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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2012	Feb. 15, 2013
Document and Entity Information
Entity Registrant Name	SL GREEN OPERATING PARTNERSHIP, L.P.
Entity Central Index Key	0001492869
Document Type	10-K
Document Period End Date	Dec. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float	$ 0
Entity Common Stock, Shares Outstanding		1,103,267
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Commercial real estate properties, at cost:
Land and land interests	$ 2,886,099	$ 2,684,626
Building and improvements	7,389,766	7,147,527
Building leasehold and improvements	1,346,748	1,302,790
Properties under capital lease	40,340	12,208
Commercial real estate properties, at cost	11,662,953	11,147,151
Less: accumulated depreciation	(1,393,323)	(1,136,603)
Commercial real estate properties, net	10,269,630	10,010,548
Assets held for sale	4,901	76,562
Cash and cash equivalents	189,984	138,192
Restricted cash	136,071	86,584
Investment in marketable securities	21,429	25,323
Tenant and other receivables, net of allowance of $21,652 and $16,772 in 2012 and 2011, respectively	48,544	32,107
Related party receivables	7,531	4,001
Deferred rents receivable, net of allowance of $29,580 and $29,156 in 2012 and 2011, respectively	340,747	281,974
Debt and preferred equity investments, net of discount of $13,572 and $24,996 and allowance of $7,000 and $50,175 in 2012 and 2011, respectively	1,357,203	985,942
Investments in unconsolidated joint ventures	1,032,243	893,933
Deferred costs, net	261,145	210,786
Other assets	718,326	737,900
Total assets	14,387,754	13,483,852
Liabilities
Mortgages and other loans payable	4,615,464	4,314,741
Revolving credit facility	70,000	350,000
Term loan and senior unsecured notes	1,734,956	1,270,656
Accrued interest payable and other liabilities	73,769	126,135
Accounts payable and accrued expenses	159,598	142,428
Deferred revenue/gains	321,764	357,193
Capitalized lease obligation	37,518	17,112
Deferred land leases payable	20,897	18,495
Dividend and distributions payable	37,839	28,398
Security deposits	46,253	46,367
Liabilities related to assets held for sale	136	61,988
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities	100,000	100,000
Total liabilities	7,218,194	6,833,513
Commitments and contingencies
SLGOP partners' capital:
SL Green partners' capital (940 and 885 general partner common units and 90,310 and 84,897 limited partner common units outstanding at December 31, 2012 and 2011, respectively)	6,189,529	5,714,856
Limited partner interests in SLGOP (2,760 and 2,765 limited partner common units outstanding at December 31, 2012 and 2011, respectively	71,524	114,497
Accumulated other comprehensive loss	(30,649)	(29,119)
Total SLGOP partners' capital	6,632,709	6,170,577
Noncontrolling interests in other partnerships	487,301	477,762
Total capital	7,120,010	6,648,339
Total liabilities and capital	14,387,754	13,483,852
Series H Preferred Units
Liabilities
Preferred units	2,000	2,000
Series G Preferred Units
Liabilities
Preferred units	47,550
Series C preferred units
SLGOP partners' capital:
Preferred units	180,340	274,022
Total capital	180,340	274,022
Series D preferred units
SLGOP partners' capital:
Preferred units		96,321
Total capital		$ 96,321
Series I Preferred Units
SLGOP partners' capital:
Preferred units	221,965
Total capital	$ 221,965

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Tenant and other receivables, allowance (in dollars)	$ 21,652	$ 16,772
Deferred rents receivable, allowance (in dollars)	29,580	29,156
Debt and preferred equity investments, discount (in dollars)	13,572	24,996
Debt and preferred equity investments, allowance (in dollars)	$ 7,000	$ 50,175
SL Green partners' capital, general partner common units outstanding	940	885
SL Green partners' capital, limited partner common units outstanding	90,310	84,897
Limited partner interests in Operating Partnership, limited partner common units outstanding	2,760	2,765
Series H Preferred Units
Preferred Units, liquidation preference (in dollars per unit)	$ 25.00	$ 25.00
Preferred units, issued	80	80
Preferred units, outstanding	80	80
Series C preferred units
Preferred units, outstanding	7,700	11,700
Series D preferred units
Preferred units, outstanding	0	4,000
Series I Preferred Units
Preferred units, outstanding	9,200
Series G Preferred Units
Preferred Units, liquidation preference (in dollars per unit)	$ 25.00
Preferred units, issued	1,902
Preferred units, outstanding	1,902

Consolidated Statements of Income shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($) $ / shares shares	Dec. 31, 2011 USD ($) $ / shares shares	Dec. 31, 2010 USD ($) $ / shares shares
Revenues
Rental revenue, net	$ 1,077,976	$ 961,935	$ 782,530
Escalation and reimbursement	167,388	145,596	118,212
Investment and preferred equity income	119,155	120,418	147,926
Other income	35,736	35,479	35,718
Total revenues	1,400,255	1,263,428	1,084,386
Expenses
Operating expenses (including $18,101 (2012), $16,266 (2011) and $14,320 (2010) paid to related parties)	298,322	263,709	224,693
Real estate taxes	210,467	174,454	145,830
Ground rent	37,866	32,919	31,191
Interest expense, net of interest income	330,569	285,917	230,648
Amortization of deferred financing costs	19,450	14,118	9,046
Depreciation and amortization	332,028	277,345	225,193
Loan loss and other investment reserves, net of recoveries	564	6,722	17,751
Transaction related costs	5,625	5,561	11,849
Marketing, general and administrative	82,840	80,103	75,946
Total expenses	1,317,731	1,140,848	972,147
Income from continuing operations before equity in net income of unconsolidated joint ventures, gains on sale, purchase price fair value adjustment, depreciable real estate reserves, gain (loss) on early extinguishment of debt, noncontrolling interests and discontinued operations	82,524	122,580	112,239
Equity in net income from unconsolidated joint ventures	76,418	1,583	39,607
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	37,053	2,918	128,921
Purchase price fair value adjustment		498,195
Gain on sale of investment in marketable securities	4,940	4,866	490
Depreciable real estate reserves		(5,789)	(2,750)
Gain (loss) on early extinguishment of debt	(6,978)	904	(1,900)
Income from continuing operations	193,957	625,257	276,607
Net income from discontinued operations	9,116	5,780	7,064
Gain on sale of discontinued operations	6,627	46,085	35,485
Net income	209,700	677,122	319,156
Net income attributable to noncontrolling interests in other partnerships	(5,591)	(15,083)	(14,007)
Preferred units distributions	(2,107)
Net income attributable to SLGOP	202,002	662,039	305,149
Preferred unit redemption costs	(10,010)
Perpetual preferred unit distributions	(30,411)	(30,178)	(29,749)
Net income	161,581	631,861	275,400
Amounts attributable to SLGOP common unitholders:
Income from continuing operations	108,785	78,883	103,930
Purchase price fair value adjustment		498,195
Gain on sale of unconsolidated joint ventures/ real estate	37,053	2,918	128,921
Net income from discontinued operations	9,116	5,780	7,064
Gain on sale of discontinued operations	6,627	46,085	35,485
Net income	$ 161,581	$ 631,861	$ 275,400
Basic earnings per unit:
Net income from continuing operations before gains on sale and discontinued operations (in dollars per unit) \| $ / shares	1.18	6.73	1.31
Equity in net gain on sale of interest in unconsolidated joint venture/ real estate (in dollars per unit) \| $ / shares	$ 0.40	$ 0.03	$ 1.62
Net income from discontinued operations (in dollars per unit) \| $ / shares	0.10	0.07	0.09
Gain on sale of discontinued operations (in dollars per unit) \| $ / shares	$ 0.07	$ 0.54	$ 0.45
Net income attributable to SLGOP common unitholders (in dollars per unit) \| $ / shares	1.75	7.37	3.47
Diluted earnings per unit:
Net income from continuing operations before gains on sale and discontinued operations (in dollars per unit) \| $ / shares	1.17	6.70	1.30
Equity in net gain on sale of interest in unconsolidated joint venture/ real estate (in dollars per unit) \| $ / shares	$ 0.40	$ 0.03	$ 1.62
Net income from discontinued operations (in dollars per unit) \| $ / shares	0.10	0.07	0.09
Gain on sale of discontinued operations (in dollars per unit) \| $ / shares	$ 0.07	$ 0.53	$ 0.44
Net income attributable to SLGOP common unitholders (in dollars per unit) \| $ / shares	1.74	7.33	3.45
Basic weighted average common units outstanding (in units) \| shares	92,526	85,748	79,422
Diluted weighted average common units and common unit equivalents outstanding (in units) \| shares	92,873	86,244	79,761

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Consolidated Statements of Income
Operating expenses, paid to related parties	$ 18,101	$ 16,266	$ 14,320

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Consolidated Statements of Comprehensive Income
Net income	$ 209,700	$ 677,122	$ 319,156
Other comprehensive income (loss):
Net unrealized gain (loss) on derivative instruments	953	(4,145)	(3,938)
SLGOP's share of joint venture net unrealized gain on derivative instruments	1,174	799	269
Unrealized gain (loss) on marketable securities	(3,657)	(2,731)	13,487
Other comprehensive income (loss)	(1,530)	(6,077)	9,818
Comprehensive income	208,170	671,045	328,974
Net income attributable to noncontrolling interests	(5,591)	(15,083)	(14,007)
Preferred unit redemption costs	(10,010)
Comprehensive income attributable to SLGOP	$ 192,569	$ 655,962	$ 314,967

Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Increase (Decrease) in Stockholders' Equity
Balance	$ 6,648,339	$ 5,481,882	$ 4,997,747
Net income	207,593	677,122	319,156
Other comprehensive income (loss)	(1,530)	(6,077)	9,818
Preferred distributions	(30,411)	(30,178)	(29,749)
Issuance of common units	42,239	60,443	2,874
Redemption of units and DRIP proceeds	99,570	32	(1,760)
Redemption of preferred units	(200,013)
Deferred compensation plan and stock award, net	(13,428)	(4,787)	20
Amortization of deferred compensation plan	28,742	33,252	31,741
Deconsolidation of real estate investments			(6,521)
Consolidation of real estate investments	25,894	86,797
Equity component of convertible notes			76,039
Contributions - net proceeds from preferred stock offering	221,965		122,041
Contributions - net proceeds from common stock offering	201,279	531,306
Contributions - proceeds from stock options exercised	13,173	10,037	3,288
Contributions from noncontrolling interests			2,788
Distributions to noncontrolling interests	(21,946)	(143,579)	(13,494)
Cash distribution declared ($1.08,$0.55,and $0.40 per common unit, none of which represented a return of capital for federal income tax purposes for the year ended 2012,2011 and 2010 respectively)	(101,456)	(47,911)	(32,106)
Balance	7,120,010	6,648,339	5,481,882
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity
Balance	(29,119)	(23,042)	(32,860)
Other comprehensive income (loss)	(1,530)	(6,077)	9,818
Balance	(30,649)	(29,119)	(23,042)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance	477,762	518,460	524,691
Net income	5,591	15,083	14,007
Deconsolidation of real estate investments			(9,532)
Consolidation of real estate investments	25,894	87,798
Contributions from noncontrolling interests			2,788
Distributions to noncontrolling interests	(21,946)	(143,579)	(13,494)
Balance	487,301	477,762	518,460
General Partner \| Common Units
Increase (Decrease) in Stockholders' Equity
Balance	$ 5,714,856	$ 4,573,565	$ 4,196,891
Balance (in units)	85,783	78,307	77,515
Net income	$ 165,994	$ 617,232	$ 270,826
Redemption of units and DRIP proceeds	$ 99,570	$ 898	$ 23,344
Redemption of units and DRIP proceeds (in units)	1,305	13	470
Redemption of units	$ 87,513
Redemption of units (in units)	1,096
Redemption of preferred units	$ (10,010)
Deferred compensation plan and stock award, net	$ (13,428)	$ (4,787)	$ 20
Deferred compensation plan & stock award, net (in units)	43	262	212
Amortization of deferred compensation plan	$ 28,742	$ 33,252	$ 31,741
Deconsolidation of real estate investments			3,011
Equity component of convertible notes			76,039
Contributions - net proceeds from common stock offering	$ 201,279	$ 531,306
Contributions - net proceeds from common stock offering (in units)	2,640	6,957
Contributions - proceeds from stock options exercised	$ 13,173	$ 10,037	$ 3,288
Contributions - proceeds from stock options exercised (in units)	383	244	110
Cash distribution declared ($1.08,$0.55,and $0.40 per common unit, none of which represented a return of capital for federal income tax purposes for the year ended 2012,2011 and 2010 respectively)	$ (98,160)	$ (46,647)	$ (31,595)
Balance	$ 6,189,529	$ 5,714,856	$ 4,573,565
Balance (in units)	91,250	85,783	78,307
Limited Partners \| Common Units
Increase (Decrease) in Stockholders' Equity
Balance	$ 114,497	$ 42,556	$ 60,723
Balance (in units)	2,765	1,249	1,684
Net income	$ 5,597	$ 14,629	$ 4,574
Issuance of common units	$ 42,239	$ 60,443	$ 2,874
Issuance of common units (in units)	801	1,530	45
Redemption of units and DRIP proceeds		$ (866)	$ (25,104)
Redemption of units and DRIP proceeds (in units)		(12)	(285)
Redemption of units	$ (87,513)
Redemption of units (in units)	(1,096)
Deferred compensation plan & stock award, net (in units)	290	(2)	(195)
Consolidation of real estate investments		$ (1,001)
Cash distribution declared ($1.08,$0.55,and $0.40 per common unit, none of which represented a return of capital for federal income tax purposes for the year ended 2012,2011 and 2010 respectively)	$ (3,296)	(1,264)	$ (511)
Balance	$ 71,524	$ 114,497	$ 42,556
Balance (in units)	2,760	2,765	1,249
Series C Preferred Units
Increase (Decrease) in Stockholders' Equity
Balance	$ 274,022	$ 274,022	$ 151,981
Net income	20,290	22,300	21,873
Preferred distributions	(20,290)	(22,300)	(21,873)
Redemption of preferred units	(93,682)
Contributions - net proceeds from preferred stock offering			122,041
Balance	180,340	274,022	274,022
Series D Preferred Units
Increase (Decrease) in Stockholders' Equity
Balance	96,321	96,321	96,321
Net income	4,266	7,878	7,876
Preferred distributions	(4,266)	(7,878)	(7,876)
Redemption of preferred units	(96,321)
Balance		$ 96,321	$ 96,321
Series I Preferred Units
Increase (Decrease) in Stockholders' Equity
Net income	5,855
Preferred distributions	(5,855)
Contributions - net proceeds from preferred stock offering	221,965
Balance	$ 221,965

Consolidated Statements of Capital (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Consolidated Statements of Capital
Cash distribution declared, per common unit	$ 1.08	$ 0.55	$ 0.40

