v3.26.1
Noncontrolling Interests on the Company's Consolidated Financial Statements
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and December 31, 2025, the noncontrolling interest unit holders owned 7.26%, or 5,547,004 units, and 6.42%, or 4,877,891 units, of the Operating Partnership, respectively. As of June 30, 2026, 5,547,004 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 six months ended June 30, 2026 and the twelve months ended December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
Balance at beginning of period$241,371 $288,941 
Distributions(6,446)(14,162)
Issuance of common units8,106 19,531 
Redemption and conversion of common units(15,933)(22,302)
Net loss(8,833)(7,673)
Accumulated other comprehensive (loss) income allocation1,948 (2,804)
Fair value adjustment76,863 (20,160)
Balance at end of period$297,076 $241,371 
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 June 30, 2026:
IssuanceStated Distribution RateNumber of Units AuthorizedNumber of Units IssuedNumber of Units Outstanding
Annual Dividend Per Unit(1)
Liquidation Preference Per Unit(2)
Conversion Price Per Unit(3)
Date of Issuance
Series A (4)
6.00 %109,161 109,161 109,161 $60.0000 $1,000.00 $— August 2015
Series F7.00 %60 60 60 70.0000 1,000.00 29.12 January 2007
Series K3.50 %700,000 563,954 341,677 0.8750 25.00 134.67 August 2014
Series L4.00 %500,000 378,634 272,783 1.0000 25.00 — August 2014
Series R3.50 %400,000 400,000 400,000 0.8750 25.00 154.89 August 2015
Series S4.00 %1,077,280 1,077,280 1,077,280 1.0000 25.00 — August 2015
Series V (5)
5.00 %40,000 40,000 40,000 1.2500 25.00 — May 2019
Series W (6)
(6)1 1 1 (6)(6)(6)January 2020
Series X3.00 %172,809 172,809 172,809 0.7500 25.00 80.00 October 2025
Series Y5.00 %252,000 232,000 232,000 1.2500 25.00 — March 2026
(1)Dividends are cumulative, subject to certain provisions.
(2)Units are redeemable at any time at par for cash at the option of the unit holder 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 redeemable at any time after December 13, 2024 at par for cash at the option of the unit holder.
(5)The Series V Preferred Units are redeemable at any time after January 1, 2025 at par for cash at the option of the unit holder.
(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 six months ended June 30, 2026 and the twelve months ended December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
Balance at beginning of period$168,560 $164,210 
Issuance of preferred units5,800 4,320 
Redemption of preferred units— — 
Dividends paid on preferred units(3,850)(6,200)
Accrued dividends on preferred units3,914 6,230 
Balance at end of period$174,424 $168,560