EX-99.2 3 a20q1supplemental.htm EXHIBIT 99.2 Exhibit


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SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development, redevelopment, construction and leasing.
As of March 31, 2020, the Company held interests in 102 buildings totaling 49.4 million square feet. This included ownership interests in 28.8 million square feet in Manhattan buildings and 19.6 million square feet securing debt and preferred equity investments.
SL Green’s common stock is listed on the New York Stock Exchange and trades under the symbol SLG.
SL Green maintains a website at https://slgreen.com where key investor relations data can be found. This supplemental financial package is available through the Company’s website.
This data is furnished to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings. The financial data herein is unaudited and is provided to assist readers of quarterly and annual financial filings and should not be read in replacement of, or superior to, such financial filings. As such, data otherwise contained in future regulatory filings covering the same period may restate the data presented herein.
Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com or at 212-594-2700.
Ratings
Ratings are not recommendations to buy, sell or hold the Company’s securities.










 
Forward-looking Statements
This supplemental reporting package includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements, including the statements herein under the section entitled "Guidance". These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties related to the on-going COVID-19 pandemic and the impact it will have on our business and the industry as a whole and the other risks and uncertainties described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the year ended March 31, 2020 that will be released on Form 10-Q to be filed on or before May 11, 2020.

Supplemental Information
2
First Quarter 2020

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TABLE OF CONTENTS


 
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Supplemental Definitions
 
 
 
 
Highlights
-
 
 
 
 
Comparative Balance Sheets
 
 
Comparative Statements of Operations
 
 
Comparative Computation of FFO and FAD
 
 
Consolidated Statement of Equity
 
 
 
 
Joint Venture Statements
-
 
 
 
 
Selected Financial Data
-
 
 
 
 
Debt Summary Schedule
-
 
 
 
 
Lease Liability Schedule
 
 
 
 
Debt and Preferred Equity Investments
-
 
 
 
 
Selected Property Data
 
 
 
Composition of Property Portfolio
-
Largest Tenants
Tenant Diversification
Leasing Activity Summary
-
Annual Lease Expirations
-
 
 
 
 
Summary of Real Estate Acquisition/Disposition Activity
-
 
 
 
 
Corporate Information
 
 
Non-GAAP Disclosures and Reconciliations
 
 
Analyst Coverage



Supplemental Information
3
First Quarter 2020

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SUPPLEMENTAL DEFINITIONS
                               
                          
                         
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Annualized cash rent - Monthly base rent and escalations per the lease, as of the last day of the quarter, multiplied by 12.
Capitalized Interest - The total of i) interest cost for project specific debt on properties that are under development or redevelopment plus ii) an imputed interest cost for properties that are under development or redevelopment, which is calculated based on the Company’s equity investment in those properties multiplied by the Company’s weighted average corporate borrowing rate.  Capitalized Interest is a component of the book basis in a development or redevelopment property.
Debt service coverage - Operating Income adding back income taxes, loan loss reserves and our share of joint venture depreciation and amortization, divided by total interest and principal payments.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) - EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
First generation TIs and LCs - Tenant improvements (TIs), leasing commissions (LCs), and other leasing costs that were taken into consideration when underwriting the acquisition of a property, which are generally incurred during the first 4-5 years following acquisition.
Fixed charge - Total payments for interest, loan principal amortization, ground rent and preferred stock dividends.
Fixed charge coverage - Operating Income adding back income taxes, loan loss reserves and our share of joint venture depreciation and amortization, divided by Fixed Charge.
Funds Available for Distribution (FAD) - FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and a pro-rata adjustment for FAD from SLG’s unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring building improvements.
Funds from Operations (FFO) - FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
 
Junior Mortgage Participations - Subordinate interests in first mortgages.
Mezzanine Debt - Loans secured by ownership interests in real estate.
Net Operating Income (NOI) and Cash NOI - NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
Preferred Equity Investments - Equity investments that are senior to common equity and are entitled to preferential returns.
Recurring capital expenditures - Building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include building improvements that were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to “operating standards.”
Redevelopment costs - Non-recurring capital expenditures incurred to improve buildings to SLG’s “operating standards.”
Right of Use Assets / Lease Liabilities - Represents the right to control the use of leased property and the corresponding obligation, both measured, at inception, as the present value of the lease payments. The asset and related liability are classified as either operating or financing based on the length and cost of the lease and whether the lease contains a purchase option or a transfer of ownership. Operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense. On our balance sheets, financing leases include the amounts previously captioned "Properties under capital lease."
Same-Store Properties (Same-Store) - Properties owned in the same manner during both the current and prior year, excluding development properties that are not stabilized for both the current and prior year. Changes to Same-Store properties in 2019 are as follows:
Added to Same-Store in 2020:
Removed from Same-Store in 2020:
2 Herald Square
One Madison Avenue (redevelopment)
719 Seventh Avenue
625 Madison Avenue (redevelopment)
650 Fifth Avenue
315 West 34th Street "The Olivia" (disposed)
 
762 Madison Avenue (redevelopment)
Second generation TIs and LCs - Tenant improvements, leasing commissions, and other leasing costs that do not meet the definition of first generation TIs and LCs.
SLG Interest - 'SLG Share' or 'Share of JV' is computed by multiplying the referenced line item by the Company's percentage ownership in the respective joint ventures and may not accurately depict the legal and economic implications of holding a non-controlling interest in the joint ventures.
Total square feet owned - The total square footage of properties either owned directly by SLG or in which SLG has a joint venture interest.

