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Noncontrolling Interests on the Company's Consolidated Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2020
Noncontrolling Interest [Abstract] |
Schedule of Noncontrolling Interest | Below is a summary of the activity relating to the noncontrolling interests in the Operating Partnership for the nine months ended September 30, 2020 and the twelve months ended December 31, 2019 (in thousands):
| September 30, 2020 |  | December 31, 2019
Balance at beginning of period | $ | 409,862 |  |  | $ | 387,805 |
Distributions | (8,857) |  |  | (14,729) |
Issuance of common units | 7,976 |  |  | 19,403 |
Redemption and conversion of common units | (27,657) |  |  | (27,962) |
Net income | 10,073 |  |  | 13,301 |
Accumulated other comprehensive loss allocation | (2,664) |  |  | (2,276) |
Fair value adjustment | (35,253) |  |  | 34,320 |
Balance at end of period | $ | 353,480 |  |  | $ | 409,862 |
Schedule of Preferred Unit Activity | Below is a summary of the preferred units of limited partnership interest in the Operating Partnership as of September 30, 2020:
Issuance |  | 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
3.50% Series A (4) |  | 109,161 |  |  | 109,161 |  |  | 109,161 |  |  | $ | 35.0000 |  |  | $ | 1,000.00 |  |  | $ | — |  |  | August 2015
7.00% Series F |  | 60 |  |  | 60 |  |  | 60 |  |  | $ | 70.0000 |  |  | $ | 1,000.00 |  |  | $ | 29.12 |  |  | January 2007
4.50% Series G (5) |  | 1,902,000 |  |  | 1,902,000 |  |  | 863,972 |  |  | $ | 1.1250 |  |  | $ | 25.00 |  |  | $ | 88.50 |  |  | January 2012
3.50% Series K |  | 700,000 |  |  | 563,954 |  |  | 341,677 |  |  | $ | 0.8750 |  |  | $ | 25.00 |  |  | $ | 134.67 |  |  | August 2014
4.00% Series L |  | 500,000 |  |  | 378,634 |  |  | 372,634 |  |  | $ | 1.0000 |  |  | $ | 25.00 |  |  | — |  |  | August 2014
3.75% Series M |  | 1,600,000 |  |  | 1,600,000 |  |  | 96,357 |  |  | $ | 0.9375 |  |  | $ | 25.00 |  |  | — |  |  | February 2015
4.00% Series P |  | 200,000 |  |  | 200,000 |  |  | 200,000 |  |  | $ | 1.0000 |  |  | $ | 25.00 |  |  | — |  |  | July 2015
3.50% Series Q |  | 268,000 |  |  | 268,000 |  |  | 268,000 |  |  | $ | 0.8750 |  |  | $ | 25.00 |  |  | $ | 148.95 |  |  | July 2015
3.50% Series R |  | 400,000 |  |  | 400,000 |  |  | 400,000 |  |  | $ | 0.8750 |  |  | $ | 25.00 |  |  | $ | 154.89 |  |  | August 2015
4.00% Series S |  | 1,077,280 |  |  | 1,077,280 |  |  | 1,077,280 |  |  | $ | 1.0000 |  |  | $ | 25.00 |  |  | — |  |  | August 2015
3.50% Series V |  | 40,000 |  |  | 40,000 |  |  | 40,000 |  |  | $ | 0.8750 |  |  | $ | 25.00 |  |  | — |  |  | May 2019
Series W (6) |  | 1 |  |  | 1 |  |  | 1 |  |  | (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 September 30, 2020, 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 provide the holder with the right to require the Operating Partnership to repurchase the Series G Preferred Units for cash before January 31, 2022. (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 nine months ended September 30, 2020 and the twelve months ended December 31, 2019 (in thousands):
| September 30, 2020 |  | December 31, 2019
Balance at beginning of period | $ | 283,285 |  |  | $ | 300,427 |
Issuance of preferred units | — |  |  | 1,000 |
Redemption of preferred units | (82,750) |  |  | (18,142) |
Accrued dividends on preferred units | 1,634 |  |  | — |
Balance at end of period | $ | 202,169 |  |  | $ | 283,285 |

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- Definition Tabular disclosure of preferred units of master limited partnerships that have priority over limited partner units in areas including liquidation, redemption, conversion, tax status of distribution or sharing in distributions. This schedule ordinarily includes a description of the preferred units that details various rights including redemption, conversion, liquidation, and sharing in distributions; capital contributed by preferred partners; number of preferred units authorized to be issued, issued, and outstanding; aggregate cumulative cash distributions made to the preferred partners; aggregate cumulative net income earned by the preferred partners; capital account balance of the preferred partners. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187171-122770 + Details
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