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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 1-13199 (SL Green Realty Corp.)
Commission File Number: 33-167793-02 (SL Green Operating Partnership, L.P.)
______________________________________________________________________
SL GREEN REALTY CORP.
SL GREEN OPERATING PARTNERSHIP, L.P.
(Exact name of registrant as specified in its charter)
______________________________________________________________________
| | | | | | | | |
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.) |
One Vanderbilt Avenue, New York, NY 10017
(Address of principal executive offices—Zip Code)
(212) 594-2700
(Registrant's telephone number, including area code)
______________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
SL Green Realty Corp. Yes x No o SL Green Operating Partnership, L.P. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
SL Green Realty Corp. Yes x No o SL Green Operating Partnership, L.P. Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
SL Green Realty Corp.
| | | | | | | | | | | | | | |
Large accelerated filer | x | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | |
Smaller Reporting Company | ☐ | | Emerging Growth Company | ☐ |
| | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
SL Green Operating Partnership, L.P.
| | | | | | | | | | | | | | |
Large accelerated filer | ☐ | | Accelerated filer | ☐ |
Non-accelerated filer | x | | |
Smaller Reporting Company | ☐ | | Emerging Growth Company | ☐ |
| | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
SL Green Realty Corp. Yes ☐ No x SL Green Operating Partnership, L.P. Yes ☐ No x
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | | | | | | | |
Registrant | | Trading Symbol | | Title of Each Class | | Name of Each Exchange on Which Registered |
SL Green Realty Corp. | | SLG | | Common Stock, $0.01 par value | | New York Stock Exchange |
SL Green Realty Corp. | | SLG.PRI | | 6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value | | New York Stock Exchange |
As of May 6, 2022, 64,124,349 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of May 6, 2022, 689,437 common units of limited partnership interest of SL Green Operating Partnership, L.P. were held by non-affiliates. There is no established trading market for such units.
EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2022 of SL Green Realty Corp. and SL Green Operating Partnership, L.P. Unless stated otherwise or the context otherwise requires, references to "SL Green Realty Corp.," the "Company" or "SL Green" mean SL Green Realty Corp. and its consolidated subsidiaries, including SL Green Operating Partnership, L.P.; and references to "SL Green Operating Partnership, L.P.," the "Operating Partnership" or "SLGOP" mean SL Green Operating Partnership, L.P. and its consolidated subsidiaries. The terms "we," "our" and "us" mean the Company and all the entities owned or controlled by the Company, including the Operating Partnership.
The Company is a Maryland corporation which operates as a self-administered and self-managed real estate investment trust, or REIT, and is the sole managing general partner of the Operating Partnership. As a general partner of the Operating Partnership, the Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership.
As of March 31, 2022, the Company owns 94.00% of the outstanding general and limited partnership interest in the Operating Partnership and owns 9,200,000 Series I Preferred Units of the Operating Partnership. As of March 31, 2022, noncontrolling investors held, in aggregate, a 6.00% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership.
The Company and the Operating Partnership are managed and operated as one entity. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.
Noncontrolling interests in the Operating Partnership, stockholders' equity of the Company and partners' capital of the Operating Partnership are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The common limited partnership interests in the Operating Partnership not owned by the Company are accounted as noncontrolling interests, within mezzanine equity, in the Company's and the Operating Partnership's consolidated financial statements.
We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:
•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.
To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:
•consolidated financial statements; and
•the following notes to the consolidated financial statements:
◦Note 11, Noncontrolling Interests on the Company’s Consolidated Financial Statements;
◦Note 12, Stockholders' Equity of the Company; and
◦Note 13, Partners' Capital of the Operating Partnership.
This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership, respectively, in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Company, in both their capacity as the principal executive officer and principal financial officer of the Company and the principal executive officer and principal financial officer of the general partner of the Operating Partnership, have made the requisite certifications and that the Company and the Operating Partnership are compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, or the Exchange Act.