Supplemental Information
4
First Quarter 2020

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FIRST QUARTER 2020 HIGHLIGHTS

Unaudited

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New York, NY, April 22, 2020 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended March 31, 2020 of $114.8 million, or $1.47 per share, as compared to net income attributable to common stockholders of $43.8 million, or $0.52 per share, for the same quarter in 2019. Net income attributable to common stockholders for the first quarter of 2020 includes $72.3 million, or $0.88 per share, of net gains recognized from the sale of The Olivia.
The Company reported FFO for the quarter ended March 31, 2020 of $172.0 million, or $2.08 per share, which includes the recognition of $37.7 million, or $0.46 per share, of incremental income from Credit Suisse at 1 Madison Avenue representing rent through December 31, 2020, offset by $11.2 million, or $0.14 per share, of reserves against the Company’s debt and preferred equity portfolio related to the potential sale of certain investments and implementation of the new Current Expected Credit Loss, or CECL, regulation. FFO for the same period in 2019 was $147.5 million, or $1.68 per share.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended March 31, 2020, the Company reported consolidated revenues and operating income of $314.3 million and $162.8 million, respectively, compared to $304.3 million and $160.3 million, respectively, for the same period in 2019.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures increased by 0.7% for the first quarter, excluding lease termination income and free rent to Viacom at 1515 Broadway.
During the first quarter, the Company signed 30 office leases in its Manhattan portfolio totaling 316,154 square feet. Twenty-one leases comprising 181,600 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $70.68 per rentable square foot, representing a 12.6% increase over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the first quarter was 10.1 years and average tenant concessions were 2.0 months of free rent with a tenant improvement allowance of $28.54 per rentable square foot.
Occupancy in the Company's Manhattan same-store portfolio was 95.5% as of March 31, 2020, inclusive of 404,018 square feet of leases signed but not yet commenced, as compared to 95.4% as of March 31, 2019.
Significant leases that were signed in the first quarter included:
Renewal and expansion with Hudson Yards Construction LLC for 75,704 square feet at 410 10th Avenue, for 21.1 years;
New lease with Memorial Hospital for Cancer and Allied Diseases for 54,199 square feet at 485 Lexington Avenue, for 10.0 years;
New lease with City Garage for 44,201 square feet at 810 Seventh Avenue, for 10.0 years; and
New lease with KCP Holdco, Inc. for 37,169 square feet at 707 Eleventh Avenue, for 10.0 years.
 
Investment Activity
To date in 2020, the Company has repurchased a combined 2.6 million shares of common stock and common units of its Operating Partnership, or OP units, under the previously announced $3.0 billion share repurchase plan, at an average price of $83.25 per share/unit. Since inception of the program, the Company has repurchased a total of 25.3 million shares of its common stock under the program and redeemed 0.4 million OP units, allowing the Company to save approximately $91.2 million of common dividends and distributions on an annualized basis. The average price of total share repurchases and OP Unit redemptions to date is $94.46 per share/unit. The Company has curtailed its share repurchase program until additional sources of liquidity from asset sales or internal free cash flow are established.
In March, the Company closed on the sale of 315 West 33rd Street, known as The Olivia, and an adjacent, undeveloped parcel of land for a sale price of $446.5 million, or approximately $906 per square foot. The Company acquired the 36-story, 492,987-square-foot building in 2013. The mixed-use property includes 333 residential units with occupancy over 96 percent and 270,132 square feet of commercial space, which is 100 percent occupied. Commercial tenants include AMC Theater, Music Choice and Landmark Education. The transaction included a $100 million preferred equity investment by the Company, which was part of the original contract terms, and generated net cash proceeds to the Company of $95.7 million and a gain of $72.3 million.
In March, the Company announced that the previously contracted sale of 220 East 42nd Street, also known as The News Building, which was expected to close in the first quarter, did not move forward due to the buyer’s inability to execute the transaction. The Company has taken action to collect the $35.0 million contract deposit. Collection of the deposit is not reflected in the Company’s revised guidance. The property remains a high-quality asset within the Manhattan office portfolio, is currently 97.0 percent leased and the Company is considering financing alternatives for the property.

In March, the Company entered into a 99-year ground lease of 126-132 Nassau Street, located at the corner of Nassau and Beekman Streets. The Company intends to develop a new, as-of-right, 215,000-square-foot building on the site and has secured a user for a long term net ground lease condominium of the building. The existing 98,412-square-foot office building will be demolished to make way for the new tower.
In January, the Company closed on the acquisition of the remaining 10% interest in 762 Madison Avenue from our joint venture partner at a gross asset valuation of $29.3 million. The Company now owns 100% of the asset.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity investment portfolio increased to $1.85 billion at March 31, 2020, including $1.78 billion of investments at a weighted average current yield of 8.2% that are classified in the debt and preferred equity line item on the balance sheet, and mortgage investments aggregating $0.03 billion at a weighted average current yield of 6.5% that are included in other balance sheet line items for accounting purposes.
During the first quarter, the Company originated mortgages, subordinate debt, and preferred equity investments totaling $511.1 million, all of which was retained and $463.9 million was funded, at a weighted average yield of 8.3%.