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating Activities
Net income	$ 209,700	$ 677,122	$ 319,156
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	351,539	292,311	240,445
Equity in net income from unconsolidated joint ventures	(76,418)	(1,583)	(39,607)
Distributions of cumulative earnings from unconsolidated joint ventures	91,145	11,185	27,472
Equity in net gain on sale of interest in unconsolidated joint venture interest/ real estate	(37,053)	(2,918)	(128,921)
Purchase price fair value adjustment		(498,195)
Depreciable real estate reserves		5,789	2,750
Gain on sale of discontinued operations	(6,627)	(46,085)	(35,485)
Gain on sale of debt securities		(19,840)
Loan loss and other investment reserves, net of recoveries	564	6,722	17,751
Gain on sale of investment in marketable securities	(4,940)	(4,866)	(490)
(Gain) loss on early extinguishment of debt	6,978	(904)	1,900
Deferred rents receivable	(66,079)	(87,230)	(47,223)
Other non-cash adjustments	(15,229)	2,385	(749)
Changes in operating assets and liabilities:
Restricted cash - operations	(13,812)	(681)	4,513
Tenant and other receivables	(10,998)	(4,720)	271
Related party receivables	(3,529)	2,461	2,398
Deferred lease costs	(48,368)	(38,412)	(42,035)
Other assets	(35,932)	4,029	4,860
Accounts payable, accrued expenses and other liabilities	9,389	10,704	(3,706)
Deferred revenue and land leases payable	3,413	5,586	(2,242)
Net cash provided by operating activities	353,743	312,860	321,058
Investing Activities
Acquisitions of real estate property	(544,568)	(446,756)	(270,614)
Additions to land, buildings and improvements	(148,148)	(159,100)	(108,145)
Escrowed cash - capital improvements/acquisition deposits	(70,080)	29,281	(40,215)
Investments in unconsolidated joint ventures	(215,174)	(109,920)	(87,844)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	127,876	112,359	52,920
Net proceeds from disposition of real estate/joint venture interest	178,485	160,548	623,121
Other investments	(32,413)	12,186	32,607
Debt and preferred equity and other investments, net of repayments/participations	(466,371)	(338,195)	(183,015)
Net cash (used in) provided by investing activities	(1,170,393)	(739,597)	18,815
Financing Activities
Proceeds from mortgages and other loans payable	1,230,167	826,000	168,360
Repayments of mortgages and other loans payable	(688,065)	(765,378)	(149,832)
Proceeds from revolving credit facility and senior unsecured notes	1,751,480	1,901,068	670,992
Repayments of revolving credit facility and senior unsecured notes	(1,581,554)	(2,043,144)	(1,046,626)
Contributions of proceeds from stock options exercised and DRIP issuance	112,743	10,211	14,535
Contributions of net proceeds from sale of common stock	201,279	516,168
Contributions of net proceeds from sale of preferred stock	221,965		122,041
Redemption of preferred units	(200,013)
Purchases of treasury stock	(14,150)	(5,486)
Distributions to noncontrolling interests in other partnerships	(21,946)	(143,578)	(13,489)
Contributions from noncontrolling interests in other partnerships	25,894		2,788
Redemption of noncontrolling interests in Operating Partnership			(13,012)
Distributions paid on common and preferred units	(124,534)	(64,593)	(59,495)
Other obligations related to mortgage loan participations	5,000	35,850
Deferred loan costs and capitalized lease obligation	(49,824)	(35,019)	(47,020)
Net cash provided by (used in) financing activities	868,442	232,099	(350,758)
Net increase (decrease) in cash and cash equivalents	51,792	(194,638)	(10,885)
Cash and cash equivalents at beginning of period	138,192	332,830	343,715
Cash and cash equivalents at end of period	189,984	138,192	332,830
Supplemental cash flow disclosures
Interest paid	320,849	275,106	222,904
Income taxes paid	$ 17	$ 138	$ 1,041

Consolidated Statements of Cash Flows (Parenthetical) - $ / shares	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Consolidated Statements of Cash Flows
Distributions declared (per common unit)	$ 0.33	$ 0.25	$ 0.10

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2012

Organization and Basis of Presentation

Organization and Basis of Presentation

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, a consolidated variable interest entity. All of the management, leasing and construction services with respect to the properties which are wholly-owned by us are conducted through SL Green Management LLC which is 100% owned by us. 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 SLGOP and all entities owned or controlled by SLGOP.

Substantially all of SL Green's assets are held by, and its operations are conducted through, the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership. As of December 31, 2012, noncontrolling investors held, in the aggregate, a 2.94% common limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership. See Note 13, "Capital."

Reckson Associates Realty Corp., or Reckson, and Reckson Operating Partnership, L.P., or ROP, are our wholly-owned subsidiaries.

As of December 31, 2012, we owned the following interests in commercial office properties in the New York Metropolitan area, primarily in midtown Manhattan, a borough of New York City. Our investments in the New York Metropolitan area also include investments in Brooklyn, Long Island, Westchester County, Connecticut and Northern New Jersey, which are collectively known as the Suburban assets:

Location	Ownership

Manhattan	Consolidated properties	27	18,347,945	93.8	%
	Unconsolidated properties	9	5,934,434	95.0	%
Suburban	Consolidated properties	25	3,863,000	79.9	%
	Unconsolidated properties	5	1,539,700	84.7	%

		66	29,685,079	91.7	%

(1): The weighted average occupancy represents the total leased square feet divided by total available rentable square feet.

As of December 31, 2012, we also owned investments in 15 stand-alone retail properties encompassing approximately 473,764 square feet, 16 development properties encompassing approximately 2,617,491 square feet, two residential properties encompassing 385 units (approximately 430,482 square feet), two land interests and 31 west coast office properties encompassing approximately 4,473,603 square feet. In addition, we manage two office properties owned by third parties and affiliated companies encompassing approximately 626,415 rentable square feet. As of December 31, 2012, we also held debt and preferred equity investments with a book value of $1.4 billion.

Partnership Agreement

In accordance with our partnership agreement, or the Operating Partnership agreement, we allocate all distributions and profits and losses in proportion to the percentage ownership interests of the respective partners. As our managing general partner, SL Green is required to take such reasonable efforts, as determined by it in its sole discretion, to cause us to distribute sufficient amounts to enable the payment of sufficient dividends by the Company to minimize any Federal income or excise tax at the Company level. Under the Operating Partnership agreement, each limited partner has the right to cause us to redeem units of limited partnership interests for cash, or if the Company so elects, shares of SL Green's common stock on a one-for-one basis.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=7880789&loc=SL6228881-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

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+ Details

Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Significant Accounting Policies

Significant Accounting Policies

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 or as debt and preferred equity investments. 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 variable interest entity, or VIE, in which we are considered a 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. Included in commercial real estate properties on our consolidated balance sheets for the years ended December 31, 2012 and 2011 are approximately $607.4 million and $446.4 million, respectively, related to our consolidated VIEs. Included in mortgages and other loans payable on our consolidated balance sheets for the years ended December 31, 2012 and 2011 are approximately $379.6 million and $279.3 million, respectively, related to our consolidated VIEs.

A noncontrolling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Noncontrolling interests are required to be presented as a separate component of equity in the consolidated balance sheet and the presentation of net income was modified to require earnings and other comprehensive income to be attributed to controlling and noncontrolling interests.

We assess the accounting treatment for each joint venture and debt and preferred equity investment. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIE's, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we or our partner approves, among other things, the annual budget, receives a detailed monthly reporting package from us, meets on a quarterly basis to review the results of the joint venture, reviews and approves the joint venture's tax return before filing, and approves all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of our joint venture. Our joint venture agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan.

Investment in Commercial Real Estate Properties

Real estate properties are presented at cost less accumulated depreciation and amortization. Costs directly related to the development or redevelopment of properties are capitalized. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.

A property to be disposed of is reported at the lower of its carrying value or its estimated fair value, less its cost to sell. Once an asset is held for sale, depreciation expense is no longer recorded and the historic results are reclassified as discontinued operations. See Note 4, "Property Dispositions and Assets Held for Sale."

Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:

Category		Term

Building (fee ownership)		40 years
Building improvements		shorter of remaining life of the building or useful life
Building (leasehold interest)		lesser of 40 years or remaining term of the lease
Property under capital lease		remaining lease term
Furniture and fixtures		four to seven years
Tenant improvements		shorter of remaining term of the lease or useful life

Depreciation expense (including amortization of the capital lease asset) amounted to approximately $306.8 million, $254.5 million and $207.1 million for the years ended December 31, 2012, 2011 and 2010, respectively.

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 and without interest charges for consolidated properties) 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. In addition, 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 venture's projected discounted cash flows. During 2010, we recorded a $2.8 million impairment charge on one of our equity investments. During 2011, we recorded a $5.8 million impairment charge in connection with the expected sale of one of our equity investments. These charges are included in depreciable real estate reserves in the consolidated statements of income. See Note 6, "Investments in Unconsolidated Joint Ventures." We do not believe that the values of any of our consolidated properties or equity investments were impaired at December 31, 2012.

A variety of costs are incurred in the development and leasing of our properties. After determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. The costs of land and building under development include specifically identifiable costs. The capitalized costs include, but are not limited to, pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. We consider a construction project as substantially completed and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity. We cease capitalization on the portions substantially completed and occupied or held available for occupancy, and capitalize only those costs associated with the portions under construction.

Results of operations of properties acquired are included in the consolidated statements of income from the date of acquisition.

FASB guidance requires the acquiring entity in a business combination to measure the assets acquired, liabilities assumed (including contingencies) and any noncontrolling interests at their fair values on the acquisition date. The guidance also requires that acquisition- related transaction costs be expensed as incurred, acquired research and development value be capitalized and acquisition-related restructuring costs be capitalized only if they meet certain criteria. As such, we expense acquisition-related transaction costs as incurred, which are included in transaction related costs on our consolidated statements of income.

When we acquire our partner's equity interest in an existing unconsolidated joint venture and gain control over the investment, we record the consolidated investment at fair value. The difference between the book value of our equity investment on the purchase date and our share of the fair value of the investment's purchase price is recorded as a purchase price fair value adjustment in our consolidated statements of income.

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-, below- and at-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) and other intangible assets over their estimated useful lives, which generally range from three to 40 years and from one to 14 years, respectively. The values of the above- and below-market leases are amortized and recorded as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income over the remaining term of the associated lease, which generally range from one to 14 years. The value associated with in-place leases is amortized 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.

We recognized an increase of approximately $10.5 million, $19.8 million and $22.7 million in rental revenue for the years ended December 31, 2012, 2011 and 2010, respectively, for the amortization of aggregate below-market leases in excess of above-market leases and a reduction in lease origination costs, resulting from the allocation of the purchase price of the applicable properties. We recognized a reduction in interest expense for the amortization of the above-market rate mortgages assumed of approximately $1.8 million, $5.9 million and $2.7 million for the years ended December 31, 2012, 2011 and 2010, respectively.

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of December 31, 2012 and 2011 (amounts in thousands):

	December 31, 2012			December 31, 2011

Identified intangible assets (included in other assets):
Gross amount	$	725,861		$	673,495
Accumulated amortization		(263,107	)		(193,442	)

Net	$	462,754		$	480,053

Identified intangible liabilities (included in deferred revenue):
Gross amount	$	651,921		$	622,029
Accumulated amortization		(357,225	)		(290,893	)

Net	$	294,696		$	331,136

The estimated annual amortization of acquired below-market leases, net of acquired above-market leases (a component of rental revenue or depreciation expense), for each of the five succeeding years is as follows (amounts in thousands):


2013	$	(268	)
2014		390
2015		1,223
2016		3,415
2017		3,273

The estimated annual amortization of all other identifiable assets (a component of depreciation and amortization expense) including tenant improvements for each of the five succeeding years is as follows (amounts in thousands):


2013	$	16,622
2014		12,887
2015		8,843
2016		5,556
2017		4,445

Cash and Cash Equivalents

We consider all highly liquid investments with maturity of three months or less when purchased to be cash equivalents.

Fair Value Measurements

Fair value is a market-based measurement, not an entity-specific measurement, and should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, FASB guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels one and two of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within level three of the hierarchy).

We determined the fair value of our current investments in marketable securities using Level 1, Level 2 and Level 3 inputs. Additionally, we determined the valuation allowance for loan losses based on Level 3 inputs. See Note 5, "Debt and Preferred Equity Investments."

The estimated fair values of tangible and intangible assets and liabilities recorded in connection with business combinations are based on Level 3 inputs. We estimate fair values based on cash flow projections utilizing appropriate discount and/or capitalization rates and available market information.

We determine impairment in real estate investments and debt and preferred equity investments, including intangibles, utilizing cash flow projections that apply estimated revenue and expense growth rates, discount rates and capitalization rates, which are classified as Level 3 inputs.

We use the following methods and assumptions in estimating fair value disclosures for financial instruments.

•

Cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and other assets and liabilities:  The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and other assets and liabilities reported in our consolidated balance sheets approximates fair value due to the short-term nature of these instruments.

•

Debt and preferred equity investments:  The fair value of debt and preferred equity investments 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. See "Reserve for Possible Credit Losses" below regarding valuation allowances for loan losses.

•

Derivative instruments:  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.

•

Mortgage and other loans payable and other debt:  The fair value of borrowings is estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made by us.

The methodologies used for measuring fair value have been categorized into three broad levels as follows:

Level 1—Quoted prices in active markets for identical instruments.

Level 2—Valuations based principally on other observable market parameters, including
- - •
    
    Quoted prices in active markets for similar instruments,
    
    •
    
    Quoted prices in less active or inactive markets for identical or similar instruments,
    
    •
    
    Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and
    
    •
    
    Market corroborated inputs (derived principally from or corroborated by observable market data).
Level 3—Valuations based significantly on unobservable inputs.
- - •
    
    Valuations based on third-party indications (broker quotes or counterparty quotes) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations.
    
    •
    
    Valuations based on internal models with significant unobservable inputs.

These levels form a hierarchy. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. The classifications are based on the lowest level of input that is significant to the fair value measurement.

Investment in Marketable Securities

We invest in marketable securities. At the time of purchase, we are required to designate a security as held-to-maturity, available-for-sale, or trading depending on ability and intent. We do not have any securities designated as held-to-maturity or trading at this time. Securities available-for-sale are reported at fair value pursuant to ASC 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive loss. Unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component. Included in accumulated other comprehensive loss at December 31, 2012 and 2011 is approximately $3.4 million and $7.1 million, respectively, in net unrealized gains related to marketable securities.

During the years ended December 31, 2012, 2011 and 2010, we disposed of certain of our marketable securities for aggregate net proceeds of $6.8 million, $6.2 million and $2.8 million and realized gains of $4.9 million, $4.5 million and $1.9 million, respectively, which are included in gain (loss) on investment in marketable securities on the consolidated statements of income. During the years ended December 31, 2011 and 2010, we sold $22.5 million and $41.9 million of Level 3 securities and realized a gain of $0.4 million and a loss of $1.1 million, respectively, which are also included in gain (loss) on investment in marketable securities on the consolidated statements of income. There were no sales of Level 3 securities during the year ended December 31, 2012.

The cost of bonds and marketable securities sold was determined using the specific identification method.

At December 31, 2012 and 2011, we held the following marketable securities (amounts in thousands):

	December 31,

	2012		2011
Level 1—Equity marketable securities	$	2,202	$	8,065
Level 2—Commercial mortgage-backed securities		15,575		13,369
Level 3—Rake bonds		3,652		3,889

Total marketable securities available-for-sale	$	21,429	$	25,323

The cost basis of the Level 3 securities was $3.7 million and $3.9 million at December 31, 2012 and 2011, respectively. The Level 3 securities mature at various times through 2030.

Investments in Unconsolidated Joint Ventures

We account for our investments in unconsolidated joint ventures under the equity method of accounting in cases where we exercise significant influence over, but do not control, these entities and are not considered to be the primary beneficiary. We consolidate those joint ventures that we control or which are VIEs and where we are considered to be the primary beneficiary. In all these joint ventures, the rights of the joint venture partner are both protective as well as participating. Unless we are determined to be the primary beneficiary in a VIE, these participating rights preclude us from consolidating these non-VIE entities. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. Any difference between the carrying amount of these investments on our balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in net income (loss) of unconsolidated joint ventures over the joint venture term or 10 years where the joint venture has an infinite life. Equity income (loss) from unconsolidated joint ventures is allocated based on our ownership or economic interest in each joint venture. When a capital event (as defined in each joint venture agreement) such as a refinancing occurs, if return thresholds are met, future equity income will be allocated at our increased economic interest. We recognize incentive income from unconsolidated real estate joint ventures as income to the extent it is earned and not subject to a clawback feature. Distributions we receive from unconsolidated real estate joint ventures in excess of our basis in the investment are recorded as offsets to our investment balance if we remain liable for future obligations of the joint venture or may otherwise be committed to provide future additional financial support. None of the joint venture debt is recourse to us, except for $218.4 million which we guarantee at two joint ventures and performance guarantees under a master lease at another joint venture. See Note 6, "Investments in Unconsolidated Joint Ventures."