On December 2, 2021, our Board of Directors declared an ordinary dividend of $0.3108 per share and a special dividend of $2.4392 per share (together, "the Total Dividend"). The Total Dividend was paid on January 18, 2022 to shareholders of record at the close of business on December 15, 2021 ("the Record Date"). Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. As a result of the elections made, the cash option was oversubscribed and was prorated. Shareholders who elected to receive cash received, for each share of common stock they owned as of the Record Date, approximately $0.3976 in cash and 0.0295 shares of common stock. Shareholders who elected to receive shares received, for each share of common stock they owned as of the Record Date, approximately 0.0345 shares of common stock. The number of shares issued was calculated based on the volume weighted average trading price of SLG's common stock between January 5-7, 2022 of $79.71 per share.
To mitigate the dilutive impact of the common stock issued in the special dividend, the Board of Directors also authorized a reverse stock split, which was effective after markets closed on January 21, 2022. On January 10, 2022, a committee of the Board of Directors calculated the ratio for the reverse stock split of our issued and outstanding shares of common stock as 1.03060-for-1. After the issuance of the dividend and the completion of the reverse stock split, the number of shares of our common stock outstanding was equivalent to the number of total shares outstanding on the Record Date (not including any issuances or repurchases that occurred following the Record Date, as well as any fractional shares that would have been issued but for which cash-in-lieu was paid). However, on a relative basis, some individual shareholders may have more shares of SLG’s common stock, and some individual shareholders may have fewer shares of our common stock, depending on their individual elections to receive cash or stock and as a result of the cash option being oversubscribed.
All share-related references and measurements including the number of shares outstanding, share prices, number of shares repurchased, earnings per share, dividends per share, and share-based compensation awards, have been retroactively adjusted to reflect the reverse stock split for all periods presented in this Quarterly Report on Form 10-Q.
SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.
TABLE OF CONTENTS
| | | | | | | | |
PART I. FINANCIAL INFORMATION | |
Item 1. | FINANCIAL STATEMENTS | |
| | |
| FINANCIAL STATEMENTS OF SL GREEN REALTY CORP. | |
| Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021 | |
| Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited) | |
| Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021 (unaudited) | |
| Consolidated Statements of Equity for the three months ended March 31, 2022 and 2021 (unaudited) | |
| Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited) | |
| | |
| FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P. | |
| Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021 | |
| Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited) | |
| Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021 (unaudited) | |
| Consolidated Statements of Capital for the three months ended March 31, 2022 and 2021 (unaudited) | |
| Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited) | |
| Notes to Consolidated Financial Statements (unaudited) | |
| Management's Discussion and Analysis of Financial Condition and Results of Operations | |
| Quantitative and Qualitative Disclosures about Market Risk | |
| Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.) | |
PART II. | OTHER INFORMATION | |
| Legal Proceedings | |
| Risk Factors | |
| Unregistered Sales of Equity Securities and Use of Proceeds | |
| Defaults Upon Senior Securities | |
| Mine Safety Disclosures | |
| Other Information | |
| Exhibits | |
| Signatures | |
SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
| | | | | | | | | | | |
| March 31, 2022 | | December 31, 2021 |
| (unaudited) | | |
Assets | | | |
Commercial real estate properties, at cost: | | | |
Land and land interests | $ | 1,352,610 | | | $ | 1,350,701 | |
