10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to                

Commission File Number: 1-13199 (SL Green Realty Corp.)

Commission File Number: 33-167793-02 (SL Green Operating Partnership, L.P.)

______________________________________________________________________

SL GREEN REALTY CORP.

SL GREEN OPERATING PARTNERSHIP, L.P.

(Exact name of registrant as specified in its charter)

______________________________________________________________________

SL Green Realty Corp.	Maryland	13-3956775
SL Green Operating Partnership, L.P.	Delaware	13-3960938
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

420 Lexington Avenue, New York, NY 10170

(Address of principal executive offices—Zip Code)

(212) 594-2700

(Registrant's telephone number, including area code)

______________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

SL Green Realty Corp.    Yes x    No o            SL Green Operating Partnership, L.P.    Yes x    No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 

SL Green Realty Corp.     Yes x    No o            SL Green Operating Partnership, L.P.    Yes x    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

SL Green Realty Corp.

Large accelerated filer	x	Accelerated filer	☐
Non-accelerated filer	☐
Smaller Reporting Company	☐	Emerging Growth Company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

SL Green Operating Partnership, L.P.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	x
Smaller Reporting Company	☐	Emerging Growth Company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). 

SL Green Realty Corp.    Yes ☐    No x            SL Green Operating Partnership, L.P.    Yes ☐    No x

Securities registered pursuant to Section 12(b) of the Act:

Registrant	Trading Symbol	Title of Each Class	Name of Each Exchange on Which Registered
SL Green Realty Corp.	SLG	Common Stock, $0.01 par value	New York Stock Exchange
SL Green Realty Corp.	SLG.PRI	6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value	New York Stock Exchange

As of November 4, 2019, 80,110,275 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of November 4, 2019, 1,022,624 common units of limited partnership interest of SL Green Operating Partnership, L.P. were held by non-affiliates. There is no established trading market for such units.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2019 of SL Green Realty Corp. and SL Green Operating Partnership, L.P. Unless stated otherwise or the context otherwise requires, references to "SL Green Realty Corp.," the "Company" or "SL Green" mean SL Green Realty Corp. and its consolidated subsidiaries, including SL Green Operating Partnership, L.P.; and references to "SL Green Operating Partnership, L.P.," the "Operating Partnership" or "SLGOP" mean SL Green Operating Partnership, L.P. and its consolidated subsidiaries. The terms "we," "our" and "us" mean the Company and all the entities owned or controlled by the Company, including the Operating Partnership.

The Company is a Maryland corporation which operates as a self-administered and self-managed real estate investment trust, or REIT, and is the sole managing general partner of the Operating Partnership. As a general partner of the Operating Partnership, the Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership.

As of September 30, 2019 the Company owns 95.04% of the outstanding general and limited partnership interest in the Operating Partnership and owns 9,200,000 Series I Preferred Units of the Operating Partnership. As of September 30, 2019, noncontrolling investors held, in aggregate, a 4.96% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership.

The Company and the Operating Partnership are managed and operated as one entity. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.

Noncontrolling interests in the Operating Partnership, stockholders' equity of the Company and partners' capital of the Operating Partnership are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The common limited partnership interests in the Operating Partnership not owned by the Company are accounted as noncontrolling interests, within mezzanine equity, in the Company's and the Operating Partnership's consolidated financial statements.

We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:

• Combined reports enhance investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

• Combined reports eliminate duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership; and

• Combined reports create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:

• consolidated financial statements;

• the following notes to the consolidated financial statements:

◦ Note 11, Noncontrolling Interests on the Company’s Consolidated Financial Statements;

◦ Note 12, Stockholders' Equity of the Company;

◦ Note 13, Partners' Capital of the Operating Partnership.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership, respectively, in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Company, in both their capacity as the principal executive officer and principal financial officer of the Company and the principal executive officer and principal financial officer of the general partner of the Operating Partnership, have made the requisite certifications and that the Company and the Operating Partnership are compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended.

SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS	4
	FINANCIAL STATEMENTS OF SL GREEN REALTY CORP.
	Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018	4
	Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 (unaudited)	6
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018 (unaudited)	7
	Consolidated Statements of Equity for the three and nine months ended September 30, 2019 and 2018 (unaudited)	8
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (unaudited)	10
	FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P.
	Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018	12
	Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 (unaudited)	14
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018 (unaudited)	15
	Consolidated Statements of Capital for the three and nine months ended September 30, 2019 and 2018 (unaudited)	16
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (unaudited)	18
	Notes to Consolidated Financial Statements (unaudited)	20
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	56
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	74
Item 4.	Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.)	75
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	76
Item 1A.	Risk Factors	76
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	76
Item 3.	Defaults Upon Senior Securities	76
Item 4.	Mine Safety Disclosures	77
Item 5.	Other Information	78
Item 6.	Exhibits	79
	Signatures	80

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SL Green Realty Corp.

Consolidated Balance Sheets

(in thousands)

	September 30, 2019			December 31, 2018
	(unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,860,922		$	1,774,899
Building and improvements	5,352,144			5,268,484
Building leasehold and improvements	1,431,183			1,423,107
Right of use asset - financing leases	47,445			47,445
Right of use asset - operating leases	396,795			—
	9,088,489			8,513,935
Less: accumulated depreciation	(2,147,395		)	(2,099,137		)
	6,941,094			6,414,798
Assets held for sale	403,488			—
Cash and cash equivalents	121,751			129,475
Restricted cash	94,793			149,638
Investments in marketable securities	30,208			28,638
Tenant and other receivables	44,950			41,589
Related party receivables	20,030			28,033
Deferred rents receivable	306,431			335,985
Debt and preferred equity investments, net of discounts and deferred origination fees of $16,224 and $22,379 in 2019 and 2018, respectively, and allowances of $1,750 and $5,750 in 2019 and 2018, respectively.	1,954,556			2,099,393
Investments in unconsolidated joint ventures	2,923,595			3,019,020
Deferred costs, net	182,621			209,110
Other assets	271,467			295,679
Total assets (1)	$	13,294,984		$	12,751,358
Liabilities
Mortgages and other loans payable, net	$	2,417,161		$	1,961,240
Revolving credit facility, net	328,549			492,196
Unsecured term loans, net	1,493,691			1,493,051
Unsecured notes, net	1,496,367			1,495,214
Accrued interest payable	27,568			23,154
Other liabilities	140,899			116,566
Accounts payable and accrued expenses	143,361			147,060
Deferred revenue	126,321			94,453
Lease liability - financing leases	44,251			43,616
Lease liability - operating leases	384,661			3,603
Dividend and distributions payable	78,541			80,430
Security deposits	62,166			64,688
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities	100,000			100,000
Total liabilities (1)	6,843,536			6,115,271

4

SL Green Realty Corp.

Consolidated Balance Sheets

(in thousands, except per share data)

	September 30, 2019			December 31, 2018
	(unaudited)
Commitments and contingencies	—			—
Noncontrolling interests in Operating Partnership	401,863			387,805
Preferred units	286,285			300,427
Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2019 and December 31, 2018	221,932			221,932
Common stock, $0.01 par value, 160,000 shares authorized and 82,570 and 84,739 issued and outstanding at September 30, 2019 and December 31, 2018, respectively (including 1,055 shares held in treasury at September 30, 2019 and December 31, 2018)	826			847
Additional paid-in-capital	4,407,667			4,508,685
Treasury stock at cost	(124,049		)	(124,049		)
Accumulated other comprehensive (loss) income	(40,132		)	15,108
Retained earnings	1,225,904			1,278,998
Total SL Green stockholders' equity	5,692,148			5,901,521
Noncontrolling interests in other partnerships	71,152			46,334
Total equity	5,763,300			5,947,855
Total liabilities and equity	$	13,294,984		$	12,751,358
(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $219.4 million and $110.0 million of land, $522.9 million and $346.7 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $61.7 million and $47.4 million of right of use assets, $27.6 million and $42.2 million of accumulated depreciation, $99.4 million and $112.6 million of other assets included in other line items, $473.2 million and $140.8 million of real estate debt, net, $1.4 million and $0.4 million of accrued interest payable, $57.4 million and $43.6 million of lease liabilities, and $35.7 million and $18.3 million of other liabilities included in other line items as of September 30, 2019 and December 31, 2018, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

5

SL Green Realty Corp.

Consolidated Statements of Operations

(unaudited, in thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Revenues
Rental revenue, net	$	248,028		$	250,866		$	733,105		$	731,055
Investment income	51,518			48,977			153,167			143,540
Other income	14,088			7,702			44,641			35,761
Total revenues	313,634			307,545			930,913			910,356
Expenses
Operating expenses, including related party expenses of $5,460 and $13,575 in 2019 and $4,790 and $13,289 in 2018	59,847			56,852			175,862			172,871
Real estate taxes	49,626			48,805			143,008			139,788
Operating lease rent	8,295			9,507			24,891			26,661
Interest expense, net of interest income	48,112			55,168			145,797			156,695
Amortization of deferred financing costs	3,112			2,630			8,566			9,713
Depreciation and amortization	70,464			70,747			208,268			208,049
Loan loss and other investment reserves, net of recoveries	—			1,087			—			1,087
Transaction related costs	44			163			360			673
Marketing, general and administrative	23,841			20,594			75,300			66,601
Total expenses	263,341			265,553			782,052			782,138
Equity in net (loss) income from unconsolidated joint ventures	(9,864		)	971			(22,644		)	9,709
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			70,937			76,181			136,522
Purchase price and other fair value adjustments	3,799			(3,057		)	69,389			57,385
Gain (loss) on sale of real estate, net	3,541			(2,504		)	2,492			6,227
Depreciable real estate reserves and impairment	(7,047		)	(6,691		)	(7,047		)	(6,691		)
Loss on early extinguishment of debt	—			(2,194		)	—			(2,194		)
Net income	40,722			99,454			267,232			329,176
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	(1,719		)	(4,797		)	(12,306		)	(15,656		)
Noncontrolling interests in other partnerships	624			136			2,524			(234		)
Preferred units distributions	(2,732		)	(2,846		)	(8,185		)	(8,542		)
Net income attributable to SL Green	36,895			91,947			249,265			304,744
Perpetual preferred stock dividends	(3,738		)	(3,738		)	(11,213		)	(11,213		)
Net income attributable to SL Green common stockholders	$	33,157		$	88,209		$	238,052		$	293,531
Basic Earnings per Share	$	0.40		$	1.03		$	2.87		$	3.34
Diluted Earnings per Share	$	0.40		$	1.03		$	2.87		$	3.34
Basic weighted average common shares outstanding	82,292			85,566			82,855			87,692
Diluted weighted average common shares and common share equivalents outstanding	86,714			90,428			87,309			92,580

The accompanying notes are an integral part of these consolidated financial statements.

6

SL Green Realty Corp.

Consolidated Statements of Comprehensive Income

(unaudited, in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net income	$	40,722		$	99,454		$	267,232		$	329,176
Other comprehensive (loss) income:
(Decrease) increase in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments	(12,574		)	3,919			(59,680		)	18,809
Increase (decrease) in unrealized value of marketable securities	230			(32		)	1,571			(39		)
Other comprehensive (loss) income	(12,344		)	3,887			(58,109		)	18,770
Comprehensive income	28,378			103,341			209,123			347,946
Net income attributable to noncontrolling interests and preferred units distributions	(3,827		)	(7,507		)	(17,967		)	(24,432		)
Other comprehensive loss (income) attributable to noncontrolling interests	607			(210		)	2,869			(1,075		)
Comprehensive income attributable to SL Green	$	25,158		$	95,624		$	194,025		$	322,439

The accompanying notes are an integral part of these consolidated financial statements.

7

SL Green Realty Corp.

Consolidated Statements of Equity

(unaudited, in thousands, except per share data)

	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares		Par Value			Additional Paid- In-Capital			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Noncontrolling Interests			Total
Balance at December 31, 2018		$	221,932	83,684		$	847		$	4,508,685		$	(124,049	)	$	15,108		$	1,278,998		$	46,334		$	5,947,855
Net income																		212,370			(1,900		)	210,470
Acquisition of subsidiary interest from noncontrolling interest									(515		)										(25,276		)	(25,791		)
Other comprehensive loss															(43,503		)							(43,503		)
Preferred dividends																		(7,475		)				(7,475		)
DRSPP proceeds				3					263															263
Conversion of units in the Operating Partnership for common stock				5					446															446
Reallocation of noncontrolling interest in the Operating Partnership																		(14,028		)				(14,028		)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				(17	)				10,533															10,533
Repurchases of common stock				(1,265	)	(12		)	(68,203		)							(41,098		)				(109,313		)
Contributions to consolidated joint venture interests																					50,692			50,692
Cash distributions to noncontrolling interests																					(271		)	(271		)
Cash distributions declared ($1.70 per common share, none of which represented a return of capital for federal income tax purposes)																		(140,377		)				(140,377		)
Balance at June 30, 2019		$	221,932	82,410		$	835		$	4,451,209		$	(124,049	)	$	(28,395	)	$	1,288,390		$	69,579		$	5,879,501
Net income																		36,895			(624		)	36,271
Acquisition of subsidiary interest from noncontrolling interest									(54		)										—			(54		)
Other comprehensive loss															(11,737		)							(11,737		)
Preferred dividends																		(3,738		)				(3,738		)
DRSPP proceeds				—					39															39
Conversion of units in the Operating Partnership for common stock				—					25															25
Reallocation of noncontrolling interest in the Operating Partnership																		(1,481		)				(1,481		)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				21					5,948															5,948
Repurchases of common stock				(916	)	(9		)	(49,500		)							(25,022		)				(74,531		)
Contributions to consolidated joint venture interests																					2,404			2,404
Cash distributions to noncontrolling interests																					(207		)	(207		)
Cash distributions declared ($0.85 per common share, none of which represented a return of capital for federal income tax purposes)																		(69,140		)				(69,140		)
Balance at September 30, 2019		$	221,932	81,515		$	826		$	4,407,667		$	(124,049	)	$	(40,132	)	$	1,225,904		$	71,152		$	5,763,300

8

SL Green Realty Corp.

Consolidated Statements of Equity

(unaudited, in thousands, except per share data)

	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares		Par Value			Additional Paid- In-Capital			Treasury Stock			Accumulated Other Comprehensive Income (Loss)		Retained Earnings			Noncontrolling Interests			Total
Balance at December 31, 2017		$	221,932	92,803		$	939		$	4,968,338		$	(124,049	)	$	18,604	$	1,139,329		$	364,361		$	6,589,454
Cumulative adjustment upon adoption of ASC 610-20																	570,524						570,524
Balance at January 1, 2018		$	221,932	92,803		$	939		$	4,968,338		$	(124,049	)	$	18,604	$	1,709,853		$	364,361		$	7,159,978
Net income																	212,797			371			213,168
Other comprehensive income															14,018								14,018
Preferred dividends																	(7,475		)				(7,475		)
DRSPP proceeds				1					64														64
Conversion of units in the Operating Partnership for common stock				15					1,560														1,560
Reallocation of noncontrolling interest in the Operating Partnership																	(4,493		)				(4,493		)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				(20	)				8,090														8,090
Repurchases of common stock				(7,133	)	(72		)	(382,080		)						(310,939		)				(693,091		)
Proceeds from stock options exercised				59		1			5,636														5,637
Contributions to consolidated joint venture interests																				1,828			1,828
Deconsolidation of partially owned entity																				(314,596		)	(314,596		)
Cash distributions to noncontrolling interests																				(724		)	(724		)
Cash distributions declared ($1.625 per common share, none of which represented a return of capital for federal income tax purposes)																	(141,908		)				(141,908		)
Balance at June 30, 2018		$	221,932	85,725		$	868		$	4,601,608		$	(124,049	)	$	32,622	$	1,457,835		$	51,240		$	6,242,056
Net income																	91,947			(136		)	91,811
Other comprehensive income															3,677								3,677
Preferred dividends																	(3,738		)				(3,738		)
DRSPP proceeds				—					52														52
Conversion of units in the Operating Partnership for common stock				—					—														—
Reallocation of noncontrolling interest in the Operating Partnership																	11,941						11,941
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				13					4,634														4,634
Repurchases of common stock				(253	)	(2		)	(13,579		)						(11,655		)				(25,236		)
Proceeds from stock options exercised				109		1			9,935														9,936
Contributions to consolidated joint venture interests																				3,072			3,072
Deconsolidation of partially owned entity																				(520		)	(520		)
Cash distributions to noncontrolling interests																				(1,139		)	(1,139		)
Cash distributions declared ($0.8125 per common share, none of which represented a return of capital for federal income tax purposes)																	(69,371		)				(69,371		)
Balance at September 30, 2018		$	221,932	85,594		$	867		$	4,602,650		$	(124,049	)	$	36,299	$	1,476,959		$	52,517		$	6,267,175

The accompanying notes are an integral part of these consolidated financial statements.

9

SL Green Realty Corp.

Consolidated Statements of Cash Flows

(unaudited, in thousands, except per share data)

	Nine Months Ended September 30,
	2019			2018
Operating Activities
Net income	$	267,232		$	329,176
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	216,834			217,762
Equity in net loss (income) from unconsolidated joint ventures	22,644			(9,709		)
Distributions of cumulative earnings from unconsolidated joint ventures	648			10,174
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate	(76,181		)	(136,522		)
Purchase price and other fair value adjustments	(69,389		)	(57,385		)
Depreciable real estate reserves and impairment	7,047			6,691
Gain on sale of real estate, net	(2,492		)	(6,227		)
Loan loss reserves and other investment reserves, net of recoveries	—			1,087
Loss on early extinguishment of debt	—			2,194
Deferred rents receivable	(10,005		)	(11,328		)
Other non-cash adjustments	(9,573		)	8,907
Changes in operating assets and liabilities:
Tenant and other receivables	(7,564		)	3,186
Related party receivables	8,921			5,186
Deferred lease costs	(38,542		)	(31,828		)
Other assets	(47,139		)	(52,172		)
Accounts payable, accrued expenses, other liabilities and security deposits	18,737			20,715
Deferred revenue and land leases payable	18,255			17,638
Net cash provided by operating activities	299,433			317,545
Investing Activities
Acquisitions of real estate property	(261,596		)	(40,279		)
Additions to land, buildings and improvements	(150,742		)	(163,750		)
Acquisition deposits and deferred purchase price	(228		)	—
Investments in unconsolidated joint ventures	(114,050		)	(298,836		)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	62,576			208,724
Net proceeds from disposition of real estate/joint venture interest	138,948			892,350
Other investments	(2,491		)	991
Origination of debt and preferred equity investments	(555,951		)	(652,309		)
Repayments or redemption of debt and preferred equity investments	642,634			553,341
Net cash (used in) provided by investing activities	(240,900		)	500,232

10

SL Green Realty Corp.

Consolidated Statements of Cash Flows

(unaudited, in thousands, except per share data)

	Nine Months Ended September 30,
	2019			2018
Financing Activities
Proceeds from mortgages and other loans payable	$	699,072		$	339,125
Repayments of mortgages and other loans payable	(162,024		)	(351,080		)
Proceeds from revolving credit facility and senior unsecured notes	1,090,000			2,205,000
Repayments of revolving credit facility and senior unsecured notes	(1,255,000		)	(2,000,000		)
Proceeds from stock options exercised and DRSPP issuance	302			15,689
Repurchase of common stock	(175,005		)	(760,073		)
Redemption of preferred units	(15,142		)	(350		)
Redemption of OP units	(15,918		)	—
Distributions to noncontrolling interests in other partnerships	(478		)	(1,863		)
Contributions from noncontrolling interests in other partnerships	4,873			4,900
Acquisition of subsidiary interest from noncontrolling interest	(25,791		)	—
Distributions to noncontrolling interests in the Operating Partnership	(10,993		)	(11,469		)
Dividends paid on common and preferred stock	(230,804		)	(237,007		)
Other obligations related to loan participations	—			16
Tax withholdings related to restricted share awards	(3,126		)	(3,842		)
Deferred loan costs and capitalized lease obligation	(21,068		)	(8,257		)
Net cash used in financing activities	(121,102		)	(809,211		)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(62,569		)	8,566
Cash, cash equivalents, and restricted cash at beginning of year	279,113			250,026
Cash, cash equivalents, and restricted cash at end of period	$	216,544		$	258,592
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Conversion of units in the Operating Partnership for common stock	$	471		$	1,560
Redemption of units in the Operating Partnership for the sale of a joint venture	—			10,445
Issuance of preferred units relating to a real estate acquisition	1,000			—
Tenant improvements and capital expenditures payable	10,040			16,246
Fair value adjustment to noncontrolling interest in Operating Partnership	15,509			7,448
Deconsolidation of subsidiaries	395			298,391
Transfer of assets related to assets held for sale	403,488			734,008
Transfer of liabilities related to assets held for sale	—			310,496
Removal of fully depreciated commercial real estate properties	6,602			115,320
Contribution to consolidated joint venture by noncontrolling interest	48,223			—
Share repurchase payable	8,839			41,746
Recognition of right of use assets and related lease liabilities	389,120			—

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.

	Nine Months Ended September 30,
	2019		2018
Cash and cash equivalents	$	121,751	$	160,248
Restricted cash	94,793		98,344
Total cash, cash equivalents, and restricted cash	$	216,544	$	258,592

The accompanying notes are an integral part of these consolidated financial statements.

11

SL Green Operating Partnership, L.P.

Consolidated Balance Sheets

(in thousands)

	September 30, 2019			December 31, 2018
	(unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,860,922		$	1,774,899
Building and improvements	5,352,144			5,268,484
Building leasehold and improvements	1,431,183			1,423,107
Right of use asset - financing leases	47,445			47,445
Right of use asset - operating leases	396,795			—
	9,088,489			8,513,935
Less: accumulated depreciation	(2,147,395		)	(2,099,137		)
	6,941,094			6,414,798
Assets held for sale	403,488			—
Cash and cash equivalents	121,751			129,475
Restricted cash	94,793			149,638
Investments in marketable securities	30,208			28,638
Tenant and other receivables	44,950			41,589
Related party receivables	20,030			28,033
Deferred rents receivable	306,431			335,985
Debt and preferred equity investments, net of discounts and deferred origination fees of $16,224 and $22,379 in 2019 and 2018, respectively, and allowances of $1,750 and $5,750 in 2019 and 2018, respectively.	1,954,556			2,099,393
Investments in unconsolidated joint ventures	2,923,595			3,019,020
Deferred costs, net	182,621			209,110
Other assets	271,467			295,679
Total assets (1)	$	13,294,984		$	12,751,358
Liabilities
Mortgages and other loans payable, net	$	2,417,161		$	1,961,240
Revolving credit facility, net	328,549			492,196
Unsecured term loans, net	1,493,691			1,493,051
Unsecured notes, net	1,496,367			1,495,214
Accrued interest payable	27,568			23,154
Other liabilities	140,899			116,566
Accounts payable and accrued expenses	143,361			147,060
Deferred revenue	126,321			94,453
Lease liability - financing leases	44,251			43,616
Lease liability - operating leases	384,661			3,603
Dividend and distributions payable	78,541			80,430
Security deposits	62,166			64,688
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities	100,000			100,000
Total liabilities (1)	6,843,536			6,115,271
Commitments and contingencies	—			—
Limited partner interests in SLGOP (4,258 and 4,131 limited partner common units outstanding at September 30, 2019 and December 31, 2018, respectively)	401,863			387,805
Preferred units	286,285			300,427

12

SL Green Operating Partnership, L.P.

Consolidated Balance Sheets

(in thousands)

	September 30, 2019			December 31, 2018
	(unaudited)
Capital
SLGOP partners' capital:
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2019 and December 31, 2018	221,932			221,932
SL Green partners' capital (858 and 878 general partner common units and 80,657 and 82,806 limited partner common units outstanding at September 30, 2019 and December 31, 2018, respectively)	5,510,348			5,664,481
Accumulated other comprehensive (loss) income	(40,132		)	15,108
Total SLGOP partners' capital	5,692,148			5,901,521
Noncontrolling interests in other partnerships	71,152			46,334
Total capital	5,763,300			5,947,855
Total liabilities and capital	$	13,294,984		$	12,751,358
(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $219.4 million and $110.0 million of land, $522.9 million and $346.7 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $61.7 million and $47.4 million of right of use assets, $27.6 million and $42.2 million of accumulated depreciation, $99.4 million and $112.6 million of other assets included in other line items, $473.2 million and $140.8 million of real estate debt, net, $1.4 million and $0.4 million of accrued interest payable, $57.4 million and $43.6 million of lease liabilities, and $35.7 million and $18.3 million of other liabilities included in other line items as of September 30, 2019 and December 31, 2018, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

13

SL Green Operating Partnership, L.P.

Consolidated Statements of Operations

(unaudited, in thousands, except per unit data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Revenues
Rental revenue, net	$	248,028		$	250,866		$	733,105		$	731,055
Investment income	51,518			48,977			153,167			143,540
Other income	14,088			7,702			44,641			35,761
Total revenues	313,634			307,545			930,913			910,356
Expenses
Operating expenses, including related party expenses of $5,460 and $13,575 in 2019 and $4,790 and $13,289 in 2018	59,847			56,852			175,862			172,871
Real estate taxes	49,626			48,805			143,008			139,788
Operating lease rent	8,295			9,507			24,891			26,661
Interest expense, net of interest income	48,112			55,168			145,797			156,695
Amortization of deferred financing costs	3,112			2,630			8,566			9,713
Depreciation and amortization	70,464			70,747			208,268			208,049
Loan loss and other investment reserves, net of recoveries	—			1,087			—			1,087
Transaction related costs	44			163			360			673
Marketing, general and administrative	23,841			20,594			75,300			66,601
Total expenses	263,341			265,553			782,052			782,138
Equity in net (loss) income from unconsolidated joint ventures	(9,864		)	971			(22,644		)	9,709
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			70,937			76,181			136,522
Purchase price and other fair value adjustments	3,799			(3,057		)	69,389			57,385
Gain (loss) on sale of real estate, net	3,541			(2,504		)	2,492			6,227
Depreciable real estate reserves and impairment	(7,047		)	(6,691		)	(7,047		)	(6,691		)
Loss on early extinguishment of debt	—			(2,194		)	—			(2,194		)
Net income	40,722			99,454			267,232			329,176
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interests in other partnerships	624			136			2,524			(234		)
Preferred units distributions	(2,732		)	(2,846		)	(8,185		)	(8,542		)
Net income attributable to SLGOP	38,614			96,744			261,571			320,400
Perpetual preferred unit distributions	(3,738		)	(3,738		)	(11,213		)	(11,213		)
Net income attributable to SLGOP common unitholders	$	34,876		$	93,006		$	250,358		$	309,187
Basic Earnings per Unit	$	0.40		$	1.03		$	2.87		$	3.34
Diluted Earnings per Unit	$	0.40		$	1.03		$	2.87		$	3.34
Basic weighted average common units outstanding	86,550			90,209			87,138			92,369
Diluted weighted average common units and common unit equivalents outstanding	86,714			90,428			87,309			92,580

The accompanying notes are an integral part of these consolidated financial statements.

14

SL Green Operating Partnership, L.P.

Consolidated Statements of Comprehensive Income

(unaudited, in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net income	$	40,722		$	99,454		$	267,232		$	329,176
Other comprehensive (loss) income:
(Decrease) increase in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments	(12,574		)	3,919			(59,680		)	18,809
Increase (decrease) in unrealized value of marketable securities	230			(32		)	1,571			(39		)
Other comprehensive (loss) income	(12,344		)	3,887			(58,109		)	18,770
Comprehensive income	28,378			103,341			209,123			347,946
Net loss (income) attributable to noncontrolling interests	624			136			2,524			(234		)
Other comprehensive loss (income) attributable to noncontrolling interests	607			(210		)	2,869			(1,075		)
Comprehensive income attributable to SLGOP	$	29,609		$	103,267		$	214,516		$	346,637

The accompanying notes are an integral part of these consolidated financial statements.

15

SL Green Operating Partnership, L.P.

Consolidated Statements of Capital

(unaudited, in thousands, except per unit data)

	SL Green Operating Partnership Unitholders
			Partners' Interest
	Series I Preferred Units		Common Units		Common Unitholders			Accumulated Other Comprehensive Income (Loss)			Noncontrolling Interests			Total
Balance at December 31, 2018	$	221,932	83,684		$	5,664,481		$	15,108		$	46,334		$	5,947,855
Net income					212,370						(1,900		)	210,470
Acquisition of subsidiary interest from noncontrolling interest					(515		)				(25,276		)	(25,791		)
Other comprehensive loss								(43,503		)				(43,503		)
Preferred distributions					(7,475		)							(7,475		)
DRSPP proceeds			3		263									263
Conversion of common units			5		446									446
Reallocation of noncontrolling interests in the operating partnership					(14,028		)							(14,028		)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings			(17	)	10,533									10,533
Repurchases of common stock			(1,265	)	(109,313		)							(109,313		)
Contribution to consolidated joint venture interests											50,692			50,692
Cash distributions to noncontrolling interests											(271		)	(271		)
Cash distributions declared ($1.70 per common unit, none of which represented a return of capital for federal income tax purposes)					(140,377		)							(140,377		)
Balance at June 30, 2019	$	221,932	82,410		$	5,616,385		$	(28,395	)	$	69,579		$	5,879,501
Net income					36,895						(624		)	36,271
Acquisition of subsidiary interest from noncontrolling interest					(54		)				—			(54		)
Other comprehensive loss								(11,737		)				(11,737		)
Preferred distributions					(3,738		)							(3,738		)
DRSPP proceeds			—		39									39
Conversion of common units			—		25									25
Reallocation of noncontrolling interests in the operating partnership					(1,481		)							(1,481		)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings			21		5,948									5,948
Repurchases of common stock			(916	)	(74,531		)							(74,531		)
Contribution to consolidated joint venture interests											2,404			2,404
Cash distributions to noncontrolling interests											(207		)	(207		)
Cash distributions declared ($0.85 per common unit, none of which represented a return of capital for federal income tax purposes)					(69,140		)							(69,140		)
Balance at September 30, 2019	$	221,932	81,515		$	5,510,348		$	(40,132	)	$	71,152		$	5,763,300

16

SL Green Operating Partnership, L.P.

Consolidated Statements of Capital

(unaudited, in thousands, except per unit data)

	SL Green Operating Partnership Unitholders
			Partners' Interest
	Series I Preferred Units		Common Units		Common Unitholders			Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests			Total
Balance at December 31, 2017	$	221,932	92,803		$	5,984,557		$	18,604	$	364,361		$	6,589,454
Cumulative adjustment upon adoption of ASC 610-20					570,524								570,524
Balance at January 1, 2018	$	221,932	92,803		$	6,555,081		$	18,604	$	364,361		$	7,159,978
Net income					212,797					371			213,168
Other comprehensive income								14,018					14,018
Preferred distributions					(7,475		)						(7,475		)
DRSPP proceeds			1		64								64
Conversion of common units			15		1,560								1,560
Reallocation of noncontrolling interests in the operating partnership					(4,493		)						(4,493		)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings			(20	)	8,090								8,090
Repurchases of common stock			(7,133	)	(693,091		)						(693,091		)
Contribution to consolidated joint venture interests										1,828			1,828
Deconsolidation of partially owned entity										(314,596		)	(314,596		)
Contributions - proceeds from stock options exercised			59		5,637								5,637
Cash distributions to noncontrolling interests										(724		)	(724		)
Cash distributions declared ($1.625 per common unit, none of which represented a return of capital for federal income tax purposes)					(141,908		)						(141,908		)
Balance at June 30, 2018	$	221,932	85,725		$	5,936,262		$	32,622	$	51,240		$	6,242,056
Net income					91,947					(136		)	91,811
Other comprehensive income								3,677					3,677
Preferred distributions					(3,738		)						(3,738		)
DRSPP proceeds			—		52								52
Conversion of common units			—		—								—
Reallocation of noncontrolling interests in the operating partnership					11,941								11,941
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings			13		4,634								4,634
Repurchases of common stock			(253	)	(25,236		)						(25,236		)
Contribution to consolidated joint venture interests										3,072			3,072
Deconsolidation of partially owned entity										(520		)	(520		)
Contributions - proceeds from stock options exercised			109		9,936								9,936
Cash distributions to noncontrolling interests										(1,139		)	(1,139		)
Cash distributions declared ($0.8125 per common unit, none of which represented a return of capital for federal income tax purposes)					(69,371		)						(69,371		)
Balance at September 30, 2018	$	221,932	85,594		$	5,956,427		$	36,299	$	52,517		$	6,267,175

The accompanying notes are an integral part of these consolidated financial statements.

17

SL Green Operating Partnership, L.P.

Consolidated Statements of Cash Flows

(unaudited, in thousands)

	Nine Months Ended September 30,
	2019			2018
Operating Activities
Net income	$	267,232		$	329,176
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	216,834			217,762
Equity in net loss (income) from unconsolidated joint ventures	22,644			(9,709		)
Distributions of cumulative earnings from unconsolidated joint ventures	648			10,174
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate	(76,181		)	(136,522		)
Purchase price and other fair value adjustments	(69,389		)	(57,385		)
Depreciable real estate reserves and impairment	7,047			6,691
Gain on sale of real estate, net	(2,492		)	(6,227		)
Loan loss reserves and other investment reserves, net of recoveries	—			1,087
Loss on early extinguishment of debt	—			2,194
Deferred rents receivable	(10,005		)	(11,328		)
Other non-cash adjustments	(9,573		)	8,907
Changes in operating assets and liabilities:
Tenant and other receivables	(7,564		)	3,186
Related party receivables	8,921			5,186
Deferred lease costs	(38,542		)	(31,828		)
Other assets	(47,139		)	(52,172		)
Accounts payable, accrued expenses, other liabilities and security deposits	18,737			20,715
Deferred revenue and land leases payable	18,255			17,638
Net cash provided by operating activities	299,433			317,545
Investing Activities
Acquisitions of real estate property	(261,596		)	(40,279		)
Additions to land, buildings and improvements	(150,742		)	(163,750		)
Acquisition deposits and deferred purchase price	(228		)	—
Investments in unconsolidated joint ventures	(114,050		)	(298,836		)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	62,576			208,724
Net proceeds from disposition of real estate/joint venture interest	138,948			892,350
Other investments	(2,491		)	991
Origination of debt and preferred equity investments	(555,951		)	(652,309		)
Repayments or redemption of debt and preferred equity investments	642,634			553,341
Net cash (used in) provided by investing activities	(240,900		)	500,232

18

SL Green Operating Partnership, L.P.

Consolidated Statements of Cash Flows

(unaudited, in thousands)

	Nine Months Ended September 30,
	2019			2018
Financing Activities
Proceeds from mortgages and other loans payable	$	699,072		$	339,125
Repayments of mortgages and other loans payable	(162,024		)	(351,080		)
Proceeds from revolving credit facility and senior unsecured notes	1,090,000			2,205,000
Repayments of revolving credit facility and senior unsecured notes	(1,255,000		)	(2,000,000		)
Proceeds from stock options exercised and DRSPP issuance	302			15,689
Repurchase of common stock	(175,005		)	(760,073		)
Redemption of preferred units	(15,142		)	(350		)
Redemption of OP units	(15,918		)	—
Distributions to noncontrolling interests in other partnerships	(478		)	(1,863		)
Contributions from noncontrolling interests in other partnerships	4,873			4,900
Acquisition of subsidiary interest from noncontrolling interest	(25,791		)	—
Distributions paid on common and preferred units	(241,797		)	(248,476		)
Other obligations related to loan participations	—			16
Tax withholdings related to restricted share awards	(3,126		)	(3,842		)
Deferred loan costs and capitalized lease obligation	(21,068		)	(8,257		)
Net cash used in financing activities	(121,102		)	(809,211		)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(62,569		)	8,566
Cash, cash equivalents, and restricted cash at beginning of year	279,113			250,026
Cash, cash equivalents, and restricted cash at end of period	$	216,544		$	258,592
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Conversion of units in the Operating Partnership for common stock	$	471		$	1,560
Redemption of units in the Operating Partnership for the sale of a joint venture	—			10,445
Issuance of preferred units relating to a real estate acquisition	1,000			—
Tenant improvements and capital expenditures payable	10,040			16,246
Fair value adjustment to noncontrolling interest in Operating Partnership	15,509			7,448
Deconsolidation of subsidiaries	395			298,391
Transfer of assets related to assets held for sale	403,488			734,008
Transfer of liabilities related to assets held for sale	—			310,496
Removal of fully depreciated commercial real estate properties	6,602			115,320
Contribution to consolidated joint venture by noncontrolling interest	48,223			—
Share repurchase payable	8,839			41,746
Recognition of right of use assets and related lease liabilities	389,120			—

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.

	Nine Months Ended September 30,
	2019		2018
Cash and cash equivalents	$	121,751	$	160,248
Restricted cash	94,793		98,344
Total cash, cash equivalents, and restricted cash	$	216,544	$	258,592

The accompanying notes are an integral part of these consolidated financial statements.

19

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements

September 30, 2019

(unaudited)

1. 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, 2019, noncontrolling investors held, in the aggregate, a 4.96% 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, 2019, 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:

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

		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	20		12,387,091	10	11,216,183	30	23,603,274	94.2	%
	Retail	6	(2)	320,430	8	289,050	14	609,480	98.9	%
	Development/Redevelopment	6		870,173	1	—	7	870,173	77.5	%
	Fee Interest	—		—	1	—	1	—	—	%
		32		13,577,694	20	11,505,233	52	25,082,927	93.8	%
Suburban	Office	13		2,295,200	—	—	13	2,295,200	89.4	%
	Retail	1		52,000	—	—	1	52,000	100.0	%
	Development/Redevelopment	1		1,000	—	—	1	1,000	—	%
		15		2,348,200	—	—	15	2,348,200	89.6	%
Total commercial properties		47		15,925,894	20	11,505,233	67	27,431,127	93.4	%
Residential:
Manhattan	Residential	2	(2)	445,105	8	1,663,774	10	2,108,879	95.0	%
Suburban	Residential	—		—	—	—	—	—	—	%
Total residential properties		2		445,105	8	1,663,774	10	2,108,879	95.0	%
Total portfolio		49		16,370,999	28	13,169,007	77	29,540,006	93.5	%

(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.

(2) As of September 30, 2019, we owned a building at 315 West 33rd Street, also known as The Olivia, that was comprised of approximately 270,132 square feet (unaudited) of retail space and approximately 222,855 square feet (unaudited) of residential space. For the purpose of this report, we have included this building in the number of retail properties we own. However, we have included only the retail square footage in the retail approximate square footage, and have listed the balance of the square footage as residential square footage.

As of September 30, 2019, 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 $2.0 billion, including $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. 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, 2019 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, 2019. 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, 2018 of the Company and the Operating Partnership.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

The consolidated balance sheet at December 31, 2018 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.

2. Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. See Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures." All significant intercompany balances and transactions have been eliminated.

We consolidate a VIE in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.

Investment in Commercial Real Estate Properties

We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from three to 40 years. We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from one to 14 years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally ranges from one to 14 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, we amortize such below-market lease value into rental income over the renewal period.

The Company classifies those leases under which the Company is the lessee at lease commencement as finance or operating leases. Leases qualify as finance leases if the lease transfers ownership of the asset at the end of the lease term, the lease grants an option to purchase the asset that we are reasonably certain to exercise, the lease term is for a major part of the remaining economic life of the asset, or the present value of the lease payments exceeds substantially all of the fair value of the asset. Leases that do not qualify as finance leases are deemed to be operating leases. At lease commencement the Company records a lease liability which is measured as the present value of the lease payments and a right of use asset which is measured as the amount of the lease liability and any initial direct costs incurred. The Company applies a discount rate to determine the present value of the lease payments. If the rate implicit in the lease is known, the Company uses that rate. If the rate implicit in the lease is not known, the Company uses a discount rate reflective of the Company’s collateralized borrowing rate given the term of the lease. To determine the discount rate, the Company employs a third party specialist to develop an analysis based primarily on the observable borrowing rates of the Company, other REITs, and other corporate borrowers with long-term borrowings. On the statements of operations, operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense. On the balance sheet, financing leases include the amounts previously captioned "Properties under capital lease." When applicable, the Company combines the consideration for lease and non-lease components in the calculation of the value of the lease obligation and right-of-use asset.

On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. We also evaluate our real estate properties for impairment when a property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell and depreciation expense is no longer recorded.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

We recognized $1.2 million and $3.6 million of rental revenue for the three and nine months ended September 30, 2019, respectively, and $1.3 million and $5.5 million of rental revenue for the three and nine months ended September 30, 2018, respectively, for the amortization of aggregate below-market leases in excess of above-market leases.

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Identified intangible assets (included in other assets):
Gross amount	$	278,192		$	266,540
Accumulated amortization	(248,111		)	(241,040		)
Net(1)	$	30,081		$	25,500
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	304,998		$	276,245
Accumulated amortization	(267,429		)	(253,767		)
Net(1)	$	37,569		$	22,478

(1) As of September 30, 2019, and December 31, 2018, no net intangible assets and no net intangible liabilities, were reclassified to assets held for sale and liabilities related to assets held for sale.

Fair Value Measurements

See Note 16, "Fair Value Measurements."

Investment in Marketable Securities

At acquisition, we designate a security as held-to-maturity, available-for-sale, or trading. As of September 30, 2019, we did not have any securities designated as held-to-maturity or trading. We account for our available-for-sale securities at fair value pursuant to Accounting Standards Codification, or ASC, 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. The cost of marketable securities sold and the amount reclassified out of accumulated other comprehensive income into earnings is determined using the specific identification method. Any unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component.

At September 30, 2019 and December 31, 2018, we held the following marketable securities (in thousands):

	September 30, 2019		December 31, 2018
Commercial mortgage-backed securities	$	30,208	$	28,638
Total marketable securities available-for-sale	$	30,208	$	28,638

The cost basis of the commercial mortgage-backed securities was $27.5 million at both September 30, 2019 and December 31, 2018. These securities mature at various times through 2035. We held no equity marketable securities as of September 30, 2019 and December 31, 2018.

During the three months ended September 30, 2019 and the nine months ended September 30, 2019, we did not dispose of any marketable securities. During the three months ended September 30, 2018 and the nine months ended September 30, 2018, we did not dispose of any marketable securities.

Investments in Unconsolidated Joint Ventures

We assess our investments in unconsolidated joint ventures for recoverability and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on the joint ventures' projected discounted cash flows. We do not believe that the values of any of our equity investments were impaired at September 30, 2019.

Deferred Lease Costs

Deferred lease costs consist of incremental fees and direct costs that would not have been incurred if the lease had not been obtained and are amortized on a straight-line basis over the related lease term.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

Lease Classification

Lease classification for leases under which the Company is the lessor is evaluated at lease commencement and leases not classified as sales-type leases or direct financing leases are classified as operating leases. Leases qualify as sales-type leases if the contract includes either transfer of ownership clauses, certain purchase options, a lease term representing a major part of the economic life of the asset, or the present value of the lease payments and residual guarantees provided by the lessee exceeds substantially all of the fair value of the asset. Additionally, leasing an asset so specialized that it is not deemed to have any value to the Company at the end of the lease term may also result in classification as a sales-type lease. Leases qualify as direct financing leases when the present value of the lease payments and residual value guarantees provided by the lessee and unrelated third parties exceeds substantially all of the fair value of the asset and collection of the payments is probable.

Revenue Recognition

Rental revenue for operating leases is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the leased space is substantially ready for its intended use.

To determine whether the leased space is substantially ready for its intended use, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space.

When management concludes that we are the owner of tenant improvements for accounting purposes, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred costs, net on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease.

The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets.

In addition to base rent, our tenants also generally will pay variable rent which represents their pro rata share of increases in real estate taxes and operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year.

Rental revenue is recognized if collectability is probable. If collectability of substantially all of the lease payments is assessed as not probable, any difference between the rental revenue recognized to date and the lease payments that have been collected is recognized as a current-period adjustment to rental revenue. A subsequent change in the assessment of collectability to probable may result in a current-period adjustment to rental revenue for any difference between the rental revenue that would have been recognized if collectability had always been assessed as probable and the rental revenue recognized to date.

The Company provides its tenants with certain customary services for lease contracts such as common area maintenance and general security. We have elected to combine the nonlease components with the lease components of our operating lease agreements and account for them as a single lease component in accordance with ASC 842.

We record a gain on sale of real estate assets when we no longer hold a controlling financial interest in the entity holding the real estate, a contract exists with a third party and that third party has control of the assets acquired.

Investment income on debt and preferred equity investments is accrued based on the contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Some debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

subject to management's determination that accrued interest is collectible. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt.

Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as an adjustment to interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cash flows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For debt investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield.

Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition on any non-accrual debt or preferred equity investment is resumed when such non-accrual debt or preferred equity investment becomes contractually current and performance is demonstrated to be resumed. Interest is recorded as income on impaired loans only to the extent cash is received.

We may syndicate a portion of the loans that we originate or sell the loans individually. When a transaction meets the criteria for sale accounting, we recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income on the consolidated statement of operations. Any fees received at the time of sale or syndication are recognized as part of investment income.

Asset management fees are recognized on a straight-line basis over the term of the asset management agreement.

Allowance for Loan Loss and Other Investment Reserves

The expense for loan loss and other investment reserves in connection with debt and preferred equity investments is the charge to earnings to adjust the allowance for possible losses to the level that we estimate to be adequate, based on Level 3 data, considering delinquencies, loss experience and collateral quality.

The Company evaluates debt and preferred equity investments that are classified as held to maturity for possible impairment or credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor. Quarterly, the Company assigns each loan a risk rating. Based on a 3-point scale, loans are rated “1” through “3,” from less risk to greater risk, which ratings are defined as follows: 1 - Low Risk Assets - Low probability of loss, 2 - Watch List Assets - Higher potential for loss, 3 - High Risk Assets - Loss more likely than not.

When it is probable that we will be unable to collect all amounts contractually due, the investment is considered impaired. A valuation allowance is measured based upon the excess of the carrying value of the investment over the fair value of the collateral. Any deficiency between the carrying value of an asset and the calculated value of the collateral is charged to expense. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If additional information reflects increased recovery of our investment, we will adjust our reserves accordingly.

Debt and preferred equity investments that are classified as held for sale are carried at the lower of cost or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its net carrying value to debt and preferred equity investments held to maturity. For these reclassified investments, the difference between the current carrying value and the expected cash to be collected at maturity will be accreted into income over the remaining term of the investment.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

Income Taxes

SL Green is taxed as a REIT under Section 856(c) of the Code. As a REIT, SL Green generally is not subject to Federal income tax. To maintain its qualification as a REIT, SL Green must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. If SL Green fails to qualify as a REIT in any taxable year, SL Green will be subject to Federal income tax on its taxable income at regular corporate rates. SL Green may also be subject to certain state, local and franchise taxes. Under certain circumstances, Federal income and excise taxes may be due on its undistributed taxable income.

The Operating Partnership is a partnership and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective income tax returns. The only provision for income taxes included in the consolidated statements of operations relates to the Operating Partnership’s consolidated taxable REIT subsidiaries. The Operating Partnership may also be subject to certain state, local and franchise taxes.

We have elected, and may elect in the future, to treat certain of our corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, TRSs may perform non-customary services for the tenants of the Company, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in Federal and state income tax liability for these entities.

During the three and nine months ended September 30, 2019, we recorded a Federal, state and local tax benefit of $1.0 million and a provision of $0.5 million, respectively. During the three and nine months ended September 30, 2018, we recorded Federal, state and local tax provisions of $0.3 million and $2.0 million, respectively.

We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited.

On December 22, 2017, the Tax Cuts and Jobs Act (the ‘‘Tax Act’’) was signed into law and makes substantial changes to the Code. The Tax Act did not have a material impact on our financial statements.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in the New York metropolitan area. See Note 5, "Debt and Preferred Equity Investments."

We perform ongoing credit evaluations of our tenants and require most tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost revenue and the costs associated with re-tenanting a space. The properties in our real estate portfolio are located in the New York metropolitan area. The tenants located in our buildings operate in various industries. Other than one tenant, Credit Suisse Securities (USA), Inc., who accounts for 8.1% of our share of annualized cash rent, no other tenant in our portfolio accounted for more than 5.0% of our share of annualized cash rent, including our share of joint venture annualized rent, at September 30, 2019.

For the three months ended September 30, 2019, the following properties contributed more than 5.0% of our annualized cash rent, including our share of joint venture annualized cash rent:

Property	Three months ended September 30, 2019
1185 Avenue of the Americas	7.2%
11 Madison Avenue	7.0%
420 Lexington Avenue	6.2%
1515 Broadway	5.8%
One Madison Avenue	5.7%
220 East 42nd Street	5.2%

Annualized cash rent for each of our other consolidated properties was below 5.0%.

Reclassification

Certain prior year balances have been reclassified to conform to our current year presentation.

Accounting Standards Updates

In August 2018, the FASB issued Accounting Standard Update, or ASU, No. 2018-15, Intangibles - Goodwill and Other- Internal-Use Software (Topic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendments provide guidance on accounting for fees paid when the arrangement includes a software license and align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs to develop or obtain internal-use software. The guidance is effective for the Company for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company has not yet adopted this new guidance and does not expect it to have a material impact on the Company’s consolidated financial statements when the new standard is implemented.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This amendment removed, modified and added the disclosure requirements under Topic 820. The changes are effective for the Company for fiscal years beginning after December 15, 2019. Early adoption is permitted for the removed or modified disclosures with adoption of the additional disclosures upon the effective date. The Company has not yet adopted this new guidance and does not expect it to have a material impact on the Company’s consolidated financial statements when the new standard is implemented.

In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. This amendment provides additional guidance related to share-based payment transactions for acquiring goods or services from nonemployees. The Company adopted this guidance on January 1, 2019 and it did not have a material impact on the Company’s consolidated financial statements.

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities; in July 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes; and in May 2019, issued ASU No. 2019-05, Codification Improvements. The amendments in the

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

new standards will permit more flexibility in hedging interest rate risk for both variable rate and fixed rate financial instruments. The standards will also enhance the presentation of hedge results in the financial statements. The guidance is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company adopted this guidance on January 1, 2019, and it did not have a material impact on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, and in April and May 2019, issued ASU No. 2019-04 and 2019-05, which provide codification improvements and targeted transition relief. The guidance changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current ‘incurred loss’ model with an ‘expected loss’ approach. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. The Company’s DPE portfolio and financing lease assets will be subject to this guidance once the Company adopts it. ASU No. 2018-19 excludes operating lease receivables from the scope of this guidance. The Company continues to evaluate the impact of adopting this new accounting standard on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases. In July 2018, the FASB issued ASU No. 2018-10 - Codification Improvements to Topic 842, Leases, and ASU No. 2018-11 - Targeted Improvements. In December 2018, the FASB issued ASU No. 2018-20 - Narrow-Scope Improvements for Lessors and in March 2019 issued ASU No. 2019-01 - Codification Improvements. The Company adopted this guidance on January 1, 2019 using the modified retrospective approach which allows the Company to apply the guidance for the current year presentation and not adjust the prior year numbers. The Company elected the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. The new guidance applies to the ground leases under which the Company is a lessee. The Company has recognized a new asset and liability - “Right of use asset - operating leases” and “Lease liability - operating leases” - for those leases classified as operating leases under the previous standard. The Company will continue to recognize expense on a straight-line basis for these operating leases. The ground leases that the Company historically reported as “Properties under capital leases” and “Capitalized lease obligations” are now labeled “Right of use asset - financing leases” and “Lease liability - financing leases”. The expense recognition of these leases has not changed. The Company adopted the practical expedient offered in ASU No. 2018-11 that allows lessors to not separate non-lease components from the related lease components under certain conditions. In doing so, the Company has collapsed the line “Escalation and reimbursement revenues” into the “Rental revenue, net” line to reflect adopting this practical expedient. The Company also collapsed the prior year balances to conform to the current year presentation. For future leases, the Company no longer capitalizes internal leasing costs that are not incremental as defined under the new guidance. The Company has recorded additional expense of approximately $2.2 million and $6.6 million related to this change for the three and nine months ended September 30, 2019, respectively.

3. Property Acquisitions

The following table summarizes the properties acquired during the nine months ended September 30, 2019:

Property	Acquisition Date	Property Type	Approximate Square Feet	Gross Asset Valuation (in millions)
106 Spring Street(1)	April 2019	Fee Interest	5,928	$	80.2
460 West 34th Street(2)	May 2019	Fee Interest	638,000	440.0
110 Greene Street(3)	May 2019	Fee Interest	223,600	256.5

(1) In April 2019, the Company accepted an assignment of the equity interests in the property in lieu of repayment of the Company's debt investment and marked the assets received and liabilities assumed to fair value.

(2) In May 2019, the Company closed on the acquisition of a majority and controlling 70.87% interest in 460 West 34th Street. We recorded the assets acquired and liabilities assumed at fair value, which resulted in the recognition of a fair value adjustment of $67.6 million, which is reflected in the Company's consolidated statement of operations within purchase price and other fair value adjustments, and $18.3 million of net intangible lease liabilities.

(3) In May 2019, the Company acquired from our joint venture partner the remaining 10% interest in this property that the Company did not already own.

28

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

4. Properties Held for Sale and Property Dispositions

Properties Held for Sale

During the three months ended September 30, 2019, we entered into agreements to sell 220 East 42nd Street in Manhattan and 1010 Washington Boulevard in Stamford, Connecticut for total consideration of $815.0 million and $23.1 million, respectively. The sale of 1010 Washington Boulevard closed in November. The sale of 220 East 42nd Street is expected to close in the first quarter of 2020.

As of September 30, 2019, 220 East 42nd Street and 1010 Washington Boulevard were classified as held for sale. During the third quarter of 2019, the Company recorded a charge of $7.0 million in connection with the reclassification of 1010 Washington Boulevard to held for sale. This charge is included in depreciable real estate reserves and impairment in the consolidated statements of operations.

Property Dispositions

The following table summarizes the properties sold during the nine months ended September 30, 2019:

Property	Disposition Date	Property Type	Approximate Square Feet	Sales Price(1) (in millions)		Gain (loss) (in millions)
115 Spring Street (2)	August 2019	Fee Interest	5,218	$	66.6	$	3.6

(1) Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.

(2) The Company sold a 49% interest, which resulted in the deconsolidation of our remaining 51% interest. We recorded our investment at fair value which resulted in the recognition of a fair value adjustment of $3.8 million, which is reflected in the Company's consolidated statements of operations within purchase price and other fair value adjustments. See Note 6, "Investments in Unconsolidated Joint Ventures."

5. Debt and Preferred Equity Investments

Below is a summary of the activity relating to our debt and preferred equity investments for the nine months ended September 30, 2019 and the twelve months ended December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Balance at beginning of year (1)	$	2,099,393		$	2,114,041
Debt investment originations/accretion (2)	573,786			834,304
Preferred equity investment originations/accretion (2)	10,969			151,704
Redemptions/sales/syndications/amortization (3)	(733,592		)	(994,906		)
Net change in loan loss reserves	4,000			(5,750		)
Balance at end of period (1)	$	1,954,556		$	2,099,393

(1) Net of unamortized fees, discounts, and premiums.

(2) Accretion includes amortization of fees and discounts and paid-in-kind investment income.

(3) Certain participations in debt investments that were sold or syndicated, but did not meet the conditions for sale accounting, are included in other assets and other liabilities on the consolidated balance sheets.

The following table is a rollforward of our total loan loss reserves for the nine months ended September 30, 2019 and the twelve months ended December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Balance at beginning of year	$	5,750		$	—
Expensed	—			6,839
Recoveries	—			—
Charge-offs and reclassifications	(4,000		)	(1,089		)
Balance at end of period	$	1,750		$	5,750

At September 30, 2019, all debt and preferred equity investments were performing in accordance with their respective terms, with the exception of three investments with carrying values of $29.0 million, $30.0 million and $41.6 million, as discussed in subnotes 5 and 6 of the Debt Investments table below. The investment with a carrying value of $41.6 million was repaid in October 2019. At December 31, 2018, all debt and preferred equity investments were performing in accordance with their respective terms.

29

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

At September 30, 2019, the Company's loan loss reserves of $1.8 million were attributable to one investment with an unpaid principal balance of $145.4 million that is being marketed for sale, but is otherwise performing in accordance with its respective terms, and was not put on nonaccrual.

We have determined that we have one portfolio segment of financing receivables at September 30, 2019 and December 31, 2018 comprising commercial real estate which is primarily recorded in debt and preferred equity investments. Included in other assets is an additional amount of financing receivables totaling $89.8 million and $88.8 million at September 30, 2019 and December 31, 2018, respectively. No financing receivables were 90 days past due at September 30, 2019 and December 31, 2018 with the exception of a $28.4 million financing receivable which was put on nonaccrual in August 2018 as a result of interest default. The loan was evaluated in accordance with our loan review procedures and the Company concluded that the fair value of the collateral exceeded the carrying amount of the loan.

As of September 30, 2019, management estimated the weighted average risk rating for our debt and preferred equity investments to be 1.2.