Restricted Cash

Restricted cash primarily consists of security deposits held on behalf of our tenants, interest reserves, as well as capital improvement and real estate tax escrows required under certain loan agreements.

Deferred Lease Costs

Deferred lease costs consist of fees and direct costs incurred to initiate and renew operating leases and are amortized on a straight-line basis over the related lease term. Certain of our employees provide leasing services to the wholly-owned properties. Approximately $11.0 million, $9.6 million and $8.6 million of their compensation for the years ended December 31, 2012, 2011 and 2010, respectively, was capitalized and is amortized over an estimated average lease term of seven years.

Deferred Financing Costs

Deferred financing costs represent commitment fees, legal, title and other third party costs associated with obtaining commitments for financing which result in a closing of such financing. These costs are amortized over the terms of the respective agreements. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not close.

Revenue Recognition

Rental revenue is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. In order for the tenant to take possession, the leased space must be 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 (the tenant is 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, management records amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, management records amounts reimbursed by tenants as reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, management records our contribution towards those improvements as a lease incentive, which is included in deferred leasing costs 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 accompanying consolidated balance sheets. We establish, on a current basis, an allowance for future potential tenant credit losses, which may occur against this account. The balance reflected on the consolidated balance sheet is net of such allowance.

In addition to base rent, our tenants also generally will pay 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.

We record a gain on sale of real estate when title is conveyed to the buyer, subject to the buyer's financial commitment being sufficient to provide economic substance to the sale and we have no substantial economic involvement with the buyer.

Interest income on debt and preferred equity investments is recognized over the life of the investment using the effective interest method and recognized on the accrual basis. Fees received in connection with loan commitments are deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Anticipated exit fees, whose collection is expected, are also recognized over the term of the loan as an adjustment to yield. Fees on commitments that expire unused are recognized at expiration.

Income recognition is generally suspended for debt and preferred equity investments 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 and principal becomes doubtful. Interest income recognition is resumed when the loan 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. Several of the 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 and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt.

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.

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

Allowance for Doubtful Accounts

We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our tenants to make required payments. If the financial condition of a specific tenant were to deteriorate, resulting in an impairment of its ability to make payments, additional allowances may be required.

Reserve for Possible Credit Losses

The expense for possible credit losses in connection with debt and preferred equity investments is the charge to earnings to increase the allowance for possible credit losses to the level that we estimate to be adequate, based on Level 3 data, considering delinquencies, loss experience and collateral quality. Other factors considered relate to geographic trends and product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish the provision for possible credit loss on each individual investment. When it is probable that we will be unable to collect all amounts contractually due, the investment is considered impaired.

Where impairment is indicated on an investment that is held to maturity, a valuation allowance is measured based upon the excess of the recorded investment amount over the net fair value of the collateral. Any deficiency between the carrying amount of an asset and the calculated value of the collateral is charged to expense. The write off of the reserve balance is called a charge off. We recorded loan loss reserves of $3.0 million, $10.9 million and $19.8 million on investments being held to maturity during the years ended December 31, 2012, 2011 and 2010, respectively. During 2010, we recorded loan loss reserves and charge-offs of $1.0 million against our held for sale investment. We also recorded recoveries of approximately $2.4 million, $4.4 million and $3.7 million during the years ended December 31, 2012, 2011 and 2010, respectively, in connection with the sale of our investments. This is included in loan loss and other investment reserves, net of recoveries in the accompanying consolidated statements of income.

Debt and preferred equity investments 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.

Rent Expense

Rent expense is recognized on a straight-line basis over the initial term of the lease. The excess of the rent expense recognized over the amounts contractually due pursuant to the underlying lease is included in the deferred land lease payable in the accompanying balance sheets.

Income Taxes

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 in the accompanying consolidated financial statements relates to the Operating Partnership's consolidated taxable REIT subsidiaries. We may also be subject to certain state, local and franchise taxes.

Pursuant to amendments to the Code that became effective January 1, 2001, SL Green has elected, and may in the future elect, to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries, or a TRS. In general, a TRS of SL Green may perform non-customary services for its tenants, hold assets that SL Green cannot hold directly and generally may engage in any real estate or non-real estate related business. SL Green's TRS's generate income, resulting in Federal income tax liability for these entities. SL Green's TRS's, which are consolidated into SLGOP, generate income, resulting in Federal and state income tax liability for these entities. SL Green's TRS's recorded Federal, state and local tax provision of zero, zero and $0.9 million during the years ended December 31, 2012, 2011 and 2010, respectively, and made estimated tax payments of zero, $0.1 million and $1.0 million during the years ended December 31, 2012, 2011 and 2010, 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.

Exchangeable Debt Instruments

The initial proceeds from exchangeable debt that may be settled in cash, including partial cash settlements, must be bifurcated between a liability component and an equity component associated with the embedded conversion option. The objective of the accounting guidance is to require the liability and equity components of exchangeable debt to be separately accounted for in a manner such that the interest expense on the exchangeable debt is not recorded at the stated rate of interest but rather at an effective rate that reflects the issuer's conventional debt borrowing rate at the date of issuance. We calculate the liability component of exchangeable debt based on the present value of the contractual cash flows discounted at our comparable market conventional debt borrowing rate at the date of issuance. The difference between the principal amount and the fair value of the liability component is reported as a discount on the exchangeable debt that is accreted as additional interest expense from the issuance date through the contractual maturity date using the effective interest method. A portion of this additional interest expense may be capitalized to the development and redevelopment balances qualifying for interest capitalization each period. The liability component of the exchangeable debt is reported net of discounts on our consolidated balance sheets. We calculate the equity component of exchangeable debt based on the difference between the initial proceeds received from the issuance of the exchangeable debt and the fair value of the liability component at the issuance date. The equity component is included in additional paid-in-capital, net of issuance costs, on our consolidated balance sheets. We allocate issuance costs for exchangeable debt between the liability and the equity components based on their relative values.

Stock-Based Employee Compensation Plans

SL Green has a stock-based employee compensation plan, described more fully in Note 13, "Capital." All employees of SL Green are compensated through a subsidiary of SLGOP. SL Green's employee and director compensation plans are described below. Under each plan, whenever SL Green issues common or preferred stock, we issue an equivalent number of operating partnership units of a corresponding class to SL Green.

SL Green's stock options are recorded at fair value at the time of issuance. Fair value of the stock options is determined using the Black-Scholes option-pricing model. The Black-Scholes model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because SL Green's plan has characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in SL Green's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of SL Green's employee stock options.

Compensation cost for stock options, if any, is recognized ratably over the vesting period of the award. SL Green's policy is to grant options with an exercise price equal to the quoted closing market price of SL Green's common stock on the grant date. Awards of stock or restricted stock are expensed as compensation over the benefit period based on the fair value of the stock on the grant date.

For share-based awards with a performance or market measure, we recognize compensation cost over the requisite service period, using the accelerated attribution expense method. The requisite service period begins on the date the compensation committee of SL Green's board of directors authorizes the award, adopts any relevant performance measures and communicates the award to the employees. For programs with performance measures, the total estimated compensation cost is based on the fair value of the award at the applicable reporting date estimated using a binomial model. For share-based awards for which there is no pre-established performance measure, we recognize compensation cost over the service vesting period, which represents the requisite service period, on a straight-line basis. In accordance with the provisions of SL Green's share-based incentive compensation plans, we accept the return of shares of SL Green's common stock, at the current quoted market price, from certain key employee to satisfy minimum statutory tax-withholding requirements related to shares that vested during the period.

Awards can also be made in the form of a separate series of our units of limited partnership interest called long-term incentive plan units, or LTIP units. LTIP units, which can be granted either as free-standing awards or in tandem with other awards under SL Green's stock incentive plan, are valued by reference to the value of SL Green's common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee of SL Green's board of directors may determine, including continued employment or service, computation of financial metrics and/or achievement of pre-established performance goals and objectives.

Derivative Instruments

In the normal course of business, we use a variety of derivative instruments to manage, or hedge, interest rate risk. We require that hedging derivative instruments are effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential for qualifying for hedge accounting. Some derivative instruments are associated with an anticipated transaction. In those cases, hedge effectiveness criteria also require that it be probable that the underlying transaction occurs. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract.

To determine the fair values of derivative instruments, we use a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. For the majority of financial instruments including most derivatives, long-term investments and long-term debt, standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost, and termination cost are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.

In the normal course of business, we are exposed to the effect of interest rate changes and limit these risks by following established risk management policies and procedures including the use of derivatives. To address exposure to interest rates, derivatives are used primarily to fix the rate on debt based on floating-rate indices and manage the cost of borrowing obligations.

We use a variety of commonly used derivative products that are considered plain vanilla derivatives. These derivatives typically include interest rate swaps, caps, collars and floors. We expressly prohibit the use of unconventional derivative instruments and using derivative instruments for trading or speculative purposes. Further, we have a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors.

We may employ swaps, forwards or purchased options to hedge qualifying forecasted transactions. Gains and losses related to these transactions are deferred and recognized in net income as interest expense in the same period or periods that the underlying transaction occurs, expires or is otherwise terminated.

Hedges that are reported at fair value and presented on the balance sheet could be characterized as cash flow hedges or fair value hedges. Interest rate caps and collars are examples of cash flow hedges. Cash flow hedges address the risk associated with future cash flows of interest payments. For all hedges held by us and which were deemed to be fully effective in meeting the hedging objectives established by our corporate policy governing interest rate risk management, no net gains or losses were reported in earnings. The changes in fair value of hedge instruments are reflected in accumulated other comprehensive income. For derivative instruments not designated as hedging instruments, the gain or loss, resulting from the change in the estimated fair value of the derivative instruments, is recognized in current earnings during the period of change.

Earnings per Unit

We present both basic and diluted earnings per unit, or EPU. Basic EPU excludes dilution and is computed by dividing net income attributable to common unitholders by the weighted average number of common units outstanding during the period. Basic EPU includes participating securities, consisting of unvested restricted stock that receive nonforfeitable dividends similar to shares of common stock. Diluted EPU reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units, where such exercise or conversion would result in a lower EPU amount. The dilutive effect of the outstanding nonvested shares of SL Green common stock, or nonvested shares, and restricted stock units, or RSUs, that have not yet been granted, but are contingently issuable under the share-based compensation programs, is reflected in the weighted average diluted shares calculation by application of the treasury stock method at the beginning of the quarterly period in which all necessary conditions have been satisfied. The dilutive effect of stock options is reflected in the weighted average diluted outstanding units calculation by application of the treasury stock method. There is no dilutive effect for the exchangeable senior debentures as the conversion premium will be paid in cash.

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 in excess of insured amounts 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 rent and the costs associated with re-tenanting the space. Although the properties in our real estate portfolio are primarily located in Manhattan, we also have properties located in Brooklyn, Long Island, Westchester County, Connecticut, Northern New Jersey and the west coast. The tenants located in our buildings operate in various industries. Other than three tenants who account for approximately 6.9%, 6.4% and 6.0% of our share of annualized cash rent, respectively, no other tenant in our portfolio accounted for more than 1.9% of our annualized cash rent, including our share of joint venture annualized rent, at December 31, 2012. Approximately 10%, 8%, 7% and 6% of our annualized cash rent for consolidated properties was attributable to 1515 Broadway, 919 Third Avenue, 1185 Avenue of the Americas and One Madison Avenue, respectively, for the year ended December 31, 2012. Approximately 10%, 8%, 7% and 7% of our annualized cash rent for consolidated properties was attributable to 1515 Broadway, 919 Third Avenue, 1185 Avenue of the Americas and One Madison Avenue, respectively, for the year ended December 31, 2011. Approximately 10%, 9%, 7%, 7% and 6% of our annualized rent for consolidated properties was attributable to 919 Third Avenue, 1185 Avenue of the Americas, One Madison Avenue, 420 Lexington Avenue and 485 Lexington Avenue, respectively, for the year ended December 31, 2010. In addition, two debt and preferred equity investments accounted for more than 10.0% of the income earned on debt and preferred equity investments during 2012. As of December 31, 2012, approximately 74.8% of our workforce is covered by three collective bargaining agreements. Approximately 77.2% of our workforce which services substantially all of our properties is covered by a collective bargaining agreement which expires in 2015. See Note 14, "Employee Benefits."

Reclassification

Certain prior year balances have been reclassified to conform to our current year presentation primarily in order to eliminate discontinued operations from income from continuing operations.

Accounting Standards Updates

In May 2011, the FASB issued updated guidance on fair value measurement which amends U.S. GAAP to conform to IFRS measurement and disclosure requirements. The amendments change the wording used to describe the requirements in U.S. GAAP for measuring fair value, changes certain fair value measurement principles and enhances disclosure requirements. This guidance was effective as of the first quarter of 2012, and its adoption did not have a material impact on our consolidated financial statements.

In December 2011, the FASB issued guidance that concluded when a parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary's nonrecourse debt, the reporting entity must apply the accounting guidance for sales of real estate to determine whether it should derecognize the in substance real estate. The reporting entity is precluded from derecognizing the real estate until legal ownership has been transferred to the lender to satisfy the debt. The guidance is effective for calendar year-end public and nonpublic companies in 2013 and is to be applied on a prospective basis. Early adoption of the guidance is permitted. Adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

In February 2013, the FASB issued guidance on the presentation and disclosure of reclassification adjustments out of accumulated other comprehensive income, or AOCI. The standard requires an entity to present information about significant items reclassified out of AOCI by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to financial statements. The guidance is effective for calendar year-end public companies in 2013 beginning in the first quarter and is to be applied on a prospective basis. Early adoption of the guidance is permitted. Adoption of this guidance will not have a material impact on our consolidated financial statements.

Property Acquisitions

12 Months Ended

Dec. 31, 2012

Property Acquisitions

Property Acquisitions

3. Property Acquisitions

2012 Acquisitions

In December 2012, we acquired a 68,000 square foot (unaudited) mixed use retail, office and residential building located at 131-137 Spring Street for $122.3 million. We are currently in the process of analyzing the fair value of the in-place leases; and consequently, no value has yet been assigned to the leases. Therefore, the purchase price allocation is preliminary and subject to change.

In December 2012, we acquired the aggregate 42,000 square foot (unaudited) vacant retail buildings located at 985-987 Third Avenue for $18.0 million.

In October 2012, we, along with Stonehenge Partners, acquired a 99-year leasehold position covering an 82,250 square foot, 96 unit residential building located at 1080 Amsterdam Avenue which we plan to redevelop into luxury residential units.

In September 2012, we acquired the aggregate 267,000 square foot (unaudited) office buildings located at 635 and 641 Sixth Avenue for $173.0 million.

In June 2012, we acquired a 215,000 square foot (unaudited) office building located at 304 Park Avenue South for $135.0 million. The property was acquired with approximately $102.0 million in cash and $33.0 million in our units of limited partnership interest.

In October 2011, we formed a joint venture with Stonehenge Partners and, in January 2012, we acquired five retail and two multifamily properties in Manhattan for $193.1 million, inclusive of our issuance of $47.6 million aggregate liquidation preference of 4.5% Series G preferred units of limited partnership interest. Simultaneous with the closing, we financed the multifamily component, which encompasses 385 units and 488,000 square feet (unaudited), with an aggregate 12-year $100.0 million fixed rate mortgage, which bears interest at 4.125% and one of the retail properties financed with a 5-year $8.5 million fixed rate mortgage, which bears interest at 3.75%. We hold an 80% interest in this joint venture which we consolidate as it is a VIE and we have been designated as the primary beneficiary.

