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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues        
Rental revenue, net $ 318,465 $ 291,293 $ 926,020 $ 826,877
Escalation and reimbursement 48,254 43,826 130,630 120,209
Investment income 49,328 43,969 136,588 137,767
Other income 16,019 11,186 44,201 48,498
Total revenues 432,066 390,274 1,237,439 1,133,351
Expenses        
Operating expenses, including $5,238 and $13,415 in 2015 and $5,104 and $13,183 in 2014 of related party expenses 78,648 72,111 225,539 211,118
Real estate taxes 61,009 55,548 173,018 159,702
Ground rent 8,252 8,088 24,526 24,161
Interest expense, net of interest income 84,141 82,376 235,694 236,424
Amortization of deferred financing costs 7,160 6,679 19,727 15,737
Depreciation and amortization 146,185 94,443 454,087 274,337
Transaction related costs 5,829 2,383 10,039 6,554
Marketing, general and administrative 23,475 22,649 72,139 69,778
Total expenses 414,699 344,277 1,214,769 997,811
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, purchase price fair value adjustment, gain on sale of real estate, depreciable real estate reserves and loss on early extinguishment of debt 17,367 45,997 22,670 135,540
Equity in net income from unconsolidated joint ventures 3,627 6,034 10,651 20,781
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 15,281 16,496 16,050 122,580
Purchase price fair value adjustment 0 (4,000) 0 67,446
Gain on sale of real estate 159,704 0 159,704 0
Depreciable real estate reserves (19,226) 0 (19,226) 0
Loss on early extinguishment of debt 0 (24,475) (49) (25,500)
Income from continuing operations 176,753 40,052 189,800 320,847
Net income from discontinued operations 0 4,035 427 15,449
Gain on sale of discontinued operations 0 29,507 12,983 144,242
Net income 176,753 73,594 203,210 480,538
Net income attributable to noncontrolling interests:        
Noncontrolling interests in the Operating Partnership (6,467) (2,636) (6,634) (16,010)
Net income attributable to noncontrolling interests in other partnerships (665) (1,712) (13,217) (5,045)
Preferred units distributions (2,225) (820) (4,316) (1,950)
Net income attributable to SL Green/SLGOP 167,396 68,426 179,043 457,533
Perpetual preferred stock dividends (3,738) (3,738) (11,214) (11,214)
Amounts attributable to SL Green common stockholders:        
Income from continuing operations before purchase price fair value adjustment, gains on sale and discontinued operations 13,768 20,312 4,357 108,710
Purchase price fair value adjustment 0 (3,856) 0 65,111
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 14,705 15,901 15,439 118,336
Net income from discontinued operations 0 3,889 411 14,914
Gain on sale of discontinued operations 0 28,442 12,489 139,248
Gain on sale of real estate 153,687 0 153,628 0
Depreciable real estate reserves (18,502) 0 (18,495) 0
Net income attributable to SL Green common stockholders $ 163,658 $ 64,688 $ 167,829 $ 446,319
Basic earnings per share:        
Income from continuing operations before purchase price fair value adjustment, gains on sale and discontinued operations (usd per share) $ 0.14 $ 0.21 $ 0.04 $ 1.14
Purchase price fair value adjustment (usd per share) 0.00 (0.04) 0.00 0.68
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) 0.15 0.17 0.16 1.24
Net income from discontinued operations (usd per share) 0.00 0.04 0.00 0.16
Gain on sale of discontinued operations (usd per share) 0.00 0.30 0.13 1.46
Gain on sale of real estate (in dollars per share) 1.54 0.00 1.55 0.00
Depreciable Real Estate Reserves, Effect on Earnings, Per Basic Share (0.19) 0.00 (0.19) 0.00
Net income attributable to SL Green common stockholders (usd per share) 1.64 0.68 1.69 4.68
Diluted earnings per share:        
Income from continuing operations before purchase price fair value adjustment, gains on sale and discontinued operations (usd per share) 0.14 0.21 0.04 1.14
Purchase price fair value adjustment (usd per share) 0.00 (0.04) 0.00 0.68
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) 0.15 0.17 0.16 1.23
Net income from discontinued operations (usd per share) 0.00 0.04 0.00 0.16
Gain on sale of discontinued operations (usd per share) 0.00 0.30 0.13 1.45
Gain on sale of real estate (in dollars per share) 1.54 0.00 1.54 0.00
Depreciable Real Estate Reserves, Effect on Earnings, Per Diluted Share (0.19) 0.00 (0.19) 0.00
Net income attributable to SL Green common stockholders (usd per share) 1.64 0.68 1.68 4.66
Dividends per share/unit (usd per share) $ 0.60 $ 0.5 $ 1.80 $ 1.50
Basic weighted average common shares outstanding (in shares) 99,621 95,734 99,205 95,437