Building and improvements | 3,709,795 | | | 3,671,402 | |
Building leasehold and improvements | 1,654,571 | | | 1,645,081 | |
| | | |
Right of use asset - operating leases | 983,723 | | | 983,723 | |
| 7,700,699 | | | 7,650,907 | |
Less: accumulated depreciation | (1,938,804) | | | (1,896,199) | |
| 5,761,895 | | | 5,754,708 | |
Assets held for sale | 49,757 | | | 140,855 | |
Cash and cash equivalents | 223,674 | | | 251,417 | |
Restricted cash | 83,644 | | | 85,567 | |
Investments in marketable securities | 32,889 | | | 34,752 | |
Tenant and other receivables | 41,257 | | | 47,616 | |
Related party receivables | 31,711 | | | 29,408 | |
Deferred rents receivable | 250,028 | | | 248,313 | |
Debt and preferred equity investments, net of discounts and deferred origination fees of $3,670 and $5,057 and allowances of $6,630 and $6,630 in 2022 and 2021, respectively | 1,107,870 | | | 1,088,723 | |
Investments in unconsolidated joint ventures | 3,000,986 | | | 2,997,934 | |
Deferred costs, net | 122,294 | | | 124,495 | |
Other assets | 308,960 | | | 262,841 | |
Total assets (1) | $ | 11,014,965 | | | $ | 11,066,629 | |
Liabilities | | | |
Mortgages and other loans payable, net | $ | 1,344,775 | | | $ | 1,394,386 | |
Revolving credit facility, net | 491,998 | | | 381,334 | |
Unsecured term loans, net | 1,242,345 | | | 1,242,002 | |
Unsecured notes, net | 899,541 | | | 899,308 | |
Accrued interest payable | 21,545 | | | 12,698 | |
Other liabilities | 276,254 | | | 195,390 | |
Accounts payable and accrued expenses | 139,460 | | | 157,571 | |
Deferred revenue | 110,631 | | | 107,275 | |
Lease liability - financing leases | 103,238 | | | 102,914 | |
Lease liability - operating leases | 852,194 | | | 851,370 | |
Dividend and distributions payable | 23,628 | | | 187,372 | |
Security deposits | 54,179 | | | 52,309 | |
Liabilities related to assets held for sale | 64,041 | | | 64,120 | |
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities | 100,000 | | | 100,000 | |
Total liabilities (1) | 5,723,829 | | | 5,748,049 | |
SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
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| March 31, 2022 | | December 31, 2021 |
| (unaudited) | | |
Commitments and contingencies | | | |
Noncontrolling interests in Operating Partnership | 374,078 | | | 344,252 | |
Preferred units | 177,943 | | | 196,075 | |
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Equity | | | |
SL Green stockholders' equity: | | | |
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2022 and December 31, 2021 | 221,932 | | | 221,932 | |
Common stock, $0.01 par value, 160,000 shares authorized and 65,184 and 65,132 issued and outstanding at March 31, 2022 and December 31, 2021, respectively (including 1,060 and 1,027 shares held in treasury at March 31, 2022 and December 31, 2021, respectively) | 653 | | | 672 | |
Additional paid-in-capital | 3,792,689 | | | 3,739,409 | |
Treasury stock at cost | (128,655) | | | (126,160) | |
Accumulated other comprehensive loss | (7,261) | | | (46,758) | |
Retained earnings | 846,646 | | | 975,781 | |
Total SL Green stockholders' equity | 4,726,004 | | | 4,764,876 | |
Noncontrolling interests in other partnerships | 13,111 | | | 13,377 | |
Total equity | 4,739,115 | | | 4,778,253 | |
Total liabilities and equity | $ | 11,014,965 | | | $ | 11,066,629 | |
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(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: $179.6 million and $193.4 million of land, $291.2 million and $336.9 million of building and improvements, $— million and $— million of building and leasehold improvements, $15.4 million and $15.4 million of right of use assets, $11.5 million and $11.7 million of accumulated depreciation, $569.7 million and $574.4 million of other assets included in other line items, $372.5 million and $418.9 million of real estate debt, net, $0.8 million and $0.8 million of accrued interest payable, $15.3 million and $15.3 million of lease liabilities, and $226.4 million and $145.2 million of other liabilities included in other line items as of March 31, 2022 and December 31, 2021, respectively. |
The accompanying notes are an integral part of these consolidated financial statements.
