XML 39 R19.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Operating Activities      
Net income $ 480,632 $ 414,758 $ 291,487
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 228,293 325,462 284,011
Equity in net loss from unconsolidated joint ventures 55,402 25,195 34,518
Distributions of cumulative earnings from unconsolidated joint ventures 824 679 864
Equity in net loss (gain) on sale of interest in unconsolidated joint venture interest/real estate 32,757 (2,961) (76,181)
Purchase price and other fair value adjustments (210,070) (187,522) (69,389)
Depreciable real estate reserves and impairments 23,794 60,454 7,047
(Gain) loss on sale of real estate, net (287,417) (215,506) 16,749
Loan loss reserves and other investment reserves, net of recoveries 2,931 35,298 0
Loss on early extinguishment of debt 1,551 0 0
Deferred rents receivable (6,701) (7,582) (13,941)
Non-cash lease expense 17,234 11,984 13,744
Other non-cash adjustments 37,164 15,178 271
Changes in operating assets and liabilities:      
Tenant and other receivables (20,561) (17,074) (4,968)
Related party receivables (8,727) 1,451 7,802
Deferred lease costs (10,117) (20,900) (70,938)
Other assets 20,345 (26,137) (18,630)
Accounts payable, accrued expenses, other liabilities and security deposits (66,387) 132,171 (25,597)
Deferred revenue (1,727) 20,657 10,824
Change in lease liability - operating leases (33,241) (11,369) (11,200)
Net cash provided by operating activities 255,979 554,236 376,473
Investing Activities      
Acquisitions of real estate property (152,791) (86,846) (262,591)
Additions to land, buildings and improvements (302,486) (458,140) (252,986)
Acquisition deposits and deferred purchase price 0 0 (5,239)
Investments in unconsolidated joint ventures (88,872) (70,315) (128,682)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 770,604 124,572 79,020
Net proceeds from disposition of real estate/joint venture interest 651,594 1,112,382 208,302
Cash assumed from consolidation of real estate investment 9,475 0 0
Proceeds from sale or redemption of marketable securities 4,528 0 0
Purchases of marketable securities (10,000) 0 0
Other investments 40,200 32,479 (7,869)
Origination of debt and preferred equity investments (95,695) (360,953) (607,844)
Repayments or redemption of debt and preferred equity investments 167,024 763,251 1,092,383
Net cash provided by investing activities 993,581 1,056,430 114,494
Financing Activities      
Proceeds from mortgages and other loans payable 39,689 1,181,892 752,984
Repayments of mortgages and other loans payable (375,044) (1,186,828) (230,076)
Proceeds from revolving credit facility and senior unsecured notes 1,488,000 1,495,000 1,310,000
Repayments of revolving credit facility and senior unsecured notes (1,808,000) (1,875,000) (1,570,000)
Proceeds from stock options exercised and DRSPP issuance 1,556 1,006 334
Repurchase of common stock (341,403) (528,483) (384,399)
Redemption of preferred stock (6,040) (82,750) (18,142)
Redemption of OP units (25,703) (27,342) (27,495)
Distributions to noncontrolling interests in other partnerships (6,631) (85,468) (478)
Contributions from noncontrolling interests in other partnerships 336 12,477 10,239
Acquisition of subsidiary interest from noncontrolling interest 0 (1,536) (25,845)
Dividends/Distributions paid on common and preferred stock/units (271,075) (293,996) (306,386)
Other obligation related to secured borrowing 51,862 0 0
Tax withholdings related to restricted share awards (2,990) (4,752) (3,495)
Deferred loan costs (13,745) (70,036) (21,162)
Principal payments of on financing lease liabilities (434) (833) 0
Net cash used in financing activities (1,285,371) (1,479,301) (528,650)
Net (decrease) increase in cash, cash equivalents, and restricted cash (35,811) 131,365 (37,683)
Cash, cash equivalents, and restricted cash at beginning of year 372,795 241,430 279,113
Cash, cash equivalents, and restricted cash at end of period 336,984 372,795 241,430
Supplemental Cash Flow Information [Abstract]      
Interest paid 152,773 201,348 248,684