The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of these 2012 acquisitions (amounts in thousands):

	635 - 641 Sixth Avenue		304 Park Avenue South		Stonehenge Properties

Land	$	69,848	$	54,189	$	65,533
Building and building leasehold		104,474		75,619		128,457
Above market lease value		—		2,824		594
Acquired in-place leases		7,727		8,265		9,573
Other assets, net of other liabilities		—		—		2,190

Assets acquired		182,049		140,897		206,347

Fair value adjustment to mortgage note payable		—		—		—
Below market lease value		9,049		5,897		13,239

Liabilities assumed		9,049		5,897		13,239

Purchase price allocation	$	173,000	$	135,000	$	193,108

Net consideration funded by us at closing	$	173,000	$	135,000	$	78,121

Equity and/or debt investment held	$	—	$	—	$	—

Debt assumed	$	—	$	—	$	—

2011 Acquisitions

In November 2011, we acquired all of the interests in 51 East 42nd Street, a 142,000 square foot (unaudited) office building for approximately $80.0 million, inclusive of our issuance of $2.0 million, aggregate liquidation preference of 6.0% Series H preferred units of limited partnership interest.

In November 2011 we, along with The Moinian Group, formed a joint venture to recapitalize 180 Maiden Lane, a fully-leased, 1.1 million square foot (unaudited) Class A office tower. The consideration for our 49.9% stake in the joint venture included $41.0 million in cash and common units of limited partnership interest valued at $31.7 million. The transaction valued the property at $442.3 million. In connection with the issuance of these units of limited partnership interest, we recorded an $8.3 million fair value adjustment due to changes in SL Green's stock price. Simultaneous with the closing of the recapitalization, the joint venture refinanced the existing $344.2 million indebtedness with a five-year $280-million mortgage. We consolidate this joint venture, which is a VIE in which we have been designated as the primary beneficiary, due to the control we exert over leasing activities at the property.

In May 2011, we acquired a substantial ownership interest in the 205,000 square foot (unaudited) office condominium at 110 East 42nd Street, along with control of the asset. We had previously provided a $16.0 million senior mezzanine loan as part of our sale of the condominium unit in 2007. The May 2011 transaction included a consensual modification of that loan. In conjunction with the transaction, we successfully restructured the in-place mortgage financing, which had previously been in default.

In April 2011, we purchased SITQ Immobilier, a subsidiary of Caisse de depot et placement du Quebec, or SITQ's, 31.5% economic interest in 1515 Broadway, thereby consolidating full ownership of the 1,750,000 square foot (unaudited) building. The transaction valued the consolidated interests at $1.23 billion. This valuation was based on a negotiated sales agreement and took into consideration such factors as whether this was a distressed sale and whether a minority discount was warranted. We acquired the interest subject to the $458.8 million mortgage encumbering the property. We recognized a purchase price fair value adjustment of $475.1 million upon the closing of this transaction. This property, which we initially acquired in May 2002, was previously accounted for as an investment in unconsolidated joint ventures.

In January 2011, we purchased City Investment Fund, or CIF's, 49.9% interest in 521 Fifth Avenue, thereby assuming full ownership of the 460,000 square-foot (unaudited) building. The transaction valued the consolidated interests at approximately $245.7 million, excluding $4.5 million of cash and other assets acquired. We acquired the interest subject to the $140.0 million mortgage encumbering the property. We recognized a purchase price fair value adjustment of $13.8 million upon the closing of this transaction. In April 2011, we refinanced the property with a new $150.0 million 2-year mortgage which carries a floating rate of interest of 200 basis points over the 30-day LIBOR. In connection with that refinancing, we acquired the fee interest in the property for $15.0 million.

The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of these 2011 acquisitions (amounts in thousands):

	51 East 42^nd Street		180 Maiden Lane		110 East 42^nd Street		1515 Broadway			521 Fifth Avenue

Land	$	44,095	$	191,523	$	34,000	$	462,700		$	110,100
Building		33,470		233,230		46,411		707,938			146,686
Above market lease value		5,616		7,944		823		18,298			3,318
Acquired in-place leases		4,333		29,948		5,396		98,661			23,016
Other assets, net of other liabilities		—		—		—		27,127			—

Assets acquired		87,514		462,645		86,630		1,314,724			283,120

Fair value adjustment to mortgage note payable		—		—		—		(3,693	)		—
Below market lease value		7,514		20,320		2,326		84,417			25,977

Liabilities assumed		7,514		20,320		2,326		80,724			25,977

Purchase price allocation	$	80,000	$	442,325	$	84,304	$	1,234,000		$	257,143

Net consideration funded by us at closing	$	81,632	$	81,835	$	2,744	$	259,228		$	70,000

Equity and /or debt investment held		—		—	$	16,000	$	40,942		$	41,432

Debt assumed	$	—	$	—	$	65,000	$	458,767		$	140,000

2010 Acquisitions

In January 2010, we became the sole owner of 100 Church Street, a 1.05 million square-foot (unaudited) office tower located in downtown Manhattan, following the successful foreclosure of the senior mezzanine loan at the property. Our initial investment totaled $40.9 million, which was comprised of a 50% interest in the senior mezzanine loan and two other mezzanine loans at 100 Church Street, which we acquired from Gramercy Capital Corp. (NYSE: GKK), or Gramercy, in the summer of 2007. At closing of the foreclosure, we funded an additional $15.0 million of capital into the project as part of our agreement with Wachovia Bank, N.A. to extend and restructure the existing financing. Gramercy declined to fund its share of this capital and instead transferred its interests in the investment to us at closing. The restructured $139.7 million mortgage carries an interest rate of 350 basis points over the 30-day LIBOR. The restructured mortgage, which was scheduled to mature in January 2013, was repaid in March 2011.

In August 2010, we acquired 125 Park Avenue, a Manhattan office tower, for $330 million. In connection with the acquisition, we assumed $146.25 million of in-place financing. The 5.748% interest-only loan matures in October 2014.

In December 2010, we completed the acquisition of various investments from Gramercy. This acquisition included (1) the remaining 45% interest in the leased fee at 885 Third Avenue for approximately $39.3 million plus assumed mortgage debt of approximately $120.4 million, (2) the remaining 45% interest in the leased fee at 2 Herald Square for approximately $25.6 million plus assumed mortgage debt of approximately $86.1 million and, (3) the entire leased fee interest in 292 Madison Avenue for approximately $19.2 million plus assumed mortgage debt of approximately $59.1 million. These assets are all leased to third-party operators.

In December 2010, we acquired two retail condominiums in Williamsburg, Brooklyn, for approximately $18.4 million. The retail condominiums are fully leased with rent commencement upon completion of the redevelopment work.

The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of these 2010 acquisitions (amounts in thousands):

	100 Church Street		125 Park Avenue		Gramercy		Williamsburg

Land	$	32,494	$	120,900	$	501,021	$	6,200
Building		86,806		201,726		—		10,158
Above market lease value		118		11,282		23,178		2,304
Acquired in-place leases		17,380		28,828		217,312		—
Restricted cash		53,735		—		—		—

Assets acquired		190,533		362,736		741,511		18,662

Fair value adjustment to mortgage note payable		—		12,147		22,806		—
Below market lease value		8,025		20,589		—		277
Other liabilities, net of other assets		1,674		—		2,091		—

Liabilities assumed		9,699		32,736		24,897		277

Purchase price allocation	$	180,834	$	330,000	$	716,614	$	18,385

Net consideration funded by us at closing	$	15,000	$	183,750	$	86,864	$	18,385

Equity and /or debt investment held	$	40,938	$	—	$	111,751	$	—

Debt assumed	$	139,672	$	146,250	$	265,604	$	—

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Property Dispositions and Assets Held for Sale

12 Months Ended

Dec. 31, 2012

Property Dispositions and Assets Held for Sale

Property Dispositions and Assets Held for Sale

4. Property Dispositions and Assets Held for Sale

In October 2012, we entered into an agreement to sell the property located at 44 West 55^th Street for $6.3 million. This transaction closed on February 6, 2013.

In February 2012, we sold our leased fee interest at 292 Madison Avenue for $85.0 million. We recognized a gain of $6.6 million on the sale which is net of a $1.5 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale.

In May 2011, we sold our 359,000 square foot (unaudited) property located at 28 West 44^th Street for $161.0 million. We recognized a gain of $46.1 million on the sale.

In September 2010, we sold our 292,000 square foot (unaudited) property located at 19 West 44^th Street in Manhattan for $123.2 million. We recognized a gain on the sale of approximately $35.5 million which is net of a $0.5 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale.

Discontinued operations includes the results of operations of real estate assets sold prior to, or held for sale as of December 31, 2012. This includes 19 West 44^th Street, which was sold in September 2010, 28 West 44^th Street, which was sold in May 2011, 292 Madison Avenue, which was sold in February 2012, and 44 West 55^th Street which is held for sale.

The following table summarizes income from discontinued operations for the years ended December 31, 2012, 2011 and 2010, respectively (amounts in thousands).

	Year Ended December 31,

	2012		2011		2010
Revenues
Rental revenue	$	3,357	$	12,636	$	22,912
Escalation and reimbursement revenues		31		873		4,683
Other income		8,189		60		881

Total revenues		11,577		13,569		28,476

Operating expense:		714		1,654		7,403
Real estate taxes		95		1,033		4,776
Transaction related costs		160		—		—
Interest expense, net of interest income		1,410		4,253		2,998
Amortization of deferred financing costs		—		172		883
Depreciation and amortization		82		676		5,326
Marketing, general and administrative and transaction related costs		—		1		26

Total expenses		2,461		7,789		21,412

Net income from discontinued operations	$	9,116	$	5,780	$	7,064

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

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-Section 45
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-Topic 360
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Debt and Preferred Equity Investments

12 Months Ended

Dec. 31, 2012

Debt and Preferred Equity Investments

Debt and Preferred Equity Investments

5. Debt and Preferred Equity Investments

During the years ended December 31, 2012 and 2011, our debt and preferred equity investments (net of discounts) increased approximately $672.9 million and $622.5 million, respectively, due to originations, purchases, accretion of discounts and paid-in-kind interest. We recorded approximately $298.7 million and $589.4 million in repayments, participations, sales and foreclosures and loan loss reserves of $3.0 million and $10.9 million during those periods, respectively, which offset the increases in debt and preferred equity investments.

As of December 31, 2012 and 2011, we held the following debt investments with an aggregate weighted average current yield of approximately 9.79% at December 31, 2012 (amounts in thousands):

Loan Type	December 31, 2012 Senior Financing		December 31, 2012 Carrying Value, Net of Discounts			December 31, 2011 Carrying Value, Net of Discounts

Other Loan	$	15,000	$	3,500		$	3,500		September 2021
Mortgage/Mezzanine Loan(1)		1,109,000		115,804			108,817		March 2017
Mezzanine Loan		165,000		71,067			40,375		November 2016
Junior Participation		133,000		49,000			49,000		June 2016
Mortgage/Mezzanine Loan		169,212		46,496			46,416		May 2016
Mezzanine Loan		177,000		15,906			17,112		May 2016
Mezzanine Loan		205,000		66,544			64,973		February 2016
Mortgage(2)		—		218,068			—		—
Junior Participation(3)(4)		—		—			8,725		—
Junior Participation(4)(5)		—		—			11,000		—

Total fixed rate	$	1,973,212	$	586,385		$	349,918

Mezzanine Loan(6)	$	81,000	$	34,940		$	34,940		October 2016
Mezzanine Loan		55,000		35,000			35,000		July 2016
Mezzanine Loan(7)		92,711		56,289			—		December 2015
Mortgage/Mezzanine Loan(8)		—		47,679			—		February 2015
Mortgage		—		15,000			—		September 2014
Mezzanine Loan		170,000		60,000			60,000		August 2014
Mortgage/Mezzanine Loan(9)		330,000		132,000			30,747		July 2014
Mezzanine Loan(10)		62,500		37,500			—		July 2014
Mezzanine Loan(11)		75,000		7,650			7,650		July 2013
Junior Participation(4)		60,250		10,875			10,875		June 2013
Mezzanine Loan		—		—			10,000		—
Mortgage(12)		—		—			3,000		—
Mezzanine Loan(13)		—		—			8,392		—
Mortgage(14)		—		—			86,339		—
Other Loan		—		—			3,196		—

Total floating rate	$	926,461	$	436,933		$	290,139

Total		2,899,673		1,023,318			640,057
Loan loss reserve(4)		—		(7,000	)		(19,125	)	—

	$	2,899,673	$	1,016,318		$	620,932

(1): Interest is added to the principal balance for this accrual only loan. In January 2013, we sold 50% of the mezzanine loan at 97% of the accrued balance. See Note 21, "Subsequent Events."

(2): In November 2012, we acquired this non-performing loan with an original balance of $219.0 million, which accrues interest at its default rate. We are recognizing income at the original contractual rate.
(3): This loan was in default and on non-accrual status. We sold our interest in the loan in February 2012 and recovered $0.4 million against the reserve on this loan.
(4): Loan loss reserves are specifically allocated to investments. Our reserves reflect management's judgment of the probability and severity of losses based on Level 3 data. We cannot be certain that our judgment will prove to be correct or that reserves will be adequate over time to protect against potential future losses.
(5): In March 2012, we sold our interest in this loan and recovered $2.0 million against the reserve on this loan.
(6): As of December 31, 2012, we were committed to fund an additional $15.1 million in connection with this loan.
(7): As of December 31, 2012, we were committed to fund an additional $28.7 million in connection with this loan.
(8): As of December 31, 2012, we were committed to fund an additional $11.0 million in connection with this loan.
(9): As a result of the acquisition of the remaining 50% interest in November 2011 in the joint venture which held an investment in a debt position on the property located at 450 West 33rd Street, we have reclassified our investment as a debt investment. See Note 6, "Investments in Unconsolidated Joint Ventures." As part of the restructuring and refinancing of the related senior mortgage in July 2012, our outstanding investment in the amount of $49.9 million was repaid in full at maturity and we also entered into a loan participation in the amount of $182.0 million on the $462.0 million outstanding senior mortgage which maturity was extended to July 2014. In September 2012, we sold $50 million of our interest in the senior mortgage to a third party.
(10): In November 2012, we entered into a loan participation agreement in the amount of $5.0 million on a $37.5 million mortgage. As a result of the transfer not meeting the conditions for sale accounting, the portion that was participated out has been recorded in other liabilities in the accompanying consolidated balance sheet.
(11): In November 2011, we entered into a loan participation agreement in the amount of $7.4 million on a $15.0 million mortgage. Due to our continued involvement with the loan, the portion that was participated out has been recorded in other assets and other liabilities in the accompanying consolidated balance sheet.
(12): In June 2011, we funded an additional $5.5 million and extended the maturity date of this loan to February 2013. In September 2011, we entered into a loan participation in the amount of $28.5 million on a $31.5 million mortgage and assigned our right as servicer to a third party. In December 2012, the outstanding loan balance, including the participation interest, was paid off.

(13): In connection with the extension of this loan, a portion of the mezzanine loan was converted to preferred equity. See note 4 to the next table. This mezzanine loan was on non-accrual status as of January 2012. In June 2012, we acquired an additional 38.6% participation interest in this mezzanine loan. As a result of this acquisition, we had complete control over this position and could, therefore, control any restructuring. On July 26, 2012, the mezzanine holders foreclosed out the equity position and as a result, we consolidated the operations of this investment in August and September 2012. In September 2012, we, together with Blackstone Real Estate Partners VII, or Blackstone, Gramercy Capital Corp. and Square Mile Capital Management LLC, formed a joint venture to recapitalize the underlying portfolio of west coast office properties and restructure the senior and mezzanine loans that expired in August 2012. We contributed our debt and preferred equity investment to the joint venture, and accounted for our investment under the equity method as of September 28, 2012 because we no longer controlled the joint venture. We own a 27.63% ownership interest in the joint venture. Blackstone, which has a 56.3% ownership interest in the joint venture, will oversee the portfolio's management and leasing activities through its Equity Office Properties affiliate. See Note 6, "Investments in Unconsolidated Joint Ventures."
(14): We hold an 88% interest in the consolidated joint venture that acquired this loan. This investment is denominated in British Pounds. This loan was not repaid on its maturity date and was placed in receivership. The entity that held the property which served as collateral for our loan position was determined to be a VIE under a reconsideration event and we were determined to be the primary beneficiary. As a result of this determination, we consolidated the entity and reclassified the investment to assets held for sale on the consolidated balance sheet in June 2012. In November 2012, the entity that held the property sold the property for $100.0 million (£62.5 million), at which time our note was repaid and we recognized additional income of $8.9 million on the sale of the note.

