Noncontrolling Interests on the Company's Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Below is a summary of the activity relating to the noncontrolling interests in the Operating Partnership for twelve months ended December 31, 2021 and 2020 (in thousands):


	December 31,
	2021		2020
Balance at beginning of period	$	358,262	$	409,862
Distributions	(15,749)		(12,652)
Issuance of common units	18,678		12,018
Redemption and conversion of common units	(53,289)		(36,085)
Net income	25,457		20,016
Accumulated other comprehensive loss allocation	1,042		(2,299)
Fair value adjustment	9,851		(32,598)
Balance at end of period	$	344,252	$	358,262

Schedule of Preferred Unit Activity

Below is a summary of the preferred units of limited partnership interest in the Operating Partnership as of December 31, 2021:


Issuance	Stated Distribution Rate		Number of Units Authorized	Number of Units Issued	Number of Units Outstanding	Annual Dividend Per Unit(1)		Liquidation Preference Per Unit(2)		Conversion Price Per Unit(3)		Date of Issuance
Series A (4)	3.50	%	109,161	109,161	109,161	$	35.0000	$	1,000.00	$	—	August 2015
Series F	7.00	%	60	60	60	70.0000		1,000.00		29.12		January 2007
Series G (5)	4.50	%	1,902,000	1,902,000	718,697	1.1250		25.00		88.50		January 2012
Series K	3.50	%	700,000	563,954	341,677	0.8750		25.00		134.67		August 2014
Series L	4.00	%	500,000	378,634	372,634	1.0000		25.00		—		August 2014
Series P	4.00	%	200,000	200,000	200,000	1.0000		25.00		—		July 2015
Series Q	3.50	%	268,000	268,000	268,000	0.8750		25.00		148.95		July 2015
Series R	3.50	%	400,000	400,000	400,000	0.8750		25.00		154.89		August 2015
Series S	4.00	%	1,077,280	1,077,280	1,077,280	1.0000		25.00		—		August 2015
Series V	3.50	%	40,000	40,000	40,000	0.8750		25.00		—		May 2019
Series W (6)	(6)		1	1	1	(6)		(6)		(6)		January 2020

(1)Dividends are cumulative, subject to certain provisions.

(2)Units are redeemable at any time at par for cash at the option of the unitholder unless otherwise specified.

(3)If applicable, units are convertible into a number of common units of limited partnership interest in the Operating Partnership equal to (i) the liquidation preference plus accumulated and unpaid distributions on the conversion date divided by (ii) the amount shown in the table.

(4)Issued through a consolidated subsidiary. The units are convertible on a one-for-one basis, into the Series B Preferred Units of limited partnership interest, or the Subsidiary Series B Preferred Units. The Subsidiary Series B Preferred Units can be converted at any time, at the option of the unitholder, into a number of common stock equal to 6.71348 shares of common stock for each Subsidiary Series B Preferred Unit. As of December 31, 2021, no Subsidiary Series B Preferred Units have been issued.

(5)Common units of limited partnership interest in the Operating Partnership issued in a conversion may be redeemed in exchange for our common stock on a 1-to-1 basis. The Series G Preferred Units also provided the holder with the right to require the Operating Partnership to repurchase the Series G Preferred Units for cash before January 31, 2022, which the holder did not execute.

(6)The Series W preferred unit was issued in January 2020 in exchange for the then-outstanding Series O preferred unit. The holder of the Series W preferred unit is entitled to quarterly dividends in an amount calculated as (i) 1,350 multiplied by (ii) the current distribution per common unit of limited partnership in SL Green Operating Partnership. The holder has the right to require the Operating Partnership to repurchase the Series W unit for cash, or convert the Series W unit for Class B units, in each case at a price that is determined based on the closing price of the Company's common stock at the time such right is exercised. The unit's liquidation preference is the fair market value of the unit plus accrued distributions at the time of a liquidation event.

Below is a summary of the activity relating to the preferred units in the Operating Partnership for the twelve months ended December 31, 2021 and 2020 (in thousands):


	December 31,
	2021		2020
Balance at beginning of period	$	202,169	$	283,285
Issuance of preferred units	—		—
Redemption of preferred units	(6,040)		(82,750)
Dividends paid on preferred units	(6,760)		(6,163)
Accrued dividends on preferred units	6,706		7,797
Balance at end of period	$	196,075	$	202,169