Company Quick10K Filing
SL Green Realty
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 88 $6,973
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-02-27 Annual: 2018-12-31
10-Q 2018-10-31 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-02-21 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-09 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-02-24 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-02-25 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-02-27 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-02-28 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-02-16 Annual: 2009-12-31
8-K 2020-02-13 Regulation FD
8-K 2020-01-22 Earnings, Regulation FD, Exhibits
8-K 2020-01-08 Enter Agreement, Sale of Shares, Exhibits
8-K 2019-12-06 Regulation FD, Other Events, Exhibits
8-K 2019-07-17 Earnings, Regulation FD, Exhibits
8-K 2019-05-30 Shareholder Vote
8-K 2019-05-01 Enter Agreement, Sale of Shares, Exhibits
8-K 2019-04-17 Earnings, Regulation FD, Exhibits
8-K 2019-01-23 Earnings, Regulation FD, Exhibits
8-K 2018-12-28 Enter Agreement, Other Events, Exhibits
8-K 2018-12-21 Officers, Amend Bylaw, Exhibits
8-K 2018-11-29 Regulation FD, Other Events, Exhibits
8-K 2018-10-17 Earnings, Regulation FD, Exhibits
8-K 2018-07-26 Other Events
8-K 2018-07-26 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-07-19 Earnings, Regulation FD, Exhibits
8-K 2018-06-14 Other Events, Exhibits
8-K 2018-05-31 Shareholder Vote
8-K 2018-05-15 Officers, Other Events
8-K 2018-04-27 Officers, Exhibits
8-K 2018-04-19 Earnings, Regulation FD, Exhibits
8-K 2018-02-02 Officers, Exhibits
8-K 2018-01-25 Earnings, Regulation FD, Exhibits
SLG 2019-09-30
Part I Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
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SL Green Realty Earnings 2019-09-30

SLG 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
LPT 7,595 6,882 3,460 671 642 486 767 7,557 96% 9.9 7%
KRC 7,592 8,095 3,908 779 0 294 603 10,744 0% 17.8 4%
MPW 7,138 10,123 5,200 751 595 972 1,310 11,755 79% 9.0 10%
DEI 7,021 8,678 4,625 904 0 134 591 11,056 0% 18.7 2%
SLG 6,973 13,630 7,062 1,242 0 268 768 6,731 0% 8.8 2%
STWD 6,600 72,947 68,044 1,201 0 398 1,029 8,008 0% 7.8 1%
CONE 6,536 5,870 3,407 904 562 -67 414 9,104 62% 22.0 -1%
NRZ 6,501 36,792 29,992 0 0 380 1,199 34,719 29.0 1%
ACC 6,489 7,383 3,756 919 0 89 469 9,642 0% 20.6 1%
COLD 6,381 4,162 2,307 1,649 0 27 250 7,779 0% 31.1 1%

Document
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See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $219.4 million and $110.0 million of land, $522.9 million and $346.7 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $61.7 million and $47.4 million of right of use assets, $27.6 million and $42.2 million of accumulated depreciation, $99.4 million and $112.6 million of other assets included in other line items, $473.2 million and $140.8 million of real estate debt, net, $1.4 million and $0.4 million of accrued interest payable, $57.4 million and $43.6 million of lease liabilities, and $35.7 million and $18.3 million of other liabilities included in other line items as of September 30, 2019 and December 31, 2018, respectively.The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $219.4 million and $110.0 million of land, $522.9 million and $346.7 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $61.7 million and $47.4 million of right of use assets, $27.6 million and $42.2 million of accumulated depreciation, $99.4 million and $112.6 million of other assets included in other line items, $473.2 million and $140.8 million of real estate debt, net, $1.4 million and $0.4 million of accrued interest payable, $57.4 million and $43.6 million of lease liabilities, and $35.7 million and $18.3 million of other liabilities included in other line items as of September 30, 2019 and December 31, 2018, respectively. 0001040971 srt:SubsidiariesMember 2019-01-01 2019-09-30 0001040971 2019-01-01 2019-09-30 0001040971 2019-11-04 0001040971 srt:SubsidiariesMember 2019-11-04 0001040971 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slg:increase slg:fungible_unit slg:unit xbrli:shares
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                
Commission File Number: 1-13199 (SL Green Realty Corp.)
Commission File Number: 33-167793-02 (SL Green Operating Partnership, L.P.)
______________________________________________________________________
SL GREEN REALTY CORP.
SL GREEN OPERATING PARTNERSHIP, L.P.
(Exact name of registrant as specified in its charter)
______________________________________________________________________
SL Green Realty Corp.
Maryland
13-3956775
SL Green Operating Partnership, L.P.
Delaware
13-3960938
 
