000104097112/312021Q3FALSE000149286912/312021Q3FALSEThe 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: $316.0 million and $41.2 million of land, $341.2 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $18.5 million and $10.3 million of accumulated depreciation, $293.8 million and $289.5 million of other assets included in other line items, $450.1 million and $94.0 million of real estate debt, net, $1.3 million and $0.7 million of accrued interest payable, $45.4 million and $29.9 million of lease liabilities, and $24.9 million and $56.6 million of other liabilities included in other line items as of September 30, 2021 and December 31, 2020, respectively.us-gaap:AccountingStandardsUpdate201613MemberThe Operating Partnership'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: $316.0 million and $41.2 million of land, $341.2 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $18.5 million and $10.3 million of accumulated depreciation, $293.8 million and $289.5 million of other assets included in other line items, $450.1 million and $94.0 million of real estate debt, net, $1.3 million and $0.7 million of accrued interest payable, $45.4 million and $29.9 million of lease liabilities, and $24.9 million and $56.6 million of other liabilities included in other line items as of September 30, 2021 and December 31, 2020, 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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, 2021
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.)
One Vanderbilt Avenue, New York, NY 10017
(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 5, 2021, 66,726,676 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of November 5, 2021, 689,437 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, 2021 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, 2021, the Company owns 94.50% 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, 2021, noncontrolling investors held, in aggregate, a 5.50% 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; and
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; and
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, or the Exchange Act.



On December 4, 2020, our Board of Directors declared an ordinary dividend and a special dividend (together, "the Total Dividend"). The Total Dividend was paid on January 15, 2021 to shareholders of record at the close of business on December 15, 2020 ("the Record Date"). Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. As a result of the elections made, the cash option was oversubscribed and was prorated. Shareholders who elected to receive cash received, for each share of common stock they owned as of the Record Date, approximately $0.3735 in cash and 0.0279 shares of common stock. Shareholders who elected to receive shares received, for each share of common stock they owned as of the Record Date, approximately 0.0343 shares of common stock. The number of shares issued was calculated based on the volume weighted average trading price of SLG's common stock between January 5-7, 2021, of $58.15 per share.
To mitigate the dilutive impact of the common stock issued in the special dividend, the Board of Directors also authorized a reverse stock split, which was effective after markets closed on January 20, 2021. On January 8, 2021, a committee of the Board of Directors calculated the ratio for the reverse stock split of our issued and outstanding shares of common stock as 1.02918-for-1. After the issuance of the dividend and the completion of the reverse stock split, the number of shares of our common stock outstanding was equivalent to the number of total shares outstanding on the Record Date (not including any issuances or repurchases that occurred following the Record Date, as well as any fractional shares that would have been issued but for which cash-in-lieu was paid). However, on a relative basis, some individual shareholders may have more shares of SLG’s common stock, and some individual shareholders may have fewer shares of our common stock, depending on their individual elections to receive cash or stock and as a result of the cash option being oversubscribed.
All share-related references and measurements including the number of shares outstanding, share prices, number of shares repurchased, earnings per share, dividends per share, and share-based compensation awards, have been retroactively adjusted to reflect the reverse stock split for all periods presented in this Quarterly Report on Form 10-Q.



SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION  
Item 1. FINANCIAL STATEMENTS
7
FINANCIAL STATEMENTS OF SL GREEN REALTY CORP.
Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020
7
Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (unaudited)
9
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Consolidated Statements of Equity for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P.
Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020
Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Consolidated Statements of Capital for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)
Notes to Consolidated Financial Statements (unaudited)
Management's Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures about Market Risk
Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.)
PART II. OTHER INFORMATION
Legal Proceedings
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Defaults Upon Senior Securities
Mine Safety Disclosures
Other Information
Exhibits
Signatures


