisition of a commercial real estate property, the Operating Partnership issued $4.0 million , 3.75% Series J Preferred Units of limited partnership interest, or the Series J Preferred Units, with a mandatory liquidation preference of $1,000.00 per unit. The Series J Preferred Units are accounted for as debt because they can be redeemed in cash by the Operating Partnership on the earlier of (i) the date of the sale of the property or (ii) April 30, 2051 or at the option of the unitholders as provided for in the related agreement. (5) In June 2016, we closed on the sale of 388-390 Greenwich Street. At March 31, 2016, this property was classified as a held for sale property and the related mortgage, net of deferred financing costs, net of amortization of $24.5 million , was included in liabilities related to assets held for sale. (6) In January 2016, the mortgage was repaid. (7) In July 2016, we entered into a new Master Repurchase Agreement, with a maximum facility capacity of $300.0 million that bears interest ranging from 225 and 400 basis points over 30-day LIBOR, depending on the pledged collateral. The new MRA has an initial maturity date of July 2018, with an extension term of one additional year. (8) The property at 248-252 Bedford Avenue in Brooklyn, New York was sold in February 2016. At December 31, 2015 this property was held for sale and the related mortgage, net of deferred financing, net of amortization costs of $0.9 million , was included in liabilities related to assets held for sale. Federal Home Loan Bank of New York Facility The Company’s wholly-owned subsidiary, Belmont Insurance Company, or Belmont, a New York licensed captive insurance company, is a member of the Federal Home Loan Bank of New York, or FHLBNY. As a member, Belmont may borrow funds from the FHLBNY in the form of secured advances. As of June 30, 2016 , we had $229.0 million in outstanding secured advances with a weighted average borrowing rate of 0.90% . On January 12, 2016, the Federal Housing Finance Agency, or FHFA, adopted a final regulation on Federal Home Loan Bank, or FHLB, membership. The rule excludes captive insurance entities from FHLB membership on a going-forward basis and provides termination rules for current captive insurance members. Unless the final rule is modified, Belmont's membership will terminate on February 19, 2017, at which point we would be required to repay all funds borrowed from the FHLBNY. Master Repurchase Agreement The Master Repurchase Agreement, as amended in December 2013, or MRA, provides us with the ability to sell certain debt investments with a simultaneous agreement to repurchase the same at a certain date or on demand. This MRA has a maximum facility capacity of $300.0 million and bears interest ranging from 250 and 325 basis points over 30-day LIBOR depending on the pledged collateral. Since December 6, 2015, we have been required to pay monthly in arrears a 25 basis point fee on the excess of $150.0 million over the average daily balance during the period if the average daily balance is less than $150.0 million . We seek to mitigate risks associated with our repurchase agreement by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity, and are not limited to collateral-specific credit marks. To monitor credit risk associated with our debt investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to recollateralize the facility with additional assets from our portfolio of debt investments, our ability to satisfy margin calls with cash or cash equivalents and access to additional liquidity through the 2012 credit facility, as defined below. At June 30, 2016 and December 31, 2015 , the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable, not including assets held for sale, was approximately $8.7 billion and $10.8 billion , respectively. In July 2016, we entered into a new Master Repurchase Agreement, with a maximum facility capacity of $300.0 million that bears interest ranging from 225 and 400 basis points over 30-day LIBOR depending on the pledged collateral. The new MRA has an initial maturity date of July 2018, with an extension term of one additional year. |
Corporate Indebtedness
Corporate Indebtedness | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Corporate Indebtedness | Corporate Indebtedness 2012 Credit Facility In July 2015, we entered into the third amendment to the credit facility that was originally entered into by the Company in November 2012, referred to as the 2012 credit facility. As of June 30, 2016 , the 2012 credit facility, as amended, consisted of a $1.6 billion revolving credit facility and a $933.0 million term loan, with a maturity date of March 29, 2019 and June 30, 2019, respectively. The revolving credit facility has an as-of-right extension to March 29, 2020. We also have an option, subject to customary conditions, to increase the capacity under the revolving credit facility to $3.0 billion at any time prior to the maturity date for the revolving credit facility without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions. As of June 30, 2016 , the 2012 credit facility bore interest at a spread over LIBOR ranging from (i) 87.5 basis points to 155 basis points for loans under the revolving credit facility and (ii) 95 basis points to 190 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 June 30, 2016 , the applicable spread was 125 basis points for the revolving credit facility and 140 basis points for the term loan facility. At June 30, 2016 , the effective interest rate was 1.69% for the revolving credit facility and 1.95% for the term loan facility. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of ROP. As of June 30, 2016 , the facility fee was 25 basis points. As of June 30, 2016 , we had $73.6 million of outstanding letters of credit, $285.0 million drawn under the revolving credit facility and $933.0 million outstanding under the term loan facility, with total undrawn capacity of $1.2 billion under the 2012 credit facility. At June 30, 2016 and December 31, 2015 the revolving credit facility had a carrying value of $277.4 million and $985.1 million , respectively, net of deferred financing costs. At June 30, 2016 and December 31, 2015, the term loan facility had a carrying value of $930.0 million and $929.5 million , respectively, net of deferred financing costs. The Company, the Operating Partnership and ROP are all borrowers jointly and severally obligated under the 2012 credit facility. None of our other subsidiaries are obligors under the 2012 credit facility. The 2012 credit facility includes certain restrictions and covenants (see Restrictive Covenants below). Senior Unsecured Notes The following table sets forth our senior unsecured notes and other related disclosures as of June 30, 2016 and December 31, 2015 , respectively, by scheduled maturity date (dollars in thousands): Issuance June 30, June 30, December 31, 2015 Accreted Balance Coupon Rate (1) Effective Rate Term (in Years) Maturity Date October 12, 2010 (2) $ 345,000 $ 327,489 $ 321,130 3.00 % 3.00 % 7 October 2017 August 5, 2011 (3) 250,000 249,845 249,810 5.00 % 5.00 % 7 August 2018 March 16, 2010 (3) 250,000 250,000 250,000 7.75 % 7.75 % 10 March 2020 November 15, 2012 (3) 200,000 200,000 200,000 4.50 % 4.50 % 10 December 2022 December 17, 2015 (3) 100,000 100,000 100,000 4.27 % 4.27 % 10 December 2025 March 26, 2007 (4) 10,008 10,008 10,008 3.00 % 3.00 % 20 March 2027 March 31, 2006 (5) — — 255,296 $ 1,155,008 $ 1,137,342 $ 1,386,244 Deferred financing costs, net (6,652 ) (7,280 ) $ 1,155,008 $ 1,130,690 $ 1,378,964 (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 the Operating Partnership. Interest on these exchangeable 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 12.4998 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. As a result of meeting specified events (as defined in the Indenture Agreement), these notes became exchangeable commencing January 1, 2016 and remained exchangeable through March 31, 2016. The notes are guaranteed by ROP. On the issuance date, $78.3 million of the debt balance was recorded in equity. As of June 30, 2016 , $17.5 million remained to be amortized into the debt balance. (3) Issued by the Company, the Operating Partnership and ROP, as co-obligors. (4) Issued by the Operating Partnership. Interest on these remaining exchangeable 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 current exchange rate is 5.7985 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 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. (5) Issued by ROP, balance was repaid in March 2016. Restrictive Covenants The terms of the 2012 credit facility, as amended, and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that, we will not during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of June 30, 2016 and 2015 , we were in compliance with all such covenants. Junior Subordinated Deferrable Interest Debentures In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at 125 basis points over the three-month LIBOR. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense. Principal Maturities Combined aggregate principal maturities of mortgages and other loans payable, 2012 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of June 30, 2016 , including as-of-right extension options and put options, were as follows (in thousands): Scheduled Amortization Principal Revolving Credit Facility Unsecured Term Loan Trust Preferred Securities Senior Unsecured Notes Total Joint Venture Debt Remaining 2016 $ 29,859 $ 236,194 $ — $ — $ — $ — $ 266,053 $ 163,575 2017 63,644 1,094,548 — — — 355,008 1,513,200 549,135 2018 64,119 47,039 — — — 250,000 361,158 9,293 2019 70,255 — — 933,000 — — 1,003,255 554,686 2020 52,799 679,531 285,000 — — 250,000 1,267,330 30,298 Thereafter 147,604 3,122,974 — — 100,000 300,000 3,670,578 547,167 $ 428,280 $ 5,180,286 $ 285,000 $ 933,000 $ 100,000 $ 1,155,008 $ 8,081,574 $ 1,854,154 Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Interest expense $ 95,568 $ 84,083 $ 197,722 $ 169,099 Interest capitalized (5,433 ) (7,611 ) (12,051 ) (16,169 ) Interest income (1,046 ) (726 ) (1,910 ) (1,377 ) Interest expense, net $ 89,089 $ 75,746 $ 183,761 $ 151,553 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Cleaning/ Security/ Messenger and Restoration Services Alliance Building Services, or Alliance, and its affiliates are partially owned by Gary Green, a son of Stephen L. Green, the chairman of SL Green's board of directors, and provide services to certain properties owned by us. Alliance’s affiliates include First Quality Maintenance, L.P., or First Quality, Classic Security LLC, Bright Star Couriers LLC and Onyx Restoration Works, and provide cleaning, extermination, security, messenger, and restoration services, respectively. In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. The Service Corporation has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements. Income earned from profit participation, which is included in other income on the consolidated statements of operations, was $0.9 million , $1.7 million , $1.0 million and $1.9 million for the three and six months ended June 30, 2016 and 2015 , respectively. We also recorded expenses, inclusive of capitalized expenses of $7.1 million , $10.9 million , $4.6 million , and $8.6 million for the three and six months ended June 30, 2016 and 2015 , respectively, for these services (excluding services provided directly to tenants). Management Fees S.L. Green Management Corp., a consolidated entity, receives property management fees from an entity in which Stephen L. Green owns an interest. We received management fees from this entity of $0.1 million and $0.2 million for the three and six months ended June 30, 2016 and 2015 . Other Amounts due from related parties at June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 Due from joint ventures $ 1,443 $ 1,334 Other 11,616 9,316 Related party receivables $ 13,059 $ 10,650 |
Noncontrolling Interests on the
Noncontrolling Interests on the Company's Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2016 | |
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 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 June 30, 2016 and December 31, 2015 , the noncontrolling interest unit holders owned 4.30% , or 4,504,212 units, and 3.61% , or 3,745,766 units, of the Operating Partnership, respectively. At June 30, 2016 , 4,504,212 shares of SL Green's common stock were reserved for issuance upon the redemption of units of limited partnership interest of the Operating Partnership. Noncontrolling interests in the Operating Partnership is recorded at the greater of its cost basis or fair market value based on the closing stock price of 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 as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Balance at beginning of period $ 424,206 $ 469,524 Distributions (6,009 ) (9,710 ) Issuance of common units 73,011 30,506 Redemption of common units (11,795 ) (55,697 ) Net income 6,508 10,565 Accumulated other comprehensive income allocation (375 ) (67 ) Fair value adjustment 906 (20,915 ) Balance at end of period $ 486,452 $ 424,206 Preferred Units of Limited Partnership Interest in the Operating Partnership The Operating Partnership has 1,902,000 4.50% Series G Preferred Units of limited partnership interest, or the Series G Preferred Units outstanding, with a liquidation preference of $25.00 per unit, which were issued in January 2012 in conjunction with 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 60 Series F Preferred Units outstanding with a mandatory liquidation preference of $1,000.00 per unit. The Operating Partnership has authorized up to 700,000 3.50% Series K Preferred Units of limited partnership interest, or the Series K Preferred Units, with a liquidation preference of $25.00 per unit. In August 2014, the Company issued 563,954 Series K Preferred Units in conjunction with an acquisition. The Series K Preferred unitholders receive annual dividends of $0.875 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series K Preferred Units can be redeemed at any time, at the option of the unitholder, either for cash or 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) $134.67 . The Operating Partnership has authorized up to 500,000 4.00% Series L Preferred Units of limited partnership interest, or the Series L Preferred Units, with a liquidation preference of $25.00 per unit. In August 2014, the Company issued 378,634 Series L Preferred Units in conjunction with an acquisition. The Series L Preferred unitholders receive annual dividends of $1.00 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series L Preferred Units can be redeemed at any time at par for cash at the option of the unitholder. The Operating Partnership has authorized up to 1,600,000 3.75% Series M Preferred Units of limited partnership interest, or the Series M Preferred Units, with a liquidation preference of $25.00 per unit. In February 2015, the Company issued 1,600,000 Series M Preferred Units in conjunction with the acquisition of ownership interests in and relating to certain residential and retail real estate properties. The Series M Preferred unitholders receive annual dividends of $0.9375 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series M Preferred Units can be redeemed at any time at par for cash at the option of the unitholder. The Operating Partnership has authorized up to 552,303 3.00% Series N Preferred Units of limited partnership interest, or the Series N Preferred Units, with a liquidation preference of $25.00 per unit. In June 2015, the Company issued 552,303 Series N Preferred Units in conjunction with an acquisition. The Series N Preferred unitholders receive annual dividends of $0.75 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series N Preferred Units can be redeemed at any time at par for cash at the option of the unitholder. The Operating Partnership has authorized an aggregate of one 6.25% Series O Preferred Unit of limited partnership interest, or the Series O Preferred Unit. In June 2015, the Company issued the Series O Preferred Unit in connection with an acquisition. The Operating Partnership has authorized up to 200,000 4.00% Series P Preferred Units of limited partnership interest, or the Series P Preferred Units, with a liquidation preference of $25.00 per unit. In July 2015, the Company issued 200,000 Series P Preferred Units in conjunction with an acquisition. The Series P Preferred unitholders receive annual dividends of $1.00 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series P Preferred Units can be redeemed at any time at par for cash at the option of the unitholder. The Operating Partnership has authorized up to 268,000 3.50% Series Q Preferred Units of limited partnership interest, or the Series Q Preferred Units, with a liquidation preference of $25.00 per unit. In July 2015, the Company issued 268,000 Series Q Preferred Units in conjunction with an acquisition. The Series Q Preferred unitholders receive annual dividends of $0.875 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series Q Preferred Units can be redeemed at any time, at the option of the unitholder, either for cash or 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) $148.95 . The Operating Partnership has authorized up to 400,000 3.50% Series R Preferred Units of limited partnership interest, or the Series R Preferred Units, with a liquidation preference of $25.00 per unit. In August 2015, the Company issued 400,000 Series R Preferred Units in conjunction with an acquisition. The Series R Preferred unitholders receive annual dividends of $0.875 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series R Preferred Units can be redeemed at any time, at the option of the unitholder, either for cash or 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) $154.89 . The Operating Partnership has authorized up to 1,077,280 4.00% Series S Preferred Units of limited partnership interest, or the Series S Preferred Units, with a liquidation preference of $25.00 per unit. In August 2015, the Company issued 1,077,280 Series S Preferred Units in conjunction with an acquisition. The Series S Preferred unitholders receive annual dividends of $1.00 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series S Preferred Units can be redeemed at any time at par for cash at the option of the unitholder. The Operating Partnership has authorized up to 230,000 2.75% Series T Preferred Units of limited partnership interest, or the Series T Preferred Units, with a liquidation preference of $25.00 per unit. In March 2016, the Company issued 230,000 Series T Preferred Units in conjunction with an acquisition. The Series T Preferred unitholders receive annual dividends of $0.6875 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Series T Preferred Units can be redeemed at any time, at the option of the unitholder, either for cash or 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) $119.02 . The Operating Partnership has authorized up to 680,000 4.50% Series U Preferred Units of limited partnership interest, or the Series U Preferred Units, with a liquidation preference of $25.00 per unit. In March 2016, the Company issued 680,000 Series U Preferred Units in conjunction with an acquisition. The Series U Preferred unitholders initially receive annual dividends of $1.125 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The annual dividend is subject to reduction upon the occurence of certain circumstances set forth in the terms of the Series U Preferred Units. The minimum annual dividend is $0.75 per unit. The Series U Preferred Units can be redeemed at any time at par for cash at the option of the unitholder. T hrough a consolidated subsidiary, we have authorized up to 109,161 3.5% Series A Preferred Units of limited partnership interest, or the Greene Series A Preferred Units, with a liquidation preference of $1,000.00 per unit. In August 2015, the Company issued 109,161 Greene Series A Preferred Units in conjunction with an acquisition. The Greene Series A Preferred unitholders receive annual dividends of $35.00 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Greene Series A Preferred Units can be redeemed at any time, at the option of the unitholder, either for cash or are convertible on a one-for-one basis, into the Series B Preferred Units of limited partnership interest, or the Greene Series B Preferred Units. The Greene Series B Preferred Units can be converted at any time, at the option of the unitholder, into a number of common stock equal to 6.71348 shares of common stock for each Greene Series B Preferred Unit. As of June 30, 2016 , no Greene Series B Preferred Units have been issued. Below is the rollforward analysis of the activity relating to the preferred units in the Operating Partnership as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Balance at beginning of period $ 282,516 $ 71,115 Issuance of preferred units 22,793 211,601 Redemption of preferred units (2,849 ) (200 ) Balance at end of period $ 302,460 $ 282,516 |
Stockholders' Equity of the Com
Stockholders' Equity of the Company | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 , 100,164,358 shares of common stock and no shares of excess stock were issued and outstanding. At-The-Market Equity Offering Program In March 2015, the Company, along with the Operating Partnership, entered into a new "at-the-market" equity offering program, or ATM Program, to sell an aggregate of $300.0 million of SL Green's common stock. During the year ended December 31, 2015, we sold 91,180 shares of our common stock for aggregate net proceeds of $12.0 million . The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 91,180 units of limited partnership interest of the Operating Partnership. The Company did not make any sales of its common stock under an ATM program in the first six months of 2016. 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. Dividend Reinvestment and Stock Purchase Plan In February 2015, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of SL Green's common stock under the DRSPP. The DRSPP commenced on September 24, 2001. Earnings per Share SL Green's earnings per share for the three and six months ended June 30, 2016 and 2015 are computed as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Numerator 2016 2015 2016 2015 Basic Earnings: Income (loss) attributable to SL Green common stockholders $ 133,457 $ (39,106 ) $ 156,678 $ 4,171 Effect of Dilutive Securities: Redemption of units to common shares 5,586 — 6,508 166 Diluted Earnings: Income (loss) attributable to SL Green common stockholders $ 139,043 $ (39,106 ) $ 163,186 $ 4,337 Three Months Ended June 30, Six Months Ended June 30, Denominator 2016 2015 2016 2015 Basic Shares: Weighted average common stock outstanding 100,134 99,579 100,093 98,994 Effect of Dilutive Securities: Operating Partnership units redeemable for common shares 4,342 — 4,158 3,936 Stock-based compensation plans 316 — 282 493 Diluted weighted average common stock outstanding 104,792 99,579 104,533 103,423 SL Green has excluded 739,636 , 228,122 , 845,026 and 748,000 common stock equivalents from the diluted shares outstanding for the three and six months ended June 30, 2016 and 2015, respectively, as they were anti-dilutive. Additionally, SL Green has excluded 4,367,272 from the diluted shares outstanding for three months ended June 30, 2015 as they were anti-dilutive as a result of the net loss attributable to SL Green common stockholders. |
Partners' Capital of the Operat
Partners' Capital of the Operating Partnership | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity | |
Partners' Capital of the Operating Partnership | Stockholders’ Equity of the Company Common Stock Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of June 30, 2016 , 100,164,358 shares of common stock and no shares of excess stock were issued and outstanding. At-The-Market Equity Offering Program In March 2015, the Company, along with the Operating Partnership, entered into a new "at-the-market" equity offering program, or ATM Program, to sell an aggregate of $300.0 million of SL Green's common stock. During the year ended December 31, 2015, we sold 91,180 shares of our common stock for aggregate net proceeds of $12.0 million . The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 91,180 units of limited partnership interest of the Operating Partnership. The Company did not make any sales of its common stock under an ATM program in the first six months of 2016. 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. Dividend Reinvestment and Stock Purchase Plan In February 2015, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of SL Green's common stock under the DRSPP. The DRSPP commenced on September 24, 2001. Earnings per Share SL Green's earnings per share for the three and six months ended June 30, 2016 and 2015 are computed as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Numerator 2016 2015 2016 2015 Basic Earnings: Income (loss) attributable to SL Green common stockholders $ 133,457 $ (39,106 ) $ 156,678 $ 4,171 Effect of Dilutive Securities: Redemption of units to common shares 5,586 — 6,508 166 Diluted Earnings: Income (loss) attributable to SL Green common stockholders $ 139,043 $ (39,106 ) $ 163,186 $ 4,337 Three Months Ended June 30, Six Months Ended June 30, Denominator 2016 2015 2016 2015 Basic Shares: Weighted average common stock outstanding 100,134 99,579 100,093 98,994 Effect of Dilutive Securities: Operating Partnership units redeemable for common shares 4,342 — 4,158 3,936 Stock-based compensation plans 316 — 282 493 Diluted weighted average common stock outstanding 104,792 99,579 104,533 103,423 SL Green has excluded 739,636 , 228,122 , 845,026 and 748,000 common stock equivalents from the diluted shares outstanding for the three and six months ended June 30, 2016 and 2015, respectively, as they were anti-dilutive. Additionally, SL Green has excluded 4,367,272 from the diluted shares outstanding for three months ended June 30, 2015 as they were anti-dilutive as a result of the net loss attributable to SL Green common stockholders. |
SL Green Operating Partnership | |
Stockholders' Equity | |
Partners' Capital of the Operating Partnership | Partners' Capital of the Operating Partnership The Company is the sole general partner of the Operating Partnership and at June 30, 2016 owned 100,164,358 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 June 30, 2016 , limited partners other than SL Green owned 4.30% , or 4,504,212 common units, of the Operating Partnership. Preferred Units Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.” Earnings per Unit The Operating Partnership's earnings per unit for the three and six months ended June 30, 2016 and 2015 , respectively are computed as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Numerator 2016 2015 2016 2015 Basic and Diluted Earnings: Net income (loss) attributable to SLGOP common unitholders $ 139,043 $ (40,683 ) $ 163,186 $ 4,337 Three Months Ended June 30, Six Months Ended June 30, Denominator 2016 2015 2016 2015 Basic units: Weighted average common units outstanding 104,476 103,487 104,251 102,930 Effect of Dilutive Securities: Stock-based compensation plans 316 — 282 493 Diluted weighted average common units outstanding 104,792 103,487 104,533 103,423 The Operating Partnership has excluded 739,636 , 228,122 , 845,026 and 748,000 common unit equivalents from the diluted units outstanding for the three and six months ended June 30, 2016 and 2015 , respectively, as they were anti-dilutive. Additionally, SLGOP has excluded 459,216 from the diluted shares outstanding for three months ended June 30, 2015 as they were anti-dilutive as a result of the net loss attributable to SLGOP common unitholders. |
Share-based Compensation
