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Organization and Basis of Presentation | 9 Months Ended
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Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Organization and Basis of Presentation | Organization and Basis of Presentation SL Green Realty Corp., which is referred to as the Company or SL Green, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Operating Partnership received a contribution of interest in the real estate properties, as well as 95% of the economic interest in the management, leasing and construction companies which are referred to as the Service Corporation. All of the management, leasing and construction services that are provided to the properties that are wholly-owned by us and that are provided to certain joint ventures are conducted through SL Green Management LLC which is 100% owned by the Operating Partnership. The Company has qualified, and expects to qualify in the current fiscal year, as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, and operates as a self-administered, self-managed REIT. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to minimize the payment of Federal income taxes at the corporate level. Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including the Operating Partnership. Substantially all of our assets are held by, and all of our operations are conducted through, the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership. As of September 30, 2020, noncontrolling investors held, in the aggregate, a 5.23% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership. The Operating Partnership is considered a variable interest entity, or VIE, in which we are the primary beneficiary. See Note 11, "Noncontrolling Interests on the Company's Consolidated Financial Statements." As of September 30, 2020, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan. Our investments located outside of Manhattan are referred to as the Suburban properties:
|  |  |  | Consolidated |  | Unconsolidated |  | Total |  |
Location |  | Property Type |  | Number of Properties |  | Approximate Square Feet (unaudited) |  | Number of Properties |  | Approximate Square Feet (unaudited) |  | Number of Properties |  | Approximate Square Feet (unaudited) |  | Weighted Average Occupancy(1) (unaudited)
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manhattan |  | Office |  | 18 |  |  | 10,647,191 |  |  | 11 |  |  | 11,841,483 |  |  | 29 |  |  | 22,488,674 |  |  | 93.1 | %
|  | Retail |  | 4 |  |  | 44,189 |  |  | 8 |  |  | 289,050 |  |  | 12 |  |  | 333,239 |  |  | 94.0 | %
|  | Development/Redevelopment |  | 10 |  |  | 2,908,362 |  |  | 2 |  |  | 1,755,610 |  |  | 12 |  |  | 4,663,972 |  |  | N/A
|  | Fee Interest |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — | %
|  |  |  | 32 |  |  | 13,599,742 |  |  | 22 |  |  | 13,886,143 |  |  | 54 |  |  | 27,485,885 |  |  | 93.1 | %
Suburban |  | Office |  | 8 |  |  | 1,044,800 |  |  | — |  |  | — |  |  | 8 |  |  | 1,044,800 |  |  | 85.0 | %
|  | Retail |  | 1 |  |  | 52,000 |  |  | — |  |  | — |  |  | 1 |  |  | 52,000 |  |  | 100.0 | %
|  |  |  | 9 |  |  | 1,096,800 |  |  | — |  |  | — |  |  | 9 |  |  | 1,096,800 |  |  | 85.7 | %
Total commercial properties |  | 41 |  |  | 14,696,542 |  |  | 22 |  |  | 13,886,143 |  |  | 63 |  |  | 28,582,685 |  |  | 92.7 | %
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manhattan |  | Residential |  | 1 |  |  | 82,250 |  |  | 8 |  |  | 1,663,774 |  |  | 9 |  |  | 1,746,024 |  |  | 78.8 | %
Total residential properties |  | 1 |  |  | 82,250 |  |  | 8 |  |  | 1,663,774 |  |  | 9 |  |  | 1,746,024 |  |  | 78.8 | %
Total portfolio |  | 42 |  |  | 14,778,792 |  |  | 30 |  |  | 15,549,917 |  |  | 72 |  |  | 30,328,709 |  |  | 91.9 | %
(1)The weighted average occupancy for commercial properties represents the total occupied square footage divided by the total square footage at acquisition. The weighted average occupancy for residential properties represents the total occupied units divided by the total available units. As of September 30, 2020, we also managed two office buildings owned by third parties encompassing approximately 2.1 million square feet (unaudited), and held debt and preferred equity investments with a book value of $1.15 billion, excluding $0.1 billion of debt and preferred equity investments and other financing receivables that are included in balance sheet line items other than the Debt and Preferred Equity Investments line item. Partnership Agreement In accordance with the partnership agreement of the Operating Partnership, or the Operating Partnership Agreement, we allocate all distributions and profits and losses in proportion to the percentage of ownership interests of the respective partners, subject to the priority distributions with respect to preferred units and special provisions that apply to LTIP Units. As the managing general partner of the Operating Partnership, we are required to take such reasonable efforts, as determined by us in our sole discretion, to cause the Operating Partnership to distribute sufficient amounts to enable the payment of sufficient dividends by us to minimize any Federal income or excise tax at the Company level. Under the Operating Partnership Agreement, each limited partner has the right to redeem units of limited partnership interests for cash, or if we so elect, shares of SL Green's common stock on a one-for-one basis. Basis of Quarterly Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company and the Operating Partnership at September 30, 2020 and the results of operations for the periods presented have been included. The operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2019 of the Company and the Operating Partnership. The consolidated balance sheet at December 31, 2019 has been derived from the audited financial statements as of that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Subsequent Events Beginning in late 2019, a novel strain of Coronavirus (“COVID-19”) began to spread throughout the world, including the United States, ultimately being declared a pandemic by the World Health Organization. The pandemic has caused, and continues to cause, severe disruptions with wide ranging impacts to the global economy and everyday life. We expect that our business, results of operations, liquidity, cash flows, prospects, and our ability to achieve forward-looking targets and expectations could be materially and adversely affected for at least the duration of the COVID-19 pandemic and possibly longer. This has and may continue to cause significant volatility in the trading prices of our securities. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration, severity and spread of the pandemic, health and safety actions taken to contain its spread and how quickly and to what extent normal economic and operating conditions can resume. Additionally, the COVID-19 pandemic could increase the magnitude of many of the other risks described in our latest Annual Report on Form 10-K and other SEC filings and may have other adverse effects on our operations that we are not currently able to predict. As of the date of this filing, we have collected gross tenant billings for the third quarter of 2020 of 92.7% overall, including 96.9% from office tenants and 70.2% from retail tenants. As of the date of this filing, we have collected gross tenant billings for the month of October 2020 of 93.0% overall, including 96.4% from office tenants and 72.6% from retail tenants. In October 2020, the Company, together with its partners, entered into a contract to sell interests in 410 Tenth Avenue for gross consideration of $952.5 million. We currently own 70.9% of the venture. As part of the sale, the venture is retaining a 5% interest through completion of the property's redevelopment. This transaction is expected to close in the fourth quarter of 2020, subject to satisfaction of various closing conditions. At September 30, 2020, we determined that the held for sale criteria was not met for this property as it was not probable that the sale of the asset would be completed within one year.

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