Income taxes paid 4,405 2,296 1,489
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Conversion of units in the Operating Partnership 0 8,744 471
Redemption of units in the Operating Partnership for a joint venture sale 27,586 0 0
Exchange of preferred equity investment for real estate or equity in joint venture 0 119,497 0
Exchange of debt investment for real estate or equity in joint venture 9,468 122,796 34,498
Assumption of mortgage loan 60,000 0 0
Tenant improvements and capital expenditures payable 7,580 1,665 6,056
Fair value adjustment to noncontrolling interest in the Operating Partnership 9,851 32,598 34,320
Deconsolidation of a subsidiary 66,837 854,437 395
Deconsolidation of a subsidiary mortgage 510,000 5,593 0
Mortgages assumed in connection with sale of real estate 0 250,000 0
Seller financed purchases 0 100,000 0
Debt and preferred equity investments 8,372 9,014 0
Transfer of assets related to assets held for sale 140,855 0 391,664
Reversal of assets held for sale 0 391,664 0
Transfer of liabilities related to assets held for sale 64,120 0 0
Extinguishment of debt in connection with property dispositions 53,548 0 0
Consolidation of real estate investment 119,444 0 0
Removal of fully depreciated commercial real estate properties 19,831 66,169 19,577
Sale of interest in partially owned entity 4,476 0 0
Contribution to consolidated joint venture by noncontrolling interest 0 0 48,223
Distributions to noncontrolling interests 358 6,613 0
Share repurchase payable 0 3,779 0
Recognition of sales-type leases and related lease liabilities 0 119,725 0
Recognition of right of use assets and related lease liabilities 537,344 61,990 389,120
Cash and cash equivalents 251,417 266,059 166,070
Restricted cash 85,567 106,736 75,360
Total cash, cash equivalents, and restricted cash 336,984 372,795 241,430
SL Green Operating Partnership      
Operating Activities      
Net income 480,632 414,758 291,487
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 228,293 325,462 284,011
Equity in net loss from unconsolidated joint ventures 55,402 25,195 34,518
Distributions of cumulative earnings from unconsolidated joint ventures 824 679 864
Equity in net loss (gain) on sale of interest in unconsolidated joint venture interest/real estate 32,757 (2,961) (76,181)
Purchase price and other fair value adjustments (210,070) (187,522) (69,389)
Depreciable real estate reserves and impairments 23,794 60,454 7,047
(Gain) loss on sale of real estate, net (287,417) (215,506) 16,749
Loan loss reserves and other investment reserves, net of recoveries 2,931 35,298 0
Loss on early extinguishment of debt 1,551 0 0
Deferred rents receivable (6,701) (7,582) (13,941)
Non-cash lease expense 17,234 11,984 13,744
Other non-cash adjustments 37,164 15,178 271
Changes in operating assets and liabilities:      
Tenant and other receivables (20,561) (17,074) (4,968)
Related party receivables (8,727) 1,451 7,802
Deferred lease costs (10,117) (20,900) (70,938)
Other assets 20,345 (26,137) (18,630)
Accounts payable, accrued expenses, other liabilities and security deposits (66,387) 132,171 (25,597)
Deferred revenue (1,727) 20,657 10,824
Change in lease liability - operating leases (33,241) (11,369) (11,200)
Net cash provided by operating activities 255,979 554,236 376,473
Investing Activities      
Acquisitions of real estate property (152,791) (86,846) (262,591)
Additions to land, buildings and improvements (302,486) (458,140) (252,986)
Acquisition deposits and deferred purchase price 0 0 (5,239)
Investments in unconsolidated joint ventures (88,872) (70,315) (128,682)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 770,604 124,572 79,020
Net proceeds from disposition of real estate/joint venture interest 651,594 1,112,382 208,302
Cash assumed from consolidation of real estate investment 9,475 0 0
Proceeds from sale or redemption of marketable securities 4,528 0 0
Purchases of marketable securities (10,000) 0 0
Other investments 40,200 32,479 (7,869)
Origination of debt and preferred equity investments (95,695) (360,953) (607,844)