Preferred Equity Investments

As of December 31, 2012 and 2011, we held the following preferred equity investments with an aggregate weighted average current yield of approximately 10.12% at December 31, 2012 (amounts in thousands):

Type	December 31, 2012 Senior Financing		December 31, 2012 Carrying Value, Net of Discounts		December 31, 2011 Carrying Value, Net of Discounts

Preferred equity(1)	$	926,260	$	210,918	$	203,080		July 2016
Preferred equity(1)(2)		57,087		19,136		—		April 2016
Preferred equity		70,000		10,000		—		October 2014
Preferred equity(1)(3)		480,000		100,831		141,980		July 2014
Preferred equity(1)(4)(5)		—		—		51,000		—
Loan loss reserve(5)		—		—		(31,050	)	—

	$	1,533,347	$	340,885	$	365,010

(1): The difference between the pay and accrual rates is included as an addition to the principal balance outstanding.
(2): As of December 31, 2012, we are committed to fund an additional $6.5 million on this loan.
(3): This investment was classified as held for sale at June 30, 2009, but as held-to-maturity for all periods subsequent to June 30, 2009. The reserve previously taken against this loan is being accreted up to the face amount through the maturity date. In connection with a recapitalization of the investment, our mezzanine loan was converted to preferred equity in 2011. We also made an additional $50.0 million junior preferred equity loan. This junior preferred equity loan was repaid at par in February 2012.
(4): This investment was on non-accrual status. In connection with the extension of this loan, a portion of the mezzanine loan was converted to preferred equity in 2011. In June 2012, we acquired 100% of the interests in the most senior preferred equity position. In September 2012, we reclassified our debt and preferred equity investments, inclusive of related reserves, as investments in unconsolidated joint ventures as part of the recapitalization and refinancing transaction discussed in note 13 of the prior table.
(5): Loan loss reserves are specifically allocated to investments. Our reserves reflect management's judgment of the probability and severity of losses based on Level 3 data. We cannot be certain that our judgment will prove to be correct and that reserves will be adequate over time to protect against potential future losses.

The following table is a rollforward of our total loan loss reserves at December 31, 2012, 2011 and 2010 (amounts in thousands):

	2012			2011			2010

Balance at beginning of year	$	50,175		$	61,361		$	93,844
Expensed		3,000			10,875			24,418
Recoveries		(2,436	)		(4,370	)		(3,662	)
Charge-offs and reclassifications		(43,739	)		(17,691	)		(53,239	)

Balance at end of period	$	7,000		$	50,175		$	61,361

At December 31, 2012, 2011 and 2010 all debt and preferred equity investments, other than as noted above, were performing in accordance with the terms of the loan agreements.

We have determined that we have one portfolio segment of financing receivables at December 31, 2012 and 2011 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 approximately $121.3 million at December 31, 2012 and $108.7 million at December 31, 2011. The nonaccrual balance of financing receivables at December 31, 2012 and 2011 was zero and $102.6 million, respectively. No financing receivables were 90 days past due at December 31, 2012. The recorded investment for financing receivables past due 90 days associated with two financing receivables was $17.3 million at December 31, 2011. All financing receivables are individually evaluated for impairment.

The following table presents impaired loans, which may include non-accrual loans, as of December 31, 2012 and 2011, respectively (amounts in thousands):

	December 31, 2012						December 31, 2011

	Unpaid Principal Balance		Recorded Investment		Allowance Allocated		Unpaid Principal Balance		Recorded Investment		Allowance Allocated
With no related allowance recorded:
Commercial real estate	$	—	$	—	$	—	$	106,623	$	83,378	$	—
With an allowance recorded:
Commercial real estate		10,750		10,750		7,000		86,121		81,475		50,175

Total	$	10,750	$	10,750	$	7,000	$	192,744	$	164,853	$	50,175

The following table presents the average recorded investment in impaired loans, which may include non-accrual loans and the related investment and preferred equity income recognized during the years ended December 31, 2012 and 2011, respectively (amounts in thousands):

	Year Ended December 31,

	2012		2011
Average recorded investment in impaired loans	$	50,231	$	191,288
Investment and preferred equity income recognized		3,712		9,554

On an ongoing basis, we monitor the credit quality of our financing receivables based on payment activity. We assess credit quality indicators based on the underlying collateral.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Investment in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2012

Investment in Unconsolidated Joint Ventures

Investment in Unconsolidated Joint Ventures

6. Investment in Unconsolidated Joint Ventures

We have investments in several real estate joint ventures with various partners, including CIF, SITQ, Canada Pension Plan Investment Board, or CPPIB, Prudential Real Estate Investors, or Prudential, Onyx Equities, or Onyx, The Witkoff Group, or Witkoff, Credit Suisse Securities (USA) LLC, or Credit Suisse, Jeff Sutton, or Sutton, Harel Insurance and Finance, or Harel, Louis Cappelli, or Cappelli, The Moinian Group, or Moinian, Vornado Realty Trust (NYSE: VNO), or Vornado, Blackstone, Gramercy Capital Corp. (NYSE: GKK), or Gramercy, Square Mile Capital Management LLC, or Square Mile, Plaza Global Real Estate Partners LP or Plaza, as well as private investors. All the investments below are voting interest entities, except for 33 Beekman, 3 Columbus Circle and 180/182 Broadway which are VIEs in which we are not the primary beneficiary. Our net equity investment in these three VIEs was $117.7 million and $161.9 million at December 31, 2012 and 2011, respectively. As we do not control the joint ventures listed below, we account for them under the equity method of accounting. We assess the accounting treatment for each joint venture on a stand-alone basis. This includes a review of each joint venture or LLC agreement to determine which party has what rights and whether those rights are protective or participating. In situations where we or our partner are involved in some or all of the following: approving the annual budget, receiving a detailed monthly reporting package from us, meeting with us on a quarterly basis to review the results of the joint venture, reviewing and approving the joint venture's tax return before filing, and approving all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights. Our joint venture agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan.

The table below provides general information on each of our joint ventures as of December 31, 2012 (amounts in thousands):

Property	Partner

100 Park Avenue	Prudential	49.90	%	49.90	%	834	02/00	95,800
21 West 34^th Street	Sutton	50.00	%	50.00	%	30	07/05	22,400
1604 - 1610 Broadway	Onyx/Sutton	45.00	%	63.00	%	30	11/05	4,400
27 - 29 West 34^th Street	Sutton	50.00	%	50.00	%	41	01/06	30,000
717 Fifth Avenue(9)	Sutton/Nakash	10.92	%	10.92	%	120	09/06	251,900
800 Third Avenue	Private Investors	42.95	%	42.95	%	526	12/06	285,000
1745 Broadway	Witkoff/SITQ/Lehman Bros.	32.26	%	32.26	%	674	04/07	520,000
1 and 2 Jericho Plaza	Onyx/Credit Suisse	20.26	%	20.26	%	640	04/07	210,000
16 Court Street	CIF	35.00	%	35.00	%	318	07/07	107,500
The Meadows(2)	Onyx	50.00	%	50.00	%	582	09/07	111,500
388 and 390 Greenwich Street(3)	SITQ	50.60	%	50.60	%	2,600	12/07	1,575,000
180/182 Broadway(4)	Harel/Sutton	25.50	%	25.50	%	71	02/08	43,600
600 Lexington Avenue	CPPIB	55.00	%	55.00	%	304	05/10	193,000
11 West 34^th Street(5)	Private Investor/Sutton	30.00	%	30.00	%	17	12/10	10,800
7 Renaissance	Cappelli	50.00	%	50.00	%	37	12/10	4,000
3 Columbus Circle(6)	Moinian	48.90	%	48.90	%	769	01/11	500,000
280 Park Avenue(7)	Vornado	50.00	%	50.00	%	1,237	03/11	400,000
1552 - 1560 Broadway(8)	Sutton	50.00	%	50.00	%	49	08/11	136,550
747 Madison Avenue	Harel/Sutton	33.33	%	33.33	%	10	09/11	66,250
724 Fifth Avenue	Sutton	50.00	%	50.00	%	65	01/12	223,000
10 East 53^rd Street	CPPIB	55.00	%	55.00	%	390	02/12	252,500
33 Beekman(10)	Harel/Naftali	45.90	%	45.90	%	145	08/12	31,000
West Coast office portfolio(11)	Blackstone/SquareMile/Gramercy	27.63	%	27.63	%	4,474	09/12	880,103
521 Fifth Avenue(12)	Plaza	50.50	%	50.50	%	460	11/12	315,000
21 East 66th Street(13)	Private Investors	32.28	%	32.28	%	17	12/12	75,000
315 West 36^th Street	Private Investors	35.50	%	35.50	%	148	12/12	45,000

(1): Acquisition price represents the actual or implied gross purchase price for the joint venture.
(2): We, along with Onyx, acquired the remaining 50% interest on a pro-rata basis in September 2009. We recorded a $2.8 million depreciable real estate reserve in 2010 against this joint venture investment. In August 2012, Onyx made a capital contribution to the joint venture, which was distributed to us in full redemption of our preferred equity interest.
(3): The property is subject to a 13-year triple-net lease arrangement with a single tenant. The lease commenced in 2007.
(4): In December 2010, our 180-182 Broadway joint venture with Jeff Sutton announced an agreement with Pace University to convey a long-term ground lease condominium interest to Pace University for 20 floors of student housing. The joint venture also admitted Harel, which contributed $28.1 million to the joint venture, for a 49% partnership interest. In August 2011, the joint venture sold the property located at 63 Nassau Street for $2.8 million.
(5): In December 2010, our $12.0 million first mortgage collateralized by 11 West 34^th Street was repaid at par, resulting in our recognition of additional income of approximately $1.1 million. Simultaneous with the repayment, the joint venture was recapitalized with the Company having a 30% interest. The property is subject to a long-term net lease arrangement.
(6): We issued 306,296 operating partnership units in connection with this investment. We had an obligation to fund an additional $47.5 million to the joint venture, of which $46.8 million has been funded as of December 31, 2012. This liability is recorded in accrued interest payable and other liabilities. In addition, we made a $125.0 million bridge loan to this joint venture which bore interest at a rate of 7.5%. This loan was repaid when the joint venture refinanced its debt in April 2011. In September 2012, the joint venture sold to Young & Rubicam, Inc. a portion of the property, generally floors three through eight, through a condominium form of ownership, or Y&R units, for $143.6 million. As the joint venture has an option to repurchase the Y&R unit, no gain was recognized as a result of this transaction.
(7): In March 2011, we contributed our debt investment with a carrying value of $286.6 million to a newly formed joint venture in which we hold a 50% interest. We realized $38.7 million of additional income upon the contribution. This income is included in preferred equity and investment income. The joint venture paid us approximately $111.3 million and also assumed $30 million of related floating rate financing which matures in June 2016. In May 2011, this joint venture took control of the underlying property as part of a recapitalization transaction which valued the investment at approximately $1.1 billion. We hold an effective 49.5% ownership interest in the joint venture.
(8): In connection with this acquisition, the joint venture also acquired a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. The purchase price relates only to the purchase of the 1552 Broadway interest which comprises 13,045 square feet. In May 2012, we, along with Sutton, acquired the property at 155 West 46^th Street for $8.4 million. This property is adjacent to 1552 and 1560 Broadway.
(9): In June 2012, this retail condominium was recapitalized. The recapitalization triggered a promote which resulted in a reduction of our economic interest. In addition, we sold 50% of our remaining interest at a property valuation of $617.6 million. We recognized $67.9 million of additional cash income, equivalent to profit, due to the distribution of refinancing proceeds and a gain on sale of $3.0 million, which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale.
(10): The joint venture acquired the fee interest in the property and will develop an approximately 30 story building for student housing. Upon completion of the development, the joint venture will convey a long-term ground lease condominium interest in the building to Pace University.
(11): In September 2012, the Company, together with an affiliate of Blackstone, Gramercy and Square Mile, formed a joint venture to recapitalize a 31-property, 4.5-million-square-foot West Coast office portfolio. Following the recapitalization, Blackstone became the majority owner of the joint venture, with Equity Office Properties, a Blackstone affiliate, being responsible for the portfolio's management and leasing. Prior to the recapitalization, the Company held $26.7 million in mezzanine and preferred equity positions in the entity that owned the portfolio. The new joint venture extended the $678.8 million mortgage secured by the portfolio for a term of 2 years with a 1-year extension option. In addition, the joint venture entered into a new $68.0 million mezzanine loan for a term of 2 years. See Note 5, "Debt and Preferred Equity Investments."
(12): In November 2012, we sold our 49.5% partnership interest in 521 Fifth Avenue to Plaza Global Real Estate Partners for a gross valuation price of $315.0 million for this property. We recognized a gain of $19.4 million on the sale which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. This gain is included in equity in net gain on sale of interest in unconsolidated joint venture / real estate on the consolidated statement of income. We also refinanced the existing $150.0 million loan with a $170.0 million 7-year mortgage loan which bears interest at 220 basis points over LIBOR. Following the sale, we deconsolidated the entity effective November 30, 2012 and accounted our investment under the equity method because of lack of control.
(13): We hold a 32.28% interest in the three retail and 2 residential units and a 16.14% in four residential units.

In July 2012, we, along with our joint venture partner, sold One Court Square for $481.1 million, which included the assumption by the purchaser of $315.0 million of existing debt. We recognized a gain of $1.0 million on the sale of this property.

In April 2012, we, along with our joint venture partner, Jeff Sutton, sold the property located at 379 Broadway for $48.5 million, inclusive of the fee position which was acquired for $13.5 million. We recognized a gain on sale of this investment of $6.5 million.

In March 2012, we, along with our joint venture partner, Jeff Sutton, sold the property located at 141 Fifth Avenue for $46.0 million. We recognized a gain on sale of this investment of $7.3 million which is net of a $1.5 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale.

In November 2011, we acquired the remaining 50% interest in the joint venture which held an investment in a debt position on the property located at 450 West 33^rd Street. As we own 100% of this investment, we have reclassified it and recorded it as a debt investment. See Note 5, "Debt and Preferred Equity Investments."

In August 2011, we sold our 10% interest in the joint venture that held 1551-1555 Broadway for approximately $9.7 million. We recognized a gain of $4.0 million on the sale.

In May 2010, Green Hill Acquisition LLC, our wholly owned subsidiary, sold its 45% beneficial interest in the property located at 1221 Avenue of the Americas for total consideration of $577.4 million, of which approximately $95.9 million represented payment for existing reserves and the assumption of our pro-rata share of in-place financing. The sale generated proceeds to us of approximately $500.9 million. We recognized a gain of approximately $126.8 million on the sale of our interest, which is net of a $4.5 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale.

