x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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.) |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller Reporting Company o |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer x (Do not check if a smaller reporting company) | Smaller Reporting Company o |
• | 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. |
• | consolidated financial statements; |
• | the following notes to the consolidated financial statements: |
◦ | Note 11, Noncontrolling Interest on the Company’s Consolidated Financial Statements; |
◦ | Note 12, Stockholders' Equity of the Company; |
◦ | Note 13, Partners' Capital of the Operating Partnership; |
◦ | Note 15, Accumulated Other Comprehensive Loss of the Company; and |
◦ | Note 16, Accumulated Other Comprehensive Loss of the Operating Partnership. |
PAGE | ||
FINANCIAL STATEMENTS OF SL GREEN REALTY CORP. | ||
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P. | ||
September 30, 2013 | December 31, 2012 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Commercial real estate properties, at cost: | ||||||||
Land and land interests | $ | 2,868,833 | $ | 2,886,099 | ||||
Building and improvements | 7,440,543 | 7,389,766 | ||||||
Building leasehold and improvements | 1,353,997 | 1,346,748 | ||||||
Properties under capital lease | 50,332 | 40,340 | ||||||
11,713,705 | 11,662,953 | |||||||
Less: accumulated depreciation | (1,574,002 | ) | (1,393,323 | ) | ||||
10,139,703 | 10,269,630 | |||||||
Assets held for sale | — | 4,901 | ||||||
Cash and cash equivalents | 209,098 | 189,984 | ||||||
Restricted cash | 356,844 | 136,071 | ||||||
Investment in marketable securities | 32,863 | 21,429 | ||||||
Tenant and other receivables, net of allowance of $22,383 and $21,652 in 2013 and 2012, respectively | 51,354 | 48,544 | ||||||
Related party receivables | 7,800 | 7,531 | ||||||
Deferred rents receivable, net of allowance of $29,508 and $29,580 in 2013 and 2012, respectively | 374,615 | 340,747 | ||||||
Debt and preferred equity investments, net of discounts and deferred origination fees of $26,466 and $22,341 in 2013 and 2012, and allowance of $4,000 and $7,000 in 2013 and 2012, respectively | 1,315,551 | 1,348,434 | ||||||
Investments in unconsolidated joint ventures | 1,109,815 | 1,032,243 | ||||||
Deferred costs, net | 247,850 | 261,145 | ||||||
Other assets | 729,426 | 718,326 | ||||||
Total assets | $ | 14,574,919 | $ | 14,378,985 | ||||
Liabilities | ||||||||
Mortgages and other loans payable | $ | 4,641,758 | $ | 4,615,464 | ||||
Revolving credit facility | 340,000 | 70,000 | ||||||
Term loan and senior unsecured notes | 1,737,869 | 1,734,956 | ||||||
Accrued interest payable and other liabilities | 69,359 | 73,769 | ||||||
Accounts payable and accrued expenses | 167,719 | 159,598 | ||||||
Deferred revenue | 293,393 | 312,995 | ||||||
Capitalized lease obligations | 47,492 | 37,518 | ||||||
Deferred land leases payable | 21,066 | 20,897 | ||||||
Dividend and distributions payable | 34,749 | 37,839 | ||||||
Security deposits | 54,824 | 46,253 | ||||||
Liabilities related to assets held for sale | — | 136 | ||||||
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | ||||||
Total liabilities | 7,508,229 | 7,209,425 | ||||||
Commitments and contingencies | — | — | ||||||
Noncontrolling interest in the Operating Partnership | 248,046 | 212,907 | ||||||
Series G Preferred Units, $25.00 liquidation preference, 1,902 issued and outstanding at both September 30, 2013 and December 31, 2012 | 47,550 | 47,550 | ||||||
Series H Preferred Units, $25.00 liquidation preference, 80 issued and outstanding at both September 30, 2013 and December 31, 2012 | 2,000 | 2,000 | ||||||