Supplemental Information
5
First Quarter 2020

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FIRST QUARTER 2020 HIGHLIGHTS

Unaudited

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During the first quarter, the Company implemented the Current Expected Credit Loss, or CECL, model for recognizing credit losses. Evaluation of the Company’s debt and preferred equity portfolio under this new standard resulted in the Company recording reserves totaling $43.5 million in the first quarter, $39.2 million of which was recorded as a cumulative-effect adjustment to equity and $4.3 million, of which, or $0.05 per share, was recognized through earnings. In addition, the Company recorded $6.9 million of reserves, or $0.09 per share, through earnings against debt and preferred equity investments that may be sold.
Financing Activity
In February, the Company, along with its joint venture partner, closed on the refinancing of 10 East 53rd Street. The new $220.0 million mortgage, all of which was funded at closing, has a 5-year term, bears interest at a floating rate of 1.35% over LIBOR and replaces the previous $170.0 million of indebtedness on the property that bore interest at a floating rate of 2.25% over LIBOR.
In April, the Company entered into $350.0 million of fixed rate interest swaps against our corporate unsecured debt at a rate of 0.54375% through August 2021.
Guidance
While the ongoing global COVID-19 pandemic did not have a significant impact on our first quarter results, we expect that the Company, and our industry as a whole, will experience a greater impact going forward. Some of the more significant trends we could face during the coming months include: (i) a slowdown in leasing activity and a reduction in market rents; (ii) reduced collections in our owned properties or our debt & preferred equity portfolio; (iii) delays and local restrictions around our development and redevelopment activities; and (iv) increased expenditures related to enhanced safety policies and procedures for our employees and tenants. As a result of these potential trends, the Company is revising its earnings guidance ranges for the year ending December 31, 2020 to net income per share of $1.83 to $2.33 and FFO per share of $6.60 to $7.10 per share.
 
The following table reconciles the revisions to the Company's guidance ranges for net income per share (diluted) and FFO per share (diluted) for the year ending December 31, 2020:

Net income per share

Funds From Operations per share
Initial Guidance
$
7.43

$
7.53


$
7.25

$
7.35

Real Estate GAAP NOI
0.03

0.16


0.03

0.16

Debt & Preferred Equity Income
(0.34
)
(0.29
)
 
(0.34
)
(0.29
)
Debt & Preferred Equity Reserves
(0.29
)
(0.22
)

(0.29
)
(0.22
)
Other Income, Net
(0.09
)
(0.06
)

(0.09
)
(0.06
)
Interest Expense & Preferred Dividends
(0.05
)
0.05


(0.05
)
0.05

General & Administrative Expense
0.09

0.11


0.09

0.11

Gain on sale of real estate, net
(4.34
)
(4.34
)



Depreciation and Amortization
(0.61
)
(0.61
)



Revised Guidance
$
1.83

$
2.33


$
6.60

$
7.10

Dividends
In the first quarter of 2020, the Company declared:
A dividend on its outstanding common stock of $0.295 per share of common stock, which was paid on April 15, 2020 to shareholders of record on the close of business on March 31, 2020; and
quarterly dividends on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period January 15, 2020 through and including April 14, 2020, which was paid on April 15, 2020 to shareholders of record on the close of business on March 31, 2020, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, April 23, 2020 at 2:00 pm ET to discuss the financial results.
The supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Financial Reports.”
The live conference call will be webcast in listen-only mode in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Presentations & Webcasts”. The conference may also be accessed by dialing toll-free (877) 312-8765 or international (419) 386-0002, and using passcode 5789867.
A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using passcode 5789867. A webcast replay will also be available in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Presentations & Webcasts”.

Supplemental Information
6
First Quarter 2020

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KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
 
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As of or for the three months ended
 
3/31/2020
 
12/31/2019
 
9/30/2019
 
6/30/2019
 
3/31/2019
 
 
 
 
 
 
 
 
 
 
Earnings Per Share
 
 
 
 
 
 
 
 
 
Net income available to common stockholders - diluted
$
1.47

 
$
0.22

 
$
0.40

 
$
1.94

 
$
0.52

Funds from operations (FFO) available to common stockholders - diluted
$
2.08

 
$
1.75

 
$
1.75

 
$
1.82

 
$
1.68

 
 
 
 
 
 
 
 
 
 
Common Share Price & Dividends
 
 
 
 
 
 
 
 
 
Closing price at the end of the period
$
43.10

 
$
91.88

 
$
81.75

 
$
80.37

 
$
89.92

Closing high price during period
$
95.77

 
$
92.90

 
$
83.38

 
$
92.60

 
$
93.47

Closing low price during period
$
41.14

 
$
78.50

 
$
76.79

 
$
79.59

 
$
77.46

Common dividend per share
$
0.2950

(1) 
$
0.8850

 
$
0.8500

 
$
0.8500

 
$
0.8500

 
 
 
 
 
 
 
 
 
 
FFO payout ratio (trailing 12 months)
46.9
%
 
49.1
%
 
49.6
%
 
49.7%

 
50.1%

Funds available for distribution (FAD) payout ratio (trailing 12 months)
73.6
%
 
72.9
%
 
92.5
%
 
87.3%

 
83.9%

 
 
 
 
 
 
 
 
 
 
Common Shares & Units
 
 
 
 
 
 
 
 
 
Common shares outstanding
76,535

 
79,202

 
81,515

 
82,409

 
83,272

Units outstanding
4,145

 
4,196

 
4,258

 
4,259

 
4,261

Total common shares and units outstanding
80,680

 
83,398

 
85,773

 
86,668

 
87,533

 
 