Debt Investments

As of September 30, 2019 and December 31, 2018, we held the following debt investments with an aggregate weighted average current yield of 8.89% at September 30, 2019 (dollars in thousands):

Loan Type	September 30, 2019 Future Funding Obligations		September 30, 2019 Senior Financing		September 30, 2019 Carrying Value (1)		December 31, 2018 Carrying Value (1)		Maturity Date (2)
Fixed Rate Investments:
Mezzanine Loan(3a)	$	—	$	1,160,000	$	220,321	$	213,185	March 2020
Mezzanine Loan	—		15,000		3,500		3,500		September 2021
Mezzanine Loan	—		147,000		24,946		24,932		April 2022
Mezzanine Loan	—		280,000		38,177		36,585		August 2022
Mezzanine Loan	—		323,003		211,105		—		June 2023
Mezzanine Loan	—		84,207		12,712		12,706		November 2023
Mezzanine Loan	—		180,000		30,000		30,000		December 2023
Mezzanine Loan(3b)	—		115,000		12,948		12,941		June 2024
Mezzanine Loan	—		95,000		30,000		30,000		January 2025
Mezzanine Loan	—		1,712,750		55,250		55,250		June 2027
Mezzanine Loan(4)	—		—		—		11,000
Total fixed rate	$	—	$	4,111,960	$	638,959	$	430,099
Floating Rate Investments:
Mezzanine Loan(5)	—		142,000		30,000		15,333		May 2019
Mezzanine Loan(5)	—		—		29,000		14,822		May 2019
Mortgage/Mezzanine Loan(6)	—		—		41,631		154,070		September 2019
Mezzanine Loan(7)	—		350,000		34,999		34,886		October 2019
Mortgage/Mezzanine Loan	5,598		37,291		92,185		62,493		January 2020
Mezzanine Loan	1		579,997		94,730		79,164		January 2020
Mortgage Loan	6,987		—		92,922		88,501		February 2020
Mortgage/Mezzanine Loan	—		—		69,661		—		March 2020
Mezzanine Loan	51		329,673		54,832		53,402		March 2020
Mezzanine Loan	—		40,000		19,999		19,986		April 2020
Mezzanine Loan	5,664		44,812		14,886		12,627		July 2020
Mortgage/Mezzanine Loan	—		—		19,958		19,999		August 2020
Mortgage/Mezzanine Loan	—		64,070		55,349		83,449		October 2020
Mezzanine Loan	28,834		402,237		98,960		88,817		November 2020

30

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

Loan Type	September 30, 2019 Future Funding Obligations		September 30, 2019 Senior Financing		September 30, 2019 Carrying Value (1)		December 31, 2018 Carrying Value (1)		Maturity Date (2)
Mortgage and Mezzanine Loan	—		—		35,355		35,266		December 2020
Mortgage/Mezzanine Loan	25,504		—		194,545		277,694		April 2021
Mezzanine Loan	9,750		275,000		40,023		24,961		April 2021
Jr. Mortgage Participation/Mezzanine Loan	—		60,000		15,689		15,665		July 2021
Mezzanine Loan	13,978		147,626		40,364		—		July 2021
Mortgage/Jr. Mortgage Participation Loan	—		—		—		84,012
Mortgage/Mezzanine Loan	—		—		—		37,094
Mortgage and Mezzanine Loan	—		—		—		98,804
Mezzanine Loan	—		—		—		7,305
Mezzanine Loan	—		—		—		14,998
Mezzanine Loan	—		—		—		21,990
Mezzanine Loan(8)	—		—		—		37,499
Total floating rate	$	96,367	$	2,472,706	$	1,075,088	$	1,382,837
Total	$	96,367	$	6,584,666	$	1,714,047	$	1,812,936

(1) Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees.

(2) Represents contractual maturity, excluding any unexercised extension options.

(3) Carrying value is net of the following amounts that were sold or syndicated, which are included in other assets and other liabilities on the consolidated balance sheets as a result of the transfers not meeting the conditions for sale accounting: (a) $1.3 million and (b) $12.0 million.

(4) This loan was sold in 2019.

(5) This loan is in maturity default. No impairment was recorded as the Company believes that the fair value of the property exceeded the carrying amount of the loans.

(6) This loan was in maturity default as of September 30, 2019, but was repaid in October 2019.

(7) This loan was repaid in October 2019.

(8) In 2019, the Company accepted an assignment of the equity interests in the property in lieu of repayment, and marked the assets received and liabilities assumed to fair value.

Preferred Equity Investments

As of September 30, 2019 and December 31, 2018, we held the following preferred equity investments with an aggregate weighted average current yield of 9.51% at September 30, 2019 (dollars in thousands):

Type	September 30, 2019 Future Funding Obligations		September 30, 2019 Senior Financing		September 30, 2019 Carrying Value (1)		December 31, 2018 Carrying Value (1)		Mandatory Redemption (2)
Preferred Equity	$	—	$	272,000	$	143,614	$	143,183	April 2021
Preferred Equity	—		1,763,271		96,895		143,274		June 2022
Total	$	—	$	2,035,271	$	240,509	$	286,457

(1) Carrying value is net of deferred origination fees.

(2) Represents contractual maturity, excluding any unexercised extension options.

6. Investments in Unconsolidated Joint Ventures

We have investments in several real estate joint ventures with various partners. As of September 30, 2019, the book value of these investments was $2.9 billion, net of investments with negative book values totaling $82.1 million for which we have an implicit commitment to fund future capital needs.

31

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

As of September 30, 2019 and December 31, 2018, 800 Third Avenue, 21 East 66th Street, 605 West 42nd Street, 333 East 22nd Street, One Vanderbilt, and certain properties within the Stonehenge Portfolio are VIEs in which we are not the primary beneficiary. Our net equity investment in these VIEs was $876.9 million and $808.3 million as of September 30, 2019 and December 31, 2018, respectively. Our maximum loss is limited to the amount of our equity investment in these VIEs. See the "Principles of Consolidation" section of Note 2, "Significant Accounting Policies". All other investments below are voting interest entities. As we do not control the joint ventures listed below, we account for them under the equity method of accounting.

The table below provides general information on each of our joint ventures as of September 30, 2019:

Property	Partner	Ownership Interest(1)	Economic Interest(1)	Unaudited Approximate Square Feet
100 Park Avenue	Prudential Real Estate Investors	49.90%	49.90%	834,000
717 Fifth Avenue	Jeff Sutton/Private Investor	10.92%	10.92%	119,500
800 Third Avenue	Private Investors	60.52%	60.52%	526,000
919 Third Avenue(2)	New York State Teacher's Retirement System	51.00%	51.00%	1,454,000
11 West 34th Street	Private Investor/Jeff Sutton	30.00%	30.00%	17,150
280 Park Avenue	Vornado Realty Trust	50.00%	50.00%	1,219,158
1552-1560 Broadway(3)	Jeff Sutton	50.00%	50.00%	57,718
10 East 53rd Street	Canadian Pension Plan Investment Board	55.00%	55.00%	354,300
21 East 66th Street(4)	Private Investors	32.28%	32.28%	13,069
650 Fifth Avenue(5)	Jeff Sutton	50.00%	50.00%	69,214
121 Greene Street	Jeff Sutton	50.00%	50.00%	7,131
55 West 46th Street	Prudential Real Estate Investors	25.00%	25.00%	347,000
Stonehenge Portfolio(6)	Various	Various	Various	1,439,016
605 West 42nd Street	The Moinian Group	20.00%	20.00%	927,358
11 Madison Avenue	PGIM Real Estate	60.00%	60.00%	2,314,000
333 East 22nd Street	Private Investors	33.33%	33.33%	26,926
400 East 57th Street(7)	BlackRock, Inc and Stonehenge Partners	51.00%	41.00%	290,482
One Vanderbilt	National Pension Service of Korea/Hines Interest LP	71.01%	71.01%	—
Worldwide Plaza	RXR Realty / New York REIT / Private Investor	24.35%	24.35%	2,048,725
1515 Broadway	Allianz Real Estate of America	56.87%	56.87%	1,750,000
2 Herald Square	Israeli Institutional Investor	51.00%	51.00%	369,000
115 Spring Street	Private Investor	51.00%	51.00%	5,218

(1) Ownership interest and economic interest represent the Company's interests in the joint venture as of September 30, 2019. Changes in ownership or economic interests within the current year are disclosed in the notes below.

(2) In January 2018, the partnership agreement for our investment was modified resulting in the Company no longer having a controlling interest in this investment. As a result, the investment was deconsolidated as of January 1, 2018. We recorded our non-controlling interest at fair value resulting in a $49.3 million fair value adjustment in the consolidated statement of operations. This fair value was allocated to the assets and liabilities, including identified intangibles, of the joint venture.

(3) The acquisition price represents only the purchase of the 1552 Broadway interest, which comprised approximately 13,045 square feet. The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway.

(4) We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% interest in three residential units at the property.

(5) The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. In connection with the ground lease obligation, SLG provided a performance guaranty and our joint venture partner executed a contribution agreement to reflect its pro rata obligation. In the event the property is converted into a condominium unit and the landlord elects the purchase option, the joint venture shall be obligated to acquire the unit at the then fair value.

(6) We, together with our joint venture partner, closed on the sale of one property from the Stonehenge Portfolio in February 2019 and another property in May 2019. These sales are further described under Sale of Joint Venture Interest of Properties below.

(7) In October 2016, we sold a 49% interest in this property. Our interest in the property was sold within a consolidated joint venture owned 90% by the Company and 10% by Stonehenge. The transaction resulted in the deconsolidation of the venture's remaining 51% interest in the property. Our joint venture with Stonehenge remains consolidated resulting in the combined 51% interest being shown within investments in unconsolidated joint ventures on our balance sheet.

32

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

Acquisition, Development and Construction Arrangements

Based on the characteristics of the following arrangements, which are similar to those of an investment, combined with the expected residual profit of not greater than 50%, we have accounted for these debt and preferred equity investments under the equity method. As of September 30, 2019 and December 31, 2018, the carrying value for acquisition, development and construction arrangements were as follows (dollars in thousands):

Loan Type	September 30, 2019		December 31, 2018		Maturity Date
Mezzanine Loan	—		44,357		February 2022
	$	—	$	44,357

Disposition of Joint Venture Interests or Properties

The following table summarizes the investments in unconsolidated joint ventures sold during the nine months ended September 30, 2019:

Property	Ownership Interest	Disposition Date	Gross Asset Valuation (in thousands)(1)		Gain (Loss) on Sale (in thousands)(2)
131-137 Spring Street	20.00%	January 2019	$	216,000	$	17,660
521 Fifth Avenue	50.50%	May 2019	381,000		57,874
Stonehenge Portfolio (partial)	Various	Various	468,800		(2,408		)

(1) Represents implied gross valuation for the joint venture or sales price of the property.

(2) Represents the Company's share of the gain (loss). Gain (loss) amounts do not include adjustments for expenses recorded in subsequent periods.

Joint Venture Mortgages and Other Loans Payable

We generally finance our joint ventures with non-recourse debt. In certain cases we may provide guarantees or master leases for tenant space, which terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. The first mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at September 30, 2019 and December 31, 2018, respectively, are as follows (dollars in thousands):

Property	Economic Interest (1)		Maturity Date	Interest Rate (2)			September 30, 2019		December 31, 2018
Fixed Rate Debt:
717 Fifth Avenue (mortgage)	10.92	%	July 2022		4.45	%	$	300,000	$	300,000
717 Fifth Avenue (mezzanine)	10.92	%	July 2022		5.50	%	355,328		355,328
650 Fifth Avenue (mortgage)	50.00	%	October 2022		4.46	%	210,000		210,000
650 Fifth Avenue (mezzanine)	50.00	%	October 2022		5.45	%	65,000		65,000
21 East 66th Street	32.28	%	April 2023		3.60	%	12,000		12,000
919 Third Avenue	51.00	%	June 2023		5.12	%	500,000		500,000
1515 Broadway	56.87	%	March 2025		3.93	%	842,966		855,876
11 Madison Avenue	60.00	%	September 2025		3.84	%	1,400,000		1,400,000
800 Third Avenue	60.52	%	February 2026		3.37	%	177,000		177,000
400 East 57th Street	41.00	%	November 2026		3.00	%	98,265		99,828
Worldwide Plaza	24.35	%	November 2027		3.98	%	1,200,000		1,200,000
Stonehenge Portfolio (3)	Various		Various		3.50	%	196,112		321,076
521 Fifth Avenue (4)							—		170,000
Total fixed rate debt							$	5,356,671	$	5,666,108

33

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

Property	Economic Interest (1)		Maturity Date	Interest Rate (2)			September 30, 2019			December 31, 2018
Floating Rate Debt:
121 Greene Street	50.00	%	November 2019	L+	1.50	%	$	15,000		$	15,000
10 East 53rd Street	55.00	%	February 2020	L+	2.25	%	170,000			170,000
280 Park Avenue	50.00	%	September 2020	L+	1.73	%	1,200,000			1,200,000
1552 Broadway	50.00	%	October 2020	L+	2.65	%	195,000			195,000
11 West 34th Street	30.00	%	January 2021	L+	1.45	%	23,000			23,000
100 Park Avenue	49.90	%	February 2021	L+	1.75	%	357,897			360,000
One Vanderbilt (5)	71.01	%	September 2021	L+	2.75	%	619,258			375,000
2 Herald Square	51.00	%	November 2021	L+	1.55	%	150,000			133,565
55 West 46th Street (6)	25.00	%	August 2022	L+	1.25	%	192,524			185,569
115 Spring Street	51.00	%	September 2023	L+	3.40	%	65,550			—
605 West 42nd Street	20.00	%	August 2027	L+	1.44	%	550,000			550,000
21 East 66th Street	32.28	%	June 2033	1 Year Treasury+	2.75	%	1,515			1,571
131-137 Spring Street (7)							—			141,000
103 East 86th Street (8)							—			38,000
Total floating rate debt							$	3,539,744		$	3,387,705
Total joint venture mortgages and other loans payable							$	8,896,415		$	9,053,813
Deferred financing costs, net							(97,400		)	(103,191		)
Total joint venture mortgages and other loans payable, net							$	8,799,015		$	8,950,622

(1) Economic interest represents the Company's interests in the joint venture as of September 30, 2019. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above.

(2) Interest rates as of September 30, 2019, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated interest rate spread over 30-day LIBOR, unless otherwise specified.

(3) Amount is comprised of $132.6 million and $63.5 million in fixed-rate mortgages that mature in April 2028 and July 2029, respectively.

(4) In May 2019, we, along with our joint venture partner, closed on the sale of the property.

(5) This loan is a $1.75 billion construction facility with reductions in interest cost based on meeting certain conditions and has an initial five-year term with two one-year extension options. Advances under the loan are subject to incurred costs, funded equity, loan to value thresholds, and entering into construction contracts.

(6) In August 2019, this loan was refinanced with a new $192.5 million mortgage loan which carries a floating interest rate of 125 basis points over 30-day LIBOR. This loan has a committed amount of $198.0 million, of which $5.5 million was unfunded as of September 30, 2019.

(7) In January 2019, we closed on the sale of our interest in the property.

(8) In February 2019, we, along with our joint venture partner, closed on the sale of the property.

We are entitled to receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures. We earned $2.4 million and $8.8 million from these services, net of our ownership share of the joint ventures, for the three and nine months ended September 30, 2019, respectively. We earned $2.4 million and $9.3 million from these services, net of our ownership share of the joint ventures, for the three and nine months ended September 30, 2018, respectively. In addition, we have the ability to earn incentive fees based on the ultimate financial performance of certain of the joint venture properties.

34

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

The combined balance sheets for the unconsolidated joint ventures, at September 30, 2019 and December 31, 2018 are as follows (in thousands):

	September 30, 2019		December 31, 2018
Assets (1)
Commercial real estate property, net	$	14,280,158	$	14,347,673
Cash and restricted cash	299,699		381,301
Tenant and other receivables, related party receivables, and deferred rents receivable	360,394		273,141
Debt and preferred equity investments, net	—		44,357
Other assets	2,084,421		2,187,166
Total assets	$	17,024,672	$	17,233,638
Liabilities and equity (1)
Mortgages and other loans payable, net	$	8,799,015	$	8,950,622
Deferred revenue/gain	1,535,067		1,660,838
Lease liabilities	898,996		637,168
Other liabilities	300,576		309,145
Equity	5,491,018		5,675,865
Total liabilities and equity	$	17,024,672	$	17,233,638
Company's investments in unconsolidated joint ventures	$	2,923,595	$	3,019,020

(1) The combined assets, liabilities and equity for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018.

The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three and nine months ended September 30, 2019 and 2018, are as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Total revenues	$	286,010		$	304,869		$	883,977		$	940,005
Operating expenses	50,759			56,304			153,397			166,433
Operating lease rent	6,713			4,397			18,848			13,247
Real estate taxes	53,321			56,747			159,544			169,612
Interest expense, net of interest income	92,601			88,328			282,917			269,717
Amortization of deferred financing costs	4,436			4,446			14,434			16,912
Depreciation and amortization	100,736			101,538			308,748			318,113
Total expenses	308,566			311,760			937,888			954,034
Loss on early extinguishment of debt	(1,031		)	—			(1,031		)	—
Net loss before gain on sale (1)	$	(23,587	)	$	(6,891	)	$	(54,942	)	$	(14,029	)
Company's equity in net (loss) income from unconsolidated joint ventures (1)	$	(9,864	)	$	971		$	(22,644	)	$	9,709

(1) The combined statements of operations and the Company's equity in net (loss) income for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018.

7. Deferred Costs

Deferred costs at September 30, 2019 and December 31, 2018 consisted of the following (in thousands):

	September 30, 2019			December 31, 2018
Deferred leasing costs	$	445,489		$	453,833
Less: accumulated amortization	(262,868		)	(244,723		)
Deferred costs, net	$	182,621		$	209,110

35

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

8. Mortgages and Other Loans Payable

The first mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at September 30, 2019 and December 31, 2018, respectively, were as follows (dollars in thousands):

Property	Maturity Date	Interest Rate (1)			September 30, 2019			December 31, 2018
Fixed Rate Debt:
762 Madison Avenue	February 2022		5.00	%	771			771
100 Church Street	July 2022		4.68	%	210,382			213,208
420 Lexington Avenue	October 2024		3.99	%	300,000			300,000
400 East 58th Street (2)	November 2026		3.00	%	39,306			39,931
Landmark Square	January 2027		4.90	%	100,000			100,000
485 Lexington Avenue	February 2027		4.25	%	450,000			450,000
1080 Amsterdam (3)	February 2027		3.59	%	35,297			35,807
315 West 33rd Street	February 2027		4.17	%	250,000			250,000
Total fixed rate debt					$	1,385,756		$	1,389,717
Floating Rate Debt:
FHLB Facility	December 2019	L+	0.18	%	14,500			14,500
FHLB Facility	January 2020	L+	0.26	%	10,000			—
FHLB Facility	February 2020	L+	0.32	%	15,000			—
2017 Master Repurchase Agreement	June 2020	L+	2.22	%	190,107			300,000
133 Greene Street	August 2020	L+	2.00	%	15,523			15,523
106 Spring Street	January 2021	L+	2.50	%	38,025			—
609 Fifth Avenue	March 2021	L+	2.40	%	52,990			—
185 Broadway (4)	November 2021	L+	2.85	%	115,886			111,869
712 Madison Avenue	December 2021	L+	2.50	%	28,000			28,000
460 West 34th Street (5)	May 2022	L+	2.23	%	310,236
Suburban Loan (6)	July 2022	L+	2.79	%	228,660			—
719 Seventh Avenue	September 2023	L+	1.20	%	50,000			50,000
FHLB Facility (7)					—			13,000
115 Spring Street (8)					—			65,550
Total floating rate debt					$	1,068,927		$	598,442
Total mortgages and other loans payable					$	2,454,683		$	1,988,159
Deferred financing costs, net of amortization					(37,522		)	(26,919		)
Total mortgages and other loans payable, net					$	2,417,161		$	1,961,240

(1) Interest rate as of September 30, 2019, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated interest rate spread over 30-day LIBOR, unless otherwise specified.

(2) The loan carries a fixed interest rate of 300 basis points for the first five years and is prepayable without penalty at the end of year five.

(3) The loan is comprised of a $35.5 million mortgage loan and $0.9 million mezzanine loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of year five.

(4) This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with two one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.

(5) This loan is a $465.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with two one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.

(6) Collateralized by the properties located at 360 Hamilton Avenue, 100 Summit Lake Drive, 200 Summit Lake Drive and 500 Summit Lake Drive.

(7) In August 2019, the loan was repaid.

(8) In August 2019, the Company sold a 49% interest in 115 Spring Street to a private investor. The transaction resulted in the deconsolidation of our remaining 51% interest. See Note 6, "Investments in Unconsolidated Joint Ventures."

At September 30, 2019 and December 31, 2018, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $3.7 billion and $2.6 billion, respectively.

36

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

Federal Home Loan Bank of New York Facility

The Company's wholly-owned subsidiary, Ticonderoga Insurance Company, or Ticonderoga, a Vermont licensed captive insurance company, is a member of the Federal Home Loan Bank of New York, or FHLBNY. As a member, Ticonderoga may borrow funds from the FHLBNY in the form of secured advances. As of September 30, 2019, we had $14.5 million, $10.0 million and $15.0 million in outstanding secured advances with a borrowing rate of 30-day LIBOR plus 18 basis points, 30-day LIBOR plus 26 basis points and 30-day LIBOR plus 32 basis points, respectively.

Master Repurchase Agreement

The Company entered into a Master Repurchase Agreement, or MRA, known as the 2017 MRA, which provides us with the ability to sell certain mortgage investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase agreement by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity, and are not limited to collateral-specific credit marks. To monitor credit risk associated with our debt investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to recollateralize the facility with additional assets from our portfolio of debt investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity through the 2017 credit facility, as defined below.

The 2017 MRA has a maximum facility capacity of $300.0 million. In April 2018, we increased the maximum facility capacity to $400.0 million. The facility bears interest on a floating rate basis at a spread to 30-day LIBOR based on the pledged collateral and advance rate. In June 2018, we exercised a one year extension option and in June 2019, we exercised another one year extension option. In August 2019, we amended our agreement to include two additional one year extension options. At September 30, 2019, the facility had a carrying value of $189.6 million, net of deferred financing costs.

9. Corporate Indebtedness

2017 Credit Facility

In November 2017, we entered into an amendment to the credit facility, referred to as the 2017 credit facility, that was originally entered into by the Company in November 2012, or the 2012 credit facility. As of September 30, 2019, the 2017 credit facility consisted of a $1.5 billion revolving credit facility, a $1.3 billion term loan (or "Term Loan A"), and a $200.0 million term loan (or "Term Loan B") with maturity dates of March 31, 2022, March 31, 2023, and November 21, 2024, respectively. The revolving credit facility has two six-month as-of-right extension options to March 31, 2023. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions.

As of September 30, 2019, the 2017 credit facility bore interest at a spread over 30-day LIBOR ranging from (i) 82.5 basis points to 155 basis points for loans under the revolving credit facility, (ii) 90 basis points to 175 basis points for loans under Term Loan A, and (iii) 150 basis points to 245 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company.

In May 2019, we entered into an agreement to reduce the interest rate spread under Term Loan B by 65 basis points to a spread over 30-day LIBOR ranging from 85 basis points to 165 basis points. This reduction will be effective in November 2019.

At September 30, 2019, the applicable spread was 100 basis points for the revolving credit facility, 110 basis points for Term Loan A, and 165 basis points for Term Loan B. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of September 30, 2019, the facility fee was 20 basis points.

As of September 30, 2019, we had $11.8 million of outstanding letters of credit, $335.0 million drawn under the revolving credit facility and $1.5 billion outstanding under the term loan facilities, with total undrawn capacity of $1.2 billion under the 2017 credit facility. At September 30, 2019 and December 31, 2018, the revolving credit facility had a carrying value of $328.5 million and $492.2 million, respectively, net of deferred financing costs. At September 30, 2019 and December 31, 2018, the term loan facilities had a carrying value of $1.5 billion and $1.5 billion, respectively, net of deferred financing costs.

The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2017 credit facility.

The 2017 credit facility includes certain restrictions and covenants (see Restrictive Covenants below).

37

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

Senior Unsecured Notes

The following table sets forth our senior unsecured notes and other related disclosures as of September 30, 2019 and December 31, 2018, respectively, by scheduled maturity date (amounts in thousands):

Issuance	September 30, 2019 Unpaid Principal Balance		September 30, 2019 Accreted Balance			December 31, 2018 Accreted Balance			Interest Rate (1)			Initial Term (in Years)	Maturity Date
March 16, 2010 (2)	$	250,000	$	250,000		$	250,000			7.75	%	10	March 2020
August 7, 2018 (3) (4)	350,000		350,000			350,000			L+	0.98	%	3	August 2021
October 5, 2017 (3)	500,000		499,669			499,591				3.25	%	5	October 2022
November 15, 2012 (5)	300,000		303,404			304,168				4.50	%	10	December 2022
December 17, 2015 (2)	100,000		100,000			100,000				4.27	%	10	December 2025
	$	1,500,000	$	1,503,073		$	1,503,759
Deferred financing costs, net			(6,706		)	(8,545		)
	$	1,500,000	$	1,496,367		$	1,495,214

(1) Interest rate as of September 30, 2019, taking into account interest rate hedges in effect during the period. Floating rate notes are presented with the stated spread over 3-month LIBOR, unless otherwise specified.

(2) Issued by the Company and the Operating Partnership as co-obligors.

(3) Issued by the Operating Partnership with the Company as the guarantor.

(4) Beginning on August 8, 2019 and at any time thereafter, the notes are subject to redemption at the Company's option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes, plus unpaid accrued interest thereon to the redemption date.

(5) In October 2017, the Company and the Operating Partnership as co-obligors issued an additional $100.0 million of 4.50% senior unsecured notes due December 2022. The notes were priced at 105.334% of par.

Restrictive Covenants

The terms of the 2017 credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that, we will not during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of September 30, 2019 and December 31, 2018, we were in compliance with all such covenants.

Junior Subordinated Deferrable Interest Debentures

In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at a floating rate of 125 basis points over the three-month LIBOR. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense.

38

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

Principal Maturities

Combined aggregate principal maturities of mortgages and other loans payable, 2017 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of September 30, 2019, including as-of-right extension options and put options, were as follows (in thousands):

	Scheduled Amortization		Mortgages and Other Loans Payable		Revolving Credit Facility		Unsecured Term Loans		Trust Preferred Securities		Senior Unsecured Notes		Total		Joint Venture Debt
Remaining 2019	$	2,307	$	14,500	$	—	$	—	$	—	$	—	$	16,807	$	10,700
2020	11,118		230,630		—		—		—		250,000		491,748		804,143
2021	11,638		234,901		—		—		—		350,000		596,539		704,174
2022	9,430		737,452		—		—		—		800,000		1,546,882		268,968
2023	7,301		50,000		335,000		1,300,000		—		—		1,692,301		311,452
Thereafter	9,290		1,136,116		—		200,000		100,000		100,000		1,545,406		1,831,026
	$	51,084	$	2,403,599	$	335,000	$	1,500,000	$	100,000	$	1,500,000	$	5,889,683	$	3,930,463

Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Interest expense before capitalized interest	$	63,607		$	64,078		$	185,163		$	180,550
Interest on financing leases	813			—			2,425			—
Interest capitalized	(15,700		)	(8,504		)	(38,228		)	(22,785		)
Interest income	(608		)	(406		)	(3,563		)	(1,070		)
Interest expense, net	$	48,112		$	55,168		$	145,797		$	156,695

10. Related Party Transactions

Cleaning/ Security/ Messenger and Restoration Services

Alliance Building Services, or Alliance, and its affiliates are partially owned by Gary Green, a son of Stephen L. Green, who serves as a member and as the chairman emeritus of our board of directors, and provide services to certain properties owned by us. Alliance’s affiliates include First Quality Maintenance, L.P., or First Quality, Classic Security LLC, Bright Star Couriers LLC and Onyx Restoration Works, and provide cleaning, extermination, security, messenger, and restoration services, respectively. In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. The Service Corporation has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements.

Income earned from the profit participation, which is included in other income on the consolidated statements of operations, was $0.9 million and $2.7 million for the three and nine months ended September 30, 2019, respectively, and was $0.9 million and $3.0 million for the three and nine months ended September 30, 2018, respectively.

We also recorded expenses, inclusive of capitalized expenses, of $5.6 million and $14.1 million for the three and nine months ended September 30, 2019, respectively, for these services (excluding services provided directly to tenants), and $5.0 million and $14.0 million for the three and nine months ended September 30, 2018, respectively.

Management Fees

S.L. Green Management Corp., a consolidated entity, receives property management fees from an entity in which Stephen L. Green owns an interest. We received management fees from this entity of $0.2 million and $0.5 million for the three and nine months ended September 30, 2019, respectively, and $0.1 million and $0.4 million for the three and nine months ended September 30, 2018, respectively.

39

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

One Vanderbilt Investment

In December 2016, we entered into agreements with entities owned and controlled by our Chairman and CEO, Marc Holliday, and our President, Andrew Mathias, pursuant to which they agreed to make an investment in our One Vanderbilt project at the appraised fair market value for the interests acquired. This investment entitles these entities to receive approximately 1.50% - 1.80% and 1.00% - 1.20%, respectively, of any profits realized by the Company from its One Vanderbilt project in excess of the Company’s capital contributions. The entities have no right to any return of capital. Accordingly, subject to previously disclosed repurchase rights, these interests will have no value and will not entitle these entities to any amounts (other than limited distributions to cover tax liabilities incurred) unless and until the Company has received distributions from the One Vanderbilt project in excess of the Company’s aggregate investment in the project. In the event that the Company does not realize a profit on its investment in the project (or would not realize a profit based on the value at the time the interests are repurchased), the entities owned and controlled by Messrs. Holliday and Mathias will lose the entire amount of their investment. The entities owned and controlled by Messrs. Holliday and Mathias paid $1.4 million and $1.0 million, respectively, which equal the fair market value of the interests acquired as of the date the investment agreements were entered into as determined by an independent third party appraisal that we obtained.

Other

We are entitled to receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures as further described in Note 6, "Investments in Unconsolidated Joint Ventures." Amounts due from joint ventures and related parties at September 30, 2019 and December 31, 2018 consisted of the following (in thousands):

	September 30, 2019		December 31, 2018
Due from joint ventures	$	7,648	$	18,655
Other	12,382		9,378
Related party receivables	$	20,030	$	28,033

11. 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, 2019 and December 31, 2018, the noncontrolling interest unit holders owned 4.96%, or 4,257,754 units, and 4.70%, or 4,130,579 units, of the Operating Partnership, respectively. As of September 30, 2019, 4,257,754 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, 2019 and the twelve months ended December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Balance at beginning of period	$	387,805		$	461,954
Distributions	(10,993		)	(15,000		)
Issuance of common units	16,493			23,655
Redemption of common units	(16,388		)	(60,718		)
Net income	12,306			12,216
Accumulated other comprehensive income allocation	(2,869		)	(66		)
Fair value adjustment	15,509			(34,236		)
Balance at end of period	$	401,863		$	387,805

40

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

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, 2019:

Issuance	Number of Units Authorized	Number of Units Issued	Dividends Per Unit(1)			Liquidation Preference Per Unit(2)			Conversion Price Per Unit(3)		Date of Issuance
4.50% Series G (4)	1,902,000	1,902,000	$	1.1250		$	25.00		$	88.50	January 2012
7.00% Series F	60	60	$	70.0000		$	1,000.00		$	29.12	January 2007
3.50% Series K	700,000	563,954	$	0.8750		$	25.00		$	134.67	August 2014
4.00% Series L	500,000	378,634	$	1.0000		$	25.00		—		August 2014
3.75% Series M	1,600,000	1,600,000	$	0.9375		$	25.00		—		February 2015
3.00% Series N (5)	552,303	552,303	$	0.7500		$	25.00		—		June 2015
Series O (6)	1	1	(6		)	(6		)	—		June 2015
4.00% Series P	200,000	200,000	$	1.0000		$	25.00		—		July 2015
3.50% Series Q	268,000	268,000	$	0.8750		$	25.00		$	148.95	July 2015
3.50% Series R	400,000	400,000	$	0.8750		$	25.00		$	154.89	August 2015
4.00% Series S	1,077,280	1,077,280	$	1.0000		$	25.00		—		August 2015
2.75% Series T	230,000	230,000	$	0.6875		$	25.00		$	119.02	March 2016
4.50% Series U (7)	680,000	680,000	$	1.1250		$	25.00		—		March 2016
3.50% Series A (8)	109,161	109,161	$	35.0000		$	1,000.00		—		August 2015
3.50% Series V	40,000	40,000	$	0.8750		$	25.00		—		May 2019

(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) 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.

(5) All of the outstanding units were redeemed at par for cash by the unitholder during the nine months ended September 30, 2019.

(6) The holder of the Series O 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 O unit for cash 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 at the time of a liquidation event.

(7) The annual dividend is subject to reduction upon the occurrence of certain circumstances. The minimum annual dividend is $0.75 per unit.

(8) 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, 2019, no Subsidiary Series B Preferred Units have been issued.

Below is a summary of the activity relating to the preferred units in the Operating Partnership for the nine months ended September 30, 2019 and the twelve months ended December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Balance at beginning of period	$	300,427		$	301,735
Issuance of preferred units	1,000			—
Redemption of preferred units	(15,142		)	(1,308		)
Balance at end of period	$	286,285		$	300,427

12. Stockholders’ Equity of the Company

Common Stock

Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares

41

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

of preferred stock, par value $0.01 per share. As of September 30, 2019, 81,515,066 shares of common stock and no shares of excess stock were issued and outstanding.

Share Repurchase Program

In August 2016, our Board of Directors approved a share repurchase program under which we can buy up to $1.0 billion of shares of our common stock. The Board of Directors has since authorized three separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, and fourth quarter of 2018, bringing the total program size to $2.5 billion.

At September 30, 2019, repurchases executed under the program were as follows:

Period	Shares repurchased	Average price paid per share	Cumulative number of shares repurchased as part of the repurchase plan or programs
Year ended 2017	8,342,411	$101.64	8,342,411
Year ended 2018	9,744,911	$96.22	18,087,322
First quarter 2019	397,783	$86.07	18,485,105
Second quarter 2019	866,924	$86.58	19,352,029
Third quarter 2019 (1)	916,439	$81.31	20,268,468

(1) Includes 108,300 shares of common stock repurchased by the Company in September 2019 that were settled in October 2019.

Perpetual Preferred Stock

We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units.

Dividend Reinvestment and Stock Purchase Plan ("DRSPP")

In February 2018, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001.

The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three and nine months ended September 30, 2019 and 2018, respectively (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Shares of common stock issued	490		509		3,485		1,183
Dividend reinvestments/stock purchases under the DRSPP	$	39	$	52	$	303	$	116

Earnings per Share

We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

SL Green's earnings per share for the three and nine months ended September 30, 2019 and 2018 are computed as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
Numerator	2019			2018			2019			2018
Basic Earnings:
Income attributable to SL Green common stockholders	$	33,157		$	88,209		$	238,052		$	293,531
Less: distributed earnings allocated to participating securities	(108		)	(125		)	(325		)	(371		)
Less: undistributed earnings allocated to participating securities	—			(33		)	(41		)	(138		)
Net income attributable to SL Green common stockholders (numerator for basic earnings per share)	$	33,049		$	88,051		$	237,686		$	293,022
Add back: distributed earnings allocated to participating securities	108			125			325			371
Add back: undistributed earnings allocated to participating securities	—			33			41			138
Add back: Effect of dilutive securities (redemption of units to common shares)	1,719			4,797			12,306			15,656
Income attributable to SL Green common stockholders (numerator for diluted earnings per share)	$	34,876		$	93,006		$	250,358		$	309,187

	Three Months Ended September 30,		Nine Months Ended September 30,
Denominator	2019	2018	2019	2018
Basic Shares:
Weighted average common stock outstanding	82,292	85,566	82,855	87,692
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares	4,258	4,643	4,283	4,677
Stock-based compensation plans	164	219	171	211
Diluted weighted average common stock outstanding	86,714	90,428	87,309	92,580

SL Green has excluded 1,317,803 and 1,266,296 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2019, respectively, as they were anti-dilutive. SL Green has excluded 941,636 and 1,137,971 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2018, respectively, as they were anti-dilutive.

13. Partners' Capital of the Operating Partnership

The Company is the sole managing general partner of the Operating Partnership and at September 30, 2019 owned 81,515,066 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for one share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one share of common stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions.

Limited Partner Units

As of September 30, 2019, limited partners other than SL Green owned 4.96%, or 4,257,754 common units, of the Operating Partnership.

Preferred Units

Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.”

Earnings per Unit

The Operating Partnership's earnings per unit for the three and nine months ended September 30, 2019 and 2018, respectively, are computed as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
Numerator	2019			2018			2019			2018
Basic Earnings:
Income attributable to SLGOP common unitholders	$	34,876		$	93,006		$	250,358		$	309,187
Less: distributed earnings allocated to participating securities	(108		)	(125		)	(325		)	(371		)
Less: undistributed earnings allocated to participating securities	—			(33		)	(41		)	(138		)
Net Income attributable to SLGOP common unitholders (numerator for basic earnings per unit)	$	34,768		$	92,848		$	249,992		$	308,678
Add back: distributed earnings allocated to participating securities	108			125			325			371
Add back: undistributed earnings allocated to participating securities	—			33			41			138
Income attributable to SLGOP common unitholders (numerator for diluted earnings per unit)	$	34,876		$	93,006		$	250,358		$	309,187

	Three Months Ended September 30,		Nine Months Ended September 30,
Denominator	2019	2018	2019	2018
Basic units:
Weighted average common units outstanding	86,550	90,209	87,138	92,369
Effect of Dilutive Securities:
Stock-based compensation plans	164	219	171	211
Diluted weighted average common units outstanding	86,714	90,428	87,309	92,580

The Operating Partnership has excluded 1,317,803 and 1,266,296 common unit equivalents from the diluted units outstanding for the three and nine months ended September 30, 2019, respectively, as they were anti-dilutive. The Operating Partnership has excluded 941,636 and 1,137,971 common unit equivalents from the diluted units outstanding for the three and nine months ended September 30, 2018, respectively, as they were anti-dilutive.

14. Share-based Compensation

We have share-based employee and director compensation plans. Our employees are compensated through the Operating Partnership. Under each plan, whenever the Company issues common or preferred stock, the Operating Partnership issues an equivalent number of units of limited partnership interest of a corresponding class to the Company.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

The Fourth Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's board of directors in April 2016 and its stockholders in June 2016 at the Company's annual meeting of stockholders. The 2005 Plan authorizes the issuance of stock options, stock appreciation rights, unrestricted and restricted stock, phantom shares, dividend equivalent rights, cash-based awards and other equity-based awards. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 27,030,000 fungible units may be granted under the 2005 Plan. Currently, different types of awards count against the limit on the number of fungible units differently, with (1) full-value awards (i.e., those that deliver the full value of the award upon vesting, such as restricted stock) counting as 3.74 Fungible Units per share subject to such awards, (2) stock options, stock appreciation rights and other awards that do not deliver full value and expire five years from the date of grant counting as 0.73 fungible units per share subject to such awards, and (3) all other awards (e.g., ten-year stock options) counting as 1.0 fungible units per share subject to such awards. Awards granted under the 2005 Plan prior to the approval of the fourth amendment and restatement in June 2016 continue to count against the fungible unit limit based on the ratios that were in effect at the time such awards were granted, which may be different than the current ratios. As a result, depending on the types of awards issued, the 2005 Plan may result in the issuance of more or less than 27,030,000 shares. If a stock option or other award granted under the 2005 Plan expires or terminates, the common stock subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Shares of our common stock distributed under the 2005 Plan may be treasury shares or authorized but unissued shares. Currently, unless the 2005 Plan has been previously terminated by the Company's board of directors, new awards may be granted under the 2005 Plan until June 2, 2026, which is the tenth anniversary of the date that the 2005 Plan was most recently approved by the Company's stockholders. As of September 30, 2019, 4.9 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP Units.

Stock Options and Class O LTIP Units

Options are granted with an exercise price at the fair market value of the Company's common stock on the date of grant and, subject to employment, generally expire five or ten years from the date of grant, are not transferable other than on death, and generally vest in one to five years commencing one year from the date of grant. We have also granted Class O LTIP Units, which are a class of LTIP Units in the Operating Partnership structured to provide economics similar to those of stock options. Class O LTIP Units, once vested, may be converted, at the election of the holder, into a number of common units of the Operating Partnership per Class O LTIP Unit determined by the increase in value of a share of the Company’s common stock at the time of conversion over a participation threshold, which equals the fair market value of a share of the Company’s common stock at the time of grant. Class O LTIP Units are entitled to distributions, subject to vesting, equal per unit to 10% of the per unit distributions paid with respect to the common units of the Operating Partnership.

The fair value of each stock option or LTIP Unit granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the year ended December 31, 2018. There were no grants during the nine months ended September 30, 2019.

	September 30, 2019	December 31, 2018
Dividend yield	none	2.85	%
Expected life	zero years	3.5 years
Risk-free interest rate	none	2.48	%
Expected stock price volatility	none	22.00	%

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

A summary of the status of the Company's stock options as of September 30, 2019 and December 31, 2018, and changes during the nine months ended September 30, 2019 and year ended December 31, 2018 are as follows:

	September 30, 2019					December 31, 2018
	Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price
Balance at beginning of period	1,137,017			$	103.54	1,548,719			$	101.48
Granted	—			—		6,000			97.91
Exercised	—			—		(316,302		)	90.22
Lapsed or canceled	(40,499		)	111.60		(101,400		)	113.22
Balance at end of period	1,096,518			$	103.24	1,137,017			$	103.54
Options exercisable at end of period	966,045			$	102.68	783,035			$	101.28
Total fair value of options granted during the period	$	—				$	84,068

All options were granted with strike prices ranging from $20.67 to $137.18. The remaining weighted average contractual life of the options outstanding was 2.8 years and the remaining average contractual life of the options exercisable was 2.8 years.

During the three and nine months ended September 30, 2019, we recognized compensation expense for these options of $0.6 million and $1.8 million, respectively. During the three and nine months ended September 30, 2018, we recognized compensation expense for these options of $1.1 million and $4.3 million, respectively.

As of September 30, 2019, there was $0.7 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 0.3 years.

Restricted Shares

Shares are granted to certain employees, including our executives and vesting will occur annually upon the completion of a service period or our meeting established financial performance criteria. Annual vesting occurs at rates ranging from 15% to 35% once performance criteria are reached.

A summary of the Company's restricted stock as of September 30, 2019 and December 31, 2018 and charges during the nine months ended September 30, 2019 and the year ended December 31, 2018, are as follows:

	September 30, 2019			December 31, 2018
Balance at beginning of period	3,452,016			3,298,216
Granted	27,650			162,900
Canceled	(11,500		)	(9,100		)
Balance at end of period	3,468,166			3,452,016
Vested during the period	111,374			92,114
Compensation expense recorded	$	9,469,622		$	12,757,704
Total fair value of restricted stock granted during the period	$	2,233,548		$	13,440,503

The fair value of restricted stock that vested during the nine months ended September 30, 2019 and the year ended December 31, 2018 was $12.0 million and $9.8 million, respectively. As of September 30, 2019 there was $15.1 million of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 1.8 years.

We granted LTIP Units, which include bonus, time-based and performance-based awards, with a fair value of $41.6 million and $22.0 million as of September 30, 2019 and December 31, 2018, respectively. The grant date fair value of the LTIP Unit awards was calculated in accordance with ASC 718. A third party consultant determined the fair value of the LTIP Units to have a discount from our common stock price. The discount was calculated by considering the inherent uncertainty that the LTIP Units will reach parity with other common partnership units and the illiquidity due to transfer restrictions. As of September 30, 2019, there was $22.5 million of total unrecognized compensation expense related to the time-based and performance based awards, which is expected to be recognized over a weighted average period of 2.3 years.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

During the three and nine months ended September 30, 2019, we recorded compensation expense related to bonus, time-based and performance based awards of $3.0 million and $14.0 million, respectively. During the three and nine months ended September 30, 2018, we recorded compensation expense related to bonus, time-based and performance based awards of $2.3 million and $11.4 million, respectively.

For the three and nine months ended September 30, 2019, $0.5 million and $1.4 million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options. For the three and nine months ended September 30, 2018, $1.6 million and $4.7 million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options.

Deferred Compensation Plan for Directors

Under our Non-Employee Director's Deferral Program, which commenced July 2004, the Company's non-employee directors may elect to defer up to 100% of their annual retainer fee, chairman fees, meeting fees and annual stock grant. Unless otherwise elected by a participant, fees deferred under the program shall be credited in the form of phantom stock units. The program provides that a director's phantom stock units generally will be settled in an equal number of shares of common stock upon the earlier of (i) the January 1 coincident with or the next following such director's termination of service from the Board of Directors or (ii) a change in control by us, as defined by the program. Phantom stock units are credited to each non-employee director quarterly using the closing price of our common stock on the first business day of the respective quarter. Each participating non-employee director is also credited with dividend equivalents or phantom stock units based on the dividend rate for each quarter, which are either paid in cash currently or credited to the director’s account as additional phantom stock units.

During the nine months ended September 30, 2019, 17,227 phantom stock units and 9,869 shares of common stock were issued to our board of directors. We recorded compensation expense of $0.2 million and $2.2 million during the three and nine months ended September 30, 2019, respectively, related to the Deferred Compensation Plan. We recorded compensation expense of $0.1 million and $2.2 million during the three and nine months ended September 30, 2018, respectively, related to the Deferred Compensation Plan.

As of September 30, 2019, there were 127,505 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program.

Employee Stock Purchase Plan

In 2007, the Company's board of directors adopted the 2008 Employee Stock Purchase Plan, or ESPP, to encourage our employees to make our business more successful by providing equity-based incentives to eligible employees. The ESPP is intended to qualify as an "employee stock purchase plan" under Section 423 of the Code, and has been adopted by the board to enable our eligible employees to purchase the Company's shares of common stock through payroll deductions. The ESPP became effective on January 1, 2008 with a maximum of 500,000 shares of the common stock available for issuance, subject to adjustment upon a merger, reorganization, stock split or other similar corporate change. The Company filed a registration statement on Form S-8 with the SEC with respect to the ESPP. The common stock is offered for purchase through a series of successive offering periods. Each offering period will be three months in duration and will begin on the first day of each calendar quarter, with the first offering period having commenced on January 1, 2008. The ESPP provides for eligible employees to purchase the common stock at a purchase price equal to 85% of the lesser of (1) the market value of the common stock on the first day of the offering period or (2) the market value of the common stock on the last day of the offering period. The ESPP was approved by our stockholders at our 2008 annual meeting of stockholders. As of September 30, 2019, 127,280 shares of our common stock had been issued under the ESPP.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

15. Accumulated Other Comprehensive (Loss) Income

The following tables set forth the changes in accumulated other comprehensive (loss) income by component as of September 30, 2019 (in thousands):

	Net unrealized gain (loss) on derivative instruments (1)			SL Green’s share of joint venture net unrealized gain (loss) on derivative instruments (2)			Net unrealized gain on marketable securities		Total
Balance at December 31, 2018	$	9,716		$	4,299		$	1,093	$	15,108
Other comprehensive (loss) income before reclassifications	(41,385		)	(13,680		)	1,494		(53,571		)
Amounts reclassified from accumulated other comprehensive loss	(864		)	(805		)	—		(1,669		)
Balance at September 30, 2019	$	(32,533	)	$	(10,186	)	$	2,587	$	(40,132	)

(1) Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of operations. As of September 30, 2019 and December 31, 2018, the deferred net (gains) losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was $(0.2) million and $1.3 million, respectively.

(2) Amount reclassified from accumulated other comprehensive (loss) income is included in equity in net (loss) income from unconsolidated joint ventures in the respective consolidated statements of operations.

16. Fair Value Measurements

We are required to disclose fair value information with regard to our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	30,208	$	—	$	30,208	$	—
Interest rate cap and swap agreements (included in other assets)	$	2,784	$	—	$	2,784	$	—
Liabilities:
Interest rate cap and swap agreements (included in other liabilities)	$	37,208	$	—	$	37,208	$	—

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	28,638	$	—	$	28,638	$	—
Interest rate cap and swap agreements (included in other assets)	$	18,676	$	—	$	18,676	$	—
Liabilities:
Interest rate cap and swap agreements (included in other liabilities)	$	7,663	$	—	$	7,663	$	—

We determine impairment in real estate investments and debt and preferred equity investments, including intangibles primarily utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs.

In May 2018, the Company was the successful bidder at the foreclosure of 2 Herald Square, at which time the Company's $250.5 million outstanding principal balance and $7.7 million accrued interest balance were credited to our equity investment in the property. We recorded the assets acquired and liabilities assumed at fair value. This resulted in the recognition of a fair value adjustment of $8.1 million, which is reflected on the Company's consolidated statements of operations within purchase price and other fair value adjustments. This fair value was determined by utilizing our successful bid at the foreclosure of the asset, the agreement to sell a partial interest in the property, and cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as a sales comparison approach, which utilizes comparable sales, listings and sales contracts, all of which are classified as Level 3 inputs.

In January 2018, the partnership agreement for our investment in 919 Third Avenue was modified resulting in the Company no longer having a controlling interest in this investment. As a result the investment was deconsolidated as of January 1, 2018. The Company recorded its non-controlling interest at fair value resulting in a $49.3 million fair value adjustment in the consolidated statements of operations. This fair value was determined using a third party valuation which primarily utilized cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs.

Marketable securities classified as Level 1 are derived from quoted prices in active markets. The valuation technique used to measure the fair value of marketable securities classified as Level 2 were valued based on quoted market prices or model driven valuations using the significant inputs derived from or corroborated by observable market data. Marketable securities in an unrealized loss position are not considered to be other than temporarily impaired. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.

The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs.

The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt instrument to their present value using adjusted market interest rates, which is provided by a third-party specialist.

The following table provides the carrying value and fair value of these financial instruments as of September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019				December 31, 2018
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
Debt and preferred equity investments	$	1,954,556	(2)		$	2,099,393	(2)
Fixed rate debt	$	3,538,829	$	3,661,582	$	3,543,476	$	3,230,127
Variable rate debt	2,353,927		2,364,868		2,048,442		2,057,966
	$	5,892,756	$	6,026,450	$	5,591,918	$	5,288,093

(1) Amounts exclude net deferred financing costs.

(2) At September 30, 2019, debt and preferred equity investments had an estimated fair value ranging between $1.9 billion and $2.1 billion. At December 31, 2018, debt and preferred equity investments had an estimated fair value ranging between $2.1 billion and $2.3 billion.

Disclosure about fair value of financial instruments was based on pertinent information available to us as of September 30, 2019 and December 31, 2018. Although we are not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

17. Financial Instruments: Derivatives and Hedging

In the normal course of business, we use a variety of commonly used derivative instruments, such as interest rate swaps, caps, collar and floors, to manage, or hedge interest rate risk. We hedge our exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. Currently, all of our designated derivative instruments are effective hedging instruments.

The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments at September 30, 2019 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).

	Notional Value		Strike Rate		Effective Date	Expiration Date	Balance Sheet Location	Fair Value
Interest Rate Cap	$	111,869	3.500	%	November 2018	December 2019	Other Assets	$	—
Interest Rate Cap	300,000		3.750	%	May 2019	May 2020	Other Assets	—
Interest Rate Swap	100,000		1.928	%	December 2017	November 2020	Other Liabilities	(369		)
Interest Rate Swap	100,000		1.934	%	December 2017	November 2020	Other Liabilities	(376		)
Interest Rate Cap	85,000		4.000	%	March 2019	March 2021	Other Assets	—
Interest Rate Swap	200,000		1.131	%	July 2016	July 2023	Other Assets	1,930
Interest Rate Swap	100,000		1.161	%	July 2016	July 2023	Other Assets	854
Interest Rate Swap	150,000		2.696	%	January 2019	January 2024	Other Liabilities	(8,164		)
Interest Rate Swap	150,000		2.721	%	January 2019	January 2026	Other Liabilities	(12,049		)
Interest Rate Swap	200,000		2.740	%	January 2019	January 2026	Other Liabilities	(16,250		)
								$	(34,424	)

During the three months ended September 30, 2019, we recorded a loss on the changes in the fair value of $0.1 million, which is included in interest expense in the consolidated statements of operations. During the nine months ended September 30, 2019, we recorded a loss on the changes in the fair value of $0.1 million, which is included in interest expense in the consolidated statements of operations. During the three months ended September 30, 2018, we recorded a loss on the changes in the fair value of $0.1 million, which is included in interest expense in the consolidated statements of operations. During the nine months ended September 30, 2018, we recorded a loss on the changes in the fair value of $0.4 million, which is included in interest expense in the consolidated statements of operations.

The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of September 30, 2019, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $37.4 million. As of September 30, 2019, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $38.3 million at September 30, 2019.

Gains and losses on terminated hedges are included in accumulated other comprehensive income, and are recognized into earnings over the term of the related mortgage obligation. Over time, the realized and unrealized gains and losses held in accumulated other comprehensive income will be reclassified into earnings as an adjustment to interest expense in the same periods in which the hedged interest payments affect earnings. We estimate that $5.5 million of the current balance held in accumulated other comprehensive loss will be reclassified into interest expense and $3.1 million of the portion related to our share of joint venture accumulated other comprehensive loss will be reclassified into equity in net income from unconsolidated joint ventures within the next 12 months.

51

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the three months ended September 30, 2019 and 2018, respectively (in thousands):

	Amount of (Loss) Gain Recognized in Other Comprehensive Loss					Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
	Three Months Ended September 30,						Three Months Ended September 30,
Derivative	2019			2018			2019			2018
Interest Rate Swaps/Caps	$	(10,169	)	$	2,207	Interest expense	$	(105	)	$	276
Share of unconsolidated joint ventures' derivative instruments	(2,437		)	2,263		Equity in net income from unconsolidated joint ventures	(192		)	222
	$	(12,606	)	$	4,470		$	(297	)	$	498

The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the nine months ended September 30, 2019 and 2018, respectively (in thousands):

	Amount of (Loss) Gain Recognized in Other Comprehensive Loss					Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
	Nine Months Ended September 30,						Nine Months Ended September 30,
Derivative	2019			2018			2019		2018
Interest Rate Swaps/Caps	$	(43,008	)	$	12,605	Interest expense	$	886	$	35
Share of unconsolidated joint ventures' derivative instruments	(11,963		)	6,668		Equity in net income from unconsolidated joint ventures	713		495
	$	(54,971	)	$	19,273		$	1,599	$	530

52

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

18. Rental Income

The Operating Partnership is the lessor and the sublessor to tenants under operating leases with expiration dates ranging from October 1, 2019 to 2064. The minimum rental amounts due under the leases are generally either subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs. Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases in effect at September 30, 2019 for the consolidated properties, including consolidated joint venture properties, and our share of unconsolidated joint venture properties, are as follows (in thousands):

	Consolidated Properties		Unconsolidated Properties
Remaining 2019	$	217,473	$	95,575
2020	823,857		388,519
2021	676,880		395,558
2022	621,613		378,888
2023	555,748		352,418
2024	513,416		323,113
Thereafter	3,299,836		1,909,299
	$	6,708,823	$	3,843,370

As of December 31, 2018, under ASC 840, approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases for the consolidated properties, including consolidated joint venture properties, and our share of unconsolidated joint venture properties are as follows (in thousands):

	Consolidated Properties		Unconsolidated Properties
2019	$	830,336	$	348,060
2020	765,610		375,228
2021	625,956		380,886
2022	562,250		348,222
2023	500,499		333,501
Thereafter	3,272,014		2,098,995
	$	6,556,665	$	3,884,892

The components of lease revenues were as follows (in thousands):

	Three Months Ended    September 30, 2019		Three Months Ended    September 30, 2018		Nine Months Ended   September 30, 2019		Nine Months Ended   September 30, 2018
Fixed lease payments	$	214,282	$	220,443	$	641,007	$	643,015
Variable lease payments	32,581		29,103		88,539		82,554
Total lease payments	$	246,863	$	249,546	$	729,546	$	725,569
Amortization of acquired above and below-market leases	1,165		1,320		3,559		5,486
Total rental revenue	$	248,028	$	250,866	$	733,105	$	731,055

19. Commitments and Contingencies

Legal Proceedings

As of September 30, 2019, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us.

53

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

Environmental Matters

Our management believes that the properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold.

Ground Lease Arrangements

We are a tenant under ground leases for certain properties. These leases have expirations from 2022 to 2114, or 2043 to 2114 as fully extended. Certain leases offer extension options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised, if any, are included in the measurement of the corresponding lease liability and right of use asset.

The following is a schedule of future minimum lease payments under financing leases and operating leases with initial terms in excess of one year as of September 30, 2019 (in thousands):

	Financing leases			Operating leases (1)
Remaining 2019	$	621		$	7,797
2020	2,619			31,508
2021	2,794			31,702
2022	2,794			29,548
2023	2,794			27,243
2024	2,819			27,263
Thereafter	814,283			649,289
Total minimum lease payments	$	828,724		$	804,350
Amount representing interest	(784,473		)
Amount discounted using incremental borrowing rate				(419,689		)
Lease liabilities	$	44,251		$	384,661

(1) As of September 30, 2019, the total minimum sublease rentals to be received in the future under non-cancelable subleases is $1.7 billion.