Equity | ||||||||
SL Green stockholders’ equity: | ||||||||
Series C Preferred Stock, $0.01 par value, $25.00 liquidation preference, 7,700 issued and outstanding at December 31, 2012 | — | 180,340 | ||||||
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2013 and December 31, 2012 | 221,932 | 221,965 | ||||||
Common stock, $0.01 par value, 160,000 shares authorized and 95,780 and 94,896 issued and outstanding at September 30, 2013 and December 31, 2012, respectively (including 3,566 and 3,646 shares held in Treasury at September 30, 2013 and December 31, 2012, respectively) | 959 | 950 | ||||||
Additional paid-in-capital | 4,757,778 | 4,667,900 | ||||||
Treasury stock at cost | (316,989 | ) | (322,858 | ) | ||||
Accumulated other comprehensive loss | (19,249 | ) | (29,587 | ) | ||||
Retained earnings | 1,636,584 | 1,701,092 | ||||||
Total SL Green stockholders’ equity | 6,281,015 | 6,419,802 | ||||||
Noncontrolling interests in other partnerships | 488,079 | 487,301 | ||||||
Total equity | 6,769,094 | 6,907,103 | ||||||
Total liabilities and equity | $ | 14,574,919 | $ | 14,378,985 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Rental revenue, net | $ | 264,349 | $ | 277,676 | $ | 804,104 | $ | 798,271 | ||||||||
Escalation and reimbursement | 45,091 | 42,194 | 125,018 | 124,273 | ||||||||||||
Investment and preferred equity income | 44,448 | 27,869 | 143,887 | 87,655 | ||||||||||||
Other income | 9,877 | 9,272 | 21,369 | 25,931 | ||||||||||||
Total revenues | 363,765 | 357,011 | 1,094,378 | 1,036,130 | ||||||||||||
Expenses | ||||||||||||||||
Operating expenses, including approximately $4,876 and $13,345 (2013) and $4,670 and $12,914 (2012) paid to related parties | 77,272 | 82,351 | 218,901 | 221,670 | ||||||||||||
Real estate taxes | 55,511 | 53,293 | 161,625 | 156,746 | ||||||||||||
Ground rent | 10,127 | 8,874 | 29,767 | 26,570 | ||||||||||||
Interest expense, net of interest income | 82,973 | 85,659 | 247,420 | 247,789 | ||||||||||||
Amortization of deferred financing costs | 4,331 | 4,493 | 13,034 | 11,626 | ||||||||||||
Depreciation and amortization | 87,473 | 81,827 | 248,587 | 233,566 | ||||||||||||
Loan loss and other investment reserves, net of recoveries | — | — | — | 564 | ||||||||||||
Transaction related costs, net of recoveries | (2,349 | ) | 1,372 | 719 | 4,398 | |||||||||||
Marketing, general and administrative | 20,869 | 20,551 | 63,450 | 61,469 | ||||||||||||
Total expenses | 336,207 | 338,420 | 983,503 | 964,398 | ||||||||||||
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate, gain (loss) on sale of investment in marketable securities, purchase price fair value adjustment and loss on early extinguishment of debt | 27,558 | 18,591 | 110,875 | 71,732 | ||||||||||||
Equity in net income from unconsolidated joint ventures | 2,939 | 11,658 | 4,251 | 80,988 | ||||||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | (354 | ) | (4,807 | ) | (3,937 | ) | 17,776 | |||||||||
Gain (loss) on sale of investment in marketable securities | — | 2,237 | (65 | ) | 2,237 | |||||||||||
Purchase price fair value adjustment | — | — | (2,305 | ) | — | |||||||||||
Loss on early extinguishment of debt | — | — | (18,523 | ) | — | |||||||||||
Income from continuing operations | 30,143 | 27,679 | 90,296 | 172,733 | ||||||||||||
Net income from discontinued operations | 1,406 | 951 | 1,725 | 2,883 | ||||||||||||
Gain on sale of discontinued operations | 13,787 | — | 14,900 | 6,627 | ||||||||||||
Net income | 45,336 | 28,630 | 106,921 | 182,243 | ||||||||||||
Net income attributable to noncontrolling interests: | ||||||||||||||||