Repayments or redemption of debt and preferred equity investments 167,024 763,251 1,092,383
Net cash provided by investing activities 993,581 1,056,430 114,494
Financing Activities      
Proceeds from mortgages and other loans payable 39,689 1,181,892 752,984
Repayments of mortgages and other loans payable (375,044) (1,186,828) (230,076)
Proceeds from revolving credit facility and senior unsecured notes 1,488,000 1,495,000 1,310,000
Repayments of revolving credit facility and senior unsecured notes (1,808,000) (1,875,000) (1,570,000)
Payment of debt extinguishment costs 0 0 0
Proceeds from stock options exercised and DRSPP issuance 1,556 1,006 334
Repurchase of common stock (341,403) (528,483) (384,399)
Redemption of preferred stock (6,040) (82,750) (18,142)
Redemption of OP units (25,703) (27,342) (27,495)
Distributions to noncontrolling interests in other partnerships (6,631) (85,468) (478)
Contributions from noncontrolling interests in other partnerships 336 12,477 10,239
Acquisition of subsidiary interest from noncontrolling interest 0 (1,536) (25,845)
Dividends/Distributions paid on common and preferred stock/units (286,824) (306,648) (321,115)
Other obligation related to secured borrowing 51,862 0 0
Tax withholdings related to restricted share awards (2,990) (4,752) (3,495)
Deferred loan costs (13,745) (70,036) (21,162)
Principal payments of on financing lease liabilities (434) (833) 0
Net cash used in financing activities (1,285,371) (1,479,301) (528,650)
Net (decrease) increase in cash, cash equivalents, and restricted cash (35,811) 131,365 (37,683)
Cash, cash equivalents, and restricted cash at beginning of year 372,795 241,430 279,113
Cash, cash equivalents, and restricted cash at end of period 336,984 372,795 241,430
Supplemental Cash Flow Information [Abstract]      
Interest paid 152,773 201,348 248,684
Income taxes paid 4,405 2,296 1,489
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Conversion of units in the Operating Partnership 0 8,744 471
Redemption of units in the Operating Partnership for a joint venture sale 27,586 0 0
Exchange of preferred equity investment for real estate or equity in joint venture 0 119,497 0
Exchange of debt investment for real estate or equity in joint venture 9,468 122,796 34,498
Assumption of mortgage loan 60,000 0 0
Issuance of common units relating to the real estate acquisition 121,418 0 0
Tenant improvements and capital expenditures payable 7,580 1,665 6,056
Fair value adjustment to noncontrolling interest in the Operating Partnership 9,851 32,598 34,320
Deconsolidation of a subsidiary 66,837 854,437 395
Deconsolidation of a subsidiary mortgage 510,000 5,593 0
Mortgages assumed in connection with sale of real estate 0 250,000 0
Seller financed purchases 0 100,000 0
Debt and preferred equity investments 8,372 9,014 0
Transfer of assets related to assets held for sale 140,855 0 391,664
Reversal of assets held for sale 0 391,664 0
Transfer of liabilities related to assets held for sale 64,120 0 0
Extinguishment of debt in connection with property dispositions 53,548 0 0
Consolidation of real estate investment 119,444 0 0
Removal of fully depreciated commercial real estate properties 19,831 66,169 19,577
Sale of interest in partially owned entity 4,476 0 0
Contribution to consolidated joint venture by noncontrolling interest 0 0 48,223
Distributions to noncontrolling interests 358 6,613 0
Share repurchase payable 0 3,779 0
Recognition of sales-type leases and related lease liabilities 0 119,725 0
Recognition of right of use assets and related lease liabilities 537,344 61,990 389,120
Cash and cash equivalents 251,417 266,059 166,070
Restricted cash 85,567 106,736 75,360
Total cash, cash equivalents, and restricted cash 336,984 372,795 241,430
Preferred Units      
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Issuance of preferred units relating to a real estate acquisition 0 0 1,000
Preferred Units | SL Green Operating Partnership      
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Issuance of preferred units relating to a real estate acquisition $ 0 $ 0 $ 1,000