During the nine months ended September 30, 2019, we recognized $3.3 million of financing lease costs, of which $2.4 million represented interest and $0.9 million represented amortization of the right-of-use assets. These amounts are included in interest expense, net of interest income and depreciation and amortization in our consolidated statements of operations, respectively. During the nine months ended September 30, 2019, we recognized $24.9 million of operating lease costs, which is calculated on a straight-line basis over the remaining lease terms. This amount is included in operating lease rent in our consolidated statements of operations. As of September 30, 2019, the weighted-average discount rate used to calculate the lease liabilities was 8.47%. As of September 30, 2019, the weighted-average remaining lease term was 67 years.

20. Segment Information

The Company has two reportable segments, real estate and debt and preferred equity investments. We evaluate real estate performance and allocate resources based on earnings contributions.

The primary sources of revenue are generated from tenant rents and escalations and reimbursement revenue. Real estate property operating expenses consist primarily of security, maintenance, utility costs, insurance, real estate taxes and ground rent expense (at certain applicable properties). See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments.

Selected consolidated results of operations for the three and nine months ended September 30, 2019 and 2018, and selected asset information as of September 30, 2019 and December 31, 2018, regarding our operating segments are as follows (in thousands):

54

SL Green Realty Corp. and SL Green Operating Partnership, L.P.

Notes to Consolidated Financial Statements (cont.)

September 30, 2019

(unaudited)

	Real Estate Segment		Debt and Preferred Equity Segment		Total Company
Total revenues
Three months ended:
September 30, 2019	$	262,115	$	51,519	$	313,634
September 30, 2018	258,568		48,977		307,545
Nine months ended:
September 30, 2019	777,745		153,168		930,913
September 30, 2018	766,816		143,540		910,356
Net income
Three months ended:
September 30, 2019	$	6,133	$	34,589	$	40,722
September 30, 2018	62,199		37,255		99,454
Nine months ended:
September 30, 2019	168,639		98,593		267,232
September 30, 2018	224,246		104,930		329,176
Total assets
As of:
September 30, 2019	$	11,216,682	$	2,078,302	$	13,294,984
December 31, 2018	10,481,594		2,269,764		12,751,358

Interest costs for the debt and preferred equity segment include actual costs incurred for borrowings on the 2017 MRA. Interest is imputed on the investments that do not collateralize the 2017 MRA using our weighted average corporate borrowing cost. We also allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. We do not allocate marketing, general and administrative expenses to the debt and preferred equity segment since the use of personnel and resources is dependent on transaction volume between the two segments and varies period over period. In addition, we base performance on the individual segments prior to allocating marketing, general and administrative expenses. For the three and nine months ended September 30, 2019 marketing, general and administrative expenses totaled $23.8 million and $75.3 million, respectively. For the three and nine months ended September 30, 2018 marketing, general and administrative expenses totaled $20.6 million and $66.6 million, respectively. All other expenses, except interest, relate entirely to the real estate assets.

There were no transactions between the above two segments.

55

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

SL Green Realty Corp., which is referred to as SL Green or the Company, 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 Company is a self-managed real estate investment trust, or REIT, engaged in the acquisition, development, ownership, management and operation of commercial and residential real estate properties, principally office properties, located in the New York metropolitan area. 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.

The following discussion related to our consolidated financial statements should be read in conjunction with the financial statements appearing in this Quarterly Report on this Form 10-Q and in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018.

As of September 30, 2019, 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	20		12,387,091	10	11,216,183	30	23,603,274	94.2	%
	Retail	6	(2)	320,430	8	289,050	14	609,480	98.9	%
	Development/Redevelopment	6		870,173	1	—	7	870,173	77.5	%
	Fee Interest	—		—	1	—	1	—	—	%
		32		13,577,694	20	11,505,233	52	25,082,927	93.8	%
Suburban	Office	13		2,295,200	—	—	13	2,295,200	89.4	%
	Retail	1		52,000	—	—	1	52,000	100.0	%
	Development/Redevelopment	1		1,000	—	—	1	1,000	—	%
		15		2,348,200	—	—	15	2,348,200	89.6	%
Total commercial properties		47		15,925,894	20	11,505,233	67	27,431,127	93.4	%
Residential:
Manhattan	Residential	2	(2)	445,105	8	1,663,774	10	2,108,879	95.0	%
Suburban	Residential	—		—	—	—	—	—	—	%
Total residential properties		2		445,105	8	1,663,774	10	2,108,879	95.0	%
Total portfolio		49		16,370,999	28	13,169,007	77	29,540,006	93.5	%

(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.

(2) As of September 30, 2019, we owned a building at 315 West 33rd Street, also known as The Olivia, that was comprised of approximately 270,132 square feet (unaudited) of retail space and approximately 222,855 square feet (unaudited) of residential space. For the purpose of this report, we have included this building in the number of retail properties we own. However, we have included only the retail square footage in the retail approximate square footage, and have listed the balance of the square footage as residential square footage.

As of September 30, 2019, 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 $2.0 billion, including $0.1 billion of debt and preferred equity investments and other financing receivables that are included in other balance sheet line items other than the Debt and Preferred Equity Investments line item.

56

Critical Accounting Policies

Refer to the 2018 Annual Report on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting policies, which include investment in commercial real estate properties, investment in unconsolidated joint ventures, revenue recognition, reserve for possible credit losses and derivative instruments. During the three and nine months ended September 30, 2019, there were no material changes to these policies, other than the adoption of the Accounting Standards Codification Topic 842, Leases, described in Note 2 - Significant Accounting Policies and Note 19 - Commitments and Contingencies to the unaudited consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q.

57

Results of Operations

Comparison of the three months ended September 30, 2019 to the three months ended September 30, 2018

The following comparison for the three months ended September 30, 2019, or 2019, to the three months ended September 30, 2018, or 2018, makes reference to the effect of the following:

i. “Same-Store Properties,” which represents all operating properties owned by us at January 1, 2018 and still owned by us in the same manner at September 30, 2019 (Same-Store Properties totaled 39 of our 49 consolidated operating properties),

ii. “Acquisition Properties,” which represents all properties or interests in properties acquired in 2019 and 2018 and all non-Same-Store Properties, including properties that are under development or redevelopment,

iii. "Disposed Properties," which represents all properties or interests in properties sold in 2019 and 2018, and

iv. “Other,” which represents properties where we sold an interest resulting in deconsolidation and corporate level items not allocable to specific properties, as well as the Service Corporation and eEmerge Inc.

	Same-Store								Disposed					Other				Consolidated
(in millions)	2019		2018		$ Change		% Change		2019		2018			2019		2018		2019			2018			$ Change			% Change
Rental revenue	$	241.2	$	238.8	$	2.4	1.0	%	$	—	$	0.4		$	6.8	$	11.7	$	248.0		$	250.9		$	(2.9	)	(1.2	)%
Investment income	—		—		—		—	%	—		—			51.5		49.0		51.5			49.0			2.5			5.1	%
Other income	6.3		1.3		5.0		384.6	%	—		(0.6		)	7.8		7.0		14.1			7.7			6.4			83.1	%
Total revenues	247.5		240.1		7.4		3.1	%	—		(0.2		)	66.1		67.7		313.6			307.6			6.0			2.0	%
Property operating expenses	109.9		105.9		4.0		3.8	%	—		0.3			7.9		8.9		117.8			115.1			2.7			2.3	%
Transaction related costs	—		—		—		—	%	—		—			—		0.2		—			0.2			(0.2		)	(100.0	)%
Marketing, general and administrative	—		—		—		—	%	—		—			23.8		20.6		23.8			20.6			3.2			15.5	%
	109.9		105.9		4.0		3.8	%	—		0.3			31.7		29.7		141.6			135.9			5.7			4.2	%
Other income (expenses):
Interest expense and amortization of deferred financing costs, net of interest income																		(51.2		)	(57.8		)	6.6			(11.4	)%
Depreciation and amortization																		(70.5		)	(70.7		)	0.2			(0.3	)%
Equity in net (loss) income from unconsolidated joint ventures																		(9.9		)	1.0			(10.9		)	(1,090.0	)%
Equity in net gain on sale of interest in unconsolidated joint venture/real estate																		—			70.9			(70.9		)	(100.0	)%
Purchase price and other fair value adjustments																		3.8			(3.1		)	6.9			(222.6	)%
Gain (loss) on sale of real estate, net																		3.5			(2.5		)	6.0			(240.0	)%
Depreciable real estate reserves and impairment																		(7.0		)	(6.7		)	(0.3		)	4.5	%
Loss on early extinguishment of debt																		—			(2.2		)	2.2			(100.0	)%
Loan loss and other investment reserves, net of recoveries																		—			(1.1		)	1.1			(100.0	)%
Net income																		$	40.7		$	99.5		$	(58.8	)	(59.1	)%

Rental Revenue

Rental revenue decreased primarily as a result of the partial sale and deconsolidation of 2 Herald ($5.7 million) in the fourth quarter of 2018, partially offset by increased revenue at our Same-Store properties ($2.4 million).

58

The following table presents a summary of the commenced leasing activity for the three months ended September 30, 2019 in our Manhattan and Suburban portfolio:

	Usable SF	Rentable SF	New Cash Rent (per rentable SF) (1)		Prev. Escalated Rent (per rentable SF) (2)		TI/LC per rentable SF		Free Rent (in months)	Average Lease Term (in years)
Manhattan
Space available at beginning of the period	1,460,517
Space which became available during the period (3)
•       Office	117,112
•       Retail	41,313
•       Storage	433
	158,858
Total space available	1,619,375
Leased space commenced during the period:
•       Office(4)	242,977	270,212	$	78.21	$	71.87	$	92.13	5.4	19.2
•       Retail	420	496	$	90.73	$	—	$	—	4.0	10.0
Total leased space commenced	243,397	270,708	$	78.23	$	71.74	$	91.96	5.4	19.2
Total available space at end of period	1,375,978
Early renewals
•       Office	71,455	81,076	$	71.18	$	75.26	$	30.76	0.8	5.4
•       Retail	4,998	4,755	$	220.14	$	194.97	$	—	—	9.3
Total early renewals	76,453	85,831	$	79.43	$	81.89	$	29.06	0.8	5.7
Total commenced leases, including replaced previous vacancy
•       Office		351,288	$	76.59	$	73.39	$	77.97	4.4	16.1
•       Retail		5,251	$	207.92	$	194.97	$	—	0.4	9.3
Total commenced leases		356,539	$	78.52	$	76.50	$	76.82	4.3	16.0

	Usable SF	Rentable SF	New Cash Rent (per rentable SF) (1)		Prev. Escalated Rent (per rentable SF) (2)		TI/LC per rentable SF		Free Rent (in months)	Average Lease Term (in years)
Suburban
Space available at beginning of period	232,313
Space which became available during the period(3)
•       Office	29,364
•       Retail	1,091
•       Storage	561
	31,016
Total space available	263,329
Leased space commenced during the period:
•       Office(5)	13,698	13,560	$	34.02	$	32.88	$	4.97	0.9	2.4
•       Retail	3,797	3,797	$	11.46	$	19.74	$	—	—	10.8
•       Storage	661	661	$	12.45	$	12.00	$	—	—	1.3
Total leased space commenced	18,156	18,018	$	28.48	$	30.78	$	3.74	0.7	4.2
Total available space at end of the period	245,173

59

Early renewals
•       Office	15,575	15,575	$	31.34	$	29.66	$	—	—	0.7
Total early renewals	15,575	15,575	$	31.34	$	29.66	$	—	—	0.7
Total commenced leases, including replaced previous vacancy
•       Office		29,135	$	32.59	$	30.97	$	2.31	0.4	1.5
•       Retail		3,797	$	11.46	$	19.74	$	—	—	10.8
•       Storage		661	$	12.45	$	12.00	$	—	—	1.3
Total commenced leases		33,593	$	29.80	$	30.15	$	2.01	0.4	2.6

(1) Annual initial base rent.

(2) Escalated rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.

(3) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants held over.

(4) Average starting office rent excluding new tenants replacing vacancies was $81.87 per rentable square feet for 100,150 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $77.09 per rentable square feet for 181,226 rentable square feet.

(5) Average starting office rent excluding new tenants replacing vacancies was $33.87 per rentable square feet for 10,706 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $32.37 per rentable square feet for 26,281 rentable square feet.

Investment Income

For the three months ended September 30, 2019, investment income increased primarily as a result of an increase in the weighted average yield of our debt and preferred equity investments. For the three months ended September 30, 2019, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $2.12 billion and 9.0%, respectively, compared to $2.07 billion and 8.7%, respectively, for the same period in 2018.

Other Income

Other income increased primarily due to a tax refund received at 220 East 42nd Street ($2.5 million) and lease termination income at 304 Park Avenue South ($2.7 million).

Property Operating Expenses

Property operating expenses increased primarily due to increased operating expenses and real estate taxes at our Same-Store Properties ($1.3 million and $2.8 million, respectively).

Marketing, General and Administrative Expenses

Marketing, general and administrative expenses were $23.8 million for the three months ended September 30, 2019, compared to $20.6 million for the three months ended September 30, 2018. Marketing, general and administrative expenses for the three months ended September 30, 2019 includes $2.2 million of additional expense related to new accounting guidance for leasing costs, which requires the Company to expense certain internal costs that were previously capitalized.

Interest Expense and Amortization of Deferred Financing Costs, Net of Interest Income

Interest expense and amortization of deferred financing costs, net of interest income, decreased primarily as a result of the 1 Madison loan repayment in the fourth quarter of 2018 ($7.7 million) and interest capitalization in connection with properties that are under development ($2.1 million), partially offset by a new loan collateralized by four suburban properties ($2.9 million). The weighted average consolidated debt balance outstanding was $6.1 billion for the three months ended September 30, 2019, compared to $5.8 billion for the three months ended September 30, 2018. The consolidated weighted average interest rate was 4.04% for the three months ended September 30, 2019, as compared to 4.10% for the three months ended September 30, 2018.

Depreciation and Amortization

Depreciation and amortization decreased primarily due to decreased depreciation and amortization at our Same-Store properties ($2.8 million), partially offset by increased depreciation and amortization at our Acquired properties ($2.0 million).

Equity in Net (Loss) Income in Unconsolidated Joint Ventures

Equity in net income from unconsolidated joint ventures decreased primarily as a result of a debt position accounted for under the equity method in 2018 ($3.9 million), depreciation expense at 650 5th Avenue ($3.4 million), which was put in service in the fourth quarter of 2018, depreciation expense at 2 Herald Square ($1.7 million), which was deconsolidated in the fourth quarter of 2018, and the sale of 3 Columbus Circle in the fourth quarter of 2018 ($1.7 million).

60

Equity in net gain on sale of interest in unconsolidated joint venture/real estate

During the three months ended September 30, 2018, we recognized a gain on sale related to our interest in 724 Fifth Avenue ($64.6 million) and 720 Fifth Avenue ($6.3 million).

Purchase price and other fair value adjustments

During the three months ended September 30, 2019, we recorded a $3.7 million purchase price and other fair value adjustment related to our investment in 115 Spring Street as a result of the partial sale and deconsolidation of the property. During the three months ended September 30, 2018, we recorded a $3.1 million purchase price and other fair value adjustment related to our investment in 2 Herald Square for which the Company was the successful bidder at the foreclosure of the property in May 2018.

Gain (loss) on sale of real estate, net

During the three months ended September 30, 2019, we recognized a gain on sale related to our interest in 115 Spring Street ($3.6 million). During the three months ended September 30, 2018, we recognized a loss on sale related to our interests in Reckson Executive Park ($2.6 million).

Depreciable real estate reserves and impairment

During the three months ended September 30, 2019, we recognized depreciable real estate reserves and impairment related to 1010 Washington Boulevard ($7.0 million). During the three months ended September 30, 2018, we recognized depreciable real estate reserves and impairment related to the Upper East Side Residential Assemblage ($6.7 million).

Comparison of the nine months ended September 30, 2019 to the nine months ended September 30, 2018

The following comparison for the nine months ended September 30, 2019, or 2019, to the nine months ended September 30, 2018, or 2018, makes reference to the effect of the following:

i. “Same-Store Properties,” which represents all operating properties owned by us at January 1, 2018 and still owned by us in the same manner at September 30, 2019 (Same-Store Properties totaled 39 of our 49 consolidated operating properties),

ii. “Acquisition Properties,” which represents all properties or interests in properties acquired in 2019 and 2018 and all non-

Same-Store Properties, including properties that are under development, redevelopment or were deconsolidated during the period,

iii. "Disposed Properties," which represents all properties or interests in properties sold or partially sold in 2019 and 2018, and

iv. “Other,” which represents properties that were partially sold resulting in deconsolidation and corporate level items not allocable to specific properties, as well as the Service Corporation and eEmerge Inc.

	Same-Store									Disposed				Other				Consolidated
(in millions)	2019		2018		$ Change			% Change		2019		2018		2019		2018		2019			2018			$ Change			% Change
Rental revenue	$	706.5	$	690.6	$	15.9		2.3	%	$	—	$	9.7	$	26.6	$	30.8	$	733.1		$	731.1		$	2.0		0.3	%
Investment income	3.3		3.5		(0.2		)	(5.7	)%	—		—		149.9		140.0		153.2			143.5			9.7			6.8	%
Other income	8.9		8.0		0.9			11.3	%	4.1		1.5		31.6		26.3		44.6			35.8			8.8			24.6	%
Total revenues	718.7		702.1		16.6			2.4	%	4.1		11.2		208.1		197.1		930.9			910.4			20.5			2.3	%
Property operating expenses	318.2		304.4		13.8			4.5	%	0.2		5.1		25.4		29.8		343.8			339.3			4.5			1.3	%
Transaction related costs	0.4		0.7		(0.3		)	(42.9	)%	—		—		—		—		0.4			0.7			(0.3		)	(42.9	)%
Marketing, general and administrative	75.3		66.5		8.8			13.2	%	—		—		—		0.1		75.3			66.6			8.7			13.1	%
	393.9		371.6		22.3			6.0	%	0.2		5.1		25.4		29.9		419.5			406.6			12.9			3.2	%
Other income (expenses):
Interest expense and amortization of deferred financing costs, net of interest income																		(154.4		)	(166.4		)	12.0			(7.2	)%
Depreciation and amortization																		(208.3		)	(208.0		)	(0.3		)	0.1	%
Equity in net (loss) income from unconsolidated joint ventures																		(22.6		)	9.7			(32.3		)	(333.0	)%
Equity in net gain on sale of interest in unconsolidated joint venture/real estate																		76.2			136.5			(60.3		)	(44.2	)%

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Purchase price and other fair value adjustments	69.4			57.4			12.0			20.9	%
Gain (loss) on sale of real estate, net	2.5			6.2			(3.7		)	(59.7	)%
Depreciable real estate reserves and impairment	(7.0		)	(6.7		)	(0.3		)	4.5	%
Loss on early extinguishment of debt	—			(2.2		)	2.2			(100.0	)%
Loan loss and other investment reserves, net of recoveries	—			(1.1		)	1.1			(100.0	)%
Net income	$	267.2		$	329.2		$	(62.0	)	(18.8	)%

Rental Revenue

Rental revenue increased primarily as a result of increased revenue at our Same-Store properties ($15.9 million), partially offset by our Disposed Properties ($9.7 million) and Acquired Properties ($5.2 million).

The following table presents a summary of the commenced leasing activity for the nine months ended September 30, 2019 in our Manhattan and Suburban portfolio:

	Usable SF		Rentable SF	New Cash Rent (per rentable SF) (1)		Prev. Escalated Rent (per rentable SF) (2)		TI/LC per rentable SF		Free Rent (in months)	Average Lease Term (in years)
Manhattan
Space available at beginning of the period	1,306,846
Property no longer in redevelopment	96,857
Sold Vacancies	(16,837	)
Acquired Vacancies	—
Property in redevelopment	—
Space which became available during the period (3)
•       Office	668,180
•       Retail	59,984
•       Storage	13,886
	742,050
Total space available	2,128,916
Leased space commenced during the period:
•       Office(4)	737,340		803,552	$	74.17	$	68.79	$	90.37	6.6	14.6
•       Retail	9,361		10,989	$	146.10	$	102.92	$	54.18	5.9	14.1
•       Storage	6,237		10,080	$	21.46	$	31.07	$	—	2.0	16.3
Total leased space commenced	752,938		824,621	$	74.48	$	69.20	$	88.78	6.6	14.6
Total available space at end of period	1,375,978
Early renewals
•       Office	279,964		304,653	$	69.43	$	65.26	$	33.15	3.2	7.9
•       Retail	67,394		56,576	$	72.00	$	70.42	$	—	—	1.5
•       Storage	13,745		17,968	$	32.18	$	37.53	$	—	8.5	15.0
Total early renewals	361,103		379,197	$	68.05	$	64.72	$	26.63	3.0	7.2
Total commenced leases, including replaced previous vacancy
•       Office			1,108,205	$	72.87	$	67.32	$	74.64	5.7	12.8
•       Retail			67,565	$	84.05	$	75.25	$	8.81	1.0	3.5
•       Storage			28,048	$	28.33	$	36.34	$	—	6.2	15.5
Total commenced leases			1,203,818	$	72.46	$	67.13	$	69.20	5.4	12.3

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	Usable SF	Rentable SF	New Cash Rent (per rentable SF) (1)		Prev. Escalated Rent (per rentable SF) (2)		TI/LC per rentable SF		Free Rent (in months)	Average Lease Term (in years)
Suburban
Space available at beginning of period	202,480
Space which became available during the year (3)
•       Office	94,393
•       Retail	1,261
•       Storage	1,888
	97,542
Total space available	300,022
Leased space commenced during the year:
•       Office(5)	49,657	49,594	$	32.96	$	33.62	$	12.89	3.0	4.2
•       Retail	3,797	3,797	$	11.46	$	19.74	$	—	—	10.8
•       Storage	1,395	2,021	$	14.17	$	13.95	$	—	—	3.9
Total leased space commenced	54,849	55,412	$	30.80	$	32.21	$	11.53	2.7	4.7
Total available space at end of period	245,173
Early renewals
•       Office	103,221	102,521	$	36.40	$	37.29	$	10.74	6.7	7.5
•       Storage	248	248	$	18.00	$	18.00	$	—	—	10.8
Total early renewals	103,469	102,769	$	36.35	$	37.25	$	10.72	6.6	7.5
Total commenced leases, including replaced previous vacancy
•       Office		152,115	$	35.27	$	36.45	$	11.44	5.5	6.4
•       Retail		3,797	$	11.46	$	19.74	$	—	—	10.8
•       Storage		2,269	$	14.59	$	14.49	$	—	—	4.7
Total commenced leases		158,181	$	34.41	$	36.01	$	11.00	5.3	6.5

(1) Annual initial base rent.

(2) Escalated rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.

(3) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants held over.

(4) Average starting office rent excluding new tenants replacing vacancies was $73.37 per rentable square feet for 426,824 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $71.73 per rentable square feet for 731,477 rentable square feet.

(5) Average starting office rent excluding new tenants replacing vacancies was $34.86 per rentable square feet for 30,581 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $36.04 per rentable square feet for 133,102 rentable square feet.

Investment Income

For the nine months ended September 30, 2019, investment income increased primarily as a result of an increase in the weighted average balance of our debt and preferred equity investments. For the nine months ended September 30, 2019 and 2018, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $2.2 billion and 8.9%, respectively, compared to $2.1 billion and 9.0%, respectively. As of September 30, 2019, the debt and preferred equity investments had a weighted average term to maturity of 1.6 years excluding extension options.

Other Income

Other income increased primarily due to promote income recognized from the sale of 521 Fifth Avenue ($3.4 million) in the second quarter of 2019, as well as a tax refund received at 220 East 42nd Street ($2.5 million), and lease termination income at 304 Park Avenue South ($2.7 million), both in the third quarter of 2019.

Property Operating Expenses

Property operating expenses increased primarily due to increased operating expenses and real estate taxes at our Same-Store Properties ($7.2 million and $6.7 million, respectively), partially offset by decreased operating expenses and real estate taxes at our Disposed Properties ($3.1 million and $1.8 million, respectively).

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Marketing, General and Administrative Expenses

Marketing, general and administrative expenses were $75.3 million for the nine months ended September 30, 2019, compared to $66.6 million for the same period in 2018. Marketing, general and administrative expenses for the nine months ended September 30, 2019 includes $6.6 million of additional expense related to new accounting guidance for leasing costs, which requires the Company to expense certain internal costs that were previously capitalized.

Interest Expense and Amortization of Deferred Financing Costs, Net of Interest Income

Interest expense and amortization of deferred financing costs, net of interest income, decreased primarily as a result of the 1 Madison loan repayment in the fourth quarter of 2018 ($21.2 million) and interest capitalization in connection with properties that are under development ($10.8 million), partially offset by a higher weighted average balance of the 2017 term loan facility ($17.3 million). The weighted average consolidated debt balance outstanding was $6.1 billion for the nine months ended September 30, 2019, compared to $5.7 billion for the nine months ended September 30, 2018. The consolidated weighted average interest rate was 4.05% for the nine months ended September 30, 2019, as compared to 4.06% for the nine months ended September 30, 2018.

Depreciation and Amortization

Depreciation and amortization increased primarily as a result of 712 Madison Avenue ($4.1 million), and 133 Greene Street ($1.2 million) which are newly acquired properties that started depreciating in the fourth quarter of 2018, partially offset by the acceleration of amortization related to the redevelopment of 609 5th Avenue in the first quarter of 2018 ($3.4 million), as well as depreciation and amortization related to 641 Sixth Avenue ($1.1 million).

Equity in Net (Loss) Income in Unconsolidated Joint Venture

Equity in net income from unconsolidated joint ventures decreased primarily as a result of a tenant related charge at 280 Park Avenue ($6.9 million), depreciation at 650 5th Avenue ($8.6 million) and 2 Herald Square ($6.4 million), the sale of 3 Columbus Circle in the fourth quarter of 2018 ($4.6 million), and a debt position accounted for under the equity method in 2018 ($4.3 million).

Equity in net gain on sale of interest in unconsolidated joint venture/real estate

During the nine months ended September 30, 2019, we recognized a gain on the sale of our interests in 521 5th Avenue ($57.4 million) and 131 Spring Street ($16.7 million). During the nine months ended September 30, 2018, we recognized a gain on sale related to our joint venture interests in 724 Fifth Avenue ($64.6 million), 1745 Broadway ($52.0 million), 175-225 Third Avenue ($19.4 million), 720 Fifth Avenue ($6.3 million) and Jericho Plaza ($0.3 million) and a loss related to the sale of our interest in Stonehenge Village ($5.5 million).

Purchase price and other fair value adjustments

During the nine months ended September 30, 2019, the Company sold a 49% interest in 115 Spring Street to a private investor. The transaction resulted in the deconsolidation of our remaining 51% interest. We recorded our investment at fair value which resulted in the recognition of a fair value adjustment of $3.8 million.

In May 2019, the Company closed on the acquisition of a majority and controlling interest in 460 West 34th Street. We recorded the assets acquired and liabilities assumed at fair value which resulted in the recognition of a fair value adjustment of $67.6 million, which is reflected on the Company's consolidated statement of operations within purchase price and other fair value adjustments. This fair value was allocated to the assets and liabilities, including identified intangibles of the property.

In January 2018, the partnership agreement for our investment in 919 Third Avenue was modified resulting in our partner now having substantive participating rights in the venture and the Company no longer having a controlling interest in the investment. As a result the investment in this property was deconsolidated as of January 1, 2018. The Company recorded its non-controlling interest at fair value resulting in a $49.3 million fair value adjustment in the consolidated statement of operations. This fair value was allocated to the assets and liabilities, including identified intangibles of the property.

In May, 2018, the Company was the successful bidder at the foreclosure of 2 Herald Square, at which time the Company's $250.5 million outstanding principal balance and $7.7 million accrued interest balance receivables were credited to our equity investment in the property. We recorded the assets acquired and liabilities assumed at fair value. This resulted in the recognition of a fair value adjustment of $8.1 million, which is reflected on the Company's consolidated statement of operations within purchase price and other fair value adjustments. This fair value was allocated to the assets and liabilities, including identified intangibles of the property.

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Gain (loss) on sale of real estate, net

During the nine months ended September 30, 2019, the Company recognized a gain on sale of $3.6 million related to our interest in 115 Spring Street. During the nine months ended September 30, 2018, we recognized a gain on sale related to our interests in 600 Lexington ($23.6 million) and we recognized a loss on sale related to our interest in 635 Madison ($14.1 million), Reckson Executive Park ($2.6 million) and 115-117 Stevens Avenue ($0.7 million).

Depreciable real estate reserves and impairment

During the nine months ended September 30, 2019, we recognized depreciable real estate reserves and impairment related to 1010 Washington Boulevard ($7.0 million). During the nine months ended September 30, 2018, we recognized depreciable real estate reserves and impairment related to the Upper East Side Residential Assemblage ($6.7 million).

Liquidity and Capital Resources

We currently expect that our principal sources of funds to meet our short-term and long-term liquidity requirements for working capital, acquisitions, development or redevelopment of properties, tenant improvements, leasing costs, share repurchases, dividends to shareholders, distributions to unitholders, repurchases or repayments of outstanding indebtedness and for debt and preferred equity investments will include:

(1) Cash flow from operations;

(2) Liquidity on hand;

(3) Net proceeds from divestitures of properties and redemptions, participations and dispositions of debt and preferred equity investments;

(4) Borrowings under the 2017 credit facility;

(5) Other forms of secured or unsecured financing; and

(6) Proceeds from common or preferred equity or debt offerings by the Company or the Operating Partnership (including issuances of units of limited partnership interest in the Operating Partnership and Trust preferred securities).

Cash flow from operations is primarily dependent upon the occupancy level of our portfolio, the net effective rental rates achieved on our leases, the collectability of rent, operating escalations and recoveries from our tenants and the level of operating and other costs. Additionally, we believe that our debt and preferred equity investment program will continue to serve as a source of operating cash flow.

The combined aggregate principal maturities of our property mortgages and other loans payable, corporate obligations and our share of joint venture debt, including as-of-right extension options, as of September 30, 2019 were as follows (in thousands):

	Remaining 2019		2020		2021		2022		2023		Thereafter		Total
Property mortgages and other loans	$	2,307	$	26,641	$	246,539	$	746,882	$	57,301	$	1,145,406	$	2,225,076
MRA and FHLB facilities	14,500		215,107		—		—		—		—		229,607
Corporate obligations	—		250,000		350,000		800,000		1,635,000		400,000		3,435,000
Joint venture debt-our share	10,700		804,143		704,174		268,968		311,452		1,831,026		3,930,463
Total	$	27,507	$	1,295,891	$	1,300,713	$	1,815,850	$	2,003,753	$	3,376,432	$	9,820,146

As of September 30, 2019, we had liquidity of $1.4 billion, comprised of $1.2 billion of availability under our revolving credit facility and $152.0 million of consolidated cash on hand, inclusive of $30.2 million of marketable securities. We expect to generate positive cash flow from operations for the foreseeable future. We may seek to divest of properties or interests in properties or access private and public debt and equity capital when the opportunity presents itself, although there is no guarantee that this capital will be made available to us at efficient levels or at all. Management believes that these sources of liquidity, if we are able to access them, along with potential refinancing opportunities for secured and unsecured debt, will allow us to satisfy our debt obligations, as described above, upon maturity, if not before.

We also have investments in several real estate joint ventures with various partners who we consider to be financially stable and who have the ability to fund a capital call when needed. Most of our joint ventures are financed with non-recourse debt. We believe that property level cash flows along with unfunded committed indebtedness and proceeds from the refinancing of outstanding secured indebtedness will be sufficient to fund the capital needs of our joint venture properties.

Cash Flows

The following summary discussion of our cash flows is based on our consolidated statements of cash flows in "Item 1. Financial Statements" and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below.

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Cash, cash equivalents, and restricted cash were $216.5 million and $258.6 million at September 30, 2019 and 2018, respectively, representing a decrease of $42.0 million. The decrease was a result of the following changes in cash flows (in thousands):

	Nine Months Ended September 30,
	2019			2018			Change
Net cash provided by operating activities	$	299,433		$	317,545		$	(18,112	)
Net cash (used in) provided by investing activities	$	(240,900	)	$	500,232		$	(741,132	)
Net cash used in financing activities	$	(121,102	)	$	(809,211	)	$	688,109

Our principal source of operating cash flow is related to the leasing and operating of the properties in our portfolio. Our properties provide a relatively consistent stream of cash flow that provides us with resources to pay operating expenses, debt service and fund quarterly dividend and distribution requirements. Our debt and preferred equity investments and joint venture investments also provide a steady stream of operating cash flow to us.

Cash is used in investing activities to fund acquisitions, development or redevelopment projects and recurring and nonrecurring capital expenditures. We selectively invest in new projects that enable us to take advantage of our development, leasing, financing and property management skills and invest in existing buildings that meet our investment criteria. During the nine months ended September 30, 2019, when compared to the nine months ended September 30, 2018, the change in investing cash flows was due to the following activities (in thousands):

Acquisitions of real estate property	$	(221,317	)
Additions to land, buildings and improvements	13,008
Acquisition deposits and deferred purchase price	(228		)
Investments in unconsolidated joint ventures	184,786
Distributions in excess of cumulative earnings from unconsolidated joint ventures	(146,148		)
Net proceeds from disposition of real estate/joint venture interest	(753,402		)
Other investments	(3,482		)
Origination of debt and preferred equity investments	96,358
Repayments or redemption of debt and preferred equity investments	89,293
Decrease in net cash provided by investing activities	$	(741,132	)

Funds spent on capital expenditures, which are comprised of building and tenant improvements, decreased from $163.8 million for the nine months ended September 30, 2018 to $150.7 million for the nine months ended September 30, 2019.

We generally fund our investment activity through the sale of real estate, property-level financing, our credit facilities, our MRA facility, senior unsecured notes, convertible or exchangeable securities, and construction loans. From time to time, the Company may issue common or preferred stock, or the Operating Partnership may issue common or preferred units of limited partnership interest.

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During the nine months ended September 30, 2019, when compared to the nine months ended September 30, 2018, we used cash for the following financing activities (in thousands):

Proceeds from mortgages and other loans payable	$	359,947
Repayments of mortgages and other loans payable	189,056
Proceeds from revolving credit facility and senior unsecured notes	(1,115,000		)
Repayments of revolving credit facility and senior unsecured notes	745,000
Proceeds from stock options exercised and DRSPP issuance	(15,387		)
Repurchase of common stock	585,068
Redemption of preferred units	(14,792		)
Redemption of OP units	(15,918		)
Distributions to noncontrolling interests in other partnerships	1,385
Contributions from noncontrolling interests in other partnerships	(27		)
Acquisition of subsidiary interest from noncontrolling interest	(25,791		)
Distributions to noncontrolling interests in the Operating Partnership	476
Dividends paid on common and preferred stock	6,203
Other obligations related to loan participations	(16		)
Tax withholdings related to restricted share awards	716
Deferred loan costs and capitalized lease obligation	(12,811		)
Decrease in net cash used in financing activities	$	688,109

Capitalization

Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, $0.01 par value per share. As of September 30, 2019, 81,515,066 shares of common stock and no shares of excess stock were issued and outstanding.

Share Repurchase Program

In August 2016, our Board of Directors approved a share repurchase program under which we can repurchase up to $1.0 billion of shares of our common stock. The Board of Directors has since authorized three separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, and fourth quarter of 2018 bringing the total program size to $2.5 billion.

At September 30, 2019, repurchases executed under the program were as follows:

Period	Shares repurchased	Average price paid per share	Cumulative number of shares repurchased as part of the repurchase plan or programs
Year ended 2017	8,342,411	$101.64	8,342,411
Year ended 2018	9,744,911	$96.22	18,087,322
First quarter 2019	397,783	$86.07	18,485,105
Second quarter 2019	866,924	$86.58	19,352,029
Third quarter 2019 (1)	916,439	$81.31	20,268,468

(1) Includes 108,300 shares of common stock repurchased by the Company in September 2019 that were settled in October 2019.

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Dividend Reinvestment and Stock Purchase Plan ("DRSPP")

The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the nine months ended September 30, 2019 and 2018, respectively (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Shares of common stock issued	490		509		3,485		1,183
Dividend reinvestments/stock purchases under the DRSPP	$	39	$	52	$	303	$	116

Fourth Amended and Restated 2005 Stock Option and Incentive Plan

The Fourth Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's board of directors in April 2016 and its stockholders in June 2016 at the Company's annual meeting of stockholders. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 27,030,000 fungible units may be granted as options, restricted stock, phantom shares, dividend equivalent rights and other equity-based awards under the 2005 Plan. As of September 30, 2019, 4.9 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP Units.

Deferred Compensation Plan for Directors

During the nine months ended September 30, 2019, 17,227 phantom stock units and 9,869 shares of common stock were issued to our board of directors. We recorded compensation expense of $0.2 million and $2.2 million during the three and nine months ended September 30, 2019, respectively, related to the Deferred Compensation Plan. We recorded compensation expense of $0.1 million and $2.2 million during the three and nine months ended September 30, 2018, respectively, related to the Deferred Compensation Plan.

As of September 30, 2019, there were 127,505 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program.

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Indebtedness

The table below summarizes our consolidated mortgages and other loans payable, 2017 credit facility, senior unsecured notes and trust preferred securities outstanding at September 30, 2019 and December 31, 2018, (amounts in thousands).

Debt Summary:	September 30, 2019			December 31, 2018
Balance
Fixed rate	$	2,538,829		$	2,543,476
Variable rate—hedged	1,000,000			1,000,000
Total fixed rate	3,538,829			3,543,476
Total variable rate	2,353,927			2,048,442
Total debt	$	5,892,756		$	5,591,918
Debt, preferred equity, and other investments subject to variable rate	1,019,740			1,299,390
Net exposure to variable rate debt	1,334,187			749,052
Percent of Total Debt:
Fixed rate	60.1		%	63.4		%
Variable rate (1)	39.9		%	36.6		%
Total	100.0		%	100.0		%
Effective Interest Rate for the Year:
Fixed rate	4.05		%	4.34		%
Variable rate	4.05		%	3.57		%
Effective interest rate	4.04		%	4.06		%

(1) Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rate, the percent of total debt of our net exposure to variable rate debt was 27.4% and 17.5% as of September 30, 2019 and December 31, 2018, respectively.

The variable rate debt shown above generally bears interest at an interest rate based on 30-day LIBOR (2.02% and 2.50% at September 30, 2019 and December 31, 2018, respectively). Our consolidated debt at September 30, 2019 had a weighted average term to maturity of 3.44 years.

Certain of our debt and equity investments and other investments, with carrying values of $1.0 billion at September 30, 2019 and $1.3 billion at December 31, 2018, are variable rate investments which mitigate our exposure to interest rate changes on our unhedged variable rate debt. Inclusive of the mitigating effect of these investments, the net percent of our variable rate debt to total debt was 27.4% and 17.5% , respectively.

2017 Credit Facility

In November 2017, we entered into an amendment to the credit facility, referred to as the 2017 credit facility, that was originally entered into by the Company in November 2012, or the 2012 credit facility. As of September 30, 2019, the 2017 credit facility consisted of a $1.5 billion revolving credit facility, a $1.3 billion term loan (or "Term Loan A"), and a $200.0 million term loan (or "Term Loan B") with maturity dates of March 31, 2022, March 31, 2023, and November 21, 2024, respectively. The revolving credit facility has two six-month as-of-right extension options to March 31, 2023. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions.

As of September 30, 2019, the 2017 credit facility bore interest at a spread over 30-day LIBOR ranging from (i) 82.5 basis points to 155 basis points for loans under the revolving credit facility, (ii) 90 basis points to 175 basis points for loans under Term Loan A, and (iii) 150 basis points to 245 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company.

In May 2019, we entered into an agreement to reduce the interest rate spread under Term Loan B by 65 basis points to a spread over 30-day LIBOR ranging from 85 basis points to 165 basis points. This reduction will be effective in November 2019.

At September 30, 2019, the applicable spread was 100 basis points for the revolving credit facility, 110 basis points for Term Loan A, and 165 basis points for Term Loan B. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of September 30, 2019, the facility fee was 20 basis points.

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As of September 30, 2019, we had $11.8 million of outstanding letters of credit, $335.0 million drawn under the revolving credit facility and $1.5 billion outstanding under the term loan facilities, with total undrawn capacity of $1.2 billion under the 2017 credit facility. At September 30, 2019 and December 31, 2018, the revolving credit facility had a carrying value of $328.5 million and $492.2 million, respectively, net of deferred financing costs. At September 30, 2019 and December 31, 2018, the term loan facilities had a carrying value of $1.5 billion and $1.5 billion, respectively, net of deferred financing costs.

The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2017 credit facility.

The 2017 credit facility includes certain restrictions and covenants (see Restrictive Covenants below).

Restrictive Covenants

The terms of the 2017 credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that, we will not during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of September 30, 2019 and December 31, 2018, we were in compliance with all such covenants.

Interest Rate Risk

We are exposed to changes in interest rates primarily from our variable rate debt. Our exposure to interest rate fluctuations are managed through either the use of interest rate derivative instruments and/or through our variable rate debt and preferred equity investments. Based on the debt outstanding as of September 30, 2019, a hypothetical 100 basis point increase in the floating rate interest rate curve would increase our consolidated annual interest cost, net of interest income from variable rate debt and preferred equity investments, by $12.7 million and would increase our share of joint venture annual interest cost by $16.1 million. At September 30, 2019, 52.3% of our $2.0 billion debt and preferred equity portfolio is indexed to LIBOR.

We recognize most derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through income. If a derivative is considered a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings.

Our long-term debt of $3.5 billion bears interest at fixed rates, and therefore the fair value of these instruments is affected by changes in the market interest rates. Our variable rate debt and variable rate joint venture debt as of September 30, 2019 bore interest based on a spread of LIBOR plus 18 basis points to LIBOR plus 340 basis points.

Contractual Obligations

Refer to our 2018 Annual Report on Form 10-K for a discussion of our contractual obligations. There have been no material changes, outside the ordinary course of business, to these contractual obligations during the three months ended September 30, 2019.

Off-Balance Sheet Arrangements

We have off-balance sheet investments, including joint ventures and debt and preferred equity investments. These investments all have varying ownership structures. Substantially all of our joint venture arrangements are accounted for under the equity method of accounting as we have the ability to exercise significant influence, but not control, over the operating and financial decisions of these joint venture arrangements. Our off-balance sheet arrangements are discussed in Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures" in the accompanying consolidated financial statements.

Capital Expenditures

We estimate that for the remainder of the year ending December 31, 2019, we expect to incur $25.9 million of recurring capital expenditures and $38.8 million of development or redevelopment expenditures on existing consolidated properties, and our share of capital expenditures at our joint venture properties will be $123.4 million. Future property acquisitions may require substantial capital investments for refurbishment and leasing costs. We expect to fund these capital expenditures with operating cash flow, existing liquidity, or incremental borrowings. We expect our capital needs over the next twelve months and thereafter will be met through a combination of cash on hand, net cash provided by operations, potential asset sales, or additional borrowings.

Dividends/Distributions

We expect to pay cash dividends to our stockholders based on the distributions we receive from our Operating Partnership primarily from property revenues net of operating expenses or, if necessary, from working capital.

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To maintain our qualification as a REIT, we must pay annual dividends to our stockholders of at least 90% of our REIT taxable income, determined before taking into consideration the dividends paid deduction and net capital gains. We intend to continue to pay regular quarterly dividends to our stockholders. Based on our current annual dividend rate of $3.40 per share, we would pay $277.2 million in cash dividends to our common stockholders on an annual basis.

Any dividend we pay may be in the form of cash, stock or a combination thereof. Additionally, if our REIT taxable income in a particular year exceeds the amount of cash dividends we pay in that year, we may pay stock dividends in order to maintain our REIT status and avoid certain REIT-level taxes.

Before we pay any cash dividend, whether for Federal income tax purposes or otherwise, which would only be paid out of available cash to the extent permitted under the 2017 credit facility and senior unsecured notes, we must first meet both our operating requirements and scheduled debt service on our mortgages and loans payable.

Insurance

We maintain “all-risk” property and rental value coverage (including coverage regarding the perils of flood, earthquake and terrorism, excluding nuclear, biological, chemical, and radiological terrorism ("NBCR")), within three property insurance programs and liability insurance. Separate property and liability coverage may be purchased on a stand-alone basis for certain assets, such as the development of One Vanderbilt. Additionally, one of our captive insurance companies, Belmont Insurance Company, or Belmont, provides coverage for NBCR terrorist acts above a specified trigger. Belmont's retention is reinsured by our other captive insurance company, Ticonderoga Insurance Company ("Ticonderoga"). If Belmont or Ticonderoga are required to pay a claim under our insurance policies, we would ultimately record the loss to the extent of required payments. However, there is no assurance that in the future we will be able to procure coverage at a reasonable cost. Further, if we experience losses that are uninsured or that exceed policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties. Additionally, our debt instruments contain customary covenants requiring us to maintain insurance and we could default under our debt instruments if the cost and/or availability of certain types of insurance make it impractical or impossible to comply with such covenants relating to insurance. Belmont and Ticonderoga provide coverage solely on properties owned by the Company or its affiliates.

Furthermore, with respect to certain of our properties, including properties held by joint ventures or subject to triple net leases, insurance coverage is obtained by a third-party and we do not control the coverage. While we may have agreements with such third parties to maintain adequate coverage and we monitor these policies, such coverage ultimately may not be maintained or adequately cover our risk of loss.

Funds from Operations

FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently restated in December 2018, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based bonuses for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including our ability to make cash distributions.

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FFO for the three and nine months ended September 30, 2019 and 2018 are as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net income attributable to SL Green common stockholders	$	33,157		$	88,209		$	238,052		$	293,531
Add:
Depreciation and amortization	70,464			70,747			208,268			208,049
Joint venture depreciation and noncontrolling interest adjustments	47,674			45,485			145,202			140,799
Net income attributable to noncontrolling interests	1,095			4,661			9,782			15,890
Less:
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			70,937			76,181			136,522
Depreciable real estate reserves and impairment	(7,047		)	(6,691		)	(7,047		)	(6,691		)
Gain (loss) on sale of real estate, net	3,541			(2,504		)	2,492			6,227
Purchase price and other fair value adjustments	3,799			(3,057		)	69,389			57,385
Depreciation on non-rental real estate assets	740			616			2,193			1,766
Funds from Operations attributable to SL Green common stockholders	$	151,357		$	149,801		$	458,096		$	463,060
Cash flows (used in) provided by operating activities	$	81,518		$	71,333		$	299,433		$	317,545
Cash flows (used in) provided by investing activities	$	225,504		$	232,168		$	(240,900	)	$	500,232
Cash flows provided by (used in) financing activities	$	(331,625	)	$	(424,889	)	$	(121,102	)	$	(809,211	)

Inflation

Substantially all of our office leases provide for separate real estate tax and operating expense escalations as well as operating expense recoveries based on increases in the Consumer Price Index or other measures such as porters' wage. In addition, many of the leases provide for fixed base rent increases. We believe that inflationary increases will be at least partially offset by the contractual rent increases and expense escalations described above.

Accounting Standards Updates

The Accounting Standards Updates are discussed in Note 2, "Significant Accounting Policies-Accounting Standards Updates" in the accompanying consolidated financial statements.

Forward-Looking Information

This report includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this report that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate.

Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this report are subject to a number of risks and uncertainties that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. These risks and uncertainties include:

• the effect of general economic, business and financial conditions, and their effect on the New York City real estate market in particular;

• dependence upon certain geographic markets;

• risks of real estate acquisitions, dispositions, development and redevelopment, including the cost of construction delays and cost overruns;

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• risks relating to debt and preferred equity investments;

• availability and creditworthiness of prospective tenants and borrowers;

• bankruptcy or insolvency of a major tenant or a significant number of smaller tenants or borrowers;

• adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space;

• availability of capital (debt and equity);

• unanticipated increases in financing and other costs, including a rise in interest rates;

• our ability to comply with financial covenants in our debt instruments;

• our ability to maintain our status as a REIT;

• risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations;

• the threat of terrorist attacks;

• our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination; and

• legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.

Other factors and risks to our business, many of which are beyond our control, are described in other sections of this report and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

For quantitative and qualitative disclosure about market risk, see Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operation - Market Risk" in this Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2019 for the Company and the Operating Partnership and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Market Rate Risk" in the Annual Report on Form 10-K for the year ended December 31, 2018 for the Company and the Operating Partnership. Our exposures to market risk have not changed materially since December 31, 2018.

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ITEM 4.    CONTROLS AND PROCEDURES

SL GREEN REALTY CORP.

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of "disclosure controls and procedures" in Rule 13a-15(e) of the Exchange Act. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in our periodic reports. Also, the Company has investments in certain unconsolidated entities. As the Company does not control these entities, its disclosure controls and procedures with respect to such entities are necessarily substantially more limited than those the Company maintains with respect to its consolidated subsidiaries.

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation as of the end of the period covered by this report, the Company's Chief Executive Officer and Chief Financial Officer concluded that its disclosure controls and procedures were effective to give reasonable assurances to the timely collection, evaluation and disclosure of information relating to the Company that would potentially be subject to disclosure under the Exchange Act and the rules and regulations promulgated thereunder.

Changes in Internal Control over Financial Reporting

There have been no significant changes in the Company's internal control over financial reporting during the quarter ended September 30, 2019 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

SL GREEN OPERATING PARTNERSHIP, L.P.

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of "disclosure controls and procedures" in Rule 13a-15(e) of the Exchange Act. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in our periodic reports. Also, the Company has investments in certain unconsolidated entities. As the Company does not control these entities, its disclosure controls and procedures with respect to such entities are necessarily substantially more limited than those the Company maintains with respect to its consolidated subsidiaries.

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation as of the end of the period covered by this report, the Company's Chief Executive Officer and Chief Financial Officer concluded that its disclosure controls and procedures were effective to give reasonable assurances to the timely collection, evaluation and disclosure of information relating to the Company that would potentially be subject to disclosure under the Exchange Act and the rules and regulations promulgated thereunder.

Changes in Internal Control over Financial Reporting

There have been no significant changes in the Operating Partnership's internal control over financial reporting during the quarter ended September 30, 2019 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

As of September 30, 2019, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us.

ITEM 1A.    RISK FACTORS

As of September 30, 2019 there have been no material changes to the Risk Factors disclosed in "Part I. Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.

ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During the three months ended September 30, 2019 the Company and the Operating Partnership did not have any unregistered sales of equity securities. During the nine months ended September 30, 2019 the Operating Partnership issued 40,000 units of limited partnership interest in connection with an acquisition. SL Green may satisfy redemption requests for the units issued in the transaction described above with shares of SL Green’s common stock pursuant to the Operating Partnership agreement. The units were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended.

In August 2016, our Board of Directors approved a share repurchase program under which we can buy up to $1.0 billion of shares of our common stock. The Board of Directors has since authorized three separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, and fourth quarter of 2018, bringing the total program size to $2.5 billion.

At September 30, 2019, repurchases executed under the program were as follows:

Period	Shares repurchased	Average price paid per share	Total number of shares repurchased as part of the repurchase plan or programs
Year ended 2017	8,342,411	$101.64	8,342,411
Year ended 2018	9,744,911	$96.22	18,087,322
First quarter 2019	397,783	$86.07	18,485,105
Second quarter 2019	866,924	$86.58	19,352,029
Third quarter 2019 (1)	916,439	$81.31	20,268,468

(1) Includes 108,300 shares of common stock repurchased by the Company in September 2019 that were settled in October 2019.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

None.

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ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

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ITEM 5. OTHER INFORMATION

None.

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ITEM 6.   EXHIBITS

3.1	Twenty-Sixth Amendment to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of May 1, 2019, incorporated by reference to the Company's Form 8-K, dated as of May 3, 2019, filed with the SEC on May 3, 2019.
31.1	Certification by the Chairman and Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.2	Certification by the Chief Financial Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.3	Certification by the Chairman and Chief Executive Officer of the Company, the sole general partner of the Operating Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.4	Certification by the Chief Financial Officer of the Company, the sole general partner of the Operating Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.1	Certification by the Chairman and Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.2	Certification by the Chief Financial Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.3	Certification by the Chairman and Chief Executive Officer of the Company, the sole general partner of the Operating Partnership pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.4	Certification by the Chief Financial Officer of the Company, the sole general partner of the Operating Partnership pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SL GREEN REALTY CORP.
	By:	SL Green Realty Corp.
		/s/ Matthew J. DiLiberto
Dated: November 5, 2019	By:	Matthew J. DiLiberto  Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

Signatures	Title	Date
/s/ Marc Holliday	Chairman of the Board of Directors and Chief Executive Officer and Director of SL Green, the sole general partner of the Operating Partnership (Principal Executive Officer)	November 5, 2019
Marc Holliday
/s/ Andrew W. Mathias	President and Director of SL Green, the sole general partner of the Operating Partnership	November 5, 2019
Andrew W. Mathias
/s/ Matthew J. DiLiberto	Chief Financial Officer of SL Green, the sole general partner of the Operating Partnership (Principal Financial and Accounting Officer)	November 5, 2019
Matthew J. DiLiberto
/s/ Stephen L. Green	Director of SL Green, the sole general partner of the Operating Partnership	November 5, 2019
Stephen L. Green
/s/ John H. Alschuler, Jr.	Director of SL Green, the sole general partner of the Operating Partnership	November 5, 2019
John H. Alschuler, Jr.
/s/ Edwin T. Burton, III	Director of SL Green, the sole general partner of the Operating Partnership	November 5, 2019
Edwin T. Burton, III
/s/ John S. Levy	Director of SL Green, the sole general partner of the Operating Partnership	November 5, 2019
John S. Levy
/s/ Craig M. Hatkoff	Director of SL Green, the sole general partner of the Operating Partnership	November 5, 2019
Craig M. Hatkoff
/s/ Betsy S. Atkins	Director of SL Green, the sole general partner of the Operating Partnership	November 5, 2019
Betsy S. Atkins
/s/ Lauren B. Dillard	Director of SL Green, the sole general partner of the Operating Partnership	November 5, 2019
Lauren B. Dillard

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SL GREEN OPERATING PARTNERSHIP, L.P.
	By:	/s/ Matthew J. DiLiberto
Dated: November 5, 2019		Matthew J. DiLiberto  Chief Financial Officer

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EX-31.1

Exhibit 31.1

CERTIFICATION

I, Marc Holliday, certify that:

1. I have reviewed this quarterly report on Form 10-Q of SL Green Realty Corp. (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2019
	/s/ Marc Holliday
Name:	Marc Holliday
Title:	Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Matthew J. DiLiberto, certify that:

1. I have reviewed this quarterly report on Form 10-Q of SL Green Realty Corp. (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2019
	/s/ Matthew J. DiLiberto
Name:	Matthew J. DiLiberto
Title:	Chief Financial Officer

EX-31.3

Exhibit 31.3

CERTIFICATION

I, Marc Holliday, certify that:

1. I have reviewed this quarterly report on Form 10-Q of SL Green Operating Partnership, L.P. (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2019
	/s/ Marc Holliday
Name:	Marc Holliday
Title:	Chairman and Chief Executive Officer
	of SL Green Realty Corp., the
	general partner of the registrant

EX-31.4

Exhibit 31.4

CERTIFICATION

I, Matthew J. DiLiberto, certify that:

1. I have reviewed this quarterly report on Form 10-Q of SL Green Operating Partnership, L.P. (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2019
	/s/ Matthew J. DiLiberto
Name:	Matthew J. DiLiberto
Title:	Chief Financial Officer
	of SL Green Realty Corp., the
	general partner of the registrant

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SL Green Realty Corp. (the “Company”) on Form 10-Q as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Marc Holliday, Chairman and Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Marc Holliday
Name:	Marc Holliday
Title:	Chairman and Chief Executive Officer
November 5, 2019

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SL Green Realty Corp. (the “Company”) on Form 10-Q as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Matthew J. DiLiberto, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Matthew J. DiLiberto
Name:	Matthew J. DiLiberto
Title:	Chief Financial Officer
November 5, 2019

EX-32.3

Exhibit 32.3

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SL Green Operating Partnership, L.P. (the “Operating Partnership”) on Form 10-Q as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Marc Holliday, Chairman and Chief Executive Officer of SL Green Realty Corp, the sole general partner of the Operating Partnership, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

	/s/ Marc Holliday
Name:	Marc Holliday
Title:	Chairman and Chief Executive Officer
	of SL Green Realty Corp., the
	general partner of the Operating Partnership
November 5, 2019

EX-32.4

Exhibit 32.4

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SL Green Operating Partnership, L.P. (the “Operating Partnership”) on Form 10-Q as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Matthew J. DiLiberto, Chief Financial Officer of SL Green Realty Corp, the sole general partner of the Operating Partnership, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

	/s/ Matthew J. DiLiberto
Name:	Matthew J. DiLiberto
Title:	Chief Financial Officer
	of SL Green Realty Corp., the
	general partner of the Operating Partnership
November 5, 2019

XML

Rental Income - Future Minimum Rents (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Lessor, Lease, Description [Line Items]
Total payments to be received	$ 1,700,000
Consolidated properties
Lessor, Lease, Description [Line Items]
Remaining 2019	217,473
2020	823,857
2021	676,880
2022	621,613
2023	555,748
2024	513,416
Thereafter	3,299,836
Total payments to be received	6,708,823
Unconsolidated properties
Lessor, Lease, Description [Line Items]
Remaining 2019	95,575
2020	388,519
2021	395,558
2022	378,888
2023	352,418
2024	323,113
Thereafter	1,909,299
Total payments to be received	$ 3,843,370

XML

Properties Held for Sale and Property Dispositions (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Aug. 31, 2019 USD ($) ft²	Sep. 30, 2019 USD ($) ft²	Sep. 30, 2018 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Approximate Square Feet | ft²		29,540,006
Fair value adjustment recognition		$ 69,389	$ 57,385
220 East 42nd Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price		815,000
1010 Washington Boulevard
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge		7,000
Sales Price		$ 23,100
115 Spring Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Approximate Square Feet | ft²	5,218
Sales Price	$ 66,600
Gain (loss)	$ 3,600
Ownership percentage in disposed asset	49.00%
Deconsolidation of ownership interest, percentage	51.00%
Fair value adjustment recognition	$ 3,800

XML

Debt and Preferred Equity Investments - Preferred Equity Investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Preferred equity investment
Aggregate weighted average current yield (as a percent)	8.89%
Carrying Value	$ 1,954,556	$ 2,099,393
Preferred Equity, April 2021
Preferred equity investment
Future Funding Obligations	0
Senior Financing	272,000
Carrying Value	143,614	143,183
Preferred Equity, June 2022
Preferred equity investment
Future Funding Obligations	0
Senior Financing	1,763,271
Carrying Value	$ 96,895	143,274
Preferred equity investments
Preferred equity investment
Aggregate weighted average current yield (as a percent)	9.51%
Future Funding Obligations	$ 0
Senior Financing	2,035,271
Carrying Value	$ 240,509	$ 286,457

XML

Segment Information - Additional Information (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) segment	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Segment information
Number of reportable segments (segment) | segment				2
Total revenues		$ 313,634	$ 307,545	$ 930,913	$ 910,356
Net income		40,722	99,454	267,232	329,176
Total assets	[1]	13,294,984		13,294,984		$ 12,751,358
Marketing, general and administrative		23,841	20,594	75,300	66,601
Operating Segments | Real Estate Segment
Segment information
Total revenues		262,115	258,568	777,745	766,816
Net income		6,133	62,199	168,639	224,246
Total assets		11,216,682		11,216,682		10,481,594
Operating Segments | Debt and Preferred Equity Segment
Segment information
Total revenues		51,519	48,977	153,168	143,540
Net income		34,589	$ 37,255	98,593	$ 104,930
Total assets		$ 2,078,302		$ 2,078,302		$ 2,269,764

[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $219.4 million and $110.0 million of land, $522.9 million and $346.7 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $61.7 million and $47.4 million of right of use assets, $27.6 million and $42.2 million of accumulated depreciation, $99.4 million and $112.6 million of other assets included in other line items, $473.2 million and $140.8 million of real estate debt, net, $1.4 million and $0.4 million of accrued interest payable, $57.4 million and $43.6 million of lease liabilities, and $35.7 million and $18.3 million of other liabilities included in other line items as of September 30, 2019 and December 31, 2018, respectively.