 
 
 
 
 
 
 
 
Weighted average common shares and units outstanding - basic
82,335

 
83,767

 
86,550

 
87,231

 
87,646

Weighted average common shares and units outstanding - diluted
82,567

 
84,320

 
86,714

 
87,398

 
87,810

 
 
 
 
 
 
 
 
 
 
Market Capitalization
 
 
 
 
 
 
 
 
 
Market value of common equity
$
3,477,308

 
$
7,662,608

 
$
7,011,943

 
$
6,965,507

 
$
7,870,967

Liquidation value of preferred equity/units
496,020

 
513,285

 
516,285

 
516,285

 
515,285

Consolidated debt
6,162,819

 
5,554,720

 
5,892,756

 
6,140,212

 
5,940,440

Consolidated market capitalization
$
10,136,147

 
$
13,730,613

 
$
13,420,984

 
$
13,622,004

 
$
14,326,692

SLG share of unconsolidated JV debt
4,132,083

 
4,028,136

 
3,930,470

 
3,799,897

 
3,815,230

Market capitalization including SLG share of unconsolidated JVs
$
14,268,230

 
$
17,758,749

 
$
17,351,454

 
$
17,421,901

 
$
18,141,922

 
 
 
 
 
 
 
 
 
 
Consolidated debt service coverage (trailing 12 months)
3.39x

 
3.37x

 
3.26x

 
3.20x

 
3.10x

Consolidated fixed charge coverage (trailing 12 months)
2.77x

 
2.74x

 
2.68x

 
2.63x

 
2.57x

Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)
2.41x

 
2.39x

 
2.35x

 
2.34x

 
2.30x

Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)
2.08x

 
2.06x

 
2.03x

 
2.03x

 
2.00x

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) In March 2020 the Company modified its dividend policy from quarterly payments to monthly payments to allow better matching of its distributions to the operating cash flow it recognizes in the current market environment



Supplemental Information
7
First Quarter 2020

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KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
 
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As of or for the three months ended
 
3/31/2020
 
12/31/2019
 
9/30/2019
 
6/30/2019
 
3/31/2019
 
 
 
 
 
 
 
 
 
 
Selected Balance Sheet Data
 
 
 
 
 
 
 
 
 
Real estate assets before depreciation
$
9,061,831

 
$
9,222,796

 
$
9,560,878

 
$
9,550,222

 
$
8,936,493

Investments in unconsolidated joint ventures
$
2,848,363

 
$
2,912,842

 
$
2,923,595

 
$
2,937,153

 
$
3,055,368

Debt and preferred equity investments
$
1,783,336

 
$
1,580,306

 
$
1,954,556

 
$
2,228,912

 
$
2,272,241

Cash and cash equivalents
$
554,195

 
$
166,070

 
$
121,751

 
$
148,978

 
$
144,323

Investment in marketable securities
$
25,353

 
$
29,887

 
$
30,208

 
$
29,978

 
$
29,406

 
 
 
 
 
 
 
 
 
 
Total assets
$
13,220,607

 
$
12,766,320

 
$
13,294,984

 
$
13,629,941

 
$
13,385,774

 
 
 
 
 
 
 
 
 
 
Fixed rate & hedged debt
$
3,032,513

 
$
3,536,286

 
$
3,538,829

 
$
3,540,487

 
$
3,542,126

Variable rate debt
3,130,306

(1) 
2,018,434

 
2,353,927

 
2,599,725

 
2,398,314

Total consolidated debt
$
6,162,819

 
$
5,554,720

 
$
5,892,756


$
6,140,212


$
5,940,440

Deferred financing costs, net of amortization
(39,553
)
 
(46,583
)
 
(56,988
)
 
(57,423
)
 
(50,376
)
Total consolidated debt, net
$
6,123,266

 
$
5,508,137

 
$
5,835,768

 
$
6,082,789

 
$
5,890,064

 
 
 
 
 
 
 
 
 
 
Total liabilities
$
7,251,728

 
$
6,555,975

 
$
6,843,536

 
$
7,062,331

 
$
6,843,805

 
 
 
 
 
 
 
 
 
 
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt
$
5,265,219

 
$
5,771,749

 
$
5,777,022

 
$
5,781,333

 
$
5,880,322

Variable rate debt, including SLG share of unconsolidated JV debt
5,029,683

(1) 
3,811,107

 
4,046,204

 
4,158,776

 
3,875,348

Total debt, including SLG share of unconsolidated JV debt
$
10,294,902

 
$
9,582,856

 
$
9,823,226

 
$
9,940,109

 
$
9,755,670

 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
222,631

 
$
250,452

 
$
248,028

 
$
244,959

 
$
240,118

Property operating expenses
(107,855
)
 
(114,867
)
 
(117,768
)
 
(113,309
)
 
(112,684
)
Property NOI
$
114,776

 
$
135,585

 
$
130,260

 
$
131,650

 
$
127,434

SLG share of unconsolidated JV Property NOI
73,992

 
72,123

 
75,442

 
78,472

 
80,635

Property NOI, including SLG share of unconsolidated JV Property NOI
$
188,768

 
$
207,708

 
$
205,702

 
$
210,122

 
$
208,069

Investment income
38,533

 
42,423

 
51,518

 
51,618

 
50,031

Other income
53,139

 
15,207

 
14,088

 
16,447

 
14,106

Marketing general & administrative expenses
(19,570
)
 
(25,575
)
 
(23,841
)
 
(25,480
)
 
(25,979
)
SLG share of investment income and other income from unconsolidated JVs
1,918

 
1,736

 
1,437

 
2,141

 
3,291

Income taxes
1,134

 
1,027

 
(995
)
 
680

 
770

Transaction costs, including SLG share of unconsolidated JVs
(65
)
 
(369
)
 
(44
)
 
(261
)
 
(55
)
Loan loss and other investment reserves, net of recoveries
(11,248
)
 

 

 

 

EBITDAre
$
252,609

 
$
242,157

 
$
247,865

 
$
255,267

 
$
250,233

 
 
 
 
 
 
 
 
 
 
(1) Does not reflect $0.8 billion of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.
 

