Consolidated Statements of Cash Flows (Partnership) - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2026 |
Jun. 30, 2025 |
| Operating Activities |
|
|
| Net loss |
$ (88,289)
|
$ (28,362)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
137,030
|
124,658
|
| Amortization of deferred financing costs |
4,958
|
3,429
|
| Equity in net loss from unconsolidated joint ventures |
5,832
|
21,605
|
| Distributions of cumulative earnings from unconsolidated joint ventures |
2,259
|
280
|
| Equity in net loss on sale of interest in unconsolidated joint venture/real estate |
814
|
1,946
|
| Purchase price and other fair value adjustments |
(9,845)
|
19,228
|
| Depreciable real estate reserves and impairments |
35,160
|
8,546
|
| (Gain) loss on sale of real estate, net |
(12,457)
|
649
|
| Loan loss reserves and other investment reserves, net of recoveries |
0
|
(71,326)
|
| Gain on sale of investments in marketable securities |
0
|
(10,232)
|
| Deferred rents receivable |
(7,862)
|
2,247
|
| Non-cash lease expense |
11,464
|
10,430
|
| Other non-cash adjustments |
16,360
|
23,054
|
| Changes in operating assets and liabilities: |
|
|
| Tenant and other receivables |
(17,160)
|
(513)
|
| Related party receivables |
9,784
|
14,934
|
| Deferred lease costs |
(15,540)
|
(13,850)
|
| Other assets |
(7,738)
|
(15,242)
|
| Accounts payable, accrued expenses, other liabilities and security deposits |
8,544
|
(3,375)
|
| Deferred revenue |
6,646
|
(9,838)
|
| Lease liability - operating leases |
(9,516)
|
(17,070)
|
| Net cash provided by operating activities |
70,444
|
61,198
|
| Investing Activities |
|
|
| Acquisitions of real estate property |
(664,131)
|
(112,440)
|
| Additions to land, buildings and improvements |
(129,004)
|
(136,058)
|
| Investments in unconsolidated joint ventures |
(80,259)
|
(57,123)
|
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
183,148
|
45,214
|
| Net proceeds from disposition of real estate/joint venture interest |
352,427
|
95,930
|
| Proceeds from sale or redemption of marketable securities |
4,525
|
53,107
|
| Investments in marketable securities |
0
|
(36,368)
|
| Investments in real estate loans held by consolidated securitization vehicles |
0
|
(49,296)
|
| Repayment of real estate loans held by consolidated securitization vehicles |
0
|
198,296
|
| Other investments |
(2,100)
|
(36,369)
|
| Origination or purchase of debt fund investments |
(219,499)
|
0
|
| Origination of debt and preferred equity investments |
(5,000)
|
(12,595)
|
| Repayments or redemption of debt and preferred equity investments |
38,500
|
3,214
|
| Net cash used in investing activities |
(521,393)
|
(44,488)
|
| Financing Activities |
|
|
| Proceeds from mortgages and other loans payable |
707,154
|
96,040
|
| Repayments of mortgages and other loans payable |
(424,289)
|
(3,663)
|
| Proceeds from revolving credit facility, term loans and unsecured notes |
870,410
|
480,000
|
| Repayments of revolving credit facility, term loans and unsecured notes |
(660,410)
|
(440,000)
|
| Proceeds from stock options exercised and DRSPP issuance |
145
|
131
|
| Proceeds from issuance of common stock |
0
|
(871)
|
| Repurchase of common units |
(14,068)
|
0
|
| Redemption of OP units |
(15,934)
|
(21,491)
|
| Distributions to noncontrolling interests in other partnerships |
(8,533)
|
(1,601)
|
| Contributions from noncontrolling interests in other partnerships |
3,087
|
4,696
|
| Contributions from noncontrolling interests to debt fund investments |
209,092
|
24,193
|
| Distributions from debt fund investments |
(4,784)
|
0
|
| Dividends paid on common and preferred stock |
(52,727)
|
(120,396)
|
| Other obligations related to secured borrowing |
(75,294)
|
0
|
| Tax withholdings related to restricted share awards |
(6,283)
|
(13,700)
|
| Deferred loan costs |
(24,917)
|
(907)
|
| Net cash provided by (used in) financing activities |
496,203
|
(5,531)
|
| Net increase in cash, cash equivalents, and restricted cash |
45,254
|
11,179
|
| Cash, cash equivalents, and restricted cash at beginning of year |
336,495
|
331,638
|
| Cash, cash equivalents, and restricted cash at end of period |
381,749
|
342,817
|
| Supplemental Disclosure of Non-Cash Investing and Financing Activities: |
|
|
| Issuance of preferred units relating to a real estate acquisition |
5,800
|
0
|
| Assumption of mortgage loans |
12,200
|
0
|
| Measurement adjustment for redeemable noncontrolling interest |
76,863
|
22,893
|
| Conversion of partner loan |
0
|
15,623
|
| Deconsolidation of a subsidiary |
88,891
|
0
|
| Acquisition of subsidiary interest from noncontrolling interest |
0
|
51,654
|
| Transfer of investments to debt fund |
0
|
38,422
|
| Contribution to consolidated joint venture interest |
0
|
51
|
| Transfer of assets related to assets held for sale |
214,586
|
0
|
| Transfer of liabilities related to assets held for sale |
218,333
|
0
|
| Removal of fully depreciated commercial real estate properties |
0
|
2,747
|
| Consolidation of securitization vehicle assets |
0
|
828,143
|
| Consolidation of securitization vehicle liabilities |
0
|
828,143
|
| Cash and cash equivalents |
180,788
|
182,912
|
| Restricted cash |
200,961
|
159,905
|
| Total cash, cash equivalents, and restricted cash |
