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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Rental revenue, net $ 274,765 $ 281,482 $ 835,501 $ 1,043,898
Escalation and reimbursement 44,749 53,130 131,561 147,357
Investment income 47,820 75,396 148,741 174,347
Other income 7,266 6,673 34,328 124,137
Total revenues 374,600 416,681 1,150,131 1,489,739
Expenses        
Operating expenses, including related party expenses of $5,505 and $14,941 in 2017 and $5,042 and $15,171 in 2016. 75,927 79,425 221,285 234,269
Real estate taxes 64,160 64,133 186,173 187,931
Ground rent 8,307 8,338 24,923 24,953
Interest expense, net of interest income 65,634 72,565 196,112 256,326
Amortization of deferred financing costs 4,008 4,815 12,201 20,180
Depreciation and amortization 91,728 112,665 318,916 717,015
Transaction related costs 186 2,593 365 5,987
Marketing, general and administrative 23,963 25,458 72,362 73,974
Total expenses 333,913 369,992 1,032,337 1,520,635
Income (loss) before equity in net income (loss) from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain (loss) on sale of real estate, net, depreciable real estate reserves, and gain (loss) on sale of investment in marketable securities 40,687 46,689 117,794 (30,896)
Equity in net income (loss) from unconsolidated joint ventures 4,078 (3,968) 14,104 11,969
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 1,030 225 16,166 43,588
Gain (loss) on sale of real estate, net 0 397 (3,256) 210,750
Depreciable real estate reserves 0 0 (85,336) (10,387)
Gain (loss) on sale of investment in marketable securities 0 0 3,262 (83)
Net income 45,795 43,343 62,734 224,941
Net (income) loss attributable to noncontrolling interests:        
Noncontrolling interests in the Operating Partnership (1,812) (1,663) (2,707) (8,171)
Noncontrolling interests in other partnerships 1,474 (836) 18,179 (6,245)
Preferred units distributions (2,850) (2,854) (8,551) (8,382)
Net income (loss) attributable to SL Green/SLGOP 42,607 37,990 69,655 202,143
Perpetual preferred stock dividends (3,738) (3,738) (11,213) (11,213)
Amounts attributable to SL Green common stockholders:        
Income (loss) before depreciable real estate reserves and gains (losses) on sale 37,885 33,657 127,685 (43,041)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 984 215 15,456 41,805
Gain (loss) on sale of real estate, net 0 380 (3,113) 202,128
Depreciable real estate reserves 0 0 (81,586) (9,962)
Net income attributable to SL Green common stockholders $ 38,869 $ 34,252 $ 58,442 $ 190,930
Basic earnings per share:        
Income (loss) before depreciable real estate reserves and gains (losses) on sale (in dollars per share) $ 0.39 $ 0.34 $ 1.28 $ (0.43)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (in dollars per share) 0.01 0.00 0.16 0.42
Gain (loss) on sale of real estate, net 0.00 0.00 (0.03) 2.02
Depreciable real estate reserves 0.00 0.00 (0.82) (0.10)
Net income attributable to SL Green common stockholders (usd per share) 0.40 0.34 0.59 1.91
Diluted earnings per share:        
Income (loss) before depreciable real estate reserves and gains (losses) on sale (in dollars per share) 0.39 0.34 1.28 (0.43)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (in dollars per share) 0.01 0.00 0.16 0.42
Gain on sale of real estate (in dollars per share) 0.00 0.00 (0.03) 2.01
Depreciable real estate reserves (in dollars per share) 0.00 0.00 (0.82) (0.10)
Net income attributable to SL Green common stockholders (usd per share) 0.40 0.34 0.59 1.90
Dividends per share/unit (usd per share) $ 0.775 $ 0.72 $ 2.325 $ 2.16
Basic weighted average common shares outstanding (in shares) 97,783 100,233 99,431 100,140
Diluted weighted average common shares and common share equivalents outstanding (in shares) 102,570 105,143 104,280 104,761