Diluted weighted average common shares and common share equivalents outstanding (in shares) 103,929 99,706 103,609 99,322
SL Green Operating Partnership        
Revenues        
Rental revenue, net $ 318,465 $ 291,293 $ 926,020 $ 826,877
Escalation and reimbursement 48,254 43,826 130,630 120,209
Investment income 49,328 43,969 136,588 137,767
Other income 16,019 11,186 44,201 48,498
Total revenues 432,066 390,274 1,237,439 1,133,351
Expenses        
Operating expenses, including $5,238 and $13,415 in 2015 and $5,104 and $13,183 in 2014 of related party expenses 78,648 72,111 225,539 211,118
Real estate taxes 61,009 55,548 173,018 159,702
Ground rent 8,252 8,088 24,526 24,161
Interest expense, net of interest income 84,141 82,376 235,694 236,424
Amortization of deferred financing costs 7,160 6,679 19,727 15,737
Depreciation and amortization 146,185 94,443 454,087 274,337
Transaction related costs 5,829 2,383 10,039 6,554
Marketing, general and administrative 23,475 22,649 72,139 69,778
Total expenses 414,699 344,277 1,214,769 997,811
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, purchase price fair value adjustment, gain on sale of real estate, depreciable real estate reserves and loss on early extinguishment of debt 17,367 45,997 22,670 135,540
Equity in net income from unconsolidated joint ventures 3,627 6,034 10,651 20,781
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 15,281 16,496 16,050 122,580
Purchase price fair value adjustment 0 (4,000) 0 67,446
Gain on sale of real estate 159,704 0 159,704 0
Depreciable real estate reserves (19,226) 0 (19,226) 0
Loss on early extinguishment of debt 0 (24,475) (49) (25,500)
Income from continuing operations 176,753 40,052 189,800 320,847
Net income from discontinued operations 0 4,035 427 15,449
Gain on sale of discontinued operations 0 29,507 12,983 144,242
Net income 176,753 73,594 203,210 480,538
Net income attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in other partnerships (665) (1,712) (13,217) (5,045)
Preferred unit distributions (2,225) (820) (4,316) (1,950)
Net income attributable to SL Green/SLGOP 173,863 71,062 185,677 473,543
Perpetual preferred unit distributions (3,738) (3,738) (11,214) (11,214)
Net income attributable to SLGOP common unitholders 170,125 67,324 174,463 462,329
Amounts attributable to SL Green common stockholders:        
Income from continuing operations before purchase price fair value adjustment, gains on sale and discontinued operations 14,366 21,286 4,525 112,612
Purchase price fair value adjustment 0 (4,000) 0 67,446
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 15,281 16,496 16,050 122,580
Net income from discontinued operations 0 4,035 427 15,449
Gain on sale of discontinued operations 0 29,507 12,983 144,242
Gain on sale of real estate 159,704 0 159,704 0
Depreciable real estate reserves $ (19,226) $ 0 $ (19,226) $ 0
Basic earnings per share:        
Income from continuing operations before gains on sale and discontinued operations (usd per share) $ 0.14 $ 0.21 $ 0.04 $ 1.14
Purchase price fair value adjustment (usd per share) 0.00 (0.04) 0.00 0.68
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) 0.15 0.17 0.16 1.24
Net income from discontinued operations (usd per share) 0.00 0.04 0.00 0.16
Gain on sale of discontinued operations (usd per share) 0.00 0.30 0.13 1.46
Gain on sale of real estate (in dollars per share) 1.54 0.00 1.55 0.00
Depreciable Real Estate Reserves, Effect on Earnings, Per Basic Share (0.19) 0.00 (0.19) 0.00
Net income attributable to SLGOP common unitholders (usd per share) 1.64 0.68 1.69 4.68
Diluted earnings per share:        
Income from continuing operations before gains on sale and discontinued operations (usd per share) 0.14 0.21 0.04 1.14
Purchase price fair value adjustment (usd per share) 0.00 (0.04) 0.00 0.68
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) 0.15 0.17 0.16 1.23
Net income from discontinued operations (usd per share) 0.00 0.04 0.00 0.16
Gain on sale of discontinued operations (usd per share) 0.00 0.30 0.13 1.45
Gain on sale of real estate (in dollars per share) 1.54 0.00 1.54 0.00
Depreciable Real Estate Reserves, Effect on Earnings, Per Diluted Share (0.19) 0.00 (0.19) 0.00
Net income attributable to SLGOP common unitholders (usd per share) 1.64 0.68 1.68 4.66
Dividends per share/unit (usd per share) $ 0.60 $ 0.50 $ 1.8 $ 1.50
Basic weighted average common units outstanding (in shares) 103,522 99,319 103,129 98,860
Diluted weighted average common units and common unit equivalents outstanding (in shares) 103,929 99,706 103,609 99,322