XML 19 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Rental revenue, net $ 195,886 $ 244,959 $ 418,517 $ 485,077
Investment income 39,943 51,618 78,476 101,649
Other income 17,870 16,447 71,009 30,553
Total revenues 253,699 313,024 568,002 617,279
Expenses        
Operating expenses, including related party expenses of $2,739 and $6,488 in 2020 and $5,323 and $8,116 in 2019 40,897 58,317 94,763 116,015
Real estate taxes 41,661 46,694 88,283 93,382
Operating lease rent 7,831 8,298 15,198 16,596
Interest expense, net of interest income 30,070 47,160 67,564 97,685
Amortization of deferred financing costs 2,661 2,712 5,161 5,454
Depreciation and amortization 95,941 69,461 164,220 137,804
Loan loss and other investment reserves, net of recoveries 6,813 0 18,061 0
Transaction related costs 373 261 438 316
Marketing, general and administrative 23,510 25,480 43,080 51,459
Total expenses 249,757 258,383 496,768 518,711
Equity in net loss from unconsolidated joint ventures (2,199) (7,546) (15,013) (12,780)
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate 0 59,015 0 76,181
Purchase price and other fair value adjustments 0 67,631 0 65,590
Gain (loss) on sale of real estate, net 64,884 0 137,520 (1,049)
Net income 66,627 173,741 193,741 226,510
Net (income) loss attributable to noncontrolling interests:        
Noncontrolling interests in the Operating Partnership (3,070) (8,310) (9,272) (10,587)
Noncontrolling interests in other partnerships (1,023) 2,138 (730) 1,900
Preferred units distributions (2,353) (2,729) (5,019) (5,453)
Net income (loss) attributable to SL Green/SLGOP 60,181 164,840 178,720 212,370
Perpetual preferred stock dividends (3,737) (3,737) (7,475) (7,475)
Net income attributable to SL Green common stockholders $ 56,444 $ 161,103 $ 171,245 $ 204,895
Basic earnings per share (usd per share) $ 0.74 $ 1.94 $ 2.22 $ 2.46
Diluted earnings per share (usd per share) $ 0.74 $ 1.94 $ 2.22 $ 2.46
Basic weighted average common shares outstanding (in shares) 75,690 82,971 76,782 83,141
Diluted weighted average common shares and common share equivalents outstanding (in shares) 80,219 87,398 81,392 87,606
SL Green Operating Partnership        
Revenues        
Rental revenue, net $ 195,886 $ 244,959 $ 418,517 $ 485,077
Investment income 39,943 51,618 78,476 101,649
Other income 17,870 16,447 71,009 30,553
Total revenues 253,699 313,024 568,002 617,279
Expenses        
Operating expenses, including related party expenses of $2,739 and $6,488 in 2020 and $5,323 and $8,116 in 2019 40,897 58,317 94,763 116,015
Real estate taxes 41,661 46,694 88,283 93,382
Operating lease rent 7,831 8,298 15,198 16,596
Interest expense, net of interest income 30,070 47,160 67,564 97,685
Amortization of deferred financing costs 2,661 2,712 5,161 5,454
Depreciation and amortization 95,941 69,461 164,220 137,804
Loan loss and other investment reserves, net of recoveries 6,813 0 18,061 0
Transaction related costs 373 261 438 316
Marketing, general and administrative 23,510 25,480 43,080 51,459
Total expenses 249,757 258,383 496,768 518,711
Equity in net loss from unconsolidated joint ventures (2,199) (7,546) (15,013) (12,780)
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate 0 59,015 0 76,181
Purchase price and other fair value adjustments 0 67,631 0 65,590
Gain (loss) on sale of real estate, net 64,884 0 137,520 (1,049)
Net income 66,627 173,741 193,741 226,510
Net (income) loss attributable to noncontrolling interests:        
Noncontrolling interests in other partnerships (1,023) 2,138 (730) 1,900
Preferred units distributions (2,353) (2,729) (5,019) (5,453)
Net income (loss) attributable to SL Green/SLGOP 63,251 173,150 187,992 222,957
Perpetual preferred unit distributions (3,737) (3,737) (7,475) (7,475)
Net income attributable to SLGOP common unitholders $ 59,514 $ 169,413 $ 180,517 $ 215,482
Basic earnings per unit (usd per share) $ 0.74 $ 1.94 $ 2.22 $ 2.46
Diluted earnings per unit (usd per share) $ 0.74 $ 1.94 $ 2.22 $ 2.46
Basic weighted average common units outstanding (in shares) 79,810 87,231 80,952 87,437
Diluted weighted average common units and common unit equivalents outstanding (in shares) 80,219 87,398 81,392 87,606