XML 26 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net income $ 193,741 $ 226,510
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 169,381 143,258
Equity in net loss from unconsolidated joint ventures 15,013 12,780
Distributions of cumulative earnings from unconsolidated joint ventures 206 566
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate 0 (76,181)
Purchase price and other fair value adjustments 0 (65,590)
(Gain) loss on sale of real estate, net (137,520) 1,049
Loan loss reserves and other investment reserves, net of recoveries 18,061 0
Deferred rents receivable 2,577 (5,674)
Non-cash lease expense 6,547 6,798
Other non-cash adjustments 7,648 3,754
Changes in operating assets and liabilities:    
Tenant and other receivables (57,325) (1,109)
Related party receivables 4,395 4,481
Deferred lease costs (11,143) (32,183)
Other assets (17,363) (295)
Accounts payable, accrued expenses, other liabilities and security deposits 39,318 5,299
Deferred revenue (3,503) (427)
Change in lease liability - operating leases (5,728) (5,121)
Net cash provided by operating activities 224,305 217,915
Investing Activities    
Acquisitions of real estate property (86,846) (262,343)
Additions to land, buildings and improvements (183,297) (93,013)
Acquisition deposits and deferred purchase price 0 (228)
Investments in unconsolidated joint ventures (18,318) (97,447)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 76,091 45,241
Net proceeds from disposition of real estate/joint venture interest 249,820 138,526
Other investments (7,324) (1,056)
Origination of debt and preferred equity investments (265,574) (523,476)
Repayments or redemption of debt and preferred equity investments 639,267 327,392
Net cash (used in) provided by investing activities 403,819 (466,404)
Financing Activities    
Proceeds from mortgages and other loans payable 642,196 427,352
Repayments of mortgages and other loans payable (266,795) (43,630)
Proceeds from revolving credit facility and senior unsecured notes 1,275,000 940,000
Repayments of revolving credit facility and senior unsecured notes (815,000) (770,000)
Proceeds from stock options exercised and DRSPP issuance 364 263
Repurchase of common stock (352,048) (109,313)
Redemption of preferred stock (59,800) (15,142)
Redemption of OP units (18,066) (15,851)
Distributions to noncontrolling interests in other partnerships (596) (271)
Contributions from noncontrolling interests in other partnerships 8,186 2,469
Acquisition of subsidiary interest from noncontrolling interest (1,536) (25,791)
Distributions to noncontrolling interests in the Operating Partnership (5,110) (7,353)
Dividends paid on common and preferred stock (153,474) (154,460)
Tax withholdings related to restricted share awards (4,752) (3,126)
Deferred loan costs (16,510) (14,624)
Principal payments of on financing lease liabilities (330) 0
Net cash provided by financing activities 231,729 210,523
Net increase (decrease) in cash, cash equivalents, and restricted cash 859,853 (37,966)
Cash, cash equivalents, and restricted cash at beginning of year 241,430 279,113
Cash, cash equivalents, and restricted cash at end of period 1,101,283 241,147
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Conversion of units in the Operating Partnership 8,744 446
Exchange of preferred equity investment for real estate or equity in joint venture 119,467 0
Tenant improvements and capital expenditures payable 6,653 9,021
Fair value adjustment to noncontrolling interest in the Operating Partnership 31,144 43,835
Reversal of assets held for sale 391,664 0
Seller financed purchases 100,000 0
Debt and preferred equity reserves 4,638 0
Transfer of assets related to assets held for sale 49,687 0
Transfer of liabilities related to assets held for sale 38,272 0
Removal of fully depreciated commercial real estate properties 534 5,728
Contribution to consolidated joint venture by noncontrolling interest 0 48,223
Share repurchase payable 8,820 0
Recognition of right of use assets and related lease liabilities 114,974 389,120
Total cash, cash equivalents, and restricted cash 1,101,283 241,147
SL Green Operating Partnership    
Operating Activities    
Net income 193,741 226,510
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 169,381 143,258
Equity in net loss from unconsolidated joint ventures 15,013 12,780
Distributions of cumulative earnings from unconsolidated joint ventures 206 566
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate 0 (76,181)
Purchase price and other fair value adjustments 0 (65,590)
(Gain) loss on sale of real estate, net (137,520) 1,049
Loan loss reserves and other investment reserves, net of recoveries 18,061 0
Deferred rents receivable 2,577 (5,674)
Non-cash lease expense 6,547 6,798
Other non-cash adjustments 7,648 3,754
Changes in operating assets and liabilities:    
Tenant and other receivables (57,325) (1,109)
Related party receivables 4,395 4,481
Deferred lease costs (11,143) (32,183)
Other assets (17,363) (295)
Accounts payable, accrued expenses, other liabilities and security deposits 39,318 5,299
Deferred revenue (3,503) (427)
Change in lease liability - operating leases (5,728) (5,121)
Net cash provided by operating activities 224,305 217,915
Investing Activities    
Acquisitions of real estate property (86,846) (262,343)
Additions to land, buildings and improvements (183,297) (93,013)
Acquisition deposits and deferred purchase price 0 (228)
Investments in unconsolidated joint ventures (18,318) (97,447)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 76,091 45,241
Net proceeds from disposition of real estate/joint venture interest 249,820 138,526
Other investments (7,324) (1,056)
Origination of debt and preferred equity investments (265,574) (523,476)
Repayments or redemption of debt and preferred equity investments 639,267 327,392
Net cash (used in) provided by investing activities 403,819 (466,404)
Financing Activities    
Proceeds from mortgages and other loans payable 642,196 427,352
Repayments of mortgages and other loans payable (266,795) (43,630)
Proceeds from revolving credit facility and senior unsecured notes 1,275,000 940,000
Repayments of revolving credit facility and senior unsecured notes (815,000) (770,000)
Proceeds from stock options exercised and DRSPP issuance 364 263
Repurchase of common stock (352,048) (109,313)
Redemption of preferred stock (59,800) (15,142)
Redemption of OP units (18,066) (15,851)
Distributions to noncontrolling interests in other partnerships (596) (271)
Contributions from noncontrolling interests in other partnerships 8,186 2,469
Acquisition of subsidiary interest from noncontrolling interest (1,536) (25,791)
Dividends paid on common and preferred stock (158,584) (161,813)
Tax withholdings related to restricted share awards (4,752) (3,126)
Deferred loan costs (16,510) (14,624)
Principal payments of on financing lease liabilities (330) 0
Net cash provided by financing activities 231,729 210,523
Net increase (decrease) in cash, cash equivalents, and restricted cash 859,853 (37,966)
Cash, cash equivalents, and restricted cash at beginning of year 241,430 279,113
Cash, cash equivalents, and restricted cash at end of period 1,101,283 241,147
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Conversion of units in the Operating Partnership 8,744 446
Tenant improvements and capital expenditures payable 6,653 9,021
Fair value adjustment to noncontrolling interest in the Operating Partnership 31,144 43,835
Reversal of assets held for sale 391,664 0
Seller financed purchases 100,000 0
Debt and preferred equity reserves 4,638 0
Transfer of assets related to assets held for sale 49,687 0
Transfer of liabilities related to assets held for sale 38,272 0
Removal of fully depreciated commercial real estate properties 534 5,728
Contribution to consolidated joint venture by noncontrolling interest 0 48,223
Share repurchase payable 8,820 0
Recognition of right of use assets and related lease liabilities 114,974 389,120
Total cash, cash equivalents, and restricted cash $ 1,101,283 $ 241,147