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

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

5


SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
September 30, 2021 December 31, 2020
(unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests
$ 1,489,101  $ 1,315,832 
Building and improvements
3,828,052  4,168,193 
Building leasehold and improvements
1,649,796  1,448,134 
Right of use asset - financing leases 27,445  55,711 
Right of use asset - operating leases 498,416  367,209 
7,492,810  7,355,079 
Less: accumulated depreciation
(1,904,465) (1,956,077)
5,588,345  5,399,002 
Cash and cash equivalents 257,941  266,059 
Restricted cash 87,992  106,736 
Investments in marketable securities 34,428  28,570 
Tenant and other receivables 44,964  44,507 
Related party receivables 35,674  34,657 
Deferred rents receivable 254,277  302,791 
Debt and preferred equity investments, net of discounts and deferred origination fees of $6,494 and $11,232 and allowances of $6,630 and $13,213 in 2021 and 2020, respectively
1,052,110  1,076,542 
Investments in unconsolidated joint ventures 3,028,084  3,823,322 
Deferred costs, net 124,637  177,168 
Other assets 347,407  448,213 
Total assets (1)
$ 10,855,859  $ 11,707,567 
Liabilities
Mortgages and other loans payable, net $ 1,422,287  $ 1,979,972 
Revolving credit facility, net 216,902  105,262 
Unsecured term loans, net 1,496,583  1,495,275 
Unsecured notes, net 899,118  1,248,219 
Accrued interest payable 20,777  14,825 
Other liabilities 157,375  302,798 
Accounts payable and accrued expenses 137,946  151,309 
Deferred revenue 120,567  118,572 
Lease liability - financing leases 125,168  152,521 
Lease liability - operating leases 437,357  339,458 
Dividend and distributions payable 23,958  149,294 
Security deposits 54,366  53,836 
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities 100,000  100,000 
Total liabilities (1)
5,212,404  6,211,341 
6


SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
September 30, 2021 December 31, 2020
(unaudited)
Commitments and contingencies
Noncontrolling interests in Operating Partnership 362,737  358,262 
Preferred units 198,503  202,169 
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, 2021 and December 31, 2020
221,932  221,932 
Common stock, $0.01 par value, 160,000 shares authorized and 67,926 and 69,534 issued and outstanding at September 30, 2021 and December 31, 2020, respectively (including 1,061 and 1,026 shares held in treasury at September 30, 2021 and December 31, 2020, respectively)
680  716 
Additional paid-in-capital 3,774,119  3,862,949 
Treasury stock at cost (126,160) (124,049)
Accumulated other comprehensive loss (60,597) (67,247)
Retained earnings 1,258,232  1,015,462 
Total SL Green stockholders' equity 5,068,206  4,909,763 
Noncontrolling interests in other partnerships 14,009  26,032 
Total equity 5,082,215  4,935,795 
Total liabilities and equity $ 10,855,859  $ 11,707,567 
(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: $316.0 million and $41.2 million of land, $341.2 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $18.5 million and $10.3 million of accumulated depreciation, $293.8 million and $289.5 million of other assets included in other line items, $450.1 million and $94.0 million of real estate debt, net, $1.3 million and $0.7 million of accrued interest payable, $45.4 million and $29.9 million of lease liabilities, and $24.9 million and $56.6 million of other liabilities included in other line items as of September 30, 2021 and December 31, 2020, respectively.


The accompanying notes are an integral part of these consolidated financial statements.
7