SL Green Realty Corp.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
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| | Three Months Ended March 31, | | |
| | 2022 | | 2021 | | | | |
Revenues | | | | | | | | |
Rental revenue, net | | $ | 156,031 | | | $ | 188,089 | | | | | |
Investment income | | 19,888 | | | 19,273 | | | | | |
Other income | | 12,045 | | | 18,740 | | | | | |
Total revenues | | 187,964 | | | 226,102 | | | | | |
Expenses | | | | | | | | |
Operating expenses, including related party expenses of $2,523 in 2022 and $2,225 in 2021 | | 42,583 | | | 42,284 | | | | | |
Real estate taxes | | 30,747 | | | 45,411 | | | | | |
Operating lease rent | | 6,564 | | | 6,739 | | | | | |
Interest expense, net of interest income | | 15,070 | | | 23,388 | | | | | |
Amortization of deferred financing costs | | 1,948 | | | 3,774 | | | | | |
Depreciation and amortization | | 46,983 | | | 62,996 | | | | | |
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Transaction related costs | | 28 | | | 22 | | | | | |
Marketing, general and administrative | | 24,776 | | | 22,885 | | | | | |
Total expenses | | 168,699 | | | 207,499 | | | | | |
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Equity in net loss from unconsolidated joint ventures | | (4,715) | | | (2,864) | | | | | |
Equity in net loss on sale of interest in unconsolidated joint venture/real estate | | — | | | (12,629) | | | | | |
Purchase price and other fair value adjustments | | (63) | | | 2,664 | | | | | |
Loss on sale of real estate, net | | (1,002) | | | (1,388) | | | | | |
Depreciable real estate reserves and impairment | | — | | | (8,241) | | | | | |
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Net income (loss) | | 13,485 | | | (3,855) | | | | | |
Net (income) loss attributable to noncontrolling interests: | | | | | | | | |
Noncontrolling interests in the Operating Partnership | | (492) | | | 476 | | | | | |
Noncontrolling interests in other partnerships | | 143 | | | 1,499 | | | | | |
Preferred units distributions | | (1,647) | | | (1,846) | | | | | |
Net income (loss) attributable to SL Green | | 11,489 | | | (3,726) | | | | | |
Perpetual preferred stock dividends | | (3,738) | | | (3,738) | | | | | |
Net income (loss) attributable to SL Green common stockholders | | $ | 7,751 | | | $ | (7,464) | | | | | |
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Basic earnings (loss) per share | | $ | 0.12 | | | $ | (0.12) | | | | | |
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Diluted earnings (loss) per share | | $ | 0.11 | | | $ | (0.12) | | | | | |
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Basic weighted average common shares outstanding | | 64,349 | | | 66,961 | | | | | |
Diluted weighted average common shares and common share equivalents outstanding | | 70,228 | | | 72,004 | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
SL Green Realty Corp.
Consolidated Statements of Comprehensive Income
(unaudited, in thousands)
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| | Three Months Ended March 31, | | |
| | 2022 | | 2021 | | | | |
Net income (loss) | | $ | 13,485 | | | $ | (3,855) | | | | | |
Other comprehensive income: | | | | | | | | |
Increase in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments | | 43,567 | | | 51,263 | | | | | |
Decrease in unrealized value of marketable securities | | (1,793) | | | (258) | | | | | |
Other comprehensive income | | 41,774 | | | 51,005 | | | | | |
Comprehensive income | | 55,259 | | | 47,150 | | | | | |
Net (income) loss attributable to noncontrolling interests and preferred units distributions | | (1,996) | | | 129 | | | | | |
Other comprehensive income attributable to noncontrolling interests | | (2,277) | | | (2,655) | | | | | |
Comprehensive income attributable to SL Green | | $ | 50,986 | | | $ | 44,624 | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
SL Green Realty Corp.
Consolidated Statements of Equity
(unaudited, in thousands, except per share data)
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| SL Green Realty Corp. Stockholders | | |
| | | | Common Stock | | | | | | | | | | |
| | Series I Preferred Stock | | Shares | | Par Value | | Additional Paid- In-Capital | | Treasury Stock | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Noncontrolling Interests | | Total |
Balance at December 31, 2021 | | $ | 221,932 | | | 64,105 | | | $ | 672 | | | $ | 3,739,409 | | | $ | (126,160) | | | $ | (46,758) | | | $ | 975,781 | | | $ | 13,377 | | | $ | 4,778,253 | |
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Net income | | | | | | | | | | | | | | 11,489 | | | (143) | | | 11,346 | |
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Other comprehensive income | | | | | | | | | | | | 39,497 | | | | | | | 39,497 | |
Preferred dividends | | | | | | | | | | | | | | (3,738) | | | | | (3,738) | |
DRSPP proceeds | | | | 1 | | | | | 89 | | | | | | | | | | | 89 | |
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Reallocation of noncontrolling interest in the Operating Partnership | | | | | | | | | | | | | | (43,023) | | | | | (43,023) | |
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Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | | | | 28 | | | 1 | | | 5,055 | | | | | | | | | | | 5,056 | |
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Repurchases of common stock | | | | (1,971) | | | (20) | | | (114,979) | | | | | | | (36,198) | | | | | (151,197) | |
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Cash distributions to noncontrolling interests | | | | | | | | | | | | | | | | (123) | | | (123) | |
Issuance of special dividend paid primarily in stock | | | | 1,961 | | | | | 163,115 | | | (2,495) | | | | | | | | | 160,620 | |
Cash distributions declared ($0.932 per common share, none of which represented a return of capital for federal income tax purposes) | | | | | | | | | | | | | | (57,665) | | | | | (57,665) | |
Balance at March 31, 2022 | | $ | 221,932 | | | 64,124 | | | $ | 653 | | | $ | 3,792,689 | | | $ | (128,655) | | | $ | (7,261) | | | $ | 846,646 | | | $ | 13,111 | | | $ | 4,739,115 | |
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SL Green Realty Corp.