Share-based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation We have stock-based employee and director compensation plans. Our employees are compensated through the Operating Partnership. Under each plan, whenever the Company issues common or preferred stock, the Operating Partnership issues an equivalent number of units of limited partnership interest of a corresponding class to the Company. Fourth Amended and Restated 2005 Stock Option and Incentive Plan The Fourth Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's board of directors in April 2016 and its stockholders in June 2016 at the Company's annual meeting of stockholders. The 2005 Plan authorizes the issuance of stock options, stock appreciation rights, unrestricted and restricted stock, phantom shares, dividend equivalent rights, cash-based awards and other equity-based awards. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 27,030,000 fungible units may be granted under the 2005 Plan. Currently, different types of awards count against the limit on the number of fungible units differently, with (1) full-value awards (i.e., those that deliver the full value of the award upon vesting, such as restricted stock) granted after the effective date of the Fourth Amendment 2005 Plan counting as 3.74 Fungible Units per share subject to such awards, (2) stock options, stock appreciation rights and other awards that do not deliver full value and expire five years from the date of grant counting as 0.73 fungible units per share subject to such awards, and (3) all other awards (e.g., ten -year stock options) counting as 1.0 fungible units per share subject to such awards. Awards granted under the 2005 Plan prior to the approval of the fourth amendment and restatement in June 2016 continue to count against the fungible unit limit based on the ratios that were in effect at the time such awards were granted, which may be different than the current ratios. As a result, depending on the types of awards issued, the 2005 Plan may result in the issuance of more or less than 27,030,000 shares. If a stock option or other award granted under the 2005 Plan expires or terminates, the common stock subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Shares of 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 Company's board of directors, new awards may be granted under the 2005 Plan until June 2, 2026, which is the tenth anniversary of the date that the 2005 Plan was most recently approved by the Company's stockholders. As of June 30, 2016 , 10.3 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. Options are granted under the plan at the fair market value on the date of grant and, subject to 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 six months ended June 30, 2016 and the year ended December 31, 2015 . June 30, 2016 December 31, 2015 Dividend yield 2.30 % 1.97 % Expected life of option 4.2 years 3.6 years Risk-free interest rate 1.08 % 1.43 % Expected stock price volatility 29.08 % 32.34 % A summary of the status of the Company's stock options as of June 30, 2016 and December 31, 2015 , and changes during the six months ended June 30, 2016 and year ended December 31, 2015 are as follows: June 30, 2016 December 31, 2015 Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Balance at beginning of period $ 1,595,007 $ 95.52 $ 1,462,726 $ 87.98 Granted 109,500 99.65 389,836 112.54 Exercised (75,201 ) 75.42 (217,438 ) 74.69 Lapsed or cancelled (39,200 ) 113.38 (40,117 ) 98.61 Balance at end of period $ 1,590,106 $ 96.32 $ 1,595,007 $ 95.52 Options exercisable at end of period 865,289 $ 89.14 589,055 $ 89.85 Weighted average fair value of options granted during the period $ 2,258,336 $ 9,522,613 All options were granted with strike prices ranging from $20.67 to $137.18 . The remaining weighted average contractual life of the options outstanding was 3.6 years and the remaining average contractual life of the options exercisable was 2.9 years. During the three and six months ended June 30, 2016 and 2015 , respectively, we recognized $1.9 million, $3.9 million , $1.9 million, and $3.9 million of compensation expense, respectively, for these options. As of June 30, 2016 , there was $12.3 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 1.6 years. Stock-based Compensation Effective January 1, 1999, the Company implemented a deferred compensation plan, or the Deferred Plan, where 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 the Company's restricted stock as of June 30, 2016 and December 31, 2015 and charges during the six months ended June 30, 2016 and the year ended December 31, 2015 , are as follows: June 30, 2016 December 31, 2015 Balance at beginning of period 3,137,881 3,000,979 Granted 7,500 143,053 Cancelled (34,600 ) (6,151 ) Balance at end of period 3,110,781 3,137,881 Vested during the period 81,322 87,081 Compensation expense recorded $ 3,372,434 $ 7,540,747 Weighted average fair value of restricted stock granted during the period $ 781,330 $ 16,061,201 The fair value of restricted stock that vested during the six months ended June 30, 2016 and the year ended December 31, 2015 was $7.3 million and $7.4 million , respectively. As of June 30, 2016 there was $14.7 million of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 2.5 years . For the three and six months months ended June 30, 2016 and 2015, $1.4 million , $2.9 million , $1.8 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 have granted LTIP Units, which include bonus, time-based and performance based awards, with a fa ir value of $28.1 million and $25.4 million as of June 30, 2016 and December 31, 2015, 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 June 30, 2016 , there was $10.5 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 1.3 years . During the three and six months ended June 30, 2016 and 2015, we recorded compensation expense related to bonus, time-based and performance based awards of $3.3 million , $12.8 million , $3.1 million , and $16.3 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 $15.0 million up to $75.0 million of LTIP Units in the Operating Partnership based on the Company's stock price appreciation over three years beginning on December 1, 2009; provided that, if maximum performance had been achieved, $25.0 million of awards could be earned at any time after the beginning of the second year and an additional $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, the Company's 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, 385,583 LTIP Units, 327,416 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 vested 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 ( $31.7 million , subject to forfeitures) was amortized into earnings through the final vesting period of January 1, 2015. 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 could 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 were entitled to share in a "performance pool" comprised of LTIP Units with a value equal to 10% of the amount by which our total return to stockholders during the three -year period exceeded a cumulative total return to stockholders of 25% , subject to the maximum of $85.0 million of LTIP Units; provided that if maximum performance was achieved, one-third of each award could be earned at any time after the beginning of the second year and an additional one-third of each award could be earned at any time after the beginning of the third year. LTIP Units earned under the 2011 Outperformance Plan were subject to vesting requirements, with 50% of any awards earned vested on August 31, 2014 and the remaining 50% vesting on August 31, 2015, based on continued employment with us through such dates. Participants were not entitled to distributions with respect to LTIP Units granted under the 2011 Outperformance Plan unless and until they were earned. For LTIP Units that were earned, each participant was also 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 are to be paid currently with respect to all earned LTIP Units, whether vested or unvested. In June 2014, the compensation committee determined that maximum performance had been achieved during the third year of the performance period and, accordingly, 560,908 LTIP Units, representing two-thirds of each award, were earned, subject to vesting, under the 2011 Outperformance Plan. In September 2014, the compensation committee determined that maximum performance had been achieved for the full three -year performance period and, accordingly, 280,454 LTIP units, representing the final third of each award, were earned, subject to vesting, under the 2011 Outperformance Plan. The cost of the 2011 Outperformance Plan ( $26.7 million , subject to forfeitures) was amortized into earnings through the final vesting period. We recorded no compensation expense during the three and six months ended June 30, 2016, and $3.2 million, and $3.9 million during the three and six months ended June 30, 2015 related to the 2011 Outperformance Plan. 2014 Outperformance Plan In August 2014, the compensation committee of the Company's board of directors approved the general terms of the SL Green Realty Corp. 2014 Outperformance Plan, or the 2014 Outperformance Plan. Participants in the 2014 Outperformance Plan may earn, in the aggregate, up to 610,000 LTIP Units in our Operating Partnership based on our total return to stockholders for the three -year period beginning September 1, 2014. For each individual award, two-thirds of the LTIP Units may be earned based on the Company’s absolute total return to stockholders and one-third of the LTIP Units may be earned based on relative total return to stockholders compared to the constituents of the MSCI REIT Index. Awards earned based on absolute total return to stockholders will be determined independently of awards earned based on relative total return to stockholders. In the event the Company’s performance reaches either threshold before the end of the three -year performance period, a pro-rata portion of the maximum award may be earned. For each component, if the Company’s performance reaches the maximum threshold beginning with the 19th month of the performance period, participants will earn one-third of the maximum award that may be earned for that component. If the Company’s performance reaches the maximum threshold during the third year of the performance period for a component, participants will earn two-thirds (or an additional one-third) of the maximum award that may be earned for that component. LTIP Units earned under the 2014 Outperformance Plan will be subject to continued vesting requirements, with 50% of any awards earned vesting on August 31, 2017 and the remaining 50% vesting on August 31, 2018, subject to continued employment with us through such dates. Participants will not be entitled to distributions with respect to LTIP Units granted under the 2014 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 cash or additional LTIP Units. Thereafter, distributions will be paid currently with respect to all earned LTIP Units, whether vested or unvested. The cost of the 2014 Outperformance Plan ( $27.9 million , subject to forfeitures), based on the portion of the 2014 Outperformance Plan granted as of June 30, 2016 , will be amortized into earnings through the final vesting period. We recorded compensation expense of $3.3 million , $4.8 million , $1.5 million , and $2.9 million during the three and six months ended June 30, 2016 and 2015, respectively, related to the 2014 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 the next following such director's termination of service from the Board of Directors or (ii) a change in control by us, as defined by the program. Phantom stock units are credited to each non-employee director quarterly using the closing price of 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 six months ended June 30, 2016, 7,276 phantom stock units were earned and 8,749 shares of common stock were issued to our board of directors. We recorded compensation expense of $0.2 million , $1.8 million , $0.3 million , and $1.7 million during the three and six months ending June 30, 2016 and 2015 related to the Deferred Compensation Plan. As of June 30, 2016 , there were 87,968 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program. Employee Stock Purchase Plan In 2007, the Company's board of directors adopted the 2008 Employee Stock Purchase Plan, or ESPP, to encourage our employees to 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 the Company's shares of common stock through payroll deductions. The ESPP became effective on January 1, 2008 with a maximum of 500,000 shares of the common stock available for issuance, subject to adjustment upon a merger, reorganization, stock split or other similar corporate change. The Company filed a registration statement on Form S-8 with the SEC with respect to the ESPP. The common stock is offered for purchase through a series of successive offering periods. Each offering period will be three months in duration and will begin on the first day of each calendar quarter, with the first offering period having commenced on January 1, 2008. The ESPP provides for eligible employees to purchase the common stock at a purchase price equal to 85% of the lesser of (1) the market value of the common stock on the first day of the offering period or (2) the market value of the common stock on the last day of the offering period. The ESPP was approved by our stockholders at our 2008 annual meeting of stockholders. As of June 30, 2016 , 91,273 shares of SL Green's common stock had been issued under the ESPP. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Loss of the Company/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 June 30, 2016 , 100,164,358 shares of common stock and no shares of excess stock were issued and outstanding. At-The-Market Equity Offering Program In March 2015, the Company, along with the Operating Partnership, entered into a new "at-the-market" equity offering program, or ATM Program, to sell an aggregate of $300.0 million of SL Green's common stock. During the year ended December 31, 2015, we sold 91,180 shares of our common stock for aggregate net proceeds of $12.0 million . The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 91,180 units of limited partnership interest of the Operating Partnership. The Company did not make any sales of its common stock under an ATM program in the first six months of 2016. 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. Dividend Reinvestment and Stock Purchase Plan In February 2015, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of SL Green's common stock under the DRSPP. The DRSPP commenced on September 24, 2001. Earnings per Share SL Green's earnings per share for the three and six months ended June 30, 2016 and 2015 are computed as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Numerator 2016 2015 2016 2015 Basic Earnings: Income (loss) attributable to SL Green common stockholders $ 133,457 $ (39,106 ) $ 156,678 $ 4,171 Effect of Dilutive Securities: Redemption of units to common shares 5,586 — 6,508 166 Diluted Earnings: Income (loss) attributable to SL Green common stockholders $ 139,043 $ (39,106 ) $ 163,186 $ 4,337 Three Months Ended June 30, Six Months Ended June 30, Denominator 2016 2015 2016 2015 Basic Shares: Weighted average common stock outstanding 100,134 99,579 100,093 98,994 Effect of Dilutive Securities: Operating Partnership units redeemable for common shares 4,342 — 4,158 3,936 Stock-based compensation plans 316 — 282 493 Diluted weighted average common stock outstanding 104,792 99,579 104,533 103,423 SL Green has excluded 739,636 , 228,122 , 845,026 and 748,000 common stock equivalents from the diluted shares outstanding for the three and six months ended June 30, 2016 and 2015, respectively, as they were anti-dilutive. Additionally, SL Green has excluded 4,367,272 from the diluted shares outstanding for three months ended June 30, 2015 as they were anti-dilutive as a result of the net loss attributable to SL Green common stockholders. |
SL Green Realty Corp | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Loss of the Company/Operating Partnership | Accumulated Other Comprehensive Loss The following tables set forth the changes in accumulated other comprehensive income (loss) by component as of June 30, 2016 (in thousands): Net unrealized (loss) gain on derivative instruments ( 1 ) SL Green’s share of joint venture net unrealized (loss) gain on derivative instruments ( 2 ) Unrealized gain (loss) on marketable securities Total Balance at December 31, 2015 $ (10,160 ) $ (592 ) $ 2,003 $ (8,749 ) Other comprehensive loss before reclassifications (7,547 ) (6,658 ) (841 ) (15,046 ) Amounts reclassified from accumulated other comprehensive income 6,175 1,062 — 7,237 Balance at June 30, 2016 $ (11,532 ) $ (6,188 ) $ 1,162 $ (16,558 ) (1) Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of operations. As of June 30, 2016 and December 31, 2015 , 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 $8.4 million and $9.7 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 operations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We are required to disclose fair value information with regard to our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 39,339 $ 334 $ 39,005 $ — Interest rate cap and swap agreements (included in other assets) $ — $ — $ — $ — Liabilities: Interest rate cap and swap agreements (included in accrued interest payable and other liabilities) $ 3,036 $ — $ 3,036 $ — Interest rate cap and swap agreements (included in liabilities related to assets held for sale) $ — $ — $ — $ — December 31, 2015 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 45,138 $ 4,704 $ 40,434 $ — Interest rate cap and swap agreements (included in other assets) $ 204 $ — $ 204 $ — Liabilities: Interest rate cap and swap agreements (included in accrued interest payable and other liabilities) $ 10,776 $ — $ 10,776 $ — We determine other than temporary impairment in real estate investments and debt and preferred equity investments, including intangibles, utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, which are classified as Level 3 inputs. The marketable securities classified as Level 1 were derived from quoted prices in active markets. The valuation technique used to measure the fair value of the marketable securities classified as Level 2 were valued based on quoted market prices or model driven valuations using the significant inputs derived from or corroborated by observable market data. Marketable securities in an unrealized loss position are not considered to be other than temporarily impaired. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs. The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt 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 June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Debt and preferred equity investments $ 1,357,181 (1) $ 1,670,020 (1) Fixed rate debt $ 6,612,587 $ 7,058,553 $ 7,232,254 $ 7,591,388 Variable rate debt 1,451,155 1,445,621 3,202,494 3,179,186 $ 8,063,742 $ 8,504,174 $ 10,434,748 $ 10,770,574 (1) At June 30, 2016 , debt and preferred equity investments had an estimated fair value ranging between $1.4 billion and $1.5 billion . At December 31, 2015, debt and preferred equity investments had an estimated fair value ranging between $1.7 billion and $1.8 billion . Disclosure about fair value of financial instruments was based on pertinent information available to us as of June 30, 2016 and December 31, 2015 . 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 | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments: Derivatives and Hedging | Financial Instruments: Derivatives and Hedging In the normal course of business, we use a variety of commonly used derivative instruments, such as interest rate swaps, caps, collar and floors, to manage, or hedge interest rate risk. We hedge our exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt. We recognize all derivatives on the balance sheets at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value will be immediately recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. Currently, all of our designated derivative instruments are effective hedging instruments. The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments at June 30, 2016 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (amounts in thousands). Notional Value Strike Rate Effective Date Expiration Date Balance Sheet Location Fair Value Interest Rate Swap $ 200,000 0.938 % October 2014 December 2017 Other Liabilities $ (1,202 ) Interest Rate Swap 150,000 0.940 % October 2014 December 2017 Other Liabilities (906 ) Interest Rate Swap 150,000 0.940 % October 2014 December 2017 Other Liabilities (906 ) Interest Rate Cap 117,392 6.000 % October 2014 October 2016 Other Liabilities — Interest Rate Swap 14,409 0.500 % January 2015 January 2017 Other Liabilities (4 ) Interest Rate Swap 8,018 0.852 % February 2015 February 2017 Other Liabilities (18 ) Interest Rate Cap 137,500 4.000 % September 2015 September 2017 Other Assets — Interest Rate Cap 1,450,000 4.750 % May 2016 May 2017 Other Assets — Total $ (3,036 ) During both the three and six months ended June 30, 2016, we recorded a gain on the changes in the fair value of $0.5 million , which is included in interest expense on the consolidated statements of operations. During both the three and six months ended June 30, 2015, we recorded a gain on the changes in the fair value of $0.1 million , which is included in interest expense on the consolidated statements of operations. The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of June 30, 2016 , the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $3.1 million . As of June 30, 2016 , the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $3.2 million at June 30, 2016 . Gains and losses on terminated hedges are included in 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 $4.5 million of the current balance held in accumulated other comprehensive loss will be reclassified into interest expense and $1.8 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 operations for the three months ended June 30, 2016 and 2015 , respectively (in thousands): Amount of (Loss) Gain Location of (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Loss Location of (Loss) or Gain Recognized in Income on Derivative Amount of (Loss) or Gain Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, Derivative 2016 2015 2016 2015 2016 2015 Interest Rate Swaps/Caps $ (1,186 ) $ (1,095 ) Interest expense $ 4,468 $ 2,737 Interest expense $ 1 $ (14 ) Share of unconsolidated joint ventures' derivative instruments (3,005 ) 277 Equity in net income from unconsolidated joint ventures 567 331 Equity in net income from unconsolidated joint ventures (600 ) 16 $ (4,191 ) $ (818 ) $ 5,035 $ 3,068 $ (599 ) $ 2 The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the six months ended June 30, 2016 and 2015 , respectively (in thousands): Amount of (Loss) Gain Location of (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Loss Location of (Loss) or Gain Recognized in Income on Derivative Amount of (Loss) or Gain Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, Derivative 2016 2015 2016 2015 2016 2015 Interest Rate Swaps/Caps $ (8,105 ) $ (8,616 ) Interest expense $ 6,631 $ 5,484 Interest expense $ (38 ) $ (424 ) Share of unconsolidated joint ventures' derivative instruments (5,770 ) (960 ) Equity in net income from unconsolidated joint ventures 918 662 Equity in net income from unconsolidated joint ventures (1,036 ) — $ (13,875 ) $ (9,576 ) $ 7,549 $ 6,146 $ (1,074 ) $ (424 ) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings As of June 30, 2016 , the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us. Environmental Matters The Company believes that its properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold. Capital and Ground Leases Arrangements The following is a schedule of future minimum lease payments under capital leases and non-cancellable operating leases with initial terms in excess of one year as of June 30, 2016 (in thousands): Capital lease Non-cancellable operating leases Remaining 2016 $ 1,145 $ 15,468 2017 2,387 31,049 2018 2,387 31,049 2019 2,411 31,066 2020 2,620 31,436 Thereafter 825,483 764,353 Total minimum lease payments $ 836,433 $ 904,421 Amount representing interest (794,682 ) Capital lease obligations $ 41,751 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company is a REIT engaged in all aspects of property ownership and management including investment, leasing, operations, capital improvements, development, redevelopment, financing, construction and maintenance 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. The primary sources of revenue are generated from tenant rents and escalations and reimbursement revenue. Real estate property operating expenses consist primarily of security, maintenance, utility costs, real estate taxes and ground rent expense (at certain applicable properties). See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments. Selected results of operations for the three and six months ended June 30, 2016 and 2015 , and selected asset information as of June 30, 2016 and December 31, 2015 , regarding our operating segments are as follows (in thousands): Real Estate Segment Debt and Preferred Equity Segment Total Company Total revenues Three months ended: June 30, 2016 $ 569,824 $ 47,790 $ 617,614 June 30, 2015 361,730 47,344 409,074 Six months ended: June 30, 2016 968,180 104,878 1,073,058 June 30, 2015 713,832 91,541 805,373 (Loss) Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, depreciable real estate reserves net of recoveries, and loss on sale of investment in marketable securities Three months ended: June 30, 2016 $ (112,337 ) $ 41,874 $ (70,463 ) June 30, 2015 (67,807 ) 37,859 (29,948 ) Six months ended: June 30, 2016 (153,270 ) 91,622 (61,648 ) June 30, 2015 (63,170 ) 75,448 12,278 Total assets As of: June 30, 2016 $ 15,865,286 $ 1,678,937 $ 17,544,223 December 31, 2015 18,045,370 1,682,276 19,727,646 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 includes actual costs incurred for investments collateralizing the MRA. Interest is imputed on the remaining investments using our corporate borrowing cost. We also allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. We do not allocate marketing, general and administrative expenses (totaling $24.5 million $48.5 million , $23.2 million and $48.7 million for the three and six months ended June 30, 2016 and 2015 , respectively) to the debt and preferred equity segment since we base performance on the individual segments prior to allocating marketing, general and administrative expenses. All other expenses, except interest, relate entirely to the real estate assets. There were no transactions between the above two segments. The table below reconciles income from continuing operations to net income for the three months and six months ended June 30, 2016 , and 2015 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (Loss) Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, depreciable real estate reserves net of recoveries, and loss on sale of investment in marketable securities $ (70,463 ) $ (29,948 ) $ (61,648 ) $ 12,278 Equity in net gain on sale of interest in unconsolidated joint venture/real estate 33,448 769 43,363 769 Gain on sale of real estate, net 196,580 — 210,353 — Depreciable real estate reserves (10,387 ) — (10,387 ) — Loss on sale of investment in marketable securities (83 ) — (83 ) — Income (loss) from continuing operations 149,095 (29,179 ) 181,598 13,047 Net income (loss) from discontinued operations — — — 427 Gain on sale of discontinued operations — — — 12,983 Net income (loss) $ 149,095 $ (29,179 ) $ 181,598 $ 26,457 |
Significant Accounting Polici32
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. See Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures." All significant intercompany balances and transactions have been eliminated. We consolidate a variable interest entity, or VIE, in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Included in commercial real estate properties on our consolidated balance sheets as of June 30, 2016 and December 31, 2015 are $1.5 billion and $200.7 million , respectively, related to our consolidated VIEs. Included in mortgages and other loans payable on our consolidated balance sheets as of June 30, 2016 and December 31, 2015 are $594.6 million and $101.1 million , respectively, collateralized by the real estate assets of the related consolidated VIEs. As of June 30, 2016 , assets held for sale and liabilities related to assets held for sale on the consolidated balance sheets did not include amounts related to 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 us. Noncontrolling interests are required to be presented as a separate component of equity in the consolidated balance sheet and the presentation of net income is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. We assess the accounting treatment for each joint venture and debt and preferred equity investment. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements typically contain certain protective rights such as requiring partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. |