We generally finance our joint ventures with non-recourse debt. However, in certain cases we have provided guarantees or master leases for tenant space. These guarantees and master leases 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 December 31, 2012 and 2011, respectively, are as follows (amounts in thousands):

Property				December 31, 2012		December 31, 2011

717 Fifth Avenue(2)	06/2024	9.00	%	$	294,509	$	—
717 Fifth Avenue(2)	07/2022	4.45	%		300,000		—
388 and 390 Greenwich Street(3)	12/2017	3.20	%		996,082		1,106,757
315 West 36^th Street	12/2017	3.04	%		25,000		—
800 Third Avenue	08/2017	6.00	%		20,910		20,910
1 and 2 Jericho Plaza	05/2017	5.65	%		163,750		163,750
1745 Broadway	01/2017	5.68	%		340,000		340,000
21 West 34^th Street	12/2016	5.76	%		100,000		100,000
280 Park Avenue	06/2016	6.57	%		710,000		710,000
11 West 34^th Street	01/2016	4.82	%		17,491		17,761
7 Renaissance	02/2015	10.00	%		856		—
100 Park Avenue	09/2014	6.64	%		212,287		214,625
21 East 66^th Street	04/2013	5.63	%		12,000		—
1604 - 1610 Broadway(4)	—	5.66	%		27,000		27,000
One Court Square	—	—			—		315,000
141 Fifth Avenue	—	—			—		25,000

Total fixed rate debt				$	3,219,885	$	3,040,803

21 East 66^th Street	06/2033	2.88	%	$	2,033	$	—
521 Fifth Avenue(5)	11/2019	2.41	%		170,000		—
388 and 390 Greenwich Street(3)	12/2017	1.36	%		142,297		31,622
600 Lexington Avenue	10/2017	2.32	%		124,384		125,000
33 Beekman(6)	08/2017	2.96	%		18,362		—
10 East 53^rd Street	02/2017	2.71	%		125,000		—
724 Fifth Avenue	01/2017	2.56	%		120,000		—
Other loan payable	06/2016	1.11	%		30,000		30,000
3 Columbus Circle(7)	04/2016	2.45	%		247,253		254,896
The Meadows(8)	09/2015	7.75	%		57,000		84,698
747 Madison Avenue	10/2014	3.00	%		33,125		33,125
West Coast office portfolio	09/2014	3.96	%		745,025		—
180/182 Broadway(9)	12/2013	2.96	%		71,524		30,722
16 Court Street	10/2013	2.71	%		84,916		85,728
1552 Broadway(10)	08/2013	3.21	%		113,869		95,405
27 - 29 West 34^th Street(11)	05/2013	2.21	%		53,375		53,900
717 Fifth Avenue(2)	—	—			—		245,000
379 West Broadway(12)	—	—			—		20,991

Total floating rate debt				$	2,138,163	$	1,091,087

Total mortgages and other loan payable				$	5,358,048	$	4,131,890

(1): Effective weighted average interest rate for the year ended December 31, 2012.

(2): This loan was repaid in June 2012 and was replaced with a $300.0 million mortgage and a $290.0 million mezzanine loan. See Note 9 of the prior table.
(3): Comprised of a $576.0 million mortgage and a $562.4 million mezzanine loan, both of which are fixed rate loans, except for $72.0 million of the mortgage and $70.3 million of the mezzanine loan which are floating. Up to $200.0 million of the mezzanine loan, secured indirectly by these properties, is recourse to us. We believe it is unlikely that we will be required to perform under this guarantee.
(4): This loan went into default in November 2009 due to the non-payment of debt service. The joint venture is in discussions with the special servicer to resolve this default.
(5): In connection with the sale of our 49.5% membership interest in the entity, the existing loan was refinanced with a $170.0 million 7-year mortgage. As we no longer controlled the entity, we deconsolidated the entity effective November 30, 2012. See Note 12 of prior table.
(6): This loan has a committed amount of $75.0 million, which is recourse to us. Our partner has indemnified us for their pro rata share of the recourse guarantee. A portion of the guarantee burns off upon the joint venture reaching certain milestones. We believe it is unlikely that we will be required to perform under this guarantee.
(7): We provided 50% of a bridge loan to this joint venture. In April 2011, our joint venture with The Moinian Group which owns the property located at 3 Columbus Circle, New York, refinanced the bridge loan and replaced it with a $260.0 million 5-year mortgage with the Bank of China, which carries a floating rate of interest of 210 basis points over the 30-day LIBOR, at which point SL Green and Deutsche Bank's bridge loan was repaid. The joint venture has the ability to increase the mortgage by $40.0 million based on meeting certain performance hurdles. In connection with this obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its pro rata obligation under the master lease. In February 2012, the terms of the mortgage were modified to remove the Y&R condominium from the mortgage lien and from the existing master lease. See Note 6 of prior table.
(8): As a result of the refinancing and restructuring in August 2012, we replaced the existing loan with a $60.0 million, 3-year mortgage, of which $3.0 million was unfunded as of December 31, 2012, and recognized additional income of $10.8 million due to the repayment of the previous mortgage at a discount.
(9): This loan has a committed amount of $90.0 million.
(10): This loan has a committed amount of $125.0 million.
(11): In April 2012, this loan was extended by 1-year.
(12): This property was sold in April 2012 and the mortgage was repaid at a discount.

We act as the operating partner and day-to-day manager for all our joint ventures, except for 800 Third Avenue, 1 and 2 Jericho Plaza, 3 Columbus Circle and The Meadows. We are entitled to receive fees for providing management, leasing, construction supervision and asset management services to our joint ventures. We earned approximately $7.9 million, $8.6 million and $5.8 million from these services for the years ended December 31, 2012, 2011 and 2010, 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 December 31, 2012 and 2011 are as follows (amounts in thousands):

	2012		2011

*Assets*
Commercial real estate property, net	$	6,910,991	$	5,699,113
Other assets		728,113		599,596

Total assets	$	7,639,104	$	6,298,709

*Liabilities and members' equity*
Mortgages and other loans payable	$	5,358,048	$	4,131,890
Other liabilities		406,929		250,925
Members' equity		1,874,127		1,915,894

Total liabilities and members' equity	$	7,639,104	$	6,298,709

Company's net investment in unconsolidated joint ventures	$	1,032,243	$	893,933

The combined statements of income for the unconsolidated joint ventures from acquisition date, through three years ended December 31, 2012 are as follows (amounts in thousands):

	2012			2011			2010

Total revenues	$	511,157		$	480,935		$	593,159

Operating expenses		83,697			75,513			94,515
Real estate taxes		53,613			51,511			66,588
Transaction related costs		2,044			2,665			1,105
Interest		231,215			223,400			224,766
Depreciation and amortization		166,336			137,070			141,284

Total expenses		536,905			490,159			528,258

Gain on early extinguishment of debt		21,421			—			—

Net (loss) income before gain on sale	$	(4,327	)	$	(9,224	)	$	64,901

Company's equity in net income of unconsolidated joint ventures	$	76,418		$	1,583		$	39,607

The 2012 equity in net income of unconsolidated joint ventures includes $67.9 million of additional income due to the distribution of refinancing proceeds from the recapitalization of 717 Fifth Avenue.

Gramercy Capital Corp.

In April 2004, SL Green formed Gramercy as a commercial real estate finance business. Gramercy qualified as a REIT for federal income tax purposes and expects to qualify for its current fiscal year.

At December 31, 2012, we held 0.7 million shares, or approximately 1.3% of Gramercy's common stock. Our total investment of approximately $2.2 million is based on the market value of our common stock investment in Gramercy at December 31, 2012. As we no longer have any significant influence over Gramercy, we account for our investment as available-for-sale securities. During 2012, we sold 2.5 million shares for net proceeds of $6.8 million and realized gains of $4.9 million. During 2011, we sold 2.1 million shares of Gramercy common stock and realized a gain of approximately $4.5 million on the sale. These gains were reclassified out of accumulated other comprehensive loss.

Effective May 2005, June 2009 and October 2009, Gramercy entered into lease agreements with an affiliate of ours, for their corporate offices at 420 Lexington Avenue, New York, New York. The first lease is for approximately 7,300 square feet and carries a term of ten years with rents of approximately $249,000 per annum for year one increasing to $315,000 per annum in year ten. The second lease is for approximately 900 square feet pursuant to a lease which ends in April 2015, with annual rent under this lease of approximately $35,300 per annum for year one increasing to $42,800 per annum in year six. The third lease is for approximately 1,400 square feet pursuant to a lease which ends in April 2015, with annual rent under this lease of approximately $67,300 per annum for year one increasing to $80,500 per annum in year six.

Effective June 2012, the first and third leases were amended and replaced with a new lease for approximately 8,100 square feet pursuant to a lease which ends in April 2015, with annual rent under this lease of approximately $345,000 for year one increasing to $357,000 in year three.

Marc Holliday, SL Green's chief executive officer, remains a board member of Gramercy.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References + Details

Deferred Costs

12 Months Ended

Dec. 31, 2012

Deferred Costs.

Deferred Costs

7. Deferred Costs

Deferred costs at December 31, 2012 and 2011 consisted of the following (amounts in thousands):

	2012			2011

Deferred financing	$	152,596		$	113,620
Deferred leasing		285,931			238,394

		438,527			352,014
Less accumulated amortization		(177,382	)		(141,228	)

Deferred costs, net	$	261,145		$	210,786

Mortgages and Other Loans Payable

12 Months Ended

Dec. 31, 2012

Mortgages and Other Loans Payable

Mortgages and Other Loans Payable

8. Mortgages and Other Loans Payable

The first mortgages and other loans payable collateralized by the respective properties and assignment of leases at December 31, 2012 and 2011, respectively, were as follows (amounts in thousands):

Property				December 31, 2012		December 31, 2011

400 East 57th Street	02/2024	4.13	%	$	70,000	$	—
400 East 58th Street	02/2024	4.13	%		30,000		—
919 Third Avenue(2)	06/2023	5.12	%		500,000		500,000
100 Church	07/2022	4.68	%		230,000		—
One Madison Avenue	05/2020	5.91	%		607,678		626,740
Other loan payable(3)	09/2019	8.00	%		50,000		50,000
885 Third Avenue	07/2017	6.26	%		267,650		267,650
2 Herald Square	04/2017	5.36	%		191,250		191,250
485 Lexington Avenue	02/2017	5.61	%		450,000		450,000
120 West 45th Street	02/2017	6.12	%		170,000		170,000
300 Main Street	02/2017	5.75	%		11,500		11,500
762 Madison Avenue	02/2017	3.75	%		8,371		—
Landmark Square	12/2016	4.00	%		84,486		86,000
420 Lexington Avenue(4)	09/2016	7.50	%		184,992		187,182
500 West Putnam	01/2016	5.52	%		24,060		24,563
625 Madison Avenue	11/2015	7.22	%		125,603		129,098
711 Third Avenue	06/2015	4.99	%		120,000		120,000
125 Park Avenue	10/2014	5.75	%		146,250		146,250
609 Partners, LLC(5)	07/2014	5.00	%		23		31,721
220 East 42nd Street	11/2013	5.25	%		185,906		190,431
609 Fifth Avenue(10)	—	—			—		94,963
673 First Avenue(11)	—	—			—		29,906
110 East 42nd Street(12)	—	—			—		65,000
292 Madison Avenue(13)	—	—			—		59,099

Total fixed rate debt				$	3,457,769	$	3,431,353

1515 Broadway(6)	04/2018	3.60	%	$	769,813	$	450,363
180 Maiden Lane(7)	11/2016	2.42	%		271,215		279,332
Master repurchase(14)	09/2013	3.21	%		116,667		—
Other loan payable(8)	—	—			—		62,792
521 Fifth Avenue(9)	—	—			—		150,000

Total floating rate debt				$	1,157,695	$	942,487

Total mortgages and other loans payable				$	4,615,464	$	4,373,840

(1): Effective average interest rate for the year ended December 31, 2012.

(2): We own a 51% controlling interest in the joint venture that is the borrower on this loan. This loan is non-recourse to us. In June 2011, our joint venture replaced the $219.9 million 6.87% mortgage that was due to mature in August 2011 with a $500.0 million mortgage.
(3): This loan is secured by a portion of a preferred equity investment.
(4): We increased this loan by $40.0 million in March 2011.
(5): As part of an acquisition, we issued 63.9 million units of our 5.0% Series E preferred units, or the Series E units, with a liquidation preference of $1.00 per unit. As of December 31, 2012, 63.8 million Series E units had been redeemed.
(6): We acquired the remaining interest in this joint venture in April 2011. As a result, we have consolidated this investment since April 2011. In April 2012, we refinanced the $447.2 million mortgage that was due in December 2014 with a $775.0 million 7-year mortgage which carries interest at the rate equal to the greater of (a) 285 basis points over 90-day LIBOR or (b) 3.6% per annum.
(7): In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its pro rata share of the obligation under the master lease.
(8): This loan, which was denominated in British pounds, bore interest at 250 basis points over the three-month GBP LIBOR. In November 2012, this loan was repaid in connection with the sale of the London property.
(9): We assumed a $140.0 million mortgage in connection with the acquisition of the remaining partnership interest in January 2011. As a result, we consolidated this investment since January 2011. In April 2011, we refinanced the property with a new $150.0 million 2-year mortgage which carried a floating rate of interest of 200 basis points over the 30-day LIBOR. In November 2012, we sold 49.5% of our partnership interest in 521 Fifth Avenue and refinanced the property with a new $170.0 million 7-year mortgage which bears interest at 220 basis points over LIBOR. As we no longer controlled the entity, we deconsolidated this entity effective November 30, 2012 and accounted for our investment under the equity method. See Note 6, "Investments in Unconsolidated Joint Ventures."
(10): In December 2012, we repaid the $93.3 million mortgage loan, which bore interest at a fixed rate of 5.85% per annum and was scheduled to mature in October 2013. We recognized a loss from early extinguishment of debt of approximately $3.1 million consisting mainly of prepayment penalty.
(11): In November 2012, we repaid the $29.1 million mortgage loan, which bore interest at a fixed rate of 5.67% per annum and was scheduled to mature in February 2013. There was no prepayment penalty.
(12): We took control of this property in May 2011 and assumed the mortgage as part of the transaction. This loan consists of a $65.0 million A-tranche and an $18.1 million B-tranche which was owed to us. The B-tranche does not accrue interest and is due only under certain circumstances as described in the loan agreement. In December 2012, we repaid the $65.0 million mortgage loan, which bore interest at a fixed rate of 5.81% per annum and was scheduled to mature in July 2017. There was no prepayment penalty.
(13): This property was sold in February 2012 and the related mortgage, which was included in liabilities related to assets held for sale at December 31, 2011, was assumed by the purchaser.
(14): In September 2012, we entered into a Master Repurchase Agreement, or MRA, with a financial institution, with a maximum facility capacity of $175.0 million, under which we agreed to sell certain debt investments in exchange for cash with a simultaneous agreement to repurchase the same debt investments at a certain date or on demand. The MRA's interest rate is based on 1-month LIBOR plus 300 basis points. The MRA matures in September 2013, and has a 1-year extension option.

At December 31, 2012 and 2011, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $7.6 billion and $7.4 billion, respectively.

Corporate Indebtedness

12 Months Ended

Dec. 31, 2012

Corporate Indebtedness

Corporate Indebtedness

9. Corporate Indebtedness

2012 Credit Facility

In November 2012, we entered into a $1.6 billion credit facility, or the 2012 credit facility, which refinanced, extended and upsized the previous 2011 revolving credit facility. The 2012 credit facility consists of a $1.2 billion revolving credit facility, or the revolving credit facility, and a $400.0 million term loan, or the term loan facility. The revolving credit facility matures in March 2017 and includes two six-month extension options, subject to certain conditions and the payment of an extension fee of 10 basis points for each such extension. We also have an option, subject to customary conditions, without the consent of existing lenders, to increase the capacity under the revolving credit facility to $1.5 billion at any time prior to the maturity date for the revolving credit facility, by obtaining additional commitments from our current lenders and other financial institutions. The term loan facility matures on March 30, 2018.

The 2012 credit facility bears interest at a spread over LIBOR ranging from (i) 100 basis points to 175 basis points for loans under the revolving credit facility and (ii) 115 basis points to 200 basis points for loans under the term loan facility, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of ROP. At December 31, 2012, the applicable spread was 145 basis points for revolving credit facility and 165 basis points for the term loan facility. We are required to pay quarterly in arrears a 15 to 35 basis point fee on the unused balance of the commitments under the revolving credit facility. As of December 31, 2012, the facility fee was 30 basis points. At December 31, 2012, we had approximately $79.5 million of outstanding letters of credit and $70.0 million drawn under the revolving credit facility and $400.0 million outstanding under the term loan facility, with total undrawn capacity of $1.1 billion under the 2012 credit facility.

