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Noncontrolling Interests on the Company's Consolidated Financial Statements
 12 Months Ended
Dec. 31, 2022
Noncontrolling Interest [Abstract]  
Noncontrolling Interests on the Company's Consolidated Financial Statements Noncontrolling Interests on the Company's Consolidated Financial Statements
Noncontrolling interests represent the common and preferred units of limited partnership interest in the Operating Partnership not held by the Company as well as third party equity interests in our other consolidated subsidiaries. Noncontrolling interests in the Operating Partnership are shown in the mezzanine equity while the noncontrolling interests in our other consolidated subsidiaries are shown in the equity section of the Company’s consolidated financial statements.
Common Units of Limited Partnership Interest in the Operating Partnership
As of December 31, 2022 and 2021, the noncontrolling interest unit holders owned 5.39%, or 3,670,343 units, and 5.57%, or 3,781,565 units, of the Operating Partnership, respectively. As of December 31, 2022, 3,670,343 shares of our common stock were reserved for issuance upon the redemption of units of limited partnership interest of the Operating Partnership.
Noncontrolling interests in the Operating Partnership is recorded at the greater of its cost basis or fair market value based on the closing stock price of our common stock at the end of the reporting period.
Below is a summary of the activity relating to the noncontrolling interests in the Operating Partnership for twelve months ended December 31, 2022 and 2021 (in thousands):
December 31,
20222021
Balance at beginning of period$344,252 $358,262 
Distributions(16,272)(15,749)
Issuance of common units22,855 18,678 
Redemption and conversion of common units(40,901)(53,289)
Net (loss) income(5,794)25,457 
Accumulated other comprehensive income allocation5,827 1,042 
Fair value adjustment(39,974)9,851 
Balance at end of period$269,993 $344,252 
Preferred Units of Limited Partnership Interest in the Operating Partnership
Below is a summary of the preferred units of limited partnership interest in the Operating Partnership as of December 31, 2022:
IssuanceStated Distribution RateNumber of Units AuthorizedNumber of Units IssuedNumber 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 F7.00 %60 60 60 70.0000 1,000.00 29.12 January 2007
Series K3.50 %700,000 563,954 341,677 0.8750 25.00 134.67 August 2014
Series L4.00 %500,000 378,634 372,634 1.0000 25.00 — August 2014
Series P4.00 %200,000 200,000 200,000 1.0000 25.00 — July 2015
Series Q3.50 %268,000 268,000 268,000 0.8750 25.00 148.95 July 2015
Series R3.50 %400,000 400,000 400,000 0.8750 25.00 154.89 August 2015
Series S4.00 %1,077,280 1,077,280 1,077,280 1.0000 25.00 — August 2015
Series V3.50 %40,000 40,000 40,000 0.8750 25.00 — May 2019
Series W (5)
(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 unit holder 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, 2022, no Subsidiary Series B Preferred Units have been issued.
(5)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, 2022 and 2021 (in thousands):
December 31,
20222021
Balance at beginning of period$196,075 $202,169 
Issuance of preferred units— — 
Redemption of preferred units(17,967)(6,040)
Dividends paid on preferred units(6,198)(6,760)
Accrued dividends on preferred units6,033 6,706 
Balance at end of period$177,943 $196,075