Noncontrolling interests in the Operating Partnership | (1,110 | ) | (567 | ) | (1,909 | ) | (4,876 | ) | ||||||||
Noncontrolling interests in other partnerships | (2,901 | ) | (1,835 | ) | (8,806 | ) | (6,792 | ) | ||||||||
Preferred unit distributions | (562 | ) | (571 | ) | (1,692 | ) | (1,533 | ) | ||||||||
Net income attributable to SL Green | 40,763 | 25,657 | 94,514 | 169,042 | ||||||||||||
Preferred stock redemption costs | — | (10,010 | ) | (12,160 | ) | (10,010 | ) | |||||||||
Perpetual preferred stock dividends | (3,738 | ) | (7,915 | ) | (18,144 | ) | (23,004 | ) | ||||||||
Net income attributable to SL Green common stockholders | $ | 37,025 | $ | 7,732 | $ | 64,210 | $ | 136,028 | ||||||||
Amounts attributable to SL Green common stockholders: | ||||||||||||||||
Income from continuing operations | $ | 22,623 | $ | 11,451 | $ | 54,125 | $ | 109,687 | ||||||||
Purchase price fair value adjustment | — | — | (2,239 | ) | — | |||||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | (344 | ) | (4,636 | ) | (3,825 | ) | 17,160 | |||||||||
Net income from discontinued operations | 1,365 | 917 | 1,676 | 2,783 | ||||||||||||
Gain on sale of discontinued operations | 13,381 | — | 14,473 | 6,398 | ||||||||||||
Net income | $ | 37,025 | $ | 7,732 | $ | 64,210 | $ | 136,028 | ||||||||
Basic earnings per share: | ||||||||||||||||
Income from continuing operations before discontinued operations | $ | 0.25 | $ | 0.13 | $ | 0.57 | $ | 1.24 | ||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | — | (0.05 | ) | (0.04 | ) | 0.19 | ||||||||||
Net income from discontinued operations | — | 0.01 | 0.01 | 0.03 | ||||||||||||
Gain on sale of discontinued operations | 0.15 | — | 0.16 | 0.07 | ||||||||||||
Net income attributable to SL Green common stockholders | $ | 0.40 | $ | 0.09 | $ | 0.70 | $ | 1.53 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Income from continuing operations before discontinued operations | $ | 0.25 | $ | 0.13 | $ | 0.56 | $ | 1.23 | ||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | — | (0.05 | ) | (0.04 | ) | 0.19 | ||||||||||
Net income from discontinued operations | — | 0.01 | 0.02 | 0.03 | ||||||||||||
Gain on sale of discontinued operations | 0.15 | — | 0.16 | 0.07 | ||||||||||||
Net income attributable to SL Green common stockholders | $ | 0.40 | $ | 0.09 | $ | 0.70 | $ | 1.52 | ||||||||
Dividends per share | $ | 0.33 | $ | 0.25 | $ | 0.99 | $ | 0.75 | ||||||||
Basic weighted average common shares outstanding | 91,988 | 90,241 | 91,684 | 88,929 | ||||||||||||
Diluted weighted average common shares and common share equivalents outstanding | 95,016 | 93,891 | 94,631 | 92,485 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income | $ | 45,336 | $ | 28,630 | $ | 106,921 | $ | 182,243 | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||
Change in net unrealized (loss) gain on derivative instruments, including SL Green's share of joint venture net unrealized (loss) gain on derivative instruments | (1,165 | ) | (102 | ) | 10,522 | (635 | ) | |||||||||
Change in unrealized gain (loss) on marketable securities | 513 | (825 | ) | 306 | (597 | ) | ||||||||||
Other comprehensive (loss) income | (652 | ) | (927 | ) | 10,828 | (1,232 | ) | |||||||||
Comprehensive income | 44,684 | 27,703 | 117,749 | 181,011 | ||||||||||||
Net income attributable to noncontrolling interests | (4,573 | ) | (2,973 | ) | (12,407 | ) | (13,201 | ) | ||||||||
Other comprehensive loss (income) attributable to noncontrolling interests in the Operating Partnership | 25 | 59 | (490 | ) | 396 | |||||||||||
Comprehensive income attributable to SL Green common stockholders | $ | 40,136 | $ | 24,789 | $ | 104,852 | $ | 168,206 |