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,
  2021 2020 2021 2020
Revenues
Rental revenue, net $ 155,363  $ 195,515  $ 528,063  $ 614,032 
Investment income 20,072  22,988  59,452  101,464 
Other income 29,766  31,341  61,895  102,350 
Total revenues 205,201  249,844  649,410  817,846 
Expenses
Operating expenses, including related party expenses of $3,563 and $8,827 in 2021 and $2,801 and $9,289 in 2020
40,684  45,910  126,851  140,673 
Real estate taxes 32,139  43,522  121,318  131,805 
Operating lease rent 6,557  6,973  20,003  22,171 
Interest expense, net of interest income 14,807  23,536  57,155  91,100 
Amortization of deferred financing costs 2,345  3,151  9,505  8,312 
Depreciation and amortization 49,277  92,516  169,534  256,736 
Loan loss and other investment reserves, net of recoveries   8,957    27,018 
Transaction related costs 190  45  215  483 
Marketing, general and administrative 23,477  23,602  68,426  66,682 
Total expenses 169,476  248,212  573,007  744,980 
Equity in net loss from unconsolidated joint ventures (15,487) (432) (31,321) (15,445)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate (1,280) —  (5,438) — 
Purchase price and other fair value adjustments 208,810  —  209,527  — 
Gain on sale of real estate, net 187,766  26,104  285,338  163,624 
Depreciable real estate reserves and impairment   (6,627) (5,696) (6,627)
Net income 415,534  20,677  528,813  214,418 
Net income attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership (22,683) (802) (28,489) (10,073)
Noncontrolling interests in other partnerships 915  (414) 2,454  (1,145)
Preferred units distributions (1,823) (1,864) (5,492) (6,883)
Net income attributable to SL Green 391,943  17,597  497,286  196,317 
Perpetual preferred stock dividends (3,738) (3,738) (11,213) (11,213)
Net income attributable to SL Green common stockholders $ 388,205  $ 13,859  $ 486,073  $ 185,104 
Basic earnings per share $ 5.77  $ 0.19  $ 7.08  $ 2.51 
Diluted earnings per share $ 5.75  $ 0.19  $ 7.04  $ 2.50 
Basic weighted average common shares outstanding 66,840  70,943  68,275  73,373 
Diluted weighted average common shares and common share equivalents outstanding 71,487  75,414  73,087  77,937 
    
The accompanying notes are an integral part of these consolidated financial statements.
8


SL Green Realty Corp.
Consolidated Statements of Comprehensive Income
(unaudited, in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
  2021 2020 2021 2020
Net income $ 415,534  $ 20,677  $ 528,813  $ 214,418 
Other comprehensive income (loss):
Increase (decrease) in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments 6,615  6,099  6,565  (48,227)
Increase (decrease) in unrealized value of marketable securities 66  389  314  (2,152)
Other comprehensive income (loss) 6,681  6,488  6,879  (50,379)
Comprehensive income 422,215  27,165  535,692  164,039 
Net income attributable to noncontrolling interests and preferred units distributions (23,591) (3,080) (31,527) (18,101)
Other comprehensive (income) loss attributable to noncontrolling interests (415) (317) (229) 2,664 
Comprehensive income attributable to SL Green $ 398,209  $ 23,768  $ 503,936  $ 148,602 


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

9


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 Loss
Retained
Earnings
Noncontrolling
Interests
Total
Balance at December 31, 2020 $ 221,932  68,508  $ 716  $ 3,862,949  $ (124,049) $ (67,247) $ 1,015,462  $ 26,032  $ 4,935,795 
Net income (loss) 105,343  (1,539) 103,804 
Other comprehensive income 384  384 
Preferred dividends (7,475) (7,475)
DRSPP proceeds 467  467 
Reallocation of noncontrolling interest in the Operating Partnership (32,475) (32,475)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings 112  14,317  14,319 
Repurchases of common stock (2,781) (28) (177,972) (20,887) (198,887)
Contributions to consolidated joint venture interests 305  305 
Cash distributions to noncontrolling interests (173) (173)
Issuance of special dividend paid primarily in stock 2,034  123,529  123,529 
Cash distributions declared ($1.820 per common share, none of which represented a return of capital for federal income tax purposes)
(125,836) (125,836)
Balance at June 30, 2021 $ 221,932  67,880  $ 690  $ 3,823,290  $ (124,049) $ (66,863) $ 934,132  $ 24,625  $ 4,813,757 
Net income (loss) 391,943  (915) 391,028 
Other comprehensive income 6,266  6,266 
Preferred dividends (3,738) (3,738)
DRSPP proceeds 146  146 
Reallocation of noncontrolling interest in the Operating Partnership 15,230  15,230 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (1) 7,932  7,932 
Repurchases of common stock (1,016) (10) (57,249) (20,698) (77,957)
Contributions to consolidated joint venture interests
Sale of interest in partially owned entity (4,476) (4,476)
Cash distributions to noncontrolling interests (5,230) (5,230)
Issuance of special dividend paid primarily in stock (2,111) 2,111  — 
Cash distributions declared ($0.910 per common share, none of which represented a return of capital for federal income tax purposes)
(60,748) (60,748)
Balance at September 30, 2021 $ 221,932  66,865  $ 680  $ 3,774,119  $ (126,160) $ (60,597) $ 1,258,232  $ 14,009  $ 5,082,215 
10