Consolidated Statements of Equity
(unaudited, in thousands, except per share data)
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| SL Green Realty Corp. Stockholders | | |
| | | | Common Stock | | | | | | | | | | |
| | Series I Preferred Stock | | Shares | | Par Value | | Additional Paid- In-Capital | | Treasury Stock | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Noncontrolling Interests | | Total |
Balance at December 31, 2020 | | $ | 221,932 | | | 66,474 | | | $ | 716 | | | $ | 3,862,949 | | | $ | (124,049) | | | $ | (67,247) | | | $ | 1,015,462 | | | $ | 26,032 | | | $ | 4,935,795 | |
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Net loss | | | | | | | | | | | | | | (3,726) | | | (1,499) | | | (5,225) | |
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Other comprehensive income | | | | | | | | | | | | 48,350 | | | | | | | 48,350 | |
Preferred dividends | | | | | | | | | | | | | | (3,738) | | | | | (3,738) | |
DRSPP proceeds | | | | 5 | | | | | 351 | | | | | | | | | | | 351 | |
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Reallocation of noncontrolling interest in the Operating Partnership | | | | | | | | | | | | | | (26,609) | | | | | (26,609) | |
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Deferred compensation plan and stock awards, net of forfeitures and tax withholdings | | | | 110 | | | 2 | | | 6,726 | | | | | | | | | | | 6,728 | |
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Repurchases of common stock | | | | (1,267) | | | (13) | | | (80,297) | | | | | | | | | | | (80,310) | |
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Contributions to consolidated joint venture interests | | | | | | | | | | | | | | | | 171 | | | 171 | |
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Cash distributions to noncontrolling interests | | | | | | | | | | | | | | | | (110) | | | (110) | |
Issuance of special dividend paid primarily in stock | | | | 1,974 | | | | | 123,529 | | | | | | | | | | | 123,529 | |
Cash distributions declared ($0.938 per common share, none of which represented a return of capital for federal income tax purposes) | | | | | | | | | | | | | | (63,312) | | | | | (63,312) | |
Balance at March 31, 2021 | | $ | 221,932 | | | 67,296 | | | $ | 705 | | | $ | 3,913,258 | | | $ | (124,049) | | | $ | (18,897) | | | $ | 918,077 | | | $ | 24,594 | | | $ | 4,935,620 | |
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The accompanying notes are an integral part of these consolidated financial statements.
SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)
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| Three Months Ended March 31, | | |
| 2022 | | 2021 | | |
Operating Activities | | | | | |
Net income (loss) | $ | 13,485 | | | $ | (3,855) | | | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | |
Depreciation and amortization | 48,931 | | | 66,770 | | | |
Equity in net loss from unconsolidated joint ventures | 4,715 | | | 2,864 | | | |
Distributions of cumulative earnings from unconsolidated joint ventures | 188 | | | 69 | | | |
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate | — | | | 12,629 | | | |
Purchase price and other fair value adjustments | 63 | | | (2,664) | | | |
Depreciable real estate reserves and impairment | — | | | 8,241 | | | |
Loss on sale of real estate, net | 1,002 | | | 1,388 | | | |
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Deferred rents receivable | (546) | | | (2,685) | | | |
Non-cash lease expense | 6,043 | | | 3,375 | | | |
Other non-cash adjustments | (6,964) | | | 15,564 | | | |
Changes in operating assets and liabilities: | | | | | |
Tenant and other receivables | 13,673 | | | (4,138) | | | |
Related party receivables | (2,335) | | | (683) | | | |
Deferred lease costs | (4,240) | | | (240) | | | |
Other assets | (25,076) | | | (24,354) | | | |
Accounts payable, accrued expenses, other liabilities and security deposits | 28,049 | | | (38,640) | | | |
Deferred revenue | 3,550 | | | 4,121 | | | |
Lease liability - operating leases | 864 | | | (19,160) | | | |
Net cash provided by operating activities | 81,402 | | | 18,602 | | | |
Investing Activities | | | | | |
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Additions to land, buildings and improvements | (61,680) | | | (49,328) | | | |
Acquisition deposits and deferred purchase price | (15,000) | | | — | | | |
Investments in unconsolidated joint ventures | (11,399) | | | (21,027) | | | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 16,089 | | | 19,692 | | | |