SL Green Realty Corp. Stockholders | ||||||||||||||||||||||||||||||||||||||
Series C Preferred Stock | Series I Preferred Stock | Common Stock | Additional Paid- In-Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | |||||||||||||||||||||||||||||||
Shares | Par Value | Total | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 180,340 | $ | 221,965 | 91,250 | $ | 950 | $ | 4,667,900 | $ | (322,858 | ) | $ | (29,587 | ) | $ | 1,701,092 | $ | 487,301 | $ | 6,907,103 | |||||||||||||||||
Net income | 94,514 | 8,806 | 103,320 | |||||||||||||||||||||||||||||||||||
Other comprehensive income | 10,338 | 10,338 | ||||||||||||||||||||||||||||||||||||
Preferred dividends | (18,144 | ) | (18,144 | ) | ||||||||||||||||||||||||||||||||||
DRIP proceeds | 57 | 57 | ||||||||||||||||||||||||||||||||||||
Conversion of units of the Operating Partnership to common stock | 224 | 2 | 17,285 | 17,287 | ||||||||||||||||||||||||||||||||||
Reallocation of noncontrolling interest in the Operating Partnership | (38,452 | ) | (38,452 | ) | ||||||||||||||||||||||||||||||||||
Deferred compensation plan | 10 | 655 | (221 | ) | 434 | |||||||||||||||||||||||||||||||||
Amortization of deferred compensation plan | 19,702 | 19,702 | ||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | (180,340 | ) | (12,160 | ) | (192,500 | ) | ||||||||||||||||||||||||||||||||
Preferred stock issuance costs | (33 | ) | (33 | ) | ||||||||||||||||||||||||||||||||||
Issuance of common stock | 462 | 5 | 41,786 | 41,791 | ||||||||||||||||||||||||||||||||||
Sale of treasury stock | 83 | 6,090 | 6,090 | |||||||||||||||||||||||||||||||||||
Proceeds from stock options exercised | 185 | 2 | 10,393 | 10,395 | ||||||||||||||||||||||||||||||||||
Contributions to consolidated joint venture | 3,781 | 3,781 | ||||||||||||||||||||||||||||||||||||
Cash distributions to noncontrolling interests | (11,809 | ) | (11,809 | ) | ||||||||||||||||||||||||||||||||||
Cash distribution declared ($0.99 per common share, none of which represented a return of capital for federal income tax purposes) | (90,266 | ) | (90,266 | ) | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2013 | $ | — | $ | 221,932 | 92,214 | $ | 959 | $ | 4,757,778 | $ | (316,989 | ) | $ | (19,249 | ) | $ | 1,636,584 | $ | 488,079 | $ | 6,769,094 |
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Operating Activities | ||||||||
Net income | $ | 106,921 | $ | 182,243 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 264,833 | 249,950 | ||||||
Depreciable real estate reserves | 2,150 | — | ||||||
Equity in net income from unconsolidated joint ventures | (4,251 | ) | (80,988 | ) | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 21,723 | 84,182 | ||||||
Purchase price fair value adjustment | 2,305 | — | ||||||
Equity in net loss (gain) on sale of interest in unconsolidated joint venture/real estate | 3,937 | (17,776 | ) | |||||
Gain on sale of discontinued operations | (14,900 | ) | (6,627 | ) | ||||
Loan loss and other investment reserves, net of recoveries | — | 564 | ||||||
Gain on sale of investments in marketable securities | — | (2,237 | ) | |||||
Loss on early extinguishment of debt | 10,968 | — | ||||||
Deferred rents receivable | (44,021 | ) | (50,910 | ) | ||||
Other non-cash adjustments | (31,808 | ) | (864 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Restricted cash — operations | 1,254 | (12,557 | ) | |||||
Tenant and other receivables | (3,018 | ) | (8,500 | ) | ||||
Related party receivables | (187 | ) | (3,792 | ) | ||||
Deferred lease costs | (28,502 | ) | (37,885 | ) | ||||
Other assets | (23,316 | ) | (44,915 | ) | ||||
Accounts payable, accrued expenses and other liabilities | 23,635 | 11,309 | ||||||