Investment in Commercial Real Estate Properties | Investment in Commercial Real Estate Properties On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be other than temporarily impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. We also evaluate our real estate properties for potential impairment when a real estate property has been classified as held for sale. Real estate assets held for sale are valued at the lower of either their carrying value or fair value less costs to sell. We do not believe that there were any indicators of impairment at any of our consolidated properties at June 30, 2016 , except for 500 West Putnam Avenue in Greenwich, Connecticut for which we recorded a $10.4 million depreciable real estate reserve during the three months ended June 30, 2016. We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from three to 40 years . We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from one to 14 years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally ranges from 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. |
Fair Value Measurements | Fair Value Measurements We are required to disclose fair value information with regard to our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We determine other than temporary impairment in real estate investments and debt and preferred equity investments, including intangibles, utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, which are classified as Level 3 inputs. The marketable securities classified as Level 1 were derived from quoted prices in active markets. The valuation technique used to measure the fair value of the marketable securities classified as Level 2 were valued based on quoted market prices or model driven valuations using the significant inputs derived from or corroborated by observable market data. Marketable securities in an unrealized loss position are not considered to be other than temporarily impaired. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs. The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt to their present value using adjusted market interest rates, which is provided by a third-party specialist. |
Investment in Marketable Securities | Investment in Marketable Securities We designate a security as held-to-maturity, available-for-sale, or trading at acquisition. As of June 30, 2016 , we did not have any securities designated as held-to-maturity or trading. We account for our available-for-sale securities at fair value pursuant to Accounting Standards Codification, or ASC, 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. Any 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 is determined using the specific identification method. |
Investments in Unconsolidated Joint Ventures | 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 ventures' projected discounted cash flows. We do not believe that the values of any of our equity investments were impaired at June 30, 2016 . We may originate loans for real estate acquisition, development and construction, where we expect to receive some of the residual profit from such projects. When the risk and rewards of these arrangements are essentially the same as an investor or joint venture partner, we account for these arrangements as real estate investments under the equity method of accounting for investments. Otherwise, we account for these arrangements consistent with our loan accounting for our debt and preferred equity investments. |
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 costs, net on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets. We establish, on a current basis, an allowance for future potential tenant credit losses, which may occur against this account. The balance reflected on the consolidated balance sheets is net of such allowance. In addition to base rent, our tenants also generally will pay their pro rata share of increases in real estate taxes and operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year. We record a gain on sale of real estate when title is conveyed to the buyer, subject to the buyer's financial commitment being sufficient to provide economic substance to the sale and provided that we have no substantial economic involvement with the buyer. Interest income on debt and preferred equity investments is accrued based on the contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Some debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest is 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. Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as an adjustment to the interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cashflows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For debt investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield. Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition on any non-accrual debt or preferred equity investment is resumed when such non-accrual debt or preferred equity investment 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. We may syndicate a portion of the loans that we originate or sell the loans individually. When a transaction meets the criteria for sale accounting, we derecognize the loan sold and recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income on the consolidated statement of operations. Any fees received at the time of sale or syndication are recognized as part of investment income. Asset management fees are recognized on a straight-line basis over the term of the asset management agreement. |
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 include geographic trends, product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish a 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. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If additional information reflects increased recovery of our investment, we will adjust our reserves accordingly. There were no loan reserves recorded during the three and six months ended June 30, 2016 and 2015. Debt and preferred equity investments held for sale are carried at the lower of cost or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its net carrying value to debt and preferred equity investments held to maturity. For these reclassified investments, the difference between the current carrying value and the expected cash to be collected at maturity will be accreted into income over the remaining term of the investment. |
Income Taxes | Income Taxes SL Green is taxed as a REIT under Section 856(c) of the Code. As a REIT, SL Green generally is not subject to Federal income tax. To maintain its qualification as a REIT, SL Green must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. If SL Green fails to qualify as a REIT in any taxable year, SL Green 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 operations relates to the Operating Partnership’s consolidated taxable REIT subsidiaries. The Operating Partnership may also be subject to certain state, local and franchise taxes. 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 TRSs. In general, TRSs may perform non-customary services for the tenants of the Company, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in Federal and state income tax liability for these entities. During the three and six months ended June 30, 2016 and 2015 , we recorded Federal, state and local tax provisions of $0.3 million , $1.5 million , $1.1 million , and $1.4 million , respectively. We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. |
Stock-Based Employee Compensation Plans | Stock-Based Employee Compensation Plans We have a stock-based employee compensation plan, described more fully in Note 14, "Share-based Compensation." The Company's stock options are recorded at fair value at the time of issuance. Fair value of the stock options is determined using the Black-Scholes option pricing model. The Black-Scholes model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our plan has characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in our opinion, the existing models do not necessarily provide a reliable single measure of the fair value of the employee stock options. Compensation cost for stock options, if any, is recognized over the vesting period of the award. Our policy is to grant options with an exercise price equal to the quoted closing market price of the Company's common stock on 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 awards that vest based on the achievement of a performance condition or market condition, we determine whether it is probable that the performance condition will be met, and estimate compensation cost based on the fair value of the award at the applicable reporting date estimated using a binomial model or market quotes. For share-based awards for which there is no pre-established performance measure, we recognize compensation cost over the service vesting period, which represents the requisite service period, on a straight-line basis. In accordance with the provisions of our share-based incentive compensation plans, we accept the return of shares of the Company's common stock, at the current quoted market price, from certain key employees to satisfy minimum statutory tax-withholding requirements related to shares that vested during the period. Awards can also be made in the form of a separate series of units of limited partnership interest in the Operating Partnership called long-term incentive plan units, or LTIP units. LTIP units, which can be granted either as free-standing awards or in tandem with other awards under our stock incentive plan, are valued by reference to the value of the Company's common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee of the Company's board of directors may determine, including continued employment or service, computation of financial metrics and/or achievement of pre-established performance goals and objectives. |
Earnings per Share of the Company | Earnings per Share of the Company The Company presents both basic and diluted earnings per share, or EPS. Basic EPS excludes dilution and is computed by dividing net income or loss 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 notes 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 or loss 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. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments in excess of insured amounts with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in New York City. See Note 5, "Debt and Preferred Equity Investments." 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 a 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 and New Jersey. The tenants located in our buildings operate in various industries. |
Reclassification | Reclassification Certain prior year balances have been reclassified to conform to our current year presentation. |
Accounting Standards Updates | Accounting Standards Updates In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The guidance changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. The guidance replaces the current ‘incurred loss’ model with an ‘expected loss’ approach. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted after December 2018. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The guidance simplifies the accounting for share-based payment award transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments Equity Method and Joint Ventures (Topic 323). The guidance eliminates the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The guidance is effective for all entities for fiscal years beginning after 15 December 2016 and interim periods within those years. Early adoption is permitted in any interim or annual period. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases. The guidance requires lessees to recognize lease assets and lease liabilities for those leases classified as operating leases under the previous standard. The accounting applied by a lessor is largely unchanged from that applied under the previous standard. The Guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01 (ASU825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and to record changes in instruments-specific credit risk for financial liabilities measured under the fair value option in other comprehensive income. The guidance is effective for fiscal years beginning after December 15, 2017, and for interim periods therein. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In April 2015, the FASB issued final guidance to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability (ASU 2015-03). The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The Company adopted the guidance effective January 1, 2016. Accordingly, as of June 30, 2016 and December 31, 2015, $101.5 million and $130.3 million , respectively, of deferred debt issuance cost, net of amortization are presented as a direct reduction within Mortgages and other loans payable, Revolving credit facility, Term loan and senior unsecured notes on the Company's consolidated balance sheets. In February 2015, the FASB issued guidance that amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities (ASU 2015-02). Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The Company adopted the guidance effective January 1, 2016. Under the revised guidance, certain entities, including the Operating Partnership, now qualify as variable interest entities while some of our entities originally classified as variable interest entities no longer meet the criteria. The change in designation did not have a material impact on our consolidated financial statements and did not change the consolidation conclusion on these entities. In May 2014, the FASB issued a new comprehensive revenue recognition guidance which requires us to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services (ASU 2014-09). The guidance also requires enhanced disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. In March 2016, the FASB issued implementation guidance which clarifies principal versus agent considerations in reporting revenue gross versus net (ASU 2016-08). In April 2016, the FASB issued implementation guidance which clarifies the identification of performance obligations (ASU 2016-10). In April 2016, the FASB amended its new revenue recognition guidance on identifying performance obligations to allow entities to disregard items that are immaterial and clarify when a good or service is separately identifiable (ASU 2016-10). In May 2016, the FASB issued implementation guidance relating to transition, collectability, noncash consideration and presentation matters (ASU 2016-12). These ASUs are effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted, but not before interim and annual reporting periods beginning after December 15, 2016. The new guidance can be applied either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption. The Company has not yet adopted this guidance and is currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. |
Organization and Basis of Pre33
Organization and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of commercial office properties | As of June 30, 2016 , we owned the following interests in properties in the New York Metropolitan area, primarily in midtown Manhattan. Our investments in the New York Metropolitan area also include investments in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, which are collectively known as the Suburban properties: Consolidated Unconsolidated Total Location Property Number of Properties Approximate Square Feet (unaudited) Number of Properties Approximate Square Feet (unaudited) Number of Properties Approximate Square Feet (unaudited) Weighted Average Occupancy (1) (unaudited) Commercial: Manhattan Office 25 18,368,606 6 4,244,139 31 22,612,745 95.6 % Retail 10 (2) 418,563 9 352,952 19 771,515 87.8 % Development/Redevelopment 3 42,635 3 767,311 6 809,946 34.9 % Fee Interest 1 176,530 — — 1 176,530 100.0 % 39 19,006,334 18 5,364,402 57 24,370,736 93.4 % Suburban Office 26 (3) 4,235,300 2 640,000 28 4,875,300 82.1 % Retail 1 52,000 — — 1 52,000 100.0 % Development/Redevelopment 1 1,000 1 — 2 1,000 100.0 % 28 4,288,300 3 640,000 31 4,928,300 82.3 % Total commercial properties 67 23,294,634 21 6,004,402 88 29,299,036 91.5 % Residential: Manhattan Residential 4 (2) 762,587 17 2,957,282 21 3,719,869 67.5 % Suburban Residential — — — — — — — % Total residential properties 4 762,587 17 2,957,282 21 3,719,869 67.5 % Total portfolio (3) 71 24,057,221 38 8,961,684 109 33,018,905 88.8 % (1) The weighted average occupancy for commercial properties represents the total occupied square feet divided by the total acquisition square footage. The weighted average occupancy for residential properties represents the total occupied units divided by the total available units. (2) As of June 30, 2016 , we owned a building that was comprised of approximately 270,132 square feet (unaudited) of retail space and approximately 222,855 square feet (unaudited) of residential space. For the purpose of this report, we have included the building in the retail properties count and have bifurcated the square footage into the retail and residential components. (3) Includes the property at 500 West Putnam, which is classified as held for sale at June 30, 2016. |
Significant Accounting Polici34
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) | The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Identified intangible assets (included in other assets): Gross amount $ 1,022,430 $ 939,518 Accumulated amortization (420,167 ) (403,747 ) Net (1) $ 602,263 $ 535,771 Identified intangible liabilities (included in deferred revenue): Gross amount $ 861,539 $ 866,561 Accumulated amortization (498,992 ) (486,928 ) Net (1) $ 362,547 $ 379,633 (1) As of June 30, 2016 and December 31, 2015, $0.1 million and $0.2 million , respectively and $0.1 million and $0.1 million , respectively, of net intangible assets and net intangible liabilities, were reclassified to assets held for sale and liabilities related to assets held for sale. |
Schedule of marketable securities | At June 30, 2016 and December 31, 2015 , we held the following marketable securities (in thousands): June 30, 2016 December 31, 2015 Equity marketable securities $ 334 $ 4,704 Commercial mortgage-backed securities 39,005 40,434 Total marketable securities available-for-sale $ 39,339 $ 45,138 |
Property Acquisitions (Tables)
Property Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
2016 Acquisitions | |
Property Acquisitions | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | During the six months ended June 30, 2016, the property listed below was acquired from a third party. The following summarizes our preliminary allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of this acquisition (in thousands): 183 Broadway (1) Acquisition Date March 2016 Ownership Type Fee Interest Property Type Retail/Residential Purchase Price Allocation: Land $ 26,640 Building and building leasehold 2,960 Above-market lease value — Acquired in-place leases — Other assets, net of other liabilities — Assets acquired 29,600 Mark-to-market assumed debt — Below-market lease value — Derivatives — Liabilities assumed — Purchase price $ 29,600 Net consideration funded by us at closing, excluding consideration financed by debt $ 29,600 Equity and/or debt investment held $ — Debt assumed $ — (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. |
2015 Acquisitions | |
Property Acquisitions | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | During the six months ended June 30, 2016, we finalized the purchase price allocations based on facts and circumstances that existed at the acquisition dates for the following 2015 acquisitions (in thousands): Upper Eastside Residential (1) 11 Madison Avenue (1) 1640 Flatbush Avenue (1) Acquisition Date June 2015 August 2015 March 2015 Ownership Type Fee Interest Fee Interest Fee Interest Property Type Residential/Retail Office Retail Purchase Price Allocation: Land $ 48,152 $ 675,776 $ 6,226 Building and building leasehold — 1,553,602 501 Above-market lease value — 19,764 — Acquired in-place leases 1,922 366,949 146 Other assets, net of other liabilities — — — Assets acquired 50,074 2,616,091 6,873 Mark-to-market assumed debt — — — Below-market lease value — (187,732 ) (73 ) Derivatives — — — Liabilities assumed — (187,732 ) (73 ) Purchase price $ 50,074 $ 2,428,359 $ 6,800 Net consideration funded by us at closing, excluding consideration financed by debt $ — $ — $ — Equity and/or debt investment held $ — $ — $ — Debt assumed $ — $ — $ — (1) Based on our preliminary analysis of the purchase price, we had allocated $17.5 million and $32.5 million to land and building, respectively, at the Upper Eastside Residential Property, $849.9 million and $1.6 billion to land and building, respectively, at 11 Madison Avenue, and $6.1 million and $0.7 million to land and building, respectively, at 1640 Flatbush Avenue. The impact to our consolidated statement of operations for the six months ended June 30, 2016 to adjust for the finalized purchase price allocations was $6.0 million in rental revenue for the amortization of aggregate below-market leases and $14.5 million of depreciation expense. |
Properties Held for Sale and 36
Properties Held for Sale and Property Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of properties sold and income from discontinued operations | The following table summarizes the properties sold during the six months ended June 30, 2016: Property Disposition Date Property Type Approximate Square Feet Sales Price (1) (in millions) Gain on Sale (2) (in millions) 248-252 Bedford Avenue February 2016 Residential 66,611 $ 55.0 $ 15.3 885 Third Avenue (3) February 2016 Land 607,000 453.0 — 7 International Drive May 2016 Land 31 Acres 20.0 (6.9 ) 388 Greenwich June 2016 Office 2,635,000 2,002.3 206.5 (1) Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property. (2) The gain on sale for 248-252 Bedford Avenue and 388 Greenwich are net of $1.3 million and $1.6 million , respectively in employee compensation awards accrued in connection with the realization of the investment gain as a bonus to certain employees that were instrumental in realizing the gain on sale. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods. (3) In February 2016, we closed on the sale of 885 Third Avenue. The sale did not meet the criteria for sale accounting and as a result the property remains on our consolidated balance sheet until the criteria is met. An estimated loss relating to the sale of $6.6 million was recorded in December 2015. Discontinued operations for the six months ended June 30, 2015 included the results of operations of 180 Maiden Lane, which was held for sale at December 31, 2014 and sold in January 2015, as follows (in thousands): Three and six months ended June 30, 2015 Revenues Rental revenue $ 236 Escalation and reimbursement revenues (127 ) Other income — Total revenues 109 Operating expenses (631 ) Real estate taxes 250 Ground rent — Transaction related costs (49 ) Depreciable real estate reserves 109 Interest expense, net of interest income 3 Amortization of deferred financing costs — Depreciation and amortization Total expenses (318 ) Net income from discontinued operations $ 427 |
Debt and Preferred Equity Inv37
Debt and Preferred Equity Investments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of debt investments | As of June 30, 2016 and December 31, 2015 we held the following debt investments with an aggregate weighted average current yield of 9.55% at June 30, 2016 (in thousands): Loan Type June 30, 2016 Future Funding Obligations June 30, 2016 Senior Financing June 30, 2016 Carrying Value (1) December 31, 2015 Carrying Value (1) Maturity Date (2) Fixed Rate Investments: Mezzanine Loan $ — $ 165,000 $ 72,271 $ 72,102 October 2016 Jr. Mortgage Participation/Mezzanine Loan — 1,109,000 189,380 104,661 March 2017 Mezzanine Loan (3a) 10,000 502,100 55,988 41,115 June 2017 Mortgage Loan (4) — — 26,284 26,262 February 2019 Mortgage Loan — — 447 513 August 2019 Mezzanine Loan — 15,000 3,500 3,500 September 2021 Mezzanine Loan (3b) — 89,527 19,939 19,936 November 2023 Mezzanine Loan (3c) — 115,000 12,921 24,916 June 2024 Mezzanine Loan — 95,000 30,000 30,000 January 2025 Mezzanine Loan (5) — — — 49,691 Jr. Mortgage Participation (6) — — — 49,000 Other (6)(7) — — — 23,510 Other (6)(7) — — — 66,183 Total fixed rate $ 10,000 $ 2,090,627 $ 410,730 $ 511,389 Floating Rate Investments: Mortgage/Mezzanine Loan (8) — — 105,278 94,901 October 2016 Mezzanine Loan — 360,000 99,811 99,530 November 2016 Mezzanine Loan 8,459 136,384 52,827 49,751 December 2016 Mezzanine Loan 281 39,201 13,761 13,731 December 2016 Mortgage/Mezzanine Loan (3d) 43,572 — 137,150 134,264 January 2017 Mezzanine Loan 1,127 118,949 28,796 28,551 January 2017 Mezzanine Loan (3e)(9) — 40,000 15,212 68,977 June 2017 Mortgage/ Mezzanine Loan — — 32,679 — June 2017 Mortgage/Mezzanine Loan — — 22,919 22,877 July 2017 Mortgage/Mezzanine Loan — — 16,931 16,901 September 2017 Mortgage/Mezzanine Loan 4,234 — 19,607 19,282 October 2017 Mezzanine Loan — 60,000 14,931 14,904 November 2017 Mezzanine Loan (3f) — 85,000 15,011 29,505 December 2017 Mezzanine Loan (3g) — 65,000 14,542 28,563 December 2017 Mortgage/Mezzanine Loan (3h) 795 — 14,998 14,942 December 2017 Jr. Mortgage Participation — 40,000 19,880 19,846 April 2018 Mezzanine Loan — 175,000 34,785 34,725 April 2018 Jr. Mortgage Participation/Mezzanine Loan (3i) — 55,000 10,512 20,510 July 2018 Mortgage/Mezzanine Loan (10) 523 20,523 10,829 31,210 August 2018 Mezzanine Loan 2,325 45,025 34,318 — October 2018 Mezzanine Loan — 33,000 26,812 26,777 December 2018 Mezzanine Loan 4,560 156,383 54,731 52,774 December 2018 Mezzanine Loan 23,456 217,202 55,217 49,625 December 2018 Loan Type June 30, 2016 Future Funding Obligations June 30, 2016 Senior Financing June 30, 2016 Carrying Value (1) December 31, 2015 Carrying Value (1) Maturity Date (2) Mezzanine Loan 6,383 16,383 5,363 — January 2019 Mezzanine Loan — 38,000 21,869 21,845 March 2019 Mezzanine Loan — 265,000 24,646 — April 2019 Mezzanine Loan (11) — — — 22,625 Mezzanine Loan (12) — — — 74,700 Mezzanine Loan (13) — — — 66,398 Jr. Mortgage Participation/Mezzanine Loan (6) — — — 18,395 Mezzanine Loan (14) — — — 40,346 Total floating rate $ 95,715 $ 1,966,050 $ 903,415 $ 1,116,455 Total $ 105,715 $ 4,056,677 $ 1,314,145 $ 1,627,844 (1) Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees. (2) Represents contractual maturity, excluding any unexercised extension options. (3) Carrying value is net of the following amount that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting: (a) $41.3 million , (b) $5.0 million , (c) $12.0 million , (d) $36.3 million , (e) $14.5 million , (f) $14.6 million , (g) $14.1 million , (h) $5.1 million and (i) $10.0 million . (4) In September 2014, we acquired a $26.4 million mortgage loan at a $0.2 million discount and a $5.7 million junior mortgage participation at a $5.7 million discount. The junior mortgage participation was a nonperforming loan at acquisition and is currently on non-accrual status. (5) In April 2016, we closed on an option to acquire a 20% interest in the underlying asset at a previously agreed upon purchase option valuation, and our mezzanine loan was simultaneously repaid. (6) These loans were repaid in March 2016. (7) These loans were collateralized by defeasance securities. (8) In April 2016, the maturity date was extended to October 2016. (9) In March 2016, the mortgage was sold. (10) In January 2016, the loans were modified. In March 2016, the mortgage was sold. (11) This loan was repaid in June 2016. (12) This loan was repaid in May 2016. (13) In March 2016, we contributed our interest in the loan in exchange for a joint venture interest which is now accounted for under the equity method of accounting. It is included in unconsolidated joint ventures on the consolidated balance sheets. (14) These loans were repaid in February 2016. |