We, the Company and ROP are all borrowers jointly and severally obligated under the 2012 credit facility. No other subsidiary of ours is an obligor under the 2012 credit facility.

The 2012 credit facility includes certain restrictions and covenants (see Restrictive Covenants below).

2011 Revolving Credit Facility

The 2012 credit facility replaced our $1.5 billion revolving credit facility, or the 2011 revolving credit facility, which was terminated concurrently with the entering into the 2012 credit facility. The 2011 revolving credit facility bore interest at a spread over LIBOR ranging from 100 basis points to 185 basis points, based on the credit rating assigned to the senior unsecured long-term indebtedness of ROP, and required to pay quarterly in arrears a 17.5 to 45 basis point facility fee on the total commitments under the 2011 revolving credit facility. The 2011 revolving credit facility included certain restrictions and covenants and, as of the time of the termination of the 2011 revolving credit facility and as of November 2012, we were in compliance with all such restrictions and covenants.

2007 Revolving Credit Facility

The 2011 revolving credit facility replaced our $1.5 billion revolving credit facility, or the 2007 revolving credit facility, which was terminated concurrently with the entering into the 2011 revolving credit facility. The 2007 revolving credit facility bore interest at a spread over the 30-day LIBOR ranging from 70 basis points to 110 basis points, based on our leverage ratio, and required a 12.5 to 20 basis point fee, also based on our leverage ratio, on the unused balance payable annually in arrears. The 2007 revolving credit facility included certain restrictions and covenants and, as of the time of the termination of the 2007 revolving credit facility and as of October 31, 2011, we were in compliance with all such restrictions and covenants.

Senior Unsecured Notes

The following table sets forth our senior unsecured notes and other related disclosures as of December 31, 2012 and 2011, respectively, by scheduled maturity date (amounts in thousands):

Issuance	December 31, 2012 Unpaid Principal Balance		December 31, 2012 Accreted Balance		December 31, 2011 Accreted Balance							Maturity

March 26, 2007(2)	$	16,893	$	16,893	$	119,423	3.00	%	3.00	%	20	March 30, 2027
June 27, 2005(3)(4)		7		7		657	4.00	%	4.00	%	20	June 15, 2025
November 15, 2012(5)		200,000		200,000		—	4.50	%	4.50	%	10	December 1, 2022
March 16, 2010(5)		250,000		250,000		250,000	7.75	%	7.75	%	10	March 15, 2020
August 5, 2011(5)		250,000		249,620		249,565	5.00	%	5.03	%	7	August 15, 2018
October 12, 2010(6)		345,000		287,373		277,629	3.00	%	7.13	%	7	October 15, 2017
March 31, 2006(3)(7)		255,308		255,165		274,804	6.00	%	6.02	%	10	March 31, 2016
August 13, 2004(3)(7)		75,898		75,898		98,578	5.88	%	5.88	%	10	August 15, 2014

	$	1,393,106	$	1,334,956	$	1,270,656

(1): Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates.
(2): In March 2007, we issued $750.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on March 30 and September 30. The notes have an initial exchange rate representing an exchange price that was set at a 25.0% premium to the last reported sale price of SL Green's common stock on March 20, 2007, or $173.30. The initial exchange rate is subject to adjustment under certain circumstances. The notes are our senior unsecured obligations and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of SL Green's common stock, if any, at our option. The notes are currently redeemable at our option. We may be required to repurchase the notes on March 30, 2017 and 2022, and upon the occurrence of certain designated events. On March 30, 2012, we repurchased $102.2 million of aggregate principal amount of the exchangeable notes pursuant to a mandatory offer to repurchase the notes. On the issuance date, $66.6 million was recorded in capital and was fully amortized as of March 31, 2012.
(3): Issued by ROP.
(4): Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to ROP, at the option of the holder at par plus accrued and unpaid interest, on June 15, 2015 and 2020 and upon the occurrence of certain change of control transactions. As a result of the acquisition of all outstanding shares of common stock of Reckson, or the Reckson Merger, the adjusted exchange rate for the debentures is 7.7461 shares of SL Green's common stock per $1,000 of principal amount of debentures and the adjusted reference dividend for the debentures is $1.3491. During the year ended December 31, 2012, we repurchased $650,000 of these bonds at par.
(5): Issued by us, the Company and ROP, as co-obligors.
(6): In October 2010, we issued $345.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on April 15 and October 15. The notes had an initial exchange rate representing an exchange price that was set at a 30.0% premium to the last reported sale price of SL Green's common stock on October 6, 2010, or $85.81. The initial exchange rate is subject to adjustment under certain circumstances. The current exchange rate is 11.6800 shares of SL Green's common stock per $1,000 principal amount of these notes. The notes are our senior unsecured obligations and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of SL Green's common stock, if any, at our option. The notes are guaranteed by ROP. On the issuance date, $78.3 million was recorded in capital. As of December 31, 2012, approximately $57.6 million remained unamortized.
(7): On December 27, 2012, SL Green repurchased $42.4 million aggregate principal amount of notes, consisting of $22.7 million of the 5.875% Notes and $19.7 million of the 6.0% Notes, for a total consideration of $46.4 million and realized a net loss on early extinguishment of debt of approximately $3.8 million.

Restrictive Covenants

The terms of the 2012 credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, SL Green's ability to pay dividends (as discussed below), 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 minimum amount of tangible net worth, a 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, SL Green will not during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable SL Green to continue to qualify as a REIT for Federal income tax purposes. As of December 31, 2012 and 2011, we were in compliance with all such covenants.

Junior Subordinate Deferrable Interest Debentures

In June 2005, we and SL Green issued $100.0 million in unsecured floating rate trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is our wholly-owned subsidiary. The securities mature in 2035 and bear interest at a fixed rate of 5.61% for the first ten years ending July 2015. Interest payments may be deferred for a period of up to eight consecutive quarters if we exercise its right to defer such payments. The trust preferred securities are redeemable at our option, 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 balance sheet and the related payments are classified as interest expense.

Principal Maturities

Combined aggregate principal maturities of mortgages and other loans payable, 2012 revolving credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of December 31, 2012, including as-of-right extension options, were as follows (amounts in thousands):

	Scheduled Amortization		Principal Repayments		Revolving Credit Facility		Term Loans and Trust Preferred Securities		Senior Unsecured Notes		Total		Joint Venture Debt

2013	$	49,496	$	299,009	$	—	$	—	$	—	$	348,505	$	176,511
2014		52,515		146,273		—		—		75,898		274,686		309,090
2015		55,810		229,537		—		—		7		285,354		36,457
2016		55,299		516,754		—		—		255,165		827,218		528,278
2017		55,461		1,098,064		—		—		304,266		1,457,791		933,634
Thereafter		235,004		1,822,242		70,000		500,000		699,620		3,326,866		151,393

	$	503,585	$	4,111,879	$	70,000	$	500,000	$	1,334,956	$	6,520,420	$	2,135,363

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

	Years Ended December 31,

	2012			2011			2010
Interest expense	$	332,188		$	287,921		$	232,794
Interest income		(1,619	)		(2,004	)		(2,146	)

Interest expense, net	$	330,569		$	285,917		$	230,648

Interest capitalized	$	12,218		$	5,123		$	—

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2012
Fair Value of Financial Instruments
Fair Value of Financial Instruments	10. Fair Value of Financial Instruments The following disclosures of estimated fair value were determined by management, using available market information and appropriate valuation methodologies as discussed in Note 2, "Significant Accounting Policies." Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash and cash equivalents, restricted cash, accounts receivable and accounts payable balances reasonably approximate their fair values due to the short maturities of these items. Mortgages and other loans payable, junior subordinate deferrable interest debentures and the senior unsecured notes had an estimated fair value based on discounted cash flow models, based on Level 3 inputs, of approximately $5.3 billion, compared to the book value of the related fixed rate debt of approximately $4.9 billion at December 31, 2012. Our floating rate debt, inclusive of our 2012 revolving credit facility, but excluding $30.0 million of which was swapped, had an estimated fair value based on discounted cash flow models, based on Level 3 inputs, of approximately $1.6 billion, compared to the book value of the related floating rate debt of approximately $1.6 billion at December 31, 2012. Our debt and preferred equity investments had an estimated fair value ranging between $1.3 billion and $1.4 billion, compared to the book value of approximately $1.4 billion at December 31, 2012, based on Level 3 inputs. Disclosure about fair value of financial instruments is based on pertinent information available to us as of December 31, 2012. 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Rental Income

12 Months Ended

Dec. 31, 2012

Rental Income

Rental Income

11. Rental Income

The Operating Partnership is the lessor and the sublessor to tenants under operating leases with expiration dates ranging from January 1, 2013 to 2037. 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 December 31, 2012 for the consolidated properties, including consolidated joint venture properties, and our share of unconsolidated joint venture properties are as follows (amounts in thousands):

	Consolidated Properties		Unconsolidated Properties

2013	$	989,702	$	214,291
2014		917,638		208,617
2015		863,405		195,122
2016		801,448		185,113
2017		717,112		168,718
Thereafter		3,915,024		720,492

	$	8,204,329	$	1,692,353

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

+ References + Details

Related Party Transactions

12 Months Ended

Dec. 31, 2012

Related Party Transactions

Related Party Transactions

12. Related Party Transactions

Cleaning/ Security/ Messenger and Restoration Services

Through Alliance Building Services, or Alliance, First Quality Maintenance, L.P., or First Quality, provides cleaning, extermination and related services, Classic Security LLC provides security services, Bright Star Couriers LLC provides messenger services, and Onyx Restoration Works provides restoration services with respect to certain properties owned by us. Alliance is partially owned by Gary Green, a son of Stephen L. Green, the chairman of SL Green's board of directors. 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. Alliance paid the Service Corporation approximately $4.0 million, $2.7 million and $2.2 million for the years ended December 31, 2012, 2011 and 2010, respectively. We paid Alliance approximately $17.9 million, $16.1 million and $14.2 million for three years ended December 31, 2012, respectively, for these services (excluding services provided directly to tenants).

Marketing Services

A-List Marketing, LLC, or A-List, provides marketing services to us. Ms. Deena Wolff, a sister of Mr. Marc Holliday, is the owner of A-List. The aggregate amount of fees we paid to A-List for these marketing services was approximately $155,500, $140,300 and $86,300 for the three years ended December 31, 2012, respectively.

Leases

Nancy Peck and Company leases 1,003 square feet of space at 420 Lexington Avenue under a lease that ends in August 2015. Nancy Peck and Company is owned by Nancy Peck, the wife of Stephen L. Green. The rent due pursuant to the lease was $35,516 per annum for year one increasing to $40,000 in year seven.

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. The aggregate amount of fees paid to S.L. Green Management Corp. from such entity was approximately $384,900, $420,300 and $390,700 for the three years ended December 31, 2012, respectively.

Other

Amounts due from/to related parties at December 31, 2012 and 2011 consisted of the following (amounts in thousands):

	2012			2011

Due from joint ventures	$	511		$	477
Other		7,020			3,524

Related party receivables	$	7,531		$	4,001

Due to a joint venture (included in Accounts payable and accrued expenses)	$	(8,401	)	$	—

Gramercy Capital Corp.

See Note 6, "Investments in Unconsolidated Joint Ventures—Gramercy Capital Corp.," for disclosure on related party transactions between Gramercy and us.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Capital

12 Months Ended

Dec. 31, 2012

Capital

Capital

13. Capital

The Company is the sole general partner of the Operating Partnership and at December 31, 2012 owned 91,249,632 general and limited partnership interests in the Operating Partnership. 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 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 for 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 a 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 bears 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.

In July 2011, we, along with SL Green, entered into an "at-the-market" equity offering program, or ATM Program, to sell an aggregate of $250.0 million of SL Green's common stock. During the year ended December 31, 2012, SL Green had sold 2.6 million shares of its common stock through the ATM Program for aggregate gross proceeds of approximately $204.6 million ($201.3 million of net proceeds after related expenses). The net proceeds were used to repay debt, fund new investments and for other corporate purposes. The net proceeds from these offerings (approximately $201.3 million during the year ended December 31, 2012) were contributed to us in exchange for 2.6 million common partnership units. As of December 31, 2012, SL Green had $45.4 million available to issue under the ATM Program.

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

Limited Partner Units

As of December 31, 2012, limited partners, other than SL Green, owned approximately 2.94% (2,759,758 units) of the Operating Partnership. At December 31, 2012, 2,826,426 shares of the Company's Common Stock were reserved for the conversion of units of limited partnership interest in the Operating Partnership.

Preferred Units

We have 9,200,000 units of our 6.50% Series I cumulative redeemable preferred units of limited partnership interest, or the Series I preferred units, outstanding with a mandatory liquidation preference of $25.00 per unit. The Series I preferred unitholders receive annual distributions of $1.625 per unit paid on a quarterly basis and distributions are cumulative, subject to certain provisions. SL Green is entitled to redeem its corresponding 6.50% Series I cumulative redeemable preferred stock at par for cash at its option on or after August 10, 2017, at which time an equal number of Series I preferred units would simultaneously be redeemed. In August 2012, SL Green received $222.2 million in net proceeds from the issuance of the Series I preferred units which were recorded net of underwriters' discount and issuance costs. Net proceeds from SL Green's offering of Series I preferred stock (approximately $222.2 million) were contributed to us by SL Green in exchange for 9.2 million Series I preferred partnership units.

We have 7,700,000 units of our 7.625% Series C cumulative redeemable preferred units of limited partnership interest, or the Series C preferred units, outstanding with a mandatory liquidation preference of $25.00 per unit. The Series C preferred unitholders receive annual distributions of $1.90625 per unit paid on a quarterly basis and distributions are cumulative, subject to certain provisions. SL Green is entitled to redeem its 7.625% Series C cumulative redeemable preferred stock, or the Series C preferred stock, at par for cash at its option. The Series C preferred units were recorded net of underwriters' discount and issuance costs. In September 2012, SL Green redeemed 4,000,000 shares of its Series C preferred stock at a redemption price of $25.00 per share plus $0.3707 in accumulated and unpaid dividends on such preferred stock through September 24, 2012. Simultaneously with that redemption, an equal number of our Series C preferred units were redeemed at the redemption price paid by SL Green to the Series C preferred stockholders. SL Green recognized $6.3 million of costs to partially redeem the Series C preferred stock, which is included in preferred unit redemption costs on the consolidated statements of income.

We had 4,000,000 units of our 7.875% Series D cumulative redeemable preferred units of limited partnership interest, or the Series D preferred units, outstanding with a mandatory liquidation preference of $25.00 per unit. The Series D preferred unitholders received annual distributions of $1.96875 per unit paid on a quarterly basis and distributions were cumulative, subject to certain provisions. In July 2012, SL Green redeemed all 4,000,000 7.875% Series D cumulative redeemable preferred stock, or the Series D preferred stock, at a redemption price of $25.00 per share plus $0.4922 in accumulated and unpaid dividends on such preferred stock through July 14, 2012. Simultaneously with that redemption, an equal number of our Series D preferred units were redeemed at the redemption price paid by SL Green to the Series D preferred stockholders. SL Green recognized $3.7 million of costs to redeem the Series D preferred stock, which is included in preferred unit redemption costs on the consolidated statements of income.

We also have 22,658 units of our 5.00% Series E preferred units of limited partnership interest outstanding with a mandatory liquidation preference of $1.00 per unit which are included in and further described in Note 8, "Mortgages and other loans payable."

In November 2011, as part of an acquisition, we issued 80,000 6.00% Series H preferred units of limited partnership interest, or the Series H preferred units, with a mandatory liquidation preference of $25.00 per unit. The Series H preferred unitholders receive annual distributions of $1.50 per unit paid on a quarterly basis and distributions are cumulative, subject to certain provisions. The Series H preferred units may be redeemed at any time at par for cash at our option or the option of the unitholder.

