0001040971-21-000007 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2020	Feb. 25, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	1-13199
Entity Registrant Name	SL GREEN REALTY CORP
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-3956775
Entity Address, Address Line One	420 Lexington Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10170
City Area Code	212
Local Phone Number	594-2700
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,350,829
Entity Public Float			$ 3.3
Entity Central Index Key	0001040971
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the SL Green Realty Corp.'s Proxy Statement for its 2021 Annual Stockholders' Meeting to be filed within 120 days after the end of the Registrant's fiscal year are incorporated by reference into Part III of this Annual Report on Form 10-K.
Common Stock
Document Information [Line Items]
Trading Symbol	SLG
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NYSE
Preferred Stock
Document Information [Line Items]
Trading Symbol	SLG.PRI
Title of 12(b) Security	6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value
Security Exchange Name	NYSE
SL Green Operating Partnership
Document Information [Line Items]
Current Fiscal Year End Date	--12-31
Entity File Number	33-167793-02
Entity Registrant Name	SL GREEN OPERATING PARTNERSHIP, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3960938
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,025,366
Entity Central Index Key	0001492869
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets - USD ($)
shares in Thousands, $ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Commercial real estate properties, at cost:

Land and land interests

$ 1,315,832

$ 1,751,544

Building and improvements

4,168,193

5,154,990

Building leasehold and improvements

1,448,134

1,433,793

Right of use asset - financing leases

55,711

47,445

Right of use asset - operating leases

367,209

396,795

Total commercial real estate properties, at cost

7,355,079

8,784,567

Less: accumulated depreciation

(1,956,077)

(2,060,560)

Total commercial real estate properties, net

5,399,002

6,724,007

Assets held for sale

391,664

Cash and cash equivalents

266,059

166,070

Restricted cash

106,736

75,360

Investments in marketable securities

28,570

29,887

Tenant and other receivables

44,507

43,968

Related party receivables

34,657

21,121

Deferred rents receivable

302,791

283,011

Debt and preferred equity investments, net of discounts and deferred origination fees of $11,232 and $14,562 and allowances of $13,213 and $1,750 in 2020 and 2019, respectively

1,076,542

1,580,306

Investments in unconsolidated joint ventures

3,823,322

2,912,842

Deferred costs, net

177,168

205,283

Other assets

448,213

332,801

Total assets

^[1]

11,707,567

12,766,320

Liabilities

Mortgages and other loans payable, net

1,979,972

2,183,253

Revolving credit facility, net

105,262

234,013

Unsecured term loans, net

1,495,275

1,494,024

Unsecured notes, net

1,248,219

1,496,847

Accrued interest payable

14,825

22,148

Other liabilities

302,798

177,080

Accounts payable and accrued expenses

151,309

166,905

Deferred revenue

118,572

114,052

Lease liability - financing leases

152,521

44,448

Lease liability - operating leases

339,458

381,671

Dividend and distributions payable

149,294

79,282

Security deposits

53,836

62,252

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

100,000

Total liabilities

^[1]

6,211,341

6,555,975

Commitments and contingencies

Noncontrolling interests in Operating Partnership

358,262

409,862

Preferred units

202,169

283,285

Equity

Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both December 31, 2020 and 2019

221,932

Common stock, $0.01 par value, 160,000 shares authorized and 69,534 and 77,981 issued and outstanding at December 31, 2020 and 2019, respectively (including 1,026 and 1,026 shares held in treasury at December 31, 2020 and 2019, respectively)

716

803

Additional paid-in-capital

3,862,949

4,286,395

Treasury stock at cost

(124,049)

Accumulated other comprehensive loss

(67,247)

(28,485)

Retained earnings

1,015,462

1,084,719

Total SL Green stockholders' equity

4,909,763

5,441,315

Noncontrolling interests in other partnerships

26,032

75,883

Total equity

4,935,795

5,517,198

SL Green stockholders equity:

Total liabilities and equity/capital

$ 11,707,567

$ 12,766,320

Preferred stock, par (in dollars per share)

$ 0.01

Series I Preferred Stock

SL Green stockholders equity:

Preferred stock, par (in dollars per share)

0.01

$ 0.01

Preferred stock, liquidation preference (in dollars per share)

$ 25.00

SL Green Operating Partnership

Commercial real estate properties, at cost:

Land and land interests

$ 1,315,832

$ 1,751,544

Building and improvements

4,168,193

5,154,990

Building leasehold and improvements

1,448,134

1,433,793

Right of use asset - financing leases

55,711

47,445

Right of use asset - operating leases

367,209

396,795

Total commercial real estate properties, at cost

7,355,079

8,784,567

Less: accumulated depreciation

(1,956,077)

(2,060,560)

Total commercial real estate properties, net

5,399,002

6,724,007

Assets held for sale

391,664

Cash and cash equivalents

266,059

166,070

Restricted cash

106,736

75,360

Investments in marketable securities

28,570

29,887

Tenant and other receivables

44,507

43,968

Related party receivables

34,657

21,121

Deferred rents receivable

302,791

283,011

Debt and preferred equity investments, net of discounts and deferred origination fees of $11,232 and $14,562 and allowances of $13,213 and $1,750 in 2020 and 2019, respectively

1,076,542

1,580,306

Investments in unconsolidated joint ventures

2,912,842

Deferred costs, net

177,168

205,283

Other assets

448,213

332,801

Total assets

^[2]

11,707,567

12,766,320

Liabilities

Mortgages and other loans payable, net

1,979,972

2,183,253

Revolving credit facility, net

105,262

234,013

Unsecured term loans, net

1,495,275

1,494,024

Unsecured notes, net

1,248,219

1,496,847

Accrued interest payable

14,825

22,148

Other liabilities

302,798

177,080

Accounts payable and accrued expenses

151,309

166,905

Deferred revenue

118,572

114,052

Lease liability - financing leases

152,521

44,448

Lease liability - operating leases

339,458

381,671

Dividend and distributions payable

149,294

79,282

Security deposits

53,836

62,252

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

100,000

Total liabilities

^[2]

6,211,341

6,555,975

Commitments and contingencies

Limited partner interests in SLGOP (3,939 and 4,196 limited partner common units outstanding at December 31, 2020 and 2019, respectively)

358,262

409,862

Preferred units

202,169

283,285

Equity

Accumulated other comprehensive loss

(67,247)

(28,485)

SL Green stockholders equity:

Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both December 31, 2020 and 2019

221,932

SL Green partners' capital (724 and 812 general partner common units, and 67,784 and 76,145 limited partner common units outstanding at December 31, 2020 and 2019, respectively)

4,755,078

5,247,868

Total SLGOP partners' capital

4,909,763

5,441,315

Noncontrolling interests in other partnerships

26,032

75,883

Total capital

4,935,795

5,517,198

Total liabilities and equity/capital

$ 11,707,567

$ 12,766,320

SL Green Operating Partnership | Series I Preferred Stock

SL Green stockholders equity:

Preferred units, shares issued (in shares)

9,200

Service Corporation

Commercial real estate properties, at cost:

Land and land interests

$ 41,200

$ 205,200

Building and improvements

57,900

481,900

Building leasehold and improvements

2,000

Right of use asset - financing leases

37,800

61,700

Less: accumulated depreciation

(10,300)

(17,600)

Other assets

289,500

169,500

Liabilities

Mortgages and other loans payable, net

94,000

457,100

Accrued interest payable

700

1,200

Other liabilities

56,600

43,700

Lease liability - financing leases

$ 29,900

$ 57,700

[1]

(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: $41.2 million and $205.2 million of land, $57.9 million and $481.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $37.8 million and $61.7 million of right of use assets, $10.3 million and $17.6 million of accumulated depreciation, $289.5 million and $169.5 million of other assets included in other line items, $94.0 million and $457.1 million of real estate debt, net, $0.7 million and $1.2 million of accrued interest payable, $29.9 million and $57.7 million of lease liabilities, and $56.6 million and $43.7 million of other liabilities included in other line items as of December 31, 2020 and December 31, 2019, respectively.