XML

Investments in Unconsolidated Joint Ventures - Mortgages and Other Loans Payable (Details)	1 Months Ended	9 Months Ended
	Feb. 28, 2019 property	Sep. 30, 2019 USD ($) extension	Aug. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Total fixed rate debt		$ 1,385,756,000		$ 1,389,717,000
Total floating rate debt		$ 1,068,927,000		598,442,000
1515 Broadway
Debt Instrument [Line Items]
Economic Interest (as a percent)		56.87%
Worldwide Plaza
Debt Instrument [Line Items]
Economic Interest (as a percent)		24.35%
Stonehenge Portfolio
Debt Instrument [Line Items]
Number of properties sold | property	1
11 West 34th Street
Debt Instrument [Line Items]
Economic Interest (as a percent)		30.00%
2 Herald Square
Debt Instrument [Line Items]
Economic Interest (as a percent)		51.00%
115 Spring Street
Debt Instrument [Line Items]
Economic Interest (as a percent)		51.00%
Total floating rate debt		$ 0		65,550,000
Joint venture
Debt Instrument [Line Items]
Total fixed rate debt		5,356,671,000		5,666,108,000
Total floating rate debt		3,539,744,000		3,387,705,000
Total fixed rate and floating rate debt		8,896,415,000		9,053,813,000
Deferred financing costs, net		(97,400,000)		(103,191,000)
Total joint venture mortgages and other loans payable, net		$ 8,799,015,000		8,950,622,000
Joint venture | 717 Fifth Avenue
Debt Instrument [Line Items]
Economic Interest (as a percent)		10.92%
Joint venture | 717 Fifth Avenue | Mortgage loan
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)		4.45%
Total fixed rate debt		$ 300,000,000		300,000,000
Joint venture | 717 Fifth Avenue | Mezzanine loans
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)		5.50%
Total fixed rate debt		$ 355,328,000		355,328,000
Joint venture | 650 Fifth Avenue
Debt Instrument [Line Items]
Economic Interest (as a percent)		50.00%
Joint venture | 650 Fifth Avenue | Mortgage loan
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)		4.46%
Total fixed rate debt		$ 210,000,000		210,000,000
Joint venture | 650 Fifth Avenue | Mezzanine loans
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)		5.45%
Total fixed rate debt		$ 65,000,000		65,000,000
Joint venture | 21 East 66th Street
Debt Instrument [Line Items]
Economic Interest (as a percent)		32.28%
Interest rate, fixed rate debt (as a percent)		3.60%
Interest rate, floating rate debt (as a percent)		2.75%
Total fixed rate debt		$ 12,000,000		12,000,000
Total floating rate debt		$ 1,515,000		1,571,000
Joint venture | 919 Third Avenue
Debt Instrument [Line Items]
Economic Interest (as a percent)		51.00%
Interest rate, fixed rate debt (as a percent)		5.12%
Total fixed rate debt		$ 500,000,000		500,000,000
Joint venture | 1515 Broadway
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)		3.93%
Total fixed rate debt		$ 842,966,000		855,876,000
Joint venture | 11 Madison Avenue
Debt Instrument [Line Items]
Economic Interest (as a percent)		60.00%
Interest rate, fixed rate debt (as a percent)		3.84%
Total fixed rate debt		$ 1,400,000,000		1,400,000,000
Joint venture | 800 Third Avenue
Debt Instrument [Line Items]
Economic Interest (as a percent)		60.52%
Interest rate, fixed rate debt (as a percent)		3.37%
Total fixed rate debt		$ 177,000,000		177,000,000
Joint venture | East 400 Street 57
Debt Instrument [Line Items]
Economic Interest (as a percent)		41.00%
Interest rate, fixed rate debt (as a percent)		3.00%
Total fixed rate debt		$ 98,265,000		99,828,000
Joint venture | Worldwide Plaza
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)		3.98%
Total fixed rate debt		$ 1,200,000,000		1,200,000,000
Joint venture | Stonehenge Portfolio
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)		3.50%
Total fixed rate debt		$ 196,112,000		321,076,000
Joint venture | 55 West 46th Street
Debt Instrument [Line Items]
Economic Interest (as a percent)		25.00%
Interest rate, floating rate debt (as a percent)		1.25%
Total floating rate debt		$ 192,524,000		185,569,000
Joint venture | 55 West 46th Street | Mortgage loan
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)			1.25%
Face amount of loan			$ 192,500,000
Committed amount			198,000,000.0
Unfunded Amount			$ 5,500,000
Joint venture | 1552 Broadway
Debt Instrument [Line Items]
Economic Interest (as a percent)		50.00%
Interest rate, floating rate debt (as a percent)		2.65%
Total floating rate debt		$ 195,000,000		195,000,000
Joint venture | 121 Greene Street
Debt Instrument [Line Items]
Economic Interest (as a percent)		50.00%
Interest rate, floating rate debt (as a percent)		1.50%
Total floating rate debt		$ 15,000,000		15,000,000
Joint venture | 10 East 53rd Street
Debt Instrument [Line Items]
Economic Interest (as a percent)		55.00%
Interest rate, floating rate debt (as a percent)		2.25%
Total floating rate debt		$ 170,000,000		170,000,000
Joint venture | 280 Park Avenue
Debt Instrument [Line Items]
Economic Interest (as a percent)		50.00%
Interest rate, floating rate debt (as a percent)		1.73%
Total floating rate debt		$ 1,200,000,000		1,200,000,000
Joint venture | 11 West 34th Street
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)		1.45%
Total floating rate debt		$ 23,000,000		23,000,000
Joint venture | 100 Park Avenue
Debt Instrument [Line Items]
Economic Interest (as a percent)		49.90%
Interest rate, floating rate debt (as a percent)		1.75%
Total floating rate debt		$ 357,897,000		360,000,000
Joint venture | One Vanderbilt
Debt Instrument [Line Items]
Economic Interest (as a percent)		71.01%
Interest rate, floating rate debt (as a percent)		2.75%
Total floating rate debt		$ 619,258,000		375,000,000
Joint venture | One Vanderbilt | Construction Loans
Debt Instrument [Line Items]
Maximum facility capacity		$ 1,750,000,000
Term (in Years)		5 years
Number of extension options | extension		2
Period of extension options		1 year
Joint venture | 2 Herald Square
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)		1.55%
Total floating rate debt		$ 150,000,000		133,565,000
Joint venture | 115 Spring Street
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)		3.40%
Total floating rate debt		$ 65,550,000		0
Joint venture | 605 West 42nd Street
Debt Instrument [Line Items]
Economic Interest (as a percent)		20.00%
Interest rate, floating rate debt (as a percent)		1.44%
Total floating rate debt		$ 550,000,000		550,000,000
Joint venture | 131-137 Spring Street
Debt Instrument [Line Items]
Total floating rate debt		0		141,000,000
Joint venture | 103 East 86th Street
Debt Instrument [Line Items]
Total floating rate debt		0		38,000,000
Joint venture | 521 Fifth Avenue
Debt Instrument [Line Items]
Total fixed rate debt		0		$ 170,000,000
Secured Debt, Initial Maturity August 2019 | Joint venture | Stonehenge Portfolio
Debt Instrument [Line Items]
Total fixed rate debt		132,600,000
Secured Debt, Initial Maturity June 2024 | Joint venture | Stonehenge Portfolio
Debt Instrument [Line Items]
Total fixed rate debt		$ 63,500,000

XML

Accumulated Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

The following tables set forth the changes in accumulated other comprehensive (loss) income by component as of September 30, 2019 (in thousands):

	Net unrealized gain (loss) on derivative instruments (1)			SL Green’s share of joint venture net unrealized gain (loss) on derivative instruments (2)			Net unrealized gain on marketable securities		Total
Balance at December 31, 2018	$	9,716		$	4,299		$	1,093	$	15,108
Other comprehensive (loss) income before reclassifications	(41,385		)	(13,680		)	1,494		(53,571		)
Amounts reclassified from accumulated other comprehensive loss	(864		)	(805		)	—		(1,669		)
Balance at September 30, 2019	$	(32,533	)	$	(10,186	)	$	2,587	$	(40,132	)

(1) Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of operations. As of September 30, 2019 and December 31, 2018, the deferred net (gains) losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was $(0.2) million and $1.3 million, respectively.

(2)

Amount reclassified from accumulated other comprehensive (loss) income is included in equity in net (loss) income from unconsolidated joint ventures in the respective consolidated statements of operations.

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Noncontrolling Interests on the Company's Consolidated Financial Statements (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 and the twelve months ended December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Balance at beginning of period	$	387,805		$	461,954
Distributions	(10,993		)	(15,000		)
Issuance of common units	16,493			23,655
Redemption of common units	(16,388		)	(60,718		)
Net income	12,306			12,216
Accumulated other comprehensive income allocation	(2,869		)	(66		)
Fair value adjustment	15,509			(34,236		)
Balance at end of period	$	401,863		$	387,805

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, 2019:

Issuance	Number of Units Authorized	Number of Units Issued	Dividends Per Unit(1)			Liquidation Preference Per Unit(2)			Conversion Price Per Unit(3)		Date of Issuance
4.50% Series G (4)	1,902,000	1,902,000	$	1.1250		$	25.00		$	88.50	January 2012
7.00% Series F	60	60	$	70.0000		$	1,000.00		$	29.12	January 2007
3.50% Series K	700,000	563,954	$	0.8750		$	25.00		$	134.67	August 2014
4.00% Series L	500,000	378,634	$	1.0000		$	25.00		—		August 2014
3.75% Series M	1,600,000	1,600,000	$	0.9375		$	25.00		—		February 2015
3.00% Series N (5)	552,303	552,303	$	0.7500		$	25.00		—		June 2015
Series O (6)	1	1	(6		)	(6		)	—		June 2015
4.00% Series P	200,000	200,000	$	1.0000		$	25.00		—		July 2015
3.50% Series Q	268,000	268,000	$	0.8750		$	25.00		$	148.95	July 2015
3.50% Series R	400,000	400,000	$	0.8750		$	25.00		$	154.89	August 2015
4.00% Series S	1,077,280	1,077,280	$	1.0000		$	25.00		—		August 2015
2.75% Series T	230,000	230,000	$	0.6875		$	25.00		$	119.02	March 2016
4.50% Series U (7)	680,000	680,000	$	1.1250		$	25.00		—		March 2016
3.50% Series A (8)	109,161	109,161	$	35.0000		$	1,000.00		—		August 2015
3.50% Series V	40,000	40,000	$	0.8750		$	25.00		—		May 2019

(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) 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.

(5) All of the outstanding units were redeemed at par for cash by the unitholder during the nine months ended September 30, 2019.

(6) The holder of the Series O 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 O unit for cash 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 at the time of a liquidation event.

(7) The annual dividend is subject to reduction upon the occurrence of certain circumstances. The minimum annual dividend is $0.75 per unit.

(8)

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, 2019, no Subsidiary Series B Preferred Units have been issued.

Below is a summary of the activity relating to the preferred units in the Operating Partnership for the nine months ended September 30, 2019 and the twelve months ended December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Balance at beginning of period	$	300,427		$	301,735
Issuance of preferred units	1,000			—
Redemption of preferred units	(15,142		)	(1,308		)
Balance at end of period	$	286,285		$	300,427

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Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Rental revenue, net	$ 248,028	$ 250,866	$ 733,105	$ 731,055
Investment income	51,518	48,977	153,167	143,540
Other income	14,088	7,702	44,641	35,761
Total revenues	313,634	307,545	930,913	910,356
Expenses
Operating expenses, including related party expenses of $5,460 and $13,575 in 2019 and $4,790 and $13,289 in 2018	59,847	56,852	175,862	172,871
Real estate taxes	49,626	48,805	143,008	139,788
Operating lease rent	8,295	9,507	24,891	26,661
Interest expense, net of interest income	48,112	55,168	145,797	156,695
Amortization of deferred financing costs	3,112	2,630	8,566	9,713
Depreciation and amortization	70,464	70,747	208,268	208,049
Loan loss and other investment reserves, net of recoveries	0	1,087	0	1,087
Transaction related costs	44	163	360	673
Marketing, general and administrative	23,841	20,594	75,300	66,601
Total expenses	263,341	265,553	782,052	782,138
Equity in net (loss) income from unconsolidated joint ventures	(9,864)	971	(22,644)	9,709
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	0	70,937	76,181	136,522
Purchase price and other fair value adjustments	3,799	(3,057)	69,389	57,385
Gain (loss) on sale of real estate, net	3,541	(2,504)	2,492	6,227
Depreciable real estate reserves and impairment	(7,047)	(6,691)	(7,047)	(6,691)
Loss on early extinguishment of debt	0	(2,194)	0	(2,194)
Net income	40,722	99,454	267,232	329,176
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	(1,719)	(4,797)	(12,306)	(15,656)
Noncontrolling interests in other partnerships	624	136	2,524	(234)
Preferred units distributions	(2,732)	(2,846)	(8,185)	(8,542)
Net income (loss) attributable to SL Green/SLGOP	36,895	91,947	249,265	304,744
Perpetual preferred stock dividends	(3,738)	(3,738)	(11,213)	(11,213)
Net income attributable to SL Green common stockholders	$ 33,157	$ 88,209	$ 238,052	$ 293,531
Basic Earnings per Share (usd per share)	$ 0.40	$ 1.03	$ 2.87	$ 3.34
Diluted Earnings per Share (usd per share)	$ 0.40	$ 1.03	$ 2.87	$ 3.34
Basic weighted average common shares outstanding (in shares)	82,292	85,566	82,855	87,692
Diluted weighted average common shares and common share equivalents outstanding (in shares)	86,714	90,428	87,309	92,580
SL Green Operating Partnership
Revenues
Rental revenue, net	$ 248,028	$ 250,866	$ 733,105	$ 731,055
Investment income	51,518	48,977	153,167	143,540
Other income	14,088	7,702	44,641	35,761
Total revenues	313,634	307,545	930,913	910,356
Expenses
Operating expenses, including related party expenses of $5,460 and $13,575 in 2019 and $4,790 and $13,289 in 2018	59,847	56,852	175,862	172,871
Real estate taxes	49,626	48,805	143,008	139,788
Operating lease rent	8,295	9,507	24,891	26,661
Interest expense, net of interest income	48,112	55,168	145,797	156,695
Amortization of deferred financing costs	3,112	2,630	8,566	9,713
Depreciation and amortization	70,464	70,747	208,268	208,049
Loan loss and other investment reserves, net of recoveries	0	1,087	0	1,087
Transaction related costs	44	163	360	673
Marketing, general and administrative	23,841	20,594	75,300	66,601
Total expenses	263,341	265,553	782,052	782,138
Equity in net (loss) income from unconsolidated joint ventures	(9,864)	971	(22,644)	9,709
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	0	70,937	76,181	136,522
Purchase price and other fair value adjustments	3,799	(3,057)	69,389	57,385
Gain (loss) on sale of real estate, net	3,541	(2,504)	2,492	6,227
Depreciable real estate reserves and impairment	(7,047)	(6,691)	(7,047)	(6,691)
Loss on early extinguishment of debt	0	(2,194)	0	(2,194)
Net income	40,722	99,454	267,232	329,176
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership			(12,306)
Noncontrolling interests in other partnerships	624	136	2,524	(234)
Preferred units distributions	(2,732)	(2,846)	(8,185)	(8,542)
Net income (loss) attributable to SL Green/SLGOP	38,614	96,744	261,571	320,400
Perpetual preferred unit distributions	(3,738)	(3,738)	(11,213)	(11,213)
Net income attributable to SLGOP common unitholders	$ 34,876	$ 93,006	$ 250,358	$ 309,187
Basic Earnings per Unit (usd per share)	$ 0.40	$ 1.03	$ 2.87	$ 3.34
Diluted Earnings per Unit (usd per share)	$ 0.40	$ 1.03	$ 2.87	$ 3.34
Basic weighted average common units outstanding (in shares)	86,550	90,209	87,138	92,369
Diluted weighted average common units and common unit equivalents outstanding (in shares)	86,714	90,428	87,309	92,580

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Noncontrolling Interests on the Company's Consolidated Financial Statements

9 Months Ended

Sep. 30, 2019

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, 2019 and December 31, 2018, the noncontrolling interest unit holders owned 4.96%, or 4,257,754 units, and 4.70%, or 4,130,579 units, of the Operating Partnership, respectively. As of September 30, 2019, 4,257,754 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, 2019 and the twelve months ended December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Balance at beginning of period	$	387,805		$	461,954
Distributions	(10,993		)	(15,000		)
Issuance of common units	16,493			23,655
Redemption of common units	(16,388		)	(60,718		)
Net income	12,306			12,216
Accumulated other comprehensive income allocation	(2,869		)	(66		)
Fair value adjustment	15,509			(34,236		)
Balance at end of period	$	401,863		$	387,805

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, 2019:

Issuance	Number of Units Authorized	Number of Units Issued	Dividends Per Unit(1)			Liquidation Preference Per Unit(2)			Conversion Price Per Unit(3)		Date of Issuance
4.50% Series G (4)	1,902,000	1,902,000	$	1.1250		$	25.00		$	88.50	January 2012
7.00% Series F	60	60	$	70.0000		$	1,000.00		$	29.12	January 2007
3.50% Series K	700,000	563,954	$	0.8750		$	25.00		$	134.67	August 2014
4.00% Series L	500,000	378,634	$	1.0000		$	25.00		—		August 2014
3.75% Series M	1,600,000	1,600,000	$	0.9375		$	25.00		—		February 2015
3.00% Series N (5)	552,303	552,303	$	0.7500		$	25.00		—		June 2015
Series O (6)	1	1	(6		)	(6		)	—		June 2015
4.00% Series P	200,000	200,000	$	1.0000		$	25.00		—		July 2015
3.50% Series Q	268,000	268,000	$	0.8750		$	25.00		$	148.95	July 2015
3.50% Series R	400,000	400,000	$	0.8750		$	25.00		$	154.89	August 2015
4.00% Series S	1,077,280	1,077,280	$	1.0000		$	25.00		—		August 2015
2.75% Series T	230,000	230,000	$	0.6875		$	25.00		$	119.02	March 2016
4.50% Series U (7)	680,000	680,000	$	1.1250		$	25.00		—		March 2016
3.50% Series A (8)	109,161	109,161	$	35.0000		$	1,000.00		—		August 2015
3.50% Series V	40,000	40,000	$	0.8750		$	25.00		—		May 2019

(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) 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.

(5) All of the outstanding units were redeemed at par for cash by the unitholder during the nine months ended September 30, 2019.

(6) The holder of the Series O 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 O unit for cash 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 at the time of a liquidation event.

(7) The annual dividend is subject to reduction upon the occurrence of certain circumstances. The minimum annual dividend is $0.75 per unit.

(8) 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, 2019, no Subsidiary Series B Preferred Units have been issued.

Below is a summary of the activity relating to the preferred units in the Operating Partnership for the nine months ended September 30, 2019 and the twelve months ended December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Balance at beginning of period	$	300,427		$	301,735
Issuance of preferred units	1,000			—
Redemption of preferred units	(15,142		)	(1,308		)
Balance at end of period	$	286,285		$	300,427

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Accumulated Other Comprehensive (Loss) Income

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income

Stockholders’ Equity of the Company

Common Stock

Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares

of preferred stock, par value $0.01 per share. As of September 30, 2019, 81,515,066 shares of common stock and no shares of excess stock were issued and outstanding.

Share Repurchase Program

In August 2016, our Board of Directors approved a share repurchase program under which we can buy up to $1.0 billion of shares of our common stock. The Board of Directors has since authorized three separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, and fourth quarter of 2018, bringing the total program size to $2.5 billion.

At September 30, 2019, repurchases executed under the program were as follows:

Period	Shares repurchased	Average price paid per share	Cumulative number of shares repurchased as part of the repurchase plan or programs
Year ended 2017	8,342,411	$101.64	8,342,411
Year ended 2018	9,744,911	$96.22	18,087,322
First quarter 2019	397,783	$86.07	18,485,105
Second quarter 2019	866,924	$86.58	19,352,029
Third quarter 2019 (1)	916,439	$81.31	20,268,468

(1) Includes 108,300 shares of common stock repurchased by the Company in September 2019 that were settled in October 2019.

Perpetual Preferred Stock

We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units.

Dividend Reinvestment and Stock Purchase Plan ("DRSPP")

In February 2018, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001.

The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three and nine months ended September 30, 2019 and 2018, respectively (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Shares of common stock issued	490		509		3,485		1,183
Dividend reinvestments/stock purchases under the DRSPP	$	39	$	52	$	303	$	116

Earnings per Share

We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

SL Green's earnings per share for the three and nine months ended September 30, 2019 and 2018 are computed as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
Numerator	2019			2018			2019			2018
Basic Earnings:
Income attributable to SL Green common stockholders	$	33,157		$	88,209		$	238,052		$	293,531
Less: distributed earnings allocated to participating securities	(108		)	(125		)	(325		)	(371		)
Less: undistributed earnings allocated to participating securities	—			(33		)	(41		)	(138		)
Net income attributable to SL Green common stockholders (numerator for basic earnings per share)	$	33,049		$	88,051		$	237,686		$	293,022
Add back: distributed earnings allocated to participating securities	108			125			325			371
Add back: undistributed earnings allocated to participating securities	—			33			41			138
Add back: Effect of dilutive securities (redemption of units to common shares)	1,719			4,797			12,306			15,656
Income attributable to SL Green common stockholders (numerator for diluted earnings per share)	$	34,876		$	93,006		$	250,358		$	309,187

	Three Months Ended September 30,		Nine Months Ended September 30,
Denominator	2019	2018	2019	2018
Basic Shares:
Weighted average common stock outstanding	82,292	85,566	82,855	87,692
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares	4,258	4,643	4,283	4,677
Stock-based compensation plans	164	219	171	211
Diluted weighted average common stock outstanding	86,714	90,428	87,309	92,580

SL Green has excluded 1,317,803 and 1,266,296 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2019, respectively, as they were anti-dilutive. SL Green has excluded 941,636 and 1,137,971 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2018, respectively, as they were anti-dilutive.

Accumulated Other Comprehensive (Loss) Income

The following tables set forth the changes in accumulated other comprehensive (loss) income by component as of September 30, 2019 (in thousands):

	Net unrealized gain (loss) on derivative instruments (1)			SL Green’s share of joint venture net unrealized gain (loss) on derivative instruments (2)			Net unrealized gain on marketable securities		Total
Balance at December 31, 2018	$	9,716		$	4,299		$	1,093	$	15,108
Other comprehensive (loss) income before reclassifications	(41,385		)	(13,680		)	1,494		(53,571		)
Amounts reclassified from accumulated other comprehensive loss	(864		)	(805		)	—		(1,669		)
Balance at September 30, 2019	$	(32,533	)	$	(10,186	)	$	2,587	$	(40,132	)

(1) Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of operations. As of September 30, 2019 and December 31, 2018, the deferred net (gains) losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was $(0.2) million and $1.3 million, respectively.

(2)

Amount reclassified from accumulated other comprehensive (loss) income is included in equity in net (loss) income from unconsolidated joint ventures in the respective consolidated statements of operations.

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Consolidated Statement of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Cash distribution declared, per common share (in dollars per share)	$ 0.85	$ 0.8125	$ 1.70	$ 1.625

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Debt and Preferred Equity Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of debt and preferred equity book balance roll forward

Below is a summary of the activity relating to our debt and preferred equity investments for the nine months ended September 30, 2019 and the twelve months ended December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Balance at beginning of year (1)	$	2,099,393		$	2,114,041
Debt investment originations/accretion (2)	573,786			834,304
Preferred equity investment originations/accretion (2)	10,969			151,704
Redemptions/sales/syndications/amortization (3)	(733,592		)	(994,906		)
Net change in loan loss reserves	4,000			(5,750		)
Balance at end of period (1)	$	1,954,556		$	2,099,393

(1) Net of unamortized fees, discounts, and premiums.

(2) Accretion includes amortization of fees and discounts and paid-in-kind investment income.

(3)

Certain participations in debt investments that were sold or syndicated, but did not meet the conditions for sale accounting, are included in other assets and other liabilities on the consolidated balance sheets.

Allowance for Credit Losses on Financing Receivables

The following table is a rollforward of our total loan loss reserves for the nine months ended September 30, 2019 and the twelve months ended December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Balance at beginning of year	$	5,750		$	—
Expensed	—			6,839
Recoveries	—			—
Charge-offs and reclassifications	(4,000		)	(1,089		)
Balance at end of period	$	1,750		$	5,750

Summary of debt investments

As of September 30, 2019 and December 31, 2018, we held the following debt investments with an aggregate weighted average current yield of 8.89% at September 30, 2019 (dollars in thousands):

Loan Type	September 30, 2019 Future Funding Obligations		September 30, 2019 Senior Financing		September 30, 2019 Carrying Value (1)		December 31, 2018 Carrying Value (1)		Maturity Date (2)
Fixed Rate Investments:
Mezzanine Loan(3a)	$	—	$	1,160,000	$	220,321	$	213,185	March 2020
Mezzanine Loan	—		15,000		3,500		3,500		September 2021
Mezzanine Loan	—		147,000		24,946		24,932		April 2022
Mezzanine Loan	—		280,000		38,177		36,585		August 2022
Mezzanine Loan	—		323,003		211,105		—		June 2023
Mezzanine Loan	—		84,207		12,712		12,706		November 2023
Mezzanine Loan	—		180,000		30,000		30,000		December 2023
Mezzanine Loan(3b)	—		115,000		12,948		12,941		June 2024
Mezzanine Loan	—		95,000		30,000		30,000		January 2025
Mezzanine Loan	—		1,712,750		55,250		55,250		June 2027
Mezzanine Loan(4)	—		—		—		11,000
Total fixed rate	$	—	$	4,111,960	$	638,959	$	430,099
Floating Rate Investments:
Mezzanine Loan(5)	—		142,000		30,000		15,333		May 2019
Mezzanine Loan(5)	—		—		29,000		14,822		May 2019
Mortgage/Mezzanine Loan(6)	—		—		41,631		154,070		September 2019
Mezzanine Loan(7)	—		350,000		34,999		34,886		October 2019
Mortgage/Mezzanine Loan	5,598		37,291		92,185		62,493		January 2020
Mezzanine Loan	1		579,997		94,730		79,164		January 2020
Mortgage Loan	6,987		—		92,922		88,501		February 2020
Mortgage/Mezzanine Loan	—		—		69,661		—		March 2020
Mezzanine Loan	51		329,673		54,832		53,402		March 2020
Mezzanine Loan	—		40,000		19,999		19,986		April 2020
Mezzanine Loan	5,664		44,812		14,886		12,627		July 2020
Mortgage/Mezzanine Loan	—		—		19,958		19,999		August 2020
Mortgage/Mezzanine Loan	—		64,070		55,349		83,449		October 2020
Mezzanine Loan	28,834		402,237		98,960		88,817		November 2020

Loan Type	September 30, 2019 Future Funding Obligations		September 30, 2019 Senior Financing		September 30, 2019 Carrying Value (1)		December 31, 2018 Carrying Value (1)		Maturity Date (2)
Mortgage and Mezzanine Loan	—		—		35,355		35,266		December 2020
Mortgage/Mezzanine Loan	25,504		—		194,545		277,694		April 2021
Mezzanine Loan	9,750		275,000		40,023		24,961		April 2021
Jr. Mortgage Participation/Mezzanine Loan	—		60,000		15,689		15,665		July 2021
Mezzanine Loan	13,978		147,626		40,364		—		July 2021
Mortgage/Jr. Mortgage Participation Loan	—		—		—		84,012
Mortgage/Mezzanine Loan	—		—		—		37,094
Mortgage and Mezzanine Loan	—		—		—		98,804
Mezzanine Loan	—		—		—		7,305
Mezzanine Loan	—		—		—		14,998
Mezzanine Loan	—		—		—		21,990
Mezzanine Loan(8)	—		—		—		37,499
Total floating rate	$	96,367	$	2,472,706	$	1,075,088	$	1,382,837
Total	$	96,367	$	6,584,666	$	1,714,047	$	1,812,936

(1) Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees.

(2) Represents contractual maturity, excluding any unexercised extension options.

(3) Carrying value is net of the following amounts that were sold or syndicated, which are included in other assets and other liabilities on the consolidated balance sheets as a result of the transfers not meeting the conditions for sale accounting: (a) $1.3 million and (b) $12.0 million.

(4) This loan was sold in 2019.

(5) This loan is in maturity default. No impairment was recorded as the Company believes that the fair value of the property exceeded the carrying amount of the loans.

(6) This loan was in maturity default as of September 30, 2019, but was repaid in October 2019.

(7) This loan was repaid in October 2019.

(8) In 2019, the Company accepted an assignment of the equity interests in the property in lieu of repayment, and marked the assets received and liabilities assumed to fair value.

Summary of preferred equity investments

As of September 30, 2019 and December 31, 2018, we held the following preferred equity investments with an aggregate weighted average current yield of 9.51% at September 30, 2019 (dollars in thousands):

Type	September 30, 2019 Future Funding Obligations		September 30, 2019 Senior Financing		September 30, 2019 Carrying Value (1)		December 31, 2018 Carrying Value (1)		Mandatory Redemption (2)
Preferred Equity	$	—	$	272,000	$	143,614	$	143,183	April 2021
Preferred Equity	—		1,763,271		96,895		143,274		June 2022
Total	$	—	$	2,035,271	$	240,509	$	286,457

(1) Carrying value is net of deferred origination fees.

(2)

Represents contractual maturity, excluding any unexercised extension options.

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Organization and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of commercial office properties

As of September 30, 2019, 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	20		12,387,091	10	11,216,183	30	23,603,274	94.2	%
	Retail	6	(2)	320,430	8	289,050	14	609,480	98.9	%
	Development/Redevelopment	6		870,173	1	—	7	870,173	77.5	%
	Fee Interest	—		—	1	—	1	—	—	%
		32		13,577,694	20	11,505,233	52	25,082,927	93.8	%
Suburban	Office	13		2,295,200	—	—	13	2,295,200	89.4	%
	Retail	1		52,000	—	—	1	52,000	100.0	%
	Development/Redevelopment	1		1,000	—	—	1	1,000	—	%
		15		2,348,200	—	—	15	2,348,200	89.6	%
Total commercial properties		47		15,925,894	20	11,505,233	67	27,431,127	93.4	%
Residential:
Manhattan	Residential	2	(2)	445,105	8	1,663,774	10	2,108,879	95.0	%
Suburban	Residential	—		—	—	—	—	—	—	%
Total residential properties		2		445,105	8	1,663,774	10	2,108,879	95.0	%
Total portfolio		49		16,370,999	28	13,169,007	77	29,540,006	93.5	%

(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.

(2) As of September 30, 2019, we owned a building at 315 West 33rd Street, also known as The Olivia, that was comprised of approximately 270,132 square feet (unaudited) of retail space and approximately 222,855 square feet (unaudited) of residential space. For the purpose of this report, we have included this building in the number of retail properties we own. However, we have included only the retail square footage in the retail approximate square footage, and have listed the balance of the square footage as residential square footage.

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Consolidated Statements of Capital (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Cash distribution declared, per common share (in dollars per share)	$ 0.85	$ 0.8125	$ 1.70	$ 1.625
SL Green Operating Partnership
Cash distribution declared, per common share (in dollars per share)	$ 0.85	$ 0.8125	$ 1.70	$ 1.625

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Property Acquisitions

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Property Acquisitions

Property Acquisitions

The following table summarizes the properties acquired during the nine months ended September 30, 2019:

Property	Acquisition Date	Property Type	Approximate Square Feet	Gross Asset Valuation (in millions)
106 Spring Street(1)	April 2019	Fee Interest	5,928	$	80.2
460 West 34th Street(2)	May 2019	Fee Interest	638,000	440.0
110 Greene Street(3)	May 2019	Fee Interest	223,600	256.5

(1) In April 2019, the Company accepted an assignment of the equity interests in the property in lieu of repayment of the Company's debt investment and marked the assets received and liabilities assumed to fair value.

(2) In May 2019, the Company closed on the acquisition of a majority and controlling 70.87% interest in 460 West 34th Street. We recorded the assets acquired and liabilities assumed at fair value, which resulted in the recognition of a fair value adjustment of $67.6 million, which is reflected in the Company's consolidated statement of operations within purchase price and other fair value adjustments, and $18.3 million of net intangible lease liabilities.

(3)

In May 2019, the Company acquired from our joint venture partner the remaining 10% interest in this property that the Company did not already own.

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Deferred Costs

9 Months Ended

Sep. 30, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Costs

Deferred Costs

Deferred costs at September 30, 2019 and December 31, 2018 consisted of the following (in thousands):

	September 30, 2019			December 31, 2018
Deferred leasing costs	$	445,489		$	453,833
Less: accumulated amortization	(262,868		)	(244,723		)
Deferred costs, net	$	182,621		$	209,110

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Stockholders' Equity of the Company - Additional Information (Details)	1 Months Ended	3 Months Ended			9 Months Ended	12 Months Ended
	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2019 USD ($) $ / shares shares	Jun. 30, 2019 $ / shares shares	Mar. 31, 2019 $ / shares shares	Sep. 30, 2019 USD ($) increase $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Jun. 30, 2018 USD ($)	Aug. 31, 2016 USD ($)
Equity, Class of Treasury Stock [Line Items]
Authorized capital stock (shares)	260,000,000	260,000,000			260,000,000
Authorized shares, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000			160,000,000	160,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01			$ 0.01	$ 0.01
Excess stock, shares authorized (shares)	75,000,000	75,000,000			75,000,000
Excess stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01			$ 0.01
Preferred stock, shares authorized (shares)	25,000,000	25,000,000			25,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01			$ 0.01
Excess shares issued (shares)	0	0			0
Shares repurchased	108,300	916,439	866,924	397,783		9,744,911	8,342,411
Average price paid per share (in dollars per share) | $ / shares		$ 81.31	$ 86.58	$ 86.07		$ 96.22	$ 101.64
2016 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount | $						$ 500,000,000.0	$ 500,000,000	$ 500,000,000	$ 1,000,000,000.0
Number of increases to share repurchase program | increase					3
Shares repurchased		20,268,468	19,352,029	18,485,105		18,087,322	8,342,411
Stock repurchase program, authorized amount | $	$ 2,500,000,000	$ 2,500,000,000			$ 2,500,000,000

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Financial Instruments: Derivatives and Hedging (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Financial Instruments: Derivatives and Hedging
Fair Value	$ 2,784		$ 2,784		$ 18,676
Gain (loss) from changes in fair value	(100)		(100)	$ (400)
Fair value of derivatives in a net liability position	37,400		37,400
Aggregate termination value	38,300		38,300
Estimated current balance held in accumulated other comprehensive loss to be reclassified into earnings within the next 12 months			5,500
Share of joint venture of accumulated other comprehensive loss reclassified into equity in net income from unconsolidated joint ventures within the next 12 months			3,100
Amount of (Loss) Gain Recognized in Other Comprehensive Loss	(12,606)	$ 4,470	(54,971)	19,273
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)	(297)	498	1,599	530
Interest Rate Cap Expiring December 2019
Financial Instruments: Derivatives and Hedging
Notional Value	$ 111,869		$ 111,869
Strike Rate	3.50%		3.50%
Fair Value	$ 0		$ 0
Interest Rate Cap Expiring May 2020
Financial Instruments: Derivatives and Hedging
Notional Value	$ 300,000		$ 300,000
Strike Rate	3.75%		3.75%
Fair Value	$ 0		$ 0
Interest Rate Swap Expiring November 2020
Financial Instruments: Derivatives and Hedging
Notional Value	$ 100,000		$ 100,000
Strike Rate	1.928%		1.928%
Fair Value	$ (369)		$ (369)
Interest Rate Swap Expiring November 2020, 2
Financial Instruments: Derivatives and Hedging
Notional Value	$ 100,000		$ 100,000
Strike Rate	1.934%		1.934%
Fair Value	$ (376)		$ (376)
Interest Rate Cap Expiring March 2021
Financial Instruments: Derivatives and Hedging
Notional Value	$ 85,000		$ 85,000
Strike Rate	4.00%		4.00%
Fair Value	$ 0		$ 0
Interest Rate Swap Expiring in July 2023
Financial Instruments: Derivatives and Hedging
Notional Value	$ 200,000		$ 200,000
Strike Rate	1.131%		1.131%
Fair Value	$ 1,930		$ 1,930
Interest Rate Swap Expiring in July 2023, 2
Financial Instruments: Derivatives and Hedging
Notional Value	$ 100,000		$ 100,000
Strike Rate	1.161%		1.161%
Fair Value	$ 854		$ 854
Interest Rate Swap Expiring January 2024
Financial Instruments: Derivatives and Hedging
Notional Value	$ 150,000		$ 150,000
Strike Rate	2.696%		2.696%
Fair Value	$ (8,164)		$ (8,164)
Interest Rate Swap Expiring January 2026
Financial Instruments: Derivatives and Hedging
Notional Value	$ 150,000		$ 150,000
Strike Rate	2.721%		2.721%
Fair Value	$ (12,049)		$ (12,049)
Interest Rate Swap Expiring January 2026, 2
Financial Instruments: Derivatives and Hedging
Notional Value	$ 200,000		$ 200,000
Strike Rate	2.74%		2.74%
Fair Value	$ (16,250)		$ (16,250)
Interest Rate Swaps/Caps
Financial Instruments: Derivatives and Hedging
Amount of (Loss) Gain Recognized in Other Comprehensive Loss	(10,169)	2,207	(43,008)	12,605
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)	(105)	276	886	35
Interest Rate Contract
Financial Instruments: Derivatives and Hedging
Fair Value	(34,424)		(34,424)
Joint venture
Financial Instruments: Derivatives and Hedging
Amount of (Loss) Gain Recognized in Other Comprehensive Loss	(2,437)	2,263	(11,963)	6,668
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)	$ (192)	$ 222	$ 713	$ 495

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Share-based Compensation - Additional Information (Details) $ / shares in Units, fungible_unit in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019 USD ($) unit / shares unit fungible_unit shares	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) unit / shares unit fungible_unit $ / shares shares	Sep. 30, 2018 USD ($) shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares	Jan. 01, 2008 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options	$ 500,000	$ 1,600,000	$ 1,400,000	$ 4,700,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of commencement of option vesting, from date of grant (in years)			1 year
Exercise price of options granted, low end of the range (in dollars per share) | $ / shares			$ 20.67
Exercise price of options granted, high end of the range (in dollars per share) | $ / shares			$ 137.18
Remaining weighted average contractual life of the options outstanding (in years)			2 years 9 months 18 days
Remaining average contractual life of the options exercisable (in years)			2 years 9 months 18 days
Total unrecognized compensation cost related to unvested stock awards	$ 700,000		$ 700,000
Weighted average period for recognition of compensation cost related to unvested stock awards (in years)			3 months 18 days
Weighted average fair value of options granted during the period			$ 0		$ 84,068
Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period (in years)			5 years
Options vesting period (in years)			1 year
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period (in years)			10 years
Options vesting period (in years)			5 years
Class O LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred unit distributions as a percentage of common unit distributions	10.00%		10.00%
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 9,469,622	12,757,704
Total unrecognized compensation cost related to unvested stock awards	$ 15,100,000		$ 15,100,000
Weighted average period for recognition of compensation cost related to unvested stock awards (in years)			1 year 9 months 18 days
Annual award vesting rate, low end of range (as a percent)			15.00%
Annual award vesting rate, high end of range (as a percent)			35.00%
Fair value of restricted stock vested during the period			$ 12,000,000.0			$ 9,800,000
Weighted average fair value of options granted during the period			$ 2,233,548	$ 13,440,503
Awards granted (in shares) | shares			27,650	162,900
Awards outstanding (in shares) | shares	3,468,166		3,468,166		3,452,016	3,298,216
LTIP units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of options granted during the period			$ 41,600,000		$ 22,000,000.0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 3,000,000.0	2,300,000	14,000,000.0	$ 11,400,000
Total unrecognized compensation cost related to unvested stock awards	$ 22,500,000		$ 22,500,000
Weighted average period for recognition of compensation cost related to unvested stock awards (in years)			2 years 3 months 18 days
Third Amendment and Restated 2005 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum fungible units that may be granted (in shares) | unit	27,030,000		27,030,000
Fungible units per share (in fungible units per share) | unit / shares	3.74		3.74
Shares that may be issued if equal to fungible units (shares) (less than) | shares	27,030,000		27,030,000
Fungible units | fungible_unit	4.9		4.9
Third Amendment and Restated 2005 Stock Option and Incentive Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 600,000	1,100,000	$ 1,800,000	4,300,000
Stock options, stock appreciation rights and other awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fungible units per share (in fungible units per share) | unit / shares	0.73		0.73
Award expiration period (in years)			5 years
All other awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fungible units per share (in fungible units per share) | unit / shares	1.0		1.0
Award expiration period (in years)			10 years
Deferred Stock Compensation Plan for Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 200,000	$ 100,000	$ 2,200,000	$ 2,200,000
Maximum percentage of the annual retainer fee, chairman fees and meeting fees that may be deferred by non-employee directors (percent)	100.00%		100.00%
Awards granted (in shares) | shares			17,227
Shares issued (in shares) | shares			9,869
Awards outstanding (in shares) | shares	127,505		127,505
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for issuance (shares) | shares							500,000
Duration of each offering period starting the first day of each calendar quarter (in months)			3 months
Discount from market price			85.00%
Shares of common stock issued (shares) | shares	127,280		127,280

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Corporate Indebtedness - Schedule of Consolidated Interest Expense, Excluding Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest expense
Interest expense before capitalized interest	$ 63,607	$ 64,078	$ 185,163	$ 180,550
Interest on financing leases	813	0	2,425	0
Interest capitalized	(15,700)	(8,504)	(38,228)	(22,785)
Interest income	(608)	(406)	(3,563)	(1,070)
Interest expense, net	$ 48,112	$ 55,168	$ 145,797	$ 156,695

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Mortgages and Other Loans Payable (Details)	1 Months Ended			9 Months Ended
	Aug. 31, 2019 extension	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2019 USD ($) extension	Dec. 31, 2018 USD ($)	Apr. 30, 2018 USD ($)
Debt Instrument [Line Items]
Total fixed rate debt				$ 1,385,756,000	$ 1,389,717,000
Total floating rate debt				1,068,927,000	598,442,000
Total mortgages and other loans payable				2,454,683,000	1,988,159,000
Deferred financing costs, net of amortization				(37,522,000)	(26,919,000)
Total mortgages and other loans payable, net				2,417,161,000	1,961,240,000
Book value of collateral				3,700,000,000	2,600,000,000
Outstanding under line of credit facility				328,549,000	492,196,000
2017 Master Repurchase Agreement
Debt Instrument [Line Items]
Total floating rate debt				190,107,000	300,000,000
Maximum facility capacity				300,000,000.0		$ 400,000,000.0
Number of extension options | extension	2
Extension option exercised, term	1 year	1 year	1 year
Outstanding under line of credit facility				$ 189,600,000
2017 Master Repurchase Agreement | Weighted Average
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)				2.22%
FHLB Facility, December 2019
Debt Instrument [Line Items]
Total floating rate debt				$ 14,500,000	14,500,000
FHLB Facility, December 2019 | Weighted Average
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)				0.18%
FHLB Facility, January 2020
Debt Instrument [Line Items]
Total floating rate debt				$ 10,000,000	0
FHLB Facility, January 2020 | Weighted Average
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)				0.26%
FHLB Facility
Debt Instrument [Line Items]
Total floating rate debt				$ 0	13,000,000
FHLB Facility, February 2020
Debt Instrument [Line Items]
Total floating rate debt				$ 15,000,000	0
FHLB Facility, February 2020 | Weighted Average
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)				0.32%
762 Madison Avenue
Debt Instrument [Line Items]
Total fixed rate debt				$ 771,000	771,000
762 Madison Avenue | Weighted Average
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)				5.00%
100 Church Street
Debt Instrument [Line Items]
Total fixed rate debt				$ 210,382,000	213,208,000
100 Church Street | Weighted Average
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)				4.68%
420 Lexington Avenue
Debt Instrument [Line Items]
Total fixed rate debt				$ 300,000,000	300,000,000
420 Lexington Avenue | Weighted Average
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)				3.99%
400 East 58th Street
Debt Instrument [Line Items]
Total fixed rate debt				$ 39,306,000	39,931,000
400 East 58th Street | Weighted Average
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)				3.00%
Term (in Years)				5 years
Landmark Square
Debt Instrument [Line Items]
Total fixed rate debt				$ 100,000,000	100,000,000
Landmark Square | Weighted Average
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)				4.90%
485 Lexington Avenue
Debt Instrument [Line Items]
Total fixed rate debt				$ 450,000,000	450,000,000
485 Lexington Avenue | Weighted Average
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)				4.25%
1080 Amsterdam Avenue
Debt Instrument [Line Items]
Total fixed rate debt				$ 35,297,000	35,807,000
Total fixed rate debt				35,500,000
Subordinate loan				$ 900,000
1080 Amsterdam Avenue | Weighted Average
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)				3.59%
Term (in Years)				5 years
1080 Amsterdam Avenue | Mortgage loan | Weighted Average
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)				3.50%
1080 Amsterdam Avenue | Subordinate loan | Weighted Average
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)				7.00%
315 West 33rd Street
Debt Instrument [Line Items]
Total fixed rate debt				$ 250,000,000	250,000,000
315 West 33rd Street | Weighted Average
Debt Instrument [Line Items]
Interest rate, fixed rate debt (as a percent)				4.17%
113 Greene Street
Debt Instrument [Line Items]
Total floating rate debt				$ 15,523,000	15,523,000
113 Greene Street | Weighted Average
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)				2.00%
106 Spring Street
Debt Instrument [Line Items]
Total floating rate debt				$ 38,025,000	0
106 Spring Street | Weighted Average
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)				2.50%
609 Fifth Avenue
Debt Instrument [Line Items]
Total floating rate debt				$ 52,990,000	0
609 Fifth Avenue | Weighted Average
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)				2.40%
185 Broadway
Debt Instrument [Line Items]
Total floating rate debt				$ 115,886,000	111,869,000
185 Broadway | Weighted Average
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)				2.85%
712 Madison Avenue
Debt Instrument [Line Items]
Total floating rate debt				$ 28,000,000	28,000,000
712 Madison Avenue | Weighted Average
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)				2.50%
460 West 34th Street
Debt Instrument [Line Items]
Total floating rate debt				$ 310,236,000
460 West 34th Street | Weighted Average
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)				2.23%
Suburban Loan
Debt Instrument [Line Items]
Total floating rate debt				$ 228,660,000	0
Suburban Loan | Weighted Average
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)				2.79%
719 Seventh Avenue
Debt Instrument [Line Items]
Total floating rate debt				$ 50,000,000	50,000,000
719 Seventh Avenue | Weighted Average
Debt Instrument [Line Items]
Interest rate, floating rate debt (as a percent)				1.20%
115 Spring Street
Debt Instrument [Line Items]
Total floating rate debt				$ 0	$ 65,550,000
Construction Loans | 185 Broadway
Debt Instrument [Line Items]
Term (in Years)				3 years
Maximum facility capacity				$ 225,000,000.0
Number of extension options | extension				2
Period of extension options				1 year
Construction Loans | 460 West 34th Street
Debt Instrument [Line Items]
Term (in Years)				3 years
Maximum facility capacity				$ 465,000,000.0
Number of extension options | extension				2
Period of extension options				1 year
LIBOR Plus 18 Basis Points | Ticonderoga Insurance Company
Debt Instrument [Line Items]
FHLB advances				$ 14,500,000
LIBOR Plus 18 Basis Points | Ticonderoga Insurance Company | LIBOR
Debt Instrument [Line Items]
Interest rate added to base rate (as a percent)				0.18%
LIBOR Plus 26 Basis Points | Ticonderoga Insurance Company
Debt Instrument [Line Items]
FHLB advances				$ 10,000,000.0
LIBOR Plus 26 Basis Points | Ticonderoga Insurance Company | LIBOR
Debt Instrument [Line Items]
Interest rate added to base rate (as a percent)				0.26%
LIBOR Plus 32 Basis Points | Ticonderoga Insurance Company
Debt Instrument [Line Items]
FHLB advances				$ 15,000,000.0
LIBOR Plus 32 Basis Points | Ticonderoga Insurance Company | LIBOR
Debt Instrument [Line Items]
Interest rate added to base rate (as a percent)				0.32%
115 Spring Street
Debt Instrument [Line Items]
Ownership percentage in disposed asset	49.00%
Deconsolidation of ownership interest, percentage	51.00%

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Stockholders' Equity of the Company - Schedule of Common Stock Issued and Proceeds Received Dividend Reinvestments (Details) - Dividend Reinvestment and Stock Purchase Plan (DRIP) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Stockholders' Equity
Issuance of common stock (in shares)	490	509	3,485	1,183
Dividend reinvestments/stock purchases under the DRSPP	$ 39	$ 52	$ 303	$ 116

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of selected results of operations and selected asset information

Selected consolidated results of operations for the three and nine months ended September 30, 2019 and 2018, and selected asset information as of September 30, 2019 and December 31, 2018, regarding our operating segments are as follows (in thousands):

	Real Estate Segment		Debt and Preferred Equity Segment		Total Company
Total revenues
Three months ended:
September 30, 2019	$	262,115	$	51,519	$	313,634
September 30, 2018	258,568		48,977		307,545
Nine months ended:
September 30, 2019	777,745		153,168		930,913
September 30, 2018	766,816		143,540		910,356
Net income
Three months ended:
September 30, 2019	$	6,133	$	34,589	$	40,722
September 30, 2018	62,199		37,255		99,454
Nine months ended:
September 30, 2019	168,639		98,593		267,232
September 30, 2018	224,246		104,930		329,176
Total assets
As of:
September 30, 2019	$	11,216,682	$	2,078,302	$	13,294,984
December 31, 2018	10,481,594		2,269,764		12,751,358

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Significant Accounting Policies - Investment in Marketable Securities (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Investment in Marketable Securities
Marketable securities	$ 30,208,000	$ 28,638,000
Equity marketable securities	30,208,000	28,638,000
Fair Value
Investment in Marketable Securities
Marketable securities	30,208,000	28,638,000
Equity marketable securities
Investment in Marketable Securities
Equity marketable securities	0	0
Commercial mortgage-backed securities
Investment in Marketable Securities
Marketable securities	30,208,000	28,638,000
Cost basis of commercial mortgage-backed securities	$ 27,500,000	$ 27,500,000

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Properties Held for Sale and Property Dispositions (Tables)

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Summary Of Properties Sold

The following table summarizes the properties sold during the nine months ended September 30, 2019:

Property	Disposition Date	Property Type	Approximate Square Feet	Sales Price(1) (in millions)		Gain (loss) (in millions)
115 Spring Street (2)	August 2019	Fee Interest	5,218	$	66.6	$	3.6

(1) Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.

(2)

The Company sold a 49% interest, which resulted in the deconsolidation of our remaining 51% interest. We recorded our investment at fair value which resulted in the recognition of a fair value adjustment of $3.8 million, which is reflected in the Company's consolidated statements of operations within purchase price and other fair value adjustments. See Note 6, "Investments in Unconsolidated Joint Ventures."

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. See Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures." All significant intercompany balances and transactions have been eliminated.

We consolidate a VIE in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.

Investment in Commercial Real Estate Properties

Investment in Commercial Real Estate Properties

We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from three to 40 years. We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from one to 14 years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally ranges from one to 14 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, we amortize such below-market lease value into rental income over the renewal period.

The Company classifies those leases under which the Company is the lessee at lease commencement as finance or operating leases. Leases qualify as finance leases if the lease transfers ownership of the asset at the end of the lease term, the lease grants an option to purchase the asset that we are reasonably certain to exercise, the lease term is for a major part of the remaining economic life of the asset, or the present value of the lease payments exceeds substantially all of the fair value of the asset. Leases that do not qualify as finance leases are deemed to be operating leases. At lease commencement the Company records a lease liability which is measured as the present value of the lease payments and a right of use asset which is measured as the amount of the lease liability and any initial direct costs incurred. The Company applies a discount rate to determine the present value of the lease payments. If the rate implicit in the lease is known, the Company uses that rate. If the rate implicit in the lease is not known, the Company uses a discount rate reflective of the Company’s collateralized borrowing rate given the term of the lease. To determine the discount rate, the Company employs a third party specialist to develop an analysis based primarily on the observable borrowing rates of the Company, other REITs, and other corporate borrowers with long-term borrowings. On the statements of operations, operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense. On the balance sheet, financing leases include the amounts previously captioned "Properties under capital lease." When applicable, the Company combines the consideration for lease and non-lease components in the calculation of the value of the lease obligation and right-of-use asset.

On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. We also evaluate our real estate properties for impairment when a property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell and depreciation expense is no longer recorded.

Investment in Marketable Securities

Investment in Marketable Securities

At acquisition, we designate a security as held-to-maturity, available-for-sale, or trading. As of September 30, 2019, we did not have any securities designated as held-to-maturity or trading. We account for our available-for-sale securities at fair value pursuant to Accounting Standards Codification, or ASC, 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. The cost of marketable securities sold and the amount reclassified out of accumulated other comprehensive income into earnings is determined using the specific identification method. Any unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component.

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures

We assess our investments in unconsolidated joint ventures for recoverability and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on the joint ventures' projected discounted cash flows.

Deferred Lease Costs and Lease Classification

Deferred Lease Costs

Deferred lease costs consist of incremental fees and direct costs that would not have been incurred if the lease had not been obtained and are amortized on a straight-line basis over the related lease term.

Lease Classification

Lease classification for leases under which the Company is the lessor is evaluated at lease commencement and leases not classified as sales-type leases or direct financing leases are classified as operating leases. Leases qualify as sales-type leases if the contract includes either transfer of ownership clauses, certain purchase options, a lease term representing a major part of the economic life of the asset, or the present value of the lease payments and residual guarantees provided by the lessee exceeds substantially all of the fair value of the asset. Additionally, leasing an asset so specialized that it is not deemed to have any value to the Company at the end of the lease term may also result in classification as a sales-type lease. Leases qualify as direct financing leases when the present value of the lease payments and residual value guarantees provided by the lessee and unrelated third parties exceeds substantially all of the fair value of the asset and collection of the payments is probable.

Revenue Recognition

Revenue Recognition

Rental revenue for operating leases is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the leased space is substantially ready for its intended use.

To determine whether the leased space is substantially ready for its intended use, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space.

When management concludes that we are the owner of tenant improvements for accounting purposes, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred costs, net on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease.