Deferred revenue and land leases payable | 22,731 | 8,997 | ||||||
Net cash provided by operating activities | 310,454 | 270,194 | ||||||
Investing Activities | ||||||||
Acquisitions of real estate property | (58,185 | ) | (405,318 | ) | ||||
Additions to land, buildings and improvements | (108,849 | ) | (107,425 | ) | ||||
Escrowed cash — capital improvements/acquisition | (246,682 | ) | (68,692 | ) | ||||
Investments in unconsolidated joint ventures | (120,130 | ) | (159,524 | ) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 19,795 | 48,510 | ||||||
Net proceeds from disposition of real estate/joint venture interest | 218,701 | 70,367 | ||||||
Other investments | (26,003 | ) | (28,911 | ) | ||||
Debt and preferred equity and other investments, net of repayments/participations | 78,888 | (172,411 | ) | |||||
Net cash used in investing activities | (242,465 | ) | (823,404 | ) | ||||
Financing Activities | ||||||||
Proceeds from mortgages and other loans payable | 980,333 | 1,113,500 | ||||||
Repayments of mortgages and other loans payable | (1,027,201 | ) | (484,518 | ) | ||||
Proceeds from credit facility and senior unsecured notes | 844,000 | 813,339 | ||||||
Repayments of credit facility and senior unsecured notes | (578,970 | ) | (1,065,793 | ) | ||||
Proceeds from stock options exercised and DRIP issuance | 10,452 | 112,447 | ||||||
Net proceeds from sale of common stock/preferred stock | 41,758 | 423,544 | ||||||
Redemption of preferred stock | (192,500 | ) | (200,013 | ) | ||||
Sale or purchase of treasury stock | 6,089 | (11,197 | ) | |||||
Distributions to noncontrolling interests in other partnerships | (11,809 | ) | (15,622 | ) | ||||
Contributions from noncontrolling interests in other partnerships | 3,781 | 19,181 | ||||||
Distributions to noncontrolling interests in the Operating Partnership | (2,695 | ) | (2,385 | ) | ||||
Dividends paid on common and preferred stock | (113,192 | ) | (91,272 | ) | ||||
Deferred loan costs and capitalized lease obligations | (8,921 | ) | (33,830 | ) | ||||
Net cash (used in) provided by financing activities | (48,875 | ) | 577,381 | |||||
Net increase in cash and cash equivalents | 19,114 | 24,171 | ||||||
Cash and cash equivalents at beginning of period | 189,984 | 138,192 | ||||||
Cash and cash equivalents at end of period | $ | 209,098 | $ | 162,363 | ||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||||||||
Issuance of common stock as deferred compensation | $ | 434 | $ | 631 | ||||
Issuance of units in the Operating Partnership | 14,270 | 40,542 | ||||||
Redemption of units in the Operating Partnership | 17,287 | 17,467 | ||||||
Derivative instruments at fair value | 494 | 375 | ||||||
Assignment of debt investment to joint venture | — | 25,362 | ||||||
Mortgage assigned upon asset sale | — | 59,099 | ||||||
Tenant improvements and capital expenditures payable | 9,855 | 10,056 | ||||||
Assumption of mortgage loans | 84,642 | — | ||||||
Fair value adjustment to noncontrolling interest in the Operating Partnership | 38,452 | 44,893 | ||||||
Accrued acquisition liabilities | — | 4,372 | ||||||
Deferred leasing payable | 2,849 | 509 | ||||||
Capital leased asset | 9,992 | — | ||||||
Transfer to net assets held for sale | — | 86,339 | ||||||
Transfer to liabilities related to net assets held for sale | — | 62,792 | ||||||
Repayment of mezzanine loan | — | 3,750 | ||||||
Redemption of Series E units | — | 31,698 | ||||||
Repayment of financing receivable | — | 28,195 | ||||||
Consolidation of real estate investment | 90,934 | — | ||||||
Investment in joint venture | — | 5,135 |