Summary of preferred equity investments | As of June 30, 2016 and December 31, 2015 , we held the following preferred equity investments with an aggregate weighted average current yield of 7.97% at June 30, 2016 (in thousands): Type June 30, 2016 Future Funding Obligations June 30, 2016 Senior Financing June 30, 2016 Carrying Value (1) December 31, 2015 (1) Initial Mandatory Redemption Preferred equity $ — $ 71,486 $ 9,974 $ 9,967 March 2018 Preferred equity 4,779 59,966 33,062 32,209 November 2018 Total $ 4,779 $ 131,452 $ 43,036 $ 42,176 (1) Carrying value is net of deferred origination fees. |
Investments in Unconsolidated38
Investments in Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 : Property Partner Ownership Interest Economic Interest Approximate Square Feet Acquisition Date Acquisition Price (1) (in thousands) 100 Park Avenue Prudential Real Estate Investors 49.90% 49.90% 834,000 January 2000 $ 95,800 717 Fifth Avenue Jeff Sutton/Private Investor 10.92% 10.92% 119,500 September 2006 251,900 800 Third Avenue Private Investors 60.52% 60.52% 526,000 December 2006 285,000 1745 Broadway Ivanhoe Cambridge, Inc. 56.88% 56.88% 674,000 April 2007 520,000 Jericho Plaza (2) Onyx Equities/Private Investor 11.67% 11.67% 640,000 April 2007 210,000 11 West 34th Street Private Investor/ Jeff Sutton 30.00% 30.00% 17,150 December 2010 10,800 3 Columbus Circle (3) The Moinian Group 48.90% 48.90% 741,500 January 2011 500,000 280 Park Avenue Vornado Realty Trust 50.00% 50.00% 1,219,158 March 2011 400,000 1552-1560 Broadway (4) Jeff Sutton 50.00% 50.00% 35,897 August 2011 136,550 724 Fifth Avenue Jeff Sutton 50.00% 50.00% 65,040 January 2012 223,000 10 East 53rd Street Canadian Pension Plan Investment Board 55.00% 55.00% 354,300 February 2012 252,500 521 Fifth Avenue Plaza Global Real Estate Partners LP 50.50% 50.50% 460,000 November 2012 315,000 21 East 66th Street (5) Private Investors 32.28% 32.28% 16,736 December 2012 75,000 650 Fifth Avenue (6) Jeff Sutton 50.00% 50.00% 32,324 November 2013 121 Greene Street Jeff Sutton 50.00% 50.00% 7,131 September 2014 27,400 175-225 Third Street Brooklyn, New York KCLW 3rd Street LLC/LIVWRK LLC 95.00% 95.00% — October 2014 74,600 55 West 46th Street Prudential Real Estate Investors 25.00% 25.00% 347,000 November 2014 295,000 Stonehenge Portfolio Various Various Various 2,046,733 Various 36,668 131-137 Spring Street Invesco Real Estate 20.00% 20.00% 68,342 August 2015 277,750 76 11th Avenue (7) Oxford/Vornado 33.33% 36.58% 764,000 March 2016 138,240 605 West 42nd Street (8) The Moinian Group 20.00% 20.00% 927,358 April 2016 759,000 (1) Acquisition price represents the actual or implied gross purchase price for the joint venture, which is not adjusted for subsequent acquisitions of additional interests. (2) Our ownership percentage was reduced in the first quarter of 2016, from 77.78% to 11.67% , upon completion of the restructuring of the joint venture. (3) As a result of the sale of a condominium interest in September 2012, Young & Rubicam, Inc., or Y&R, owns floors three through eight at the property. Because the joint venture has an option to repurchase these floors, the gain associated with this sale was deferred. (4) The purchase price represents only the purchase of the 1552 Broadway interest which comprised approximately 13,045 square feet. The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. (5) We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% interest in three residential units at the property. (6) 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 our joint venture partner executed a contribution agreement to reflect its pro rata obligation. In the 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. (7) The joint venture owns two mezzanine notes secured by interests in the entity that owns 76 11th Avenue. The difference between our ownership interest and our economic interest results from our right to 50% of the total exit fee while each of our partners is entitled to receive 25% of the total exit fee. (8) The Company was granted an option to purchase the interest at an agreed upon valuation in July 2014 when it originated a $50.0 million mezzanine loan to the project's developer. The mezzanine loan was repaid prior to the closing of the Company's acquisition of its joint venture interest. As of June 30, 2016 and December 31, 2015, the carrying value for acquisition, development and construction arrangements were as follows (in thousands): Loan Type June 30, 2016 December 31, 2015 Initial Maturity Date Mezzanine loan and preferred equity $ 100,000 $ 99,936 March 2017 Mezzanine loan (1) 45,719 45,942 February 2022 $ 145,719 $ 145,878 (1) We have an option to convert our loan to an equity interest subject to certain conditions. We have determined that our option to convert the loan to equity is not a derivative financial instrument pursuant to GAAP. The following table summarizes the investments in unconsolidated joint ventures sold during the six months ended June 30, 2016 : Property Ownership Percentage Disposition Date Type of Sale Gross Asset Valuation (in thousands) (1) Gain on Sale (in thousands) (2) 1 Jericho Plaza (3) 66.11% February 2016 Office $ 95,200 $ 3,300 7 Renaissance Square 50.00% March 2016 Office $ 20,700 $ 4,200 EOP Denver 4.79% March 2016 Office $ 180,700 $ 2,800 33 Beekman (4) 45.90% May 2016 Residential $ 196,000 $ 33,000 (1) Represents implied gross valuation for the joint venture or sales price of the property. (2) Represents the Company's share of the gain. The gain on sale is net of $1.1 million employee compensation awards accrued in connection with the realization of these investment gains as a bonus to certain employees that were instrumental in realizing the gains on sale. (3) Our ownership percentage was reduced in the first quarter of 2016, from 77.78% to 11.67% , upon completion of the restructuring of the joint venture. (4) In connection with the sale of the property, we also recognized a promote of $10.8 million . |
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 June 30, 2016 and December 31, 2015 , respectively, are as follows (amounts in thousands): Property Maturity Date Interest Rate (1) June 30, 2016 December 31, 2015 Fixed Rate Debt: 1745 Broadway January 2017 5.68 % $ 340,000 $ 340,000 521 Fifth Avenue November 2019 3.73 % 170,000 170,000 717 Fifth Avenue (2) July 2022 4.45 % 300,000 300,000 717 Fifth Avenue (2) July 2022 6.27 % 355,328 325,704 21 East 66th Street April 2023 3.60 % 12,000 12,000 3 Columbus Circle March 2025 3.61 % 350,000 350,000 800 Third Avenue February 2026 3.17 % 177,000 20,910 Stonehenge Portfolio (3) Various 4.19 % 364,249 430,627 280 Park Avenue — 692,963 Property Maturity Date Interest Rate (1) June 30, 2016 December 31, 2015 7 Renaissance Square — 2,927 Total fixed rate debt $ 2,068,577 $ 2,645,131 Floating Rate Debt: 650 Fifth Avenue (4) October 2016 3.94 % $ 65,000 $ 65,000 175-225 Third Street December 2016 4.50 % 40,000 40,000 10 East 53rd Street February 2017 2.94 % 125,000 125,000 724 Fifth Avenue April 2017 2.86 % 275,000 275,000 1552 Broadway (5) April 2017 4.66 % 185,410 190,409 55 West 46th Street (6) October 2017 2.74 % 151,536 150,000 Jericho Plaza (7) March 2018 4.59 % 75,799 163,750 605 West 42nd Street July 2018 2.56 % 539,000 — 280 Park Avenue June 2019 2.44 % 900,000 30,000 121 Greene Street November 2019 1.94 % 15,000 15,000 131-137 Spring Street August 2020 1.99 % 141,000 141,000 11 West 34th Street January 2021 1.89 % 23,000 23,000 100 Park Avenue February 2021 2.19 % 360,000 360,000 21 East 66th Street June 2033 2.00 % 1,765 1,805 Stonehenge Portfolio (8) Various 5.81 % 65,489 10,500 33 Beekman — 73,518 Total floating rate debt $ 2,962,999 $ 1,663,982 Total joint venture mortgages and other loans payable $ 5,031,576 $ 4,309,113 Deferred financing costs, net (109,083 ) (42,565 ) Total joint venture mortgages and other loans payable, net $ 4,922,493 $ 4,266,548 (1) Effective weighted average interest rate for the three months ended June 30, 2016 , taking into account interest rate hedges in effect during the period. (2) These loans are comprised of a $300.0 million fixed rate mortgage loan and $355.3 million mezzanine loan. The mezzanine loan is subject to accretion based on the difference between contractual interest rate and contractual pay rate. (3) Amount is comprised of $13.2 million , $34.6 million , , $140.3 million , and $176.2 million in fixed-rate mortgages that mature in October 2016, November 2017, August 2019, and June 2024, respectively. (4) This loan has a committed amount of $97.0 million , of which $32.0 million was unfunded as of June 30, 2016 . (5) These loans are comprised of a $145.0 million mortgage loan and a $41.5 million mezzanine loan. As of June 30, 2016 , $0.6 million of the mortgage loan and $0.5 million of the mezzanine loan were unfunded. (6) This loan has a committed amount of $190.0 million , of which $38.5 million was unfunded as of June 30, 2016 . (7) We hold an 11.67% non-controlling interest in the joint venture and the property secures a two year $100.0 million loan, of which $75.8 million is currently outstanding. (8) Amount is comprised of $55.2 million and $10.3 million in floating-rate mortgages that mature in June 2017 and December 2017, respectively. |
Schedule of combined balance sheets for the unconsolidated joint ventures | The combined balance sheets for the unconsolidated joint ventures, at June 30, 2016 and December 31, 2015 are as follows (in thousands): June 30, 2016 December 31, 2015 Assets Commercial real estate property, net $ 6,510,775 $ 6,122,468 Debt and preferred equity investments, net 304,901 145,878 Other assets 741,839 715,840 Total assets $ 7,557,515 $ 6,984,186 Liabilities and members' equity Mortgages and other loans payable, net $ 4,922,493 $ 4,266,548 Other liabilities 534,611 523,160 Members' equity 2,100,411 2,194,478 Total liabilities and members' equity $ 7,557,515 $ 6,984,186 Company's investments in unconsolidated joint ventures $ 1,126,486 $ 1,203,858 |
Schedule of combined statements of income for the unconsolidated joint ventures | The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three and six months ended June 30, 2016 and 2015 , are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total revenues $ 151,575 $ 143,535 $ 314,087 $ 272,451 Operating expenses 27,166 26,345 54,420 51,831 Ground rent 3,715 2,572 6,926 5,164 Real estate taxes 24,332 22,335 48,542 41,711 Interest expense, net of interest income 46,351 51,715 96,087 95,722 Amortization of deferred financing costs 7,276 3,145 10,512 6,155 Transaction related costs — 3 — 11 Depreciation and amortization 37,294 37,894 75,145 70,878 Total expenses 146,134 144,009 291,632 271,472 Loss on early extinguishment of debt — — (1,606 ) (833 ) Net income (loss) before gain on sale $ 5,441 $ (474 ) $ 20,849 $ 146 Company's equity in net income from unconsolidated joint ventures $ 5,841 $ 2,994 $ 15,937 $ 7,024 |
Deferred Costs (Tables)
Deferred Costs (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of components of deferred costs | Deferred costs at June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 Deferred leasing $ 447,805 $ 415,406 Less: accumulated amortization (191,502 ) (175,486 ) Deferred costs, net $ 256,303 $ 239,920 |
Mortgages and Other Loans Pay40
Mortgages and Other Loans Payable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 or debt investments at June 30, 2016 and December 31, 2015 , respectively, were as follows (amounts in thousands): Property Maturity Date Interest Rate (1) June 30, 2016 December 31, 2015 Fixed Rate Debt: Landmark Square December 2016 4.00 % $ 78,682 $ 79,562 FHLB Facility January 2017 1.03 % 105,000 — FHLB Facility January 2017 0.80 % 100,000 — 485 Lexington Avenue February 2017 5.61 % 450,000 450,000 762 Madison Avenue February 2017 3.86 % 7,784 7,872 885 Third Avenue (2) July 2017 6.26 % 267,650 267,650 Unsecured Loan June 2018 4.81 % 16,000 16,000 One Madison Avenue May 2020 5.91 % 530,876 542,817 100 Church Street July 2022 4.68 % 223,294 225,099 919 Third Avenue (3) June 2023 5.12 % 500,000 500,000 400 East 57th Street February 2024 4.13 % 66,998 67,644 400 East 58th Street February 2024 4.13 % 28,713 28,990 420 Lexington Avenue October 2024 3.99 % 300,000 300,000 1515 Broadway March 2025 3.93 % 896,248 900,000 11 Madison Avenue September 2025 3.84 % 1,400,000 1,400,000 Series J Preferred Units (4) April 2051 3.75 % 4,000 4,000 388-390 Greenwich Street (5) — 1,004,000 500 West Putnam Avenue (6) — 22,376 Total fixed rate debt $ 4,975,245 $ 5,816,010 Floating Rate Debt: Master Repurchase Agreement (7) July 2016 3.59 % $ 134,259 $ 253,424 FHLB Facility December 2016 0.72 % 24,000 45,750 600 Lexington Avenue October 2017 2.63 % 110,857 112,795 719 Seventh Avenue February 2018 3.49 % 27,514 — 183,187 Broadway & 5-7 Dey Street May 2018 3.11 % 58,000 40,000 1080 Amsterdam November 2018 4.19 % 3,525 3,525 220 East 42nd Street October 2020 2.04 % 275,000 275,000 388-390 Greenwich Street (5) — 446,000 248-252 Bedford Avenue (8) — 29,000 Total floating rate debt $ 633,155 $ 1,205,494 Total fixed rate and floating rate debt $ 5,608,400 $ 7,021,504 Mortgages reclassed to liabilities related to assets held for sale (5)(8) — (29,000 ) Total mortgages and other loans payable $ 5,608,400 $ 6,992,504 Deferred financing costs, net of amortization (84,290 ) (110,584 ) Total mortgages and other loans payable, net $ 5,524,110 $ 6,881,920 (1) Effective weighted average interest rate for the quarter ended June 30, 2016 , taking into account interest rate hedges in effect during the period. (2) In February 2016, we closed on the sale of 885 Third Avenue. The sale did not meet the criteria for sale accounting and as a result the property remains on our consolidated balance sheet until the criteria is met. (3) We own a 51.0% controlling interest in the consolidated joint venture that is the borrower on this loan. (4) In connection with the acquisition of a commercial real estate property, the Operating Partnership issued $4.0 million , 3.75% Series J Preferred Units of limited partnership interest, or the Series J Preferred Units, with a mandatory liquidation preference of $1,000.00 per unit. The Series J Preferred Units are accounted for as debt because they can be redeemed in cash by the Operating Partnership on the earlier of (i) the date of the sale of the property or (ii) April 30, 2051 or at the option of the unitholders as provided for in the related agreement. (5) In June 2016, we closed on the sale of 388-390 Greenwich Street. At March 31, 2016, this property was classified as a held for sale property and the related mortgage, net of deferred financing costs, net of amortization of $24.5 million , was included in liabilities related to assets held for sale. (6) In January 2016, the mortgage was repaid. (7) In July 2016, we entered into a new Master Repurchase Agreement, with a maximum facility capacity of $300.0 million that bears interest ranging from 225 and 400 basis points over 30-day LIBOR, depending on the pledged collateral. The new MRA has an initial maturity date of July 2018, with an extension term of one additional year. (8) The property at 248-252 Bedford Avenue in Brooklyn, New York was sold in February 2016. At December 31, 2015 this property was held for sale and the related mortgage, net of deferred financing, net of amortization costs of $0.9 million , was included in liabilities related to assets held for sale. |
Corporate Indebtedness (Tables)
Corporate Indebtedness (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and December 31, 2015 , respectively, by scheduled maturity date (dollars in thousands): Issuance June 30, June 30, December 31, 2015 Accreted Balance Coupon Rate (1) Effective Rate Term (in Years) Maturity Date October 12, 2010 (2) $ 345,000 $ 327,489 $ 321,130 3.00 % 3.00 % 7 October 2017 August 5, 2011 (3) 250,000 249,845 249,810 5.00 % 5.00 % 7 August 2018 March 16, 2010 (3) 250,000 250,000 250,000 7.75 % 7.75 % 10 March 2020 November 15, 2012 (3) 200,000 200,000 200,000 4.50 % 4.50 % 10 December 2022 December 17, 2015 (3) 100,000 100,000 100,000 4.27 % 4.27 % 10 December 2025 March 26, 2007 (4) 10,008 10,008 10,008 3.00 % 3.00 % 20 March 2027 March 31, 2006 (5) — — 255,296 $ 1,155,008 $ 1,137,342 $ 1,386,244 Deferred financing costs, net (6,652 ) (7,280 ) $ 1,155,008 $ 1,130,690 $ 1,378,964 (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 the Operating Partnership. Interest on these exchangeable 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 12.4998 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. As a result of meeting specified events (as defined in the Indenture Agreement), these notes became exchangeable commencing January 1, 2016 and remained exchangeable through March 31, 2016. The notes are guaranteed by ROP. On the issuance date, $78.3 million of the debt balance was recorded in equity. As of June 30, 2016 , $17.5 million remained to be amortized into the debt balance. (3) Issued by the Company, the Operating Partnership and ROP, as co-obligors. (4) Issued by the Operating Partnership. Interest on these remaining exchangeable 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 current exchange rate is 5.7985 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 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. (5) Issued by ROP, balance was repaid in March 2016. |
Schedule of combined aggregate principal maturities | Combined aggregate principal maturities of mortgages and other loans payable, 2012 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of June 30, 2016 , including as-of-right extension options and put options, were as follows (in thousands): Scheduled Amortization Principal Revolving Credit Facility Unsecured Term Loan Trust Preferred Securities Senior Unsecured Notes Total Joint Venture Debt Remaining 2016 $ 29,859 $ 236,194 $ — $ — $ — $ — $ 266,053 $ 163,575 2017 63,644 1,094,548 — — — 355,008 1,513,200 549,135 2018 64,119 47,039 — — — 250,000 361,158 9,293 2019 70,255 — — 933,000 — — 1,003,255 554,686 2020 52,799 679,531 285,000 — — 250,000 1,267,330 30,298 Thereafter 147,604 3,122,974 — — 100,000 300,000 3,670,578 547,167 $ 428,280 $ 5,180,286 $ 285,000 $ 933,000 $ 100,000 $ 1,155,008 $ 8,081,574 $ 1,854,154 |
Schedule of consolidated interest expense, excluding capitalized interest | Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Interest expense $ 95,568 $ 84,083 $ 197,722 $ 169,099 Interest capitalized (5,433 ) (7,611 ) (12,051 ) (16,169 ) Interest income (1,046 ) (726 ) (1,910 ) (1,377 ) Interest expense, net $ 89,089 $ 75,746 $ 183,761 $ 151,553 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of amounts due from/to related parties | Amounts due from related parties at June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 Due from joint ventures $ 1,443 $ 1,334 Other 11,616 9,316 Related party receivables $ 13,059 $ 10,650 |
Noncontrolling Interests on t43
Noncontrolling Interests on the Company's Consolidated Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interest | Below is the rollforward analysis of the activity relating to the noncontrolling interests in the Operating Partnership as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Balance at beginning of period $ 424,206 $ 469,524 Distributions (6,009 ) (9,710 ) Issuance of common units 73,011 30,506 Redemption of common units (11,795 ) (55,697 ) Net income 6,508 10,565 Accumulated other comprehensive income allocation (375 ) (67 ) Fair value adjustment 906 (20,915 ) Balance at end of period $ 486,452 $ 424,206 |
Schedule of Preferred Unit Activity | Below is the rollforward analysis of the activity relating to the preferred units in the Operating Partnership as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Balance at beginning of period $ 282,516 $ 71,115 Issuance of preferred units 22,793 211,601 Redemption of preferred units (2,849 ) (200 ) Balance at end of period $ 302,460 $ 282,516 |
Stockholders' Equity of the C44
Stockholders' Equity of the Company (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Earnings Per Share | SL Green's earnings per share for the three and six months ended June 30, 2016 and 2015 are computed as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Numerator 2016 2015 2016 2015 Basic Earnings: Income (loss) attributable to SL Green common stockholders $ 133,457 $ (39,106 ) $ 156,678 $ 4,171 Effect of Dilutive Securities: Redemption of units to common shares 5,586 — 6,508 166 Diluted Earnings: Income (loss) attributable to SL Green common stockholders $ 139,043 $ (39,106 ) $ 163,186 $ 4,337 Three Months Ended June 30, Six Months Ended June 30, Denominator 2016 2015 2016 2015 Basic Shares: Weighted average common stock outstanding 100,134 99,579 100,093 98,994 Effect of Dilutive Securities: Operating Partnership units redeemable for common shares 4,342 — 4,158 3,936 Stock-based compensation plans 316 — 282 493 Diluted weighted average common stock outstanding 104,792 99,579 104,533 103,423 |
Partners' Capital of the Oper45
Partners' Capital of the Operating Partnership (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Schedule of calculation of numerator and denominator in earnings per unit | The Operating Partnership's earnings per unit for the three and six months ended June 30, 2016 and 2015 , respectively are computed as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Numerator 2016 2015 2016 2015 Basic and Diluted Earnings: Net income (loss) attributable to SLGOP common unitholders $ 139,043 $ (40,683 ) $ 163,186 $ 4,337 Three Months Ended June 30, Six Months Ended June 30, Denominator 2016 2015 2016 2015 Basic units: Weighted average common units outstanding 104,476 103,487 104,251 102,930 Effect of Dilutive Securities: Stock-based compensation plans 316 — 282 493 Diluted weighted average common units outstanding 104,792 103,487 104,533 103,423 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 and the year ended December 31, 2015 . June 30, 2016 December 31, 2015 Dividend yield 2.30 % 1.97 % Expected life of option 4.2 years 3.6 years Risk-free interest rate 1.08 % 1.43 % Expected stock price volatility 29.08 % 32.34 % |
Summary of the status of stock options and changes during the period | A summary of the status of the Company's stock options as of June 30, 2016 and December 31, 2015 , and changes during the six months ended June 30, 2016 and year ended December 31, 2015 are as follows: June 30, 2016 December 31, 2015 Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Balance at beginning of period $ 1,595,007 $ 95.52 $ 1,462,726 $ 87.98 Granted 109,500 99.65 389,836 112.54 Exercised (75,201 ) 75.42 (217,438 ) 74.69 Lapsed or cancelled (39,200 ) 113.38 (40,117 ) 98.61 Balance at end of period $ 1,590,106 $ 96.32 $ 1,595,007 $ 95.52 Options exercisable at end of period 865,289 $ 89.14 589,055 $ 89.85 Weighted average fair value of options granted during the period $ 2,258,336 $ 9,522,613 |
Summary of restricted stock and charges during the period | A summary of the Company's restricted stock as of June 30, 2016 and December 31, 2015 and charges during the six months ended June 30, 2016 and the year ended December 31, 2015 , are as follows: June 30, 2016 December 31, 2015 Balance at beginning of period 3,137,881 3,000,979 Granted 7,500 143,053 Cancelled (34,600 ) (6,151 ) Balance at end of period 3,110,781 3,137,881 Vested during the period 81,322 87,081 Compensation expense recorded $ 3,372,434 $ 7,540,747 Weighted average fair value of restricted stock granted during the period $ 781,330 $ 16,061,201 |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 (in thousands): Net unrealized (loss) gain on derivative instruments ( 1 ) SL Green’s share of joint venture net unrealized (loss) gain on derivative instruments ( 2 ) Unrealized gain (loss) on marketable securities Total Balance at December 31, 2015 $ (10,160 ) $ (592 ) $ 2,003 $ (8,749 ) Other comprehensive loss before reclassifications (7,547 ) (6,658 ) (841 ) (15,046 ) Amounts reclassified from accumulated other comprehensive income 6,175 1,062 — 7,237 Balance at June 30, 2016 $ (11,532 ) $ (6,188 ) $ 1,162 $ (16,558 ) (1) Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of operations. As of June 30, 2016 and December 31, 2015 , 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 $8.4 million and $9.7 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 operations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 39,339 $ 334 $ 39,005 $ — Interest rate cap and swap agreements (included in other assets) $ — $ — $ — $ — Liabilities: Interest rate cap and swap agreements (included in accrued interest payable and other liabilities) $ 3,036 $ — $ 3,036 $ — Interest rate cap and swap agreements (included in liabilities related to assets held for sale) $ — $ — $ — $ — December 31, 2015 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 45,138 $ 4,704 $ 40,434 $ — Interest rate cap and swap agreements (included in other assets) $ 204 $ — $ 204 $ — Liabilities: Interest rate cap and swap agreements (included in accrued interest payable and other liabilities) $ 10,776 $ — $ 10,776 $ — |
Fair Value, by Balance Sheet Grouping | The following table provides the carrying value and fair value of these financial instruments as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Debt and preferred equity investments $ 1,357,181 (1) $ 1,670,020 (1) Fixed rate debt $ 6,612,587 $ 7,058,553 $ 7,232,254 $ 7,591,388 Variable rate debt 1,451,155 1,445,621 3,202,494 3,179,186 $ 8,063,742 $ 8,504,174 $ 10,434,748 $ 10,770,574 (1) At June 30, 2016 , debt and preferred equity investments had an estimated fair value ranging between $1.4 billion and $1.5 billion . At December 31, 2015, debt and preferred equity investments had an estimated fair value ranging between $1.7 billion and $1.8 billion . |
Financial Instruments_ Deriva49
Financial Instruments: Derivatives and Hedging (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional and fair value of derivative financial instruments and foreign currency hedges | The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments at June 30, 2016 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (amounts in thousands). Notional Value Strike Rate Effective Date Expiration Date Balance Sheet Location Fair Value Interest Rate Swap $ 200,000 0.938 % October 2014 December 2017 Other Liabilities $ (1,202 ) Interest Rate Swap 150,000 0.940 % October 2014 December 2017 Other Liabilities (906 ) Interest Rate Swap 150,000 0.940 % October 2014 December 2017 Other Liabilities (906 ) Interest Rate Cap 117,392 6.000 % October 2014 October 2016 Other Liabilities — Interest Rate Swap 14,409 0.500 % January 2015 January 2017 Other Liabilities (4 ) Interest Rate Swap 8,018 0.852 % February 2015 February 2017 Other Liabilities (18 ) Interest Rate Cap 137,500 4.000 % September 2015 September 2017 Other Assets — Interest Rate Cap 1,450,000 4.750 % May 2016 May 2017 Other Assets — Total $ (3,036 ) |
Schedule of effect of derivative financial instruments on consolidated statements of income | The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the three months ended June 30, 2016 and 2015 , respectively (in thousands): Amount of (Loss) Gain Location of (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Loss Location of (Loss) or Gain Recognized in Income on Derivative Amount of (Loss) or Gain Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, Derivative 2016 2015 2016 2015 2016 2015 Interest Rate Swaps/Caps $ (1,186 ) $ (1,095 ) Interest expense $ 4,468 $ 2,737 Interest expense $ 1 $ (14 ) Share of unconsolidated joint ventures' derivative instruments (3,005 ) 277 Equity in net income from unconsolidated joint ventures 567 331 Equity in net income from unconsolidated joint ventures (600 ) 16 $ (4,191 ) $ (818 ) $ 5,035 $ 3,068 $ (599 ) $ 2 The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the six months ended June 30, 2016 and 2015 , respectively (in thousands): Amount of (Loss) Gain Location of (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Loss Location of (Loss) or Gain Recognized in Income on Derivative Amount of (Loss) or Gain Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, Derivative 2016 2015 2016 2015 2016 2015 Interest Rate Swaps/Caps $ (8,105 ) $ (8,616 ) Interest expense $ 6,631 $ 5,484 Interest expense $ (38 ) $ (424 ) Share of unconsolidated joint ventures' derivative instruments (5,770 ) (960 ) Equity in net income from unconsolidated joint ventures 918 662 Equity in net income from unconsolidated joint ventures (1,036 ) — $ (13,875 ) $ (9,576 ) $ 7,549 $ 6,146 $ (1,074 ) $ (424 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The following is a schedule of future minimum lease payments under capital leases and non-cancellable operating leases with initial terms in excess of one year as of June 30, 2016 (in thousands): Capital lease Non-cancellable operating leases Remaining 2016 $ 1,145 $ 15,468 2017 2,387 31,049 2018 2,387 31,049 2019 2,411 31,066 2020 2,620 31,436 Thereafter 825,483 764,353 Total minimum lease payments $ 836,433 $ 904,421 Amount representing interest (794,682 ) Capital lease obligations $ 41,751 |
