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Noncontrolling Interests on the Company's Consolidated Financial Statements
 12 Months Ended
Dec. 31, 2020
Noncontrolling Interest [Abstract]  
Noncontrolling Interests on the Company's Consolidated Financial Statements Noncontrolling Interests on the Company's Consolidated Financial Statements
Noncontrolling interests represent the common and preferred units of limited partnership interest in the Operating Partnership not held by the Company as well as third party equity interests in our other consolidated subsidiaries. Noncontrolling interests in the Operating Partnership are shown in the mezzanine equity while the noncontrolling interests in our other consolidated subsidiaries are shown in the equity section of the Company’s consolidated financial statements.
Common Units of Limited Partnership Interest in the Operating Partnership
As of December 31, 2020 and 2019, the noncontrolling interest unit holders owned 5.44%, or 3,938,823 units, and 5.17%, or 4,195,875 units, of the Operating Partnership, respectively, inclusive of retroactive adjustments to reflect the reverse stock split effectuated by SL Green in January 2021. As of December 31, 2020, 3,938,823 shares of our common stock were reserved for issuance upon the redemption of units of limited partnership interest of the Operating Partnership.
Noncontrolling interests in the Operating Partnership is recorded at the greater of its cost basis or fair market value based on the closing stock price of our common stock at the end of the reporting period.
Below is a summary of the activity relating to the noncontrolling interests in the Operating Partnership as of December 31, 2020 and 2019 (in thousands):
December 31,
20202019
Balance at beginning of period$409,862 $387,805 
Distributions(12,652)(14,729)
Issuance of common units12,018 19,403 
Redemption and conversion of common units(36,085)(27,962)
Net income20,016 13,301 
Accumulated other comprehensive loss allocation(2,299)(2,276)
Fair value adjustment(32,598)34,320 
Balance at end of period$358,262 $409,862 
Preferred Units of Limited Partnership Interest in the Operating Partnership
Below is a summary of the preferred units of limited partnership interest in the Operating Partnership as of December 31, 2020:
IssuanceStated Distribution RateNumber of Units AuthorizedNumber of Units IssuedNumber of Units Outstanding
Dividends Per Unit(1)
Liquidation Preference Per Unit(2)
Conversion Price Per Unit(3)
Date of Issuance
Series A (4)
3.50 %109,161 109,161 109,161 $35.0000 $1,000.00 — August 2015
Series F7.00 %60 60 60 $70.0000 $1,000.00 $29.12 January 2007
Series G (4)
4.50 %1,902,000 1,902,000 863,972 $1.1250 $25.00 $88.50 January 2012
Series K3.50 %700,000 563,954 341,677 $0.8750 $25.00 $134.67 August 2014
Series L4.00 %500,000 378,634 372,634 $1.0000 $25.00 — August 2014
Series M3.75 %1,600,000 1,600,000 96,357 $0.9375 $25.00 — February 2015
Series P4.00 %200,000 200,000 200,000 $1.0000 $25.00 — July 2015
Series Q3.50 %268,000 268,000 268,000 $0.8750 $25.00 $148.95 July 2015
Series R3.50 %400,000 400,000 400,000 $0.8750 $25.00 $154.89 August 2015
Series S4.00 %1,077,280 1,077,280 1,077,280 $1.0000 $25.00 — August 2015
Series V3.50 %40,000 40,000 40,000 $0.8750 $25.00 — May 2019
Series W (6)
(6)1 1 1 (6)(6)(6)January 2020
(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)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, 2020, no Subsidiary Series B Preferred Units have been issued.
(5)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.
(6)The Series W preferred unit was issued in January 2020 in exchange for the then-outstanding Series O preferred unit. The holder of the Series W 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 W unit for cash, or convert the Series W unit for Class B units, in each case 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 plus accrued distributions at the time of a liquidation event.
Below is a summary of the activity relating to the preferred units in the Operating Partnership as of December 31, 2020 and 2019 (in thousands):
December 31,
20202019
Balance at beginning of period$283,285 $300,427 
Issuance of preferred units— 1,000 
Redemption of preferred units(82,750)(18,142)
Accrued dividends on preferred units1,634 — 
Balance at end of period$202,169 $283,285