Supplemental Information
8
First Quarter 2020

topborder20q1.jpg
KEY FINANCIAL DATA
Manhattan Properties (1)
Unaudited
(Dollars in Thousands Except Per Share)
 
slgreenlogo20q1.jpg
bottomborder20q1.jpg

 
As of or for the three months ended
 
3/31/2020
 
12/31/2019
 
9/30/2019
 
6/30/2019
 
3/31/2019
 
 
 
 
 
 
 
 
 
 
Selected Operating Data
 
 
 
 
 
 
 
 
 
Property operating revenues
$
214,373

 
$
233,500

 
$
230,443

 
$
227,427

 
$
222,780

Property operating expenses
97,312

 
100,672

 
101,871

 
97,927

 
98,198

Property NOI
$
117,061

 
$
132,828

 
$
128,572

 
$
129,500

 
$
124,582

 
 
 
 
 
 
 
 
 
 
Other income - consolidated
$
45,348

 
$
3,128

 
$
6,210

 
$
4,493

 
$
4,572

 
 
 
 
 
 
 
 
 
 
SLG share of property NOI from unconsolidated JVs
$
73,992

 
$
72,111

 
$
76,552

 
$
78,979

 
$
80,636

 
 
 
 
 
 
 
 
 
 
Portfolio Statistics
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service
18

 
20

 
20

 
20

 
20

Unconsolidated office buildings in service
10

 
10

 
10

 
10

 
11

 
28

 
30

 
30

 
30

 
31

 
 
 
 
 
 
 
 
 
 
Consolidated office buildings in service - square footage
10,647,191

 
12,387,091

 
12,387,091

 
12,387,091

 
12,387,091

Unconsolidated office buildings in service - square footage
11,216,183

 
11,216,183

 
11,216,183

 
11,216,183

 
11,676,183

 
21,863,374

 
23,603,274

 
23,603,274

 
23,603,274

 
24,063,274

 
 
 
 
 
 
 
 
 
 
Same-Store office occupancy inclusive of leases signed not yet commenced
95.5%
 
96.0%
 
95.0%
 
94.8%
 
95.4%
 
 
 
 
 
 
 
 
 
 
Office Leasing Statistics
 
 
 
 
 
 
 
 
 
New leases commenced
27

 
19

 
27

 
25

 
25

Renewal leases commenced
5

 
19

 
9

 
7

 
10

Total office leases commenced
32

 
38

 
36

 
32

 
35

 
 
 
 
 
 
 
 
 
 
Commenced office square footage filling vacancy
29,938

 
122,564

 
170,062

 
74,425

 
132,241

Commenced office square footage on previously occupied space (M-T-M leasing) (2)
136,523

 
415,750

 
181,226

 
279,649

 
270,602

Total office square footage commenced
166,461

 
538,314

 
351,288

 
354,074

 
402,843

 
 
 
 
 
 
 
 
 
 
Average starting cash rent psf - office leases commenced
$68.33
 
$64.95
 
$77.09
 
$70.53
 
$69.38
Previous escalated cash rent psf - office leases commenced (3)
$73.52
 
$48.03
 
$73.39
 
$62.82
 
$67.90
Increase in new cash rent over previously escalated cash rent (2) (3)
(7.1)%
 
35.2%
 
5.0%
 
12.3%
 
2.2%
Average lease term
11.3
 
7.4
 
16.1
 
11.5
 
11.0
Tenant concession packages psf
$60.30
 
$37.38
 
$77.97
 
$79.94
 
$67.08
Free rent months
6.0
 
4.4
 
4.4
 
7.1
 
5.7
 
 
 
 
 
 
 
 
 
 
(1) Property data includes operating office, retail, residential, development, and redevelopment properties.
(2) Calculated on space that was occupied within the previous 12 months.
(3) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.

Supplemental Information
9
First Quarter 2020

topborder20q1.jpg
COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
slgreenlogo20q1.jpg
bottomborder20q1.jpg


 
As of
 
3/31/2020
 
12/31/2019
 
9/30/2019
 
6/30/2019
 
3/31/2019
Assets
 
 
 
 
 
 
 
 
 
Commercial real estate properties, at cost:
 
 
 
 
 
 
 
 
 
     Land and land interests
$
1,662,840

 
$
1,751,544

 
$
1,860,922

 
$
1,929,496

 
$
1,775,006

     Building and improvements
5,417,965

 
5,154,990

 
5,352,144

 
5,749,261

 
5,294,612

     Building leasehold and improvements
1,435,811

 
1,433,793

 
1,431,183

 
1,427,225

 
1,423,282

     Right of use asset - financing leases
163,960

 
47,445

 
47,445

 
47,445

 
47,445

     Right of use asset - operating leases
381,255

 
396,795

 
396,795

 
396,795

 
396,148

 
9,061,831

 
8,784,567

 
9,088,489

 
9,550,222

 
8,936,493

Less: accumulated depreciation
(2,130,033
)
 