SL Green Operating Partnership        
Revenues        
Rental revenue, net $ 274,765 $ 281,482 $ 835,501 $ 1,043,898
Escalation and reimbursement 44,749 53,130 131,561 147,357
Investment income 47,820 75,396 148,741 174,347
Other income 7,266 6,673 34,328 124,137
Total revenues 374,600 416,681 1,150,131 1,489,739
Expenses        
Operating expenses, including related party expenses of $5,505 and $14,941 in 2017 and $5,042 and $15,171 in 2016. 75,927 79,425 221,285 234,269
Real estate taxes 64,160 64,133 186,173 187,931
Ground rent 8,307 8,338 24,923 24,953
Interest expense, net of interest income 65,634 72,565 196,112 256,326
Amortization of deferred financing costs 4,008 4,815 12,201 20,180
Depreciation and amortization 91,728 112,665 318,916 717,015
Transaction related costs 186 2,593 365 5,987
Marketing, general and administrative 23,963 25,458 72,362 73,974
Total expenses 333,913 369,992 1,032,337 1,520,635
Income (loss) before equity in net income (loss) from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain (loss) on sale of real estate, net, depreciable real estate reserves, and gain (loss) on sale of investment in marketable securities 40,687 46,689 117,794 (30,896)
Equity in net income (loss) from unconsolidated joint ventures 4,078 (3,968) 14,104 11,969
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 1,030 225 16,166 43,588
Gain (loss) on sale of real estate, net 0 397 (3,256) 210,750
Depreciable real estate reserves 0 0 (85,336) (10,387)
Gain (loss) on sale of investment in marketable securities 0 0 3,262 (83)
Net income 45,795 43,343 62,734 224,941
Net (income) loss attributable to noncontrolling interests:        
Noncontrolling interests in the Operating Partnership     (2,707)  
Noncontrolling interests in other partnerships 1,474 (836) 18,179 (6,245)
Preferred units distributions (2,850) (2,854) (8,551) (8,382)
Net income (loss) attributable to SL Green/SLGOP 44,419 39,653 72,362 210,314
Perpetual preferred unit distributions (3,738) (3,738) (11,213) (11,213)
Net income attributable to SLGOP common unitholders 40,681 35,915 61,149 199,101
Amounts attributable to SL Green common stockholders:        
Income (loss) before depreciable real estate reserves and gains (losses) on sale 39,651 35,293 133,575 (44,850)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 1,030 225 16,166 43,588
Gain (loss) on sale of real estate, net 0 397 (3,256) 210,750
Depreciable real estate reserves $ 0 $ 0 $ (85,336) $ (10,387)
Basic earnings per share:        
Income (loss) before depreciable real estate reserves and gains (losses) on sale (in dollars per share) $ 0.39 $ 0.34 $ 1.28 $ (0.43)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (in dollars per share) 0.01 0.00 0.16 0.42
Gain (loss) on sale of real estate, net 0.00 0.00 (0.03) 2.02
Depreciable real estate reserves 0.00 0.00 (0.82) (0.10)
Net income attributable to SLGOP common unitholders (usd per share) 0.40 0.34 0.59 1.91
Diluted earnings per share:        
Income (loss) before depreciable real estate reserves and gains (losses) on sale (in dollars per share) 0.39 0.34 1.28 (0.43)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (in dollars per share) 0.01 0.00 0.16 0.42
Gain on sale of real estate (in dollars per share) 0.00 0.00 (0.03) 2.01
Depreciable real estate reserves (in dollars per share) 0.00 0.00 (0.82) (0.10)
Net income attributable to SLGOP common unitholders (usd per share) 0.40 0.34 0.59 1.90
Dividends per share/unit (usd per share) $ 0.775 $ 0.72 $ 2.325 $ 2.16
Basic weighted average common shares outstanding (in shares) 102,326 104,730 104,001 104,412
Basic weighted average common units outstanding (in shares) 102,326 104,730 104,001 104,412
Diluted weighted average common units and common unit equivalents outstanding (in shares) 102,570 105,143 104,280 104,761