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
420 Lexington AvenueNew YorkNY 10170
(Address of principal executive offices—Zip Code)

(212594-2700
(Registrant's telephone number, including area code)
______________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
SL Green Realty Corp.    Yes x    No o            SL Green Operating Partnership, L.P.    Yes x    No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
SL Green Realty Corp.     Yes x    No o            SL Green Operating Partnership, L.P.    Yes x    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
SL Green Realty Corp.
Large accelerated filer
x
 
Accelerated filer
Non-accelerated filer
 
 
Smaller Reporting Company
 
Emerging Growth Company
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
SL Green Operating Partnership, L.P.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
x
 
 
Smaller Reporting Company
 
Emerging Growth Company
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). 
SL Green Realty Corp.    Yes     No x            SL Green Operating Partnership, L.P.    Yes     No x
Securities registered pursuant to Section 12(b) of the Act:
Registrant
 
Trading Symbol
 
Title of Each Class
 
Name of Each Exchange on Which Registered
SL Green Realty Corp.
 
SLG
 
Common Stock, $0.01 par value
 
New York Stock Exchange
SL Green Realty Corp.
 
SLG.PRI
 
6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value
 
New York Stock Exchange
As of November 4, 2019, 80,110,275 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of November 4, 2019, 1,022,624 common units of limited partnership interest of SL Green Operating Partnership, L.P. were held by non-affiliates. There is no established trading market for such units.
 




EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2019 of SL Green Realty Corp. and SL Green Operating Partnership, L.P. Unless stated otherwise or the context otherwise requires, references to "SL Green Realty Corp.," the "Company" or "SL Green" mean SL Green Realty Corp. and its consolidated subsidiaries, including SL Green Operating Partnership, L.P.; and references to "SL Green Operating Partnership, L.P.," the "Operating Partnership" or "SLGOP" mean SL Green Operating Partnership, L.P. and its consolidated subsidiaries. The terms "we," "our" and "us" mean the Company and all the entities owned or controlled by the Company, including the Operating Partnership.
The Company is a Maryland corporation which operates as a self-administered and self-managed real estate investment trust, or REIT, and is the sole managing general partner of the Operating Partnership. As a general partner of the Operating Partnership, the Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership.
As of September 30, 2019 the Company owns 95.04% of the outstanding general and limited partnership interest in the Operating Partnership and owns 9,200,000 Series I Preferred Units of the Operating Partnership. As of September 30, 2019, noncontrolling investors held, in aggregate, a 4.96% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership.
The Company and the Operating Partnership are managed and operated as one entity. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.
Noncontrolling interests in the Operating Partnership, stockholders' equity of the Company and partners' capital of the Operating Partnership are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The common limited partnership interests in the Operating Partnership not owned by the Company are accounted as noncontrolling interests, within mezzanine equity, in the Company's and the Operating Partnership's consolidated financial statements.
We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:
Combined reports enhance investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
Combined reports eliminate duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership; and
Combined reports create time and cost efficiencies through the preparation of one combined report instead of two separate reports.
To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:
consolidated financial statements;
the following notes to the consolidated financial statements:
Note 11, Noncontrolling Interests on the Company’s Consolidated Financial Statements;
Note 12, Stockholders' Equity of the Company;
Note 13, Partners' Capital of the Operating Partnership.
This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership, respectively, in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Company, in both their capacity as the principal executive officer and principal financial officer of the Company and the principal executive officer and principal financial officer of the general partner of the Operating Partnership, have made the requisite certifications and that the Company and the Operating Partnership are compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended.



SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
 
Item 1.
FINANCIAL STATEMENTS
 
 
 
 
FINANCIAL STATEMENTS OF SL GREEN REALTY CORP.
 
 
Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018
 
Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 (unaudited)
 
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018 (unaudited)
 
Consolidated Statements of Equity for the three and nine months ended September 30, 2019 and 2018 (unaudited)
 
Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (unaudited)
 
 
 
 
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P.
 
 
Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018
 
Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 (unaudited)
 
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018 (unaudited)
 
Consolidated Statements of Capital for the three and nine months ended September 30, 2019 and 2018 (unaudited)
 
Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (unaudited)
 
Notes to Consolidated Financial Statements (unaudited)
Management's Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures about Market Risk
Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.)
PART II.
OTHER INFORMATION
 
Legal Proceedings
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Defaults Upon Senior Securities
Mine Safety Disclosures
Other Information
Exhibits
 
Signatures


Table of Contents


PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
 
September 30, 2019
 
December 31, 2018
 
(unaudited)
 
 
Assets
 
 
 
Commercial real estate properties, at cost:
 
 
 
Land and land interests 
$
1,860,922

 
$
1,774,899

Building and improvements 
5,352,144

 
5,268,484

Building leasehold and improvements 
1,431,183

 
1,423,107

Right of use asset - financing leases
47,445

 
47,445

Right of use asset - operating leases
396,795

 

 
9,088,489

 
8,513,935

Less: accumulated depreciation 
(2,147,395
)
 
(2,099,137
)
 
6,941,094

 
6,414,798

Assets held for sale
403,488

 

Cash and cash equivalents
121,751

 
129,475

Restricted cash
94,793

 
149,638

Investments in marketable securities
30,208

 
28,638

Tenant and other receivables
44,950

 
41,589

Related party receivables
20,030

 
28,033

Deferred rents receivable
306,431

 
335,985

Debt and preferred equity investments, net of discounts and deferred origination fees of $16,224 and $22,379 in 2019 and 2018, respectively, and allowances of $1,750 and $5,750 in 2019 and 2018, respectively.
1,954,556

 
2,099,393

Investments in unconsolidated joint ventures
2,923,595

 
3,019,020

Deferred costs, net
182,621

 
209,110

Other assets
271,467

 
295,679

Total assets (1)
$
13,294,984

 
$
12,751,358

Liabilities
 
 
 
Mortgages and other loans payable, net
$
2,417,161

 
$
1,961,240

Revolving credit facility, net
328,549

 
492,196

Unsecured term loans, net
1,493,691

 
1,493,051

Unsecured notes, net
1,496,367

 
1,495,214

Accrued interest payable
27,568

 
23,154

Other liabilities
140,899

 
116,566

Accounts payable and accrued expenses
143,361

 
147,060

Deferred revenue
126,321

 
94,453

Lease liability - financing leases
44,251

 
43,616

Lease liability - operating leases
384,661

 
3,603

Dividend and distributions payable
78,541

 
80,430

Security deposits
62,166

 
64,688

Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities
100,000

 
100,000

Total liabilities (1)
6,843,536

 
6,115,271


4

Table of Contents

SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands, except per share data)

 
September 30, 2019
 
December 31, 2018
 
(unaudited)
 
 
Commitments and contingencies

 

Noncontrolling interests in Operating Partnership
401,863

 
387,805

Preferred units
286,285

 
300,427

 
 