[2]

(1) The Operating Partnership'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: $41.2 million and $205.2 million of land, $57.9 million and $481.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $37.8 million and $61.7 million of right of use assets, $10.3 million and $17.6 million of accumulated depreciation, $289.5 million and $169.5 million of other assets included in other line items, $94.0 million and $457.1 million of real estate debt, net, $0.7 million and $1.2 million of accrued interest payable, $29.9 million and $57.7 million of lease liabilities, and $56.6 million and $43.7 million of other liabilities included in other line items as of December 31, 2020 and December 31, 2019, respectively.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt and preferred equity investments, net of discounts and deferred origination fees	$ 11,232	$ 14,562
Allowance for loan and lease losses	$ 13,213	$ 1,750
Preferred stock, par (in dollars per share)	$ 0.01
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	69,534,000	77,981,000
Common stock, shares outstanding (in shares)	69,534,000	77,981,000
Treasury stock, shares (in shares)	1,026,000	1,026,000
Land	$ 1,315,832	$ 1,751,544
Building and improvements	4,168,193	5,154,990
Building leasehold and improvements	1,448,134	1,433,793
Right of use asset - financing leases	55,711	47,445
Accumulated depreciation	1,956,077	2,060,560
Other assets	448,213	332,801
Real estate debt	1,979,972	2,183,253
Accrued interest payable	14,825	22,148
Lease liabilities	152,521	44,448
Other liabilities	302,798	177,080
SL Green Operating Partnership
Debt and preferred equity investments, net of discounts and deferred origination fees	11,232	14,562
Allowance for loan and lease losses	$ 13,213	$ 1,750
Limited partner interests in Operating Partnership, limited partner common units outstanding (shares)	3,939,000	4,196,000
SL Green partner's capital, general partner common units outstanding (shares)	724,000	812,000
SL Green partners' capital, limited partner common units outstanding (shares)	67,784,000	76,145,000
Land	$ 1,315,832	$ 1,751,544
Building and improvements	4,168,193	5,154,990
Building leasehold and improvements	1,448,134	1,433,793
Right of use asset - financing leases	55,711	47,445
Accumulated depreciation	1,956,077	2,060,560
Other assets	448,213	332,801
Real estate debt	1,979,972	2,183,253
Accrued interest payable	14,825	22,148
Lease liabilities	152,521	44,448
Other liabilities	$ 302,798	$ 177,080
Series I Preferred Stock
Preferred stock, par (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25.00	$ 25.00
Preferred stock, shares issued (in shares)	9,200,000	9,200,000
Preferred stock, shares outstanding (in shares)	9,200,000	9,200,000
Series I Preferred Stock \| SL Green Operating Partnership
Preferred units, liquidation preference (in dollars per share)	$ 25.00	$ 25.00
Preferred units, shares issued (in shares)	9,200,000	9,200,000
Preferred units, shares outstanding (in shares)	9,200,000	9,200,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Rental revenue, net	$ 804,423	$ 983,557	$ 978,574
Investment income	120,163	195,590	201,492
Other income	128,158	59,848	47,326
Total revenues	1,052,744	1,238,995	1,227,392
Expenses
Operating expenses, including $12,643 in 2020, $18,106 in 2019, $17,823 in 2018 of related party expenses	183,200	234,676	229,347
Real estate taxes	176,315	190,764	186,351
Operating lease rent	29,043	33,188	32,965
Interest expense, net of interest income	116,679	190,521	208,669
Amortization of deferred financing costs	11,794	11,653	12,408
Depreciation and amortization	313,668	272,358	279,507
Loan loss and other investment reserves, net of recoveries	35,298	0	6,839
Transaction related costs	503	729	1,099
Marketing, general and administrative	91,826	100,875	92,631
Total expenses	958,326	1,034,764	1,049,816
Equity in net (loss) income from unconsolidated joint ventures	(25,195)	(34,518)	7,311
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	2,961	76,181	303,967
Purchase price and other fair value adjustment	187,522	69,389	57,385
Gain (loss) on sale of real estate, net	215,506	(16,749)	(30,757)
Depreciable real estate reserves and impairments	(60,454)	(7,047)	(227,543)
Loss on early extinguishment of debt	0	0	(17,083)
Net income	414,758	291,487	270,856
Net income attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	(20,016)	(13,301)	(12,216)
Net loss attributable to noncontrolling interests in other partnerships	(14,940)	3,159	6
Preferred unit distributions	(8,747)	(10,911)	(11,384)
Net income (loss) attributable to SL Green/SLGOP	371,055	270,434	247,262
Perpetual preferred stock dividends	(14,950)	(14,950)	(14,950)
Net income attributable to SL Green common stockholders	$ 356,105	$ 255,484	$ 232,312
Basic earnings per share (in dollars per share)	$ 4.88	$ 3.20	$ 2.75
Diluted earnings per share (in dollars per share)	$ 4.87	$ 3.19	$ 2.75
Basic weighted average common shares outstanding (in shares)	72,552	79,415	84,090
Diluted weighted average common shares and common share equivalents outstanding (in shares)	77,243	84,234	89,071
SL Green Operating Partnership
Revenues
Rental revenue, net	$ 804,423	$ 983,557	$ 978,574
Investment income	120,163	195,590	201,492
Other income	128,158	59,848	47,326
Total revenues	1,052,744	1,238,995	1,227,392
Expenses
Operating expenses, including $12,643 in 2020, $18,106 in 2019, $17,823 in 2018 of related party expenses	183,200	234,676	229,347
Real estate taxes	176,315	190,764	186,351
Operating lease rent	29,043	33,188	32,965
Interest expense, net of interest income	116,679	190,521	208,669
Amortization of deferred financing costs	11,794	11,653	12,408
Depreciation and amortization	313,668	272,358	279,507
Loan loss and other investment reserves, net of recoveries	35,298	0	6,839
Transaction related costs	503	729	1,099
Marketing, general and administrative	91,826	100,875	92,631
Total expenses	958,326	1,034,764	1,049,816
Equity in net (loss) income from unconsolidated joint ventures	(25,195)	(34,518)	7,311
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	2,961	76,181	303,967
Purchase price and other fair value adjustment	187,522	69,389	57,385
Gain (loss) on sale of real estate, net	215,506	(16,749)	(30,757)
Depreciable real estate reserves and impairments	(60,454)	(7,047)	(227,543)
Loss on early extinguishment of debt	0	0	(17,083)
Net income	414,758	291,487	270,856
Net income attributable to noncontrolling interests:
Net loss attributable to noncontrolling interests in other partnerships	(14,940)	3,159	6
Preferred unit distributions	(8,747)	(10,911)	(11,384)
Net income (loss) attributable to SL Green/SLGOP	391,071	283,735	259,478
Perpetual preferred stock dividends	(14,950)	(14,950)	(14,950)
Net income attributable to SLGOP common unitholders	$ 376,121	$ 268,785	$ 244,528
Basic earnings per unit (in dollars per share)	$ 4.88	$ 3.19	$ 2.75
Diluted earnings per unit (in dollars per share)	$ 4.87	$ 3.19	$ 2.75
Basic weighted average common shares outstanding (in shares)	76,647	83,690	88,652
Basic weighted average common units outstanding (in shares)	76,647	83,690	88,652
Diluted weighted average common shares and common share equivalents outstanding (in shares)	77,243	84,234	89,071
Diluted weighted average common units and common unit equivalents outstanding (in shares)	77,243	84,234	89,071

