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Noncontrolling Interests on the Company's Consolidated Financial Statements | 12 Months Ended
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Dec. 31, 2019
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, 2019 and 2018, the noncontrolling interest unit holders owned 5.03%, or 4,195,875 units, and 4.70%, or 4,130,579 units, of the Operating Partnership, respectively. As of December 31, 2019, 4,195,875 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 as of December 31, 2019 and 2018 (in thousands):
| December 31,
| 2019 |  | 2018
Balance at beginning of period | $ | 387,805 |  |  | $ | 461,954 |
Distributions | (14,729 | ) |  | (15,000 | )
Issuance of common units | 19,403 |  |  | 23,655 |
Redemption of common units | (27,962 | ) |  | (60,718 | )
Net income | 13,301 |  |  | 12,216 |
Accumulated other comprehensive income allocation | (2,276 | ) |  | (66 | )
Fair value adjustment | 34,320 |  |  | (34,236 | )
Balance at end of period | $ | 409,862 |  |  | $ | 387,805 |
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, 2019:
Issuance |  | Number of Units Authorized |  | Number of Units Issued |  | Dividends Per Unit(1) |  | Liquidation Preference Per Unit(2) |  | Conversion Price Per Unit(3) |  | Date of Issuance
4.50% Series G (4) |  | 1,902,000 |  |  | 1,902,000 |  |  | $ | 1.1250 |  |  | $ | 25.00 |  |  | $ | 88.50 |  |  | January 2012
7.00% Series F |  | 60 |  |  | 60 |  |  | $ | 70.0000 |  |  | $ | 1,000.00 |  |  | $ | 29.12 |  |  | January 2007
3.50% Series K |  | 700,000 |  |  | 563,954 |  |  | $ | 0.8750 |  |  | $ | 25.00 |  |  | $ | 134.67 |  |  | August 2014
4.00% Series L |  | 500,000 |  |  | 378,634 |  |  | $ | 1.0000 |  |  | $ | 25.00 |  |  | — |  |  | August 2014
3.75% Series M |  | 1,600,000 |  |  | 1,600,000 |  |  | $ | 0.9375 |  |  | $ | 25.00 |  |  | — |  |  | February 2015
3.00% Series N (5) |  | 552,303 |  |  | 552,303 |  |  | $ | 0.7500 |  |  | $ | 25.00 |  |  | — |  |  | June 2015
Series O (6) |  | 1 |  |  | 1 |  |  | (6 | ) |  | (6 | ) |  | — |  |  | June 2015
4.00% Series P |  | 200,000 |  |  | 200,000 |  |  | $ | 1.0000 |  |  | $ | 25.00 |  |  | — |  |  | July 2015
3.50% Series Q |  | 268,000 |  |  | 268,000 |  |  | $ | 0.8750 |  |  | $ | 25.00 |  |  | $ | 148.95 |  |  | July 2015
3.50% Series R |  | 400,000 |  |  | 400,000 |  |  | $ | 0.8750 |  |  | $ | 25.00 |  |  | $ | 154.89 |  |  | August 2015
4.00% Series S |  | 1,077,280 |  |  | 1,077,280 |  |  | $ | 1.0000 |  |  | $ | 25.00 |  |  | — |  |  | August 2015
2.75% Series T |  | 230,000 |  |  | 230,000 |  |  | $ | 0.6875 |  |  | $ | 25.00 |  |  | $ | 119.02 |  |  | March 2016
4.50% Series U (7) |  | 680,000 |  |  | 680,000 |  |  | $ | 1.1250 |  |  | $ | 25.00 |  |  | — |  |  | March 2016
3.50% Series A (8) |  | 109,161 |  |  | 109,161 |  |  | $ | 35.0000 |  |  | $ | 1,000.00 |  |  | — |  |  | August 2015
3.50% Series V |  | 40,000 |  |  | 40,000 |  |  | $ | 0.8750 |  |  | $ | 25.00 |  |  | — |  |  | May 2019
(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) | 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 provide the holder with the right to require the Operating Partnership to repurchase the Series G Preferred Units for cash before January 31, 2022.
(5) | All of the outstanding units were redeemed at par for cash by the unitholder during the twelve months ended December 31, 2019.
(6) | The holder of the Series O 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 O unit for cash 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 at the time of a liquidation event.
(7) | The annual dividend is subject to reduction upon the occurrence of certain circumstances. The minimum annual dividend is $0.75 per unit.
(8) | 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, 2019, no Subsidiary Series B Preferred Units have been issued.
Below is a summary of the activity relating to the preferred units in the Operating Partnership as of December 31, 2019 and 2018 (in thousands):
| December 31,
| 2019 |  | 2018
Balance at beginning of period | $ | 300,427 |  |  | $ | 301,735 |
Issuance of preferred units | 1,000 |  |  | — |
Redemption of preferred units | (18,142 | ) |  | (1,308 | )
Balance at end of period | $ | 283,285 |  |  | $ | 300,427 |

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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- References No definition available. + Details
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