The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets.

In addition to base rent, our tenants also generally will pay variable rent which represents their pro rata share of increases in real estate taxes and operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year.

Rental revenue is recognized if collectability is probable. If collectability of substantially all of the lease payments is assessed as not probable, any difference between the rental revenue recognized to date and the lease payments that have been collected is recognized as a current-period adjustment to rental revenue. A subsequent change in the assessment of collectability to probable may result in a current-period adjustment to rental revenue for any difference between the rental revenue that would have been recognized if collectability had always been assessed as probable and the rental revenue recognized to date.

The Company provides its tenants with certain customary services for lease contracts such as common area maintenance and general security. We have elected to combine the nonlease components with the lease components of our operating lease agreements and account for them as a single lease component in accordance with ASC 842.

We record a gain on sale of real estate assets when we no longer hold a controlling financial interest in the entity holding the real estate, a contract exists with a third party and that third party has control of the assets acquired.

Investment income on debt and preferred equity investments is accrued based on the contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Some debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate

subject to management's determination that accrued interest is collectible. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt.

Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as an adjustment to interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cash flows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For debt investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield.

Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition on any non-accrual debt or preferred equity investment is resumed when such non-accrual debt or preferred equity investment becomes contractually current and performance is demonstrated to be resumed. Interest is recorded as income on impaired loans only to the extent cash is received.

We may syndicate a portion of the loans that we originate or sell the loans individually. When a transaction meets the criteria for sale accounting, we recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income on the consolidated statement of operations. Any fees received at the time of sale or syndication are recognized as part of investment income.

Asset management fees are recognized on a straight-line basis over the term of the asset management agreement.

Reserve for Possible Credit Losses

Allowance for Loan Loss and Other Investment Reserves

The expense for loan loss and other investment reserves in connection with debt and preferred equity investments is the charge to earnings to adjust the allowance for possible losses to the level that we estimate to be adequate, based on Level 3 data, considering delinquencies, loss experience and collateral quality.

The Company evaluates debt and preferred equity investments that are classified as held to maturity for possible impairment or credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor. Quarterly, the Company assigns each loan a risk rating. Based on a 3-point scale, loans are rated “1” through “3,” from less risk to greater risk, which ratings are defined as follows: 1 - Low Risk Assets - Low probability of loss, 2 - Watch List Assets - Higher potential for loss, 3 - High Risk Assets - Loss more likely than not.

When it is probable that we will be unable to collect all amounts contractually due, the investment is considered impaired. A valuation allowance is measured based upon the excess of the carrying value of the investment over the fair value of the collateral. Any deficiency between the carrying value of an asset and the calculated value of the collateral is charged to expense. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If additional information reflects increased recovery of our investment, we will adjust our reserves accordingly.

Debt and preferred equity investments that are classified as held for sale are carried at the lower of cost or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its net carrying value to debt and preferred equity investments held to maturity. For these reclassified investments, the difference between the current carrying value and the expected cash to be collected at maturity will be accreted into income over the remaining term of the investment.

Income Taxes

Income Taxes

SL Green is taxed as a REIT under Section 856(c) of the Code. As a REIT, SL Green generally is not subject to Federal income tax. To maintain its qualification as a REIT, SL Green must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. If SL Green fails to qualify as a REIT in any taxable year, SL Green will be subject to Federal income tax on its taxable income at regular corporate rates. SL Green may also be subject to certain state, local and franchise taxes. Under certain circumstances, Federal income and excise taxes may be due on its undistributed taxable income.

The Operating Partnership is a partnership and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective income tax returns. The only provision for income taxes included in the consolidated statements of operations relates to the Operating Partnership’s consolidated taxable REIT subsidiaries. The Operating Partnership may also be subject to certain state, local and franchise taxes.

We have elected, and may elect in the future, to treat certain of our corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, TRSs may perform non-customary services for the tenants of the Company, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in Federal and state income tax liability for these entities.

During the three and nine months ended September 30, 2019, we recorded a Federal, state and local tax benefit of $1.0 million and a provision of $0.5 million, respectively. During the three and nine months ended September 30, 2018, we recorded Federal, state and local tax provisions of $0.3 million and $2.0 million, respectively.

We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited.

On December 22, 2017, the Tax Cuts and Jobs Act (the ‘‘Tax Act’’) was signed into law and makes substantial changes to the Code.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Concentrations of Credit Risk

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in the New York metropolitan area. See Note 5, "Debt and Preferred Equity Investments."

We perform ongoing credit evaluations of our tenants and require most tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost revenue and the costs associated with re-tenanting a space.

Reclassification

Reclassification

Certain prior year balances have been reclassified to conform to our current year presentation.

Accounting Standards Updates

Accounting Standards Updates

In August 2018, the FASB issued Accounting Standard Update, or ASU, No. 2018-15, Intangibles - Goodwill and Other- Internal-Use Software (Topic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendments provide guidance on accounting for fees paid when the arrangement includes a software license and align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs to develop or obtain internal-use software. The guidance is effective for the Company for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company has not yet adopted this new guidance and does not expect it to have a material impact on the Company’s consolidated financial statements when the new standard is implemented.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This amendment removed, modified and added the disclosure requirements under Topic 820. The changes are effective for the Company for fiscal years beginning after December 15, 2019. Early adoption is permitted for the removed or modified disclosures with adoption of the additional disclosures upon the effective date. The Company has not yet adopted this new guidance and does not expect it to have a material impact on the Company’s consolidated financial statements when the new standard is implemented.

In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. This amendment provides additional guidance related to share-based payment transactions for acquiring goods or services from nonemployees. The Company adopted this guidance on January 1, 2019 and it did not have a material impact on the Company’s consolidated financial statements.

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities; in July 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes; and in May 2019, issued ASU No. 2019-05, Codification Improvements. The amendments in the

new standards will permit more flexibility in hedging interest rate risk for both variable rate and fixed rate financial instruments. The standards will also enhance the presentation of hedge results in the financial statements. The guidance is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company adopted this guidance on January 1, 2019, and it did not have a material impact on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, and in April and May 2019, issued ASU No. 2019-04 and 2019-05, which provide codification improvements and targeted transition relief. The guidance changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current ‘incurred loss’ model with an ‘expected loss’ approach. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. The Company’s DPE portfolio and financing lease assets will be subject to this guidance once the Company adopts it. ASU No. 2018-19 excludes operating lease receivables from the scope of this guidance. The Company continues to evaluate the impact of adopting this new accounting standard on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases. In July 2018, the FASB issued ASU No. 2018-10 - Codification Improvements to Topic 842, Leases, and ASU No. 2018-11 - Targeted Improvements. In December 2018, the FASB issued ASU No. 2018-20 - Narrow-Scope Improvements for Lessors and in March 2019 issued ASU No. 2019-01 - Codification Improvements. The Company adopted this guidance on January 1, 2019 using the modified retrospective approach which allows the Company to apply the guidance for the current year presentation and not adjust the prior year numbers. The Company elected the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. The new guidance applies to the ground leases under which the Company is a lessee. The Company has recognized a new asset and liability - “Right of use asset - operating leases” and “Lease liability - operating leases” - for those leases classified as operating leases under the previous standard. The Company will continue to recognize expense on a straight-line basis for these operating leases. The ground leases that the Company historically reported as “Properties under capital leases” and “Capitalized lease obligations” are now labeled “Right of use asset - financing leases” and “Lease liability - financing leases”. The expense recognition of these leases has not changed. The Company adopted the practical expedient offered in ASU No. 2018-11 that allows lessors to not separate non-lease components from the related lease components under certain conditions. In doing so, the Company has collapsed the line “Escalation and reimbursement revenues” into the “Rental revenue, net” line to reflect adopting this practical expedient. The Company also collapsed the prior year balances to conform to the current year presentation. For future leases, the Company no longer capitalizes internal leasing costs that are not incremental as defined under the new guidance. The Company has recorded additional expense of approximately $2.2 million and $6.6 million related to this change for the three and nine months ended September 30, 2019, respectively.

Fair Value Measurements

Fair Value Measurements

We are required to disclose fair value information with regard to our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

We determine impairment in real estate investments and debt and preferred equity investments, including intangibles primarily utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs.

In May 2018, the Company was the successful bidder at the foreclosure of 2 Herald Square, at which time the Company's $250.5 million outstanding principal balance and $7.7 million accrued interest balance were credited to our equity investment in the property. We recorded the assets acquired and liabilities assumed at fair value. This resulted in the recognition of a fair value adjustment of $8.1 million, which is reflected on the Company's consolidated statements of operations within purchase price and other fair value adjustments. This fair value was determined by utilizing our successful bid at the foreclosure of the asset, the agreement to sell a partial interest in the property, and cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as a sales comparison approach, which utilizes comparable sales, listings and sales contracts, all of which are classified as Level 3 inputs.

In January 2018, the partnership agreement for our investment in 919 Third Avenue was modified resulting in the Company no longer having a controlling interest in this investment. As a result the investment was deconsolidated as of January 1, 2018. The Company recorded its non-controlling interest at fair value resulting in a $49.3 million fair value adjustment in the consolidated statements of operations. This fair value was determined using a third party valuation which primarily utilized cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs.

Marketable securities classified as Level 1 are derived from quoted prices in active markets. The valuation technique used to measure the fair value of marketable securities classified as Level 2 were valued based on quoted market prices or model driven valuations using the significant inputs derived from or corroborated by observable market data. Marketable securities in an unrealized loss position are not considered to be other than temporarily impaired. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.

The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs.

The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity

investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt instrument to their present value using adjusted market interest rates, which is provided by a third-party specialist.

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Mortgages and Other Loans Payable

9 Months Ended

Sep. 30, 2019

Mortgages and Other Loans Payable

Mortgages and other loans payable

Mortgages and Other Loans Payable

The first mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at September 30, 2019 and December 31, 2018, respectively, were as follows (dollars in thousands):

Property	Maturity Date	Interest Rate (1)			September 30, 2019			December 31, 2018
Fixed Rate Debt:
762 Madison Avenue	February 2022		5.00	%	771			771
100 Church Street	July 2022		4.68	%	210,382			213,208
420 Lexington Avenue	October 2024		3.99	%	300,000			300,000
400 East 58th Street (2)	November 2026		3.00	%	39,306			39,931
Landmark Square	January 2027		4.90	%	100,000			100,000
485 Lexington Avenue	February 2027		4.25	%	450,000			450,000
1080 Amsterdam (3)	February 2027		3.59	%	35,297			35,807
315 West 33rd Street	February 2027		4.17	%	250,000			250,000
Total fixed rate debt					$	1,385,756		$	1,389,717
Floating Rate Debt:
FHLB Facility	December 2019	L+	0.18	%	14,500			14,500
FHLB Facility	January 2020	L+	0.26	%	10,000			—
FHLB Facility	February 2020	L+	0.32	%	15,000			—
2017 Master Repurchase Agreement	June 2020	L+	2.22	%	190,107			300,000
133 Greene Street	August 2020	L+	2.00	%	15,523			15,523
106 Spring Street	January 2021	L+	2.50	%	38,025			—
609 Fifth Avenue	March 2021	L+	2.40	%	52,990			—
185 Broadway (4)	November 2021	L+	2.85	%	115,886			111,869
712 Madison Avenue	December 2021	L+	2.50	%	28,000			28,000
460 West 34th Street (5)	May 2022	L+	2.23	%	310,236
Suburban Loan (6)	July 2022	L+	2.79	%	228,660			—
719 Seventh Avenue	September 2023	L+	1.20	%	50,000			50,000
FHLB Facility (7)					—			13,000
115 Spring Street (8)					—			65,550
Total floating rate debt					$	1,068,927		$	598,442
Total mortgages and other loans payable					$	2,454,683		$	1,988,159
Deferred financing costs, net of amortization					(37,522		)	(26,919		)
Total mortgages and other loans payable, net					$	2,417,161		$	1,961,240

(1) Interest rate as of September 30, 2019, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated interest rate spread over 30-day LIBOR, unless otherwise specified.

(2) The loan carries a fixed interest rate of 300 basis points for the first five years and is prepayable without penalty at the end of year five.

(3) The loan is comprised of a $35.5 million mortgage loan and $0.9 million mezzanine loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of year five.

(4) This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with two one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.

(5) This loan is a $465.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with two one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.

(6) Collateralized by the properties located at 360 Hamilton Avenue, 100 Summit Lake Drive, 200 Summit Lake Drive and 500 Summit Lake Drive.

(7) In August 2019, the loan was repaid.

(8) In August 2019, the Company sold a 49% interest in 115 Spring Street to a private investor. The transaction resulted in the deconsolidation of our remaining 51% interest. See Note 6, "Investments in Unconsolidated Joint Ventures."

At September 30, 2019 and December 31, 2018, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $3.7 billion and $2.6 billion, respectively.

Federal Home Loan Bank of New York Facility

The Company's wholly-owned subsidiary, Ticonderoga Insurance Company, or Ticonderoga, a Vermont licensed captive insurance company, is a member of the Federal Home Loan Bank of New York, or FHLBNY. As a member, Ticonderoga may borrow funds from the FHLBNY in the form of secured advances. As of September 30, 2019, we had $14.5 million, $10.0 million and $15.0 million in outstanding secured advances with a borrowing rate of 30-day LIBOR plus 18 basis points, 30-day LIBOR plus 26 basis points and 30-day LIBOR plus 32 basis points, respectively.

Master Repurchase Agreement

The Company entered into a Master Repurchase Agreement, or MRA, known as the 2017 MRA, which provides us with the ability to sell certain mortgage investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase agreement by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity, and are not limited to collateral-specific credit marks. To monitor credit risk associated with our debt investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to recollateralize the facility with additional assets from our portfolio of debt investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity through the 2017 credit facility, as defined below.

The 2017 MRA has a maximum facility capacity of $300.0 million. In April 2018, we increased the maximum facility capacity to $400.0 million. The facility bears interest on a floating rate basis at a spread to 30-day LIBOR based on the pledged collateral and advance rate. In June 2018, we exercised a one year extension option and in June 2019, we exercised another one year extension option. In August 2019, we amended our agreement to include two additional one year extension options. At September 30, 2019, the facility had a carrying value of $189.6 million, net of deferred financing costs.

Corporate Indebtedness

2017 Credit Facility

In November 2017, we entered into an amendment to the credit facility, referred to as the 2017 credit facility, that was originally entered into by the Company in November 2012, or the 2012 credit facility. As of September 30, 2019, the 2017 credit facility consisted of a $1.5 billion revolving credit facility, a $1.3 billion term loan (or "Term Loan A"), and a $200.0 million term loan (or "Term Loan B") with maturity dates of March 31, 2022, March 31, 2023, and November 21, 2024, respectively. The revolving credit facility has two six-month as-of-right extension options to March 31, 2023. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions.

As of September 30, 2019, the 2017 credit facility bore interest at a spread over 30-day LIBOR ranging from (i) 82.5 basis points to 155 basis points for loans under the revolving credit facility, (ii) 90 basis points to 175 basis points for loans under Term Loan A, and (iii) 150 basis points to 245 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company.

In May 2019, we entered into an agreement to reduce the interest rate spread under Term Loan B by 65 basis points to a spread over 30-day LIBOR ranging from 85 basis points to 165 basis points. This reduction will be effective in November 2019.

At September 30, 2019, the applicable spread was 100 basis points for the revolving credit facility, 110 basis points for Term Loan A, and 165 basis points for Term Loan B. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of September 30, 2019, the facility fee was 20 basis points.

As of September 30, 2019, we had $11.8 million of outstanding letters of credit, $335.0 million drawn under the revolving credit facility and $1.5 billion outstanding under the term loan facilities, with total undrawn capacity of $1.2 billion under the 2017 credit facility. At September 30, 2019 and December 31, 2018, the revolving credit facility had a carrying value of $328.5 million and $492.2 million, respectively, net of deferred financing costs. At September 30, 2019 and December 31, 2018, the term loan facilities had a carrying value of $1.5 billion and $1.5 billion, respectively, net of deferred financing costs.

The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2017 credit facility.

The 2017 credit facility includes certain restrictions and covenants (see Restrictive Covenants below).

Senior Unsecured Notes

The following table sets forth our senior unsecured notes and other related disclosures as of September 30, 2019 and December 31, 2018, respectively, by scheduled maturity date (amounts in thousands):

Issuance	September 30, 2019 Unpaid Principal Balance		September 30, 2019 Accreted Balance			December 31, 2018 Accreted Balance			Interest Rate (1)			Initial Term (in Years)	Maturity Date
March 16, 2010 (2)	$	250,000	$	250,000		$	250,000			7.75	%	10	March 2020
August 7, 2018 (3) (4)	350,000		350,000			350,000			L+	0.98	%	3	August 2021
October 5, 2017 (3)	500,000		499,669			499,591				3.25	%	5	October 2022
November 15, 2012 (5)	300,000		303,404			304,168				4.50	%	10	December 2022
December 17, 2015 (2)	100,000		100,000			100,000				4.27	%	10	December 2025
	$	1,500,000	$	1,503,073		$	1,503,759
Deferred financing costs, net			(6,706		)	(8,545		)
	$	1,500,000	$	1,496,367		$	1,495,214

(1) Interest rate as of September 30, 2019, taking into account interest rate hedges in effect during the period. Floating rate notes are presented with the stated spread over 3-month LIBOR, unless otherwise specified.

(2) Issued by the Company and the Operating Partnership as co-obligors.

(3) Issued by the Operating Partnership with the Company as the guarantor.

(4) Beginning on August 8, 2019 and at any time thereafter, the notes are subject to redemption at the Company's option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes, plus unpaid accrued interest thereon to the redemption date.

(5) In October 2017, the Company and the Operating Partnership as co-obligors issued an additional $100.0 million of 4.50% senior unsecured notes due December 2022. The notes were priced at 105.334% of par.

Restrictive Covenants

The terms of the 2017 credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that, we will not during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of September 30, 2019 and December 31, 2018, we were in compliance with all such covenants.

Junior Subordinated Deferrable Interest Debentures

In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at a floating rate of 125 basis points over the three-month LIBOR. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense.

Principal Maturities

Combined aggregate principal maturities of mortgages and other loans payable, 2017 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of September 30, 2019, including as-of-right extension options and put options, were as follows (in thousands):

	Scheduled Amortization		Mortgages and Other Loans Payable		Revolving Credit Facility		Unsecured Term Loans		Trust Preferred Securities		Senior Unsecured Notes		Total		Joint Venture Debt
Remaining 2019	$	2,307	$	14,500	$	—	$	—	$	—	$	—	$	16,807	$	10,700
2020	11,118		230,630		—		—		—		250,000		491,748		804,143
2021	11,638		234,901		—		—		—		350,000		596,539		704,174
2022	9,430		737,452		—		—		—		800,000		1,546,882		268,968
2023	7,301		50,000		335,000		1,300,000		—		—		1,692,301		311,452
Thereafter	9,290		1,136,116		—		200,000		100,000		100,000		1,545,406		1,831,026
	$	51,084	$	2,403,599	$	335,000	$	1,500,000	$	100,000	$	1,500,000	$	5,889,683	$	3,930,463

Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Interest expense before capitalized interest	$	63,607		$	64,078		$	185,163		$	180,550
Interest on financing leases	813			—			2,425			—
Interest capitalized	(15,700		)	(8,504		)	(38,228		)	(22,785		)
Interest income	(608		)	(406		)	(3,563		)	(1,070		)
Interest expense, net	$	48,112		$	55,168		$	145,797		$	156,695

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Operating Activities
Net income	$ 40,722	$ 99,454	$ 267,232	$ 329,176
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			216,834	217,762
Equity in net loss (income) from unconsolidated joint ventures	9,864	(971)	22,644	(9,709)
Distributions of cumulative earnings from unconsolidated joint ventures			648	10,174
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate	0	(70,937)	(76,181)	(136,522)
Purchase price and other fair value adjustments			(69,389)	(57,385)
Depreciable real estate reserves and impairment			7,047	6,691
Gain on sale of real estate, net			(2,492)	(6,227)
Loan loss reserves and other investment reserves, net of recoveries			0	1,087	$ 6,839
Loss on early extinguishment of debt			0	2,194
Deferred rents receivable			(10,005)	(11,328)
Other non-cash adjustments			(9,573)	8,907
Changes in operating assets and liabilities:
Tenant and other receivables			(7,564)	3,186
Related party receivables			8,921	5,186
Deferred lease costs			(38,542)	(31,828)
Other assets			(47,139)	(52,172)
Accounts payable, accrued expenses, other liabilities and security deposits			18,737	20,715
Deferred revenue and land leases payable			18,255	17,638
Net cash provided by operating activities			299,433	317,545
Investing Activities
Acquisitions of real estate property			(261,596)	(40,279)
Additions to land, buildings and improvements			(150,742)	(163,750)
Acquisition deposits and deferred purchase price			(228)	0
Investments in unconsolidated joint ventures			(114,050)	(298,836)
Distributions in excess of cumulative earnings from unconsolidated joint ventures			62,576	208,724
Net proceeds from disposition of real estate/joint venture interest			138,948	892,350
Other investments			(2,491)	991
Origination of debt and preferred equity investments			(555,951)	(652,309)
Repayments or redemption of debt and preferred equity investments			642,634	553,341
Net cash (used in) provided by investing activities			(240,900)	500,232
Financing Activities
Proceeds from mortgages and other loans payable			699,072	339,125
Repayments of mortgages and other loans payable			(162,024)	(351,080)
Proceeds from revolving credit facility and senior unsecured notes			1,090,000	2,205,000
Repayments of revolving credit facility and senior unsecured notes			(1,255,000)	(2,000,000)
Proceeds from stock options exercised and DRSPP issuance			302	15,689
Repurchase of common stock			(175,005)	(760,073)
Redemption of preferred units			(15,142)	(350)
Redemption of OP units			(15,918)	0
Distributions to noncontrolling interests in other partnerships			(478)	(1,863)
Contributions from noncontrolling interests in other partnerships			4,873	4,900
Acquisition of subsidiary interest from noncontrolling interest			(25,791)	0
Distributions to noncontrolling interests in the Operating Partnership			(10,993)	(11,469)
Dividends / Distributions paid on common and preferred stock / units			(230,804)	(237,007)
Other obligations related to loan participations			0	16
Tax withholdings related to restricted share awards			(3,126)	(3,842)
Deferred loan costs and capitalized lease obligation			(21,068)	(8,257)
Net cash used in financing activities			(121,102)	(809,211)
Net (decrease) increase in cash, cash equivalents, and restricted cash			(62,569)	8,566
Cash, cash equivalents, and restricted cash at end of period	216,544	258,592	216,544	258,592
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Conversion of units in the Operating Partnership for common stock			471	1,560
Issuance of preferred units relating to a real estate acquisition			1,000	0
Tenant improvements and capital expenditures payable			10,040	16,246
Fair value adjustment to noncontrolling interest in Operating Partnership			15,509	7,448
Deconsolidation of subsidiaries			395	298,391
Transfer of assets related to assets held for sale			403,488	734,008
Transfer of liabilities related to assets held for sale			0	310,496
Removal of fully depreciated commercial real estate properties			6,602	115,320
Contribution to consolidated joint venture by noncontrolling interest			48,223	0
Share repurchase payable			8,839	41,746
Recognition of right of use assets and related lease liabilities			389,120	0
Cash and cash equivalents						$ 121,751	$ 129,475	$ 160,248
Restricted cash						94,793	149,638	98,344
Total cash, cash equivalents, and restricted cash	216,544	258,592	216,544	258,592		216,544		258,592
SL Green Operating Partnership
Operating Activities
Net income	40,722	99,454	267,232	329,176
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			216,834	217,762
Equity in net loss (income) from unconsolidated joint ventures	9,864	(971)	22,644	(9,709)
Distributions of cumulative earnings from unconsolidated joint ventures			648	10,174
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate	0	(70,937)	(76,181)	(136,522)
Purchase price and other fair value adjustments			(69,389)	(57,385)
Depreciable real estate reserves and impairment			7,047	6,691
Gain on sale of real estate, net			(2,492)	(6,227)
Loan loss reserves and other investment reserves, net of recoveries			0	1,087
Loss on early extinguishment of debt			0	2,194
Deferred rents receivable			(10,005)	(11,328)
Other non-cash adjustments			(9,573)	8,907
Changes in operating assets and liabilities:
Tenant and other receivables			(7,564)	3,186
Related party receivables			8,921	5,186
Deferred lease costs			(38,542)	(31,828)
Other assets			(47,139)	(52,172)
Accounts payable, accrued expenses, other liabilities and security deposits			18,737	20,715
Deferred revenue and land leases payable			18,255	17,638
Net cash provided by operating activities			299,433	317,545
Investing Activities
Acquisitions of real estate property			(261,596)	(40,279)
Additions to land, buildings and improvements			(150,742)	(163,750)
Acquisition deposits and deferred purchase price			(228)	0
Investments in unconsolidated joint ventures			(114,050)	(298,836)
Distributions in excess of cumulative earnings from unconsolidated joint ventures			62,576	208,724
Net proceeds from disposition of real estate/joint venture interest			138,948	892,350
Other investments			(2,491)	991
Origination of debt and preferred equity investments			(555,951)	(652,309)
Repayments or redemption of debt and preferred equity investments			642,634	553,341
Net cash (used in) provided by investing activities			(240,900)	500,232
Financing Activities
Proceeds from mortgages and other loans payable			699,072	339,125
Repayments of mortgages and other loans payable			(162,024)	(351,080)
Proceeds from revolving credit facility and senior unsecured notes			1,090,000	2,205,000
Repayments of revolving credit facility and senior unsecured notes			(1,255,000)	(2,000,000)
Proceeds from stock options exercised and DRSPP issuance			302	15,689
Repurchase of common stock			(175,005)	(760,073)
Redemption of preferred units			(15,142)	(350)
Redemption of OP units			(15,918)	0
Distributions to noncontrolling interests in other partnerships			(478)	(1,863)
Contributions from noncontrolling interests in other partnerships			4,873	4,900
Acquisition of subsidiary interest from noncontrolling interest			(25,791)	0
Dividends / Distributions paid on common and preferred stock / units			(241,797)	(248,476)
Other obligations related to loan participations			0	16
Tax withholdings related to restricted share awards			(3,126)	(3,842)
Deferred loan costs and capitalized lease obligation			(21,068)	(8,257)
Net cash used in financing activities			(121,102)	(809,211)
Net (decrease) increase in cash, cash equivalents, and restricted cash			(62,569)	8,566
Cash, cash equivalents, and restricted cash at beginning of year			279,113	250,026	250,026
Cash, cash equivalents, and restricted cash at end of period	216,544	258,592	216,544	258,592	279,113
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Conversion of units in the Operating Partnership for common stock			471	1,560
Redemption of units in the Operating Partnership for the sale of a joint venture			0	10,445
Issuance of preferred units relating to a real estate acquisition			1,000	0
Tenant improvements and capital expenditures payable			10,040	16,246
Fair value adjustment to noncontrolling interest in Operating Partnership			15,509	7,448
Deconsolidation of subsidiaries			395	298,391
Transfer of assets related to assets held for sale			403,488	734,008
Transfer of liabilities related to assets held for sale			0	310,496
Removal of fully depreciated commercial real estate properties			6,602	115,320
Contribution to consolidated joint venture by noncontrolling interest			48,223	0
Share repurchase payable			8,839	41,746
Recognition of right of use assets and related lease liabilities			389,120	0
Cash and cash equivalents						121,751	129,475	160,248
Restricted cash						94,793	149,638	98,344
Total cash, cash equivalents, and restricted cash	$ 216,544	$ 258,592	$ 279,113	$ 250,026	$ 279,113	$ 216,544	$ 279,113	$ 258,592

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Properties Held for Sale and Property Dispositions

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Properties Held for Sale and Property Dispositions

Properties Held for Sale and Property Dispositions

Properties Held for Sale

During the three months ended September 30, 2019, we entered into agreements to sell 220 East 42nd Street in Manhattan and 1010 Washington Boulevard in Stamford, Connecticut for total consideration of $815.0 million and $23.1 million, respectively. The sale of 1010 Washington Boulevard closed in November. The sale of 220 East 42nd Street is expected to close in the first quarter of 2020.

As of September 30, 2019, 220 East 42nd Street and 1010 Washington Boulevard were classified as held for sale. During the third quarter of 2019, the Company recorded a charge of $7.0 million in connection with the reclassification of 1010 Washington Boulevard to held for sale. This charge is included in depreciable real estate reserves and impairment in the consolidated statements of operations.

Property Dispositions

The following table summarizes the properties sold during the nine months ended September 30, 2019:

Property	Disposition Date	Property Type	Approximate Square Feet	Sales Price(1) (in millions)		Gain (loss) (in millions)
115 Spring Street (2)	August 2019	Fee Interest	5,218	$	66.6	$	3.6

(1) Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.

(2)

The Company sold a 49% interest, which resulted in the deconsolidation of our remaining 51% interest. We recorded our investment at fair value which resulted in the recognition of a fair value adjustment of $3.8 million, which is reflected in the Company's consolidated statements of operations within purchase price and other fair value adjustments. See Note 6, "Investments in Unconsolidated Joint Ventures."

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Partners' Capital of the Operating Partnership - EPS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator
Net Income (Loss) Available To Common Stockholders, After Distributed And Undistributed Earnings Allocation, Basic	$ 33,049	$ 88,051	$ 237,686	$ 293,022
Add back: distributed earnings allocated to participating securities	108	125	325	371
Add back: undistributed earnings allocated to participating securities	0	33	41	138
Income attributable to SL Green common stockholders	$ 34,876	$ 93,006	$ 250,358	$ 309,187
Denominator
Weighted average common shares outstanding (shares)	82,292,000	85,566,000	82,855,000	87,692,000
Common stock shares excluded from the diluted shares outstanding (shares)	1,317,803	941,636
SL Green Operating Partnership
Numerator
Net income attributable to SLGOP common unitholders	$ 34,876	$ 93,006	$ 250,358	$ 309,187
Less: distributed earnings allocated to participating securities	(108)	(125)	(325)	(371)
Less: undistributed earnings allocated to participating securities	0	(33)	(41)	(138)
Net Income (Loss) Available To Common Stockholders, After Distributed And Undistributed Earnings Allocation, Basic	34,768	92,848	249,992	308,678
Add back: distributed earnings allocated to participating securities	108	125	325	371
Add back: undistributed earnings allocated to participating securities	0	33	41	138
Income attributable to SL Green common stockholders	$ 34,876	$ 93,006	$ 250,358	$ 309,187
Denominator
Basic weighted average common units outstanding (in shares)	86,550,000	90,209,000	87,138,000	92,369,000
Stock-based compensation plans (shares)	164,000	219,000	171,000	211,000
Diluted weighted average common units outstanding (shares)	86,714,000	90,428,000	87,309,000	92,580,000
Common stock shares excluded from the diluted shares outstanding (shares)	1,317,803	941,636	1,266,296	1,137,971

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Corporate Indebtedness - Junior Subordinated Deferrable Interest Debentures and Principal Maturities (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jun. 30, 2005	Sep. 30, 2019
Principal Repayments and Joint Venture Debt
Remaining 2019		$ 16,807,000
2020		491,748,000
2021		596,539,000
2022		1,546,882,000
2023		1,692,301,000
Thereafter		1,545,406,000
Total principal repayments		$ 5,889,683,000
Trust Preferred Securities
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 100,000,000.0
LIBOR | Trust Preferred Securities
Debt Instrument [Line Items]
Interest rate added to base rate (as a percent)		1.25%
Joint venture
Principal Repayments and Joint Venture Debt
Remaining 2019		$ 10,700,000
2020		804,143,000
2021		704,174,000
2022		268,968,000
2023		311,452,000
Thereafter		1,831,026,000
Total principal repayments		3,930,463,000
Joint venture | Trust Preferred Securities
Principal Repayments and Joint Venture Debt
Remaining 2019		0
2020		0
2021		0
2022		0
2023		0
Thereafter		100,000,000
Total principal repayments		100,000,000
Joint venture | Mortgages and other loans payable
Scheduled Amortization
Remaining 2019		2,307,000
2020		11,118,000
2021		11,638,000
2022		9,430,000
2023		7,301,000
Thereafter		9,290,000
Total amortization of debt		51,084,000
Principal Repayments and Joint Venture Debt
Remaining 2019		14,500,000
2020		230,630,000
2021		234,901,000
2022		737,452,000
2023		50,000,000
Thereafter		1,136,116,000
Total principal repayments		2,403,599,000
Joint venture | Revolving Credit Facility
Principal Repayments and Joint Venture Debt
Remaining 2019		0
2020		0
2021		0
2022		0
2023		335,000,000
Thereafter		0
Total principal repayments		335,000,000
Joint venture | Unsecured Term Loans
Principal Repayments and Joint Venture Debt
Remaining 2019		0
2020		0
2021		0
2022		0
2023		1,300,000,000
Thereafter		200,000,000
Total principal repayments		1,500,000,000
Joint venture | Senior Unsecured Notes
Principal Repayments and Joint Venture Debt
Remaining 2019		0
2020		250,000,000
2021		350,000,000
2022		800,000,000
2023		0
Thereafter		100,000,000
Total principal repayments		$ 1,500,000,000

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Deferred Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs	$ 445,489	$ 453,833
Less: accumulated amortization	(262,868)	(244,723)
Deferred costs, net	$ 182,621	$ 209,110

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Stockholders' Equity of the Company - Perpetual Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Aug. 31, 2012	Sep. 30, 2019	Dec. 31, 2018	Feb. 28, 2018
Stockholders' Equity
Common stock, shares authorized (in shares)		160,000,000	160,000,000
Series I Preferred Stock
Stockholders' Equity
Preferred stock, shares outstanding (in shares)		9,200,000	9,200,000
Dividend rate preferred units (as a percent)		6.50%
Perpetual preferred stock, liquidation preference (in dollars per share)		$ 25.00	$ 25.00
Perpetual preferred stock, annual dividends per share (in dollars per share)		$ 1.625
Contributions of net proceeds from sale of preferred stock	$ 221.9
Dividend Reinvestment and Stock Purchase Plan (DRIP)
Stockholders' Equity
Common stock, shares authorized (in shares)				3,500,000

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Noncontrolling Interests on the Company's Consolidated Financial Statements - Common Unit Activity (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Rollforward Analysis of Preferred Unit Activity
Redemption of preferred units	$ (54)	$ (25,791)
SL Green Operating Partnership
Rollforward Analysis of Preferred Unit Activity
Issuance of preferred units			$ 16,493	$ 23,655
Redemption of preferred units	(54)	(25,791)	(16,388)	(60,718)
SL Green Operating Partnership | Preferred Units
Rollforward Analysis of Preferred Unit Activity
Balance at beginning of period		$ 300,427	300,427	301,735
Issuance of preferred units			1,000	0
Redemption of preferred units			(15,142)	(1,308)
Balance at end of period	$ 286,285		$ 286,285	$ 300,427

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Fair Value Measurements (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Fair Value of Financial Instruments
Marketable securities		$ 30,208		$ 30,208		$ 28,638
Interest rate cap and swap agreements (included in other assets)		2,784		2,784		18,676
Purchase price and other fair value adjustments		3,799	$ (3,057)	69,389	$ 57,385
Debt and preferred equity investments		1,954,556		1,954,556		2,099,393
Equity method investments		2,923,595		2,923,595		3,019,020
Additional amount of financing receivables included in other assets		89,800		89,800		88,800
Carrying Value
Fair Value of Financial Instruments
Debt and preferred equity investments		1,954,556		1,954,556		2,099,393
Fixed rate debt		3,538,829		3,538,829		3,543,476
Variable rate debt		2,353,927		2,353,927		2,048,442
Total		5,892,756		5,892,756		5,591,918
Fair Value
Fair Value of Financial Instruments
Marketable securities		30,208		30,208		28,638
Total		6,026,450		6,026,450		5,288,093
Estimated fair value of debt and preferred equity investments, low end of range		1,900,000		1,900,000		2,100,000
Estimated fair value of debt and preferred equity investments, high end of range		2,100,000		2,100,000		2,300,000
Level 1
Fair Value of Financial Instruments
Interest rate cap and swap agreements (included in other assets)		0		0		0
Level 2
Fair Value of Financial Instruments
Interest rate cap and swap agreements (included in other assets)		2,784		2,784		18,676
Level 3
Fair Value of Financial Instruments
Marketable securities		0		0		0
Interest rate cap and swap agreements (included in other assets)		0		0		0
Level 3 | Fair Value
Fair Value of Financial Instruments
Fixed rate debt		3,661,582		3,661,582		3,230,127
Variable rate debt		2,364,868		2,364,868		2,057,966
Equity marketable securities | Level 1
Fair Value of Financial Instruments
Marketable securities		0		0		0
Commercial mortgage-backed securities
Fair Value of Financial Instruments
Marketable securities		30,208		30,208		28,638
Commercial mortgage-backed securities | Level 2
Fair Value of Financial Instruments
Marketable securities		30,208		30,208		28,638
Joint venture
Fair Value of Financial Instruments
Equity method investments		2,923,595		2,923,595		3,019,020
919 Third Avenue | Joint venture | 919 Third Avenue
Fair Value of Financial Instruments
Purchase price and other fair value adjustments		49,300
2 Herald Square
Fair Value of Financial Instruments
Business combination, fair value adjustment	$ 8,100
Accrued Interest Payable And Other
Fair Value of Financial Instruments
Interest rate cap and swap agreements (included in other liabilities)		37,208		37,208		7,663
Accrued Interest Payable And Other | Level 1
Fair Value of Financial Instruments
Interest rate cap and swap agreements (included in other liabilities)		0		0		0
Accrued Interest Payable And Other | Level 2
Fair Value of Financial Instruments
Interest rate cap and swap agreements (included in other liabilities)		37,208		37,208		7,663
Accrued Interest Payable And Other | Level 3
Fair Value of Financial Instruments
Interest rate cap and swap agreements (included in other liabilities)		$ 0		$ 0		$ 0
Mortgage And Jr Mortgage Loan With An Initial Maturity Date Of April 2017 | 2 Herald Square | Total fixed rate
Fair Value of Financial Instruments
Notes receivable	250,500
Accrued interest	$ 7,700

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Organization and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Service Corporation
Organization
Percentage of ownership in SL Green Management LLC owned by operating partnership (percent)	95.00%
SL Green Management LLC
Organization
Percentage of ownership in SL Green Management LLC owned by operating partnership (percent)	100.00%
SL Green Operating Partnership
Organization
Noncontrolling interest in the operating partnership (as a percent)	4.96%	4.70%

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Significant Accounting Policies - Revenue Recognition/Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income taxes
Federal, state and local tax provision	$ 1.0	$ 0.3	$ 0.5	$ 2.0

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Investments in Unconsolidated Joint Ventures - Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Assets
Commercial real estate property, net	$ 6,941,094		$ 6,941,094		$ 6,414,798
Cash and cash equivalents	121,751	$ 160,248	121,751	$ 160,248	129,475
Tenant and other receivables, related party receivables, and deferred rents receivable	44,950		44,950		41,589
Other assets	271,467		271,467		295,679
Liabilities and equity
Mortgages and other loans payable, net	2,417,161		2,417,161		1,961,240
Deferred revenue/gain	126,321		126,321		94,453
Lease liabilities	384,661		384,661		3,603
Other liabilities	140,899		140,899		116,566
Company's investments in unconsolidated joint ventures	2,923,595		2,923,595		3,019,020
Combined statements of income for the unconsolidated joint ventures
Operating expenses	59,847	56,852	175,862	172,871
Operating lease rent	8,295	9,507	24,891	26,661
Real estate taxes	49,626	48,805	143,008	139,788
Interest expense, net of interest income	48,112	55,168	145,797	156,695
Amortization of deferred financing costs	3,112	2,630	8,566	9,713
Transaction related costs	44	163	360	673
Depreciation and amortization	70,464	70,747	208,268	208,049
Total expenses	263,341	265,553	782,052	782,138
Loss on early extinguishment of debt	0	(2,194)	0	(2,194)
Company's equity in net (loss) income from unconsolidated joint ventures	(9,864)	971	(22,644)	9,709
Joint venture
Assets
Commercial real estate property, net	14,280,158		14,280,158		14,347,673
Cash and cash equivalents	299,699		299,699		381,301
Tenant and other receivables, related party receivables, and deferred rents receivable	360,394		360,394		273,141
Debt and preferred equity investments, net	0		0		44,357
Other assets	2,084,421		2,084,421		2,187,166
Total assets	17,024,672		17,024,672		17,233,638
Liabilities and equity
Mortgages and other loans payable, net	8,799,015		8,799,015		8,950,622
Deferred revenue/gain	1,535,067		1,535,067		1,660,838
Lease liabilities	898,996		898,996		637,168
Other liabilities	300,576		300,576		309,145
Equity	5,491,018		5,491,018		5,675,865
Total liabilities and equity	17,024,672		17,024,672		17,233,638
Company's investments in unconsolidated joint ventures	2,923,595		2,923,595		$ 3,019,020
Combined statements of income for the unconsolidated joint ventures
Total revenues	286,010	304,869	883,977	940,005
Operating expenses	50,759	56,304	153,397	166,433
Operating lease rent	6,713	4,397	18,848	13,247
Real estate taxes	53,321	56,747	159,544	169,612
Interest expense, net of interest income	92,601	88,328	282,917	269,717
Amortization of deferred financing costs	4,436	4,446	14,434	16,912
Depreciation and amortization	100,736	101,538	308,748	318,113
Total expenses	308,566	311,760	937,888	954,034
Loss on early extinguishment of debt	(1,031)	0	(1,031)	0
Net loss before gain on sale	(23,587)	(6,891)	(54,942)	(14,029)
Company's equity in net (loss) income from unconsolidated joint ventures	(9,864)	971	(22,644)	9,709
Management Service, Base | Joint venture
Investment in Unconsolidated Joint Ventures
Escalation and reimbursement	$ 2,400	$ 2,400	$ 8,800	$ 9,300

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Rental Income - Future Minimum Rental Payments prior to Adoption (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Consolidated properties
Property Subject to or Available for Operating Lease [Line Items]
2019	$ 830,336
2020	765,610
2021	625,956
2022	562,250
2023	500,499
Thereafter	3,272,014
Total future minimum payments receivable	6,556,665
Unconsolidated properties
Property Subject to or Available for Operating Lease [Line Items]
2019	348,060
2020	375,228
2021	380,886
2022	348,222
2023	333,501
Thereafter	2,098,995
Total future minimum payments receivable	$ 3,884,892

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Debt and Preferred Equity Investments - Rollforward of Net Book Balance (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of period	$ 2,099,393	$ 2,114,041
Redemptions/Sales/Syndications/Amortization	(733,592)	(994,906)
Net change in loan loss reserves	4,000	(5,750)
Balance at end of period	1,954,556	2,099,393
Debt Investments in Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Originations/Accretion	573,786	834,304
Preferred equity investments
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Originations/Accretion	$ 10,969	$ 151,704

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Debt and Preferred Equity Investments - Narrative (Details)	1 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2019 USD ($)	Sep. 30, 2019 USD ($) loan investment segment	Dec. 31, 2018 USD ($) segment	Dec. 31, 2017 USD ($)
Preferred equity investment
Allowance for loan and lease losses, real estate		$ 1,750,000	$ 5,750,000	$ 0
Number of investments marketed for sale | loan		1
Impaired financing receivable, with related allowance, unpaid principal balance		$ 145,400,000
Number of portfolio segments of financial receivables (segment) | segment		1	1
Additional amount of financing receivables included in other assets		$ 89,800,000	$ 88,800,000
Recorded investment, nonaccrual status		$ 28,400,000
Weighted average risk rating			1.2
Mezzanine Loan
Preferred equity investment
Number of debt and equity investments not performing | loan		1
Financing Receivables, Equal to Greater than 90 Days Past Due
Preferred equity investment
Recorded investment, past due		$ 0	$ 0
Nonperforming Financial Instruments
Preferred equity investment
Number of debt and equity investments not performing | investment		3
Nonperforming Financial Instruments | Total floating rate | Mezzanine Loan With An Initial Maturity May 2019
Preferred equity investment
Long-term debt, carrying value		$ 29,000,000.0
Nonperforming Financial Instruments | Total floating rate | Mortgage/Mezzanine Loan with an Initial Maturity of September 2019
Preferred equity investment
Long-term debt, carrying value		30,000,000.0
Nonperforming Financial Instruments | Total floating rate | Mezzanine Loan with an Initial Maturity of October 2019
Preferred equity investment
Long-term debt, carrying value		$ 41,600,000
Subsequent Event | Nonperforming Financial Instruments | Total floating rate | Mezzanine Loan with an Initial Maturity of October 2019
Preferred equity investment
Repayments of debt	$ 41,600,000

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Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of weighted average assumptions used to estimate the grant date fair value of options granted

The fair value of each stock option or LTIP Unit granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the year ended December 31, 2018. There were no grants during the nine months ended September 30, 2019.

	September 30, 2019	December 31, 2018
Dividend yield	none	2.85	%
Expected life	zero years	3.5 years
Risk-free interest rate	none	2.48	%
Expected stock price volatility	none	22.00	%

Summary of the status of stock options and changes during the period

A summary of the status of the Company's stock options as of September 30, 2019 and December 31, 2018, and changes during the nine months ended September 30, 2019 and year ended December 31, 2018 are as follows:

	September 30, 2019					December 31, 2018
	Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price
Balance at beginning of period	1,137,017			$	103.54	1,548,719			$	101.48
Granted	—			—		6,000			97.91
Exercised	—			—		(316,302		)	90.22
Lapsed or canceled	(40,499		)	111.60		(101,400		)	113.22
Balance at end of period	1,096,518			$	103.24	1,137,017			$	103.54
Options exercisable at end of period	966,045			$	102.68	783,035			$	101.28
Total fair value of options granted during the period	$	—				$	84,068

Summary of restricted stock and charges during the period

A summary of the Company's restricted stock as of September 30, 2019 and December 31, 2018 and charges during the nine months ended September 30, 2019 and the year ended December 31, 2018, are as follows:

	September 30, 2019			December 31, 2018
Balance at beginning of period	3,452,016			3,298,216
Granted	27,650			162,900
Canceled	(11,500		)	(9,100		)
Balance at end of period	3,468,166			3,452,016
Vested during the period	111,374			92,114
Compensation expense recorded	$	9,469,622		$	12,757,704
Total fair value of restricted stock granted during the period	$	2,233,548		$	13,440,503

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Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2019

Related Party Transactions [Abstract]

Schedule of amounts due from/to related parties

Amounts due from joint ventures and related parties at September 30, 2019 and December 31, 2018 consisted of the following (in thousands):

	September 30, 2019		December 31, 2018
Due from joint ventures	$	7,648	$	18,655
Other	12,382		9,378
Related party receivables	$	20,030	$	28,033

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Stockholders' Equity of the Company

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Stockholders' Equity of the Company

Stockholders’ Equity of the Company

Common Stock

Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares

of preferred stock, par value $0.01 per share. As of September 30, 2019, 81,515,066 shares of common stock and no shares of excess stock were issued and outstanding.

Share Repurchase Program

In August 2016, our Board of Directors approved a share repurchase program under which we can buy up to $1.0 billion of shares of our common stock. The Board of Directors has since authorized three separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, and fourth quarter of 2018, bringing the total program size to $2.5 billion.

At September 30, 2019, repurchases executed under the program were as follows:

Period	Shares repurchased	Average price paid per share	Cumulative number of shares repurchased as part of the repurchase plan or programs
Year ended 2017	8,342,411	$101.64	8,342,411
Year ended 2018	9,744,911	$96.22	18,087,322
First quarter 2019	397,783	$86.07	18,485,105
Second quarter 2019	866,924	$86.58	19,352,029
Third quarter 2019 (1)	916,439	$81.31	20,268,468

(1) Includes 108,300 shares of common stock repurchased by the Company in September 2019 that were settled in October 2019.

Perpetual Preferred Stock

We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units.

Dividend Reinvestment and Stock Purchase Plan ("DRSPP")

In February 2018, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001.

The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three and nine months ended September 30, 2019 and 2018, respectively (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Shares of common stock issued	490		509		3,485		1,183
Dividend reinvestments/stock purchases under the DRSPP	$	39	$	52	$	303	$	116

Earnings per Share

We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

SL Green's earnings per share for the three and nine months ended September 30, 2019 and 2018 are computed as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
Numerator	2019			2018			2019			2018
Basic Earnings:
Income attributable to SL Green common stockholders	$	33,157		$	88,209		$	238,052		$	293,531
Less: distributed earnings allocated to participating securities	(108		)	(125		)	(325		)	(371		)
Less: undistributed earnings allocated to participating securities	—			(33		)	(41		)	(138		)
Net income attributable to SL Green common stockholders (numerator for basic earnings per share)	$	33,049		$	88,051		$	237,686		$	293,022
Add back: distributed earnings allocated to participating securities	108			125			325			371
Add back: undistributed earnings allocated to participating securities	—			33			41			138
Add back: Effect of dilutive securities (redemption of units to common shares)	1,719			4,797			12,306			15,656
Income attributable to SL Green common stockholders (numerator for diluted earnings per share)	$	34,876		$	93,006		$	250,358		$	309,187

	Three Months Ended September 30,		Nine Months Ended September 30,
Denominator	2019	2018	2019	2018
Basic Shares:
Weighted average common stock outstanding	82,292	85,566	82,855	87,692
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares	4,258	4,643	4,283	4,677
Stock-based compensation plans	164	219	171	211
Diluted weighted average common stock outstanding	86,714	90,428	87,309	92,580

SL Green has excluded 1,317,803 and 1,266,296 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2019, respectively, as they were anti-dilutive. SL Green has excluded 941,636 and 1,137,971 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2018, respectively, as they were anti-dilutive.

Accumulated Other Comprehensive (Loss) Income

The following tables set forth the changes in accumulated other comprehensive (loss) income by component as of September 30, 2019 (in thousands):

	Net unrealized gain (loss) on derivative instruments (1)			SL Green’s share of joint venture net unrealized gain (loss) on derivative instruments (2)			Net unrealized gain on marketable securities		Total
Balance at December 31, 2018	$	9,716		$	4,299		$	1,093	$	15,108
Other comprehensive (loss) income before reclassifications	(41,385		)	(13,680		)	1,494		(53,571		)
Amounts reclassified from accumulated other comprehensive loss	(864		)	(805		)	—		(1,669		)
Balance at September 30, 2019	$	(32,533	)	$	(10,186	)	$	2,587	$	(40,132	)

(1) Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of operations. As of September 30, 2019 and December 31, 2018, the deferred net (gains) losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was $(0.2) million and $1.3 million, respectively.

(2)

Amount reclassified from accumulated other comprehensive (loss) income is included in equity in net (loss) income from unconsolidated joint ventures in the respective consolidated statements of operations.

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Consolidated Statements of Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2019	Dec. 31, 2018	Jan. 01, 2018
Increase (Decrease) in Partner's Capital
Acquisition of subsidiary interest from noncontrolling interest	$ (54)		$ (25,791)
DRSPP proceeds	39	$ 52	263	$ 64
Conversion of common units	25	0	446	1,560
Reallocation of noncontrolling interests in the operating partnership	(1,481)	11,941	(14,028)	(4,493)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings	5,948	4,634	10,533	8,090
Repurchases of common stock	(74,531)	(25,236)	(109,313)	(693,091)
Contribution to consolidated joint venture interests	2,404	3,072	50,692	1,828
Deconsolidation of partially owned entity		(520)		(314,596)
Cash distributions to noncontrolling interests	$ (207)	$ (1,139)	$ (271)	$ (724)
Common Stock
Increase (Decrease) in Partner's Capital
DRSPP proceeds (in shares)	0	0	3	1
Conversion of common units
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (in shares)	21	13	(17)	(20)
Repurchases of common stock (in shares)	(916)	(253)	(1,265)	(7,133)
Repurchases of common stock	$ (9)	$ (2)	$ (12)	$ (72)
Contributions - proceeds from stock options exercised (in shares)		109		59
Noncontrolling Interests
Increase (Decrease) in Partner's Capital
Acquisition of subsidiary interest from noncontrolling interest	0		(25,276)
Contribution to consolidated joint venture interests	2,404	$ 3,072	50,692	$ 1,828
Deconsolidation of partially owned entity		(520)		(314,596)
Cash distributions to noncontrolling interests	(207)	(1,139)	(271)	(724)
SL Green Operating Partnership
Increase (Decrease) in Partner's Capital
Beginning Balance	5,879,501	6,242,056	5,947,855	6,589,454	$ 5,947,855	$ 6,589,454
Adjusted Balance				7,159,978		7,159,978
Net income	36,271	91,811	210,470	213,168
Acquisition of subsidiary interest from noncontrolling interest	(54)		(25,791)		(16,388)	(60,718)
Other comprehensive loss	(11,737)	3,677	(43,503)	14,018
Preferred distributions	(3,738)	(3,738)	(7,475)	(7,475)
DRSPP proceeds	39	52	263	64
Conversion of common units	25	0	446	1,560
Reallocation of noncontrolling interests in the operating partnership	(1,481)	11,941	(14,028)	(4,493)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings	5,948	4,634	10,533	8,090
Repurchases of common stock	(74,531)	(25,236)	(109,313)	(693,091)
Contribution to consolidated joint venture interests	2,404	3,072	50,692	1,828
Deconsolidation of partially owned entity		(520)		(314,596)
Contributions - proceeds from stock options exercised		9,936		5,637
Cash distributions to noncontrolling interests	(207)	(1,139)	(271)	(724)
Cash distributions declared (per common unit, none of which represented a return of capital for federal income tax purposes)	(69,140)	(69,371)	(140,377)	(141,908)
Ending Balance	5,763,300	6,267,175	5,879,501	6,242,056	5,763,300	5,947,855
SL Green Operating Partnership | Common Stock | Partners' Interest
Increase (Decrease) in Partner's Capital
Beginning Balance	$ 5,616,385	$ 5,936,262	$ 5,664,481	$ 5,984,557	$ 5,664,481	$ 5,984,557
Beginning Balance (units)	82,410	85,725	83,684	92,803	83,684	92,803
Adjusted Balance				$ 6,555,081		$ 6,555,081
Net income	$ 36,895	$ 91,947	$ 212,370	212,797
Acquisition of subsidiary interest from noncontrolling interest	(54)		(515)
Preferred distributions	$ (3,738)	$ (3,738)	$ (7,475)	$ (7,475)
DRSPP proceeds (in shares)	0	0	3	1
DRSPP proceeds	$ 39	$ 52	$ 263	$ 64
Conversion of common units (in shares)	0	0	5	15
Conversion of common units	$ 25	$ 0	$ 446	$ 1,560
Reallocation of noncontrolling interests in the operating partnership	$ (1,481)	$ 11,941	$ (14,028)	$ (4,493)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (in shares)	21	13	(17)	(20)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings	$ 5,948	$ 4,634	$ 10,533	$ 8,090
Repurchases of common stock (in shares)	(916)	(253)	(1,265)	(7,133)
Repurchases of common stock	$ (74,531)	$ (25,236)	$ (109,313)	$ (693,091)
Contributions - proceeds from stock options exercised (in shares)		109		59
Contributions - proceeds from stock options exercised		$ 9,936		$ 5,637
Cash distributions declared (per common unit, none of which represented a return of capital for federal income tax purposes)	(69,140)	(69,371)	(140,377)	(141,908)
Ending Balance	$ 5,510,348	$ 5,956,427	$ 5,616,385	$ 5,936,262	$ 5,510,348	$ 5,664,481
Ending Balance (units)	81,515	85,594	82,410	85,725	81,515	83,684
SL Green Operating Partnership | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partner's Capital
Beginning Balance	$ (28,395)	$ 32,622	$ 15,108	$ 18,604	$ 15,108	$ 18,604
Adjusted Balance				18,604		18,604
Other comprehensive loss	(11,737)	3,677	(43,503)	14,018
Ending Balance	(40,132)	36,299	(28,395)	32,622	(40,132)	15,108
SL Green Operating Partnership | Noncontrolling Interests
Increase (Decrease) in Partner's Capital
Beginning Balance	69,579	51,240	46,334	364,361	46,334	364,361
Adjusted Balance				364,361		364,361
Net income	(624)	(136)	(1,900)	371
Acquisition of subsidiary interest from noncontrolling interest	0		(25,276)
Contribution to consolidated joint venture interests	2,404	3,072	50,692	1,828
Deconsolidation of partially owned entity		(520)		(314,596)
Cash distributions to noncontrolling interests	(207)	(1,139)	(271)	(724)
Ending Balance	71,152	52,517	69,579	51,240	71,152	46,334
Series I Preferred Stock | SL Green Operating Partnership | Preferred Units
Increase (Decrease) in Partner's Capital
Beginning Balance	221,932	221,932	221,932	221,932	221,932	221,932
Adjusted Balance				221,932		221,932
Ending Balance	$ 221,932	$ 221,932	$ 221,932	$ 221,932	$ 221,932	$ 221,932
Accounting Standards Update 2014-09
Increase (Decrease) in Partner's Capital
Cumulative adjustment upon adoption of ASC 610-20							$ 570,524
Accounting Standards Update 2014-09 | SL Green Operating Partnership
Increase (Decrease) in Partner's Capital
Cumulative adjustment upon adoption of ASC 610-20							570,524
Accounting Standards Update 2014-09 | SL Green Operating Partnership | Common Stock | Partners' Interest
Increase (Decrease) in Partner's Capital
Cumulative adjustment upon adoption of ASC 610-20							$ 570,524

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Fair Value Measurements

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We are required to disclose fair value information with regard to our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	30,208	$	—	$	30,208	$	—
Interest rate cap and swap agreements (included in other assets)	$	2,784	$	—	$	2,784	$	—
Liabilities:
Interest rate cap and swap agreements (included in other liabilities)	$	37,208	$	—	$	37,208	$	—

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	28,638	$	—	$	28,638	$	—
Interest rate cap and swap agreements (included in other assets)	$	18,676	$	—	$	18,676	$	—
Liabilities:
Interest rate cap and swap agreements (included in other liabilities)	$	7,663	$	—	$	7,663	$	—

We determine impairment in real estate investments and debt and preferred equity investments, including intangibles primarily utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs.