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 Loss
Retained
Earnings
Noncontrolling
Interests
Total
Balance at December 31, 2019 $ 221,932  76,956  $ 803  $ 4,286,395  $ (124,049) $ (28,485) $ 1,084,719  $ 75,883  $ 5,517,198 
Cumulative adjustment upon adoption of ASC 326 (39,184) (39,184)
Balance at January 1, 2020 $ 221,932  76,956  $ 803  $ 4,286,395  $ (124,049) $ (28,485) $ 1,045,535  $ 75,883  $ 5,478,014 
Net income 178,720  730  179,450 
Acquisition of subsidiary interest from noncontrolling interest (3,123) 1,587  (1,536)
Other comprehensive loss (53,886) (53,886)
Preferred dividends (7,475) (7,475)
DRSPP proceeds 364  364 
Conversion of units in the Operating Partnership for common stock 98  8,743  8,744 
Reallocation of noncontrolling interest in the Operating Partnership 31,144  31,144 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (32) —  13,493  13,493 
Repurchases of common stock (5,442) (56) (283,981) (76,831) (360,868)
Contributions to consolidated joint venture interests 8,186  8,186 
Cash distributions to noncontrolling interests (596) (596)
Cash distributions declared ($1.214 per common share, none of which represented a return of capital for federal income tax purposes)
(89,272) (89,272)
Balance at June 30, 2020 $ 221,932  71,586  $ 748  $ 4,021,891  $ (124,049) $ (82,371) $ 1,081,821  $ 85,790  $ 5,205,762 
Net income 17,597  414  18,011 
Other comprehensive income 6,171  6,171 
Preferred dividends (3,738) (3,738)
DRSPP proceeds 202  202 
Conversion of units in the Operating Partnership for common stock —  —  —  — 
Reallocation of noncontrolling interest in the Operating Partnership 4,109  4,109 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings —  7,543  7,543 
Repurchases of common stock (624) (7) (31,120) —  (31,127)
Contributions to consolidated joint venture interests 4,219  4,219 
Cash distributions to noncontrolling interests (12,530) (12,530)
Cash distributions declared ($0.911 per common share, none of which represented a return of capital for federal income tax purposes)
(64,617) (64,617)
Balance at September 30, 2020 $ 221,932  70,969  $ 741  $ 3,998,516  $ (124,049) $ (76,200) $ 1,035,172  $ 77,893  $ 5,134,005 

The accompanying notes are an integral part of these consolidated financial statements.
11


SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)
Nine Months Ended September 30,
2021 2020
Operating Activities
Net income $ 528,813  $ 214,418 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 179,039  265,048 
Equity in net loss from unconsolidated joint ventures 31,321  15,445 
Distributions of cumulative earnings from unconsolidated joint ventures 719  576 
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate 5,438  — 
Purchase price and other fair value adjustments (209,527) — 
Depreciable real estate reserves and impairment 5,696  6,627 
Gain on sale of real estate, net (285,338) (163,624)
Loan loss reserves and other investment reserves, net of recoveries   27,018 
Deferred rents receivable (6,963) (3,459)
Non-cash lease expense 11,670  9,735 
Other non-cash adjustments 27,868  14,874 
Changes in operating assets and liabilities:
Tenant and other receivables (11,827) (43,069)
Related party receivables (4,626) 4,195 
Deferred lease costs (1,267) (12,472)
Other assets (118) (55,301)
Accounts payable, accrued expenses, other liabilities and security deposits (54,009) 43,256 
Deferred revenue 7,412  13,206 
Lease liability - operating leases (33,289) (8,530)
Net cash provided by operating activities 191,012  327,943 
Investing Activities
Acquisitions of real estate property (152,791) (86,846)
Additions to land, buildings and improvements (208,380) (281,651)
Investments in unconsolidated joint ventures (76,471) (39,724)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 749,997  104,300 
Net proceeds from disposition of real estate/joint venture interest 541,268  333,037 
Cash assumed from consolidation of real estate investment 9,475  — 
Proceeds from sale or redemption of marketable securities 4,528  — 
Purchases of marketable securities (10,000) — 
Other investments 2,401  (3,921)
Origination of debt and preferred equity investments (83,924) (353,797)
Repayments or redemption of debt and preferred equity investments 110,774  703,625 
Net cash provided by investing activities 886,877  375,023 
12


SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)
Nine Months Ended September 30,
2021 2020
Financing Activities
Proceeds from mortgages and other loans payable 31,219  1,128,775 
Repayments of mortgages and other loans payable (372,300) (710,352)
Proceeds from revolving credit facility and unsecured notes 925,000  1,275,000 
Repayments of revolving credit facility and unsecured notes (1,165,000) (1,575,000)
Proceeds from stock options exercised and DRSPP issuance 613  566 
Repurchase of common stock (280,623) (381,992)
Redemption of preferred stock (3,631) (82,750)
Redemption of OP units (13,930) (18,913)
Distributions to noncontrolling interests in other partnerships (5,403) (13,126)
Contributions from noncontrolling interests in other partnerships 310  12,404 
Acquisition of subsidiary interest from noncontrolling interest   (1,536)
Distributions to noncontrolling interests in the Operating Partnership (11,882) (8,857)
Dividends paid on common and preferred stock (205,131) (224,147)
Tax withholdings related to restricted share awards (2,989) (4,752)
Deferred loan costs (570) (34,687)
Principal payments of on financing lease liabilities (434) (580)
Net cash used in financing activities (1,104,751) (639,947)
Net (decrease) increase in cash, cash equivalents, and restricted cash (26,862) 63,019 
Cash, cash equivalents, and restricted cash at beginning of year 372,795  241,430 
Cash, cash equivalents, and restricted cash at end of period $ 345,933  $ 304,449 
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Conversion of units in the Operating Partnership $   $ 8,744 
Redemption of units in the Operating Partnership for a joint venture sale 27,586  — 
Exchange of preferred equity investment for real estate or equity in joint venture   119,467 
Exchange of debt investment for real estate or equity in joint venture 9,468  104,211 
Assumption of mortgage loan 60,000  — 
Issuance of special dividend paid primarily in stock 121,418  — 
Tenant improvements and capital expenditures payable 16,684  11,993 
Fair value adjustment to noncontrolling interest in the Operating Partnership 17,245  35,253 
Consolidation of real estate investment 119,444  — 
Deconsolidation of a subsidiary 66,837  — 
Deconsolidation of a subsidiary mortgage 510,000  5,593 
Reversal of assets held for sale   391,664 
Extinguishment of debt in connection with property dispositions 53,548  — 
Mortgages assumed in connection with sale of real estate   250,000 
Seller financed purchases   100,000 
Debt and preferred equity investments 8,372  4,638 
Removal of fully depreciated commercial real estate properties 7,030  7,906 
Distributions to noncontrolling interests 358  — 
13


SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)
Nine Months Ended September 30,
2021 2020
Share repurchase payable 3,779  10,003 
Sale of interest in partially owned entity 4,476  — 
Recognition of sales-type leases and related lease liabilities   114,974 
Recognition of right of use assets and related lease liabilities 115,812  57,500 
    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,
  2021 2020
Cash and cash equivalents $ 257,941  $ 221,404 
Restricted cash 87,992  83,045 
Total cash, cash equivalents, and restricted cash $ 345,933  $ 304,449 
The accompanying notes are an integral part of these consolidated financial statements.

14


SL Green Operating Partnership, L.P.
Consolidated Balance Sheets
(in thousands)