Schedule of Future Minimum Lease Payments for Capital Leases | The following is a schedule of future minimum lease payments under capital leases and non-cancellable operating leases with initial terms in excess of one year as of June 30, 2016 (in thousands): Capital lease Non-cancellable operating leases Remaining 2016 $ 1,145 $ 15,468 2017 2,387 31,049 2018 2,387 31,049 2019 2,411 31,066 2020 2,620 31,436 Thereafter 825,483 764,353 Total minimum lease payments $ 836,433 $ 904,421 Amount representing interest (794,682 ) Capital lease obligations $ 41,751 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of selected results of operations and selected asset information | Selected results of operations for the three and six months ended June 30, 2016 and 2015 , and selected asset information as of June 30, 2016 and December 31, 2015 , regarding our operating segments are as follows (in thousands): Real Estate Segment Debt and Preferred Equity Segment Total Company Total revenues Three months ended: June 30, 2016 $ 569,824 $ 47,790 $ 617,614 June 30, 2015 361,730 47,344 409,074 Six months ended: June 30, 2016 968,180 104,878 1,073,058 June 30, 2015 713,832 91,541 805,373 (Loss) Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, depreciable real estate reserves net of recoveries, and loss on sale of investment in marketable securities Three months ended: June 30, 2016 $ (112,337 ) $ 41,874 $ (70,463 ) June 30, 2015 (67,807 ) 37,859 (29,948 ) Six months ended: June 30, 2016 (153,270 ) 91,622 (61,648 ) June 30, 2015 (63,170 ) 75,448 12,278 Total assets As of: June 30, 2016 $ 15,865,286 $ 1,678,937 $ 17,544,223 December 31, 2015 18,045,370 1,682,276 19,727,646 |
Schedule of reconciliation of income from continuing operations to net income attributable to SL Green common stockholders | The table below reconciles income from continuing operations to net income for the three months and six months ended June 30, 2016 , and 2015 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (Loss) Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, depreciable real estate reserves net of recoveries, and loss on sale of investment in marketable securities $ (70,463 ) $ (29,948 ) $ (61,648 ) $ 12,278 Equity in net gain on sale of interest in unconsolidated joint venture/real estate 33,448 769 43,363 769 Gain on sale of real estate, net 196,580 — 210,353 — Depreciable real estate reserves (10,387 ) — (10,387 ) — Loss on sale of investment in marketable securities (83 ) — (83 ) — Income (loss) from continuing operations 149,095 (29,179 ) 181,598 13,047 Net income (loss) from discontinued operations — — — 427 Gain on sale of discontinued operations — — — 12,983 Net income (loss) $ 149,095 $ (29,179 ) $ 181,598 $ 26,457 |
Organization and Basis of Pre52
Organization and Basis of Presentation (Details) - SL Green Operating Partnership | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
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) | 4.30% | 3.61% |
Service Corporation | ||
Organization | ||
Economic interest in variable interest entity (as a percent) | 95.00% |
Organization and Basis of Pre53
Organization and Basis of Presentation (Schedule of Commercial Office Properties)(Details) $ in Billions | 6 Months Ended |
Jun. 30, 2016USD ($)ft²buildingshares | |
Real estate properties | |
Number of Properties | building | 109 |
Approximate Square Feet unaudited (sqft) | 33,018,905 |
Weighted Average Occupancy unaudited (as a percent) | 88.80% |
Debt and preferred equity investments including investments held by unconsolidated joint ventures | $ | $ 1.7 |
Debt and preferred equity investments and other financing receivables included in other balance sheet items | $ | $ 0.3 |
Number of shares to be received on redemption of one unit of limited partnership interests (shares) | shares | 1 |
Commercial properties | |
Real estate properties | |
Number of Properties | building | 88 |
Approximate Square Feet unaudited (sqft) | 29,299,036 |
Weighted Average Occupancy unaudited (as a percent) | 91.50% |
Residential | |
Real estate properties | |
Number of Properties | building | 21 |
Approximate Square Feet unaudited (sqft) | 3,719,869 |
Weighted Average Occupancy unaudited (as a percent) | 67.50% |
Managed office properties | |
Real estate properties | |
Approximate Square Feet unaudited (sqft) | 336,000 |
Consolidated properties | |
Real estate properties | |
Number of Properties | building | 71 |
Approximate Square Feet unaudited (sqft) | 24,057,221 |
Consolidated properties | Commercial properties | |
Real estate properties | |
Number of Properties | building | 67 |
Approximate Square Feet unaudited (sqft) | 23,294,634 |
Consolidated properties | Residential | |
Real estate properties | |
Number of Properties | building | 4 |
Approximate Square Feet unaudited (sqft) | 762,587 |
Unconsolidated properties | |
Real estate properties | |
Number of Properties | building | 38 |
Approximate Square Feet unaudited (sqft) | 8,961,684 |
Unconsolidated properties | Commercial properties | |
Real estate properties | |
Number of Properties | building | 21 |
Approximate Square Feet unaudited (sqft) | 6,004,402 |
Unconsolidated properties | Residential | |
Real estate properties | |
Number of Properties | building | 17 |
Approximate Square Feet unaudited (sqft) | 2,957,282 |
Manhattan | |
Real estate properties | |
Number of Properties | building | 57 |
Approximate Square Feet unaudited (sqft) | 24,370,736 |
Weighted Average Occupancy unaudited (as a percent) | 93.40% |
Manhattan | Office | |
Real estate properties | |
Number of Properties | building | 31 |
Approximate Square Feet unaudited (sqft) | 22,612,745 |
Weighted Average Occupancy unaudited (as a percent) | 95.60% |
Manhattan | Retail | |
Real estate properties | |
Number of Properties | building | 19 |
Approximate Square Feet unaudited (sqft) | 771,515 |
Weighted Average Occupancy unaudited (as a percent) | 87.80% |
Manhattan | Development/Redevelopment | |
Real estate properties | |
Number of Properties | building | 6 |
Approximate Square Feet unaudited (sqft) | 809,946 |
Weighted Average Occupancy unaudited (as a percent) | 34.90% |
Manhattan | Fee Interest | |
Real estate properties | |
Number of Properties | building | 1 |
Approximate Square Feet unaudited (sqft) | 176,530 |
Weighted Average Occupancy unaudited (as a percent) | 100.00% |
Manhattan | Residential | |
Real estate properties | |
Number of Properties | building | 21 |
Approximate Square Feet unaudited (sqft) | 3,719,869 |
Weighted Average Occupancy unaudited (as a percent) | 67.50% |
Manhattan | Consolidated properties | |
Real estate properties | |
Number of Properties | building | 39 |
Approximate Square Feet unaudited (sqft) | 19,006,334 |
Manhattan | Consolidated properties | Office | |
Real estate properties | |
Number of Properties | building | 25 |
Approximate Square Feet unaudited (sqft) | 18,368,606 |
Manhattan | Consolidated properties | Retail | |
Real estate properties | |
Number of Properties | building | 10 |
Approximate Square Feet unaudited (sqft) | 418,563 |
Manhattan | Consolidated properties | Development/Redevelopment | |
Real estate properties | |
Number of Properties | building | 3 |
Approximate Square Feet unaudited (sqft) | 42,635 |
Manhattan | Consolidated properties | Fee Interest | |
Real estate properties | |
Number of Properties | building | 1 |
Approximate Square Feet unaudited (sqft) | 176,530 |
Manhattan | Consolidated properties | Residential | |
Real estate properties | |
Number of Properties | building | 4 |
Approximate Square Feet unaudited (sqft) | 762,587 |
Manhattan | Consolidated properties | Dual property type, retail portion | |
Real estate properties | |
Approximate Square Feet unaudited (sqft) | 270,132 |
Manhattan | Consolidated properties | Dual property type, residential portion | |
Real estate properties | |
Approximate Square Feet unaudited (sqft) | 222,855 |
Manhattan | Unconsolidated properties | |
Real estate properties | |
Number of Properties | building | 18 |
Approximate Square Feet unaudited (sqft) | 5,364,402 |
Manhattan | Unconsolidated properties | Office | |
Real estate properties | |
Number of Properties | building | 6 |
Approximate Square Feet unaudited (sqft) | 4,244,139 |
Manhattan | Unconsolidated properties | Retail | |
Real estate properties | |
Number of Properties | building | 9 |
Approximate Square Feet unaudited (sqft) | 352,952 |
Manhattan | Unconsolidated properties | Development/Redevelopment | |
Real estate properties | |
Number of Properties | building | 3 |
Approximate Square Feet unaudited (sqft) | 767,311 |
Manhattan | Unconsolidated properties | Fee Interest | |
Real estate properties | |
Number of Properties | building | 0 |
Approximate Square Feet unaudited (sqft) | 0 |
Manhattan | Unconsolidated properties | Residential | |
Real estate properties | |
Number of Properties | building | 17 |
Approximate Square Feet unaudited (sqft) | 2,957,282 |
Suburban | |
Real estate properties | |
Number of Properties | building | 31 |
Approximate Square Feet unaudited (sqft) | 4,928,300 |
Weighted Average Occupancy unaudited (as a percent) | 82.30% |
Suburban | Office | |
Real estate properties | |
Number of Properties | building | 28 |
Approximate Square Feet unaudited (sqft) | 4,875,300 |
Weighted Average Occupancy unaudited (as a percent) | 82.10% |
Suburban | Retail | |
Real estate properties | |
Number of Properties | building | 1 |
Approximate Square Feet unaudited (sqft) | 52,000 |
Weighted Average Occupancy unaudited (as a percent) | 100.00% |
Suburban | Development/Redevelopment | |
Real estate properties | |
Number of Properties | building | 2 |
Approximate Square Feet unaudited (sqft) | 1,000 |
Weighted Average Occupancy unaudited (as a percent) | 100.00% |
Suburban | Residential | |
Real estate properties | |
Number of Properties | building | 0 |
Approximate Square Feet unaudited (sqft) | 0 |
Weighted Average Occupancy unaudited (as a percent) | 0.00% |
Suburban | Consolidated properties | |
Real estate properties | |
Number of Properties | building | 28 |
Approximate Square Feet unaudited (sqft) | 4,288,300 |
Suburban | Consolidated properties | Office | |
Real estate properties | |
Number of Properties | building | 26 |
Approximate Square Feet unaudited (sqft) | 4,235,300 |
Suburban | Consolidated properties | Retail | |
Real estate properties | |
Number of Properties | building | 1 |
Approximate Square Feet unaudited (sqft) | 52,000 |
Suburban | Consolidated properties | Development/Redevelopment | |
Real estate properties | |
Number of Properties | building | 1 |
Approximate Square Feet unaudited (sqft) | 1,000 |
Suburban | Consolidated properties | Residential | |
Real estate properties | |
Number of Properties | building | 0 |
Approximate Square Feet unaudited (sqft) | 0 |
Suburban | Unconsolidated properties | |
Real estate properties | |
Number of Properties | building | 3 |
Approximate Square Feet unaudited (sqft) | 640,000 |
Suburban | Unconsolidated properties | Office | |
Real estate properties | |
Number of Properties | building | 2 |
Approximate Square Feet unaudited (sqft) | 640,000 |
Suburban | Unconsolidated properties | Retail | |
Real estate properties | |
Number of Properties | building | 0 |
Approximate Square Feet unaudited (sqft) | 0 |
Suburban | Unconsolidated properties | Development/Redevelopment | |
Real estate properties | |
Number of Properties | building | 1 |
Approximate Square Feet unaudited (sqft) | 0 |
Suburban | Unconsolidated properties | Residential | |
Real estate properties | |
Number of Properties | building | 0 |
Approximate Square Feet unaudited (sqft) | 0 |
Significant Accounting Polici54
Significant Accounting Policies (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Principles of Consolidation | ||
Commercial real estate properties | $ 12,788,076 | $ 14,620,896 |
Mortgages and other loans payable, net | 5,524,110 | 6,881,920 |
Consolidated VIEs | ||
Principles of Consolidation | ||
Commercial real estate properties | 1,500,000 | 200,700 |
Mortgages and other loans payable, net | $ 594,600 | $ 101,100 |
Significant Accounting Polici55
Significant Accounting Policies (Investments in Commercial Real Estate Properties)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Investment in Commercial Real Estate Properties | |||||
Depreciable real estate reserves | $ (10,387) | $ 0 | $ (10,387) | $ 0 | |
Rental revenue from amortization of acquired leases | 156,800 | 8,300 | 191,600 | 22,600 | |
Reduction in interest expense from amortization of above-market rate mortgages | 700 | $ 600 | 1,300 | $ 1,200 | |
Identified intangible assets (included in other assets): | |||||
Gross amount | 1,022,430 | 1,022,430 | $ 939,518 | ||
Accumulated amortization | (420,167) | (420,167) | (403,747) | ||
Net | 602,263 | 602,263 | 535,771 | ||
Identified intangible liabilities (included in deferred revenue): | |||||
Gross amount | 861,539 | 861,539 | 866,561 | ||
Accumulated amortization | (498,992) | (498,992) | (486,928) | ||
Net | 362,547 | 362,547 | 379,633 | ||
Net intangible assets reclassed to assets held for sale | 100 | 100 | 100 | ||
Net intangible liabilities reclassed to liabilities relates to assets held for sale | 200 | $ 200 | $ 100 | ||
Minimum | Above-market leases | |||||
Investment in Commercial Real Estate Properties | |||||
Estimated useful life of other intangible assets (in years) | 1 year | ||||
Minimum | Below-market leases | |||||
Investment in Commercial Real Estate Properties | |||||
Estimated useful life of other intangible assets (in years) | 1 year | ||||
Minimum | In-place leases | |||||
Investment in Commercial Real Estate Properties | |||||
Estimated useful life of other intangible assets (in years) | 1 year | ||||
Maximum | Above-market leases | |||||
Investment in Commercial Real Estate Properties | |||||
Estimated useful life of other intangible assets (in years) | 14 years | ||||
Maximum | Below-market leases | |||||
Investment in Commercial Real Estate Properties | |||||
Estimated useful life of other intangible assets (in years) | 14 years | ||||
Maximum | In-place leases | |||||
Investment in Commercial Real Estate Properties | |||||
Estimated useful life of other intangible assets (in years) | 14 years | ||||
Building | Minimum | |||||
Investment in Commercial Real Estate Properties | |||||
Estimated useful life (in years) | 3 years | ||||
Building | Maximum | |||||
Investment in Commercial Real Estate Properties | |||||
Estimated useful life (in years) | 40 years | ||||
500 West Putnam Avenue | |||||
Investment in Commercial Real Estate Properties | |||||
Depreciable real estate reserves | $ 10,400 | ||||
388-390 Greenwich Street | |||||
Investment in Commercial Real Estate Properties | |||||
Rental revenue from amortization of acquired leases | $ 149,900 | $ 172,400 |
Significant Accounting Polici56
Significant Accounting Policies (Investment in Marketable Securities)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Investment in Marketable Securities | |||||
Marketable securities | $ 39,339 | $ 39,339 | $ 45,138 | ||
Cost basis | 37,800 | 37,800 | 38,700 | ||
Proceeds from sale of marketable securities | 4,300 | $ 200 | 4,300 | $ 300 | |
Fair Value | |||||
Investment in Marketable Securities | |||||
Marketable securities | 39,339 | 39,339 | 45,138 | ||
Equity marketable securities | |||||
Investment in Marketable Securities | |||||
Marketable securities | 334 | 334 | 4,704 | ||
Commercial mortgage-backed securities | |||||
Investment in Marketable Securities | |||||
Marketable securities | $ 39,005 | $ 39,005 | $ 40,434 |
Significant Accounting Polici57
Significant Accounting Policies (Revenue Recognition/Income Taxes)(Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accounting Policies [Abstract] | ||||
Days past due for income recognition on debt and preferred equity investments to be suspended | 90 days | |||
Income taxes | ||||
Federal, state and local tax provision | $ 0.3 | $ 1.1 | $ 1.5 | $ 1.4 |
Significant Accounting Polici58
Significant Accounting Policies (Concentrations of Credit Risk/Accounting Standards Updates)(Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2016USD ($)Tenant | Dec. 31, 2015USD ($) | |
Concentration of Credit Risk | ||
Deferred debt issuance costs | $ | $ 101.5 | $ 130.3 |
Annualized rent | Customer concentration | ||
Concentration of Credit Risk | ||
Number of tenants (tenants) | Tenant | 2 | |
Maximum percentage of annualized rent for any one tenant not individually disclosed (percent) (more than) | 5.00% | |
Annualized rent | 11 Madison Avenue | Customer concentration | ||
Concentration of Credit Risk | ||
Percentage of concentration (percent) | 10.00% | |
Annualized rent | 1515 Broadway | Customer concentration | ||
Concentration of Credit Risk | ||
Percentage of concentration (percent) | 9.30% | |
Annualized rent | 919 Third Avenue | Customer concentration | ||
Concentration of Credit Risk | ||
Percentage of concentration (percent) | 7.20% | |
Annualized rent | 1185 Avenue of the Americas | Customer concentration | ||
Concentration of Credit Risk | ||
Percentage of concentration (percent) | 6.70% | |
Annualized rent | 420 Lexington Avenue | Customer concentration | ||
Concentration of Credit Risk | ||
Percentage of concentration (percent) | 5.90% | |
Annualized rent | 1 Madison Ave | Customer concentration | ||
Concentration of Credit Risk | ||
Percentage of concentration (percent) | 5.10% | |
Tenant 1 | Annualized rent | Customer concentration | ||
Concentration of Credit Risk | ||
Percentage of concentration (percent) | 9.10% | |
Tenant 2 | Annualized rent | Customer concentration | ||
Concentration of Credit Risk | ||
Percentage of concentration (percent) | 6.40% |
Property Acquisitions (Details)
Property Acquisitions (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Mar. 31, 2016 | Aug. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Recognized Identifiable Assets Acquired and Liabilities Assumed | ||||||||
Impact to rental revenue for amortization of aggregate below-market leases | $ 416,809 | $ 304,226 | $ 762,416 | $ 607,555 | ||||
Impact to depreciation expense | $ 425,042 | 199,565 | 604,350 | 307,902 | ||||
183 Broadway | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | ||||||||
Land | $ 26,640 | |||||||
Building and building leasehold | 2,960 | |||||||
Above market lease value | 0 | |||||||
Acquired in-place leases | 0 | |||||||
Other assets, net of other liabilities | 0 | |||||||
Assets acquired | 29,600 | |||||||
Mark-to-market assumed debt | 0 | |||||||
Below market lease value | 0 | |||||||
Derivatives | 0 | |||||||
Liabilities assumed | 0 | |||||||
Purchase price | 29,600 | |||||||
Net consideration funded by us at closing, excluding consideration financed by debt | 29,600 | |||||||
Equity and/or debt investment held | 0 | |||||||
Debt assumed | $ 0 | |||||||
Upper East Side Residential | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | ||||||||
Land | $ 48,152 | 48,152 | 48,152 | |||||
Building and building leasehold | 0 | 0 | 0 | |||||
Above market lease value | 0 | 0 | 0 | |||||
Acquired in-place leases | 1,922 | 1,922 | 1,922 | |||||
Other assets, net of other liabilities | 0 | 0 | 0 | |||||
Assets acquired | 50,074 | 50,074 | 50,074 | |||||
Mark-to-market assumed debt | 0 | 0 | 0 | |||||
Below market lease value | 0 | 0 | 0 | |||||
Derivatives | 0 | 0 | 0 | |||||
Liabilities assumed | 0 | 0 | 0 | |||||
Purchase price | 50,074 | 50,074 | 50,074 | |||||
Net consideration funded by us at closing, excluding consideration financed by debt | 0 | |||||||
Equity and/or debt investment held | 0 | |||||||
Debt assumed | 0 | |||||||
Upper East Side Residential | As Previously Reported | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | ||||||||
Land | 17,500 | 17,500 | 17,500 | |||||
Building and building leasehold | $ 32,500 | $ 32,500 | $ 32,500 | |||||
11 Madison Avenue | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | ||||||||
Land | $ 675,776 | |||||||
Building and building leasehold | 1,553,602 | |||||||
Above market lease value | 19,764 | |||||||
Acquired in-place leases | 366,949 | |||||||
Other assets, net of other liabilities | 0 | |||||||
Assets acquired | 2,616,091 | |||||||
Mark-to-market assumed debt | 0 | |||||||
Below market lease value | (187,732) | |||||||
Derivatives | 0 | |||||||
Liabilities assumed | (187,732) | |||||||
Purchase price | 2,428,359 | |||||||
Net consideration funded by us at closing, excluding consideration financed by debt | 0 | |||||||
Equity and/or debt investment held | 0 | |||||||
Debt assumed | 0 | |||||||
11 Madison Avenue | As Previously Reported | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | ||||||||
Land | 849,900 | |||||||
Building and building leasehold | $ 1,600,000 | |||||||
1640 Flatbush Avenue | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | ||||||||
Land | $ 6,226 | |||||||
Building and building leasehold | 501 | |||||||
Above market lease value | 0 | |||||||
Acquired in-place leases | 146 | |||||||
Other assets, net of other liabilities | 0 | |||||||
Assets acquired | 6,873 | |||||||
Mark-to-market assumed debt | 0 | |||||||
Below market lease value | (73) | |||||||
Derivatives | 0 | |||||||
Liabilities assumed | (73) | |||||||
Purchase price | 6,800 | |||||||
Net consideration funded by us at closing, excluding consideration financed by debt | 0 | |||||||
Equity and/or debt investment held | 0 | |||||||
Debt assumed | 0 | |||||||
1640 Flatbush Avenue | As Previously Reported | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | ||||||||
Land | 6,100 | |||||||
Building and building leasehold | $ 700 | |||||||
Upper East Side Residential, 11 Madison Avenue and 1640 Flatbush Avenue | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed | ||||||||
Impact to rental revenue for amortization of aggregate below-market leases | 6,000 | |||||||
Impact to depreciation expense | $ 14,500 |
Properties Held for Sale and 60
Properties Held for Sale and Property Dispositions (Properties Held for Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Property Dispositions and Assets Held for Sale | ||||
Depreciable real estate reserves | $ (10,387) | $ 0 | $ (10,387) | $ 0 |
500 West Putnam Avenue | ||||
Property Dispositions and Assets Held for Sale | ||||
Agreed sale consideration | 41,000 | |||
Depreciable real estate reserves | $ 10,400 |
Properties Held for Sale and 61
Properties Held for Sale and Property Dispositions (Property Dispositions) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2016USD ($)ft² | May 31, 2016USD ($)a | Feb. 29, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Jun. 30, 2016USD ($)ft² | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)ft² | Jun. 30, 2015USD ($) | |
Properties Sold [Abstract] | ||||||||
Approximate Square Feet (sqft/acres) | ft² | 33,018,905 | 33,018,905 | 33,018,905 | |||||
Gain on Sale | $ 0 | $ 0 | $ 0 | $ 12,983 | ||||
Employee compensation award | 1,100 | |||||||
Revenues | ||||||||
Rental revenue | 236 | |||||||
Escalation and reimbursement revenues | (127) | |||||||
Other income | 0 | |||||||
Total revenues | 109 | |||||||
Operating expenses | (631) | |||||||
Real estate taxes | 250 | |||||||
Ground rent | 0 | |||||||
Transaction related costs | (49) | |||||||
Depreciable real estate reserves | 109 | |||||||
Interest expense, net of interest income | 3 | |||||||
Amortization of deferred financing costs | 0 | |||||||
Total expenses | (318) | |||||||
Net income from discontinued operations | $ 0 | $ 0 | $ 0 | $ 427 | ||||
248-252 Bedford Avenue | ||||||||
Properties Sold [Abstract] | ||||||||
Approximate Square Feet (sqft/acres) | ft² | 66,611 | |||||||
Sales Price | $ 55,000 | |||||||
Gain on Sale | 15,300 | |||||||
Employee compensation award | $ 1,300 | |||||||
885 Third Avenue | ||||||||
Properties Sold [Abstract] | ||||||||
Approximate Square Feet (sqft/acres) | ft² | 607,000 | |||||||
Sales Price | $ 453,000 | |||||||
Gain on Sale | $ 0 | $ (6,600) | ||||||
7 International Drive | ||||||||
Properties Sold [Abstract] | ||||||||
Approximate Square Feet (sqft/acres) | a | 31 | |||||||
Sales Price | $ 20,000 | |||||||
Gain on Sale | $ (6,900) | |||||||
388 Greenwich | ||||||||
Properties Sold [Abstract] | ||||||||
Approximate Square Feet (sqft/acres) | ft² | 2,635,000 | 2,635,000 | 2,635,000 | |||||
Sales Price | $ 2,002,300 | |||||||
Gain on Sale | 206,500 | |||||||
Employee compensation award | $ 1,600 |
Debt and Preferred Equity Inv62
Debt and Preferred Equity Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Apr. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | Jul. 31, 2014 | |
Debt investment | ||||||
Increase in debt and preferred equity investments (net of discounts), including investments classified as held-for-sale | $ 255,000 | $ 386,200 | ||||
Decrease in debt and preferred equity investments (net of discounts), including investments classified as held-for-sale | $ 567,900 | $ 109,800 | ||||
Aggregate weighted average current yield (as a percent) | 9.55% | |||||
Debt Investments Held [Abstract] | ||||||
Carrying Value, Net of Discounts and Deferred Origination Fees | $ 1,357,181 | $ 1,670,020 | ||||
Debt investment | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 105,715 | |||||
Senior Financing | 4,056,677 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 1,314,145 | 1,627,844 | ||||
Mezzanine Loan, June 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Amount participated out | 41,300 | |||||
Mezzanine Loan, November 2023 | ||||||
Debt Investments Held [Abstract] | ||||||
Amount participated out | 5,000 | |||||
Mezzanine Loan, June 2024 | ||||||
Debt Investments Held [Abstract] | ||||||
Amount participated out | 12,000 | |||||
Mezzanine Loan Repaid in April 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Carrying Value, Net of Discounts and Deferred Origination Fees | $ 50,000 | |||||
Purchase option, percentage of underlying asset | 20.00% | |||||
Mortgage/Mezzanine Loan, January 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Amount participated out | 36,300 | |||||
Mezzanine Loan, June 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Amount participated out | 14,500 | |||||
Mezzanine Loan, December 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Amount participated out | 14,600 | |||||
Mezzanine Loan, December 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Amount participated out | 14,100 | |||||
Mortgage/Mezzanine Loan, December 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Amount participated out | 5,100 | |||||
Junior Mortgage Participation/Mezzanine Loan, July 2018 | ||||||
Debt Investments Held [Abstract] | ||||||
Amount participated out | 10,000 | |||||
Total fixed rate | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 10,000 | |||||
Senior Financing | 2,090,627 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 410,730 | 511,389 | ||||
Total fixed rate | Mezzanine Loan, October 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 165,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 72,271 | 72,102 | ||||
Total fixed rate | Junior Mortgage Participation/Mezzanine Loan, March 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 1,109,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 189,380 | 104,661 | ||||
Total fixed rate | Mezzanine Loan, June 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 10,000 | |||||
Senior Financing | 502,100 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 55,988 | 41,115 | ||||
Total fixed rate | Mortgage Loan, February 2019 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 26,284 | 26,262 | ||||
Loan acquired | $ 26,400 | |||||
Discount amount | 200 | |||||
Total fixed rate | Mortgage Loan, August 2019 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 447 | 513 | ||||
Total fixed rate | Mezzanine Loan, September 2021 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 15,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 3,500 | 3,500 | ||||