In May 2018, the Company was the successful bidder at the foreclosure of 2 Herald Square, at which time the Company's $250.5 million outstanding principal balance and $7.7 million accrued interest balance were credited to our equity investment in the property. We recorded the assets acquired and liabilities assumed at fair value. This resulted in the recognition of a fair value adjustment of $8.1 million, which is reflected on the Company's consolidated statements of operations within purchase price and other fair value adjustments. This fair value was determined by utilizing our successful bid at the foreclosure of the asset, the agreement to sell a partial interest in the property, and cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as a sales comparison approach, which utilizes comparable sales, listings and sales contracts, all of which are classified as Level 3 inputs.

In January 2018, the partnership agreement for our investment in 919 Third Avenue was modified resulting in the Company no longer having a controlling interest in this investment. As a result the investment was deconsolidated as of January 1, 2018. The Company recorded its non-controlling interest at fair value resulting in a $49.3 million fair value adjustment in the consolidated statements of operations. This fair value was determined using a third party valuation which primarily utilized cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs.

Marketable securities classified as Level 1 are derived from quoted prices in active markets. The valuation technique used to measure the fair value of marketable securities classified as Level 2 were valued based on quoted market prices or model driven valuations using the significant inputs derived from or corroborated by observable market data. Marketable securities in an unrealized loss position are not considered to be other than temporarily impaired. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.

The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs.

The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity

investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt instrument to their present value using adjusted market interest rates, which is provided by a third-party specialist.

The following table provides the carrying value and fair value of these financial instruments as of September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019				December 31, 2018
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
Debt and preferred equity investments	$	1,954,556	(2)		$	2,099,393	(2)
Fixed rate debt	$	3,538,829	$	3,661,582	$	3,543,476	$	3,230,127
Variable rate debt	2,353,927		2,364,868		2,048,442		2,057,966
	$	5,892,756	$	6,026,450	$	5,591,918	$	5,288,093

(1) Amounts exclude net deferred financing costs.

(2) At September 30, 2019, debt and preferred equity investments had an estimated fair value ranging between $1.9 billion and $2.1 billion. At December 31, 2018, debt and preferred equity investments had an estimated fair value ranging between $2.1 billion and $2.3 billion.

Disclosure about fair value of financial instruments was based on pertinent information available to us as of September 30, 2019 and December 31, 2018. Although we are not aware of any factors that would significantly affect the reasonable fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Nov. 04, 2019
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	1-13199
Entity Registrant Name	SL GREEN REALTY CORP
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-3956775
Entity Address, Address Line One	420 Lexington Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10170
City Area Code	212
Local Phone Number	594-2700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		80,110,275
Entity Central Index Key	0001040971
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Preferred Stock
Document Information [Line Items]
Trading Symbol	SLG.PRI
Title of 12(b) Security	6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value
Security Exchange Name	NYSE
Common Stock
Document Information [Line Items]
Trading Symbol	SLG
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NYSE
SL Green Operating Partnership
Document Information [Line Items]
Entity File Number	33-167793-02
Entity Registrant Name	SL GREEN OPERATING PARTNERSHIP, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3960938
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,022,624
Entity Central Index Key	0001492869
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

XML

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating expenses, paid to related parties	$ 5,460	$ 4,790	$ 13,575	$ 13,289
SL Green Operating Partnership
Operating expenses, paid to related parties	$ 5,460	$ 4,790	$ 13,575	$ 13,289

XML

Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. See Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures." All significant intercompany balances and transactions have been eliminated.

We consolidate a VIE in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.

Investment in Commercial Real Estate Properties

We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from three to 40 years. We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from one to 14 years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally ranges from one to 14 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, we amortize such below-market lease value into rental income over the renewal period.

The Company classifies those leases under which the Company is the lessee at lease commencement as finance or operating leases. Leases qualify as finance leases if the lease transfers ownership of the asset at the end of the lease term, the lease grants an option to purchase the asset that we are reasonably certain to exercise, the lease term is for a major part of the remaining economic life of the asset, or the present value of the lease payments exceeds substantially all of the fair value of the asset. Leases that do not qualify as finance leases are deemed to be operating leases. At lease commencement the Company records a lease liability which is measured as the present value of the lease payments and a right of use asset which is measured as the amount of the lease liability and any initial direct costs incurred. The Company applies a discount rate to determine the present value of the lease payments. If the rate implicit in the lease is known, the Company uses that rate. If the rate implicit in the lease is not known, the Company uses a discount rate reflective of the Company’s collateralized borrowing rate given the term of the lease. To determine the discount rate, the Company employs a third party specialist to develop an analysis based primarily on the observable borrowing rates of the Company, other REITs, and other corporate borrowers with long-term borrowings. On the statements of operations, operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense. On the balance sheet, financing leases include the amounts previously captioned "Properties under capital lease." When applicable, the Company combines the consideration for lease and non-lease components in the calculation of the value of the lease obligation and right-of-use asset.

On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property. We also evaluate our real estate properties for impairment when a property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell and depreciation expense is no longer recorded.

We recognized $1.2 million and $3.6 million of rental revenue for the three and nine months ended September 30, 2019, respectively, and $1.3 million and $5.5 million of rental revenue for the three and nine months ended September 30, 2018, respectively, for the amortization of aggregate below-market leases in excess of above-market leases.

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Identified intangible assets (included in other assets):
Gross amount	$	278,192		$	266,540
Accumulated amortization	(248,111		)	(241,040		)
Net(1)	$	30,081		$	25,500
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	304,998		$	276,245
Accumulated amortization	(267,429		)	(253,767		)
Net(1)	$	37,569		$	22,478

(1) As of September 30, 2019, and December 31, 2018, no net intangible assets and no net intangible liabilities, were reclassified to assets held for sale and liabilities related to assets held for sale.

Fair Value Measurements

See Note 16, "Fair Value Measurements."

Investment in Marketable Securities

At acquisition, we designate a security as held-to-maturity, available-for-sale, or trading. As of September 30, 2019, we did not have any securities designated as held-to-maturity or trading. We account for our available-for-sale securities at fair value pursuant to Accounting Standards Codification, or ASC, 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. The cost of marketable securities sold and the amount reclassified out of accumulated other comprehensive income into earnings is determined using the specific identification method. Any unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component.

At September 30, 2019 and December 31, 2018, we held the following marketable securities (in thousands):

	September 30, 2019		December 31, 2018
Commercial mortgage-backed securities	$	30,208	$	28,638
Total marketable securities available-for-sale	$	30,208	$	28,638

The cost basis of the commercial mortgage-backed securities was $27.5 million at both September 30, 2019 and December 31, 2018. These securities mature at various times through 2035. We held no equity marketable securities as of September 30, 2019 and December 31, 2018.

During the three months ended September 30, 2019 and the nine months ended September 30, 2019, we did not dispose of any marketable securities. During the three months ended September 30, 2018 and the nine months ended September 30, 2018, we did not dispose of any marketable securities.

Investments in Unconsolidated Joint Ventures

We assess our investments in unconsolidated joint ventures for recoverability and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on the joint ventures' projected discounted cash flows. We do not believe that the values of any of our equity investments were impaired at September 30, 2019.

Deferred Lease Costs

Deferred lease costs consist of incremental fees and direct costs that would not have been incurred if the lease had not been obtained and are amortized on a straight-line basis over the related lease term.

Lease Classification

Lease classification for leases under which the Company is the lessor is evaluated at lease commencement and leases not classified as sales-type leases or direct financing leases are classified as operating leases. Leases qualify as sales-type leases if the contract includes either transfer of ownership clauses, certain purchase options, a lease term representing a major part of the economic life of the asset, or the present value of the lease payments and residual guarantees provided by the lessee exceeds substantially all of the fair value of the asset. Additionally, leasing an asset so specialized that it is not deemed to have any value to the Company at the end of the lease term may also result in classification as a sales-type lease. Leases qualify as direct financing leases when the present value of the lease payments and residual value guarantees provided by the lessee and unrelated third parties exceeds substantially all of the fair value of the asset and collection of the payments is probable.

Revenue Recognition

Rental revenue for operating leases is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the leased space is substantially ready for its intended use.

To determine whether the leased space is substantially ready for its intended use, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space.

When management concludes that we are the owner of tenant improvements for accounting purposes, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred costs, net on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease.

The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets.

In addition to base rent, our tenants also generally will pay variable rent which represents their pro rata share of increases in real estate taxes and operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year.

Rental revenue is recognized if collectability is probable. If collectability of substantially all of the lease payments is assessed as not probable, any difference between the rental revenue recognized to date and the lease payments that have been collected is recognized as a current-period adjustment to rental revenue. A subsequent change in the assessment of collectability to probable may result in a current-period adjustment to rental revenue for any difference between the rental revenue that would have been recognized if collectability had always been assessed as probable and the rental revenue recognized to date.

The Company provides its tenants with certain customary services for lease contracts such as common area maintenance and general security. We have elected to combine the nonlease components with the lease components of our operating lease agreements and account for them as a single lease component in accordance with ASC 842.

We record a gain on sale of real estate assets when we no longer hold a controlling financial interest in the entity holding the real estate, a contract exists with a third party and that third party has control of the assets acquired.

Investment income on debt and preferred equity investments is accrued based on the contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Some debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate

subject to management's determination that accrued interest is collectible. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt.

Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as an adjustment to interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cash flows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For debt investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield.

Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition on any non-accrual debt or preferred equity investment is resumed when such non-accrual debt or preferred equity investment becomes contractually current and performance is demonstrated to be resumed. Interest is recorded as income on impaired loans only to the extent cash is received.

We may syndicate a portion of the loans that we originate or sell the loans individually. When a transaction meets the criteria for sale accounting, we recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income on the consolidated statement of operations. Any fees received at the time of sale or syndication are recognized as part of investment income.

Asset management fees are recognized on a straight-line basis over the term of the asset management agreement.

Allowance for Loan Loss and Other Investment Reserves

The expense for loan loss and other investment reserves in connection with debt and preferred equity investments is the charge to earnings to adjust the allowance for possible losses to the level that we estimate to be adequate, based on Level 3 data, considering delinquencies, loss experience and collateral quality.

The Company evaluates debt and preferred equity investments that are classified as held to maturity for possible impairment or credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor. Quarterly, the Company assigns each loan a risk rating. Based on a 3-point scale, loans are rated “1” through “3,” from less risk to greater risk, which ratings are defined as follows: 1 - Low Risk Assets - Low probability of loss, 2 - Watch List Assets - Higher potential for loss, 3 - High Risk Assets - Loss more likely than not.

When it is probable that we will be unable to collect all amounts contractually due, the investment is considered impaired. A valuation allowance is measured based upon the excess of the carrying value of the investment over the fair value of the collateral. Any deficiency between the carrying value of an asset and the calculated value of the collateral is charged to expense. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If additional information reflects increased recovery of our investment, we will adjust our reserves accordingly.

Debt and preferred equity investments that are classified as held for sale are carried at the lower of cost or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its net carrying value to debt and preferred equity investments held to maturity. For these reclassified investments, the difference between the current carrying value and the expected cash to be collected at maturity will be accreted into income over the remaining term of the investment.

Income Taxes

SL Green is taxed as a REIT under Section 856(c) of the Code. As a REIT, SL Green generally is not subject to Federal income tax. To maintain its qualification as a REIT, SL Green must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. If SL Green fails to qualify as a REIT in any taxable year, SL Green will be subject to Federal income tax on its taxable income at regular corporate rates. SL Green may also be subject to certain state, local and franchise taxes. Under certain circumstances, Federal income and excise taxes may be due on its undistributed taxable income.

The Operating Partnership is a partnership and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective income tax returns. The only provision for income taxes included in the consolidated statements of operations relates to the Operating Partnership’s consolidated taxable REIT subsidiaries. The Operating Partnership may also be subject to certain state, local and franchise taxes.

We have elected, and may elect in the future, to treat certain of our corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, TRSs may perform non-customary services for the tenants of the Company, hold assets that we cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in Federal and state income tax liability for these entities.

During the three and nine months ended September 30, 2019, we recorded a Federal, state and local tax benefit of $1.0 million and a provision of $0.5 million, respectively. During the three and nine months ended September 30, 2018, we recorded Federal, state and local tax provisions of $0.3 million and $2.0 million, respectively.

We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited.

On December 22, 2017, the Tax Cuts and Jobs Act (the ‘‘Tax Act’’) was signed into law and makes substantial changes to the Code. The Tax Act did not have a material impact on our financial statements.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in the New York metropolitan area. See Note 5, "Debt and Preferred Equity Investments."

We perform ongoing credit evaluations of our tenants and require most tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost revenue and the costs associated with re-tenanting a space. The properties in our real estate portfolio are located in the New York metropolitan area. The tenants located in our buildings operate in various industries. Other than one tenant, Credit Suisse Securities (USA), Inc., who accounts for 8.1% of our share of annualized cash rent, no other tenant in our portfolio accounted for more than 5.0% of our share of annualized cash rent, including our share of joint venture annualized rent, at September 30, 2019.

For the three months ended September 30, 2019, the following properties contributed more than 5.0% of our annualized cash rent, including our share of joint venture annualized cash rent:

Property	Three months ended September 30, 2019
1185 Avenue of the Americas	7.2%
11 Madison Avenue	7.0%
420 Lexington Avenue	6.2%
1515 Broadway	5.8%
One Madison Avenue	5.7%
220 East 42nd Street	5.2%

Annualized cash rent for each of our other consolidated properties was below 5.0%.

Reclassification

Certain prior year balances have been reclassified to conform to our current year presentation.

Accounting Standards Updates

In August 2018, the FASB issued Accounting Standard Update, or ASU, No. 2018-15, Intangibles - Goodwill and Other- Internal-Use Software (Topic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendments provide guidance on accounting for fees paid when the arrangement includes a software license and align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs to develop or obtain internal-use software. The guidance is effective for the Company for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company has not yet adopted this new guidance and does not expect it to have a material impact on the Company’s consolidated financial statements when the new standard is implemented.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This amendment removed, modified and added the disclosure requirements under Topic 820. The changes are effective for the Company for fiscal years beginning after December 15, 2019. Early adoption is permitted for the removed or modified disclosures with adoption of the additional disclosures upon the effective date. The Company has not yet adopted this new guidance and does not expect it to have a material impact on the Company’s consolidated financial statements when the new standard is implemented.

In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. This amendment provides additional guidance related to share-based payment transactions for acquiring goods or services from nonemployees. The Company adopted this guidance on January 1, 2019 and it did not have a material impact on the Company’s consolidated financial statements.

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities; in July 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes; and in May 2019, issued ASU No. 2019-05, Codification Improvements. The amendments in the

new standards will permit more flexibility in hedging interest rate risk for both variable rate and fixed rate financial instruments. The standards will also enhance the presentation of hedge results in the financial statements. The guidance is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company adopted this guidance on January 1, 2019, and it did not have a material impact on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, and in April and May 2019, issued ASU No. 2019-04 and 2019-05, which provide codification improvements and targeted transition relief. The guidance changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current ‘incurred loss’ model with an ‘expected loss’ approach. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted after December 15, 2018. The Company’s DPE portfolio and financing lease assets will be subject to this guidance once the Company adopts it. ASU No. 2018-19 excludes operating lease receivables from the scope of this guidance. The Company continues to evaluate the impact of adopting this new accounting standard on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases. In July 2018, the FASB issued ASU No. 2018-10 - Codification Improvements to Topic 842, Leases, and ASU No. 2018-11 - Targeted Improvements. In December 2018, the FASB issued ASU No. 2018-20 - Narrow-Scope Improvements for Lessors and in March 2019 issued ASU No. 2019-01 - Codification Improvements. The Company adopted this guidance on January 1, 2019 using the modified retrospective approach which allows the Company to apply the guidance for the current year presentation and not adjust the prior year numbers. The Company elected the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. The new guidance applies to the ground leases under which the Company is a lessee. The Company has recognized a new asset and liability - “Right of use asset - operating leases” and “Lease liability - operating leases” - for those leases classified as operating leases under the previous standard. The Company will continue to recognize expense on a straight-line basis for these operating leases. The ground leases that the Company historically reported as “Properties under capital leases” and “Capitalized lease obligations” are now labeled “Right of use asset - financing leases” and “Lease liability - financing leases”. The expense recognition of these leases has not changed. The Company adopted the practical expedient offered in ASU No. 2018-11 that allows lessors to not separate non-lease components from the related lease components under certain conditions. In doing so, the Company has collapsed the line “Escalation and reimbursement revenues” into the “Rental revenue, net” line to reflect adopting this practical expedient. The Company also collapsed the prior year balances to conform to the current year presentation. For future leases, the Company no longer capitalizes internal leasing costs that are not incremental as defined under the new guidance. The Company has recorded additional expense of approximately $2.2 million and $6.6 million related to this change for the three and nine months ended September 30, 2019, respectively.

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Investments in Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures

We have investments in several real estate joint ventures with various partners. As of September 30, 2019, the book value of these investments was $2.9 billion, net of investments with negative book values totaling $82.1 million for which we have an implicit commitment to fund future capital needs.

As of September 30, 2019 and December 31, 2018, 800 Third Avenue, 21 East 66th Street, 605 West 42nd Street, 333 East 22nd Street, One Vanderbilt, and certain properties within the Stonehenge Portfolio are VIEs in which we are not the primary beneficiary. Our net equity investment in these VIEs was $876.9 million and $808.3 million as of September 30, 2019 and December 31, 2018, respectively. Our maximum loss is limited to the amount of our equity investment in these VIEs. See the "Principles of Consolidation" section of Note 2, "Significant Accounting Policies". All other investments below are voting interest entities. As we do not control the joint ventures listed below, we account for them under the equity method of accounting.

The table below provides general information on each of our joint ventures as of September 30, 2019:

Property	Partner	Ownership Interest(1)	Economic Interest(1)	Unaudited Approximate Square Feet
100 Park Avenue	Prudential Real Estate Investors	49.90%	49.90%	834,000
717 Fifth Avenue	Jeff Sutton/Private Investor	10.92%	10.92%	119,500
800 Third Avenue	Private Investors	60.52%	60.52%	526,000
919 Third Avenue(2)	New York State Teacher's Retirement System	51.00%	51.00%	1,454,000
11 West 34th Street	Private Investor/Jeff Sutton	30.00%	30.00%	17,150
280 Park Avenue	Vornado Realty Trust	50.00%	50.00%	1,219,158
1552-1560 Broadway(3)	Jeff Sutton	50.00%	50.00%	57,718
10 East 53rd Street	Canadian Pension Plan Investment Board	55.00%	55.00%	354,300
21 East 66th Street(4)	Private Investors	32.28%	32.28%	13,069
650 Fifth Avenue(5)	Jeff Sutton	50.00%	50.00%	69,214
121 Greene Street	Jeff Sutton	50.00%	50.00%	7,131
55 West 46th Street	Prudential Real Estate Investors	25.00%	25.00%	347,000
Stonehenge Portfolio(6)	Various	Various	Various	1,439,016
605 West 42nd Street	The Moinian Group	20.00%	20.00%	927,358
11 Madison Avenue	PGIM Real Estate	60.00%	60.00%	2,314,000
333 East 22nd Street	Private Investors	33.33%	33.33%	26,926
400 East 57th Street(7)	BlackRock, Inc and Stonehenge Partners	51.00%	41.00%	290,482
One Vanderbilt	National Pension Service of Korea/Hines Interest LP	71.01%	71.01%	—
Worldwide Plaza	RXR Realty / New York REIT / Private Investor	24.35%	24.35%	2,048,725
1515 Broadway	Allianz Real Estate of America	56.87%	56.87%	1,750,000
2 Herald Square	Israeli Institutional Investor	51.00%	51.00%	369,000
115 Spring Street	Private Investor	51.00%	51.00%	5,218

(1) Ownership interest and economic interest represent the Company's interests in the joint venture as of September 30, 2019. Changes in ownership or economic interests within the current year are disclosed in the notes below.

(2) In January 2018, the partnership agreement for our investment was modified resulting in the Company no longer having a controlling interest in this investment. As a result, the investment was deconsolidated as of January 1, 2018. We recorded our non-controlling interest at fair value resulting in a $49.3 million fair value adjustment in the consolidated statement of operations. This fair value was allocated to the assets and liabilities, including identified intangibles, of the joint venture.

(3) The acquisition price represents only the purchase of the 1552 Broadway interest, which comprised approximately 13,045 square feet. The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway.

(4) We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% interest in three residential units at the property.

(5) The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. In connection with the ground lease obligation, SLG provided a performance guaranty and our joint venture partner executed a contribution agreement to reflect its pro rata obligation. In the event the property is converted into a condominium unit and the landlord elects the purchase option, the joint venture shall be obligated to acquire the unit at the then fair value.

(6) We, together with our joint venture partner, closed on the sale of one property from the Stonehenge Portfolio in February 2019 and another property in May 2019. These sales are further described under Sale of Joint Venture Interest of Properties below.

(7) In October 2016, we sold a 49% interest in this property. Our interest in the property was sold within a consolidated joint venture owned 90% by the Company and 10% by Stonehenge. The transaction resulted in the deconsolidation of the venture's remaining 51% interest in the property. Our joint venture with Stonehenge remains consolidated resulting in the combined 51% interest being shown within investments in unconsolidated joint ventures on our balance sheet.

Acquisition, Development and Construction Arrangements

Based on the characteristics of the following arrangements, which are similar to those of an investment, combined with the expected residual profit of not greater than 50%, we have accounted for these debt and preferred equity investments under the equity method. As of September 30, 2019 and December 31, 2018, the carrying value for acquisition, development and construction arrangements were as follows (dollars in thousands):

Loan Type	September 30, 2019		December 31, 2018		Maturity Date
Mezzanine Loan	—		44,357		February 2022
	$	—	$	44,357

Disposition of Joint Venture Interests or Properties

The following table summarizes the investments in unconsolidated joint ventures sold during the nine months ended September 30, 2019:

Property	Ownership Interest	Disposition Date	Gross Asset Valuation (in thousands)(1)		Gain (Loss) on Sale (in thousands)(2)
131-137 Spring Street	20.00%	January 2019	$	216,000	$	17,660
521 Fifth Avenue	50.50%	May 2019	381,000		57,874
Stonehenge Portfolio (partial)	Various	Various	468,800		(2,408		)

(1) Represents implied gross valuation for the joint venture or sales price of the property.

(2) Represents the Company's share of the gain (loss). Gain (loss) amounts do not include adjustments for expenses recorded in subsequent periods.

Joint Venture Mortgages and Other Loans Payable

We generally finance our joint ventures with non-recourse debt. In certain cases we may provide guarantees or master leases for tenant space, which terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. The first mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at September 30, 2019 and December 31, 2018, respectively, are as follows (dollars in thousands):

Property	Economic Interest (1)		Maturity Date	Interest Rate (2)			September 30, 2019		December 31, 2018
Fixed Rate Debt:
717 Fifth Avenue (mortgage)	10.92	%	July 2022		4.45	%	$	300,000	$	300,000
717 Fifth Avenue (mezzanine)	10.92	%	July 2022		5.50	%	355,328		355,328
650 Fifth Avenue (mortgage)	50.00	%	October 2022		4.46	%	210,000		210,000
650 Fifth Avenue (mezzanine)	50.00	%	October 2022		5.45	%	65,000		65,000
21 East 66th Street	32.28	%	April 2023		3.60	%	12,000		12,000
919 Third Avenue	51.00	%	June 2023		5.12	%	500,000		500,000
1515 Broadway	56.87	%	March 2025		3.93	%	842,966		855,876
11 Madison Avenue	60.00	%	September 2025		3.84	%	1,400,000		1,400,000
800 Third Avenue	60.52	%	February 2026		3.37	%	177,000		177,000
400 East 57th Street	41.00	%	November 2026		3.00	%	98,265		99,828
Worldwide Plaza	24.35	%	November 2027		3.98	%	1,200,000		1,200,000
Stonehenge Portfolio (3)	Various		Various		3.50	%	196,112		321,076
521 Fifth Avenue (4)							—		170,000
Total fixed rate debt							$	5,356,671	$	5,666,108

Property	Economic Interest (1)		Maturity Date	Interest Rate (2)			September 30, 2019			December 31, 2018
Floating Rate Debt:
121 Greene Street	50.00	%	November 2019	L+	1.50	%	$	15,000		$	15,000
10 East 53rd Street	55.00	%	February 2020	L+	2.25	%	170,000			170,000
280 Park Avenue	50.00	%	September 2020	L+	1.73	%	1,200,000			1,200,000
1552 Broadway	50.00	%	October 2020	L+	2.65	%	195,000			195,000
11 West 34th Street	30.00	%	January 2021	L+	1.45	%	23,000			23,000
100 Park Avenue	49.90	%	February 2021	L+	1.75	%	357,897			360,000
One Vanderbilt (5)	71.01	%	September 2021	L+	2.75	%	619,258			375,000
2 Herald Square	51.00	%	November 2021	L+	1.55	%	150,000			133,565
55 West 46th Street (6)	25.00	%	August 2022	L+	1.25	%	192,524			185,569
115 Spring Street	51.00	%	September 2023	L+	3.40	%	65,550			—
605 West 42nd Street	20.00	%	August 2027	L+	1.44	%	550,000			550,000
21 East 66th Street	32.28	%	June 2033	1 Year Treasury+	2.75	%	1,515			1,571
131-137 Spring Street (7)							—			141,000
103 East 86th Street (8)							—			38,000
Total floating rate debt							$	3,539,744		$	3,387,705
Total joint venture mortgages and other loans payable							$	8,896,415		$	9,053,813
Deferred financing costs, net							(97,400		)	(103,191		)
Total joint venture mortgages and other loans payable, net							$	8,799,015		$	8,950,622

(1) Economic interest represents the Company's interests in the joint venture as of September 30, 2019. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above.

(2) Interest rates as of September 30, 2019, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated interest rate spread over 30-day LIBOR, unless otherwise specified.

(3) Amount is comprised of $132.6 million and $63.5 million in fixed-rate mortgages that mature in April 2028 and July 2029, respectively.

(4) In May 2019, we, along with our joint venture partner, closed on the sale of the property.

(5) This loan is a $1.75 billion construction facility with reductions in interest cost based on meeting certain conditions and has an initial five-year term with two one-year extension options. Advances under the loan are subject to incurred costs, funded equity, loan to value thresholds, and entering into construction contracts.

(6) In August 2019, this loan was refinanced with a new $192.5 million mortgage loan which carries a floating interest rate of 125 basis points over 30-day LIBOR. This loan has a committed amount of $198.0 million, of which $5.5 million was unfunded as of September 30, 2019.

(7) In January 2019, we closed on the sale of our interest in the property.

(8) In February 2019, we, along with our joint venture partner, closed on the sale of the property.

We are entitled to receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures. We earned $2.4 million and $8.8 million from these services, net of our ownership share of the joint ventures, for the three and nine months ended September 30, 2019, respectively. We earned $2.4 million and $9.3 million from these services, net of our ownership share of the joint ventures, for the three and nine months ended September 30, 2018, respectively. In addition, we have the ability to earn incentive fees based on the ultimate financial performance of certain of the joint venture properties.

The combined balance sheets for the unconsolidated joint ventures, at September 30, 2019 and December 31, 2018 are as follows (in thousands):

	September 30, 2019		December 31, 2018
Assets (1)
Commercial real estate property, net	$	14,280,158	$	14,347,673
Cash and restricted cash	299,699		381,301
Tenant and other receivables, related party receivables, and deferred rents receivable	360,394		273,141
Debt and preferred equity investments, net	—		44,357
Other assets	2,084,421		2,187,166
Total assets	$	17,024,672	$	17,233,638
Liabilities and equity (1)
Mortgages and other loans payable, net	$	8,799,015	$	8,950,622
Deferred revenue/gain	1,535,067		1,660,838
Lease liabilities	898,996		637,168
Other liabilities	300,576		309,145
Equity	5,491,018		5,675,865
Total liabilities and equity	$	17,024,672	$	17,233,638
Company's investments in unconsolidated joint ventures	$	2,923,595	$	3,019,020

(1) The combined assets, liabilities and equity for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018.

The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three and nine months ended September 30, 2019 and 2018, are as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Total revenues	$	286,010		$	304,869		$	883,977		$	940,005
Operating expenses	50,759			56,304			153,397			166,433
Operating lease rent	6,713			4,397			18,848			13,247
Real estate taxes	53,321			56,747			159,544			169,612
Interest expense, net of interest income	92,601			88,328			282,917			269,717
Amortization of deferred financing costs	4,436			4,446			14,434			16,912
Depreciation and amortization	100,736			101,538			308,748			318,113
Total expenses	308,566			311,760			937,888			954,034
Loss on early extinguishment of debt	(1,031		)	—			(1,031		)	—
Net loss before gain on sale (1)	$	(23,587	)	$	(6,891	)	$	(54,942	)	$	(14,029	)
Company's equity in net (loss) income from unconsolidated joint ventures (1)	$	(9,864	)	$	971		$	(22,644	)	$	9,709

(1)

The combined statements of operations and the Company's equity in net (loss) income for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018.

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Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Equity Method Investments [Line Items]

Schedule of general information on joint ventures

The table below provides general information on each of our joint ventures as of September 30, 2019:

Property	Partner	Ownership Interest(1)	Economic Interest(1)	Unaudited Approximate Square Feet
100 Park Avenue	Prudential Real Estate Investors	49.90%	49.90%	834,000
717 Fifth Avenue	Jeff Sutton/Private Investor	10.92%	10.92%	119,500
800 Third Avenue	Private Investors	60.52%	60.52%	526,000
919 Third Avenue(2)	New York State Teacher's Retirement System	51.00%	51.00%	1,454,000
11 West 34th Street	Private Investor/Jeff Sutton	30.00%	30.00%	17,150
280 Park Avenue	Vornado Realty Trust	50.00%	50.00%	1,219,158
1552-1560 Broadway(3)	Jeff Sutton	50.00%	50.00%	57,718
10 East 53rd Street	Canadian Pension Plan Investment Board	55.00%	55.00%	354,300
21 East 66th Street(4)	Private Investors	32.28%	32.28%	13,069
650 Fifth Avenue(5)	Jeff Sutton	50.00%	50.00%	69,214
121 Greene Street	Jeff Sutton	50.00%	50.00%	7,131
55 West 46th Street	Prudential Real Estate Investors	25.00%	25.00%	347,000
Stonehenge Portfolio(6)	Various	Various	Various	1,439,016
605 West 42nd Street	The Moinian Group	20.00%	20.00%	927,358
11 Madison Avenue	PGIM Real Estate	60.00%	60.00%	2,314,000
333 East 22nd Street	Private Investors	33.33%	33.33%	26,926
400 East 57th Street(7)	BlackRock, Inc and Stonehenge Partners	51.00%	41.00%	290,482
One Vanderbilt	National Pension Service of Korea/Hines Interest LP	71.01%	71.01%	—
Worldwide Plaza	RXR Realty / New York REIT / Private Investor	24.35%	24.35%	2,048,725
1515 Broadway	Allianz Real Estate of America	56.87%	56.87%	1,750,000
2 Herald Square	Israeli Institutional Investor	51.00%	51.00%	369,000
115 Spring Street	Private Investor	51.00%	51.00%	5,218

(1) Ownership interest and economic interest represent the Company's interests in the joint venture as of September 30, 2019. Changes in ownership or economic interests within the current year are disclosed in the notes below.

(2) In January 2018, the partnership agreement for our investment was modified resulting in the Company no longer having a controlling interest in this investment. As a result, the investment was deconsolidated as of January 1, 2018. We recorded our non-controlling interest at fair value resulting in a $49.3 million fair value adjustment in the consolidated statement of operations. This fair value was allocated to the assets and liabilities, including identified intangibles, of the joint venture.

(3) The acquisition price represents only the purchase of the 1552 Broadway interest, which comprised approximately 13,045 square feet. The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway.

(4) We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% interest in three residential units at the property.

(5) The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue. In connection with the ground lease obligation, SLG provided a performance guaranty and our joint venture partner executed a contribution agreement to reflect its pro rata obligation. In the event the property is converted into a condominium unit and the landlord elects the purchase option, the joint venture shall be obligated to acquire the unit at the then fair value.

(6) We, together with our joint venture partner, closed on the sale of one property from the Stonehenge Portfolio in February 2019 and another property in May 2019. These sales are further described under Sale of Joint Venture Interest of Properties below.

(7)

In October 2016, we sold a 49% interest in this property. Our interest in the property was sold within a consolidated joint venture owned 90% by the Company and 10% by Stonehenge. The transaction resulted in the deconsolidation of the venture's remaining 51% interest in the property. Our joint venture with Stonehenge remains consolidated resulting in the combined 51% interest being shown within investments in unconsolidated joint ventures on our balance sheet.

As of September 30, 2019 and December 31, 2018, the carrying value for acquisition, development and construction arrangements were as follows (dollars in thousands):

Loan Type	September 30, 2019		December 31, 2018		Maturity Date
Mezzanine Loan	—		44,357		February 2022
	$	—	$	44,357

Schedule of first mortgage notes payable collateralized by the respective joint venture properties and assignment of leases

The first mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at September 30, 2019 and December 31, 2018, respectively, are as follows (dollars in thousands):

Property	Economic Interest (1)		Maturity Date	Interest Rate (2)			September 30, 2019		December 31, 2018
Fixed Rate Debt:
717 Fifth Avenue (mortgage)	10.92	%	July 2022		4.45	%	$	300,000	$	300,000
717 Fifth Avenue (mezzanine)	10.92	%	July 2022		5.50	%	355,328		355,328
650 Fifth Avenue (mortgage)	50.00	%	October 2022		4.46	%	210,000		210,000
650 Fifth Avenue (mezzanine)	50.00	%	October 2022		5.45	%	65,000		65,000
21 East 66th Street	32.28	%	April 2023		3.60	%	12,000		12,000
919 Third Avenue	51.00	%	June 2023		5.12	%	500,000		500,000
1515 Broadway	56.87	%	March 2025		3.93	%	842,966		855,876
11 Madison Avenue	60.00	%	September 2025		3.84	%	1,400,000		1,400,000
800 Third Avenue	60.52	%	February 2026		3.37	%	177,000		177,000
400 East 57th Street	41.00	%	November 2026		3.00	%	98,265		99,828
Worldwide Plaza	24.35	%	November 2027		3.98	%	1,200,000		1,200,000
Stonehenge Portfolio (3)	Various		Various		3.50	%	196,112		321,076
521 Fifth Avenue (4)							—		170,000
Total fixed rate debt							$	5,356,671	$	5,666,108

Property	Economic Interest (1)		Maturity Date	Interest Rate (2)			September 30, 2019			December 31, 2018
Floating Rate Debt:
121 Greene Street	50.00	%	November 2019	L+	1.50	%	$	15,000		$	15,000
10 East 53rd Street	55.00	%	February 2020	L+	2.25	%	170,000			170,000
280 Park Avenue	50.00	%	September 2020	L+	1.73	%	1,200,000			1,200,000
1552 Broadway	50.00	%	October 2020	L+	2.65	%	195,000			195,000
11 West 34th Street	30.00	%	January 2021	L+	1.45	%	23,000			23,000
100 Park Avenue	49.90	%	February 2021	L+	1.75	%	357,897			360,000
One Vanderbilt (5)	71.01	%	September 2021	L+	2.75	%	619,258			375,000
2 Herald Square	51.00	%	November 2021	L+	1.55	%	150,000			133,565
55 West 46th Street (6)	25.00	%	August 2022	L+	1.25	%	192,524			185,569
115 Spring Street	51.00	%	September 2023	L+	3.40	%	65,550			—
605 West 42nd Street	20.00	%	August 2027	L+	1.44	%	550,000			550,000
21 East 66th Street	32.28	%	June 2033	1 Year Treasury+	2.75	%	1,515			1,571
131-137 Spring Street (7)							—			141,000
103 East 86th Street (8)							—			38,000
Total floating rate debt							$	3,539,744		$	3,387,705
Total joint venture mortgages and other loans payable							$	8,896,415		$	9,053,813
Deferred financing costs, net							(97,400		)	(103,191		)
Total joint venture mortgages and other loans payable, net							$	8,799,015		$	8,950,622

(1) Economic interest represents the Company's interests in the joint venture as of September 30, 2019. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above.

(2) Interest rates as of September 30, 2019, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated interest rate spread over 30-day LIBOR, unless otherwise specified.

(3) Amount is comprised of $132.6 million and $63.5 million in fixed-rate mortgages that mature in April 2028 and July 2029, respectively.

(4) In May 2019, we, along with our joint venture partner, closed on the sale of the property.

(5) This loan is a $1.75 billion construction facility with reductions in interest cost based on meeting certain conditions and has an initial five-year term with two one-year extension options. Advances under the loan are subject to incurred costs, funded equity, loan to value thresholds, and entering into construction contracts.

(6) In August 2019, this loan was refinanced with a new $192.5 million mortgage loan which carries a floating interest rate of 125 basis points over 30-day LIBOR. This loan has a committed amount of $198.0 million, of which $5.5 million was unfunded as of September 30, 2019.

(7) In January 2019, we closed on the sale of our interest in the property.

(8)

In February 2019, we, along with our joint venture partner, closed on the sale of the property.

Schedule of combined balance sheets for the unconsolidated joint ventures

The combined balance sheets for the unconsolidated joint ventures, at September 30, 2019 and December 31, 2018 are as follows (in thousands):

	September 30, 2019		December 31, 2018
Assets (1)
Commercial real estate property, net	$	14,280,158	$	14,347,673
Cash and restricted cash	299,699		381,301
Tenant and other receivables, related party receivables, and deferred rents receivable	360,394		273,141
Debt and preferred equity investments, net	—		44,357
Other assets	2,084,421		2,187,166
Total assets	$	17,024,672	$	17,233,638
Liabilities and equity (1)
Mortgages and other loans payable, net	$	8,799,015	$	8,950,622
Deferred revenue/gain	1,535,067		1,660,838
Lease liabilities	898,996		637,168
Other liabilities	300,576		309,145
Equity	5,491,018		5,675,865
Total liabilities and equity	$	17,024,672	$	17,233,638
Company's investments in unconsolidated joint ventures	$	2,923,595	$	3,019,020

(1)

The combined assets, liabilities and equity for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018.

Schedule of combined statements of income for the unconsolidated joint ventures

The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three and nine months ended September 30, 2019 and 2018, are as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Total revenues	$	286,010		$	304,869		$	883,977		$	940,005
Operating expenses	50,759			56,304			153,397			166,433
Operating lease rent	6,713			4,397			18,848			13,247
Real estate taxes	53,321			56,747			159,544			169,612
Interest expense, net of interest income	92,601			88,328			282,917			269,717
Amortization of deferred financing costs	4,436			4,446			14,434			16,912
Depreciation and amortization	100,736			101,538			308,748			318,113
Total expenses	308,566			311,760			937,888			954,034
Loss on early extinguishment of debt	(1,031		)	—			(1,031		)	—
Net loss before gain on sale (1)	$	(23,587	)	$	(6,891	)	$	(54,942	)	$	(14,029	)
Company's equity in net (loss) income from unconsolidated joint ventures (1)	$	(9,864	)	$	971		$	(22,644	)	$	9,709

(1)

The combined statements of operations and the Company's equity in net (loss) income for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018.

Discontinued Operations, Disposed of by Sale

Schedule of Equity Method Investments [Line Items]

Schedule of general information on joint ventures

The following table summarizes the investments in unconsolidated joint ventures sold during the nine months ended September 30, 2019:

Property	Ownership Interest	Disposition Date	Gross Asset Valuation (in thousands)(1)		Gain (Loss) on Sale (in thousands)(2)
131-137 Spring Street	20.00%	January 2019	$	216,000	$	17,660
521 Fifth Avenue	50.50%	May 2019	381,000		57,874
Stonehenge Portfolio (partial)	Various	Various	468,800		(2,408		)

(1) Represents implied gross valuation for the joint venture or sales price of the property.

(2)

Represents the Company's share of the gain (loss). Gain (loss) amounts do not include adjustments for expenses recorded in subsequent periods.

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Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Summary of identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases)

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Identified intangible assets (included in other assets):
Gross amount	$	278,192		$	266,540
Accumulated amortization	(248,111		)	(241,040		)
Net(1)	$	30,081		$	25,500
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	304,998		$	276,245
Accumulated amortization	(267,429		)	(253,767		)
Net(1)	$	37,569		$	22,478

(1)

As of September 30, 2019, and December 31, 2018, no net intangible assets and no net intangible liabilities, were reclassified to assets held for sale and liabilities related to assets held for sale.

Schedule of marketable securities

At September 30, 2019 and December 31, 2018, we held the following marketable securities (in thousands):

	September 30, 2019		December 31, 2018
Commercial mortgage-backed securities	$	30,208	$	28,638
Total marketable securities available-for-sale	$	30,208	$	28,638

Schedules of Concentration of Risk, by Risk Factor

For the three months ended September 30, 2019, the following properties contributed more than 5.0% of our annualized cash rent, including our share of joint venture annualized cash rent:

Property	Three months ended September 30, 2019
1185 Avenue of the Americas	7.2%
11 Madison Avenue	7.0%
420 Lexington Avenue	6.2%
1515 Broadway	5.8%
One Madison Avenue	5.7%
220 East 42nd Street	5.2%

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Legal Proceedings

As of September 30, 2019, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us.

Environmental Matters

Our management believes that the properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold.

Ground Lease Arrangements

We are a tenant under ground leases for certain properties. These leases have expirations from 2022 to 2114, or 2043 to 2114 as fully extended. Certain leases offer extension options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised, if any, are included in the measurement of the corresponding lease liability and right of use asset.

The following is a schedule of future minimum lease payments under financing leases and operating leases with initial terms in excess of one year as of September 30, 2019 (in thousands):

	Financing leases			Operating leases (1)
Remaining 2019	$	621		$	7,797
2020	2,619			31,508
2021	2,794			31,702
2022	2,794			29,548
2023	2,794			27,243
2024	2,819			27,263
Thereafter	814,283			649,289
Total minimum lease payments	$	828,724		$	804,350
Amount representing interest	(784,473		)
Amount discounted using incremental borrowing rate				(419,689		)
Lease liabilities	$	44,251		$	384,661

(1) As of September 30, 2019, the total minimum sublease rentals to be received in the future under non-cancelable subleases is $1.7 billion.

During the nine months ended September 30, 2019, we recognized $3.3 million of financing lease costs, of which $2.4 million represented interest and $0.9 million represented amortization of the right-of-use assets. These amounts are included in interest expense, net of interest income and depreciation and amortization in our consolidated statements of operations, respectively. During the nine months ended September 30, 2019, we recognized $24.9 million of operating lease costs, which is calculated on a straight-line basis over the remaining lease terms. This amount is included in operating lease rent in our consolidated statements of operations. As of September 30, 2019, the weighted-average discount rate used to calculate the lease liabilities was 8.47%. As of September 30, 2019, the weighted-average remaining lease term was 67 years.

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Finance lease, liability, maturity

The following is a schedule of future minimum lease payments under financing leases and operating leases with initial terms in excess of one year as of September 30, 2019 (in thousands):

	Financing leases			Operating leases (1)
Remaining 2019	$	621		$	7,797
2020	2,619			31,508
2021	2,794			31,702
2022	2,794			29,548
2023	2,794			27,243
2024	2,819			27,263
Thereafter	814,283			649,289
Total minimum lease payments	$	828,724		$	804,350
Amount representing interest	(784,473		)
Amount discounted using incremental borrowing rate				(419,689		)
Lease liabilities	$	44,251		$	384,661

(1) As of September 30, 2019, the total minimum sublease rentals to be received in the future under non-cancelable subleases is $1.7 billion.

Schedule of future minimum rental payments for operating leases

The following is a schedule of future minimum lease payments under financing leases and operating leases with initial terms in excess of one year as of September 30, 2019 (in thousands):

	Financing leases			Operating leases (1)
Remaining 2019	$	621		$	7,797
2020	2,619			31,508
2021	2,794			31,702
2022	2,794			29,548
2023	2,794			27,243
2024	2,819			27,263
Thereafter	814,283			649,289
Total minimum lease payments	$	828,724		$	804,350
Amount representing interest	(784,473		)
Amount discounted using incremental borrowing rate				(419,689		)
Lease liabilities	$	44,251		$	384,661

(1) As of September 30, 2019, the total minimum sublease rentals to be received in the future under non-cancelable subleases is $1.7 billion.

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Significant Accounting Policies - Investments in Commercial Real Estate Properties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Investment in Commercial Real Estate Properties
Rental revenue from amortization of acquired leases	$ 1,200	$ 1,300	$ 3,600	$ 5,500
Identified intangible assets (included in other assets):
Gross amount	278,192		278,192		$ 266,540
Accumulated amortization	(248,111)		(248,111)		(241,040)
Net	30,081		30,081		25,500
Identified intangible liabilities (included in deferred revenue):
Gross amount	304,998		304,998		276,245
Accumulated amortization	(267,429)		(267,429)		(253,767)
Net	$ 37,569		$ 37,569		$ 22,478
Minimum | Below-market leases
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets (in years)			1 year
Minimum | In-place leases
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets (in years)			1 year
Maximum | Above-market leases
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets (in years)			14 years
Maximum | Below-market leases
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets (in years)			14 years
Maximum | In-place leases
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets (in years)			14 years
Building | Minimum
Investment in Commercial Real Estate Properties
Estimated useful life (in years)			3 years
Building | Maximum
Investment in Commercial Real Estate Properties
Estimated useful life (in years)			40 years

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Property Acquisitions (Details) $ in Millions	1 Months Ended
	May 31, 2019 USD ($) ft²	Sep. 30, 2019 ft²	Apr. 30, 2019 USD ($) ft²
Property Acquisitions
Approximate Square Feet | ft²		29,540,006
106 Spring Street
Property Acquisitions
Approximate Square Feet | ft²			5,928
Gross Asset Valuation (in millions)			$ 80.2
460 West 34th Street
Property Acquisitions
Approximate Square Feet | ft²	638,000
Gross Asset Valuation (in millions)	$ 440.0
Interest acquired	70.87%
Fair value adjustment	$ 67.6
Net intangible lease liabilities recognized	$ 18.3
110 Greene Street
Property Acquisitions
Approximate Square Feet | ft²	223,600
Gross Asset Valuation (in millions)	$ 256.5
Interest acquired	10.00%

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Share-based Compensation - Stock Options and Restricted Stock Activity (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield (as a percent)	0.00%		2.85%
Expected life of option (in years)	0 days		3 years 6 months
Risk-free interest rate (as a percent)	0.00%		2.48%
Expected stock price volatility (as a percent)	0.00%		22.00%
Options Outstanding
Balance at beginning of period (in shares)	1,137,017	1,548,719	1,548,719
Granted (in shares)	0		6,000
Exercised (in shares)	0		(316,302)
Lapsed or cancelled (in shares)	(40,499)		(101,400)
Balance at end of period (in shares)	1,096,518		1,137,017
Options exercisable at end of period (in shares)	966,045		783,035
Total fair value of options granted during the period	$ 0		$ 84,068
Weighted Average Exercise Price
Balance at beginning of year (in dollars per share)	$ 103.54	$ 101.48	$ 101.48
Granted (in dollars per share)	0		97.91
Exercised (in dollars per share)	0		90.22
Lapsed or cancelled (in dollars per share)	111.60		113.22
Balance at end of period (in dollars per share)	103.24		103.54
Options exercisable at end of period (in dollars per share)	$ 102.68		$ 101.28
Restricted Stock Awards
Options Outstanding
Total fair value of options granted during the period	$ 2,233,548	$ 13,440,503
Summary of restricted stock
Balance at beginning of year (in shares)	3,452,016	3,298,216	3,298,216
Granted (in shares)	27,650	162,900
Cancelled (in shares)	(11,500)	(9,100)
Balance at end of period (in shares)	3,468,166		3,452,016
Vested during the period (in shares)	111,374	92,114

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Related Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Amounts due from/to related parties
Due from joint ventures		$ 7,648		$ 7,648		$ 18,655
Other		12,382		12,382		9,378
Related party receivables		20,030		20,030		$ 28,033
Alliance Building Services
Related Party Transactions
Profit participation from related party		900	$ 900	2,700	$ 3,000
Payments made for services		5,600	5,000	14,100	14,000
Entity with Stephen L Green ownership interest
Related Party Transactions
Property management fees from related party		200	$ 100	500	$ 400
One Vanderbilt | Marc Holliday
Related Party Transactions
Due from related party		1,400		1,400
One Vanderbilt | Andrew Mathias
Related Party Transactions
Due from related party		$ 1,000		$ 1,000
One Vanderbilt | Minimum | Marc Holliday
Related Party Transactions
Percentage of profits due to investors (as a percentage)	1.50%
One Vanderbilt | Minimum | Andrew Mathias
Related Party Transactions
Percentage of profits due to investors (as a percentage)	1.00%
One Vanderbilt | Maximum | Marc Holliday
Related Party Transactions
Percentage of profits due to investors (as a percentage)	1.80%
One Vanderbilt | Maximum | Andrew Mathias
Related Party Transactions
Percentage of profits due to investors (as a percentage)	1.20%

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Corporate Indebtedness - Additional Information (Details)	1 Months Ended	9 Months Ended
	May 31, 2019	Sep. 30, 2019 USD ($) extension	Dec. 31, 2018 USD ($)
Corporate Indebtedness
Outstanding under line of credit facility		$ 328,549,000	$ 492,196,000
Term Loan B, Maturity November 21, 2024 | Term loan
Corporate Indebtedness
Credit facility, maximum borrowing capacity		$ 200,000,000.0
Term Loan B, Maturity November 21, 2024 | LIBOR
Corporate Indebtedness
Decrease in the interest rate spread	0.65%
Term Loan B, Maturity November 21, 2024 | LIBOR | Term loan
Corporate Indebtedness
Interest rate added to base rate (as a percent)		1.65%
Term Loan B, Maturity November 21, 2024 | LIBOR | Minimum
Corporate Indebtedness
Interest rate added to base rate (as a percent)	0.85%
Term Loan B, Maturity November 21, 2024 | LIBOR | Minimum | Term loan
Corporate Indebtedness
Interest rate added to base rate (as a percent)		1.50%
Term Loan B, Maturity November 21, 2024 | LIBOR | Maximum
Corporate Indebtedness
Interest rate added to base rate (as a percent)	1.65%
Term Loan B, Maturity November 21, 2024 | LIBOR | Maximum | Term loan
Corporate Indebtedness
Interest rate added to base rate (as a percent)		2.45%
Revolving credit facility
Corporate Indebtedness
Facility fee (as a percent)		0.20%
Outstanding under line of credit facility		$ 335,000,000.0
Revolving credit facility | Minimum
Corporate Indebtedness
Facility fee (as a percent)		0.125%
Revolving credit facility | Maximum
Corporate Indebtedness
Facility fee (as a percent)		0.30%
Term loan
Corporate Indebtedness
Credit facility, maximum borrowing capacity		$ 1,500,000,000
Term loan | Line of Credit
Corporate Indebtedness
Long-term debt, carrying value		1,500,000,000	1,500,000,000
2012 Credit Facility
Corporate Indebtedness
Letters of credit		11,800,000
Ability to borrow under line of credit facility		1,200,000,000
2012 Credit Facility | Line of Credit
Corporate Indebtedness
Long-term debt, carrying value		328,500,000	$ 492,200,000
Term Loan A, Maturity March 31, 2023 | Term loan
Corporate Indebtedness
Credit facility, maximum borrowing capacity		$ 1,300,000,000
Term Loan A, Maturity March 31, 2023 | LIBOR | Term loan
Corporate Indebtedness
Interest rate added to base rate (as a percent)		1.10%
Term Loan A, Maturity March 31, 2023 | LIBOR | Minimum | Term loan
Corporate Indebtedness
Interest rate added to base rate (as a percent)		0.90%
Term Loan A, Maturity March 31, 2023 | LIBOR | Maximum | Term loan
Corporate Indebtedness
Interest rate added to base rate (as a percent)		1.75%
Revolving credit facility | Revolving Credit Facility, Maturity March 31, 2022 | Line of Credit
Corporate Indebtedness
Credit facility, maximum borrowing capacity		$ 1,500,000,000
Number of extensions | extension		2
Term of extension		6 months
Maximum borrowing capacity, optional expansion		$ 4,500,000,000
Revolving credit facility | Revolving Credit Facility, Maturity March 31, 2022 | LIBOR | Line of Credit
Corporate Indebtedness
Interest rate added to base rate (as a percent)		1.00%
Revolving credit facility | Revolving Credit Facility, Maturity March 31, 2022 | LIBOR | Minimum | Line of Credit
Corporate Indebtedness
Interest rate added to base rate (as a percent)		0.825%
Revolving credit facility | Revolving Credit Facility, Maturity March 31, 2022 | LIBOR | Maximum | Line of Credit
Corporate Indebtedness
Interest rate added to base rate (as a percent)		1.55%

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Stockholders' Equity of the Company - Earnings per Share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Basic Earnings:
Income attributable to SL Green common stockholders	$ 33,157	$ 88,209	$ 238,052	$ 293,531
Net Income (Loss) Available To Common Stockholders, After Distributed And Undistributed Earnings Allocation, Basic	33,049	88,051	237,686	293,022
Effect of Dilutive Securities:
Add back: distributed earnings allocated to participating securities	108	125	325	371
Add back: undistributed earnings allocated to participating securities	0	33	41	138
Diluted Earnings:
Income attributable to SL Green common stockholders	$ 34,876	$ 93,006	$ 250,358	$ 309,187
Basic Shares:
Weighted average common shares outstanding (shares)	82,292,000	85,566,000	82,855,000	87,692,000
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares (shares)	4,258,000	4,643,000	4,283,000	4,677,000
Stock-based compensation plans (shares)	164,000	219,000	171,000	211,000
Diluted weighted average common stock outstanding (shares)	86,714,000	90,428,000	87,309,000	92,580,000
Common stock shares excluded from the diluted shares outstanding (shares)	1,317,803	941,636
Common Stock
Effect of Dilutive Securities:
Redemption of units to common shares	$ 1,719	$ 4,797	$ 12,306	$ 15,656

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair value measurements, recurring and nonrecurring

The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	30,208	$	—	$	30,208	$	—
Interest rate cap and swap agreements (included in other assets)	$	2,784	$	—	$	2,784	$	—
Liabilities:
Interest rate cap and swap agreements (included in other liabilities)	$	37,208	$	—	$	37,208	$	—

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	28,638	$	—	$	28,638	$	—
Interest rate cap and swap agreements (included in other assets)	$	18,676	$	—	$	18,676	$	—
Liabilities:
Interest rate cap and swap agreements (included in other liabilities)	$	7,663	$	—	$	7,663	$	—

Fair value, by balance sheet grouping

The following table provides the carrying value and fair value of these financial instruments as of September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019				December 31, 2018
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
Debt and preferred equity investments	$	1,954,556	(2)		$	2,099,393	(2)
Fixed rate debt	$	3,538,829	$	3,661,582	$	3,543,476	$	3,230,127
Variable rate debt	2,353,927		2,364,868		2,048,442		2,057,966
	$	5,892,756	$	6,026,450	$	5,591,918	$	5,288,093

(1) Amounts exclude net deferred financing costs.

(2)

At September 30, 2019, debt and preferred equity investments had an estimated fair value ranging between $1.9 billion and $2.1 billion. At December 31, 2018, debt and preferred equity investments had an estimated fair value ranging between $2.1 billion and $2.3 billion.

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Stockholders' Equity of the Company (Tables)

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Class of Treasury Stock

At September 30, 2019, repurchases executed under the program were as follows:

Period	Shares repurchased	Average price paid per share	Cumulative number of shares repurchased as part of the repurchase plan or programs
Year ended 2017	8,342,411	$101.64	8,342,411
Year ended 2018	9,744,911	$96.22	18,087,322
First quarter 2019	397,783	$86.07	18,485,105
Second quarter 2019	866,924	$86.58	19,352,029
Third quarter 2019 (1)	916,439	$81.31	20,268,468

(1) Includes 108,300 shares of common stock repurchased by the Company in September 2019 that were settled in October 2019.