September 30, 2021 December 31, 2020
(unaudited)
Assets    
Commercial real estate properties, at cost:    
Land and land interests
$ 1,489,101  $ 1,315,832 
Building and improvements
3,828,052  4,168,193 
Building leasehold and improvements
1,649,796  1,448,134 
Right of use asset - financing leases 27,445  55,711 
Right of use asset - operating leases 498,416  367,209 
7,492,810  7,355,079 
Less: accumulated depreciation
(1,904,465) (1,956,077)
5,588,345  5,399,002 
Cash and cash equivalents 257,941  266,059 
Restricted cash 87,992  106,736 
Investments in marketable securities 34,428  28,570 
Tenant and other receivables 44,964  44,507 
Related party receivables 35,674  34,657 
Deferred rents receivable 254,277  302,791 
Debt and preferred equity investments, net of discounts and deferred origination fees of $6,494 and $11,232 and allowances of $6,630 and $13,213 in 2021 and 2020, respectively
1,052,110  1,076,542 
Investments in unconsolidated joint ventures 3,028,084  3,823,322 
Deferred costs, net 124,637  177,168 
Other assets 347,407  448,213 
Total assets (1)
$ 10,855,859  $ 11,707,567 
Liabilities  
Mortgages and other loans payable, net $ 1,422,287  $ 1,979,972 
Revolving credit facility, net 216,902  105,262 
Unsecured term loans, net 1,496,583  1,495,275 
Unsecured notes, net 899,118  1,248,219 
Accrued interest payable 20,777  14,825 
Other liabilities 157,375  302,798 
Accounts payable and accrued expenses 137,946  151,309 
Deferred revenue 120,567  118,572 
Lease liability - financing leases 125,168  152,521 
Lease liability - operating leases 437,357  339,458 
Dividend and distributions payable 23,958  149,294 
Security deposits 54,366  53,836 
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities 100,000  100,000 
Total liabilities (1)
5,212,404  6,211,341 
Commitments and contingencies
Limited partner interests in SLGOP (3,888 and 3,939 limited partner common units outstanding at September 30, 2021 and December 31, 2020, respectively)
362,737  358,262 
Preferred units 198,503  202,169 
15


SL Green Operating Partnership, L.P.
Consolidated Balance Sheets
(in thousands)

September 30, 2021 December 31, 2020
(unaudited)
Capital    
SLGOP partners' capital:    
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2021 and December 31, 2020
221,932  221,932 
SL Green partners' capital (707 and 724 general partner common units and 66,158 and 67,784 limited partner common units outstanding at September 30, 2021 and December 31, 2020, respectively)
4,906,871  4,755,078 
Accumulated other comprehensive loss (60,597) (67,247)
Total SLGOP partners' capital 5,068,206  4,909,763 
Noncontrolling interests in other partnerships 14,009  26,032 
Total capital 5,082,215  4,935,795 
Total liabilities and capital $ 10,855,859  $ 11,707,567 
(1) The Operating Partnership'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: $316.0 million and $41.2 million of land, $341.2 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $18.5 million and $10.3 million of accumulated depreciation, $293.8 million and $289.5 million of other assets included in other line items, $450.1 million and $94.0 million of real estate debt, net, $1.3 million and $0.7 million of accrued interest payable, $45.4 million and $29.9 million of lease liabilities, and $24.9 million and $56.6 million of other liabilities included in other line items as of September 30, 2021 and December 31, 2020, respectively.


The accompanying notes are an integral part of these consolidated financial statements.
16


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,
  2021 2020 2021 2020
Revenues
Rental revenue, net $ 155,363  $ 195,515  $ 528,063  $ 614,032 
Investment income 20,072  22,988  59,452  101,464 
Other income 29,766  31,341  61,895  102,350 
Total revenues 205,201  249,844  649,410  817,846 
Expenses
Operating expenses, including related party expenses of $3,563 and $8,827 in 2021 and $2,801 and $9,289 in 2020
40,684  45,910  126,851  140,673 
Real estate taxes 32,139  43,522  121,318  131,805 
Operating lease rent 6,557  6,973  20,003  22,171 
Interest expense, net of interest income 14,807  23,536  57,155  91,100 
Amortization of deferred financing costs 2,345  3,151  9,505  8,312 
Depreciation and amortization 49,277  92,516  169,534  256,736 
Loan loss and other investment reserves, net of recoveries   8,957    27,018 
Transaction related costs 190  45  215  483 
Marketing, general and administrative 23,477  23,602  68,426  66,682 
Total expenses 169,476  248,212  573,007  744,980 
Equity in net loss from unconsolidated joint ventures (15,487) (432) (31,321) (15,445)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate (1,280) —  (5,438) — 
Purchase price and other fair value adjustments 208,810  —  209,527  — 
Gain on sale of real estate, net 187,766  26,104  285,338  163,624 
Depreciable real estate reserves and impairment   (6,627) (5,696) (6,627)
Net income 415,534  20,677  528,813  214,418 
Net income attributable to noncontrolling interests:
Noncontrolling interests in other partnerships 915  (414) 2,454  (1,145)
Preferred units distributions (1,823) (1,864) (5,492) (6,883)
Net income attributable to SLGOP 414,626  18,399  525,775  206,390 
Perpetual preferred unit distributions (3,738) (3,738) (11,213) (11,213)
Net income attributable to SLGOP common unitholders $ 410,888  $ 14,661  $ 514,562  $ 195,177 
Basic earnings per unit $ 5.77  $ 0.19  $ 7.08  $ 2.51 
Diluted earnings per unit $ 5.75  $ 0.19  $ 7.04  $ 2.50 
Basic weighted average common units outstanding 70,674  74,972  72,299  77,496 
Diluted weighted average common units and common unit equivalents outstanding 71,487  75,414  73,087  77,937 