September 30, 2013 | December 31, 2012 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Commercial real estate properties, at cost: | ||||||||
Land and land interests | $ | 2,868,833 | $ | 2,886,099 | ||||
Building and improvements | 7,440,543 | 7,389,766 | ||||||
Building leasehold and improvements | 1,353,997 | 1,346,748 | ||||||
Properties under capital lease | 50,332 | 40,340 | ||||||
11,713,705 | 11,662,953 | |||||||
Less: accumulated depreciation | (1,574,002 | ) | (1,393,323 | ) | ||||
10,139,703 | 10,269,630 | |||||||
Assets held for sale | — | 4,901 | ||||||
Cash and cash equivalents | 209,098 | 189,984 | ||||||
Restricted cash | 356,844 | 136,071 | ||||||
Investment in marketable securities | 32,863 | 21,429 | ||||||
Tenant and other receivables, net of allowance of $22,383 and $21,652 in 2013 and 2012, respectively | 51,354 | 48,544 | ||||||
Related party receivables | 7,800 | 7,531 | ||||||
Deferred rents receivable, net of allowance of $29,508 and $29,580 in 2013 and 2012, respectively | 374,615 | 340,747 | ||||||
Debt and preferred equity investments, net of discounts and deferred origination fees of $26,466 and $22,341 and allowance of $4,000 and $7,000 in 2013 and 2012, respectively | 1,315,551 | 1,348,434 | ||||||
Investments in unconsolidated joint ventures | 1,109,815 | 1,032,243 | ||||||
Deferred costs, net | 247,850 | 261,145 | ||||||
Other assets | 729,426 | 718,326 | ||||||
Total assets | $ | 14,574,919 | $ | 14,378,985 | ||||
Liabilities | ||||||||
Mortgages and other loans payable | $ | 4,641,758 | $ | 4,615,464 | ||||
Revolving credit facility | 340,000 | 70,000 | ||||||
Term loan and senior unsecured notes | 1,737,869 | 1,734,956 | ||||||
Accrued interest payable and other liabilities | 69,359 | 73,769 | ||||||
Accounts payable and accrued expenses | 167,719 | 159,598 | ||||||
Deferred revenue | 293,393 | 312,995 | ||||||
Capitalized lease obligations | 47,492 | 37,518 | ||||||
Deferred land leases payable | 21,066 | 20,897 | ||||||
Dividend and distributions payable | 34,749 | 37,839 | ||||||
Security deposits | 54,824 | 46,253 | ||||||
Liabilities related to assets held for sale | — | 136 | ||||||
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | 100,000 | ||||||
Total liabilities | 7,508,229 | 7,209,425 | ||||||
Commitments and contingencies | — | — | ||||||
Series G Preferred Units, $25.00 liquidation preference, 1,902 issued and outstanding at both September 30, 2013 and December 31, 2012 | 47,550 | 47,550 | ||||||
Series H Preferred Units, $25.00 liquidation preference, 80 issued and outstanding at both September 30, 2013 and December 31, 2012 | 2,000 | 2,000 | ||||||
Capital | ||||||||
SLGOP partners’ capital: | ||||||||
Series C Preferred Units, 7,700 issued and outstanding at December 31, 2012 | — | 180,340 | ||||||
Series I Preferred Units, 9,200 issued and outstanding at both September 30, 2013 and December 31, 2012 | 221,932 | 221,965 | ||||||
SL Green partners’ capital (950 and 940 general partner common units and 91,264 and 90,310 limited partner common units outstanding at September 30, 2013 and December 31, 2012, respectively) | 6,259,229 | 6,189,529 | ||||||
Limited partner interests in SLGOP (2,792 and 2,760 limited partner common units outstanding at September 30, 2013 and December 31, 2012, respectively | 67,721 | 71,524 | ||||||
Accumulated other comprehensive loss | (19,821 | ) | (30,649 | ) | ||||
Total SLGOP partners’ capital | 6,529,061 | 6,632,709 | ||||||
Noncontrolling interests in other partnerships | 488,079 | 487,301 | ||||||
Total capital | 7,017,140 | 7,120,010 | ||||||