Schedule of Common Stock Issued and Proceeds Received Dividend Reinvestments

The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three and nine months ended September 30, 2019 and 2018, respectively (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Shares of common stock issued	490		509		3,485		1,183
Dividend reinvestments/stock purchases under the DRSPP	$	39	$	52	$	303	$	116

Schedule of Earnings Per Share

SL Green's earnings per share for the three and nine months ended September 30, 2019 and 2018 are computed as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
Numerator	2019			2018			2019			2018
Basic Earnings:
Income attributable to SL Green common stockholders	$	33,157		$	88,209		$	238,052		$	293,531
Less: distributed earnings allocated to participating securities	(108		)	(125		)	(325		)	(371		)
Less: undistributed earnings allocated to participating securities	—			(33		)	(41		)	(138		)
Net income attributable to SL Green common stockholders (numerator for basic earnings per share)	$	33,049		$	88,051		$	237,686		$	293,022
Add back: distributed earnings allocated to participating securities	108			125			325			371
Add back: undistributed earnings allocated to participating securities	—			33			41			138
Add back: Effect of dilutive securities (redemption of units to common shares)	1,719			4,797			12,306			15,656
Income attributable to SL Green common stockholders (numerator for diluted earnings per share)	$	34,876		$	93,006		$	250,358		$	309,187

	Three Months Ended September 30,		Nine Months Ended September 30,
Denominator	2019	2018	2019	2018
Basic Shares:
Weighted average common stock outstanding	82,292	85,566	82,855	87,692
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares	4,258	4,643	4,283	4,677
Stock-based compensation plans	164	219	171	211
Diluted weighted average common stock outstanding	86,714	90,428	87,309	92,580

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Mortgages and Other Loans Payable (Tables)

9 Months Ended

Sep. 30, 2019

Mortgages and Other Loans Payable

Schedule of first mortgages and other loans payable collateralized by the respective properties and assignment of leases

The first mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at September 30, 2019 and December 31, 2018, respectively, were as follows (dollars in thousands):

Property	Maturity Date	Interest Rate (1)			September 30, 2019			December 31, 2018
Fixed Rate Debt:
762 Madison Avenue	February 2022		5.00	%	771			771
100 Church Street	July 2022		4.68	%	210,382			213,208
420 Lexington Avenue	October 2024		3.99	%	300,000			300,000
400 East 58th Street (2)	November 2026		3.00	%	39,306			39,931
Landmark Square	January 2027		4.90	%	100,000			100,000
485 Lexington Avenue	February 2027		4.25	%	450,000			450,000
1080 Amsterdam (3)	February 2027		3.59	%	35,297			35,807
315 West 33rd Street	February 2027		4.17	%	250,000			250,000
Total fixed rate debt					$	1,385,756		$	1,389,717
Floating Rate Debt:
FHLB Facility	December 2019	L+	0.18	%	14,500			14,500
FHLB Facility	January 2020	L+	0.26	%	10,000			—
FHLB Facility	February 2020	L+	0.32	%	15,000			—
2017 Master Repurchase Agreement	June 2020	L+	2.22	%	190,107			300,000
133 Greene Street	August 2020	L+	2.00	%	15,523			15,523
106 Spring Street	January 2021	L+	2.50	%	38,025			—
609 Fifth Avenue	March 2021	L+	2.40	%	52,990			—
185 Broadway (4)	November 2021	L+	2.85	%	115,886			111,869
712 Madison Avenue	December 2021	L+	2.50	%	28,000			28,000
460 West 34th Street (5)	May 2022	L+	2.23	%	310,236
Suburban Loan (6)	July 2022	L+	2.79	%	228,660			—
719 Seventh Avenue	September 2023	L+	1.20	%	50,000			50,000
FHLB Facility (7)					—			13,000
115 Spring Street (8)					—			65,550
Total floating rate debt					$	1,068,927		$	598,442
Total mortgages and other loans payable					$	2,454,683		$	1,988,159
Deferred financing costs, net of amortization					(37,522		)	(26,919		)
Total mortgages and other loans payable, net					$	2,417,161		$	1,961,240

(1) Interest rate as of September 30, 2019, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated interest rate spread over 30-day LIBOR, unless otherwise specified.

(2) The loan carries a fixed interest rate of 300 basis points for the first five years and is prepayable without penalty at the end of year five.

(3) The loan is comprised of a $35.5 million mortgage loan and $0.9 million mezzanine loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of year five.

(4) This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with two one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.

(5) This loan is a $465.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with two one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.

(6) Collateralized by the properties located at 360 Hamilton Avenue, 100 Summit Lake Drive, 200 Summit Lake Drive and 500 Summit Lake Drive.

(7) In August 2019, the loan was repaid.

(8) In August 2019, the Company sold a 49% interest in 115 Spring Street to a private investor. The transaction resulted in the deconsolidation of our remaining 51% interest. See Note 6, "Investments in Unconsolidated Joint Ventures."

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Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Finance lease, cost			$ 3,300
Interest on financing leases	$ 813	$ 0	2,425	$ 0
Finance lease, right-of-use asset, amortization			900
Operating lease rent	$ 8,295	$ 9,507	$ 24,891	$ 26,661
Operating lease, weighted average discount rate, percent	8.47%		8.47%
Operating lease, weighted average remaining lease term	67 years		67 years
Financing leases
Remaining 2019	$ 621		$ 621
2020	2,619		2,619
2021	2,794		2,794
2022	2,794		2,794
2023	2,794		2,794
2024	2,819		2,819
Thereafter	814,283		814,283
Total minimum lease payments	828,724		828,724
Amount representing interest	(784,473)		(784,473)
Lease liabilities	44,251		44,251		$ 43,616
Operating leases (1)
Remaining 2019	7,797		7,797
2020	31,508		31,508
2021	31,702		31,702
2022	29,548		29,548
2023	27,243		27,243
2024	27,263		27,263
Thereafter	649,289		649,289
Total minimum lease payments	804,350		804,350
Amount discounted using incremental borrowing rate	(419,689)		(419,689)
Lease liabilities	384,661		384,661		$ 3,603
Total minimum sublease rentals to be received	$ 1,700,000		$ 1,700,000

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Debt and Preferred Equity Investments - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Aggregate weighted average current yield (as a percent)	8.89%
Debt Investments Held [Abstract]
Carrying Value	$ 1,954,556	$ 2,099,393
Mezzanine Loan with an Initial Maturity Date of March 2020
Debt Investments Held [Abstract]
Amount participated out	1,300
Mezzanine Loan, with an Initial Maturity Date of June 2024
Debt Investments Held [Abstract]
Amount participated out	12,000
Debt Investments in Mortgage Loans
Debt Investments Held [Abstract]
Future Funding Obligations	96,367
Senior Financing	6,584,666
Carrying Value	1,714,047	1,812,936
Total fixed rate
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	4,111,960
Carrying Value	638,959	430,099
Total fixed rate | Mezzanine Loan with an Initial Maturity Date of March 2020
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	1,160,000
Carrying Value	220,321	213,185
Total fixed rate | Mezzanine Loan, September 2021
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	15,000
Carrying Value	3,500	3,500
Total fixed rate | Mezzanine Loan with an Initial Maturity Date of April 2022
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	147,000
Carrying Value	24,946	24,932
Total fixed rate | Mezzanine Loan with an Initial Maturity of August 2022
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	280,000
Carrying Value	38,177	36,585
Total fixed rate | Mezzanine Loan With Maturity June 2023
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	323,003
Carrying Value	211,105	0
Total fixed rate | Mezzanine Loan, November 2023
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	84,207
Carrying Value	12,712	12,706
Total fixed rate | Mezzanine Loan With An Initial Maturity Date Of December 2023
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	180,000
Carrying Value	30,000	30,000
Total fixed rate | Mezzanine Loan, with an Initial Maturity Date of June 2024
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	115,000
Carrying Value	12,948	12,941
Total fixed rate | Mezzanine Loan, January 2025
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	95,000
Carrying Value	30,000	30,000
Total fixed rate | Mezzanine Loan with an Initial Maturity Date of June 2027
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	1,712,750
Carrying Value	55,250	55,250
Total fixed rate | Mezzanine Loan Sold In 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	0	11,000
Total floating rate
Debt Investments Held [Abstract]
Future Funding Obligations	96,367
Senior Financing	2,472,706
Carrying Value	1,075,088	1,382,837
Total floating rate | Mezzanine Loan with an Initial Maturity Date of March 2020
Debt Investments Held [Abstract]
Future Funding Obligations	51
Senior Financing	329,673
Carrying Value	54,832	53,402
Total floating rate | Mezzanine Loan With An Initial Maturity May 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	142,000
Carrying Value	30,000	15,333
Total floating rate | Mezzanine Loan With An Initial Maturity May 2019, 2
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	29,000	14,822
Total floating rate | Mortgage/Mezzanine Loan with an Initial Maturity of September 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	41,631	154,070
Total floating rate | Mezzanine Loan with an Initial Maturity of October 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	350,000
Carrying Value	34,999	34,886
Total floating rate | Mortgage/Mezzanine Loan with an Initial Maturity of January 2020
Debt Investments Held [Abstract]
Future Funding Obligations	5,598
Senior Financing	37,291
Carrying Value	92,185	62,493
Total floating rate | Mezzanine Loan with an Initial Maturity of January 2020
Debt Investments Held [Abstract]
Future Funding Obligations	1
Senior Financing	579,997
Carrying Value	94,730	79,164
Total floating rate | Mortgage Loan with an Initial Maturity of February 2020
Debt Investments Held [Abstract]
Future Funding Obligations	6,987
Senior Financing	0
Carrying Value	92,922	88,501
Total floating rate | Mortgage/Mezzanine Loan Due March 2020
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	69,661	0
Total floating rate | Mortgage and Mezzanine Loan with an Initial Maturity Date of April 2020
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	40,000
Carrying Value	19,999	19,986
Total floating rate | Mezzanine Loan with an Initial Maturity of July 2020
Debt Investments Held [Abstract]
Future Funding Obligations	5,664
Senior Financing	44,812
Carrying Value	14,886	12,627
Total floating rate | Mortgage/Mezzanine Loan Due August 2020
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	19,958	19,999
Total floating rate | Mortgage And Mezzanine Loan With An Initial Maturity Date Of October 2020
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	64,070
Carrying Value	55,349	83,449
Total floating rate | Mezzanine Loan with an Initial Maturity of November 2020
Debt Investments Held [Abstract]
Future Funding Obligations	28,834
Senior Financing	402,237
Carrying Value	98,960	88,817
Total floating rate | Mortgage/Mezzanine Loan with an Initial Maturity of December 2020
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	35,355	35,266
Total floating rate | Mortgage/Mezzanine Loan With An Initial Maturity Due April 2021
Debt Investments Held [Abstract]
Future Funding Obligations	25,504
Senior Financing	0
Carrying Value	194,545	277,694
Total floating rate | Mezzanine Loan With An Initial Maturity Due April 2021
Debt Investments Held [Abstract]
Future Funding Obligations	9,750
Senior Financing	275,000
Carrying Value	40,023	24,961
Total floating rate | Jr Mortgage Participation/Mezzanine Loan with an Initial Maturity of July 2021
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	60,000
Carrying Value	15,689	15,665
Total floating rate | Mezzanine Loan With An Initial Maturity Due July 2021
Debt Investments Held [Abstract]
Future Funding Obligations	13,978
Senior Financing	147,626
Carrying Value	40,364	0
Total floating rate | Mortgage/Jr.Mortgage Participation Loan Repaid In 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	0	84,012
Total floating rate | Mortgage/Mezzanine Loan Repaid In 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	0	37,094
Total floating rate | Mortgage And Mezzanine Loan Repaid In 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	0	98,804
Total floating rate | Mezzanine Loan Repaid In 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	0	7,305
Total floating rate | Mezzanine Loan Repaid In 2019, 2
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	0	14,998
Total floating rate | Mezzanine Loan Repaid In 2019, 3
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	0	21,990
Total floating rate | Mezzanine Loan Assumed
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value	$ 0	$ 37,499

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Investments in Unconsolidated Joint Ventures - Acquisition, Development and Construction Arrangements/Sale of Joint Venture Interest or Property (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	May 31, 2019	Feb. 28, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Oct. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 2,923,595		$ 2,923,595		$ 3,019,020
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate			0	$ 70,937	76,181	$ 136,522
Stonehenge Portfolio
Schedule of Equity Method Investments [Line Items]
Ownership Interest								90.00%
Mezzanine loan due February 2022
Schedule of Equity Method Investments [Line Items]
Equity method investments			0		0		44,357
Mezzanine Loans And Preferred Equity
Schedule of Equity Method Investments [Line Items]
Equity method investments			0		0		$ 44,357
131-137 Spring Street
Schedule of Equity Method Investments [Line Items]
Ownership Interest		20.00%
Gross Asset Valuation		$ 216,000
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate		$ 17,660
521 Fifth Avenue
Schedule of Equity Method Investments [Line Items]
Ownership Interest	50.50%
Gross Asset Valuation	$ 381,000
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	$ 57,874
Stonehenge Portfolio
Schedule of Equity Method Investments [Line Items]
Gross Asset Valuation			$ 468,800		468,800
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate					$ (2,408)

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Related Party Transactions

9 Months Ended

Sep. 30, 2019

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Cleaning/ Security/ Messenger and Restoration Services

Alliance Building Services, or Alliance, and its affiliates are partially owned by Gary Green, a son of Stephen L. Green, who serves as a member and as the chairman emeritus of our board of directors, and provide services to certain properties owned by us. Alliance’s affiliates include First Quality Maintenance, L.P., or First Quality, Classic Security LLC, Bright Star Couriers LLC and Onyx Restoration Works, and provide cleaning, extermination, security, messenger, and restoration services, respectively. In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. The Service Corporation has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements.

Income earned from the profit participation, which is included in other income on the consolidated statements of operations, was $0.9 million and $2.7 million for the three and nine months ended September 30, 2019, respectively, and was $0.9 million and $3.0 million for the three and nine months ended September 30, 2018, respectively.

We also recorded expenses, inclusive of capitalized expenses, of $5.6 million and $14.1 million for the three and nine months ended September 30, 2019, respectively, for these services (excluding services provided directly to tenants), and $5.0 million and $14.0 million for the three and nine months ended September 30, 2018, respectively.

Management Fees

S.L. Green Management Corp., a consolidated entity, receives property management fees from an entity in which Stephen L. Green owns an interest. We received management fees from this entity of $0.2 million and $0.5 million for the three and nine months ended September 30, 2019, respectively, and $0.1 million and $0.4 million for the three and nine months ended September 30, 2018, respectively.

One Vanderbilt Investment

In December 2016, we entered into agreements with entities owned and controlled by our Chairman and CEO, Marc Holliday, and our President, Andrew Mathias, pursuant to which they agreed to make an investment in our One Vanderbilt project at the appraised fair market value for the interests acquired. This investment entitles these entities to receive approximately 1.50% - 1.80% and 1.00% - 1.20%, respectively, of any profits realized by the Company from its One Vanderbilt project in excess of the Company’s capital contributions. The entities have no right to any return of capital. Accordingly, subject to previously disclosed repurchase rights, these interests will have no value and will not entitle these entities to any amounts (other than limited distributions to cover tax liabilities incurred) unless and until the Company has received distributions from the One Vanderbilt project in excess of the Company’s aggregate investment in the project. In the event that the Company does not realize a profit on its investment in the project (or would not realize a profit based on the value at the time the interests are repurchased), the entities owned and controlled by Messrs. Holliday and Mathias will lose the entire amount of their investment. The entities owned and controlled by Messrs. Holliday and Mathias paid $1.4 million and $1.0 million, respectively, which equal the fair market value of the interests acquired as of the date the investment agreements were entered into as determined by an independent third party appraisal that we obtained.

Other

We are entitled to receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures as further described in Note 6, "Investments in Unconsolidated Joint Ventures." Amounts due from joint ventures and related parties at September 30, 2019 and December 31, 2018 consisted of the following (in thousands):

	September 30, 2019		December 31, 2018
Due from joint ventures	$	7,648	$	18,655
Other	12,382		9,378
Related party receivables	$	20,030	$	28,033

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Label	Element	Value
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 570,524,000

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Share-based Compensation

9 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation

Share-based Compensation

We have share-based employee and director compensation plans. Our employees are compensated through the Operating Partnership. Under each plan, whenever the Company issues common or preferred stock, the Operating Partnership issues an equivalent number of units of limited partnership interest of a corresponding class to the Company.

The Fourth Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's board of directors in April 2016 and its stockholders in June 2016 at the Company's annual meeting of stockholders. The 2005 Plan authorizes the issuance of stock options, stock appreciation rights, unrestricted and restricted stock, phantom shares, dividend equivalent rights, cash-based awards and other equity-based awards. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 27,030,000 fungible units may be granted under the 2005 Plan. Currently, different types of awards count against the limit on the number of fungible units differently, with (1) full-value awards (i.e., those that deliver the full value of the award upon vesting, such as restricted stock) counting as 3.74 Fungible Units per share subject to such awards, (2) stock options, stock appreciation rights and other awards that do not deliver full value and expire five years from the date of grant counting as 0.73 fungible units per share subject to such awards, and (3) all other awards (e.g., ten-year stock options) counting as 1.0 fungible units per share subject to such awards. Awards granted under the 2005 Plan prior to the approval of the fourth amendment and restatement in June 2016 continue to count against the fungible unit limit based on the ratios that were in effect at the time such awards were granted, which may be different than the current ratios. As a result, depending on the types of awards issued, the 2005 Plan may result in the issuance of more or less than 27,030,000 shares. If a stock option or other award granted under the 2005 Plan expires or terminates, the common stock subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Shares of our common stock distributed under the 2005 Plan may be treasury shares or authorized but unissued shares. Currently, unless the 2005 Plan has been previously terminated by the Company's board of directors, new awards may be granted under the 2005 Plan until June 2, 2026, which is the tenth anniversary of the date that the 2005 Plan was most recently approved by the Company's stockholders. As of September 30, 2019, 4.9 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP Units.

Stock Options and Class O LTIP Units

Options are granted with an exercise price at the fair market value of the Company's common stock on the date of grant and, subject to employment, generally expire five or ten years from the date of grant, are not transferable other than on death, and generally vest in one to five years commencing one year from the date of grant. We have also granted Class O LTIP Units, which are a class of LTIP Units in the Operating Partnership structured to provide economics similar to those of stock options. Class O LTIP Units, once vested, may be converted, at the election of the holder, into a number of common units of the Operating Partnership per Class O LTIP Unit determined by the increase in value of a share of the Company’s common stock at the time of conversion over a participation threshold, which equals the fair market value of a share of the Company’s common stock at the time of grant. Class O LTIP Units are entitled to distributions, subject to vesting, equal per unit to 10% of the per unit distributions paid with respect to the common units of the Operating Partnership.

The fair value of each stock option or LTIP Unit granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the year ended December 31, 2018. There were no grants during the nine months ended September 30, 2019.

	September 30, 2019	December 31, 2018
Dividend yield	none	2.85	%
Expected life	zero years	3.5 years
Risk-free interest rate	none	2.48	%
Expected stock price volatility	none	22.00	%

A summary of the status of the Company's stock options as of September 30, 2019 and December 31, 2018, and changes during the nine months ended September 30, 2019 and year ended December 31, 2018 are as follows:

	September 30, 2019					December 31, 2018
	Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price
Balance at beginning of period	1,137,017			$	103.54	1,548,719			$	101.48
Granted	—			—		6,000			97.91
Exercised	—			—		(316,302		)	90.22
Lapsed or canceled	(40,499		)	111.60		(101,400		)	113.22
Balance at end of period	1,096,518			$	103.24	1,137,017			$	103.54
Options exercisable at end of period	966,045			$	102.68	783,035			$	101.28
Total fair value of options granted during the period	$	—				$	84,068

All options were granted with strike prices ranging from $20.67 to $137.18. The remaining weighted average contractual life of the options outstanding was 2.8 years and the remaining average contractual life of the options exercisable was 2.8 years.

During the three and nine months ended September 30, 2019, we recognized compensation expense for these options of $0.6 million and $1.8 million, respectively. During the three and nine months ended September 30, 2018, we recognized compensation expense for these options of $1.1 million and $4.3 million, respectively.

As of September 30, 2019, there was $0.7 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 0.3 years.

Restricted Shares

Shares are granted to certain employees, including our executives and vesting will occur annually upon the completion of a service period or our meeting established financial performance criteria. Annual vesting occurs at rates ranging from 15% to 35% once performance criteria are reached.

A summary of the Company's restricted stock as of September 30, 2019 and December 31, 2018 and charges during the nine months ended September 30, 2019 and the year ended December 31, 2018, are as follows:

	September 30, 2019			December 31, 2018
Balance at beginning of period	3,452,016			3,298,216
Granted	27,650			162,900
Canceled	(11,500		)	(9,100		)
Balance at end of period	3,468,166			3,452,016
Vested during the period	111,374			92,114
Compensation expense recorded	$	9,469,622		$	12,757,704
Total fair value of restricted stock granted during the period	$	2,233,548		$	13,440,503

The fair value of restricted stock that vested during the nine months ended September 30, 2019 and the year ended December 31, 2018 was $12.0 million and $9.8 million, respectively. As of September 30, 2019 there was $15.1 million of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 1.8 years.

We granted LTIP Units, which include bonus, time-based and performance-based awards, with a fair value of $41.6 million and $22.0 million as of September 30, 2019 and December 31, 2018, respectively. The grant date fair value of the LTIP Unit awards was calculated in accordance with ASC 718. A third party consultant determined the fair value of the LTIP Units to have a discount from our common stock price. The discount was calculated by considering the inherent uncertainty that the LTIP Units will reach parity with other common partnership units and the illiquidity due to transfer restrictions. As of September 30, 2019, there was $22.5 million of total unrecognized compensation expense related to the time-based and performance based awards, which is expected to be recognized over a weighted average period of 2.3 years.

During the three and nine months ended September 30, 2019, we recorded compensation expense related to bonus, time-based and performance based awards of $3.0 million and $14.0 million, respectively. During the three and nine months ended September 30, 2018, we recorded compensation expense related to bonus, time-based and performance based awards of $2.3 million and $11.4 million, respectively.

For the three and nine months ended September 30, 2019, $0.5 million and $1.4 million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options. For the three and nine months ended September 30, 2018, $1.6 million and $4.7 million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options.

Deferred Compensation Plan for Directors

Under our Non-Employee Director's Deferral Program, which commenced July 2004, the Company's non-employee directors may elect to defer up to 100% of their annual retainer fee, chairman fees, meeting fees and annual stock grant. Unless otherwise elected by a participant, fees deferred under the program shall be credited in the form of phantom stock units. The program provides that a director's phantom stock units generally will be settled in an equal number of shares of common stock upon the earlier of (i) the January 1 coincident with or the next following such director's termination of service from the Board of Directors or (ii) a change in control by us, as defined by the program. Phantom stock units are credited to each non-employee director quarterly using the closing price of our common stock on the first business day of the respective quarter. Each participating non-employee director is also credited with dividend equivalents or phantom stock units based on the dividend rate for each quarter, which are either paid in cash currently or credited to the director’s account as additional phantom stock units.

During the nine months ended September 30, 2019, 17,227 phantom stock units and 9,869 shares of common stock were issued to our board of directors. We recorded compensation expense of $0.2 million and $2.2 million during the three and nine months ended September 30, 2019, respectively, related to the Deferred Compensation Plan. We recorded compensation expense of $0.1 million and $2.2 million during the three and nine months ended September 30, 2018, respectively, related to the Deferred Compensation Plan.

As of September 30, 2019, there were 127,505 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program.

Employee Stock Purchase Plan

In 2007, the Company's board of directors adopted the 2008 Employee Stock Purchase Plan, or ESPP, to encourage our employees to make our business more successful by providing equity-based incentives to eligible employees. The ESPP is intended to qualify as an "employee stock purchase plan" under Section 423 of the Code, and has been adopted by the board to enable our eligible employees to purchase the Company's shares of common stock through payroll deductions. The ESPP became effective on January 1, 2008 with a maximum of 500,000 shares of the common stock available for issuance, subject to adjustment upon a merger, reorganization, stock split or other similar corporate change. The Company filed a registration statement on Form S-8 with the SEC with respect to the ESPP. The common stock is offered for purchase through a series of successive offering periods. Each offering period will be three months in duration and will begin on the first day of each calendar quarter, with the first offering period having commenced on January 1, 2008. The ESPP provides for eligible employees to purchase the common stock at a purchase price equal to 85% of the lesser of (1) the market value of the common stock on the first day of the offering period or (2) the market value of the common stock on the last day of the offering period. The ESPP was approved by our stockholders at our 2008 annual meeting of stockholders. As of September 30, 2019, 127,280 shares of our common stock had been issued under the ESPP.

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt and preferred equity investments, discount and deferred origination fees	$ 16,224	$ 22,379
Allowance for loan and lease losses, real estate	$ 1,750	$ 5,750
Preferred stock, par value (in dollars per share)	$ 0.01
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	82,570,000	84,739,000
Common stock, shares outstanding (in shares)	82,570,000	84,739,000
Treasury stock, shares (in shares)	1,055,000	1,055,000
Land and land interests	$ 1,860,922	$ 1,774,899
Building and improvements	5,352,144	5,268,484
Building leasehold and improvements	1,431,183	1,423,107
Right of use asset - financing leases	47,445	47,445
Accumulated depreciation	2,147,395	2,099,137
Other assets	271,467	295,679
Mortgages and other loans payable, net	2,417,161	1,961,240
Accrued interest payable	27,568	23,154
Lease liability - financing leases	44,251	43,616
Other liabilities	$ 140,899	$ 116,566
Series I Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25.00	$ 25.00
Preferred stock, shares issued (in shares)	9,200,000	9,200,000
Preferred stock, shares outstanding (in shares)	9,200,000	9,200,000
Consolidated VIEs
Land and land interests	$ 219,400	$ 110,000
Building and improvements	522,900	346,700
Building leasehold and improvements	2,000	2,000
Right of use asset - financing leases	61,700	47,400
Accumulated depreciation	27,600	42,200
Other assets	99,400	112,600
Mortgages and other loans payable, net	473,200	140,800
Accrued interest payable	1,400	400
Lease liability - financing leases	57,400	43,600
Other liabilities	35,700	18,300
SL Green Operating Partnership
Debt and preferred equity investments, discount and deferred origination fees	16,224	22,379
Allowance for loan and lease losses, real estate	$ 1,750	$ 5,750
Limited partner interests in Operating Partnership, limited partner common units outstanding (shares)	4,258,000	4,131,000
SL Green partner's capital, general partner common units outstanding (shares)	858,000	878,000
SL Green partners' capital, limited partner common units outstanding (shares)	80,657,000	82,806,000
Land and land interests	$ 1,860,922	$ 1,774,899
Building and improvements	5,352,144	5,268,484
Building leasehold and improvements	1,431,183	1,423,107
Right of use asset - financing leases	47,445	47,445
Accumulated depreciation	2,147,395	2,099,137
Other assets	271,467	295,679
Mortgages and other loans payable, net	2,417,161	1,961,240
Accrued interest payable	27,568	23,154
Lease liability - financing leases	44,251	43,616
Other liabilities	$ 140,899	$ 116,566
SL Green Operating Partnership | Series I Preferred Stock
Preferred units, liquidation preference (in dollars per share)	$ 25.00	$ 25.00
Preferred units, shares issued (in shares)	9,200,000	9,200,000
Preferred units, shares outstanding (in shares)	9,200,000	9,200,000
SL Green Operating Partnership | Consolidated VIEs
Land and land interests	$ 219,400	$ 110,000
Building and improvements	522,900	346,700
Building leasehold and improvements	2,000	2,000
Right of use asset - financing leases	61,700	47,400
Accumulated depreciation	27,600	42,200
Other assets	99,400	112,600
Mortgages and other loans payable, net	473,200	140,800
Accrued interest payable	1,400	400
Lease liability - financing leases	57,400	43,600
Other liabilities	$ 35,700	$ 18,300

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Rental Income

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Rental Income

Rental Income

The Operating Partnership is the lessor and the sublessor to tenants under operating leases with expiration dates ranging from October 1, 2019 to 2064. The minimum rental amounts due under the leases are generally either subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs. Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases in effect at September 30, 2019 for the consolidated properties, including consolidated joint venture properties, and our share of unconsolidated joint venture properties, are as follows (in thousands):

	Consolidated Properties		Unconsolidated Properties
Remaining 2019	$	217,473	$	95,575
2020	823,857		388,519
2021	676,880		395,558
2022	621,613		378,888
2023	555,748		352,418
2024	513,416		323,113
Thereafter	3,299,836		1,909,299
	$	6,708,823	$	3,843,370

As of December 31, 2018, under ASC 840, approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases for the consolidated properties, including consolidated joint venture properties, and our share of unconsolidated joint venture properties are as follows (in thousands):

	Consolidated Properties		Unconsolidated Properties
2019	$	830,336	$	348,060
2020	765,610		375,228
2021	625,956		380,886
2022	562,250		348,222
2023	500,499		333,501
Thereafter	3,272,014		2,098,995
	$	6,556,665	$	3,884,892

The components of lease revenues were as follows (in thousands):

	Three Months Ended    September 30, 2019		Three Months Ended    September 30, 2018		Nine Months Ended   September 30, 2019		Nine Months Ended   September 30, 2018
Fixed lease payments	$	214,282	$	220,443	$	641,007	$	643,015
Variable lease payments	32,581		29,103		88,539		82,554
Total lease payments	$	246,863	$	249,546	$	729,546	$	725,569
Amortization of acquired above and below-market leases	1,165		1,320		3,559		5,486
Total rental revenue	$	248,028	$	250,866	$	733,105	$	731,055

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Consolidated Statement of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In-Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interests	Series I Preferred Stock Preferred Stock
Beginning Balance at Dec. 31, 2017	$ 6,589,454	$ 939	$ 4,968,338	$ (124,049)	$ 18,604	$ 1,139,329	$ 364,361	$ 221,932
Beginning Balance (in shares) at Dec. 31, 2017		92,803
Adjusted Balance at Dec. 31, 2017	7,159,978	$ 939	4,968,338	(124,049)	18,604	1,709,853	364,361	221,932
Increase (Decrease) in Stockholders' Equity
Net income	213,168					212,797	371
Other comprehensive loss	14,018				14,018
Preferred dividends	(7,475)					(7,475)
DRSPP proceeds (in shares)		1
DRSPP proceeds	64		64
Conversion of units of the Operating Partnership to common stock (in shares)		15
Conversion of units in the Operating Partnership for common stock	1,560		1,560
Reallocation of noncontrolling interest in the Operating Partnership	(4,493)					(4,493)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (in shares)		(20)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings	8,090		8,090
Repurchases of common stock (in shares)		(7,133)
Repurchases of common stock	(693,091)	$ (72)	(382,080)			310,939
Proceeds from stock options exercised (in shares)		59
Proceeds from stock options exercised	5,637	$ 1	5,636
Contributions to consolidated joint venture interests	1,828						1,828
Deconsolidation of partially owned entity	(314,596)						(314,596)
Cash distributions to noncontrolling interests	(724)						(724)
Cash distributions declared (per common share, none of which represented a return of capital for federal income tax purposes)	(141,908)					(141,908)
Ending Balance at Jun. 30, 2018	6,242,056	$ 868	4,601,608	(124,049)	32,622	1,457,835	51,240	221,932
Ending Balance (in shares) at Jun. 30, 2018		85,725
Beginning Balance at Dec. 31, 2017	6,589,454	$ 939	4,968,338	(124,049)	18,604	1,139,329	364,361	221,932
Beginning Balance (in shares) at Dec. 31, 2017		92,803
Adjusted Balance at Dec. 31, 2017	7,159,978	$ 939	4,968,338	(124,049)	18,604	1,709,853	364,361	221,932
Increase (Decrease) in Stockholders' Equity
Preferred dividends	(11,213)
Ending Balance at Sep. 30, 2018	6,267,175	$ 867	4,602,650	(124,049)	36,299	1,476,959	52,517	221,932
Ending Balance (in shares) at Sep. 30, 2018		85,594
Beginning Balance at Dec. 31, 2017	6,589,454	$ 939	4,968,338	(124,049)	18,604	1,139,329	364,361	221,932
Beginning Balance (in shares) at Dec. 31, 2017		92,803
Adjusted Balance at Dec. 31, 2017	7,159,978	$ 939	4,968,338	(124,049)	18,604	1,709,853	364,361	221,932
Ending Balance at Dec. 31, 2018	5,947,855	$ 847	4,508,685	(124,049)	15,108	1,278,998	46,334	221,932
Ending Balance (in shares) at Dec. 31, 2018		83,684
Beginning Balance at Jun. 30, 2018	6,242,056	$ 868	4,601,608	(124,049)	32,622	1,457,835	51,240	221,932
Beginning Balance (in shares) at Jun. 30, 2018		85,725
Increase (Decrease) in Stockholders' Equity
Net income	91,811					91,947	(136)
Other comprehensive loss	3,677				3,677
Preferred dividends	(3,738)					(3,738)
DRSPP proceeds (in shares)		0
DRSPP proceeds	52		52
Conversion of units of the Operating Partnership to common stock (in shares)		0
Conversion of units in the Operating Partnership for common stock	0		0
Reallocation of noncontrolling interest in the Operating Partnership	11,941					11,941
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (in shares)		13
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings	4,634		4,634
Repurchases of common stock (in shares)		(253)
Repurchases of common stock	(25,236)	$ (2)	(13,579)			11,655
Proceeds from stock options exercised (in shares)		109
Proceeds from stock options exercised	9,936	$ 1	9,935
Contributions to consolidated joint venture interests	3,072						3,072
Deconsolidation of partially owned entity	(520)						(520)
Cash distributions to noncontrolling interests	(1,139)						(1,139)
Cash distributions declared (per common share, none of which represented a return of capital for federal income tax purposes)	(69,371)					(69,371)
Ending Balance at Sep. 30, 2018	6,267,175	$ 867	4,602,650	(124,049)	36,299	1,476,959	52,517	221,932
Ending Balance (in shares) at Sep. 30, 2018		85,594
Beginning Balance at Dec. 31, 2018	5,947,855	$ 847	4,508,685	(124,049)	15,108	1,278,998	46,334	221,932
Beginning Balance (in shares) at Dec. 31, 2018		83,684
Increase (Decrease) in Stockholders' Equity
Net income	210,470					212,370	(1,900)
Acquisition of subsidiary interest from noncontrolling interest	(25,791)		(515)				(25,276)
Other comprehensive loss	(43,503)				(43,503)
Preferred dividends	(7,475)					(7,475)
DRSPP proceeds (in shares)		3
DRSPP proceeds	263		263
Conversion of units of the Operating Partnership to common stock (in shares)		5
Conversion of units in the Operating Partnership for common stock	446		446
Reallocation of noncontrolling interest in the Operating Partnership	(14,028)					(14,028)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (in shares)		(17)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings	10,533		10,533
Repurchases of common stock (in shares)		(1,265)
Repurchases of common stock	(109,313)	$ (12)	(68,203)			(41,098)
Contributions to consolidated joint venture interests	50,692						50,692
Cash distributions to noncontrolling interests	(271)						(271)
Cash distributions declared (per common share, none of which represented a return of capital for federal income tax purposes)	(140,377)					(140,377)
Ending Balance at Jun. 30, 2019	5,879,501	$ 835	4,451,209	(124,049)	(28,395)	1,288,390	69,579	221,932
Ending Balance (in shares) at Jun. 30, 2019		82,410
Beginning Balance at Dec. 31, 2018	5,947,855	$ 847	4,508,685	(124,049)	15,108	1,278,998	46,334	221,932
Beginning Balance (in shares) at Dec. 31, 2018		83,684
Increase (Decrease) in Stockholders' Equity
Preferred dividends	(11,213)
Ending Balance at Sep. 30, 2019	5,763,300	$ 826	4,407,667	(124,049)	(40,132)	1,225,904	71,152	221,932
Ending Balance (in shares) at Sep. 30, 2019		81,515
Beginning Balance at Jun. 30, 2019	5,879,501	$ 835	4,451,209	(124,049)	(28,395)	1,288,390	69,579	221,932
Beginning Balance (in shares) at Jun. 30, 2019		82,410
Increase (Decrease) in Stockholders' Equity
Net income	36,271					36,895	(624)
Acquisition of subsidiary interest from noncontrolling interest	(54)		(54)				0
Other comprehensive loss	(11,737)				(11,737)
Preferred dividends	(3,738)					(3,738)
DRSPP proceeds (in shares)		0
DRSPP proceeds	39		39
Conversion of units of the Operating Partnership to common stock (in shares)		0
Conversion of units in the Operating Partnership for common stock	25		25
Reallocation of noncontrolling interest in the Operating Partnership	(1,481)					(1,481)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (in shares)		21
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings	5,948		5,948
Repurchases of common stock (in shares)		(916)
Repurchases of common stock	(74,531)	$ (9)	(49,500)			(25,022)
Contributions to consolidated joint venture interests	2,404						2,404
Cash distributions to noncontrolling interests	(207)						(207)
Cash distributions declared (per common share, none of which represented a return of capital for federal income tax purposes)	(69,140)					(69,140)
Ending Balance at Sep. 30, 2019	$ 5,763,300	$ 826	$ 4,407,667	$ (124,049)	$ (40,132)	$ 1,225,904	$ 71,152	$ 221,932
Ending Balance (in shares) at Sep. 30, 2019		81,515

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Partners' Capital of the Operating Partnership (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Schedule of calculation of numerator and denominator in earnings per unit

The Operating Partnership's earnings per unit for the three and nine months ended September 30, 2019 and 2018, respectively, are computed as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
Numerator	2019			2018			2019			2018
Basic Earnings:
Income attributable to SLGOP common unitholders	$	34,876		$	93,006		$	250,358		$	309,187
Less: distributed earnings allocated to participating securities	(108		)	(125		)	(325		)	(371		)
Less: undistributed earnings allocated to participating securities	—			(33		)	(41		)	(138		)
Net Income attributable to SLGOP common unitholders (numerator for basic earnings per unit)	$	34,768		$	92,848		$	249,992		$	308,678
Add back: distributed earnings allocated to participating securities	108			125			325			371
Add back: undistributed earnings allocated to participating securities	—			33			41			138
Income attributable to SLGOP common unitholders (numerator for diluted earnings per unit)	$	34,876		$	93,006		$	250,358		$	309,187

	Three Months Ended September 30,		Nine Months Ended September 30,
Denominator	2019	2018	2019	2018
Basic units:
Weighted average common units outstanding	86,550	90,209	87,138	92,369
Effect of Dilutive Securities:
Stock-based compensation plans	164	219	171	211
Diluted weighted average common units outstanding	86,714	90,428	87,309	92,580

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Corporate Indebtedness (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of senior unsecured notes and other related disclosures by scheduled maturity date

The following table sets forth our senior unsecured notes and other related disclosures as of September 30, 2019 and December 31, 2018, respectively, by scheduled maturity date (amounts in thousands):

Issuance	September 30, 2019 Unpaid Principal Balance		September 30, 2019 Accreted Balance			December 31, 2018 Accreted Balance			Interest Rate (1)			Initial Term (in Years)	Maturity Date
March 16, 2010 (2)	$	250,000	$	250,000		$	250,000			7.75	%	10	March 2020
August 7, 2018 (3) (4)	350,000		350,000			350,000			L+	0.98	%	3	August 2021
October 5, 2017 (3)	500,000		499,669			499,591				3.25	%	5	October 2022
November 15, 2012 (5)	300,000		303,404			304,168				4.50	%	10	December 2022
December 17, 2015 (2)	100,000		100,000			100,000				4.27	%	10	December 2025
	$	1,500,000	$	1,503,073		$	1,503,759
Deferred financing costs, net			(6,706		)	(8,545		)
	$	1,500,000	$	1,496,367		$	1,495,214

(1) Interest rate as of September 30, 2019, taking into account interest rate hedges in effect during the period. Floating rate notes are presented with the stated spread over 3-month LIBOR, unless otherwise specified.

(2) Issued by the Company and the Operating Partnership as co-obligors.

(3) Issued by the Operating Partnership with the Company as the guarantor.

(4) Beginning on August 8, 2019 and at any time thereafter, the notes are subject to redemption at the Company's option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes, plus unpaid accrued interest thereon to the redemption date.

(5) In October 2017, the Company and the Operating Partnership as co-obligors issued an additional $100.0 million of 4.50% senior unsecured notes due December 2022. The notes were priced at 105.334% of par.

Schedule of combined aggregate principal maturities

Combined aggregate principal maturities of mortgages and other loans payable, 2017 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of September 30, 2019, including as-of-right extension options and put options, were as follows (in thousands):

	Scheduled Amortization		Mortgages and Other Loans Payable		Revolving Credit Facility		Unsecured Term Loans		Trust Preferred Securities		Senior Unsecured Notes		Total		Joint Venture Debt
Remaining 2019	$	2,307	$	14,500	$	—	$	—	$	—	$	—	$	16,807	$	10,700
2020	11,118		230,630		—		—		—		250,000		491,748		804,143
2021	11,638		234,901		—		—		—		350,000		596,539		704,174
2022	9,430		737,452		—		—		—		800,000		1,546,882		268,968
2023	7,301		50,000		335,000		1,300,000		—		—		1,692,301		311,452
Thereafter	9,290		1,136,116		—		200,000		100,000		100,000		1,545,406		1,831,026
	$	51,084	$	2,403,599	$	335,000	$	1,500,000	$	100,000	$	1,500,000	$	5,889,683	$	3,930,463

Schedule of consolidated interest expense, excluding capitalized interest

Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Interest expense before capitalized interest	$	63,607		$	64,078		$	185,163		$	180,550
Interest on financing leases	813			—			2,425			—
Interest capitalized	(15,700		)	(8,504		)	(38,228		)	(22,785		)
Interest income	(608		)	(406		)	(3,563		)	(1,070		)
Interest expense, net	$	48,112		$	55,168		$	145,797		$	156,695

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Financial Instruments: Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional and fair value of derivative financial instruments and foreign currency hedges

The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments at September 30, 2019 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).

	Notional Value		Strike Rate		Effective Date	Expiration Date	Balance Sheet Location	Fair Value
Interest Rate Cap	$	111,869	3.500	%	November 2018	December 2019	Other Assets	$	—
Interest Rate Cap	300,000		3.750	%	May 2019	May 2020	Other Assets	—
Interest Rate Swap	100,000		1.928	%	December 2017	November 2020	Other Liabilities	(369		)
Interest Rate Swap	100,000		1.934	%	December 2017	November 2020	Other Liabilities	(376		)
Interest Rate Cap	85,000		4.000	%	March 2019	March 2021	Other Assets	—
Interest Rate Swap	200,000		1.131	%	July 2016	July 2023	Other Assets	1,930
Interest Rate Swap	100,000		1.161	%	July 2016	July 2023	Other Assets	854
Interest Rate Swap	150,000		2.696	%	January 2019	January 2024	Other Liabilities	(8,164		)
Interest Rate Swap	150,000		2.721	%	January 2019	January 2026	Other Liabilities	(12,049		)
Interest Rate Swap	200,000		2.740	%	January 2019	January 2026	Other Liabilities	(16,250		)
								$	(34,424	)

Schedule of effect of derivative financial instruments on consolidated statements of income

The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the three months ended September 30, 2019 and 2018, respectively (in thousands):

	Amount of (Loss) Gain Recognized in Other Comprehensive Loss					Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
	Three Months Ended September 30,						Three Months Ended September 30,
Derivative	2019			2018			2019			2018
Interest Rate Swaps/Caps	$	(10,169	)	$	2,207	Interest expense	$	(105	)	$	276
Share of unconsolidated joint ventures' derivative instruments	(2,437		)	2,263		Equity in net income from unconsolidated joint ventures	(192		)	222
	$	(12,606	)	$	4,470		$	(297	)	$	498

The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the nine months ended September 30, 2019 and 2018, respectively (in thousands):

	Amount of (Loss) Gain Recognized in Other Comprehensive Loss					Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
	Nine Months Ended September 30,						Nine Months Ended September 30,
Derivative	2019			2018			2019		2018
Interest Rate Swaps/Caps	$	(43,008	)	$	12,605	Interest expense	$	886	$	35
Share of unconsolidated joint ventures' derivative instruments	(11,963		)	6,668		Equity in net income from unconsolidated joint ventures	713		495
	$	(54,971	)	$	19,273		$	1,599	$	530

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Rental Income - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Leases [Abstract]
Fixed lease payments	$ 214,282	$ 220,443	$ 641,007	$ 643,015
Variable lease payments	32,581	29,103	88,539	82,554
Total lease payments	246,863	249,546	729,546	725,569
Amortization of acquired above and below-market leases	1,165	1,320	3,559	5,486
Total rental revenue	$ 248,028	$ 250,866	$ 733,105	$ 731,055

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Debt and Preferred Equity Investments - Rollforward of Total Allowance for Loan Loss Reserves (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Loan loss reserve activity
Balance at beginning of year	$ 5,750	$ 0	$ 0
Expensed	0	$ 1,087	6,839
Recoveries	0		0
Charge-offs and reclassifications	(4,000)		(1,089)
Balance at end of period	$ 1,750		$ 5,750

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Investments in Unconsolidated Joint Ventures - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 28, 2019 property	Oct. 31, 2016	Sep. 30, 2019 USD ($) ft² unit	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) ft² unit	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
General information on each joint venture
Equity method investments | $			$ 2,923,595		$ 2,923,595		$ 3,019,020
Net equity investment in VIEs in which the entity is not primary beneficiary | $			$ 876,900		$ 876,900		808,300
Unaudited Approximate Square Feet (sqft)			29,540,006		29,540,006
Purchase price and other fair value adjustments | $			$ 3,799	$ (3,057)	$ 69,389	$ 57,385
100 Park Avenue
General information on each joint venture
Ownership Interest			49.90%		49.90%
Unaudited Approximate Square Feet (sqft)			834,000		834,000
717 Fifth Avenue
General information on each joint venture
Ownership Interest			10.92%		10.92%
Unaudited Approximate Square Feet (sqft)			119,500		119,500
800 Third Avenue
General information on each joint venture
Ownership Interest			60.52%		60.52%
Unaudited Approximate Square Feet (sqft)			526,000		526,000
11 West 34th Street
General information on each joint venture
Ownership Interest			30.00%		30.00%
Economic Interest (as a percent)			30.00%		30.00%
Unaudited Approximate Square Feet (sqft)			17,150		17,150
280 Park Avenue
General information on each joint venture
Ownership Interest			50.00%		50.00%
Unaudited Approximate Square Feet (sqft)			1,219,158		1,219,158
1552-1560 Broadway
General information on each joint venture
Ownership Interest			50.00%		50.00%
Unaudited Approximate Square Feet (sqft)			57,718		57,718
10 East 53rd Street
General information on each joint venture
Ownership Interest			55.00%		55.00%
Unaudited Approximate Square Feet (sqft)			354,300		354,300
21 East 66th Street
General information on each joint venture
Ownership Interest			32.28%		32.28%
Unaudited Approximate Square Feet (sqft)			13,069		13,069
650 Fifth Avenue
General information on each joint venture
Ownership Interest			50.00%		50.00%
Unaudited Approximate Square Feet (sqft)			69,214		69,214
121 Greene Street
General information on each joint venture
Ownership Interest			50.00%		50.00%
Unaudited Approximate Square Feet (sqft)			7,131		7,131
55 West 46th Street
General information on each joint venture
Ownership Interest			25.00%		25.00%
Unaudited Approximate Square Feet (sqft)			347,000		347,000
Stonehenge Portfolio
General information on each joint venture
Ownership Interest		90.00%
Unaudited Approximate Square Feet (sqft)			1,439,016		1,439,016
Number of properties sold | property	1
605 West 42nd Street
General information on each joint venture
Ownership Interest			20.00%		20.00%
Unaudited Approximate Square Feet (sqft)			927,358		927,358
11 Madison Avenue
General information on each joint venture
Ownership Interest			60.00%		60.00%
Unaudited Approximate Square Feet (sqft)			2,314,000		2,314,000
333 East 22nd St
General information on each joint venture
Ownership Interest			33.33%		33.33%
Economic Interest (as a percent)			33.33%		33.33%
Unaudited Approximate Square Feet (sqft)			26,926		26,926
East 400 Street 57
General information on each joint venture
Ownership Interest		51.00%	51.00%		51.00%
Unaudited Approximate Square Feet (sqft)			290,482		290,482
1552 Broadway
General information on each joint venture
Unaudited Approximate Square Feet (sqft)			13,045		13,045
One Vanderbilt
General information on each joint venture
Ownership Interest			71.01%		71.01%
Unaudited Approximate Square Feet (sqft)			0		0
Worldwide Plaza
General information on each joint venture
Ownership Interest			24.35%		24.35%
Economic Interest (as a percent)			24.35%		24.35%
Unaudited Approximate Square Feet (sqft)			2,048,725		2,048,725
1515 Broadway
General information on each joint venture
Ownership Interest			56.87%		56.87%
Economic Interest (as a percent)			56.87%		56.87%
Unaudited Approximate Square Feet (sqft)			1,750,000		1,750,000
2 Herald Square
General information on each joint venture
Ownership Interest			51.00%		51.00%
Economic Interest (as a percent)			51.00%		51.00%
Unaudited Approximate Square Feet (sqft)			369,000		369,000
115 Spring Street
General information on each joint venture
Ownership Interest			51.00%		51.00%
Economic Interest (as a percent)			51.00%		51.00%
Unaudited Approximate Square Feet (sqft)			5,218		5,218
East 400 Street 57
General information on each joint venture
Ownership percentage in disposed asset		49.00%
21 East 66th Street | Three Retail and Two Residential Units
General information on each joint venture
Ownership Interest			3228.00%		3228.00%
Number of stores | unit			3		3
Number of residential units | unit			2		2
21 East 66th Street | Three Residential Units
General information on each joint venture
Ownership Interest			1614.00%		1614.00%
Number of residential units | unit			3		3
Joint venture
General information on each joint venture
Equity method investments | $			$ 2,923,595		$ 2,923,595		$ 3,019,020
Equity method investments with negative book value | $			$ 82,100		$ 82,100
Joint venture | 100 Park Avenue
General information on each joint venture
Economic Interest (as a percent)			49.90%		49.90%
Joint venture | 717 Fifth Avenue
General information on each joint venture
Economic Interest (as a percent)			10.92%		10.92%
Joint venture | 800 Third Avenue
General information on each joint venture
Economic Interest (as a percent)			60.52%		60.52%
Joint venture | 919 Third Avenue
General information on each joint venture
Ownership Interest			51.00%		51.00%
Economic Interest (as a percent)			51.00%		51.00%
Unaudited Approximate Square Feet (sqft)			1,454,000		1,454,000
Joint venture | 280 Park Avenue
General information on each joint venture
Economic Interest (as a percent)			50.00%		50.00%
Joint venture | 1552-1560 Broadway
General information on each joint venture
Economic Interest (as a percent)			50.00%		50.00%
Joint venture | 10 East 53rd Street
General information on each joint venture
Economic Interest (as a percent)			55.00%		55.00%
Joint venture | 21 East 66th Street
General information on each joint venture
Economic Interest (as a percent)			32.28%		32.28%
Joint venture | 650 Fifth Avenue
General information on each joint venture
Economic Interest (as a percent)			50.00%		50.00%
Joint venture | 121 Greene Street
General information on each joint venture
Economic Interest (as a percent)			50.00%		50.00%
Joint venture | 55 West 46th Street
General information on each joint venture
Economic Interest (as a percent)			25.00%		25.00%
Joint venture | Stonehenge Portfolio
General information on each joint venture
Ownership Interest		10.00%
Joint venture | 605 West 42nd Street
General information on each joint venture
Economic Interest (as a percent)			20.00%		20.00%
Joint venture | 11 Madison Avenue
General information on each joint venture
Economic Interest (as a percent)			60.00%		60.00%
Joint venture | East 400 Street 57
General information on each joint venture
Economic Interest (as a percent)			41.00%		41.00%
Joint venture | One Vanderbilt
General information on each joint venture
Economic Interest (as a percent)			71.01%		71.01%

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Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Commercial real estate properties, at cost:
Land and land interests		$ 1,860,922	$ 1,774,899
Building and improvements		5,352,144	5,268,484
Building leasehold and improvements		1,431,183	1,423,107
Right of use asset - financing leases		47,445	47,445
Right of use asset - operating leases		396,795	0
Total commercial real estate properties, at cost		9,088,489	8,513,935
Less: accumulated depreciation		(2,147,395)	(2,099,137)
Total commercial real estate properties, net		6,941,094	6,414,798
Assets held for sale		403,488	0
Cash and cash equivalents		121,751	129,475
Restricted cash		94,793	149,638
Investments in marketable securities		30,208	28,638
Tenant and other receivables		44,950	41,589
Related party receivables		20,030	28,033
Deferred rents receivable		306,431	335,985
Debt and preferred equity investments, net of discounts and deferred origination fees of $16,224 and $22,379 in 2019 and 2018, respectively, and allowances of $1,750 and $5,750 in 2019 and 2018, respectively.		1,954,556	2,099,393
Investments in unconsolidated joint ventures		2,923,595	3,019,020
Deferred costs, net		182,621	209,110
Other assets		271,467	295,679
Total assets	[1]	13,294,984	12,751,358
Liabilities
Mortgages and other loans payable, net		2,417,161	1,961,240
Revolving credit facility, net		328,549	492,196
Unsecured term loans, net		1,493,691	1,493,051
Unsecured notes, net		1,496,367	1,495,214
Accrued interest payable		27,568	23,154
Other liabilities		140,899	116,566
Accounts payable and accrued expenses		143,361	147,060
Deferred revenue		126,321	94,453
Lease liability - financing leases		44,251	43,616
Lease liability - operating leases		384,661	3,603
Dividend and distributions payable		78,541	80,430
Security deposits		62,166	64,688
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities		100,000	100,000
Total liabilities	[1]	6,843,536	6,115,271
Commitments and contingencies
Noncontrolling interests in Operating Partnership		401,863	387,805
Preferred units		286,285	300,427
Equity
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2019 and December 31, 2018		221,932	221,932
Common stock, $0.01 par value, 160,000 shares authorized and 82,570 and 84,739 issued and outstanding at September 30, 2019 and December 31, 2018, respectively (including 1,055 shares held in treasury at September 30, 2019 and December 31, 2018)		826	847
Additional paid-in-capital		4,407,667	4,508,685
Treasury stock at cost		(124,049)	(124,049)
Accumulated other comprehensive (loss) income		(40,132)	15,108
Retained earnings		1,225,904	1,278,998
Total SL Green stockholders' equity		5,692,148	5,901,521
Noncontrolling interests in other partnerships		71,152	46,334
Total equity		5,763,300	5,947,855
SL Green stockholders equity:
Total liabilities and equity/capital		13,294,984	12,751,358
SL Green Operating Partnership
Commercial real estate properties, at cost:
Land and land interests		1,860,922	1,774,899
Building and improvements		5,352,144	5,268,484
Building leasehold and improvements		1,431,183	1,423,107
Right of use asset - financing leases		47,445	47,445
Right of use asset - operating leases		396,795	0
Total commercial real estate properties, at cost		9,088,489	8,513,935
Less: accumulated depreciation		(2,147,395)	(2,099,137)
Total commercial real estate properties, net		6,941,094	6,414,798
Assets held for sale		403,488	0
Cash and cash equivalents		121,751	129,475
Restricted cash		94,793	149,638
Investments in marketable securities		30,208	28,638
Tenant and other receivables		44,950	41,589
Related party receivables		20,030	28,033
Deferred rents receivable		306,431	335,985
Debt and preferred equity investments, net of discounts and deferred origination fees of $16,224 and $22,379 in 2019 and 2018, respectively, and allowances of $1,750 and $5,750 in 2019 and 2018, respectively.		1,954,556	2,099,393
Investments in unconsolidated joint ventures		2,923,595	3,019,020
Deferred costs, net		182,621	209,110
Other assets		271,467	295,679
Total assets	[2]	13,294,984	12,751,358
Liabilities
Mortgages and other loans payable, net		2,417,161	1,961,240
Revolving credit facility, net		328,549	492,196
Unsecured term loans, net		1,493,691	1,493,051
Unsecured notes, net		1,496,367	1,495,214
Accrued interest payable		27,568	23,154
Other liabilities		140,899	116,566
Accounts payable and accrued expenses		143,361	147,060
Deferred revenue		126,321	94,453
Lease liability - financing leases		44,251	43,616
Lease liability - operating leases		384,661	3,603
Dividend and distributions payable		78,541	80,430
Security deposits		62,166	64,688
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities		100,000	100,000
Total liabilities	[2]	6,843,536	6,115,271
Commitments and contingencies
Noncontrolling interests in Operating Partnership		401,863	387,805
Limited partner interests in SLGOP (4,258 and 4,131 limited partner common units outstanding at September 30, 2019 and December 31, 2018, respectively)		401,863	387,805
Preferred units		286,285	300,427
Equity
Accumulated other comprehensive (loss) income		(40,132)	15,108
SL Green stockholders equity:
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2019 and December 31, 2018		221,932	221,932
SL Green partners' capital (858 and 878 general partner common units and 80,657 and 82,806 limited partner common units outstanding at September 30, 2019 and December 31, 2018, respectively)		5,510,348	5,664,481
Total SLGOP partners' capital		5,692,148	5,901,521
Noncontrolling interests in other partnerships		71,152	46,334
Total capital		5,763,300	5,947,855
Total liabilities and equity/capital		$ 13,294,984	$ 12,751,358

[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $219.4 million and $110.0 million of land, $522.9 million and $346.7 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $61.7 million and $47.4 million of right of use assets, $27.6 million and $42.2 million of accumulated depreciation, $99.4 million and $112.6 million of other assets included in other line items, $473.2 million and $140.8 million of real estate debt, net, $1.4 million and $0.4 million of accrued interest payable, $57.4 million and $43.6 million of lease liabilities, and $35.7 million and $18.3 million of other liabilities included in other line items as of September 30, 2019 and December 31, 2018, respectively.