(2,060,560
)
 
(2,147,395
)
 
(2,217,013
)
 
(2,154,075
)
Net real estate
6,931,798

 
6,724,007

 
6,941,094

 
7,333,209

 
6,782,418

 
 
 
 
 
 
 
 
 
 
Other real estate investments:
 
 
 
 
 
 
 
 
 
    Investment in unconsolidated joint ventures
2,848,363

 
2,912,842

 
2,923,595

 
2,937,153

 
3,055,368

    Debt and preferred equity investments, net
1,783,336

(1) 
1,580,306

 
1,954,556

 
2,228,912

 
2,272,241

 
 
 
 
 
 
 
 
 
 
Assets held for sale, net

 
391,664

 
403,488

 

 

Cash and cash equivalents
554,195

 
166,070

 
121,751

 
148,978

 
144,323

Restricted cash
66,827

 
75,360

 
94,793

 
92,169

 
151,388

Investment in marketable securities
25,353

 
29,887

 
30,208

 
29,978

 
29,406

Tenant and other receivables, net of allowance of $11,876 at 3/31/2020
88,587

 
43,968

 
44,950

 
38,270

 
47,829

Related party receivables
26,092

 
21,121

 
20,030

 
23,686

 
29,458

Deferred rents receivable, net of allowance of $11,711 at 3/31/2020
310,138

 
283,011

 
306,431

 
341,659

 
337,099

Deferred costs, net
232,274

 
205,283

 
182,621

 
220,572

 
211,615

Other assets
353,644

 
332,801

 
271,467

 
235,355

 
324,629

 
 
 
 
 
 
 
 
 
 
 Total Assets
$
13,220,607

 
$
12,766,320

 
$
13,294,984

 
$
13,629,941

 
$
13,385,774

 
 
 
 
 
 
 
 
 
 
(1) Excludes debt and preferred equity investments totaling $34.8 million with a weighted average current yield of 6.53% that are included in other balance sheet line items.
 
 
 
 
 
 
 
 
 
 

Supplemental Information
10
First Quarter 2020

topborder20q1.jpg
COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
slgreenlogo20q1.jpg
bottomborder20q1.jpg


 
As of
 
3/31/2020
 
12/31/2019
 
9/30/2019
 
6/30/2019
 
3/31/2019
Liabilities
 
 
 
 
 
 
 
 
 
Mortgages and other loans payable
$
2,010,217

 
$
2,211,883

 
$
2,454,684

 
$
2,366,907

 
$
2,046,906

Unsecured term loans
1,500,000

 
1,500,000

 
1,500,000

 
1,500,000

 
1,500,000

Unsecured notes
1,252,602

 
1,502,837

 
1,503,072

 
1,503,305

 
1,503,534

Revolving credit facility
1,300,000

 
240,000

 
335,000

 
670,000

 
790,000

Deferred financing costs
(39,553
)
 
(46,583
)
 
(56,988
)
 
(57,423
)
 
(50,376
)
Total debt, net of deferred financing costs
6,023,266

 
5,408,137

 
5,735,768

 
5,982,789

 
5,790,064

Accrued interest
26,377

 
22,148

 
27,568

 
25,564

 
28,930

Accounts payable and accrued expenses
158,750

 
166,905

 
143,361

 
133,473

 
111,899

Deferred revenue
116,197

 
114,052

 
126,321

 
122,941

 
102,598

Lease liability - financing leases
162,299

 
44,448

 
44,251

 
44,034

 
43,823

Lease liability - operating leases
363,990

 
381,671

 
384,661

 
387,602

 
389,857

Dividends and distributions payable
26,563

 
79,282

 
78,541

 
79,272

 
80,047

Security deposits
59,318

 
62,252

 
62,166

 
62,735

 
61,139

Liabilities related to assets held for sale

 

 

 

 

Junior subordinated deferrable interest debentures
100,000

 
100,000

 
100,000

 
100,000

 
100,000

Other liabilities
214,968

 
177,080

 
140,899

 
123,921

 
135,448

Total liabilities
7,251,728

 
6,555,975

 
6,843,536

 
7,062,331

 
6,843,805

 
 
 
 
 
 
 
 
 
 
Noncontrolling interest in operating partnership
 
 
 
 
 
 
 
 
 
     (4,145 units outstanding) at 3/31/2020
358,895

 
409,862

 
401,863

 
401,824

 
412,361

Preferred units
266,019

 
283,285

 
286,285

 
286,285

 
285,285

 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
 
 
Stockholders' Equity:
 
 
 
 
 
 
 
 
 
Series I Perpetual Preferred Shares
221,932

 
221,932

 
221,932

 
221,932

 
221,932

Common stock, $0.01 par value, 160,000 shares authorized, 77,590
 
 
 
 
 
 
 
 
 
issued and outstanding at 3/31/2020, including 1,055 shares held in treasury
776

 
803

 
826

 
835

 
843

Additional paid–in capital
4,146,306

 
4,286,395

 
4,407,667

 
4,451,209

 
4,492,581

Treasury stock
(124,049
)
 
(124,049
)
 
(124,049
)
 
(124,049
)
 
(124,049
)
Accumulated other comprehensive loss
(80,868
)
 