 
 
Equity
 
 
 
SL Green stockholders' equity:
 
 
 
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2019 and December 31, 2018
221,932

 
221,932

Common stock, $0.01 par value, 160,000 shares authorized and 82,570 and 84,739 issued and outstanding at September 30, 2019 and December 31, 2018, respectively (including 1,055 shares held in treasury at September 30, 2019 and December 31, 2018)
826

 
847

Additional paid-in-capital
4,407,667

 
4,508,685

Treasury stock at cost
(124,049
)
 
(124,049
)
Accumulated other comprehensive (loss) income
(40,132
)
 
15,108

Retained earnings
1,225,904

 
1,278,998

Total SL Green stockholders' equity
5,692,148

 
5,901,521

Noncontrolling interests in other partnerships
71,152

 
46,334

Total equity
5,763,300

 
5,947,855

Total liabilities and equity
$
13,294,984

 
$
12,751,358

 
 
 
 
(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $219.4 million and $110.0 million of land, $522.9 million and $346.7 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $61.7 million and $47.4 million of right of use assets, $27.6 million and $42.2 million of accumulated depreciation, $99.4 million and $112.6 million of other assets included in other line items, $473.2 million and $140.8 million of real estate debt, net, $1.4 million and $0.4 million of accrued interest payable, $57.4 million and $43.6 million of lease liabilities, and $35.7 million and $18.3 million of other liabilities included in other line items as of September 30, 2019 and December 31, 2018, respectively.


The accompanying notes are an integral part of these consolidated financial statements.

5

Table of Contents

SL Green Realty Corp.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)


 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
 
Rental revenue, net
 
$
248,028

 
$
250,866

 
$
733,105

 
$
731,055

Investment income
 
51,518

 
48,977

 
153,167

 
143,540

Other income
 
14,088

 
7,702

 
44,641

 
35,761

Total revenues
 
313,634

 
307,545

 
930,913

 
910,356

Expenses
 

 
 
 

 
 
Operating expenses, including related party expenses of $5,460 and $13,575 in 2019 and $4,790 and $13,289 in 2018
 
59,847

 
56,852

 
175,862

 
172,871

Real estate taxes
 
49,626

 
48,805

 
143,008

 
139,788

Operating lease rent
 
8,295

 
9,507

 
24,891

 
26,661

Interest expense, net of interest income
 
48,112

 
55,168

 
145,797

 
156,695

Amortization of deferred financing costs
 
3,112

 
2,630

 
8,566

 
9,713

Depreciation and amortization
 
70,464

 
70,747

 
208,268

 
208,049

Loan loss and other investment reserves, net of recoveries
 

 
1,087

 

 
1,087

Transaction related costs
 
44

 
163

 
360

 
673

Marketing, general and administrative
 
23,841

 
20,594

 
75,300

 
66,601

Total expenses
 
263,341

 
265,553

 
782,052

 
782,138


 


 


 


 


Equity in net (loss) income from unconsolidated joint ventures
 
(9,864
)
 
971

 
(22,644
)
 
9,709

Equity in net gain on sale of interest in unconsolidated joint venture/real estate
 

 
70,937

 
76,181

 
136,522

Purchase price and other fair value adjustments
 
3,799

 
(3,057
)
 
69,389

 
57,385

Gain (loss) on sale of real estate, net
 
3,541

 
(2,504
)
 
2,492

 
6,227

Depreciable real estate reserves and impairment
 
(7,047
)
 
(6,691
)
 
(7,047
)
 
(6,691
)
Loss on early extinguishment of debt
 

 
(2,194
)
 

 
(2,194
)
Net income
 
40,722

 
99,454

 
267,232

 
329,176

Net (income) loss attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
Noncontrolling interests in the Operating Partnership

(1,719
)
 
(4,797
)
 
(12,306
)
 