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating expenses, paid to related parties	$ 12,643	$ 18,106	$ 17,823
SL Green Operating Partnership
Operating expenses, paid to related parties	$ 12,643	$ 18,106	$ 17,823

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income	$ 414,758	$ 291,487	$ 270,856
Other comprehensive loss:
(Decrease) increase in unrealized value of derivative instruments, including SLGOP's share of joint venture derivative instruments	(39,743)	(47,118)	(3,622)
(Decrease) increase in unrealized value of marketable securities	(1,318)	1,249	60
Other comprehensive loss	(41,061)	(45,869)	(3,562)
Comprehensive income	373,697	245,618	267,294
Net income attributable to noncontrolling interests and preferred units distributions	(43,703)	(21,053)	(23,594)
Net loss attributable to noncontrolling interests	(14,940)	3,159	6
Other comprehensive loss attributable to noncontrolling interests	2,299	2,276	66
Comprehensive income attributable to SL Green/SLGOP	332,293	226,841	243,766
SL Green Operating Partnership
Net income	414,758	291,487	270,856
Other comprehensive loss:
(Decrease) increase in unrealized value of derivative instruments, including SLGOP's share of joint venture derivative instruments	(39,743)	(47,118)	(3,622)
(Decrease) increase in unrealized value of marketable securities	(1,318)	1,249	60
Other comprehensive loss	(41,061)	(45,869)	(3,562)
Comprehensive income	373,697	245,618	267,294
Net loss attributable to noncontrolling interests	(14,940)	3,159	6
Other comprehensive loss attributable to noncontrolling interests	2,299	2,276	66
Comprehensive income attributable to SL Green/SLGOP	$ 361,056	$ 251,053	$ 267,366

Consolidated Statement of Equity - USD ($)
shares in Thousands, $ in Thousands

Total

Cumulative Effect, Period of Adoption, Adjustment