[2] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $219.4 million and $110.0 million of land, $522.9 million and $346.7 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $61.7 million and $47.4 million of right of use assets, $27.6 million and $42.2 million of accumulated depreciation, $99.4 million and $112.6 million of other assets included in other line items, $473.2 million and $140.8 million of real estate debt, net, $1.4 million and $0.4 million of accrued interest payable, $57.4 million and $43.6 million of lease liabilities, and $35.7 million and $18.3 million of other liabilities included in other line items as of September 30, 2019 and December 31, 2018, respectively.

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income	$ 40,722	$ 99,454	$ 267,232	$ 329,176
Other comprehensive (loss) income:
(Decrease) increase in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments	(12,574)	3,919	(59,680)	18,809
Increase (decrease) in unrealized value of marketable securities	230	(32)	1,571	(39)
Other comprehensive (loss) income	(12,344)	3,887	(58,109)	18,770
Comprehensive income	28,378	103,341	209,123	347,946
Net income attributable to noncontrolling interests and preferred units distributions	(3,827)	(7,507)	(17,967)	(24,432)
Net loss (income) attributable to noncontrolling interests	624	136	2,524	(234)
Other comprehensive loss (income) attributable to noncontrolling interests	607	(210)	2,869	(1,075)
Comprehensive income attributable to SL Green/SLGOP	25,158	95,624	194,025	322,439
SL Green Operating Partnership
Net income	40,722	99,454	267,232	329,176
Other comprehensive (loss) income:
(Decrease) increase in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments	(12,574)	3,919	(59,680)	18,809
Increase (decrease) in unrealized value of marketable securities	230	(32)	1,571	(39)
Other comprehensive (loss) income	(12,344)	3,887	(58,109)	18,770
Comprehensive income	28,378	103,341	209,123	347,946
Net loss (income) attributable to noncontrolling interests	624	136	2,524	(234)
Other comprehensive loss (income) attributable to noncontrolling interests	607	(210)	2,869	(1,075)
Comprehensive income attributable to SL Green/SLGOP	$ 29,609	$ 103,267	$ 214,516	$ 346,637

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Financial Instruments: Derivatives and Hedging

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments: Derivatives and Hedging

Financial Instruments: Derivatives and Hedging

In the normal course of business, we use a variety of commonly used derivative instruments, such as interest rate swaps, caps, collar and floors, to manage, or hedge interest rate risk. We hedge our exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. Currently, all of our designated derivative instruments are effective hedging instruments.

The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments at September 30, 2019 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).

	Notional Value		Strike Rate		Effective Date	Expiration Date	Balance Sheet Location	Fair Value
Interest Rate Cap	$	111,869	3.500	%	November 2018	December 2019	Other Assets	$	—
Interest Rate Cap	300,000		3.750	%	May 2019	May 2020	Other Assets	—
Interest Rate Swap	100,000		1.928	%	December 2017	November 2020	Other Liabilities	(369		)
Interest Rate Swap	100,000		1.934	%	December 2017	November 2020	Other Liabilities	(376		)
Interest Rate Cap	85,000		4.000	%	March 2019	March 2021	Other Assets	—
Interest Rate Swap	200,000		1.131	%	July 2016	July 2023	Other Assets	1,930
Interest Rate Swap	100,000		1.161	%	July 2016	July 2023	Other Assets	854
Interest Rate Swap	150,000		2.696	%	January 2019	January 2024	Other Liabilities	(8,164		)
Interest Rate Swap	150,000		2.721	%	January 2019	January 2026	Other Liabilities	(12,049		)
Interest Rate Swap	200,000		2.740	%	January 2019	January 2026	Other Liabilities	(16,250		)
								$	(34,424	)

During the three months ended September 30, 2019, we recorded a loss on the changes in the fair value of $0.1 million, which is included in interest expense in the consolidated statements of operations. During the nine months ended September 30, 2019, we recorded a loss on the changes in the fair value of $0.1 million, which is included in interest expense in the consolidated statements of operations. During the three months ended September 30, 2018, we recorded a loss on the changes in the fair value of $0.1 million, which is included in interest expense in the consolidated statements of operations. During the nine months ended September 30, 2018, we recorded a loss on the changes in the fair value of $0.4 million, which is included in interest expense in the consolidated statements of operations.

The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of September 30, 2019, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $37.4 million. As of September 30, 2019, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $38.3 million at September 30, 2019.

Gains and losses on terminated hedges are included in accumulated other comprehensive income, and are recognized into earnings over the term of the related mortgage obligation. Over time, the realized and unrealized gains and losses held in accumulated other comprehensive income will be reclassified into earnings as an adjustment to interest expense in the same periods in which the hedged interest payments affect earnings. We estimate that $5.5 million of the current balance held in accumulated other comprehensive loss will be reclassified into interest expense and $3.1 million of the portion related to our share of joint venture accumulated other comprehensive loss will be reclassified into equity in net income from unconsolidated joint ventures within the next 12 months.

The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the three months ended September 30, 2019 and 2018, respectively (in thousands):

	Amount of (Loss) Gain Recognized in Other Comprehensive Loss					Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
	Three Months Ended September 30,						Three Months Ended September 30,
Derivative	2019			2018			2019			2018
Interest Rate Swaps/Caps	$	(10,169	)	$	2,207	Interest expense	$	(105	)	$	276
Share of unconsolidated joint ventures' derivative instruments	(2,437		)	2,263		Equity in net income from unconsolidated joint ventures	(192		)	222
	$	(12,606	)	$	4,470		$	(297	)	$	498

The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the nine months ended September 30, 2019 and 2018, respectively (in thousands):

	Amount of (Loss) Gain Recognized in Other Comprehensive Loss					Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
	Nine Months Ended September 30,						Nine Months Ended September 30,
Derivative	2019			2018			2019		2018
Interest Rate Swaps/Caps	$	(43,008	)	$	12,605	Interest expense	$	886	$	35
Share of unconsolidated joint ventures' derivative instruments	(11,963		)	6,668		Equity in net income from unconsolidated joint ventures	713		495
	$	(54,971	)	$	19,273		$	1,599	$	530

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Corporate Indebtedness

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Corporate Indebtedness

Mortgages and Other Loans Payable

The first mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at September 30, 2019 and December 31, 2018, respectively, were as follows (dollars in thousands):

Property	Maturity Date	Interest Rate (1)			September 30, 2019			December 31, 2018
Fixed Rate Debt:
762 Madison Avenue	February 2022		5.00	%	771			771
100 Church Street	July 2022		4.68	%	210,382			213,208
420 Lexington Avenue	October 2024		3.99	%	300,000			300,000
400 East 58th Street (2)	November 2026		3.00	%	39,306			39,931
Landmark Square	January 2027		4.90	%	100,000			100,000
485 Lexington Avenue	February 2027		4.25	%	450,000			450,000
1080 Amsterdam (3)	February 2027		3.59	%	35,297			35,807
315 West 33rd Street	February 2027		4.17	%	250,000			250,000
Total fixed rate debt					$	1,385,756		$	1,389,717
Floating Rate Debt:
FHLB Facility	December 2019	L+	0.18	%	14,500			14,500
FHLB Facility	January 2020	L+	0.26	%	10,000			—
FHLB Facility	February 2020	L+	0.32	%	15,000			—
2017 Master Repurchase Agreement	June 2020	L+	2.22	%	190,107			300,000
133 Greene Street	August 2020	L+	2.00	%	15,523			15,523
106 Spring Street	January 2021	L+	2.50	%	38,025			—
609 Fifth Avenue	March 2021	L+	2.40	%	52,990			—
185 Broadway (4)	November 2021	L+	2.85	%	115,886			111,869
712 Madison Avenue	December 2021	L+	2.50	%	28,000			28,000
460 West 34th Street (5)	May 2022	L+	2.23	%	310,236
Suburban Loan (6)	July 2022	L+	2.79	%	228,660			—
719 Seventh Avenue	September 2023	L+	1.20	%	50,000			50,000
FHLB Facility (7)					—			13,000
115 Spring Street (8)					—			65,550
Total floating rate debt					$	1,068,927		$	598,442
Total mortgages and other loans payable					$	2,454,683		$	1,988,159
Deferred financing costs, net of amortization					(37,522		)	(26,919		)
Total mortgages and other loans payable, net					$	2,417,161		$	1,961,240

(1) Interest rate as of September 30, 2019, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated interest rate spread over 30-day LIBOR, unless otherwise specified.

(2) The loan carries a fixed interest rate of 300 basis points for the first five years and is prepayable without penalty at the end of year five.

(3) The loan is comprised of a $35.5 million mortgage loan and $0.9 million mezzanine loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of year five.

(4) This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with two one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.

(5) This loan is a $465.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with two one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.

(6) Collateralized by the properties located at 360 Hamilton Avenue, 100 Summit Lake Drive, 200 Summit Lake Drive and 500 Summit Lake Drive.

(7) In August 2019, the loan was repaid.

(8) In August 2019, the Company sold a 49% interest in 115 Spring Street to a private investor. The transaction resulted in the deconsolidation of our remaining 51% interest. See Note 6, "Investments in Unconsolidated Joint Ventures."

At September 30, 2019 and December 31, 2018, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $3.7 billion and $2.6 billion, respectively.

Federal Home Loan Bank of New York Facility

The Company's wholly-owned subsidiary, Ticonderoga Insurance Company, or Ticonderoga, a Vermont licensed captive insurance company, is a member of the Federal Home Loan Bank of New York, or FHLBNY. As a member, Ticonderoga may borrow funds from the FHLBNY in the form of secured advances. As of September 30, 2019, we had $14.5 million, $10.0 million and $15.0 million in outstanding secured advances with a borrowing rate of 30-day LIBOR plus 18 basis points, 30-day LIBOR plus 26 basis points and 30-day LIBOR plus 32 basis points, respectively.

Master Repurchase Agreement

The Company entered into a Master Repurchase Agreement, or MRA, known as the 2017 MRA, which provides us with the ability to sell certain mortgage investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase agreement by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity, and are not limited to collateral-specific credit marks. To monitor credit risk associated with our debt investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to recollateralize the facility with additional assets from our portfolio of debt investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity through the 2017 credit facility, as defined below.

The 2017 MRA has a maximum facility capacity of $300.0 million. In April 2018, we increased the maximum facility capacity to $400.0 million. The facility bears interest on a floating rate basis at a spread to 30-day LIBOR based on the pledged collateral and advance rate. In June 2018, we exercised a one year extension option and in June 2019, we exercised another one year extension option. In August 2019, we amended our agreement to include two additional one year extension options. At September 30, 2019, the facility had a carrying value of $189.6 million, net of deferred financing costs.

Corporate Indebtedness

2017 Credit Facility

In November 2017, we entered into an amendment to the credit facility, referred to as the 2017 credit facility, that was originally entered into by the Company in November 2012, or the 2012 credit facility. As of September 30, 2019, the 2017 credit facility consisted of a $1.5 billion revolving credit facility, a $1.3 billion term loan (or "Term Loan A"), and a $200.0 million term loan (or "Term Loan B") with maturity dates of March 31, 2022, March 31, 2023, and November 21, 2024, respectively. The revolving credit facility has two six-month as-of-right extension options to March 31, 2023. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions.

As of September 30, 2019, the 2017 credit facility bore interest at a spread over 30-day LIBOR ranging from (i) 82.5 basis points to 155 basis points for loans under the revolving credit facility, (ii) 90 basis points to 175 basis points for loans under Term Loan A, and (iii) 150 basis points to 245 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company.

In May 2019, we entered into an agreement to reduce the interest rate spread under Term Loan B by 65 basis points to a spread over 30-day LIBOR ranging from 85 basis points to 165 basis points. This reduction will be effective in November 2019.

At September 30, 2019, the applicable spread was 100 basis points for the revolving credit facility, 110 basis points for Term Loan A, and 165 basis points for Term Loan B. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of September 30, 2019, the facility fee was 20 basis points.

As of September 30, 2019, we had $11.8 million of outstanding letters of credit, $335.0 million drawn under the revolving credit facility and $1.5 billion outstanding under the term loan facilities, with total undrawn capacity of $1.2 billion under the 2017 credit facility. At September 30, 2019 and December 31, 2018, the revolving credit facility had a carrying value of $328.5 million and $492.2 million, respectively, net of deferred financing costs. At September 30, 2019 and December 31, 2018, the term loan facilities had a carrying value of $1.5 billion and $1.5 billion, respectively, net of deferred financing costs.

The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2017 credit facility.

The 2017 credit facility includes certain restrictions and covenants (see Restrictive Covenants below).

Senior Unsecured Notes

The following table sets forth our senior unsecured notes and other related disclosures as of September 30, 2019 and December 31, 2018, respectively, by scheduled maturity date (amounts in thousands):

Issuance	September 30, 2019 Unpaid Principal Balance		September 30, 2019 Accreted Balance			December 31, 2018 Accreted Balance			Interest Rate (1)			Initial Term (in Years)	Maturity Date
March 16, 2010 (2)	$	250,000	$	250,000		$	250,000			7.75	%	10	March 2020
August 7, 2018 (3) (4)	350,000		350,000			350,000			L+	0.98	%	3	August 2021
October 5, 2017 (3)	500,000		499,669			499,591				3.25	%	5	October 2022
November 15, 2012 (5)	300,000		303,404			304,168				4.50	%	10	December 2022
December 17, 2015 (2)	100,000		100,000			100,000				4.27	%	10	December 2025
	$	1,500,000	$	1,503,073		$	1,503,759
Deferred financing costs, net			(6,706		)	(8,545		)
	$	1,500,000	$	1,496,367		$	1,495,214

(1) Interest rate as of September 30, 2019, taking into account interest rate hedges in effect during the period. Floating rate notes are presented with the stated spread over 3-month LIBOR, unless otherwise specified.

(2) Issued by the Company and the Operating Partnership as co-obligors.

(3) Issued by the Operating Partnership with the Company as the guarantor.

(4) Beginning on August 8, 2019 and at any time thereafter, the notes are subject to redemption at the Company's option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes, plus unpaid accrued interest thereon to the redemption date.

(5) In October 2017, the Company and the Operating Partnership as co-obligors issued an additional $100.0 million of 4.50% senior unsecured notes due December 2022. The notes were priced at 105.334% of par.

Restrictive Covenants

The terms of the 2017 credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that, we will not during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of September 30, 2019 and December 31, 2018, we were in compliance with all such covenants.

Junior Subordinated Deferrable Interest Debentures

In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at a floating rate of 125 basis points over the three-month LIBOR. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense.

Principal Maturities

Combined aggregate principal maturities of mortgages and other loans payable, 2017 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of September 30, 2019, including as-of-right extension options and put options, were as follows (in thousands):

	Scheduled Amortization		Mortgages and Other Loans Payable		Revolving Credit Facility		Unsecured Term Loans		Trust Preferred Securities		Senior Unsecured Notes		Total		Joint Venture Debt
Remaining 2019	$	2,307	$	14,500	$	—	$	—	$	—	$	—	$	16,807	$	10,700
2020	11,118		230,630		—		—		—		250,000		491,748		804,143
2021	11,638		234,901		—		—		—		350,000		596,539		704,174
2022	9,430		737,452		—		—		—		800,000		1,546,882		268,968
2023	7,301		50,000		335,000		1,300,000		—		—		1,692,301		311,452
Thereafter	9,290		1,136,116		—		200,000		100,000		100,000		1,545,406		1,831,026
	$	51,084	$	2,403,599	$	335,000	$	1,500,000	$	100,000	$	1,500,000	$	5,889,683	$	3,930,463

Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Interest expense before capitalized interest	$	63,607		$	64,078		$	185,163		$	180,550
Interest on financing leases	813			—			2,425			—
Interest capitalized	(15,700		)	(8,504		)	(38,228		)	(22,785		)
Interest income	(608		)	(406		)	(3,563		)	(1,070		)
Interest expense, net	$	48,112		$	55,168		$	145,797		$	156,695

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Partners' Capital of the Operating Partnership

9 Months Ended

Sep. 30, 2019

Stockholders' Equity

Partners' Capital of the Operating Partnership

Stockholders’ Equity of the Company

Common Stock

Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares

of preferred stock, par value $0.01 per share. As of September 30, 2019, 81,515,066 shares of common stock and no shares of excess stock were issued and outstanding.

Share Repurchase Program

In August 2016, our Board of Directors approved a share repurchase program under which we can buy up to $1.0 billion of shares of our common stock. The Board of Directors has since authorized three separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, and fourth quarter of 2018, bringing the total program size to $2.5 billion.

At September 30, 2019, repurchases executed under the program were as follows:

Period	Shares repurchased	Average price paid per share	Cumulative number of shares repurchased as part of the repurchase plan or programs
Year ended 2017	8,342,411	$101.64	8,342,411
Year ended 2018	9,744,911	$96.22	18,087,322
First quarter 2019	397,783	$86.07	18,485,105
Second quarter 2019	866,924	$86.58	19,352,029
Third quarter 2019 (1)	916,439	$81.31	20,268,468

(1) Includes 108,300 shares of common stock repurchased by the Company in September 2019 that were settled in October 2019.

Perpetual Preferred Stock

We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units.

Dividend Reinvestment and Stock Purchase Plan ("DRSPP")

In February 2018, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001.

The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three and nine months ended September 30, 2019 and 2018, respectively (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Shares of common stock issued	490		509		3,485		1,183
Dividend reinvestments/stock purchases under the DRSPP	$	39	$	52	$	303	$	116

Earnings per Share

We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

SL Green's earnings per share for the three and nine months ended September 30, 2019 and 2018 are computed as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
Numerator	2019			2018			2019			2018
Basic Earnings:
Income attributable to SL Green common stockholders	$	33,157		$	88,209		$	238,052		$	293,531
Less: distributed earnings allocated to participating securities	(108		)	(125		)	(325		)	(371		)
Less: undistributed earnings allocated to participating securities	—			(33		)	(41		)	(138		)
Net income attributable to SL Green common stockholders (numerator for basic earnings per share)	$	33,049		$	88,051		$	237,686		$	293,022
Add back: distributed earnings allocated to participating securities	108			125			325			371
Add back: undistributed earnings allocated to participating securities	—			33			41			138
Add back: Effect of dilutive securities (redemption of units to common shares)	1,719			4,797			12,306			15,656
Income attributable to SL Green common stockholders (numerator for diluted earnings per share)	$	34,876		$	93,006		$	250,358		$	309,187

	Three Months Ended September 30,		Nine Months Ended September 30,
Denominator	2019	2018	2019	2018
Basic Shares:
Weighted average common stock outstanding	82,292	85,566	82,855	87,692
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares	4,258	4,643	4,283	4,677
Stock-based compensation plans	164	219	171	211
Diluted weighted average common stock outstanding	86,714	90,428	87,309	92,580

SL Green has excluded 1,317,803 and 1,266,296 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2019, respectively, as they were anti-dilutive. SL Green has excluded 941,636 and 1,137,971 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2018, respectively, as they were anti-dilutive.

Accumulated Other Comprehensive (Loss) Income

The following tables set forth the changes in accumulated other comprehensive (loss) income by component as of September 30, 2019 (in thousands):

	Net unrealized gain (loss) on derivative instruments (1)			SL Green’s share of joint venture net unrealized gain (loss) on derivative instruments (2)			Net unrealized gain on marketable securities		Total
Balance at December 31, 2018	$	9,716		$	4,299		$	1,093	$	15,108
Other comprehensive (loss) income before reclassifications	(41,385		)	(13,680		)	1,494		(53,571		)
Amounts reclassified from accumulated other comprehensive loss	(864		)	(805		)	—		(1,669		)
Balance at September 30, 2019	$	(32,533	)	$	(10,186	)	$	2,587	$	(40,132	)

(1) Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of operations. As of September 30, 2019 and December 31, 2018, the deferred net (gains) losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was $(0.2) million and $1.3 million, respectively.

(2)

Amount reclassified from accumulated other comprehensive (loss) income is included in equity in net (loss) income from unconsolidated joint ventures in the respective consolidated statements of operations.

SL Green Operating Partnership

Stockholders' Equity

Partners' Capital of the Operating Partnership

Partners' Capital of the Operating Partnership

The Company is the sole managing general partner of the Operating Partnership and at September 30, 2019 owned 81,515,066 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for one share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one share of common stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units.

Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions.

Limited Partner Units

As of September 30, 2019, limited partners other than SL Green owned 4.96%, or 4,257,754 common units, of the Operating Partnership.

Preferred Units

Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.”

Earnings per Unit

The Operating Partnership's earnings per unit for the three and nine months ended September 30, 2019 and 2018, respectively, are computed as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
Numerator	2019			2018			2019			2018
Basic Earnings:
Income attributable to SLGOP common unitholders	$	34,876		$	93,006		$	250,358		$	309,187
Less: distributed earnings allocated to participating securities	(108		)	(125		)	(325		)	(371		)
Less: undistributed earnings allocated to participating securities	—			(33		)	(41		)	(138		)
Net Income attributable to SLGOP common unitholders (numerator for basic earnings per unit)	$	34,768		$	92,848		$	249,992		$	308,678
Add back: distributed earnings allocated to participating securities	108			125			325			371
Add back: undistributed earnings allocated to participating securities	—			33			41			138
Income attributable to SLGOP common unitholders (numerator for diluted earnings per unit)	$	34,876		$	93,006		$	250,358		$	309,187

	Three Months Ended September 30,		Nine Months Ended September 30,
Denominator	2019	2018	2019	2018
Basic units:
Weighted average common units outstanding	86,550	90,209	87,138	92,369
Effect of Dilutive Securities:
Stock-based compensation plans	164	219	171	211
Diluted weighted average common units outstanding	86,714	90,428	87,309	92,580

The Operating Partnership has excluded 1,317,803 and 1,266,296 common unit equivalents from the diluted units outstanding for the three and nine months ended September 30, 2019, respectively, as they were anti-dilutive. The Operating Partnership has excluded 941,636 and 1,137,971 common unit equivalents from the diluted units outstanding for the three and nine months ended September 30, 2018, respectively, as they were anti-dilutive.

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Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2019

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, 2019, noncontrolling investors held, in the aggregate, a 4.96% 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, 2019, 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	20		12,387,091	10	11,216,183	30	23,603,274	94.2	%
	Retail	6	(2)	320,430	8	289,050	14	609,480	98.9	%
	Development/Redevelopment	6		870,173	1	—	7	870,173	77.5	%
	Fee Interest	—		—	1	—	1	—	—	%
		32		13,577,694	20	11,505,233	52	25,082,927	93.8	%
Suburban	Office	13		2,295,200	—	—	13	2,295,200	89.4	%
	Retail	1		52,000	—	—	1	52,000	100.0	%
	Development/Redevelopment	1		1,000	—	—	1	1,000	—	%
		15		2,348,200	—	—	15	2,348,200	89.6	%
Total commercial properties		47		15,925,894	20	11,505,233	67	27,431,127	93.4	%
Residential:
Manhattan	Residential	2	(2)	445,105	8	1,663,774	10	2,108,879	95.0	%
Suburban	Residential	—		—	—	—	—	—	—	%
Total residential properties		2		445,105	8	1,663,774	10	2,108,879	95.0	%
Total portfolio		49		16,370,999	28	13,169,007	77	29,540,006	93.5	%

(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.

(2) As of September 30, 2019, we owned a building at 315 West 33rd Street, also known as The Olivia, that was comprised of approximately 270,132 square feet (unaudited) of retail space and approximately 222,855 square feet (unaudited) of residential space. For the purpose of this report, we have included this building in the number of retail properties we own. However, we have included only the retail square footage in the retail approximate square footage, and have listed the balance of the square footage as residential square footage.

As of September 30, 2019, 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 $2.0 billion, including $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. 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, 2019 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, 2019. 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, 2018 of the Company and the Operating Partnership.

The consolidated balance sheet at December 31, 2018 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.

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Debt and Preferred Equity Investments

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Debt and Preferred Equity Investments

Debt and Preferred Equity Investments

Below is a summary of the activity relating to our debt and preferred equity investments for the nine months ended September 30, 2019 and the twelve months ended December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Balance at beginning of year (1)	$	2,099,393		$	2,114,041
Debt investment originations/accretion (2)	573,786			834,304
Preferred equity investment originations/accretion (2)	10,969			151,704
Redemptions/sales/syndications/amortization (3)	(733,592		)	(994,906		)
Net change in loan loss reserves	4,000			(5,750		)
Balance at end of period (1)	$	1,954,556		$	2,099,393

(1) Net of unamortized fees, discounts, and premiums.

(2) Accretion includes amortization of fees and discounts and paid-in-kind investment income.

(3) Certain participations in debt investments that were sold or syndicated, but did not meet the conditions for sale accounting, are included in other assets and other liabilities on the consolidated balance sheets.

The following table is a rollforward of our total loan loss reserves for the nine months ended September 30, 2019 and the twelve months ended December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Balance at beginning of year	$	5,750		$	—
Expensed	—			6,839
Recoveries	—			—
Charge-offs and reclassifications	(4,000		)	(1,089		)
Balance at end of period	$	1,750		$	5,750

At September 30, 2019, all debt and preferred equity investments were performing in accordance with their respective terms, with the exception of three investments with carrying values of $29.0 million, $30.0 million and $41.6 million, as discussed in subnotes 5 and 6 of the Debt Investments table below. The investment with a carrying value of $41.6 million was repaid in October 2019. At December 31, 2018, all debt and preferred equity investments were performing in accordance with their respective terms.

At September 30, 2019, the Company's loan loss reserves of $1.8 million were attributable to one investment with an unpaid principal balance of $145.4 million that is being marketed for sale, but is otherwise performing in accordance with its respective terms, and was not put on nonaccrual.

We have determined that we have one portfolio segment of financing receivables at September 30, 2019 and December 31, 2018 comprising commercial real estate which is primarily recorded in debt and preferred equity investments. Included in other assets is an additional amount of financing receivables totaling $89.8 million and $88.8 million at September 30, 2019 and December 31, 2018, respectively. No financing receivables were 90 days past due at September 30, 2019 and December 31, 2018 with the exception of a $28.4 million financing receivable which was put on nonaccrual in August 2018 as a result of interest default. The loan was evaluated in accordance with our loan review procedures and the Company concluded that the fair value of the collateral exceeded the carrying amount of the loan.

As of September 30, 2019, management estimated the weighted average risk rating for our debt and preferred equity investments to be 1.2.

Debt Investments

As of September 30, 2019 and December 31, 2018, we held the following debt investments with an aggregate weighted average current yield of 8.89% at September 30, 2019 (dollars in thousands):

Loan Type	September 30, 2019 Future Funding Obligations		September 30, 2019 Senior Financing		September 30, 2019 Carrying Value (1)		December 31, 2018 Carrying Value (1)		Maturity Date (2)
Fixed Rate Investments:
Mezzanine Loan(3a)	$	—	$	1,160,000	$	220,321	$	213,185	March 2020
Mezzanine Loan	—		15,000		3,500		3,500		September 2021
Mezzanine Loan	—		147,000		24,946		24,932		April 2022
Mezzanine Loan	—		280,000		38,177		36,585		August 2022
Mezzanine Loan	—		323,003		211,105		—		June 2023
Mezzanine Loan	—		84,207		12,712		12,706		November 2023
Mezzanine Loan	—		180,000		30,000		30,000		December 2023
Mezzanine Loan(3b)	—		115,000		12,948		12,941		June 2024
Mezzanine Loan	—		95,000		30,000		30,000		January 2025
Mezzanine Loan	—		1,712,750		55,250		55,250		June 2027
Mezzanine Loan(4)	—		—		—		11,000
Total fixed rate	$	—	$	4,111,960	$	638,959	$	430,099
Floating Rate Investments:
Mezzanine Loan(5)	—		142,000		30,000		15,333		May 2019
Mezzanine Loan(5)	—		—		29,000		14,822		May 2019
Mortgage/Mezzanine Loan(6)	—		—		41,631		154,070		September 2019
Mezzanine Loan(7)	—		350,000		34,999		34,886		October 2019
Mortgage/Mezzanine Loan	5,598		37,291		92,185		62,493		January 2020
Mezzanine Loan	1		579,997		94,730		79,164		January 2020
Mortgage Loan	6,987		—		92,922		88,501		February 2020
Mortgage/Mezzanine Loan	—		—		69,661		—		March 2020
Mezzanine Loan	51		329,673		54,832		53,402		March 2020
Mezzanine Loan	—		40,000		19,999		19,986		April 2020
Mezzanine Loan	5,664		44,812		14,886		12,627		July 2020
Mortgage/Mezzanine Loan	—		—		19,958		19,999		August 2020
Mortgage/Mezzanine Loan	—		64,070		55,349		83,449		October 2020
Mezzanine Loan	28,834		402,237		98,960		88,817		November 2020

Loan Type	September 30, 2019 Future Funding Obligations		September 30, 2019 Senior Financing		September 30, 2019 Carrying Value (1)		December 31, 2018 Carrying Value (1)		Maturity Date (2)
Mortgage and Mezzanine Loan	—		—		35,355		35,266		December 2020
Mortgage/Mezzanine Loan	25,504		—		194,545		277,694		April 2021
Mezzanine Loan	9,750		275,000		40,023		24,961		April 2021
Jr. Mortgage Participation/Mezzanine Loan	—		60,000		15,689		15,665		July 2021
Mezzanine Loan	13,978		147,626		40,364		—		July 2021
Mortgage/Jr. Mortgage Participation Loan	—		—		—		84,012
Mortgage/Mezzanine Loan	—		—		—		37,094
Mortgage and Mezzanine Loan	—		—		—		98,804
Mezzanine Loan	—		—		—		7,305
Mezzanine Loan	—		—		—		14,998
Mezzanine Loan	—		—		—		21,990
Mezzanine Loan(8)	—		—		—		37,499
Total floating rate	$	96,367	$	2,472,706	$	1,075,088	$	1,382,837
Total	$	96,367	$	6,584,666	$	1,714,047	$	1,812,936

(1) Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees.

(2) Represents contractual maturity, excluding any unexercised extension options.

(3) Carrying value is net of the following amounts that were sold or syndicated, which are included in other assets and other liabilities on the consolidated balance sheets as a result of the transfers not meeting the conditions for sale accounting: (a) $1.3 million and (b) $12.0 million.

(4) This loan was sold in 2019.

(5) This loan is in maturity default. No impairment was recorded as the Company believes that the fair value of the property exceeded the carrying amount of the loans.

(6) This loan was in maturity default as of September 30, 2019, but was repaid in October 2019.

(7) This loan was repaid in October 2019.

(8) In 2019, the Company accepted an assignment of the equity interests in the property in lieu of repayment, and marked the assets received and liabilities assumed to fair value.

Preferred Equity Investments

As of September 30, 2019 and December 31, 2018, we held the following preferred equity investments with an aggregate weighted average current yield of 9.51% at September 30, 2019 (dollars in thousands):

Type	September 30, 2019 Future Funding Obligations		September 30, 2019 Senior Financing		September 30, 2019 Carrying Value (1)		December 31, 2018 Carrying Value (1)		Mandatory Redemption (2)
Preferred Equity	$	—	$	272,000	$	143,614	$	143,183	April 2021
Preferred Equity	—		1,763,271		96,895		143,274		June 2022
Total	$	—	$	2,035,271	$	240,509	$	286,457

(1) Carrying value is net of deferred origination fees.

(2)

Represents contractual maturity, excluding any unexercised extension options.

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Property Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the properties acquired during the nine months ended September 30, 2019:

Property	Acquisition Date	Property Type	Approximate Square Feet	Gross Asset Valuation (in millions)
106 Spring Street(1)	April 2019	Fee Interest	5,928	$	80.2
460 West 34th Street(2)	May 2019	Fee Interest	638,000	440.0
110 Greene Street(3)	May 2019	Fee Interest	223,600	256.5

(1) In April 2019, the Company accepted an assignment of the equity interests in the property in lieu of repayment of the Company's debt investment and marked the assets received and liabilities assumed to fair value.

(2) In May 2019, the Company closed on the acquisition of a majority and controlling 70.87% interest in 460 West 34th Street. We recorded the assets acquired and liabilities assumed at fair value, which resulted in the recognition of a fair value adjustment of $67.6 million, which is reflected in the Company's consolidated statement of operations within purchase price and other fair value adjustments, and $18.3 million of net intangible lease liabilities.

(3)

In May 2019, the Company acquired from our joint venture partner the remaining 10% interest in this property that the Company did not already own.

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Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company has two reportable segments, real estate and debt and preferred equity investments. We evaluate real estate performance and allocate resources based on earnings contributions.

The primary sources of revenue are generated from tenant rents and escalations and reimbursement revenue. Real estate property operating expenses consist primarily of security, maintenance, utility costs, insurance, real estate taxes and ground rent expense (at certain applicable properties). See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments.

Selected consolidated results of operations for the three and nine months ended September 30, 2019 and 2018, and selected asset information as of September 30, 2019 and December 31, 2018, regarding our operating segments are as follows (in thousands):

	Real Estate Segment		Debt and Preferred Equity Segment		Total Company
Total revenues
Three months ended:
September 30, 2019	$	262,115	$	51,519	$	313,634
September 30, 2018	258,568		48,977		307,545
Nine months ended:
September 30, 2019	777,745		153,168		930,913
September 30, 2018	766,816		143,540		910,356
Net income
Three months ended:
September 30, 2019	$	6,133	$	34,589	$	40,722
September 30, 2018	62,199		37,255		99,454
Nine months ended:
September 30, 2019	168,639		98,593		267,232
September 30, 2018	224,246		104,930		329,176
Total assets
As of:
September 30, 2019	$	11,216,682	$	2,078,302	$	13,294,984
December 31, 2018	10,481,594		2,269,764		12,751,358

Interest costs for the debt and preferred equity segment include actual costs incurred for borrowings on the 2017 MRA. Interest is imputed on the investments that do not collateralize the 2017 MRA using our weighted average corporate borrowing cost. We also allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. We do not allocate marketing, general and administrative expenses to the debt and preferred equity segment since the use of personnel and resources is dependent on transaction volume between the two segments and varies period over period. In addition, we base performance on the individual segments prior to allocating marketing, general and administrative expenses. For the three and nine months ended September 30, 2019 marketing, general and administrative expenses totaled $23.8 million and $75.3 million, respectively. For the three and nine months ended September 30, 2018 marketing, general and administrative expenses totaled $20.6 million and $66.6 million, respectively. All other expenses, except interest, relate entirely to the real estate assets.

There were no transactions between the above two segments.

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Deferred Costs (Tables)

9 Months Ended

Sep. 30, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of components of deferred costs

Deferred costs at September 30, 2019 and December 31, 2018 consisted of the following (in thousands):

	September 30, 2019			December 31, 2018
Deferred leasing costs	$	445,489		$	453,833
Less: accumulated amortization	(262,868		)	(244,723		)
Deferred costs, net	$	182,621		$	209,110

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Significant Accounting Policies - Concentrations of Credit Risk/Accounting Standards Updates (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($) Tenant
Annualized rent | Customer concentration
Concentration of Credit Risk
Number of tenants (tenants) | Tenant		1
Maximum percentage of annualized rent for any one tenant not individually disclosed (percent) (more than)	5.00%	5.00%
Annualized rent | 11 Madison Avenue | Customer concentration
Concentration of Credit Risk
Percentage of concentration (percent)		7.20%
Annualized rent | 420 Lexington Avenue | Customer concentration
Concentration of Credit Risk
Percentage of concentration (percent)		6.20%
Annualized rent | 1185 Avenue of the Americas | Customer concentration
Concentration of Credit Risk
Percentage of concentration (percent)		7.00%
Annualized rent | 1515 Broadway | Customer concentration
Concentration of Credit Risk
Percentage of concentration (percent)		5.80%
Annualized rent | 1 Madison Ave | Customer concentration
Concentration of Credit Risk
Percentage of concentration (percent)		5.70%
Tenant 1 | Annualized rent | Customer concentration
Concentration of Credit Risk
Percentage of concentration (percent)		8.10%
Accounting Standards Update 2016-02
Concentration of Credit Risk
Lease cost | $	$ 2.2	$ 6.6

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Rental Income (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lessor, Operating Lease, Payments to be Received, Maturity

Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases in effect at September 30, 2019 for the consolidated properties, including consolidated joint venture properties, and our share of unconsolidated joint venture properties, are as follows (in thousands):

	Consolidated Properties		Unconsolidated Properties
Remaining 2019	$	217,473	$	95,575
2020	823,857		388,519
2021	676,880		395,558
2022	621,613		378,888
2023	555,748		352,418
2024	513,416		323,113
Thereafter	3,299,836		1,909,299
	$	6,708,823	$	3,843,370

Schedule of Future Minimum Rental Payments for Operating Leases

As of December 31, 2018, under ASC 840, approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases for the consolidated properties, including consolidated joint venture properties, and our share of unconsolidated joint venture properties are as follows (in thousands):

	Consolidated Properties		Unconsolidated Properties
2019	$	830,336	$	348,060
2020	765,610		375,228
2021	625,956		380,886
2022	562,250		348,222
2023	500,499		333,501
Thereafter	3,272,014		2,098,995
	$	6,556,665	$	3,884,892

Operating Lease, Lease Income

The components of lease revenues were as follows (in thousands):

	Three Months Ended    September 30, 2019		Three Months Ended    September 30, 2018		Nine Months Ended   September 30, 2019		Nine Months Ended   September 30, 2018
Fixed lease payments	$	214,282	$	220,443	$	641,007	$	643,015
Variable lease payments	32,581		29,103		88,539		82,554
Total lease payments	$	246,863	$	249,546	$	729,546	$	725,569
Amortization of acquired above and below-market leases	1,165		1,320		3,559		5,486
Total rental revenue	$	248,028	$	250,866	$	733,105	$	731,055

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Organization and Basis of Presentation - Schedule of Commercial Office Properties (Details) $ in Billions	9 Months Ended
	Sep. 30, 2019 USD ($) ft² building shares
Real estate properties
Number of Properties | building	77
Approximate Square Feet unaudited (sqft)	29,540,006
Weighted Average Occupancy unaudited (as a percent)	93.50%
Debt and preferred equity investments including investments held by unconsolidated joint ventures | $	$ 2.0
Debt and preferred equity investments and other financing receivables included in other balance sheet items | $	$ 0.1
Number of shares to be received on redemption of one unit of limited partnership interests (shares) | shares	1
Commercial properties
Real estate properties
Number of Properties | building	67
Approximate Square Feet unaudited (sqft)	27,431,127
Weighted Average Occupancy unaudited (as a percent)	93.40%
Residential
Real estate properties
Number of Properties | building	10
Approximate Square Feet unaudited (sqft)	2,108,879
Weighted Average Occupancy unaudited (as a percent)	95.00%
Managed office properties
Real estate properties
Number of Properties | building	2
Approximate Square Feet unaudited (sqft)	2,100,000
Consolidated properties
Real estate properties
Number of Properties | building	49
Approximate Square Feet unaudited (sqft)	16,370,999
Consolidated properties | Commercial properties
Real estate properties
Number of Properties | building	47
Approximate Square Feet unaudited (sqft)	15,925,894
Consolidated properties | Residential
Real estate properties
Number of Properties | building	2
Approximate Square Feet unaudited (sqft)	445,105
Unconsolidated properties
Real estate properties
Number of Properties | building	28
Approximate Square Feet unaudited (sqft)	13,169,007
Unconsolidated properties | Commercial properties
Real estate properties
Number of Properties | building	20
Approximate Square Feet unaudited (sqft)	11,505,233
Unconsolidated properties | Residential
Real estate properties
Number of Properties | building	8
Approximate Square Feet unaudited (sqft)	1,663,774
Manhattan
Real estate properties
Number of Properties | building	52
Approximate Square Feet unaudited (sqft)	25,082,927
Weighted Average Occupancy unaudited (as a percent)	93.80%
Manhattan | Office
Real estate properties
Number of Properties | building	30
Approximate Square Feet unaudited (sqft)	23,603,274
Weighted Average Occupancy unaudited (as a percent)	94.20%
Manhattan | Retail
Real estate properties
Number of Properties | building	14
Approximate Square Feet unaudited (sqft)	609,480
Weighted Average Occupancy unaudited (as a percent)	98.90%
Manhattan | Development/Redevelopment
Real estate properties
Number of Properties | building	7
Approximate Square Feet unaudited (sqft)	870,173
Weighted Average Occupancy unaudited (as a percent)	77.50%
Manhattan | Fee Interest
Real estate properties
Number of Properties | building	1
Approximate Square Feet unaudited (sqft)	0
Weighted Average Occupancy unaudited (as a percent)	0.00%
Manhattan | Residential
Real estate properties
Number of Properties | building	10
Approximate Square Feet unaudited (sqft)	2,108,879
Weighted Average Occupancy unaudited (as a percent)	95.00%
Manhattan | Consolidated properties
Real estate properties
Number of Properties | building	32
Approximate Square Feet unaudited (sqft)	13,577,694
Manhattan | Consolidated properties | Office
Real estate properties
Number of Properties | building	20
Approximate Square Feet unaudited (sqft)	12,387,091
Manhattan | Consolidated properties | Retail
Real estate properties
Number of Properties | building	6
Approximate Square Feet unaudited (sqft)	320,430
Manhattan | Consolidated properties | Development/Redevelopment
Real estate properties
Number of Properties | building	6
Approximate Square Feet unaudited (sqft)	870,173
Manhattan | Consolidated properties | Fee Interest
Real estate properties
Number of Properties | building	0
Approximate Square Feet unaudited (sqft)	0
Manhattan | Consolidated properties | Residential
Real estate properties
Number of Properties | building	2
Approximate Square Feet unaudited (sqft)	445,105
Manhattan | Consolidated properties | Dual property type, retail portion
Real estate properties
Approximate Square Feet unaudited (sqft)	270,132
Manhattan | Consolidated properties | Dual property type, residential portion
Real estate properties
Approximate Square Feet unaudited (sqft)	222,855
Manhattan | Unconsolidated properties
Real estate properties
Number of Properties | building	20
Approximate Square Feet unaudited (sqft)	11,505,233
Manhattan | Unconsolidated properties | Office
Real estate properties
Number of Properties | building	10
Approximate Square Feet unaudited (sqft)	11,216,183
Manhattan | Unconsolidated properties | Retail
Real estate properties
Number of Properties | building	8
Approximate Square Feet unaudited (sqft)	289,050
Manhattan | Unconsolidated properties | Development/Redevelopment
Real estate properties
Number of Properties | building	1
Approximate Square Feet unaudited (sqft)	0
Manhattan | Unconsolidated properties | Fee Interest
Real estate properties
Number of Properties | building	1
Approximate Square Feet unaudited (sqft)	0
Manhattan | Unconsolidated properties | Residential
Real estate properties
Number of Properties | building	8
Approximate Square Feet unaudited (sqft)	1,663,774
Suburban
Real estate properties
Number of Properties | building	15
Approximate Square Feet unaudited (sqft)	2,348,200
Weighted Average Occupancy unaudited (as a percent)	89.60%
Suburban | Office
Real estate properties
Number of Properties | building	13
Approximate Square Feet unaudited (sqft)	2,295,200
Weighted Average Occupancy unaudited (as a percent)	89.40%
Suburban | Retail
Real estate properties
Number of Properties | building	1
Approximate Square Feet unaudited (sqft)	52,000
Weighted Average Occupancy unaudited (as a percent)	100.00%
Suburban | Development/Redevelopment
Real estate properties
Number of Properties | building	1
Approximate Square Feet unaudited (sqft)	1,000
Weighted Average Occupancy unaudited (as a percent)	0.00%
Suburban | Residential
Real estate properties
Number of Properties | building	0
Approximate Square Feet unaudited (sqft)	0
Weighted Average Occupancy unaudited (as a percent)	0.00%
Suburban | Consolidated properties
Real estate properties
Number of Properties | building	15
Approximate Square Feet unaudited (sqft)	2,348,200
Suburban | Consolidated properties | Office
Real estate properties
Number of Properties | building	13
Approximate Square Feet unaudited (sqft)	2,295,200
Suburban | Consolidated properties | Retail
Real estate properties
Number of Properties | building	1
Approximate Square Feet unaudited (sqft)	52,000
Suburban | Consolidated properties | Development/Redevelopment
Real estate properties
Number of Properties | building	1
Approximate Square Feet unaudited (sqft)	1,000
Suburban | Consolidated properties | Residential
Real estate properties
Number of Properties | building	0
Approximate Square Feet unaudited (sqft)	0
Suburban | Unconsolidated properties
Real estate properties
Number of Properties | building	0
Approximate Square Feet unaudited (sqft)	0
Suburban | Unconsolidated properties | Office
Real estate properties
Number of Properties | building	0
Approximate Square Feet unaudited (sqft)	0
Suburban | Unconsolidated properties | Retail
Real estate properties
Number of Properties | building	0
Approximate Square Feet unaudited (sqft)	0
Suburban | Unconsolidated properties | Development/Redevelopment
Real estate properties
Number of Properties | building	0
Approximate Square Feet unaudited (sqft)	0
Suburban | Unconsolidated properties | Residential
Real estate properties
Number of Properties | building	0
Approximate Square Feet unaudited (sqft)	0

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Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward]
Beginning Balance	$ 5,947,855
Other comprehensive (loss) income before reclassifications	(53,571)
Amounts reclassified from accumulated other comprehensive loss	(1,669)
Ending Balance	5,763,300
Deferred net losses from terminated hedges	(200)	$ 1,300
Net unrealized (loss) gain on derivative instruments
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward]
Beginning Balance	9,716
Other comprehensive (loss) income before reclassifications	(41,385)
Amounts reclassified from accumulated other comprehensive loss	(864)
Ending Balance	(32,533)
Net unrealized gain on marketable securities
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward]
Beginning Balance	1,093
Other comprehensive (loss) income before reclassifications	1,494
Amounts reclassified from accumulated other comprehensive loss	0
Ending Balance	2,587
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward]
Beginning Balance	15,108
Ending Balance	(40,132)
Joint venture | Net unrealized (loss) gain on derivative instruments
Accumulated Other Comprehensive Income (Loss) of the Company [Roll Forward]
Beginning Balance	4,299
Other comprehensive (loss) income before reclassifications	(13,680)
Amounts reclassified from accumulated other comprehensive loss	(805)
Ending Balance	$ (10,186)

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Noncontrolling Interests on the Company's Consolidated Financial Statements - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2019 USD ($) shares $ / shares	Sep. 30, 2018 USD ($)	Jun. 30, 2019 USD ($)	Sep. 30, 2019 USD ($) shares $ / shares	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) shares
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Balance at beginning of period | $			$ 387,805	$ 387,805
Redemption of common units | $	$ (54)		(25,791)
Net income | $	1,719	$ 4,797		12,306	$ 15,656
Accumulated other comprehensive income allocation | $	(607)	210		(2,869)	1,075
Balance at end of period | $	$ 401,863			$ 401,863		$ 387,805
Number of company common stock issued on conversion of Series B preferred units				6.71348
Series B Preferred Unit
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Preferred units, issued (in shares) | shares	0			0
SL Green Operating Partnership
Organization
Noncontrolling interest in the operating partnership (as a percent)	4.96%			4.96%		4.70%
Number of units of operating partnership owned by the noncontrolling interest unit holders (shares) | shares	4,257,754			4,257,754		4,130,579
Shares of common stock reserved for issuance upon redemption of units of limited partnership interest in operating partnership (shares) | shares	4,257,754			4,257,754
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Balance at beginning of period | $			387,805	$ 387,805	461,954	$ 461,954
Distributions | $				(10,993)		(15,000)
Issuance of common units | $				16,493		23,655
Redemption of common units | $	$ (54)		$ (25,791)	(16,388)		(60,718)
Net income | $				12,306		12,216
Accumulated other comprehensive income allocation | $	(607)	$ 210		(2,869)	$ 1,075	(66)
Fair value adjustment | $				15,509		(34,236)
Balance at end of period | $	$ 401,863			$ 401,863		$ 387,805
SL Green Operating Partnership | 4.50% Series G
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				4.50%
Preferred units, shares authorized (in shares) | shares	1,902,000			1,902,000
Number of preferred units issued (in shares) | shares	1,902,000			1,902,000
Annual dividends on preferred units (in dollars per share)				$ 1.1250
Liquidation preference of preferred units (in dollars per share)	$ 25.00			25.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 88.50			$ 88.50
Number of company common stock issue on redemption of operation partnership common units				1
SL Green Operating Partnership | 7.00% Series F
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				7.00%
Preferred units, shares authorized (in shares) | shares	60			60
Number of preferred units issued (in shares) | shares	60			60
Annual dividends on preferred units (in dollars per share)				$ 70.0000
Liquidation preference of preferred units (in dollars per share)	$ 1,000.00			1,000.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 29.12			$ 29.12
SL Green Operating Partnership | 3.50% Series K
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				3.50%
Preferred units, shares authorized (in shares) | shares	700,000			700,000
Number of preferred units issued (in shares) | shares	563,954			563,954
Annual dividends on preferred units (in dollars per share)				$ 0.8750
Liquidation preference of preferred units (in dollars per share)	$ 25.00			25.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 134.67			$ 134.67
SL Green Operating Partnership | 4.00% Series L
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				4.00%
Preferred units, shares authorized (in shares) | shares	500,000			500,000
Number of preferred units issued (in shares) | shares	378,634			378,634
Annual dividends on preferred units (in dollars per share)				$ 1.0000
Liquidation preference of preferred units (in dollars per share)	$ 25.00			25.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 0			$ 0
SL Green Operating Partnership | 3.75% Series M
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				3.75%
Preferred units, shares authorized (in shares) | shares	1,600,000			1,600,000
Number of preferred units issued (in shares) | shares	1,600,000			1,600,000
Annual dividends on preferred units (in dollars per share)				$ 0.9375
Liquidation preference of preferred units (in dollars per share)	$ 25.00			25.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 0			$ 0
SL Green Operating Partnership | 3.00% Series N
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				3.00%
Preferred units, shares authorized (in shares) | shares	552,303			552,303
Number of preferred units issued (in shares) | shares	552,303			552,303
Annual dividends on preferred units (in dollars per share)				$ 0.7500
Liquidation preference of preferred units (in dollars per share)	$ 25.00			25.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 0			$ 0
SL Green Operating Partnership | Series O
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Preferred units, shares authorized (in shares) | shares	1			1
Number of preferred units issued (in shares) | shares	1			1
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 0			$ 0
Preferred stock, dividend, multiplier per common unit distribution				1,350
SL Green Operating Partnership | 4.00% Series P
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				4.00%
Preferred units, shares authorized (in shares) | shares	200,000			200,000
Number of preferred units issued (in shares) | shares	200,000			200,000
Annual dividends on preferred units (in dollars per share)				$ 1.0000
Liquidation preference of preferred units (in dollars per share)	$ 25.00			25.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 0			$ 0
SL Green Operating Partnership | 3.50% Series Q
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				3.50%
Preferred units, shares authorized (in shares) | shares	268,000			268,000
Number of preferred units issued (in shares) | shares	268,000			268,000
Annual dividends on preferred units (in dollars per share)				$ 0.8750
Liquidation preference of preferred units (in dollars per share)	$ 25.00			25.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 148.95			$ 148.95
SL Green Operating Partnership | 3.50% Series R
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				3.50%
Preferred units, shares authorized (in shares) | shares	400,000			400,000
Number of preferred units issued (in shares) | shares	400,000			400,000
Annual dividends on preferred units (in dollars per share)				$ 0.8750
Liquidation preference of preferred units (in dollars per share)	$ 25.00			25.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 154.89			$ 154.89
SL Green Operating Partnership | 4.00% Series S
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				4.00%
Preferred units, shares authorized (in shares) | shares	1,077,280			1,077,280
Number of preferred units issued (in shares) | shares	1,077,280			1,077,280
Annual dividends on preferred units (in dollars per share)				$ 1.0000
Liquidation preference of preferred units (in dollars per share)	$ 25.00			25.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 0			$ 0
SL Green Operating Partnership | 2.75% Series T
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				2.75%
Preferred units, shares authorized (in shares) | shares	230,000			230,000
Number of preferred units issued (in shares) | shares	230,000			230,000
Annual dividends on preferred units (in dollars per share)				$ 0.6875
Liquidation preference of preferred units (in dollars per share)	$ 25.00			25.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 119.02			$ 119.02
SL Green Operating Partnership | 4.50% Series U
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				4.50%
Preferred units, shares authorized (in shares) | shares	680,000			680,000
Number of preferred units issued (in shares) | shares	680,000			680,000
Annual dividends on preferred units (in dollars per share)				$ 1.1250
Liquidation preference of preferred units (in dollars per share)	$ 25.00			25.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 0			$ 0
SL Green Operating Partnership | 3.50% Series A
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				3.50%
Preferred units, shares authorized (in shares) | shares	109,161			109,161
Number of preferred units issued (in shares) | shares	109,161			109,161
Annual dividends on preferred units (in dollars per share)				$ 35.0000
Liquidation preference of preferred units (in dollars per share)	$ 1,000.00			1,000.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 0			$ 0
SL Green Operating Partnership | 3.50% Series A | Minimum
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				75.00%
SL Green Operating Partnership | 3.50% Series V
Rollforward analysis of the activity relating to the noncontrolling interests in the operating partnership
Dividend rate preferred units (as a percent)				3.50%
Preferred units, shares authorized (in shares) | shares	40,000			40,000
Number of preferred units issued (in shares) | shares	40,000			40,000
Annual dividends on preferred units (in dollars per share)				$ 0.8750
Liquidation preference of preferred units (in dollars per share)	$ 25.00			25.00
Operating partnership common stock value use for conversion of preferred units (in dollars per share)	$ 0			$ 0

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Corporate Indebtedness - Senior Unsecured Notes (Details) - USD ($)		1 Months Ended	9 Months Ended
	Aug. 08, 2019	Oct. 31, 2017	Sep. 30, 2019	Dec. 31, 2018
Debt disclosures by scheduled maturity date
Accreted Balance			$ 1,493,691,000	$ 1,493,051,000
Senior unsecured notes
Debt disclosures by scheduled maturity date
Unpaid Principal Balance			1,500,000,000
Accreted Balance			1,503,073,000	1,503,759,000
Deferred financing costs, net			(6,706,000)	(8,545,000)
Accreted Balance, net of deferred financing costs			1,496,367,000	1,495,214,000
Senior unsecured notes | 7.75% Senior unsecured notes maturing on March 15, 2020
Debt disclosures by scheduled maturity date
Unpaid Principal Balance			250,000,000
Accreted Balance			$ 250,000,000	250,000,000
Coupon Rate (as a percent)			7.75%
Initial Term (in Years)			10 years
Senior unsecured notes | Senior Unsecured Notes Due August 2021
Debt disclosures by scheduled maturity date
Unpaid Principal Balance			$ 350,000,000
Accreted Balance			$ 350,000,000	350,000,000
Coupon Rate (as a percent)			0.98%
Initial Term (in Years)			3 years
Redemption price, percentage	100.00%
Senior unsecured notes | 3.25 Percent Senior Unsecured Notes Due October 2022
Debt disclosures by scheduled maturity date
Unpaid Principal Balance			$ 500,000,000
Accreted Balance			$ 499,669,000	499,591,000
Coupon Rate (as a percent)			3.25%
Initial Term (in Years)			5 years
Senior unsecured notes | 4.50% Senior unsecured notes maturing on December 1, 2022
Debt disclosures by scheduled maturity date
Unpaid Principal Balance			$ 300,000,000
Accreted Balance			$ 303,404,000	304,168,000
Coupon Rate (as a percent)			4.50%
Initial Term (in Years)			10 years
Senior unsecured notes | 4.27% Senior unsecured notes maturing on December 17, 2025
Debt disclosures by scheduled maturity date
Unpaid Principal Balance			$ 100,000,000
Accreted Balance			$ 100,000,000	$ 100,000,000
Coupon Rate (as a percent)			4.27%
Initial Term (in Years)			10 years
Senior Unsecured Bonds | 4.50% Senior Unsecured Bonds Due December 2022
Debt disclosures by scheduled maturity date
Coupon Rate (as a percent)		4.50%
Face amount of loan		$ 100,000,000.0
Redemption price, percentage		105.334%

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Partners' Capital of the Operating Partnership - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Common Stock
Stockholders' Equity
Units outstanding (units)	81,515,000	82,410,000	83,684,000	85,594,000	85,725,000	92,803,000
SL Green Operating Partnership
Stockholders' Equity
Noncontrolling interest in the operating partnership (as a percent)	4.96%		4.70%
Number of units of operating partnership owned by the noncontrolling interest unit holders (units)	4,257,754		4,130,579
SL Green Operating Partnership | Series I Preferred Units
Stockholders' Equity
Units outstanding (units)	9,200,000
Period of restriction to redeem OP Units	1 year
Conversion of stock, shares issued	1
SL Green Operating Partnership | Common Stock
Stockholders' Equity
Units outstanding (units)	81,515,066