XML 19 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Rental revenue, net $ 279,407 $ 416,809 $ 560,736 $ 762,416
Escalation and reimbursement 42,620 48,616 86,812 94,227
Investment income 60,622 44,214 100,921 98,951
Other income 15,501 107,975 27,062 117,464
Total revenues 398,150 617,614 775,531 1,073,058
Expenses        
Operating expenses, including related party expenses of $5,262 and $9,436 in 2017 and $6,667 and $10,129 in 2016. 70,852 75,324 145,358 154,844
Real estate taxes 60,945 62,124 122,013 123,798
Ground rent 8,308 8,307 16,616 16,615
Interest expense, net of interest income 64,856 89,089 130,478 183,761
Amortization of deferred financing costs 3,432 7,433 8,193 15,365
Depreciation and amortization 133,054 425,042 227,188 604,350
Transaction related costs 46 2,115 179 3,394
Marketing, general and administrative 24,256 24,484 48,399 48,516
Total expenses 365,749 693,918 698,424 1,150,643
Income (loss) before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, (loss) gain on sale of real estate, net, depreciable real estate reserves, and (loss) gain on sale of investment in marketable securities 32,401 (76,304) 77,107 (77,585)
Equity in net income from unconsolidated joint ventures 3,412 5,841 10,026 15,937
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 13,089 33,448 15,136 43,363
(Loss) gain on sale of real estate, net (3,823) 196,580 (3,256) 210,353
Depreciable real estate reserves (29,064) (10,387) (85,336) (10,387)
(Loss) gain on sale of investment in marketable securities 0 (83) 3,262 (83)
Net income 16,015 149,095 16,939 181,598
Net income attributable to noncontrolling interests:        
Noncontrolling interests in the Operating Partnership (419) (5,586) (895) (6,508)
Noncontrolling interests in other partnerships (786) (3,435) 16,705 (5,409)
Preferred units distributions (2,851) (2,880) (5,701) (5,528)
Net income (loss) attributable to SL Green/SLGOP 11,959 137,194 27,048 164,153
Perpetual preferred stock dividends (3,737) (3,737) (7,475) (7,475)
Amounts attributable to SL Green common stockholders:        
Income (loss) before depreciable real estate reserves and gains (losses) on sale 27,156 (77,056) 89,818 (76,947)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 12,517 32,058 14,474 41,634
(Loss) gain on sale of real estate, net (3,656) 188,410 (3,114) 201,964
Depreciable real estate reserves (27,795) (9,955) (81,605) (9,973)
Net income attributable to SL Green common stockholders $ 8,222 $ 133,457 $ 19,573 $ 156,678
Basic earnings per share:        
Income (loss) from continuing operations before depreciable real estate reserves, gains on sale and discontinued operations (in usd per share) $ 0.27 $ (0.77) $ 0.90 $ (0.77)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) 0.13 0.32 0.14 0.42
Gain on sale of real estate (in dollars per share) (0.04) 1.88 (0.03) 2.02
Depreciable Real Estate Reserves, Effect on Earnings, Per Basic Share (0.28) (0.10) (0.81) (0.10)
Net income attributable to SL Green common stockholders (usd per share) 0.08 1.33 0.20 1.57
Diluted earnings per share:        
Income (loss) from continuing operations before depreciable real estate reserves, gains on sale and discontinued operations (in usd per share) 0.27 (0.77) 0.89 (0.77)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate (usd per share) 0.12 0.32 0.14 0.42
Gain on sale of real estate (in dollars per share) (0.04) 1.88 (0.03) 2.01
Depreciable real estate reserves (in dollars per share) (0.27) (0.10) (0.81) (0.10)
Net income attributable to SL Green common stockholders (usd per share) 0.08 1.33 0.19 1.56
Dividends per share/unit (usd per share) $ 0.775 $ 0.72 $ 1.55 $ 1.44
Basic weighted average common shares outstanding (in shares) 99,900 100,134 100,268 100,093
Diluted weighted average common shares and common share equivalents outstanding (in shares) 104,732 104,792 105,140 104,533
SL Green Operating Partnership        
Revenues        
Rental revenue, net $ 279,407 $ 416,809 $ 560,736 $ 762,416
Escalation and reimbursement 42,620 48,616 86,812 94,227
Investment income 60,622 44,214 100,921 98,951
Other income 15,501 107,975 27,062 117,464
Total revenues 398,150 617,614 775,531 1,073,058
Expenses        
Operating expenses, including related party expenses of $5,262 and $9,436 in 2017 and $6,667 and $10,129 in 2016. 70,852 75,324 145,358 154,844
Real estate taxes 60,945 62,124 122,013 123,798
Ground rent 8,308 8,307 16,616 16,615
Interest expense, net of interest income 64,856 89,089 130,478 183,761
Amortization of deferred financing costs 3,432 7,433 8,193 15,365
Depreciation and amortization 133,054 425,042 227,188 604,350
Transaction related costs 46 2,115 179 3,394
Marketing, general and administrative 24,256 24,484 48,399 48,516
Total expenses 365,749 693,918 698,424 1,150,643
Income (loss) before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, (loss) gain on sale of real estate, net, depreciable real estate reserves, and (loss) gain on sale of investment in marketable securities 32,401 (76,304) 77,107 (77,585)
Equity in net income from unconsolidated joint ventures 3,412 5,841 10,026 15,937
Equity in net gain on sale of interest in unconsolidated joint venture/real estate 13,089 33,448 15,136 43,363
(Loss) gain on sale of real estate, net (3,823) 196,580 (3,256) 210,353
Depreciable real estate reserves (29,064) (10,387) (85,336) (10,387)
(Loss) gain on sale of investment in marketable securities 0 (83) 3,262 (83)
Net income 16,015 149,095 16,939 181,598
Net income attributable to noncontrolling interests:        
Noncontrolling interests in the Operating Partnership     (895)  
Noncontrolling interests in other partnerships (786) (3,435) 16,705 (5,409)
Preferred units distributions (2,851) (2,880) (5,701) (5,528)
Net income (loss) attributable to SL Green/SLGOP 12,378 142,780 27,943 170,661
Perpetual preferred unit distributions (3,737) (3,737) (7,475) (7,475)
Net income attributable to SLGOP common unitholders 8,641 139,043 20,468 163,186
Amounts attributable to SL Green common stockholders:        
Income (loss) before depreciable real estate reserves and gains (losses) on sale $ 28,439 $ 115,786 $ 93,924 $ (80,143)
Basic earnings per share:        
Net income attributable to SLGOP common unitholders (usd per share) $ 0.08 $ 1.33 $ 0.20 $ 1.57
Diluted earnings per share:        
Net income attributable to SLGOP common unitholders (usd per share) $ 0.08 $ 1.33 0.19 $ 1.56
Dividends per share/unit (usd per share)     $ 1.55  
Basic weighted average common shares outstanding (in shares) 104,462 104,476 104,852 104,251
Basic weighted average common units outstanding (in shares)     104,852 104,251
Diluted weighted average common units and common unit equivalents outstanding (in shares)     105,140 104,533