Total liabilities and capital | $ | 14,574,919 | $ | 14,378,985 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Rental revenue, net | $ | 264,349 | $ | 277,676 | $ | 804,104 | $ | 798,271 | ||||||||
Escalation and reimbursement | 45,091 | 42,194 | 125,018 | 124,273 | ||||||||||||
Investment and preferred equity income | 44,448 | 27,869 | 143,887 | 87,655 | ||||||||||||
Other income | 9,877 | 9,272 | 21,369 | 25,931 | ||||||||||||
Total revenues | 363,765 | 357,011 | 1,094,378 | 1,036,130 | ||||||||||||
Expenses | ||||||||||||||||
Operating expenses, including approximately $4,876 and $13,345 (2013) and $4,670 and $12,914 (2012) paid to related parties | 77,272 | 82,351 | 218,901 | 221,670 | ||||||||||||
Real estate taxes | 55,511 | 53,293 | 161,625 | 156,746 | ||||||||||||
Ground rent | 10,127 | 8,874 | 29,767 | 26,570 | ||||||||||||
Interest expense, net of interest income | 82,973 | 85,659 | 247,420 | 247,789 | ||||||||||||
Amortization of deferred financing costs | 4,331 | 4,493 | 13,034 | 11,626 | ||||||||||||
Depreciation and amortization | 87,473 | 81,827 | 248,587 | 233,566 | ||||||||||||
Loan loss and other investment reserves, net of recoveries | — | — | — | 564 | ||||||||||||
Transaction related costs, net of recoveries | (2,349 | ) | 1,372 | 719 | 4,398 | |||||||||||
Marketing, general and administrative | 20,869 | 20,551 | 63,450 | 61,469 | ||||||||||||
Total expenses | 336,207 | 338,420 | 983,503 | 964,398 | ||||||||||||
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate, gain (loss) on sale of investment in marketable securities, purchase price fair value adjustment and loss on early extinguishment of debt | 27,558 | 18,591 | 110,875 | 71,732 | ||||||||||||
Equity in net income from unconsolidated joint ventures | 2,939 | 11,658 | 4,251 | 80,988 | ||||||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | (354 | ) | (4,807 | ) | (3,937 | ) | 17,776 | |||||||||
Gain (loss) on sale of investment in marketable securities | — | 2,237 | (65 | ) | 2,237 | |||||||||||
Purchase price fair value adjustment | — | — | (2,305 | ) | — | |||||||||||
Loss on early extinguishment of debt | — | — | (18,523 | ) | — | |||||||||||
Income from continuing operations | 30,143 | 27,679 | 90,296 | 172,733 | ||||||||||||
Net income from discontinued operations | 1,406 | 951 | 1,725 | 2,883 | ||||||||||||
Gain on sale of discontinued operations | 13,787 | — | 14,900 | 6,627 | ||||||||||||
Net income | 45,336 | 28,630 | 106,921 | 182,243 | ||||||||||||
Net income attributable to noncontrolling interests in other partnerships | (2,901 | ) | (1,835 | ) | (8,806 | ) | (6,792 | ) | ||||||||
Preferred unit distributions | (562 | ) | (571 | ) | (1,692 | ) | (1,533 | ) | ||||||||
Net income attributable to SLGOP | 41,873 | 26,224 | 96,423 | 173,918 | ||||||||||||
Preferred unit redemption costs | — | (10,010 | ) | (12,160 | ) | (10,010 | ) | |||||||||
Perpetual preferred unit distributions | (3,738 | ) | (7,915 | ) | (18,144 | ) | (23,004 | ) | ||||||||
Net income attributable to SLGOP common unitholders | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Amounts attributable to SLGOP common unitholders: | ||||||||||||||||
Income from continuing operations | $ | 23,296 | $ | 12,155 | $ | 55,736 | $ | 113,618 | ||||||||
Purchase price fair value adjustment | — | — | (2,305 | ) | — | |||||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | (354 | ) | (4,807 | ) | (3,937 | ) | 17,776 | |||||||||
Net income from discontinued operations | 1,406 | 951 | 1,725 | 2,883 | ||||||||||||
Gain on sale of discontinued operations | 13,787 | — | 14,900 | 6,627 | ||||||||||||
Net income | $ | 38,135 | $ | 8,299 | $ | 66,119 | $ | 140,904 | ||||||||
Basic earnings per unit: | ||||||||||||||||