Total fixed rate | Mezzanine Loan, November 2023 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 89,527 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 19,939 | 19,936 | ||||
Total fixed rate | Mezzanine Loan, June 2024 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 115,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 12,921 | 24,916 | ||||
Total fixed rate | Mezzanine Loan, January 2025 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 95,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 30,000 | 30,000 | ||||
Total fixed rate | Mezzanine Loan Repaid in April 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 0 | 49,691 | ||||
Total fixed rate | Junior Mortgage Participation Loan Repaid in March 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 0 | 49,000 | ||||
Total fixed rate | Loan Collateralized by Defeasance Securities Repaid in March 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 0 | 23,510 | ||||
Total fixed rate | Loan Collateralized by Defeasance Securities Repaid in March 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 0 | 66,183 | ||||
Total fixed rate | Junior Mortgage Participation, Related To Mortgage Loan, February 2019 | ||||||
Debt Investments Held [Abstract] | ||||||
Loan acquired | 5,700 | |||||
Discount amount | $ 5,700 | |||||
Total floating rate | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 95,715 | |||||
Senior Financing | 1,966,050 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 903,415 | 1,116,455 | ||||
Total floating rate | Mortgage/Mezzanine Loan, October 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 105,278 | 94,901 | ||||
Total floating rate | Mezzanine Loan, November 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 360,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 99,811 | 99,530 | ||||
Total floating rate | Mezzanine Loan, December 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 8,459 | |||||
Senior Financing | 136,384 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 52,827 | 49,751 | ||||
Total floating rate | Mezzanine Loan, December 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 281 | |||||
Senior Financing | 39,201 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 13,761 | 13,731 | ||||
Total floating rate | Mortgage/Mezzanine Loan, January 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 43,572 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 137,150 | 134,264 | ||||
Total floating rate | Mezzanine Loan, January 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 1,127 | |||||
Senior Financing | 118,949 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 28,796 | 28,551 | ||||
Total floating rate | Mezzanine Loan, June 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 40,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 15,212 | 68,977 | ||||
Total floating rate | Mortgage/Mezzanine Loan, June 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 32,679 | 0 | ||||
Total floating rate | Mortgage/Mezzanine Loan, July 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 22,919 | 22,877 | ||||
Total floating rate | Mortgage/Mezzanine Loan, September 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 16,931 | 16,901 | ||||
Total floating rate | Mortgage/Mezzanine Loan, October 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 4,234 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 19,607 | 19,282 | ||||
Total floating rate | Mezzanine Loan, November 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 60,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 14,931 | 14,904 | ||||
Total floating rate | Mezzanine Loan, December 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 85,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 15,011 | 29,505 | ||||
Total floating rate | Mezzanine Loan, December 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 65,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 14,542 | 28,563 | ||||
Total floating rate | Mortgage/Mezzanine Loan, December 2017 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 795 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 14,998 | 14,942 | ||||
Total floating rate | Junior Participation Loan, April 2018 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 40,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 19,880 | 19,846 | ||||
Total floating rate | Mezzanine Loan, April 2018 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 175,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 34,785 | 34,725 | ||||
Total floating rate | Junior Mortgage Participation/Mezzanine Loan, July 2018 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 55,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 10,512 | 20,510 | ||||
Total floating rate | Mortgage/Mezzanine Loan, August 2018 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 523 | |||||
Senior Financing | 20,523 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 10,829 | 31,210 | ||||
Total floating rate | Mezzanine Loan, October 2018 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 2,325 | |||||
Senior Financing | 45,025 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 34,318 | 0 | ||||
Total floating rate | Mezzanine Loan, December 2018 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 33,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 26,812 | 26,777 | ||||
Total floating rate | Mezzanine Loan, December 2018 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 4,560 | |||||
Senior Financing | 156,383 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 54,731 | 52,774 | ||||
Total floating rate | Mezzanine Loan, December 2018 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 23,456 | |||||
Senior Financing | 217,202 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 55,217 | 49,625 | ||||
Total floating rate | Mezzanine Loan, January 2019 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 6,383 | |||||
Senior Financing | 16,383 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 5,363 | 0 | ||||
Total floating rate | Mezzanine Loan, March 2019 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 38,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 21,869 | 21,845 | ||||
Total floating rate | Mezzanine Loan, April 2019 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 265,000 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 24,646 | 0 | ||||
Total floating rate | Mezzanine Loan Repaid in June 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 0 | 22,625 | ||||
Total floating rate | Mezzanine Loan Repaid in May 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 0 | 74,700 | ||||
Total floating rate | Mezzanine Loan Contributed for a Joint Venture Interest | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 0 | 66,398 | ||||
Total floating rate | Jr Mortgage Participation/Mezzanine Loan Repaid in March 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | 0 | 18,395 | ||||
Total floating rate | Mezzanine Loan Repaid in February 2016 | ||||||
Debt Investments Held [Abstract] | ||||||
Future Funding Obligations | 0 | |||||
Senior Financing | 0 | |||||
Carrying Value, Net of Discounts and Deferred Origination Fees | $ 0 | $ 40,346 |
Debt and Preferred Equity Inv63
Debt and Preferred Equity Investments (Preferred Equity Investments)(Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Preferred equity investment | ||
Aggregate weighted average current yield (as a percent) | 9.55% | |
Carrying Value, Net of Discounts and Deferred Origination Fees | $ 1,357,181 | $ 1,670,020 |
Preferred Equity, March 2018 | ||
Preferred equity investment | ||
Future Funding Obligations | 0 | |
Senior Financing | 71,486 | |
Carrying Value, Net of Discounts and Deferred Origination Fees | 9,974 | 9,967 |
Preferred Equity, November 2018 | ||
Preferred equity investment | ||
Future Funding Obligations | 4,779 | |
Senior Financing | 59,966 | |
Carrying Value, Net of Discounts and Deferred Origination Fees | $ 33,062 | 32,209 |
Preferred equity investments | ||
Preferred equity investment | ||
Aggregate weighted average current yield (as a percent) | 7.97% | |
Future Funding Obligations | $ 4,779 | |
Senior Financing | 131,452 | |
Carrying Value, Net of Discounts and Deferred Origination Fees | $ 43,036 | $ 42,176 |
Debt and Preferred Equity Inv64
Debt and Preferred Equity Investments (Narrative)(Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016USD ($)segment | Dec. 31, 2015USD ($)segment | Jun. 30, 2015USD ($) | |
Preferred equity investment | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | $ 1,357,181,000 | $ 1,670,020,000 | |
Number of portfolio segments of financial receivables (segment) | segment | 1 | 1 | |
Additional amount of financing receivables included in other assets | $ 119,300,000 | $ 121,500,000 | |
Junior Mortgage Participation Acquired in September 2014 | |||
Preferred equity investment | |||
Carrying Value, Net of Discounts and Deferred Origination Fees | $ 0 | $ 0 |
Investments in Unconsolidated65
Investments in Unconsolidated Joint Ventures (Details) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2016USD ($)ft²unitnote | Apr. 30, 2016 | Dec. 31, 2015USD ($) | Jul. 31, 2014USD ($) | |
General information on each joint venture | ||||
Net equity investment in VIEs in which the entity is not primary beneficiary | $ | $ 216,900 | $ 39,700 | ||
Approximate Square Feet (sqft) | 33,018,905 | |||
Mezzanine Loan Repaid in April 2016 | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 20.00% | |||
Mezzanine loan | $ | $ 50,000 | |||
100 Park Avenue | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 49.90% | |||
Economic Interest (as a percent) | 49.90% | |||
Approximate Square Feet (sqft) | 834,000 | |||
Acquisition Price | $ | $ 95,800 | |||
717 Fifth Avenue | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 10.92% | |||
Economic Interest (as a percent) | 10.92% | |||
Approximate Square Feet (sqft) | 119,500 | |||
Acquisition Price | $ | $ 251,900 | |||
800 Third Avenue | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 60.52% | |||
Economic Interest (as a percent) | 60.52% | |||
Approximate Square Feet (sqft) | 526,000 | |||
Acquisition Price | $ | $ 285,000 | |||
1745 Broadway | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 56.88% | |||
Economic Interest (as a percent) | 56.88% | |||
Approximate Square Feet (sqft) | 674,000 | |||
Acquisition Price | $ | $ 520,000 | |||
Jericho Plaza | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 11.67% | 77.78% | ||
Economic Interest (as a percent) | 11.67% | |||
Approximate Square Feet (sqft) | 640,000 | |||
Acquisition Price | $ | $ 210,000 | |||
11 West 34th Street | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 30.00% | |||
Economic Interest (as a percent) | 30.00% | |||
Approximate Square Feet (sqft) | 17,150 | |||
Acquisition Price | $ | $ 10,800 | |||
3 Columbus Circle | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 48.90% | |||
Economic Interest (as a percent) | 48.90% | |||
Approximate Square Feet (sqft) | 741,500 | |||
Acquisition Price | $ | $ 500,000 | |||
280 Park Avenue | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 50.00% | |||
Economic Interest (as a percent) | 50.00% | |||
Approximate Square Feet (sqft) | 1,219,158 | |||
Acquisition Price | $ | $ 400,000 | |||
1552-1560 Broadway | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 50.00% | |||
Economic Interest (as a percent) | 50.00% | |||
Approximate Square Feet (sqft) | 35,897 | |||
Acquisition Price | $ | $ 136,550 | |||
724 Fifth Avenue | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 50.00% | |||
Economic Interest (as a percent) | 50.00% | |||
Approximate Square Feet (sqft) | 65,040 | |||
Acquisition Price | $ | $ 223,000 | |||
10 East 53rd Street | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 55.00% | |||
Economic Interest (as a percent) | 55.00% | |||
Approximate Square Feet (sqft) | 354,300 | |||
Acquisition Price | $ | $ 252,500 | |||
521 Fifth Avenue | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 50.50% | |||
Economic Interest (as a percent) | 50.50% | |||
Approximate Square Feet (sqft) | 460,000 | |||
Acquisition Price | $ | $ 315,000 | |||
21 East 66th Street | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 32.28% | |||
Economic Interest (as a percent) | 32.28% | |||
Approximate Square Feet (sqft) | 16,736 | |||
Acquisition Price | $ | $ 75,000 | |||
21 East 66th Street | Three Retail and Two Residential Units | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 32.28% | |||
Number of Stores | unit | 3 | |||
Number Of Residential Units | unit | 2 | |||
21 East 66th Street | Three Residential Units | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 16.14% | |||
Number Of Residential Units | unit | 3 | |||
650 Fifth Avenue | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 50.00% | |||
Economic Interest (as a percent) | 50.00% | |||
Approximate Square Feet (sqft) | 32,324 | |||
121 Greene Street | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 50.00% | |||
Economic Interest (as a percent) | 50.00% | |||
Approximate Square Feet (sqft) | 7,131 | |||
Acquisition Price | $ | $ 27,400 | |||
175-225 Third Street Brooklyn, New York | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 95.00% | |||
Economic Interest (as a percent) | 95.00% | |||
Approximate Square Feet (sqft) | 0 | |||
Acquisition Price | $ | $ 74,600 | |||
55 West 46th Street | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 25.00% | |||
Economic Interest (as a percent) | 25.00% | |||
Approximate Square Feet (sqft) | 347,000 | |||
Acquisition Price | $ | $ 295,000 | |||
Stonehenge Portfolio | ||||
General information on each joint venture | ||||
Approximate Square Feet (sqft) | 2,046,733 | |||
Acquisition Price | $ | $ 36,668 | |||
131-137 Spring Street | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 20.00% | |||
Economic Interest (as a percent) | 20.00% | |||
Approximate Square Feet (sqft) | 68,342 | |||
Acquisition Price | $ | $ 277,750 | |||
76 11th Avenue | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 33.33% | |||
Economic Interest (as a percent) | 36.58% | |||
Approximate Square Feet (sqft) | 764,000 | |||
Acquisition Price | $ | $ 138,240 | |||
Number of mezzanine notes secured by interests in the entity which owns 76 11th avenue | note | 2 | |||
Exit fee, percentage owned | 50.00% | |||
605 West 42nd Street | ||||
General information on each joint venture | ||||
Ownership Interest (as a percent) | 20.00% | |||
Economic Interest (as a percent) | 20.00% | |||
Approximate Square Feet (sqft) | 927,358 | |||
Acquisition Price | $ | $ 759,000 | |||
1552 Broadway | ||||
General information on each joint venture | ||||
Approximate Square Feet (sqft) | 13,045 | |||
Partners' Interest | 76 11th Avenue | Joint venture | ||||
General information on each joint venture | ||||
Exit fee, percentage owned | 25.00% |
Investments in Unconsolidated66
Investments in Unconsolidated Joint Ventures (Acquisition, Development and Construction Arrangements/Sale of Joint Venture Interest or Property)(Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
May 31, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Acquisition, development and construction arrangements, carrying value | $ 145,719 | $ 145,719 | $ 145,878 | |||||
Gain on Sale | 0 | $ 0 | 0 | $ 12,983 | ||||
Employee compensation award | 1,100 | |||||||
1 Jericho Plaza | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership Percentage | 11.67% | 66.11% | 77.78% | |||||
Gross Asset Valuation | $ 95,200 | |||||||
Gain on Sale | $ 3,300 | |||||||
7 Renaissance Square | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership Percentage | 50.00% | |||||||
Gross Asset Valuation | $ 20,700 | |||||||
Gain on Sale | $ 4,200 | |||||||
EOP Denver | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership Percentage | 4.79% | |||||||
Gross Asset Valuation | $ 180,700 | |||||||
Gain on Sale | $ 2,800 | |||||||
33 Beekman | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership Percentage | 45.90% | |||||||
Gross Asset Valuation | $ 196,000 | |||||||
Gain on Sale | 33,000 | |||||||
Promote recognized | $ 10,800 | |||||||
Mezzanine loan and preferred equity due March 2017 | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Acquisition, development and construction arrangements, carrying value | 100,000 | 100,000 | $ 99,936 | |||||
Mezzanine loan due February 2022 | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Acquisition, development and construction arrangements, carrying value | $ 45,719 | $ 45,719 | $ 45,942 |
Investments in Unconsolidated67
Investments in Unconsolidated Joint Ventures (Mortgages and Other Loans Payable)(Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Total fixed rate debt | $ 4,975,245 | $ 5,816,010 |
Total floating rate debt | 633,155 | 1,205,494 |
Total fixed rate and floating rate debt | 5,608,400 | 7,021,504 |
Deferred financing costs, net | $ (101,500) | (130,300) |
1745 Broadway | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 56.88% | |
521 Fifth Avenue | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 50.50% | |
717 Fifth Avenue | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 10.92% | |
21 East 66th Street | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 32.28% | |
3 Columbus Circle | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 48.90% | |
800 Third Avenue | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 60.52% | |
280 Park Avenue | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 50.00% | |
650 Fifth Avenue | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 50.00% | |
175-225 Third Street Brooklyn, New York | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 95.00% | |
10 East 53rd Street | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 55.00% | |
724 Fifth Avenue | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 50.00% | |
55 West 46th Street | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 25.00% | |
605 West 42nd Street | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 20.00% | |
121 Greene Street | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 50.00% | |
131-137 Spring Street | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 20.00% | |
11 West 34th Street | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 30.00% | |
100 Park Avenue | ||
Debt Instrument [Line Items] | ||
Ownership Percentage | 49.90% | |
Joint venture | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | $ 2,068,577 | 2,645,131 |
Total floating rate debt | 2,962,999 | 1,663,982 |
Total fixed rate and floating rate debt | 5,031,576 | 4,309,113 |
Deferred financing costs, net | (109,083) | (42,565) |
Total joint venture mortgages and other loans payable, net | 4,922,493 | 4,266,548 |
Joint venture | 1745 Broadway | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 340,000 | 340,000 |
Joint venture | 521 Fifth Avenue | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 170,000 | 170,000 |
Joint venture | 717 Fifth Avenue | Mortgage loan | ||
Debt Instrument [Line Items] | ||
Committed amount | 300,000 | |
Joint venture | 717 Fifth Avenue | Mezzanine loans | ||
Debt Instrument [Line Items] | ||
Committed amount | 355,300 | |
Joint venture | 717 Fifth Avenue | Initial Maturity July 2022 | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 300,000 | 300,000 |
Joint venture | 717 Fifth Avenue | Initial Maturity July 2022, 2 | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 355,328 | 325,704 |
Joint venture | 21 East 66th Street | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 12,000 | 12,000 |
Total floating rate debt | 1,765 | 1,805 |
Joint venture | 3 Columbus Circle | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 350,000 | 350,000 |
Joint venture | 800 Third Avenue | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 177,000 | 20,910 |
Joint venture | Stonehenge Portfolio | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 364,249 | 430,627 |
Total floating rate debt | 65,489 | 10,500 |
Joint venture | Stonehenge Portfolio | Initial Maturity October 2016 | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 13,200 | |
Joint venture | Stonehenge Portfolio | Initial Maturity November 2017 | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 34,600 | |
Joint venture | Stonehenge Portfolio | Initial Maturity August 2019 | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 140,300 | |
Joint venture | Stonehenge Portfolio | Initial Maturity June 2024 | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 176,200 | |
Joint venture | Stonehenge Portfolio | Initial Maturity June 2017 | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 55,200 | |
Joint venture | Stonehenge Portfolio | Initial Maturity December 2017 | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 10,300 | |
Joint venture | 280 Park Avenue | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 0 | 692,963 |
Total floating rate debt | 900,000 | 30,000 |
Joint venture | 7 Renaissance Square | ||
Debt Instrument [Line Items] | ||
Total fixed rate debt | 0 | 2,927 |
Joint venture | 650 Fifth Avenue | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 65,000 | 65,000 |
Joint venture | 650 Fifth Avenue | Mortgage loan | ||
Debt Instrument [Line Items] | ||
Committed amount | 97,000 | |
Unfunded amount | 32,000 | |
Joint venture | 175-225 Third Street Brooklyn, New York | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 40,000 | 40,000 |
Joint venture | 10 East 53rd Street | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 125,000 | 125,000 |
Joint venture | 724 Fifth Avenue | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 275,000 | 275,000 |
Joint venture | 1552 Broadway | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 185,410 | 190,409 |
Joint venture | 1552 Broadway | Mortgage loan | ||
Debt Instrument [Line Items] | ||
Committed amount | 145,000 | |
Unfunded amount | 600 | |
Joint venture | 1552 Broadway | Mezzanine loans | ||
Debt Instrument [Line Items] | ||
Committed amount | 41,500 | |
Unfunded amount | 500 | |
Joint venture | 55 West 46th Street | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 151,536 | 150,000 |
Joint venture | 55 West 46th Street | Mortgage loan | ||
Debt Instrument [Line Items] | ||
Committed amount | 190,000 | |
Unfunded amount | 38,500 | |
Joint venture | Jericho Plaza | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | $ 75,799 | 163,750 |
Ownership Percentage | 11.67% | |
Term (in Years) | 2 years | |
Face amount of loan | $ 100,000 | |
Joint venture | 605 West 42nd Street | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 539,000 | 0 |
Joint venture | 121 Greene Street | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 15,000 | 15,000 |
Joint venture | 131-137 Spring Street | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 141,000 | 141,000 |
Joint venture | 11 West 34th Street | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 23,000 | 23,000 |
Joint venture | 100 Park Avenue | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | 360,000 | 360,000 |
Joint venture | 33 Beekman | ||
Debt Instrument [Line Items] | ||
Total floating rate debt | $ 0 | $ 73,518 |
Weighted Average | Joint venture | 1745 Broadway | ||
Debt Instrument [Line Items] | ||
Interest rate, fixed rate debt (as a percent) | 5.68% | |
Weighted Average | Joint venture | 521 Fifth Avenue | ||
Debt Instrument [Line Items] | ||
Interest rate, fixed rate debt (as a percent) | 3.73% | |
Weighted Average | Joint venture | 717 Fifth Avenue | Initial Maturity July 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate, fixed rate debt (as a percent) | 4.45% | |
Weighted Average | Joint venture | 717 Fifth Avenue | Initial Maturity July 2022, 2 | ||
Debt Instrument [Line Items] | ||
Interest rate, fixed rate debt (as a percent) | 6.27% | |
Weighted Average | Joint venture | 21 East 66th Street | ||
Debt Instrument [Line Items] | ||
Interest rate, fixed rate debt (as a percent) | 3.60% | |
Interest rate, floating rate debt (as a percent) | 2.00% | |
Weighted Average | Joint venture | 3 Columbus Circle | ||
Debt Instrument [Line Items] | ||
Interest rate, fixed rate debt (as a percent) | 3.61% | |
Weighted Average | Joint venture | 800 Third Avenue | ||
Debt Instrument [Line Items] | ||
Interest rate, fixed rate debt (as a percent) | 3.17% | |
Weighted Average | Joint venture | Stonehenge Portfolio | ||
Debt Instrument [Line Items] | ||
Interest rate, fixed rate debt (as a percent) | 4.19% | |
Interest rate, floating rate debt (as a percent) | 5.81% | |
Weighted Average | Joint venture | 280 Park Avenue | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 2.44% | |
Weighted Average | Joint venture | 650 Fifth Avenue | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 3.94% | |
Weighted Average | Joint venture | 175-225 Third Street Brooklyn, New York | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 4.50% | |
Weighted Average | Joint venture | 10 East 53rd Street | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 2.94% | |
Weighted Average | Joint venture | 724 Fifth Avenue | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 2.86% | |
Weighted Average | Joint venture | 1552 Broadway | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 4.66% | |
Weighted Average | Joint venture | 55 West 46th Street | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 2.74% | |
Weighted Average | Joint venture | Jericho Plaza | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 4.59% | |
Weighted Average | Joint venture | 605 West 42nd Street | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 2.56% | |
Weighted Average | Joint venture | 121 Greene Street | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 1.94% | |
Weighted Average | Joint venture | 131-137 Spring Street | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 1.99% | |
Weighted Average | Joint venture | 11 West 34th Street | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 1.89% | |
Weighted Average | Joint venture | 100 Park Avenue | ||
Debt Instrument [Line Items] | ||
Interest rate, floating rate debt (as a percent) | 2.19% |
Investments in Unconsolidated68
Investments in Unconsolidated Joint Ventures (Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Assets | |||||
Commercial real estate property, net | $ 12,788,076 | $ 12,788,076 | $ 14,620,896 | ||
Other assets | 979,474 | 979,474 | 850,939 | ||
Liabilities and members' equity | |||||
Mortgages and other loans payable, net | 5,524,110 | 5,524,110 | 6,881,920 | ||
Other liabilities | 243,011 | 243,011 | 168,477 | ||
Company's investments in unconsolidated joint ventures | 1,126,486 | 1,126,486 | 1,203,858 | ||
Combined statements of income for the unconsolidated joint ventures | |||||
Operating expenses | 75,324 | $ 70,114 | 154,844 | $ 146,891 | |
Ground rent | 8,307 | 8,086 | 16,615 | 16,274 | |
Real estate taxes | 62,124 | 56,286 | 123,798 | 112,009 | |
Interest expense, net of interest income | 89,089 | 75,746 | 183,761 | 151,553 | |
Amortization of deferred financing costs | 7,433 | 5,952 | 15,365 | 12,567 | |
Transaction related costs | 2,115 | 3,067 | 3,394 | 4,210 | |
Depreciation and amortization | 425,042 | 199,565 | 604,350 | 307,902 | |
Total expenses | 693,918 | 442,016 | 1,150,643 | 800,070 | |
Company's equity in net income from unconsolidated joint ventures | 5,841 | 2,994 | 15,937 | 7,024 | |
SL Green Operating Partnership | |||||
Assets | |||||
Commercial real estate property, net | 12,788,076 | 12,788,076 | 14,620,896 | ||
Other assets | 979,474 | 979,474 | 850,939 | ||
Liabilities and members' equity | |||||
Mortgages and other loans payable, net | 5,524,110 | 5,524,110 | 6,881,920 | ||
Other liabilities | 243,011 | 243,011 | 168,477 | ||
Company's investments in unconsolidated joint ventures | 1,126,486 | 1,126,486 | 1,203,858 | ||
Combined statements of income for the unconsolidated joint ventures | |||||
Operating expenses | 75,324 | 70,114 | 154,844 | 146,891 | |
Ground rent | 8,307 | 8,086 | 16,615 | 16,274 | |
Real estate taxes | 62,124 | 56,286 | 123,798 | 112,009 | |
Interest expense, net of interest income | 89,089 | 75,746 | 183,761 | 151,553 | |
Amortization of deferred financing costs | 7,433 | 5,952 | 15,365 | 12,567 | |
Transaction related costs | 2,115 | 3,067 | 3,394 | 4,210 | |
Depreciation and amortization | 425,042 | 199,565 | 604,350 | 307,902 | |