The accompanying notes are an integral part of these consolidated financial statements.
17


SL Green Operating Partnership, L.P.
Consolidated Statements of Comprehensive Income
(unaudited, in thousands)

Three Months Ended September 30, Nine Months Ended September 30,
  2021 2020 2021 2020
Net income $ 415,534  $ 20,677  $ 528,813  $ 214,418 
Other comprehensive income (loss):
Increase (decrease) in unrealized value of derivative instruments, including SLGOP's share of joint venture derivative instruments 6,615  6,099  6,565  (48,227)
Increase (decrease) in unrealized value of marketable securities 66  389  314  (2,152)
Other comprehensive income (loss) 6,681  6,488  6,879  (50,379)
Comprehensive income 422,215  27,165  535,692  164,039 
Net loss (income) attributable to noncontrolling interests 915  (414) 2,454  (1,145)
Other comprehensive (income) loss attributable to noncontrolling interests (415) (317) (229) 2,664 
Comprehensive income attributable to SLGOP $ 422,715  $ 26,434  $ 537,917  $ 165,558 


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

18


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 Loss
Noncontrolling
Interests
Total
Balance at December 31, 2020 $ 221,932  68,508  $ 4,755,078  $ (67,247) $ 26,032  $ 4,935,795 
Net income (loss) 105,343  (1,539) 103,804 
Other comprehensive income 384  384 
Preferred distributions (7,475) (7,475)
DRSPP proceeds 467  467 
Reallocation of noncontrolling interests in the operating partnership (32,475) (32,475)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings 112  14,319  14,319 
Repurchases of common units (2,781) (198,887) (198,887)
Contribution to consolidated joint venture interests 305  305 
Cash distributions to noncontrolling interests (173) (173)
Issuance of special distribution paid primarily in units 2,034  123,529  123,529 
Cash distributions declared ($1.820 per common unit, none of which represented a return of capital for federal income tax purposes)
(125,836) (125,836)
Balance at June 30, 2021 $ 221,932  67,880  $ 4,634,063  $ (66,863) $ 24,625  $ 4,813,757 
Net income (loss) 391,943  (915) 391,028 
Other comprehensive income 6,266  6,266 
Preferred distributions (3,738) (3,738)
DRSPP proceeds 146  146 
Reallocation of noncontrolling interests in the operating partnership 15,230  15,230 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (1) 7,932  7,932 
Repurchases of common units (1,016) (77,957) (77,957)
Contribution to consolidated joint venture interests
Sale of interest in partially owned entity (4,476) (4,476)
Cash distributions to noncontrolling interests (5,230) (5,230)
Issuance of special distribution paid primarily in units —  — 
Cash distributions declared ($0.910 per common unit, none of which represented a return of capital for federal income tax purposes)
(60,748) (60,748)
Balance at September 30, 2021 $ 221,932  66,865  $ 4,906,871  $ (60,597) $ 14,009  $ 5,082,215 
   