381,749
|
342,817
|
| SL Green Operating Partnership |
|
|
| Operating Activities |
|
|
| Net loss |
(88,289)
|
(28,362)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
137,030
|
124,658
|
| Amortization of deferred financing costs |
4,958
|
3,429
|
| Equity in net loss from unconsolidated joint ventures |
5,832
|
21,605
|
| Distributions of cumulative earnings from unconsolidated joint ventures |
2,259
|
280
|
| Equity in net loss on sale of interest in unconsolidated joint venture/real estate |
814
|
1,946
|
| Purchase price and other fair value adjustments |
(9,845)
|
19,228
|
| Depreciable real estate reserves and impairments |
35,160
|
8,546
|
| (Gain) loss on sale of real estate, net |
(12,457)
|
649
|
| Loan loss reserves and other investment reserves, net of recoveries |
0
|
(71,326)
|
| Gain on sale of investments in marketable securities |
0
|
(10,232)
|
| Deferred rents receivable |
(7,862)
|
2,247
|
| Non-cash lease expense |
11,464
|
10,430
|
| Other non-cash adjustments |
16,360
|
23,054
|
| Changes in operating assets and liabilities: |
|
|
| Tenant and other receivables |
(17,160)
|
(513)
|
| Related party receivables |
9,784
|
14,934
|
| Deferred lease costs |
(15,540)
|
(13,850)
|
| Other assets |
(7,738)
|
(15,242)
|
| Accounts payable, accrued expenses, other liabilities and security deposits |
8,544
|
(3,375)
|
| Deferred revenue |
6,646
|
(9,838)
|
| Lease liability - operating leases |
(9,516)
|
(17,070)
|
| Net cash provided by operating activities |
70,444
|
61,198
|
| Investing Activities |
|
|
| Acquisitions of real estate property |
(664,131)
|
(112,440)
|
| Additions to land, buildings and improvements |
(129,004)
|
(136,058)
|
| Investments in unconsolidated joint ventures |
(80,259)
|
(57,123)
|
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
183,148
|
45,214
|
| Net proceeds from disposition of real estate/joint venture interest |
352,427
|
95,930
|
| Proceeds from sale or redemption of marketable securities |
4,525
|
53,107
|
| Investments in marketable securities |
0
|
(36,368)
|
| Investments in real estate loans held by consolidated securitization vehicles |
0
|
(49,296)
|
| Repayment of real estate loans held by consolidated securitization vehicles |
0
|
198,296
|
| Other investments |
(2,100)
|
(36,369)
|
| Origination or purchase of debt fund investments |
(219,499)
|
0
|
| Origination of debt and preferred equity investments |
(5,000)
|
(12,595)
|
| Repayments or redemption of debt and preferred equity investments |
38,500
|
3,214
|
| Net cash used in investing activities |
(521,393)
|
(44,488)
|
| Financing Activities |
|
|
| Proceeds from mortgages and other loans payable |
707,154
|
96,040
|
| Repayments of mortgages and other loans payable |
(424,289)
|
(3,663)
|
| Proceeds from revolving credit facility, term loans and unsecured notes |
870,410
|
480,000
|
| Repayments of revolving credit facility, term loans and unsecured notes |
(660,410)
|
(440,000)
|
| Proceeds from stock options exercised and DRSPP issuance |
145
|
131
|
| Proceeds from issuance of common stock |
0
|
(871)
|
| Repurchase of common units |
(14,068)
|
0
|
| Redemption of OP units |
(15,934)
|
(21,491)
|
| Distributions to noncontrolling interests in other partnerships |
(8,533)
|
(1,601)
|
| Contributions from noncontrolling interests in other partnerships |
3,087
|
4,696
|
| Contributions from noncontrolling interests to debt fund investments |
209,092
|
24,193
|
| Distributions from debt fund investments |
(4,784)
|
0
|
| Dividends paid on common and preferred stock |
(59,173)
|
(128,358)
|
| Other obligations related to secured borrowing |
(75,294)
|
0
|
| Tax withholdings related to restricted share awards |
(6,283)
|
(13,700)
|
| Deferred loan costs |
(24,917)
|
(907)
|
| Net cash provided by (used in) financing activities |
496,203
|
(5,531)
|
| Net increase in cash, cash equivalents, and restricted cash |
45,254
|
11,179
|
| Cash, cash equivalents, and restricted cash at beginning of year |
336,495
|
331,638
|
| Cash, cash equivalents, and restricted cash at end of period |
381,749
|
342,817
|
| Supplemental Disclosure of Non-Cash Investing and Financing Activities: |
|
|
| Issuance of preferred units relating to a real estate acquisition |
5,800
|
0
|
| Assumption of mortgage loans |
12,200
|
0
|
| Measurement adjustment for redeemable noncontrolling interest |
76,863
|
22,893
|
| Conversion of partner loan |
0
|
15,623
|
| Deconsolidation of a subsidiary |
88,891
|
0
|
| Acquisition of subsidiary interest from noncontrolling interest |
0
|
51,654
|
| Transfer of investments to debt fund |
0
|
38,422
|
| Contribution to consolidated joint venture interest |
0
|
51
|
| Transfer of assets related to assets held for sale |
214,586
|
0
|
| Transfer of liabilities related to assets held for sale |
218,333
|
0
|
| Removal of fully depreciated commercial real estate properties |
0
|
2,747
|
| Consolidation of securitization vehicle assets |
0
|
828,143
|
| Consolidation of securitization vehicle liabilities |
0
|
828,143
|
| Cash and cash equivalents |
180,788
|
182,912
|
| Restricted cash |
200,961
|
159,905
|
| Total cash, cash equivalents, and restricted cash |
$ 381,749
|
$ 342,817
|