Total expenses | 693,918 | 442,016 | 1,150,643 | 800,070 | |
Company's equity in net income from unconsolidated joint ventures | 5,841 | 2,994 | 15,937 | 7,024 | |
Joint venture | |||||
Investment in Unconsolidated Joint Ventures | |||||
Management fees, base revenue | 2,000 | 2,500 | 2,100 | 4,900 | |
Assets | |||||
Commercial real estate property, net | 6,510,775 | 6,510,775 | 6,122,468 | ||
Debt and preferred equity investments, net | 304,901 | 304,901 | 145,878 | ||
Other assets | 741,839 | 741,839 | 715,840 | ||
Total assets | 7,557,515 | 7,557,515 | 6,984,186 | ||
Liabilities and members' equity | |||||
Mortgages and other loans payable, net | 4,922,493 | 4,922,493 | 4,266,548 | ||
Other liabilities | 534,611 | 534,611 | 523,160 | ||
Members' equity | 2,100,411 | 2,100,411 | 2,194,478 | ||
Total liabilities and members' equity | 7,557,515 | 7,557,515 | $ 6,984,186 | ||
Combined statements of income for the unconsolidated joint ventures | |||||
Total revenues | 151,575 | 143,535 | 314,087 | 272,451 | |
Operating expenses | 27,166 | 26,345 | 54,420 | 51,831 | |
Ground rent | 3,715 | 2,572 | 6,926 | 5,164 | |
Real estate taxes | 24,332 | 22,335 | 48,542 | 41,711 | |
Interest expense, net of interest income | 46,351 | 51,715 | 96,087 | 95,722 | |
Amortization of deferred financing costs | 7,276 | 3,145 | 10,512 | 6,155 | |
Transaction related costs | 0 | 3 | 0 | 11 | |
Depreciation and amortization | 37,294 | 37,894 | 75,145 | 70,878 | |
Total expenses | 146,134 | 144,009 | 291,632 | 271,472 | |
Loss on early extinguishment of debt | 0 | 0 | (1,606) | (833) | |
Net income (loss) before gain on sale | 5,441 | (474) | 20,849 | 146 | |
Company's equity in net income from unconsolidated joint ventures | $ 5,841 | $ 2,994 | $ 15,937 | $ 7,024 |
Deferred Costs (Details)
Deferred Costs (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred leasing | $ 447,805 | $ 415,406 |
Less: accumulated amortization | (191,502) | (175,486) |
Deferred costs, net | $ 256,303 | $ 239,920 |
Mortgages and Other Loans Pay70
Mortgages and Other Loans Payable (Details) - USD ($) | Dec. 06, 2015 | Jul. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 4,975,245,000 | $ 5,816,010,000 | |||
Total floating rate debt | 633,155,000 | 1,205,494,000 | |||
Total fixed rate and floating rate debt | 5,608,400,000 | 7,021,504,000 | |||
Mortgages reclassed to liabilities related to assets held for sale | 0 | (29,000,000) | |||
Total mortgages and other loans payable | 5,608,400,000 | 6,992,504,000 | |||
Deferred financing costs, net of amortization | (84,290,000) | (110,584,000) | |||
Total mortgages and other loans payable, net | 5,524,110,000 | 6,881,920,000 | |||
Deferred financing costs, net of amortization | 101,500,000 | 130,300,000 | |||
Federal Home Loan Bank Advances outstanding | $ 229,000,000 | ||||
Federal Home Loan Bank, advances, weighted-average borrowing rate (as a percent) | 0.90% | ||||
Book value of collateral | $ 8,700,000,000 | 10,800,000,000 | |||
Series J Preferred Units | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | 4,000,000 | 4,000,000 | |||
Limited partnership interest | $ 4,000,000 | ||||
Preferred Units (as a percent) | 3.75% | ||||
Preferred Units, liquidation preference (in dollars per unit) | $ 1,000 | ||||
Series J Preferred Units | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 3.75% | ||||
FHLB Advance Maturing in January 2017 | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 105,000,000 | 0 | |||
FHLB Advance Maturing in January 2017 | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 1.03% | ||||
FHLB Advance Maturing in January 2017, 2 | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 100,000,000 | 0 | |||
FHLB Advance Maturing in January 2017, 2 | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 0.80% | ||||
Unsecured Loan | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 16,000,000 | 16,000,000 | |||
Unsecured Loan | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 4.81% | ||||
Master Repurchase Agreement | |||||
Debt Instrument [Line Items] | |||||
Total floating rate debt | $ 134,259,000 | 253,424,000 | |||
Maximum facility capacity | $ 300,000,000 | ||||
Basis Point Fee (as a percent) | 0.25% | ||||
Threshold amount for basis point fee to be applicable (less than) | $ 150,000,000 | ||||
Master Repurchase Agreement | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, floating rate debt (as a percent) | 3.59% | ||||
Master Repurchase Agreement | Minimum | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Credit facility, interest rate (as a percent) | 2.50% | ||||
Master Repurchase Agreement | Maximum | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Credit facility, interest rate (as a percent) | 3.25% | ||||
FHLB Advance Maturing in December 2016 | |||||
Debt Instrument [Line Items] | |||||
Total floating rate debt | $ 24,000,000 | 45,750,000 | |||
FHLB Advance Maturing in December 2016 | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, floating rate debt (as a percent) | 0.72% | ||||
Landmark Square | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 78,682,000 | 79,562,000 | |||
Landmark Square | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 4.00% | ||||
485 Lexington Avenue | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 450,000,000 | 450,000,000 | |||
485 Lexington Avenue | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 5.61% | ||||
762 Madison Avenue | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 7,784,000 | 7,872,000 | |||
762 Madison Avenue | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 3.86% | ||||
885 Third Avenue | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 267,650,000 | 267,650,000 | |||
885 Third Avenue | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 6.26% | ||||
One Madison Avenue | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 530,876,000 | 542,817,000 | |||
One Madison Avenue | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 5.91% | ||||
100 Church Street | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 223,294,000 | 225,099,000 | |||
100 Church Street | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 4.68% | ||||
919 Third Avenue | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 500,000,000 | 500,000,000 | |||
Interest in property (as a percent) | 51.00% | ||||
919 Third Avenue | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 5.12% | ||||
400 East 57th Street | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 66,998,000 | 67,644,000 | |||
400 East 57th Street | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 4.13% | ||||
400 East 58th Street | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 28,713,000 | 28,990,000 | |||
400 East 58th Street | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 4.13% | ||||
420 Lexington Avenue | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 300,000,000 | 300,000,000 | |||
420 Lexington Avenue | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 3.99% | ||||
1515 Broadway | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 896,248,000 | 900,000,000 | |||
1515 Broadway | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 3.93% | ||||
11 Madison Avenue | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 1,400,000,000 | 1,400,000,000 | |||
11 Madison Avenue | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, fixed rate debt (as a percent) | 3.84% | ||||
388-390 Greenwich Street | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | $ 0 | 1,004,000,000 | |||
Total floating rate debt | 0 | 446,000,000 | |||
Deferred financing costs, net of amortization | $ 24,500,000 | ||||
500 West Putnam Avenue | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | 0 | 22,376,000 | |||
600 Lexington Avenue | |||||
Debt Instrument [Line Items] | |||||
Total floating rate debt | $ 110,857,000 | 112,795,000 | |||
600 Lexington Avenue | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, floating rate debt (as a percent) | 2.63% | ||||
719 Seventh Avenue | |||||
Debt Instrument [Line Items] | |||||
Total floating rate debt | $ 27,514,000 | 0 | |||
719 Seventh Avenue | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, floating rate debt (as a percent) | 3.49% | ||||
183,187 Broadway & 5-7 Dey Street | |||||
Debt Instrument [Line Items] | |||||
Total floating rate debt | $ 58,000,000 | 40,000,000 | |||
183,187 Broadway & 5-7 Dey Street | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, floating rate debt (as a percent) | 3.11% | ||||
1080 Amsterdam | |||||
Debt Instrument [Line Items] | |||||
Total floating rate debt | $ 3,525,000 | 3,525,000 | |||
1080 Amsterdam | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, floating rate debt (as a percent) | 4.19% | ||||
220 East 42nd Street | |||||
Debt Instrument [Line Items] | |||||
Total floating rate debt | $ 275,000,000 | 275,000,000 | |||
220 East 42nd Street | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Interest rate, floating rate debt (as a percent) | 2.04% | ||||
248-252 Bedford Avenue | |||||
Debt Instrument [Line Items] | |||||
Total floating rate debt | $ 0 | 29,000,000 | |||
Deferred financing costs, net of amortization | $ 900,000 | ||||
Subsequent Event | Master Repurchase Agreement, 2 | |||||
Debt Instrument [Line Items] | |||||
Maximum facility capacity | $ 300,000,000 | ||||
Subsequent Event | Master Repurchase Agreement, 2 | Minimum | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Credit facility, interest rate (as a percent) | 2.25% | ||||
Subsequent Event | Master Repurchase Agreement, 2 | Maximum | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Credit facility, interest rate (as a percent) | 4.00% |
Corporate Indebtedness (Details
Corporate Indebtedness (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Corporate Indebtedness | ||
Outstanding under line of credit facility | $ 277,420,000 | $ 985,055,000 |
Long-term debt, carrying value | 8,081,574,000 | |
Revolving credit facility | ||
Corporate Indebtedness | ||
Credit facility, maximum borrowing capacity | 1,600,000,000 | |
Maximum borrowing capacity, optional expansion | $ 3,000,000,000 | |
Effective rate (as a percent) | 1.69% | |
Facility fee (as a percent) | 0.25% | |
Outstanding under line of credit facility | $ 285,000,000 | |
Revolving credit facility | Minimum | ||
Corporate Indebtedness | ||
Facility fee (as a percent) | 0.125% | |
Revolving credit facility | Maximum | ||
Corporate Indebtedness | ||
Facility fee (as a percent) | 0.30% | |
Revolving credit facility | LIBOR | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 1.25% | |
Revolving credit facility | LIBOR | Minimum | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 0.875% | |
Revolving credit facility | LIBOR | Maximum | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 1.55% | |
Term loan | ||
Corporate Indebtedness | ||
Credit facility, maximum borrowing capacity | $ 933,000,000 | |
Effective rate (as a percent) | 1.95% | |
Long-term debt, carrying value | $ 933,000,000 | |
Term loan | Line of Credit | ||
Corporate Indebtedness | ||
Long-term debt, carrying value | $ 930,000,000 | 929,500,000 |
Term loan | LIBOR | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 1.40% | |
Term loan | LIBOR | Minimum | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 0.95% | |
Term loan | LIBOR | Maximum | ||
Corporate Indebtedness | ||
Interest rate added to base rate (as a percent) | 1.90% | |
2012 Credit Facility | ||
Corporate Indebtedness | ||
Letters of credit | $ 73,600,000 | |
Ability to borrow under line of credit facility | 1,200,000,000 | |
Long-term debt, carrying value | 285,000,000 | |
2012 Credit Facility | Line of Credit | ||
Corporate Indebtedness | ||
Long-term debt, carrying value | $ 277,400,000 | $ 985,100,000 |
Corporate Indebtedness (Senior
Corporate Indebtedness (Senior Unsecured Notes)(Details) | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 06, 2010USD ($)$ / shares | Mar. 20, 2007$ / shares | |
Debt disclosures by scheduled maturity date | ||||
Accreted Balance | $ 2,060,690,000 | $ 2,308,478,000 | ||
Deferred financing costs, net | (101,500,000) | (130,300,000) | ||
Senior unsecured notes | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 1,155,008,000 | |||
Accreted Balance | 1,137,342,000 | 1,386,244,000 | ||
Deferred financing costs, net | (6,652,000) | (7,280,000) | ||
Accreted Balance, Net of Deferred Financing Costs | 1,130,690,000 | 1,378,964,000 | ||
Senior unsecured notes | 3.00% Senior unsecured notes maturing on October 15, 2017 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 345,000,000 | |||
Accreted Balance | $ 327,489,000 | 321,130,000 | ||
Coupon Rate (as a percent) | 3.00% | |||
Effective rate (as a percent) | 3.00% | |||
Term (in Years) | 7 years | |||
Premium on sale price to calculate exchange price of notes (as a percent) | 30.00% | |||
Exchange price (in dollars per share) | $ / shares | $ 85.81 | |||
Adjusted exchange rate for the debentures (in shares) | 12.4998 | |||
Principal amount of debentures, basis for conversion | $ 1,000 | |||
Amount of convertible debt recorded in equity | $ 78,300,000 | |||
Debt Instrument, Unamortized Discount | 17,500,000 | |||
Senior unsecured notes | 5.00% Senior unsecured notes maturing on August 15, 2018 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 250,000,000 | |||
Accreted Balance | $ 249,845,000 | 249,810,000 | ||
Coupon Rate (as a percent) | 5.00% | |||
Effective rate (as a percent) | 5.00% | |||
Term (in Years) | 7 years | |||
Senior unsecured notes | 7.75% Senior unsecured notes maturing on March 15, 2020 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | $ 250,000,000 | |||
Accreted Balance | $ 250,000,000 | 250,000,000 | ||
Coupon Rate (as a percent) | 7.75% | |||
Effective rate (as a percent) | 7.75% | |||
Term (in Years) | 10 years | |||
Senior unsecured notes | 4.50% Senior unsecured notes maturing on December 1, 2022 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | $ 200,000,000 | |||
Accreted Balance | $ 200,000,000 | 200,000,000 | ||
Coupon Rate (as a percent) | 4.50% | |||
Effective rate (as a percent) | 4.50% | |||
Term (in Years) | 10 years | |||
Senior unsecured notes | 4.27% Senior unsecured notes maturing on December 17, 2025 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | $ 100,000,000 | |||
Accreted Balance | $ 100,000,000 | 100,000,000 | ||
Coupon Rate (as a percent) | 4.27% | |||
Effective rate (as a percent) | 4.27% | |||
Term (in Years) | 10 years | |||
Senior unsecured notes | 3.00% Senior unsecured notes maturing on March 30, 2027 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | $ 10,008,000 | |||
Accreted Balance | $ 10,008,000 | 10,008,000 | ||
Coupon Rate (as a percent) | 3.00% | |||
Effective rate (as a percent) | 3.00% | |||
Term (in Years) | 20 years | |||
Premium on sale price to calculate exchange price of notes (as a percent) | 25.00% | |||
Exchange price (in dollars per share) | $ / shares | $ 173.30 | |||
Adjusted exchange rate for the debentures (in shares) | 5.7985 | |||
Principal amount of debentures, basis for conversion | $ 1,000 | |||
Senior unsecured notes | Senior Unsecured Notes repaid in March 2016 | ||||
Debt disclosures by scheduled maturity date | ||||
Unpaid Principal Balance | 0 | |||
Accreted Balance | $ 0 | $ 255,296,000 |
Corporate Indebtedness (Junior
Corporate Indebtedness (Junior Subordinated Deferrable Interest Debentures and Principal Maturities)(Details) - USD ($) | 1 Months Ended | 6 Months Ended |
Jun. 30, 2005 | Jun. 30, 2016 | |
Scheduled Amortization and Principal Repayments | ||
Remaining 2,016 | $ 266,053,000 | |
2,017 | 1,513,200,000 | |
2,018 | 361,158,000 | |
2,019 | 1,003,255,000 | |
2,020 | 1,267,330,000 | |
Thereafter | 3,670,578,000 | |
Total amortization of debt and principal repayments | 8,081,574,000 | |
Joint Venture Debt | ||
Principal Repayments and Joint Venture Debt | ||
Remaining 2,016 | 163,575,000 | |
2,017 | 549,135,000 | |
2,018 | 9,293,000 | |
2,019 | 554,686,000 | |
2,020 | 30,298,000 | |
Thereafter | 547,167,000 | |
Total principal repayments | 1,854,154,000 | |
Trust Preferred Securities | ||
Debt Instrument [Line Items] | ||
Proceeds from Issuance of Debt | $ 100,000,000 | |
Scheduled Amortization and Principal Repayments | ||
Remaining 2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 100,000,000 | |
Total amortization of debt and principal repayments | 100,000,000 | |
Mortgages and other loans payable | ||
Scheduled Amortization | ||
Remaining 2,016 | 29,859,000 | |
2,017 | 63,644,000 | |
2,018 | 64,119,000 | |
2,019 | 70,255,000 | |
2,020 | 52,799,000 | |
Thereafter | 147,604,000 | |
Total amortization of debt | 428,280,000 | |
Principal Repayments and Joint Venture Debt | ||
Remaining 2,016 | 236,194,000 | |
2,017 | 1,094,548,000 | |
2,018 | 47,039,000 | |
2,019 | 0 | |
2,020 | 679,531,000 | |
Thereafter | 3,122,974,000 | |
Total principal repayments | 5,180,286,000 | |
Revolving Credit Facility | ||
Scheduled Amortization and Principal Repayments | ||
Remaining 2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 285,000,000 | |
Thereafter | 0 | |
Total amortization of debt and principal repayments | 285,000,000 | |
Unsecured Term Loan | ||
Scheduled Amortization and Principal Repayments | ||
Remaining 2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 933,000,000 | |
2,020 | 0 | |
Thereafter | 0 | |
Total amortization of debt and principal repayments | 933,000,000 | |
Senior Unsecured Notes | ||
Scheduled Amortization and Principal Repayments | ||
Remaining 2,016 | 0 | |
2,017 | 355,008,000 | |
2,018 | 250,000,000 | |
2,019 | 0 | |
2,020 | 250,000,000 | |
Thereafter | 300,000,000 | |
Total amortization of debt and principal repayments | $ 1,155,008,000 | |
LIBOR | Trust Preferred Securities | ||
Debt Instrument [Line Items] | ||
Interest rate added to base rate (as a percent) | 1.25% | |
LIBOR | Unsecured Term Loan | ||
Debt Instrument [Line Items] | ||
Interest rate added to base rate (as a percent) | 1.40% |
Corporate Indebtedness (Schedul
Corporate Indebtedness (Schedule of Consolidated Interest Expense, Excluding Capitalized Interest)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest expense | ||||
Interest expense | $ 95,568 | $ 84,083 | $ 197,722 | $ 169,099 |
Interest capitalized | (5,433) | (7,611) | (12,051) | (16,169) |
Interest income | (1,046) | (726) | (1,910) | (1,377) |
Interest expense, net | $ 89,089 | $ 75,746 | $ 183,761 | $ 151,553 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Amounts due from/to related parties | |||||
Due from joint ventures | $ 1,443 | $ 1,443 | $ 1,334 | ||
Other | 11,616 | 11,616 | 9,316 | ||
Related party receivables | 13,059 | 13,059 | $ 10,650 | ||
Alliance Building Services | |||||
Related Party Transactions | |||||
Profit participation from related party | 900 | $ 1,000 | 1,700 | $ 1,900 | |
Payments made for services | 7,100 | 4,600 | 10,900 | 8,600 | |
Entity with Stephen L Green ownership interest | |||||
Related Party Transactions | |||||
Property management fees from related party | $ 100 | $ 200 | $ 100 | $ 200 |
Noncontrolling Interests on t76
Noncontrolling Interests on the Company's Consolidated Financial Statements (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2012$ / sharesshares | Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2015USD ($)shares | Dec. 31, 2015USD ($)unit | Jun. 30, 2016USD ($) | Jun. 30, 2016shares | Jun. 30, 2016 | Jun. 30, 2016unit | Aug. 31, 2015shares | Jul. 31, 2015shares | Feb. 28, 2015shares | Aug. 31, 2014shares | |
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Balance at beginning of period | $ | $ 424,206,000 | |||||||||||||
Net income | $ | $ 5,586,000 | $ (1,577,000) | 6,508,000 | $ 166,000 | ||||||||||
Accumulated other comprehensive income allocation | $ | (53,000) | 42,000 | (375,000) | (158,000) | ||||||||||
Balance at end of period | $ | 486,452,000 | $ 486,452,000 | $ 424,206,000 | |||||||||||
Number of company common stock issued on conversion of Series B preferred units | 6.71348 | |||||||||||||
SL Green Operating Partnership | ||||||||||||||
Organization | ||||||||||||||
Noncontrolling interest in the operating partnership (as a percent) | 3.61% | 4.30% | ||||||||||||
Number of units of operating partnership owned by the noncontrolling interest unit holders (shares) | 3,745,766 | 4,504,212 | 4,504,212 | |||||||||||
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | shares | 4,504,212 | |||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Balance at beginning of period | $ | $ 424,206,000 | 469,524,000 | $ 469,524,000 | |||||||||||
Distributions | $ | (6,009,000) | (9,710,000) | ||||||||||||
Issuance of common units | $ | 73,011,000 | 30,506,000 | ||||||||||||
Redemption of common units | $ | (11,795,000) | (55,697,000) | ||||||||||||
Net income | $ | 6,508,000 | 10,565,000 | ||||||||||||
Accumulated other comprehensive income allocation | $ | (53,000) | $ 42,000 | (375,000) | $ (158,000) | (67,000) | |||||||||
Fair value adjustment | $ | 906,000 | (20,915,000) | ||||||||||||
Balance at end of period | $ | $ 486,452,000 | $ 486,452,000 | $ 424,206,000 | |||||||||||
SL Green Operating Partnership | Series G Preferred Units | ||||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 1,902,000 | |||||||||||||
Dividend rate preferred units (as a percent) | 4.50% | |||||||||||||
Liquidation preference of preferred units (in dollars per share) | $ 25 | |||||||||||||
Annual dividends on preferred units (in dollars per share) | $ 1.125 | |||||||||||||
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 | |||||||||||||
SL Green Operating Partnership | Series F Preferred Units | ||||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 60 | |||||||||||||
Mandatory liquidation preference (in dollars per share) | $ | $ 1,000 | |||||||||||||
SL Green Operating Partnership | Series K Preferred Units | ||||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 563,954 | |||||||||||||
Dividend rate preferred units (as a percent) | 3.50% | |||||||||||||
Liquidation preference of preferred units (in dollars per share) | $ 25 | $ 25 | ||||||||||||
Annual dividends on preferred units (in dollars per share) | 0.875 | |||||||||||||
Operating partnership common stock value use for conversion of preferred units (in dollars per share) | 134.67 | $ 134.67 | ||||||||||||
Preferred Units, shares authorized | shares | 700,000 | |||||||||||||
SL Green Operating Partnership | Series L Preferred Units | ||||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 378,634 | |||||||||||||
Dividend rate preferred units (as a percent) | 4.00% | |||||||||||||
Liquidation preference of preferred units (in dollars per share) | 25 | $ 25 | ||||||||||||
Annual dividends on preferred units (in dollars per share) | $ 1 | |||||||||||||
Preferred Units, shares authorized | shares | 500,000 | |||||||||||||
SL Green Operating Partnership | Series M Preferred Units | ||||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 1,600,000 | |||||||||||||
Dividend rate preferred units (as a percent) | 3.75% | |||||||||||||
Liquidation preference of preferred units (in dollars per share) | 25 | $ 25 | ||||||||||||
Annual dividends on preferred units (in dollars per share) | $ 0.9375 | |||||||||||||
Preferred Units, shares authorized | shares | 1,600,000 | |||||||||||||
SL Green Operating Partnership | Series N Preferred Units | ||||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 552,303 | 552,303 | ||||||||||||
Dividend rate preferred units (as a percent) | 3.00% | |||||||||||||
Liquidation preference of preferred units (in dollars per share) | 25 | $ 25 | ||||||||||||
Annual dividends on preferred units (in dollars per share) | $ 0.75 | |||||||||||||
Preferred Units, shares authorized | shares | 552,303 | |||||||||||||
SL Green Operating Partnership | Series O Preferred Units | ||||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Dividend rate preferred units (as a percent) | 6.25% | |||||||||||||
Preferred Units, shares authorized | shares | 1 | |||||||||||||
SL Green Operating Partnership | Series P Preferred Units | ||||||||||||||
Organization | ||||||||||||||
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | shares | 200,000 | |||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 200,000 | |||||||||||||
Dividend rate preferred units (as a percent) | 4.00% | |||||||||||||
Liquidation preference of preferred units (in dollars per share) | 25 | $ 25 | ||||||||||||
Annual dividends on preferred units (in dollars per share) | $ 1 | |||||||||||||
SL Green Operating Partnership | Series Q Preferred Units | ||||||||||||||
Organization | ||||||||||||||
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | shares | 268,000 | |||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 268,000 | |||||||||||||
Dividend rate preferred units (as a percent) | 3.50% | |||||||||||||
Liquidation preference of preferred units (in dollars per share) | 25 | $ 25 | ||||||||||||
Annual dividends on preferred units (in dollars per share) | 0.875 | |||||||||||||
Operating partnership common stock value use for conversion of preferred units (in dollars per share) | 148.95 | $ 148.95 | ||||||||||||
SL Green Operating Partnership | Series R Preferred Units | ||||||||||||||
Organization | ||||||||||||||
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | shares | 400,000 | |||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 400,000 | |||||||||||||
Dividend rate preferred units (as a percent) | 3.50% | |||||||||||||
Liquidation preference of preferred units (in dollars per share) | 25 | $ 25 | ||||||||||||
Annual dividends on preferred units (in dollars per share) | 0.875 | |||||||||||||
Operating partnership common stock value use for conversion of preferred units (in dollars per share) | 154.89 | $ 154.89 | ||||||||||||
SL Green Operating Partnership | Series S Preferred Units | ||||||||||||||
Organization | ||||||||||||||
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | shares | 1,077,280 | |||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 1,077,280 | |||||||||||||
Dividend rate preferred units (as a percent) | 4.00% | |||||||||||||
Liquidation preference of preferred units (in dollars per share) | 25 | $ 25 | ||||||||||||
Annual dividends on preferred units (in dollars per share) | $ 1 | |||||||||||||
SL Green Operating Partnership | Series T Preferred Units | ||||||||||||||
Organization | ||||||||||||||
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | shares | 230,000 | |||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 230,000 | |||||||||||||
Dividend rate preferred units (as a percent) | 2.75% | |||||||||||||
Liquidation preference of preferred units (in dollars per share) | 25 | $ 25 | ||||||||||||
Annual dividends on preferred units (in dollars per share) | 0.6875 | |||||||||||||
Operating partnership common stock value use for conversion of preferred units (in dollars per share) | 119.02 | $ 119.02 | ||||||||||||
SL Green Operating Partnership | Series U Preferred Units | ||||||||||||||
Organization | ||||||||||||||
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | shares | 680,000 | |||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 680,000 | |||||||||||||
Dividend rate preferred units (as a percent) | 4.50% | |||||||||||||
Liquidation preference of preferred units (in dollars per share) | 25 | $ 25 | ||||||||||||
Annual dividends on preferred units (in dollars per share) | 1.125 | |||||||||||||
SL Green Operating Partnership | Series U Preferred Units | Minimum | ||||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Annual dividends on preferred units (in dollars per share) | $ 0.75 | |||||||||||||
SL Green Operating Partnership | Series A Preferred Units | ||||||||||||||
Organization | ||||||||||||||
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | shares | 109,161 | |||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 109,161 | |||||||||||||
Dividend rate preferred units (as a percent) | 3.50% | |||||||||||||
Liquidation preference of preferred units (in dollars per share) | $ 1,000 | $ 1,000 | ||||||||||||
Annual dividends on preferred units (in dollars per share) | $ 35 | |||||||||||||
SL Green Operating Partnership | Series B Preferred Units | ||||||||||||||
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership | ||||||||||||||
Number of preferred units issued (in shares) | shares | 0 |
Noncontrolling Interests on t77
Noncontrolling Interests on the Company's Consolidated Financial Statements (Common Unit Activity) (Details) - SL Green Operating Partnership - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Rollforward Analysis of Preferred Unit Activity | ||