19


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 Loss
Noncontrolling
Interests
Total
Balance at December 31, 2019 $ 221,932  76,956  $ 5,247,868  $ (28,485) $ 75,883  $ 5,517,198 
Cumulative adjustment upon adoption of ASC 326 (39,184) (39,184)
Balance at January 1, 2020 $ 221,932  76,956  $ 5,208,684  $ (28,485) $ 75,883  $ 5,478,014 
Net income (loss) 178,720  730  179,450 
Acquisition of subsidiary interest from noncontrolling interest (3,123) 1,587  (1,536)
Other comprehensive loss (53,886) (53,886)
Preferred distributions (7,475) (7,475)
DRSPP proceeds 364  364 
Conversion of common units 98  8,744  8,744 
Reallocation of noncontrolling interests in the operating partnership 31,144  31,144 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings (32) 13,493  13,493 
Repurchases of common stock (5,442) (360,868) (360,868)
Contribution to consolidated joint venture interests 8,186  8,186 
Cash distributions to noncontrolling interests (596) (596)
Cash distributions declared ($1.214 per common unit, none of which represented a return of capital for federal income tax purposes)
(89,272) (89,272)
Balance at June 30, 2020 $ 221,932  71,586  $ 4,980,411  $ (82,371) $ 85,790  $ 5,205,762 
Net income 17,597  414  18,011 
Other comprehensive income 6,171  6,171 
Preferred distributions (3,738) (3,738)
DRSPP proceeds 202  202 
Conversion of common units —  —  — 
Reallocation of noncontrolling interests in the operating partnership 4,109  4,109 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings 7,543  7,543 
Repurchases of common stock (624) (31,127) (31,127)
Contribution to consolidated joint venture interests 4,219  4,219 
Cash distributions to noncontrolling interests (12,530) (12,530)
Cash distributions declared ($0.911 per common unit, none of which represented a return of capital for federal income tax purposes)
(64,617) (64,617)
Balance at September 30, 2020 $ 221,932  70,969  $ 4,910,380  $ (76,200) $ 77,893  $ 5,134,005 


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

20


SL Green Operating Partnership, L.P.
Consolidated Statements of Cash Flows
(unaudited, in thousands)

Nine Months Ended September 30,
  2021 2020
Operating Activities    
Net income $ 528,813  $ 214,418 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 179,039  265,048 
Equity in net loss from unconsolidated joint ventures 31,321  15,445 
Distributions of cumulative earnings from unconsolidated joint ventures 719  576 
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate 5,438  — 
Purchase price and other fair value adjustments (209,527) — 
Depreciable real estate reserves and impairment 5,696  6,627 
Gain on sale of real estate, net (285,338) (163,624)
Loan loss reserves and other investment reserves, net of recoveries   27,018 
Deferred rents receivable (6,963) (3,459)
Non-cash lease expense 11,670  9,735 
Other non-cash adjustments 27,868  14,874 
Changes in operating assets and liabilities:
Tenant and other receivables (11,827) (43,069)
Related party receivables (4,626) 4,195 
Deferred lease costs (1,267) (12,472)
Other assets (118) (55,301)
Accounts payable, accrued expenses, other liabilities and security deposits (54,009) 43,256 
Deferred revenue 7,412  13,206 
Lease liability - operating leases (33,289) (8,530)
Net cash provided by operating activities 191,012  327,943 
Investing Activities
Acquisitions of real estate property (152,791) (86,846)
Additions to land, buildings and improvements (208,380) (281,651)
Investments in unconsolidated joint ventures (76,471) (39,724)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 749,997  104,300 
Net proceeds from disposition of real estate/joint venture interest 541,268  333,037 
Cash assumed from consolidation of real estate investment 9,475  — 
Proceeds from sale or redemption of marketable securities 4,528  — 
Purchases of marketable securities (10,000) — 
Other investments 2,401  (3,921)
Origination of debt and preferred equity investments (83,924) (353,797)
Repayments or redemption of debt and preferred equity investments 110,774  703,625 
Net cash provided by investing activities 886,877  375,023 
Financing Activities    
Proceeds from mortgages and other loans payable 31,219  1,128,775 
Repayments of mortgages and other loans payable (372,300) (710,352)
Proceeds from revolving credit facility and unsecured notes 925,000  1,275,000 
Repayments of revolving credit facility and unsecured notes (1,165,000) (1,575,000)
Proceeds from stock options exercised and DRSPP issuance 613