Income from continuing operations before discontinued operations | $ | 0.25 | $ | 0.13 | $ | 0.57 | $ | 1.24 | ||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | — | (0.05 | ) | (0.04 | ) | 0.19 | ||||||||||
Net income from discontinued operations | — | 0.01 | 0.01 | 0.03 | ||||||||||||
Gain on sale of discontinued operations | 0.15 | — | 0.16 | 0.07 | ||||||||||||
Net income attributable to SLGOP common unitholders | $ | 0.40 | $ | 0.09 | $ | 0.70 | $ | 1.53 | ||||||||
Diluted earnings per unit: | ||||||||||||||||
Income from continuing operations before discontinued operations | $ | 0.25 | $ | 0.13 | $ | 0.56 | $ | 1.23 | ||||||||
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate | — | (0.05 | ) | (0.04 | ) | 0.19 | ||||||||||
Net income from discontinued operations | — | 0.01 | 0.02 | 0.03 | ||||||||||||
Gain on sale of discontinued operations | 0.15 | — | 0.16 | 0.07 | ||||||||||||
Net income attributable to SLGOP common unitholders | $ | 0.40 | $ | 0.09 | $ | 0.70 | $ | 1.52 | ||||||||
Dividends per unit | $ | 0.33 | $ | 0.25 | $ | 0.99 | $ | 0.75 | ||||||||
Basic weighted average common units outstanding | 94,780 | 93,561 | 94,389 | 92,117 | ||||||||||||
Diluted weighted average common units and common unit equivalents outstanding | 95,016 | 93,891 | 94,631 | 92,485 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income | $ | 45,336 | $ | 28,630 | $ | 106,921 | $ | 182,243 | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||
Change in net unrealized (loss) gain on derivative instruments, including SL Green's share of joint venture net unrealized (loss) gain on derivative instruments | (1,165 | ) | (102 | ) | 10,522 | (635 | ) | |||||||||
Change in unrealized gain (loss) on marketable securities | 513 | (825 | ) | 306 | (597 | ) | ||||||||||
Other comprehensive (loss) income | (652 | ) | (927 | ) | 10,828 | (1,232 | ) | |||||||||
Comprehensive income | 44,684 | 27,703 | 117,749 | 181,011 | ||||||||||||
Net income attributable to noncontrolling interests in other partnerships | (2,901 | ) | (1,835 | ) | (8,806 | ) | (6,792 | ) | ||||||||
Comprehensive income attributable to SLGOP | $ | 41,783 | $ | 25,868 | $ | 108,943 | $ | 174,219 |
SL Green Operating Partnership Unitholders | ||||||||||||||||||||||||||||||||||
Series C Preferred Units | Series I Preferred Units | General Partner | Limited Partners | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||
Common Units | Common Unitholders | Common Units | Common Unitholders | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 180,340 | $ | 221,965 | 91,250 | $ | 6,189,529 | 2,760 | $ | 71,524 | $ | (30,649 | ) | $ | 487,301 | $ | 7,120,010 | |||||||||||||||||
Net income | 6,932 | 11,212 | 76,370 | 1,909 | 8,806 | 105,229 | ||||||||||||||||||||||||||||
Other comprehensive income | 10,828 | 10,828 | ||||||||||||||||||||||||||||||||
Preferred distributions | (6,932 | ) | (11,212 | ) | (18,144 | ) | ||||||||||||||||||||||||||||
DRIP proceeds | 57 | 57 | ||||||||||||||||||||||||||||||||
Conversion of units | 224 | 17,287 | (224 | ) | (17,287 | ) | — | |||||||||||||||||||||||||||
Issuance of units | 256 | 14,270 | 14,270 | |||||||||||||||||||||||||||||||
Deferred compensation plan | 10 | 434 | 434 | |||||||||||||||||||||||||||||||
Amortization of deferred compensation plan | 19,702 | 19,702 | ||||||||||||||||||||||||||||||||
Redemption of preferred units | (180,340 | ) | (12,160 | ) | (192,500 | ) | ||||||||||||||||||||||||||||
Preferred units issuance costs | (33 | ) | (33 | ) | ||||||||||||||||||||||||||||||
Contributions - net proceeds from common stock offering | 462 | 41,791 | 41,791 | |||||||||||||||||||||||||||||||
Contributions - treasury shares | 83 | 6,090 |