Issuance of preferred units | $ 73,011 | $ 30,506 |
Redemption of preferred units | (11,795) | (55,697) |
Preferred Units | ||
Rollforward Analysis of Preferred Unit Activity | ||
Balance at beginning of period | 282,516 | 71,115 |
Issuance of preferred units | 22,793 | 211,601 |
Redemption of preferred units | (2,849) | (200) |
Balance at end of period | $ 302,460 | $ 282,516 |
Stockholders' Equity of the C78
Stockholders' Equity of the Company (Details) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Stockholders' Equity Note [Abstract] | ||
Authorized capital stock (shares) | 260,000,000 | |
Authorized shares, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
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) | 100,164,358 | |
Excess shares issued (shares) | 0 |
Stockholders' Equity of the C79
Stockholders' Equity of the Company (At-the-Market Equity Offering Program and Perpetual Preferred Stock)(Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Aug. 31, 2012 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | |
Stockholders' Equity | ||||||
Proceeds from sale of common stock | $ 0 | $ 124,999,000 | ||||
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 | ||||
New At-the-Market Equity offering programs | ||||||
Stockholders' Equity | ||||||
Aggregate value of the shares of common stock to be sold (up to) | $ 300,000,000 | |||||
Contributions - net proceeds from common stock offering (in shares) | 91,180 | |||||
Proceeds from sale of common stock | $ 12,000,000 | |||||
Series I Preferred Stock | ||||||
Stockholders' Equity | ||||||
Preferred stock, shares outstanding (in shares) | 9,200,000 | 9,200,000 | ||||
Dividend rate preferred units (as a percent) | 6.50% | |||||
Perpetual Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 | ||||
Perpetual Preferred stock, annual dividends per share (in dollars per share) | $ 1.625 | |||||
Contributions of net proceeds from sale of preferred stock | $ 221,900,000 | |||||
Dividend Reinvestment and Stock Purchase Plan (DRIP) | ||||||
Stockholders' Equity | ||||||
Common stock, shares authorized (in shares) | 3,500,000 |
Stockholders' Equity of the C80
Stockholders' Equity of the Company (Earnings per Share)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Basic Earnings: | ||||
Income attributable to SL Green common stockholders | $ 133,457 | $ (39,106) | $ 156,678 | $ 4,171 |
Diluted Earnings: | ||||
Income attributable to SL Green common stockholders | $ 139,043 | $ (39,106) | $ 163,186 | $ 4,337 |
Basic Shares: | ||||
Weighted average common shares outstanding (shares) | 100,134,000 | 99,579,000 | 100,093,000 | 98,994,000 |
Effect of Dilutive Securities: | ||||
Operating Partnership units redeemable for common shares (shares) | 4,342,000 | 0 | 4,158,000 | 3,936,000 |
Stock-based compensation plans (shares) | 316,000 | 0 | 282,000 | 493,000 |
Diluted weighted average common stock outstanding (shares) | 104,792,000 | 99,579,000 | 104,533,000 | 103,423,000 |
Common stock shares excluded from the diluted shares outstanding (shares) | 739,636 | 845,026 | 228,122 | 748,000 |
Common stock shares excluded from the diluted shares outstanding due to net loss (shares) | 4,367,272 | |||
Common Stock | ||||
Effect of Dilutive Securities: | ||||
Redemption of units to common shares | $ 5,586 | $ 0 | $ 6,508 | $ 166 |
Partners' Capital of the Oper81
Partners' Capital of the Operating Partnership (Details) | Jun. 30, 2016shares | Jun. 30, 2016 | Jun. 30, 2016unit | Dec. 31, 2015unitshares |
Common Stock | ||||
Stockholders' Equity | ||||
Units outstanding (units) | 100,164,000 | 99,976,000 | ||
SL Green Operating Partnership | ||||
Stockholders' Equity | ||||
Noncontrolling interest in the operating partnership (as a percent) | 4.30% | 3.61% | ||
Number of units of operating partnership owned by the noncontrolling interest unit holders (units) | 4,504,212 | 4,504,212 | 3,745,766 | |
SL Green Operating Partnership | Series I Preferred Units | ||||
Stockholders' Equity | ||||
Units outstanding (units) | 9,200,000 | |||
SL Green Operating Partnership | Common Stock | ||||
Stockholders' Equity | ||||
Units outstanding (units) | 100,164,358 |
Partners' Capital of the Oper82
Partners' Capital of the Operating Partnership (EPS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stockholders' Equity | ||||
Net income (loss) attributable to SLGOP common unitholders | $ 133,457 | $ (39,106) | $ 156,678 | $ 4,171 |
Weighted average common shares outstanding (shares) | 100,134,000 | 99,579,000 | 100,093,000 | 98,994,000 |
Common stock shares excluded from the diluted shares outstanding (shares) | 739,636 | 845,026 | 228,122 | 748,000 |
Common stock shares excluded from the diluted shares outstanding due to net loss (shares) | 4,367,272 | |||
SL Green Operating Partnership | ||||
Stockholders' Equity | ||||
Net income (loss) attributable to SLGOP common unitholders | $ 139,043 | $ (40,683) | $ 163,186 | $ 4,337 |
Weighted average common shares outstanding (shares) | 104,476,000 | 103,487,000 | 104,251,000 | 102,930,000 |
Stock-based compensation plans (shares) | 316,000 | 0 | 282,000 | 493,000 |
Diluted weighted average common units outstanding (shares) | 104,792,000 | 103,487,000 | 104,533,000 | 103,423,000 |
Common stock shares excluded from the diluted shares outstanding (shares) | 739,636 | 228,122 | 845,026 | 748,000 |
Common stock shares excluded from the diluted shares outstanding due to net loss (shares) | 459,216 |
Share-based Compensation (Addit
Share-based Compensation (Additional Information) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 31, 2015USD ($) | Aug. 31, 2014shares | Aug. 31, 2011USD ($) | Jun. 30, 2016USD ($)unit / sharesfungible_unitshares | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)unit / sharesfungible_unit$ / sharesshares | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014shares | Sep. 30, 2014shares | Jun. 30, 2014shares | Dec. 11, 2013 | Dec. 31, 2012shares | Dec. 17, 2012 | Dec. 31, 2011shares | Dec. 31, 2010shares | Dec. 31, 2009USD ($) | Jan. 01, 2008shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options | $ 1,400,000 | $ 1,800,000 | $ 2,900,000 | $ 3,400,000 | ||||||||||||||
Stock options | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Period of commencement of option vesting, from date of grant (in years) | 1 year | |||||||||||||||||
Exercise price of options granted, low end of the range (in dollars per share) | $ / shares | $ 20.67 | |||||||||||||||||
Exercise price of options granted, high end of the range (in dollars per share) | $ / shares | $ 137.18 | |||||||||||||||||
Remaining weighted average contractual life of the options outstanding (in years) | 3 years 7 months 6 days | |||||||||||||||||
Remaining average contractual life of the options exercisable (in years) | 2 years 10 months 24 days | |||||||||||||||||
Total unrecognized compensation cost related to unvested stock awards | 12,300,000 | $ 12,300,000 | ||||||||||||||||
Weighted average period for recognition of compensation cost related to unvested stock awards (in years) | 1 year 7 months 6 days | |||||||||||||||||
Weighted average fair value of options granted during the period | $ 2,258,336 | $ 9,522,613 | ||||||||||||||||
Stock options | Minimum | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Award expiration period (in years) | 5 years | |||||||||||||||||
Options vesting period (in years) | 1 year | |||||||||||||||||
Stock options | Maximum | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Award expiration period (in years) | 10 years | |||||||||||||||||
Options vesting period (in years) | 5 years | |||||||||||||||||
Restricted Stock Awards | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation expense | $ 3,372,434 | 7,540,747 | ||||||||||||||||
Total unrecognized compensation cost related to unvested stock awards | $ 14,700,000 | $ 14,700,000 | ||||||||||||||||
Weighted average period for recognition of compensation cost related to unvested stock awards (in years) | 2 years 6 months | |||||||||||||||||
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 | $ 7,300,000 | 7,400,000 | ||||||||||||||||
Weighted average fair value of options granted during the period | $ 781,330 | $ 16,061,201 | ||||||||||||||||
Awards granted (in shares) | shares | 7,500 | 143,053 | ||||||||||||||||
Awards outstanding (in shares) | shares | 3,110,781 | 3,110,781 | 3,137,881 | 3,000,979 | ||||||||||||||
LTIP units | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Weighted average fair value of options granted during the period | $ 28,100,000 | $ 25,400,000 | ||||||||||||||||
Performance Shares | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Total unrecognized compensation cost related to unvested stock awards | $ 10,500,000 | $ 10,500,000 | ||||||||||||||||
Weighted average period for recognition of compensation cost related to unvested stock awards (in years) | 1 year 3 months 18 days | |||||||||||||||||
Share-based Compensation | $ 3,300,000 | 12,800,000 | $ 3,100,000 | 16,300,000 | ||||||||||||||
Third Amendment and Restated 2005 Stock Option and Incentive Plan | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Maximum fungible units that may be granted (in shares) | fungible_unit | 27,030,000 | 27,030,000 | ||||||||||||||||
Fungible units per share (in fungible units per share) | unit / shares | 3.74 | 3.74 | ||||||||||||||||
Shares that may be issued if equal to fungible units (shares) (less than) | shares | 27,030,000 | 27,030,000 | ||||||||||||||||
Fungible units | fungible_unit | 10,300,000 | 10,300,000 | ||||||||||||||||
Third Amendment and Restated 2005 Stock Option and Incentive Plan | Stock options | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation expense | $ 1,900,000 | 3,900,000 | $ 1,900,000 | 3,900,000 | ||||||||||||||
Stock options, stock appreciation rights and other awards | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fungible units per share (in fungible units per share) | unit / shares | 0.73 | 0.73 | ||||||||||||||||
Award expiration period (in years) | 5 years | |||||||||||||||||
All other awards | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Fungible units per share (in fungible units per share) | unit / shares | 1 | 1 | ||||||||||||||||
Award expiration period (in years) | 10 years | |||||||||||||||||
2010 Notional Unit Long-Term Compensation Plan | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options | $ 31,700,000 | |||||||||||||||||
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) | shares | 327,416 | 327,416 | 385,583 | |||||||||||||||
Percentage of LTIP Units earned, vested (percent) | 25.00% | 50.00% | ||||||||||||||||
2010 Notional Unit Long-Term Compensation Plan | Minimum | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Approximate amount of LTIP units that may be earned by the recipients based on stock price appreciation | $ 15,000,000 | |||||||||||||||||
2010 Notional Unit Long-Term Compensation Plan | Maximum | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Approximate amount of LTIP units that may be earned by the recipients based on stock price appreciation | $ 75,000,000 | |||||||||||||||||
2011 Outperformance Plan | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation expense | $ 0 | 3,200,000 | $ 0 | 3,900,000 | ||||||||||||||
Capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options | 26,700,000 | |||||||||||||||||
Approximate amount of LTIP units that may be earned by the recipients based on stock price appreciation | $ 85,000,000 | |||||||||||||||||
LTIP units earned (in shares) | shares | 280,454 | 560,908 | ||||||||||||||||
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% (in years) | 3 years | |||||||||||||||||
Cumulative return to stockholders (percent) | 25.00% | |||||||||||||||||
Return to stockholders | $ 85,000,000 | |||||||||||||||||
Performance period (in years) | 3 years | |||||||||||||||||
2011 Outperformance Plan | Earned anytime after beginning of the second year | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Percentage of units vested | 33.33% | |||||||||||||||||
2011 Outperformance Plan | Earned anytime after beginning of the third year | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Percentage of units vested | 66.67% | |||||||||||||||||
2011 Outperformance Plan | Vested on August 31, 2014 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Percentage of units vested | 50.00% | |||||||||||||||||
2011 Outperformance Plan | Vesting on August 31, 2015 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Percentage of units vested | 50.00% | |||||||||||||||||
2014 Outperformance Plan | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation expense | 3,300,000 | 4,800,000 | 1,500,000 | 2,900,000 | ||||||||||||||
Capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options | 27,900,000 | |||||||||||||||||
LTIP units earned (in shares) | shares | 610,000 | |||||||||||||||||
Performance period (in years) | 3 years | |||||||||||||||||
Award period (in years) | 3 years | |||||||||||||||||
Percentage of LTIP units that may be earned based on the Company's absolute total return to stockholders | 66.67% | |||||||||||||||||
Percentage of LTIP units that may be earned based on relative total return to stockholders compared to constituents of the MSCI REIT index | 33.33% | |||||||||||||||||
2014 Outperformance Plan | Vesting on August 31, 2017 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Percentage of units vested | 50.00% | |||||||||||||||||
2014 Outperformance Plan | Vesting on August 31, 2018 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Percentage of units vested | 50.00% | |||||||||||||||||
Deferred Stock Compensation Plan for Directors | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation expense | $ 200,000 | $ 300,000 | $ 1,800,000 | $ 1,700,000 | ||||||||||||||
Maximum percentage of the annual retainer fee, chairman fees and meeting fees that may be deferred by non-employee directors (percent) | 100.00% | 100.00% | ||||||||||||||||
Awards granted (in shares) | shares | 7,276 | |||||||||||||||||
Shares issued (in shares) | shares | 8,749 | |||||||||||||||||
Awards outstanding (in shares) | shares | 87,968 | 87,968 | ||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Shares of common stock available for issuance (shares) | shares | 500,000 | |||||||||||||||||
Duration of each offering period starting the first day of each calendar quarter (in months) | 3 months | |||||||||||||||||
Purchase price as a percentage of market value of the common stock (percent) | 85.00% | 85.00% | ||||||||||||||||
Shares of common stock issued (shares) | shares | 91,273 | 91,273 |
Share-based Compensation (Detai
Share-based Compensation (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Dividend yield (as a percent) | 2.30% | 1.97% |
Expected life of option (in years) | 4 years 2 months 12 days | 3 years 7 months 6 days |
Risk-free interest rate (as a percent) | 1.08% | 1.43% |
Expected stock price volatility (as a percent) | 29.08% | 32.34% |
Options Outstanding | ||
Balance at beginning of period (in shares) | 1,595,007 | 1,462,726 |
Granted (in shares) | 109,500 | 389,836 |
Exercised (in shares) | (75,201) | (217,438) |
Lapsed or cancelled (in shares) | (39,200) | (40,117) |
Balance at end of period (in shares) | 1,590,106 | 1,595,007 |
Options exercisable at end of period (in shares) | 865,289 | 589,055 |
Weighted average fair value of options granted during the period | $ | $ 2,258,336 | $ 9,522,613 |
Weighted Average Exercise Price | ||
Balance at beginning of year (in dollars per share) | $ / shares | $ 95.52 | $ 87.98 |
Granted (in dollars per share) | $ / shares | 99.65 | 112.54 |
Exercised (in dollars per share) | $ / shares | 75.42 | 74.69 |
Lapsed or cancelled (in dollars per share) | $ / shares | 113.38 | 98.61 |
Balance at end of period (in dollars per share) | $ / shares | 96.32 | 95.52 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 89.14 | $ 89.85 |
Restricted Stock Awards | ||
Options Outstanding | ||
Weighted average fair value of options granted during the period | $ | $ 781,330 | $ 16,061,201 |
Summary of restricted stock | ||
Balance at beginning of year (in shares) | 3,137,881 | 3,000,979 |
Granted (in shares) | 7,500 | 143,053 |
Cancelled (in shares) | (34,600) | (6,151) |
Balance at end of period (in shares) | 3,110,781 | 3,137,881 |
Vested during the period (in shares) | 81,322 | 87,081 |
Compensation expense recorded | $ | $ 3,372,434 | $ 7,540,747 |
Accumulated Other Comprehensi85
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||
Beginning Balance | $ (8,749) | |
Ending Balance | (16,558) | |
SL Green Realty Corp | ||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||
Beginning Balance | (8,749) | |
Other comprehensive loss before reclassifications | (15,046) | |
Amounts reclassified from accumulated other comprehensive income | 7,237 | |
Ending Balance | (16,558) | |
Deferred net losses from terminated hedges | 8,400 | $ 9,700 |
SL Green Realty Corp | Net unrealized (loss) gain on derivative instruments | ||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||
Beginning Balance | (10,160) | |
Other comprehensive loss before reclassifications | (7,547) | |
Amounts reclassified from accumulated other comprehensive income | 6,175 | |
Ending Balance | (11,532) | |
SL Green Realty Corp | Unrealized gain (loss) on marketable securities | ||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||
Beginning Balance | 2,003 | |
Other comprehensive loss before reclassifications | (841) | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Ending Balance | 1,162 | |
SL Green Realty Corp | Joint venture | Net unrealized (loss) gain on derivative instruments | ||
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward] | ||
Beginning Balance | (592) | |
Other comprehensive loss before reclassifications | (6,658) | |
Amounts reclassified from accumulated other comprehensive income | 1,062 | |
Ending Balance | $ (6,188) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value of Financial Instruments | ||
Marketable securities | $ 39,339 | $ 45,138 |
Interest rate cap and swap agreements (included in other assets) | 0 | 204 |
Debt and preferred equity investments | 1,357,181 | 1,670,020 |
Accrued Interest Payable And Other Liabilities | ||
Fair Value of Financial Instruments | ||
Interest rate cap and swap agreements | 3,036 | 10,776 |
Liabilities Held for Sale | ||
Fair Value of Financial Instruments | ||
Interest rate cap and swap agreements | 0 | |
Carrying Value | ||
Fair Value of Financial Instruments | ||
Debt and preferred equity investments | 1,357,181 | |
Fixed rate debt | 6,612,587 | 7,232,254 |
Variable rate debt | 1,451,155 | 3,202,494 |
Total | 8,063,742 | 10,434,748 |
Fair Value | ||
Fair Value of Financial Instruments | ||
Marketable securities | 39,339 | 45,138 |
Total | 8,504,174 | 10,770,574 |
Estimated fair value of debt and preferred equity investments, low end of range | 1,400,000 | 1,700,000 |
Estimated fair value of debt and preferred equity investments, high end of range | 1,500,000 | 1,800,000 |
Level 1 | ||
Fair Value of Financial Instruments | ||
Interest rate cap and swap agreements (included in other assets) | 0 | 0 |
Level 1 | Accrued Interest Payable And Other Liabilities | ||
Fair Value of Financial Instruments | ||
Interest rate cap and swap agreements | 0 | 0 |
Level 1 | Liabilities Held for Sale | ||
Fair Value of Financial Instruments | ||
Interest rate cap and swap agreements | 0 | |
Level 2 | ||
Fair Value of Financial Instruments | ||
Interest rate cap and swap agreements (included in other assets) | 0 | 204 |
Level 2 | Accrued Interest Payable And Other Liabilities | ||
Fair Value of Financial Instruments | ||
Interest rate cap and swap agreements | 3,036 | 10,776 |
Level 2 | Liabilities Held for Sale | ||
Fair Value of Financial Instruments | ||
Interest rate cap and swap agreements | 0 | |
Level 3 | ||
Fair Value of Financial Instruments | ||
Marketable securities | 0 | 0 |
Interest rate cap and swap agreements (included in other assets) | 0 | 0 |
Level 3 | Accrued Interest Payable And Other Liabilities | ||
Fair Value of Financial Instruments | ||
Interest rate cap and swap agreements | 0 | 0 |
Level 3 | Liabilities Held for Sale | ||
Fair Value of Financial Instruments | ||
Interest rate cap and swap agreements | 0 | |
Level 3 | Fair Value | ||
Fair Value of Financial Instruments | ||
Fixed rate debt | 7,058,553 | 7,591,388 |
Variable rate debt | 1,445,621 | 3,179,186 |
Equity marketable securities | ||
Fair Value of Financial Instruments | ||
Marketable securities | 334 | 4,704 |
Equity marketable securities | Level 1 | ||
Fair Value of Financial Instruments | ||
Marketable securities | 334 | 4,704 |
Commercial mortgage-backed securities | ||
Fair Value of Financial Instruments | ||
Marketable securities | 39,005 | 40,434 |
Commercial mortgage-backed securities | Level 2 | ||
Fair Value of Financial Instruments | ||
Marketable securities | $ 39,005 | $ 40,434 |
Financial Instruments_ Deriva87
Financial Instruments: Derivatives and Hedging (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Financial Instruments: Derivatives and Hedging | |||||
Fair Value | $ 0 | $ 0 | $ 204,000 | ||
Derivative, Fair Value, Net | (3,036,000) | (3,036,000) | |||
Gain (loss) from changes in fair value | 500,000 | $ 100,000 | 500,000 | $ 100,000 | |
Fair value of derivatives in a net liability position | 3,100,000 | 3,100,000 | |||
Aggregate termination value | 3,200,000 | 3,200,000 | |||
Estimated current balance held in accumulated other comprehensive loss to be reclassified into earnings within the next 12 months | 4,500,000 | ||||
Share of joint venture of accumulated other comprehensive loss reclassified into equity in net income from unconsolidated joint ventures within the next 12 months | 1,800,000 | ||||
Amount of (Loss) Gain Recognized in Other Comprehensive Loss (Effective Portion) | (4,191,000) | (818,000) | (13,875,000) | (9,576,000) | |
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 5,035,000 | 3,068,000 | 7,549,000 | 6,146,000 | |
Amount of (Loss) or Gain Recognized into Income (Ineffective Portion) | (599,000) | 2,000 | (1,074,000) | (424,000) | |
Joint venture | |||||
Financial Instruments: Derivatives and Hedging | |||||
Amount of (Loss) Gain Recognized in Other Comprehensive Loss (Effective Portion) | (3,005,000) | 277,000 | (5,770,000) | (960,000) | |
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 567,000 | 331,000 | 918,000 | 662,000 | |
Amount of (Loss) or Gain Recognized into Income (Ineffective Portion) | (600,000) | 16,000 | (1,036,000) | 0 | |
Interest Rate Swap Expiring in December 2017 | |||||
Financial Instruments: Derivatives and Hedging | |||||
Notional Value | $ 200,000,000 | $ 200,000,000 | |||
Strike Rate (as a percent) | 0.9375% | 0.9375% | |||
Fair Value | $ (1,202,000) | $ (1,202,000) | |||
Interest Rate Swap Expiring in December 2017 | |||||
Financial Instruments: Derivatives and Hedging | |||||
Notional Value | $ 150,000,000 | $ 150,000,000 | |||
Strike Rate (as a percent) | 0.94% | 0.94% | |||
Fair Value | $ (906,000) | $ (906,000) | |||
Interest Rate Swap Expiring in December 2017 | |||||
Financial Instruments: Derivatives and Hedging | |||||
Notional Value | $ 150,000,000 | $ 150,000,000 | |||
Strike Rate (as a percent) | 0.94% | 0.94% | |||
Fair Value | $ (906,000) | $ (906,000) | |||
Interest Rate Cap Expiring October 2016 | |||||
Financial Instruments: Derivatives and Hedging | |||||
Notional Value | $ 117,392,000 | $ 117,392,000 | |||
Strike Rate (as a percent) | 6.00% | 6.00% | |||
Fair Value | $ 0 | $ 0 | |||
Interest Rate Swap Expiring in January 2017 | |||||
Financial Instruments: Derivatives and Hedging | |||||
Notional Value | $ 14,409,000 | $ 14,409,000 | |||
Strike Rate (as a percent) | 0.50% | 0.50% | |||
Fair Value | $ (4,000) | $ (4,000) | |||
Interest Rate Swap Expiring in February 2017 | |||||
Financial Instruments: Derivatives and Hedging | |||||
Notional Value | $ 8,018,000 | $ 8,018,000 | |||
Strike Rate (as a percent) | 0.852% | 0.852% | |||
Fair Value | $ (18,000) | $ (18,000) | |||
Interest Rate Cap Expiring in September 2017 | |||||
Financial Instruments: Derivatives and Hedging | |||||
Notional Value | $ 137,500,000 | $ 137,500,000 | |||
Strike Rate (as a percent) | 4.00% | 4.00% | |||
Fair Value | $ 0 | $ 0 | |||
Interest Rate Cap Expiring in May 2017 | |||||
Financial Instruments: Derivatives and Hedging | |||||
Notional Value | $ 1,450,000,000 | $ 1,450,000,000 | |||
Strike Rate (as a percent) | 4.75% | 4.75% | |||
Fair Value | $ 0 | $ 0 | |||
Interest Rate Swaps/Caps | |||||
Financial Instruments: Derivatives and Hedging | |||||
Amount of (Loss) Gain Recognized in Other Comprehensive Loss (Effective Portion) | (1,186,000) | (1,095,000) | (8,105,000) | (8,616,000) | |
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 4,468,000 | 2,737,000 | 6,631,000 | 5,484,000 | |
Amount of (Loss) or Gain Recognized into Income (Ineffective Portion) | $ 1,000 | $ (14,000) | $ (38,000) | $ (424,000) |
Commitments and Contingencies88
Commitments and Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Initial term of non cancellable operating leases, minimum (in years) | 1 year |
Capital lease | |
Remaining 2,016 | $ 1,145 |
2,017 | 2,387 |
2,018 | 2,387 |
2,019 | 2,411 |
2,020 | 2,620 |
Thereafter | 825,483 |
Total minimum lease payments | 836,433 |
Amount representing interest | (794,682) |
Capital lease obligations | 41,751 |
Non-cancellable operating leases | |
Remaining 2,016 | 15,468 |
2,017 | 31,049 |
2,018 | 31,049 |
2,019 | 31,066 |
2,020 | 31,436 |
Thereafter | 764,353 |
Total minimum lease payments | $ 904,421 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)segment | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Segment information | |||||
Number of reportable segments (segment) | segment | 2 | ||||
Total revenues | $ 617,614 | $ 409,074 | $ 1,073,058 | $ 805,373 | |
(Loss) Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, depreciable real estate reserves net of recoveries, and loss on sale of investment in marketable securities | (70,463) | (29,948) | (61,648) | 12,278 | |
Total assets | 17,544,223 | 17,544,223 | $ 19,727,646 | ||
Marketing, general and administrative | 24,484 | 23,200 | 48,516 | 48,664 | |
Operating Segments | Real Estate Segment | |||||
Segment information | |||||
Total revenues | 569,824 | 361,730 | 968,180 | 713,832 | |
(Loss) Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, depreciable real estate reserves net of recoveries, and loss on sale of investment in marketable securities | (112,337) | (67,807) | (153,270) | (63,170) | |
Total assets | 15,865,286 | 15,865,286 | 18,045,370 | ||
Operating Segments | Debt and Preferred Equity Segment | |||||
Segment information | |||||
Total revenues | 47,790 | 47,344 | 104,878 | 91,541 | |
(Loss) Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, depreciable real estate reserves net of recoveries, and loss on sale of investment in marketable securities | 41,874 | $ 37,859 | 91,622 | $ 75,448 | |
Total assets | $ 1,678,937 | $ 1,678,937 | $ 1,682,276 |
Segment Information (Schedule o
Segment Information (Schedule of Reconciliation of Income from Continuing Operations to Net Income Attributable to SL Green Common Stockholders)(Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reconciliation of income from continuing operations to net income attributable to SL Green common stockholders | ||||
(Loss) Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, depreciable real estate reserves net of recoveries, and loss on sale of investment in marketable securities | $ (70,463,000) | $ (29,948,000) | $ (61,648,000) | $ 12,278,000 |
Equity in net gain on sale of interest in unconsolidated joint venture/real estate | 33,448,000 | 769,000 | 43,363,000 | 769,000 |
Gain on sale of real estate, net | 196,580,000 | 0 | 210,353,000 | 0 |
Depreciable real estate reserves | (10,387,000) | 0 | (10,387,000) | 0 |
Loss on sale of investment in marketable securities | (83,000) | 0 | (83,000) | 0 |
Income (loss) from continuing operations | 149,095,000 | (29,179,000) | 181,598,000 | 13,047,000 |
Net income (loss) from discontinued operations | 0 | 0 | 0 | 427,000 |
Gain on sale of discontinued operations | 0 | 0 | 0 | 12,983,000 |
Net income (loss) | $ 149,095,000 | $ (29,179,000) | $ 181,598,000 | $ 26,457,000 |