(28,485
)
 
(40,132
)
 
(28,395
)
 
(4,005
)
Retained earnings
1,099,369

 
1,084,719

 
1,225,904

 
1,288,390

 
1,210,497

Total SL Green Realty Corp. stockholders' equity
5,263,466

 
5,441,315

 
5,692,148

 
5,809,922

 
5,797,799

 
 
 
 
 
 
 
 
 
 
Noncontrolling interest in other partnerships
80,499

 
75,883

 
71,152

 
69,579

 
46,524

 
 
 
 
 
 
 
 
 
 
Total equity
5,343,965

 
5,517,198

 
5,763,300

 
5,879,501

 
5,844,323

 
 
 
 
 
 
 
 
 
 
 Total Liabilities and Equity
$
13,220,607

 
$
12,766,320

 
$
13,294,984

 
$
13,629,941

 
$
13,385,774

 
 
 
 
 
 
 
 
 
 

Supplemental Information
11
First Quarter 2020

topborder20q1.jpg
COMPARATIVE STATEMENT OF OPERATIONS

Unaudited
(Dollars in Thousands Except Per Share)
slgreenlogo20q1.jpg
bottomborder20q1.jpg



Three Months Ended

March 31,
 
March 31,
 
December 31,
 
September 30,
 
2020
 
2019
 
2019
 
2019
Revenues
 
 
 
 
 
 
 
Rental revenue, net
$
195,463

 
$
212,639

 
$
218,495

 
$
215,447

Escalation and reimbursement revenues
27,168

 
27,479

 
31,957

 
32,581

Investment income
38,533

 
50,031

 
42,423

 
51,518

Other income
53,139

 
14,106

 
15,207

 
14,088

Total Revenues, net
314,303

 
304,255

 
308,082

 
313,634

 
 
 
 
 
 
 
 
Equity in net loss from unconsolidated joint ventures
(12,814
)
 
(5,234
)
 
(11,874
)
 
(9,864
)
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
Operating expenses
53,866

 
57,698

 
58,814

 
59,847

Operating lease rent
7,367

 
8,298

 
8,297

 
8,295

Real estate taxes
46,622

 
46,688

 
47,756

 
49,626

Loan loss and other investment reserves, net of recoveries
11,248

 

 

 

Transaction related costs
65


55

 
369

 
44

Marketing, general and administrative
19,570

 
25,979

 
25,575

 
23,841

Total Operating Expenses
138,738

 
138,718

 
140,811

 
141,653

 
 
 

 
 
 
 
Operating Income
162,751

 
160,303

 
155,397

 
162,117

 
 
 
 
 
 
 
 
Interest expense, net of interest income
37,494

 
50,525

 
44,724

 
48,112

Amortization of deferred financing costs
2,500

 
2,742

 
3,087

 
3,112

Depreciation and amortization
68,279

 
68,343

 
64,090

 
70,464

Income from Continuing Operations (1)
54,478

 
38,693

 
43,496

 
40,429

 
 
 
 
 
 
 
 
Gain (loss) on sale of real estate
72,636

 
(1,049
)
 
(19,241
)
 
3,541

Equity in net gain on sale of joint venture interest / real estate

 
17,166

 

 

Purchase price and other fair value adjustments

 
(2,041
)
 

 
3,799

Depreciable real estate reserves

 

 

 
(7,047
)
Net Income
127,114

 
52,769

 
24,255

 
40,722

 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
(5,909
)
 
(2,515
)
 
(360
)
 
(1,095
)
Dividends on preferred units
(2,666
)
 
(2,724
)
 
(2,726
)
 
(2,732
)
 
 
 

 
 
 
 
Net Income Attributable to SL Green Realty Corp
118,539

 
47,530

 
21,169

 
36,895

 
 
 
 
 
 
 
 
Dividends on perpetual preferred shares
(3,738
)
 
(3,738
)
 
(3,737
)
 
(3,738
)
 
 
 

 
 
 
 
Net Income Attributable to Common Stockholders
$
114,801

 
$
43,792

 
$
17,432

 
$
33,157

 
 
 
 
 
 
 
 
Earnings per share - Net income per share (basic)
$
1.47

 
$
0.52

 
$
0.21

 
$
0.40

Earnings per share - Net income per share (diluted)
$
1.47

 
$
0.52

 
$
0.21

 
$
0.40

(1) Before gains on sale and equity in net gains and depreciable real estate reserves shown below.

Supplemental Information
12
First Quarter 2020

topborder20q1.jpg
COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited
(Dollars in Thousands Except Per Share)
slgreenlogo20q1.jpg
bottomborder20q1.jpg


 
 
Three Months Ended
 
 
March 31,
 
March 31,
 
 
December 31,
 
September 30,
 
 
2020
 
2019
 
 
2019
 
2019
Funds from Operations
 
 
 
 
 
 
 
 
Net Income Attributable to Common Stockholders
$
114,801

 
$
43,792

 
 
$
17,432

 
$
33,157

 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
68,279

 
68,343

 
 
64,090

 
70,464

 
Unconsolidated JV depreciation and noncontrolling interests adjustments
56,318

 
47,625

 
 
47,224

 
47,674

 
Net income attributable to noncontrolling interests
5,909

 
2,515

 
 
360

 
1,095

 
(Gain) loss on sale of real estate
(72,636
)
 
1,049

 
 
19,241

 
(3,541
)
 
Equity in net gain on sale of joint venture property / real estate

 
(17,166
)
 
