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Noncontrolling Interests on the Company's Consolidated Financial Statements | 9 Months Ended
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Sep. 30, 2021
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 September 30, 2021 and December 31, 2020, the noncontrolling interest unit holders owned 5.50%, or 3,888,034 units, and 5.44%, or 3,938,823 units, of the Operating Partnership, respectively, inclusive of retroactive adjustments to reflect the reverse stock split effectuated by SL Green in January 2021. As of September 30, 2021, 3,888,034 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 for the nine months ended September 30, 2021 and the twelve months ended December 31, 2020 (in thousands):
| September 30, 2021 |  | December 31, 2020
Balance at beginning of period | $ | 358,262 |  |  | $ | 409,862 |
Distributions | (11,882) |  |  | (12,652) |
Issuance of common units | 11,910 |  |  | 12,018 |
Redemption and conversion of common units | (41,516) |  |  | (36,085) |
Net income | 28,489 |  |  | 20,016 |
Accumulated other comprehensive loss allocation | 229 |  |  | (2,299) |
Fair value adjustment | 17,245 |  |  | (32,598) |
Balance at end of period | $ | 362,737 |  |  | $ | 358,262 |
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 September 30, 2021:
Issuance |  | Stated Distribution Rate |  | 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
Series A (4) |  | 3.50 | % |  | 109,161 |  |  | 109,161 |  |  | 109,161 |  |  | $ | 35.0000 |  |  | $ | 1,000.00 |  |  | $ | — |  |  | August 2015
Series F |  | 7.00% |  | 60 |  |  | 60 |  |  | 60 |  |  | 70.0000 |  |  | 1,000.00 |  |  | 29.12 |  |  | January 2007
Series G (5) |  | 4.50% |  | 1,902,000 |  |  | 1,902,000 |  |  | 718,697 |  |  | 1.1250 |  |  | 25.00 |  |  | 88.50 |  |  | January 2012
Series K |  | 3.50% |  | 700,000 |  |  | 563,954 |  |  | 341,677 |  |  | 0.8750 |  |  | 25.00 |  |  | 134.67 |  |  | August 2014
Series L |  | 4.00% |  | 500,000 |  |  | 378,634 |  |  | 372,634 |  |  | 1.0000 |  |  | 25.00 |  |  | — |  |  | August 2014
Series M |  | 3.75% |  | 1,600,000 |  |  | 1,600,000 |  |  | 96,357 |  |  | 0.9375 |  |  | 25.00 |  |  | — |  |  | February 2015
Series P |  | 4.00% |  | 200,000 |  |  | 200,000 |  |  | 200,000 |  |  | 1.0000 |  |  | 25.00 |  |  | — |  |  | July 2015
Series Q |  | 3.50% |  | 268,000 |  |  | 268,000 |  |  | 268,000 |  |  | 0.8750 |  |  | 25.00 |  |  | 148.95 |  |  | July 2015
Series R |  | 3.50% |  | 400,000 |  |  | 400,000 |  |  | 400,000 |  |  | 0.8750 |  |  | 25.00 |  |  | 154.89 |  |  | August 2015
Series S |  | 4.00% |  | 1,077,280 |  |  | 1,077,280 |  |  | 1,077,280 |  |  | 1.0000 |  |  | 25.00 |  |  | — |  |  | August 2015
Series V |  | 3.50% |  | 40,000 |  |  | 40,000 |  |  | 40,000 |  |  | 0.8750 |  |  | 25.00 |  |  | — |  |  | May 2019
Series W (6) |  | (6) |  |  | 1 |  |  | 1 |  |  | 1 |  |  | (6) |  |  | (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, 2021, 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, 2021 and the twelve months ended December 31, 2020 (in thousands):
| September 30, 2021 |  | December 31, 2020
Balance at beginning of period | $ | 202,169 |  |  | $ | 283,285 |
Issuance of preferred units | — |  |  | — |
Redemption of preferred units | (3,631) |  |  | (82,750) |
Dividends paid on preferred units | (5,077) |  |  | (6,163) |
Accrued dividends on preferred units | 5,042 |  |  | 7,797 |
Balance at end of period | $ | 198,503 |  |  | $ | 202,169 |

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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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