(15,656
)
Noncontrolling interests in other partnerships

624

 
136

 
2,524

 
(234
)
Preferred units distributions

(2,732
)
 
(2,846
)
 
(8,185
)
 
(8,542
)
Net income attributable to SL Green
 
36,895

 
91,947

 
249,265

 
304,744

Perpetual preferred stock dividends
 
(3,738
)
 
(3,738
)
 
(11,213
)
 
(11,213
)
Net income attributable to SL Green common stockholders
 
$
33,157

 
$
88,209

 
$
238,052

 
$
293,531

 
 
 
 
 
 
 
 
 
Basic Earnings per Share
 
$
0.40

 
$
1.03

 
$
2.87

 
$
3.34

Diluted Earnings per Share
 
$
0.40

 
$
1.03

 
$
2.87

 
$
3.34

 
 
 
 
 
 
 
 
 
Basic weighted average common shares outstanding
 
82,292

 
85,566

 
82,855

 
87,692

Diluted weighted average common shares and common share equivalents outstanding
 
86,714

 
90,428

 
87,309

 
92,580

The accompanying notes are an integral part of these consolidated financial statements.

6

Table of Contents


SL Green Realty Corp.
Consolidated Statements of Comprehensive Income
(unaudited, in thousands)

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income

$
40,722

 
$
99,454

 
$
267,232

 
$
329,176

Other comprehensive (loss) income:


 
 
 

 
 
(Decrease) increase in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments

(12,574
)
 
3,919

 
(59,680
)
 
18,809

Increase (decrease) in unrealized value of marketable securities

230

 
(32
)
 
1,571

 
(39
)
Other comprehensive (loss) income

(12,344
)
 
3,887

 
(58,109
)
 
18,770

Comprehensive income

28,378

 
103,341

 
209,123

 
347,946

Net income attributable to noncontrolling interests and preferred units distributions

(3,827
)
 
(7,507
)
 
(17,967
)
 
(24,432
)
Other comprehensive loss (income) attributable to noncontrolling interests

607

 
(210
)
 
2,869

 
(1,075
)
Comprehensive income attributable to SL Green

$
25,158

 
$
95,624

 
$
194,025

 
$
322,439



The accompanying notes are an integral part of these consolidated financial statements.


7

Table of Contents

SL Green Realty Corp.
Consolidated Statements of Equity
(unaudited, in thousands, except per share data)


 
SL Green Realty Corp. Stockholders
 
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 


 
 
Series I
Preferred
Stock
 
Shares
 
Par
Value
 
Additional
Paid-
In-Capital
 
Treasury
Stock
 
Accumulated
Other
Comprehensive Income (Loss)
 
Retained
Earnings
 
Noncontrolling
Interests
 
Total
Balance at December 31, 2018
 
$
221,932

 
83,684

 
$
847

 
$
4,508,685

 
$
(124,049
)
 
$
15,108

 
$
1,278,998

 
$
46,334

 
$
5,947,855

Net income
 
 
 
 
 
 
 
 
 
 
 
 
 
212,370

 
(1,900
)
 
210,470

Acquisition of subsidiary interest from noncontrolling interest
 
 
 
 
 
 
 
(515
)
 
 
 
 
 
 
 
(25,276
)
 
(25,791
)
Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
(43,503
)
 
 
 
 
 
(43,503
)
Preferred dividends
 
 
 
 
 
 
 
 
 
 
 
 
 
(7,475
)
 
 
 
(7,475
)
DRSPP proceeds
 
 
 
3

 
 
 
263

 
 
 
 
 
 
 
 
 
263

Conversion of units in the Operating Partnership for common stock
 
 
 
5

 
 
 
446

 
 
 
 
 
 
 
 
 
446

Reallocation of noncontrolling interest in the Operating Partnership
 
 
 
 
 
 
 
 
 
 
 
 
 
(14,028
)
 
 
 
(14,028
)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings
 
 
 
(