Noncontrolling Interests on the Company's Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Below is a summary of the activity relating to the noncontrolling interests in the Operating Partnership as of December 31, 2019 and 2018 (in thousands):



	December 31,
	2019			2018
Balance at beginning of period	$	387,805		$	461,954
Distributions	(14,729		)	(15,000		)
Issuance of common units	19,403			23,655
Redemption of common units	(27,962		)	(60,718		)
Net income	13,301			12,216
Accumulated other comprehensive income allocation	(2,276		)	(66		)
Fair value adjustment	34,320			(34,236		)
Balance at end of period	$	409,862		$	387,805

Schedule of Preferred Unit Activity

Below is a summary of the preferred units of limited partnership interest in the Operating Partnership as of December 31, 2019:



Issuance	Number of Units Authorized	Number of Units Issued	Dividends Per Unit⁽¹⁾			Liquidation Preference Per Unit⁽²⁾			Conversion Price Per Unit⁽³⁾		Date of Issuance
4.50% Series G ⁽⁴⁾	1,902,000	1,902,000	$	1.1250		$	25.00		$	88.50	January 2012
7.00% Series F	60	60	$	70.0000		$	1,000.00		$	29.12	January 2007
3.50% Series K	700,000	563,954	$	0.8750		$	25.00		$	134.67	August 2014
4.00% Series L	500,000	378,634	$	1.0000		$	25.00		—		August 2014
3.75% Series M	1,600,000	1,600,000	$	0.9375		$	25.00		—		February 2015
3.00% Series N ⁽⁵⁾	552,303	552,303	$	0.7500		$	25.00		—		June 2015
Series O ⁽⁶⁾	1	1	⁽⁶		⁾	⁽⁶		⁾	—		June 2015
4.00% Series P	200,000	200,000	$	1.0000		$	25.00		—		July 2015
3.50% Series Q	268,000	268,000	$	0.8750		$	25.00		$	148.95	July 2015
3.50% Series R	400,000	400,000	$	0.8750		$	25.00		$	154.89	August 2015
4.00% Series S	1,077,280	1,077,280	$	1.0000		$	25.00		—		August 2015
2.75% Series T	230,000	230,000	$	0.6875		$	25.00		$	119.02	March 2016
4.50% Series U ⁽⁷⁾	680,000	680,000	$	1.1250		$	25.00		—		March 2016
3.50% Series A ⁽⁸⁾	109,161	109,161	$	35.0000		$	1,000.00		—		August 2015
3.50% Series V	40,000	40,000	$	0.8750		$	25.00		—		May 2019


(1)	Dividends are cumulative, subject to certain provisions.


(2)	Units are redeemable at any time at par for cash at the option of the unitholder unless otherwise specified.


(3)	If applicable, 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) the amount shown in the table.


(4)	Common units of limited partnership interest in the Operating Partnership issued in a conversion may be redeemed in exchange for our common stock on a 1-to-1 basis. The Series G Preferred Units also provide the holder with the right to require the Operating Partnership to repurchase the Series G Preferred Units for cash before January 31, 2022.


(5)	All of the outstanding units were redeemed at par for cash by the unitholder during the twelve months ended December 31, 2019.

(6)

The holder of the Series O preferred unit is entitled to quarterly dividends in an amount calculated as (i) 1,350 multiplied by (ii) the current distribution per common unit of limited partnership in SL Green Operating Partnership. The holder has the right to require the Operating Partnership to repurchase the Series O unit for cash at a price that is determined based on the closing price of the Company's common stock at the time such right is exercised. The unit's liquidation preference is the fair market value of the unit at the time of a liquidation event.


(7)	The annual dividend is subject to reduction upon the occurrence of certain circumstances. The minimum annual dividend is $0.75 per unit.

(8)

Issued through a consolidated subsidiary. The units are convertible on a one-for-one basis, into the Series B Preferred Units of limited partnership interest, or the Subsidiary Series B Preferred Units. The Subsidiary 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 Subsidiary Series B Preferred Unit. As of December 31, 2019, no Subsidiary Series B Preferred Units have been issued.

Below is a summary of the activity relating to the preferred units in the Operating Partnership as of December 31, 2019 and 2018 (in thousands):



	December 31,
	2019			2018
Balance at beginning of period	$	300,427		$	301,735
Issuance of preferred units	1,000			—
Redemption of preferred units	(18,142		)	(1,308		)
Balance at end of period	$	283,285		$	300,427