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Partners' Capital of the Operating Partnership
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Partners' Capital of the Operating Partnership Stockholders' Equity of the Company
Common Stock
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2024, 71,096,743 shares of common stock and no shares of excess stock were issued and outstanding.
In November 2024, the Company completed an offering of 5,063,291 shares of its common stock, par value $0.01 per share, at a price of $79.00 per share. The Company received net proceeds of approximately $386.3 million, after deducting offering expenses. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 5,063,291 common units of limited partnership interest and were used to repay debt, fund new investments and for other corporate purposes.
Share Repurchase Program
Our Board of Directors approved a $3.5 billion share repurchase program under which we can buy shares of our common stock.
As of December 31, 2024, 36,107,719 shares have been repurchased under the program, excluding the redemption of OP units. We did not repurchase any shares under the program during the year ended December 31, 2024.
Perpetual Preferred Stock
We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at any time, in whole or from time to time in part, at par for cash. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units.
Dividend Reinvestment and Stock Purchase Plan ("DRSPP")
In February 2024, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001.
The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the years ended December 31, 2024, 2023, and 2022, respectively (dollars in thousands):
Year Ended December 31,
202420232022
Shares of common stock issued728,352 17,180 10,839 
Dividend reinvestments/stock purchases under the DRSPP$52,308 $525 $525 
Earnings per Share
We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.
SL Green's earnings per share for the years ended December 31, 2024, 2023, and 2022 are computed as follows (in thousands):
Year Ended December 31,
Numerator202420232022
Basic Earnings:
Income (loss) attributable to SL Green common stockholders$7,060 $(579,509)$(93,024)
Less: distributed earnings allocated to participating securities
(1,835)(2,655)(2,219)
Less: undistributed earnings allocated to participating securities
(64)— — 
Net income (loss) attributable to SL Green common stockholders (numerator for basic earnings per share)$5,161 $(582,164)$(95,243)
Add back: dilutive effect of earnings allocated to participating securities and contingently issuable shares— — — 
Add back: undistributed earnings allocated to participating securities— — — 
Add back: effect of dilutive securities (redemption of units to common shares)— (37,465)(5,794)
Income (loss) attributable to SL Green common stockholders (numerator for diluted earnings per share)$5,161 $(619,629)$(101,037)
Year Ended December 31,
Denominator202420232022
Basic Shares:
Weighted average common stock outstanding65,062 63,809 63,917 
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares— 4,163 4,012 
Stock-based compensation plans626 — — 
Diluted weighted average common stock outstanding65,688 67,972 67,929 
The Company has excluded 4,717,759 common stock equivalents from the calculation of diluted shares outstanding for the year ended December 31, 2024. The Company has excluded 1,273,417 and 1,682,236 of common stock equivalents from the calculation of diluted shares outstanding for the years ended December 31, 2023 and 2022, respectively.
Partners' Capital of the Operating Partnership
The Company is the sole managing general partner of the Operating Partnership and as of December 31, 2024 owned 71,096,743 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for one share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one share of common stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units.
Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions.
Limited Partner Units
As of December 31, 2024, limited partners other than SL Green owned 5.97%, or 4,509,953 common units, of the Operating Partnership.
Preferred Units
Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company's Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.”
Earnings per Unit
The Operating Partnership's earnings per unit for the years ended December 31, 2024, 2023, and 2022 respectively are computed as follows (in thousands):
Year Ended December 31,
Numerator202420232022
Basic Earnings:
Net Income (loss) attributable to SLGOP common unitholders (numerator for diluted earnings per unit)$7,557 $(616,974)$(98,818)
Less: distributed earnings allocated to participating securities
(4,665)(2,655)(2,219)
Net income (loss) attributable to SLGOP common unitholders (numerator for basic earnings per unit)$2,892 $(619,629)$(101,037)
Add back: dilutive effect of earnings allocated to participating securities and contingently issuable shares26 — — 
Income (loss) attributable to SLGOP common unitholders$2,918 $(619,629)$(101,037)
Year Ended December 31,
Denominator202420232022
Basic units:
Weighted average common units outstanding68,736 67,972 67,929 
Effect of Dilutive Securities:
Stock-based compensation plans757 — — 
Contingently issuable units112 — — 
Diluted weighted average common units outstanding69,605 67,972 67,929 
The Operating Partnership has excluded 800,881 common unit equivalents from the diluted units outstanding for the years ended December 31, 2024. The Operating Partnership has excluded 1,273,417 and 1,682,236 common unit equivalents from the diluted units outstanding for the years ended December 31, 2023 and 2022, respectively.