 

 

 
Purchase price and other fair value adjustments

 
2,041

 
 

 
(3,799
)
 
Depreciable real estate reserves

 

 
 

 
7,047

 
Non-real estate depreciation and amortization
(650
)
 
(707
)
 
 
(742
)
 
(740
)
 
Funds From Operations
$
172,021

 
$
147,492

 
 
$
147,605

 
$
151,357

 
 
 
 
 
 
 
 
 
 
 
Funds From Operations - Basic per Share
$
2.09

 
$
1.68

 
 
$
1.76

 
$
1.75

 
 
 
 
 
 
 
 
 
 
 
Funds From Operations - Diluted per Share
$
2.08

 
$
1.68

 
 
$
1.75

 
$
1.75

 
 
 
 
 
 
 
 
 
 
Funds Available for Distribution
 
 
 
 
 
 
 
 
FFO
$
172,021

 
$
147,492

 
 
$
147,605

 
$
151,357

 
 
 
 
 
 
 
 
 
 
 
Non real estate depreciation and amortization
650

 
707

 
 
742

 
740

 
Amortization of deferred financing costs
2,500

 
2,742

 
 
3,087

 
3,112

 
Non-cash deferred compensation
16,865

 
12,816

 
 
17,056

 
6,953

 
FAD adjustment for joint ventures
(13,219
)
 
(22,765
)
 
 
(17,558
)
 
(29,706
)
 
Straight-line rental income and other non cash adjustments
(47,359
)
 
(4,595
)
 
 
(1,497
)
 
(8,403
)
 
Second cycle tenant improvements
(18,637
)
 
(8,421
)
 
 
(9,701
)
 
(22,832
)
 
Second cycle leasing commissions
(3,044
)
 
(7,010
)
 
 
(10,614
)
 
(5,718
)
 
Revenue enhancing recurring CAPEX
(184
)
 
(333
)
 
 
(6,264
)
 
(558
)
 
Non-revenue enhancing recurring CAPEX
(3,609
)
 
(8,384
)
 
 
(113
)
 
(13,626
)
Reported Funds Available for Distribution
$
105,984

 
$
112,249

 
 
$
122,743

 
$
81,319

 
 
 
 
 
 
 
 
 
 
 
First cycle tenant improvements
$
4,395

 
$
360

 
 
$
11,833

 
$
750

 
First cycle leasing commissions
$
1,741

 
$
5,069

 
 
$
16,904

 
$

 
Development costs
$
22,478

 
$
4,655

 
 
$
9,939

 
$
8,850

 
Redevelopment costs
$
35,885

 
$
6,113

 
 
$
54,476

 
$
21,613

 
Capitalized interest
$
20,483

 
$
10,509

 
 
$
14,808

 
$
15,699

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Information
13
First Quarter 2020

topborder20q1.jpg
CONSOLIDATED STATEMENT OF EQUITY

Unaudited
(Dollars in Thousands)
slgreenlogo20q1.jpg
bottomborder20q1.jpg


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
Series I
 
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
Preferred
 
Common
 
Additional
 
Treasury
 
Retained
 
Noncontrolling
 
Comprehensive
 
 
 
 
 
 
Stock
 
Stock
 
Paid-In Capital
 
Stock
 
Earnings
 
Interests
 
Loss
 
TOTAL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
 
$
221,932

 
$
803

 
$
4,286,395

 
$
(124,049
)
 
$
1,084,719

 
$
75,883

 
$
(28,485
)
 
$
5,517,198

Cumulative adjustment upon adoption of ASC 326
 
 
 
 
 
 
 
 
 
(39,184
)
 
 
 
 
 
(39,184
)
Balance at January 1, 2020
 
$
221,932

 
$
803

 
$
4,286,395

 
$
(124,049
)
 
$
1,045,535

 
$
75,883

 
$
(28,485
)
 
$
5,478,014

Net income
 
 
 
 
 
 
 
 
 
118,539

 
(293
)
 
 
 
118,246

Acquisition of subsidiary interest from noncontrolling interest
 
 
 
 
 
(3,123
)
 
 
 
 
 
1,587

 
 
 
(1,536
)
Preferred dividends
 
 
 
 
 
 
 
 
 
(3,738
)
 
 
 
 
 
(3,738
)
Cash distributions declared ($0.295 per common share)
 
 
 
 
 
 
 
 
 
(22,665
)
 
 
 
 
 
(22,665
)
Cash distributions to noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
(492
)
 
 
 
(492
)
Other comprehensive loss - unrealized loss on derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
(42,041
)
 
(42,041
)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
(6,036
)
 
(6,036
)
Other comprehensive loss - unrealized loss on marketable securities
 
 
 
 
 
 
 
 
 
 
 
 
 
(4,306
)
 
(4,306
)
DRSPP proceeds
 
 
 
 
 
166

 
 
 
 
 
 
 
 
 
166

Repurchases of common stock
 
 
 
(26
)
 
(142,719
)
 
 
 
(76,831
)
 
 
 
 
 
(219,576
)
Conversion of units of the Operating Partnership to common stock
 
 
 
 
 
84

 
 
 
 
 
 
 
 
 
84

Contributions to consolidated joint ventures
 
 
 
 
 
 
 
 
 
 
 
3,814

 
 
 
3,814

Reallocation of noncontrolling interests in the Operating Partnership
 
 
 
 
 
 
 
 
 
38,529