Net proceeds from disposition of real estate/joint venture interest | 91,994 | | | 62,800 | | | |
Cash assumed from consolidation of real estate investment | — | | | 9,475 | | | |
Proceeds from sale or redemption of marketable securities | — | | | 4,528 | | | |
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Other investments | 209 | | | (54) | | | |
Origination of debt and preferred equity investments | (13,122) | | | (5,905) | | | |
Repayments or redemption of debt and preferred equity investments | 6,405 | | | — | | | |
Net cash provided by investing activities | 13,496 | | | 20,181 | | | |
SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)
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| Three Months Ended March 31, | | |
| 2022 | | 2021 | | |
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Financing Activities | | | | | |
Proceeds from mortgages and other loans payable | 5,309 | | | 10,391 | | | |
Repayments of mortgages and other loans payable | (55,715) | | | (362,542) | | | |
Proceeds from revolving credit facility and unsecured notes | 320,000 | | | 530,000 | | | |
Repayments of revolving credit facility and unsecured notes | (210,000) | | | (10,000) | | | |
Proceeds from stock options exercised and DRSPP issuance | 89 | | | 351 | | | |
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Repurchase of common stock | (151,197) | | | (84,089) | | | |
Redemption of preferred stock | (17,967) | | | (3,631) | | | |
Redemption of OP units | (18,272) | | | (13,261) | | | |
Distributions to noncontrolling interests in other partnerships | (123) | | | (110) | | | |
Contributions from noncontrolling interests in other partnerships | — | | | 171 | | | |
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Distributions to noncontrolling interests in the Operating Partnership | (4,415) | | | (4,148) | | | |
Dividends paid on common and preferred stock | (66,339) | | | (69,772) | | | |
Other obligations related to secured borrowing | 77,874 | | | — | | | |
Tax withholdings related to restricted share awards | (3,888) | | | (2,788) | | | |
Deferred loan costs | 80 | | | (288) | | | |
Principal payments of on financing lease liabilities | — | | | (255) | | | |
Net cash used in financing activities | (124,564) | | | (9,971) | | | |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (29,666) | | | 28,812 | | | |
Cash, cash equivalents, and restricted cash at beginning of year | 336,984 | | | 372,795 | | | |
Cash, cash equivalents, and restricted cash at end of period | $ | 307,318 | | | $ | 401,607 | | | |
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Supplemental Disclosure of Non-Cash Investing and Financing Activities: | | | | | |
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Issuance of special dividend paid primarily in stock | $ | 160,620 | | | $ | 123,529 | | | |
Tenant improvements and capital expenditures payable | 8,700 | | | 15,214 | | | |
Fair value adjustment to noncontrolling interest in the Operating Partnership | 43,023 | | | 26,609 | | | |
Consolidation of real estate investment | — | | | 119,444 | | | |
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Extinguishment of debt in connection with property dispositions | — | | | 53,548 | | | |
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Debt and preferred equity investments | — | | | 10,000 | | | |
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Removal of fully depreciated commercial real estate properties | 651 | | | 1,120 | | | |
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Share repurchase payable | — | | | 3,779 | | | |
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Recognition of right of use assets and related lease liabilities | — | | | 119,711 | | | |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.
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| Three Months Ended March 31, |
| 2022 | | 2021 |
Cash and cash equivalents | $ | 223,674 | | | $ | 304,999 | |
Restricted cash | 83,644 | | | 96,608 | |
Total cash, cash equivalents, and restricted cash | $ | 307,318 | | | $ | 401,607 | |
The accompanying notes are an integral part of these consolidated financial statements.
SL Green Operating Partnership, L.P.
Consolidated Balance Sheets
(in thousands)
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| March 31, 2022 | | December 31, 2021 |
| (unaudited) | | |
Assets | | | |