In January 2012, as part of an acquisition, we issued 1,902,000 4.5% Series G preferred units of limited partnership interest, or the Series G preferred units, with a liquidation preference of $25.00 per unit. The Series G preferred unitholders receive annual distributions of $1.125 per unit paid on a quarterly basis and distributions are cumulative, subject to certain provisions. The Series G preferred units are convertible into a number of our common units of limited partnership interest equal to (i) the liquidation preference plus accumulated and unpaid distributions on the conversion date divided by (ii) $88.50. The Series G preferred units also provide the holder with the right to require us to repurchase the preferred units for cash before January 31, 2022.

We also have 60 units of our Series F preferred units outstanding with a mandatory liquidation preference of $1,000.00 per unit.

Dividend Reinvestment and Stock Purchase Plan

In March 2012, SL Green filed a registration statement with the SEC for its dividend reinvestment and stock purchase plan, or DRIP, which automatically became effective upon filing. SL Green registered 3,500,000 shares of its common stock under the DRIP. The DRIP commenced on September 24, 2001.

During the years ended December 31, 2012 and 2011, SL Green issued approximately 1.3 million and 473 shares of its common stock and received approximately $99.6 million and $34,000 of proceeds, respectively, from dividend reinvestments and/or stock purchases under the DRIP. The $99.6 million in proceeds received during the year ended December 31, 2012 were contributed to us by SL Green in exchange for an equivalent number of common units of limited partnership interest. DRIP shares may be issued at a discount to the market price.

Second Amended and Restated 2005 Stock Option and Incentive Plan

SL Green has a stock option and incentive plan. The Second Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by SL Green's board of directors in April 2010 and SL Green's stockholders in June 2010 at SL Green'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 and other equity-based awards. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 10,730,000 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 1.65 fungible units per share subject to such award (2) stock options, stock appreciation rights and other awards that do not deliver full value and expire five year from the date of grant counting as 0.79 fungible units per share subject to such award and (3) all other awards (e.g., ten-year stock options) counting as 1.0 fungible units per share subject to such award. Awards granted under the 2005 Plan prior to the approval of the second amendment and restatement in June 2010 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 10,730,000 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 SL Green's 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 SL Green's board of directors, new awards may be granted under the 2005 Plan until June 15, 2020, which is the tenth anniversary of the date that the 2005 Plan was most recently approved by SL Green's stockholders. As of December 31, 2012, no 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 SL Green's Non-Employee Directors' Deferral Program and LTIP units, including, among others, outstanding LTIP units issued under SL Green's 2011 Long-Term Outperformance Plan, which remain subject to performance-based vesting.

Options are granted under the plan at the fair market value on the date of grant and, subject to termination of employment, generally expire 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.

The fair value of each stock option 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 years ended December 31, 2012, 2011 and 2010, respectively.

	2012	2011	2010

Dividend yield	2.00%	2.00%	2.00%
Expected life of option	3.7 years	4.2 years	5.1 years
Risk-free interest rate	0.46%	1.00%	2.09%
Expected stock price volatility	37.40%	47.98%	50.07%

A summary of the status of our stock options as of December 31, 2012, 2011 and 2010 and changes during the years then ended are presented below:

	2012					2011					2010

	Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price
Balance at beginning of year		1,277,200		$	63.37		1,353,002		$	58.85		1,324,221		$	56.74
Granted		361,331			75.36		212,400			66.42		180,250			62.00
Exercised		(382,612	)		36.65		(243,901	)		40.48		(109,636	)		31.49
Lapsed or cancelled		(54,919	)		72.99		(44,301	)		65.89		(41,833	)		77.33

Balance at end of year		1,201,000		$	75.05		1,277,200		$	63.37		1,353,002		$	58.85

Options exercisable at end of year		479,913		$	86.85		644,429		$	72.31		631,224		$	69.42
Weighted average fair value of options granted during the year	$	6,602,967				$	4,647,554				$	4,333,281

All options were granted within a price range of $20.67 to $137.18. The remaining weighted average contractual life of the options outstanding was 4.07 years and the remaining average contractual life of the options exercisable was 4.31 years.

During the years ended December 31, 2012, 2011 and 2010, we recognized approximately $5.1 million, $4.7 million and $4.4 million of compensation expense, respectively, for these options. As of December 31, 2012, there was approximately $9.1 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of three years.

Stock-based Compensation

Effective January 1, 1999, SL Green implemented a deferred compensation plan, or the Deferred Plan, covering certain of our employees, including SL Green's executives. The shares issued under the Deferred Plan were granted to certain employees, including SL Green's executives and vesting will occur annually upon the completion of a service period or SL Green meeting established financial performance criteria. Annual vesting occurs at rates ranging from 15% to 35% once performance criteria are reached. A summary of SL Green's restricted stock as of December 31, 2012, 2011 and 2010 and charges during the years then ended are presented below:

	2012			2011			2010

Balance at beginning of year		2,912,456			2,728,290			2,330,532
Granted		92,729			185,333			400,925
Cancelled		(200,284	)		(1,167	)		(3,167	)

Balance at end of year		2,804,901			2,912,456			2,728,290

Vested during the year		408,800			66,299			153,644

Compensation expense recorded	$	6,930,381		$	17,365,401		$	15,327,206

Weighted average fair value of restricted stock granted during the year	$	7,023,942		$	21,768,084		$	28,269,983

The fair value of restricted stock that vested during the years ended December 31, 2012, 2011 and 2010 was $22.4 million, $4.3 million and $16.6 million, respectively. As of December 31, 2012, there was $11.1 million of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted average period of approximately 2.4 years.

For the years ended December 31, 2012, 2011 and 2010, approximately $4.1 million, $3.4 million and $2.2 million, respectively, was capitalized to assets associated with compensation expense related to SL Green's long-term compensation plans, restricted stock and stock options.

We granted LTIP units which had a fair value of $8.5 million as a component of 2011 bonus awards. 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 SL Green's unrestricted 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.

2005 Long-Term Outperformance Compensation Program

In December 2005, the compensation committee of SL Green's board of directors approved a long-term incentive compensation program, the 2005 Outperformance Plan. Participants in the 2005 Outperformance Plan were entitled to earn LTIP Units in SLGOP if SL Green's total return to stockholders for the three-year period beginning December 1, 2005 exceeded a cumulative total return to stockholders of 30%; provided that participants were entitled to earn LTIP Units earlier in the event that SL Green achieved maximum performance for 30 consecutive days. On June 14, 2006, SL Green's compensation committee determined that under the terms of the 2005 Outperformance Plan, as of June 8, 2006, the performance period had accelerated and the maximum performance pool of $49,250,000, taking into account forfeitures, had been earned. Under the terms of the 2005 Outperformance Plan, participants also earned additional LTIP Units with a value equal to the distributions that would have been paid with respect to the LTIP Units earned if such LTIP Units had been earned at the beginning of the performance period. The total number of LTIP Units earned under the 2005 Outperformance Plan by all participants as of June 8, 2006 was 490,475. Under the terms of the 2005 Outperformance Plan, all LTIP Units that were earned remained subject to time-based vesting, with one-third of the LTIP Units earned vesting on each of November 30, 2008 and the first two anniversaries thereafter based on continued employment. The earned LTIP Units received regular quarterly distributions on a per unit basis equal to the dividends per share paid on SL Green's common stock, whether or not they were vested.

The cost of the 2005 Outperformance Plan (approximately $8.0 million, subject to adjustment for forfeitures) was amortized into earnings through the final vesting period. We recorded approximately $1.6 million of compensation expense during the year ended December 31, 2010 in connection with the 2005 Outperformance Plan. The cost of the 2005 Outperformance Plan had been fully expensed as of June 30, 2010.

2006 Long-Term Outperformance Compensation Program

In August 2006, the compensation committee of SL Green's board of directors approved a long-term incentive compensation program, the 2006 Outperformance Plan. The performance criteria under the 2006 Outperformance Plan were not met and, accordingly, no LTIP Units were earned under the 2006 Outperformance Plan.

The cost of the 2006 Outperformance Plan (approximately $16.4 million, subject to adjustment for forfeitures) was amortized into earnings through July 31, 2011, the final vesting period. We recorded compensation expense of approximately $70,000 and $0.2 million during the years ended December 31, 2011 and 2010, respectively, in connection with the 2006 Outperformance Plan. The cost of the 2006 Outperformance Plan had been fully expensed as of September 30, 2011.

2010 Notional Unit Long-Term Compensation Plan

In December 2009, the compensation committee of SL Green's board of directors approved the general terms of the SL Green Realty Corp. 2010 Notional Unit Long-Term Compensation Program, or the 2010 Long-Term Compensation Plan. The 2010 Long-Term Compensation Plan is a long-term incentive compensation plan pursuant to which award recipients could earn, in the aggregate, from approximately $15 million up to approximately $75 million of LTIP Units in the Operating Partnership based on SL Green's stock price appreciation over three years beginning on December 1, 2009; provided that, if maximum performance had been achieved, approximately $25 million of awards could be earned at any time after the beginning of the second year and an additional approximately $25 million of awards could be earned at any time after the beginning of the third year. In order to achieve maximum performance under the 2010 Long-Term Compensation Plan, SL Green's aggregate stock price appreciation during the performance period had to equal or exceed 50%. SL Green's compensation committee determined that maximum performance had been achieved at or shortly after the beginning of each of the second and third years of the performance period and for the full performance period and, accordingly, 366,815 LTIP Units, 385,583 LTIP Units and 327,416 LTIP Units were earned under the 2010 Long-Term Compensation Plan in December 2010, 2011 and 2012, respectively. Substantially in accordance with the original terms of the program, 50% of these LTIP units vested on December 17, 2012 (accelerated from the original January 1, 2013 vesting date) and the remainder is scheduled to vest ratably on January 1, 2014 and 2015 based on continued employment. In accordance with the terms of the 2010 Long-Term Compensation Plan, distributions were not paid on any LTIP Units until they were earned, at which time we paid all distributions that would have been paid on the earned LTIP Units since the beginning of the performance period.

The cost of the 2010 Long-Term Compensation Plan (approximately $31.7 million, subject to forfeitures) will be amortized into earnings through the final vesting period. We recorded compensation expense of approximately $10.7 million, $9.3 million and $4.0 million during the years ended December 31, 2012, 2011 and 2010, respectively, related to the 2010 Long-Term Compensation Plan.

2011 Outperformance Plan

In August 2011, the compensation committee of SL Green's board of directors approved the general terms of the SL Green Realty Corp. 2011 Outperformance Plan, or the 2011 Outperformance Plan. Participants in the 2011 Outperformance Plan may earn, in the aggregate, up to $85 million of LTIP Units in the Operating Partnership based on SL Green's total return to stockholders for the three-year period beginning September 1, 2011. Under the 2011 Outperformance Plan, participants will be entitled to share in a "performance pool" comprised of LTIP Units with a value equal to 10% of the amount, if any, by which SL Green's total return to stockholders during the three-year period exceeds a cumulative total return to stockholders of 25%, subject to the maximum of $85 million of LTIP Units; provided that if maximum performance has been achieved, approximately one-third of each award may be earned at any time after the beginning of the second year and an additional approximately one-third of each award may be earned at any time after the beginning of the third year. LTIP Units earned under the 2011 Outperformance Plan will be subject to continued vesting requirements, with 50% of any awards earned vesting on August 31, 2014 and the remaining 50% vesting on August 31, 2015, subject to continued employment with us through such dates. Participants will not be entitled to distributions with respect to LTIP Units granted under the 2011 Outperformance Plan unless and until they are earned. If LTIP Units are earned, each participant will also be entitled to the distributions that would have been paid had the number of earned LTIP Units been issued at the beginning of the performance period, with such distributions being paid in the form of additional LTIP Units. Thereafter, distributions will be paid currently with respect to all earned LTIP Units, whether vested or unvested.

The cost of the 2011 Outperformance Plan (approximately $26.1 million, subject to forfeitures) will be amortized into earnings through the final vesting period. We recorded compensation expense of approximately $5.5 million and $0.1 million during the years ended December 31, 2012 and 2011, respectively, related to the 2011 Outperformance Plan.

Deferred Stock Compensation Plan for Directors

Under the Company's Independent Director's Deferral Program, which commenced July 2004, SL Green's non-employee directors may elect to defer up to 100% of their annual retainer fee, chairman fees and meeting fees. Unless otherwise elected by a participant, fees deferred under the program shall be credited in the form of phantom stock units. The phantom stock units are convertible into an equal number of shares of SL Green's common stock upon such directors' termination of service from SL Green's board of directors or a change in control by SL Green, as defined by the program. Phantom stock units are credited to each non-employee director quarterly using the closing price of SL Green's common stock on the applicable dividend record date for the respective quarter. Each participating non-employee director's account is also credited for an equivalent amount of phantom stock units based on the dividend rate for each quarter.

During the year ended December 31, 2012, approximately 8,307 phantom stock units were earned. As of December 31, 2012, there were approximately 75,156 phantom stock units outstanding.

Employee Stock Purchase Plan

On September 18, 2007, SL Green's board of directors adopted the 2008 Employee Stock Purchase Plan, or ESPP, to encourage its employees to increase their efforts to make SL Green's 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 shares of SL Green's 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. SL Green 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 SL Green's stockholders at its 2008 annual meeting of stockholders. As of December 31, 2012, approximately 66,323 shares of SL Green's common stock had been issued under the ESPP. SL Green contributed the proceeds from the sale of those shares to us in exchange for an equivalent number of our common units.

Earnings per Unit

Earnings per unit for the years ended December 31, 2012, 2011 and 2010 was computed as follows (amounts in thousands):

Numerator (Income)	2012		2011		2010

Basic Earnings:
Income attributable to SLGOP common unitholders	$	161,581	$	631,861	$	275,400
Effect of Dilutive Securities:
Stock options		—		—		—

Diluted Earnings:
Income attributable to SLGOP common unitholders	$	161,581	$	631,861	$	275,400

Denominator Weighted Average (Units)

Basic Shares:
Units available to common unitholders	92,526	85,747	79,422
Effect of Dilutive Securities:
3.0% exchangeable senior debentures due 2017	—	—	—
3.0% exchangeable senior debentures due 2027	—	—	—
4.0% exchangeable senior debentures due 2025	—	—	—
Stock-based compensation plans	347	497	339

Diluted Units	92,873	86,244	79,761

We have excluded approximately 627,000, 680,000 and 804,800 common stock equivalents from the diluted shares outstanding for the years ended December 31, 2012, 2011 and 2010, respectively, as they were anti-dilutive.

- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

+ References + Details

Benefit Plans

12 Months Ended

Dec. 31, 2012

Benefit Plans

Benefit Plans

14. Benefit Plans

The building employees are covered by multi-employer defined benefit pension plans and post-retirement health and welfare plans. We participate in the Building Service 32BJ, or Union, Pension Plan and Health Plan. The Pension Plan is a multi-employer, non-contributory defined benefit pension plan that was established under the terms of collective bargaining agreements between the Service Employees International Union, Local 32BJ, the Realty Advisory Board on Labor Relations, Inc. and certain other employees. This Pension Plan is administered by a joint board of trustees consisting of union trustees and employer trustees and operates under employer identification number 13-1879376. The Pension Plan year runs from July 1 to June 30. Employers contribute to the Pension Plan at a fixed rate on behalf of each covered employee. Separate actuarial information regarding such pension plans is not made available to the contributing employers by the union administrators or trustees, since the plans do not maintain separate records for each reporting unit. However, on September 28, 2011 and September 28, 2012, the actuary certified that for the plan years beginning July 1, 2011 and July 1, 2012, respectively, the Pension Plan was in critical status under the Pension Protection Act of 2006. The Pension Plan trustees adopted a rehabilitation plan consistent with this requirement. No surcharges have been paid to the Pension Plan as of December 31, 2012. For the years ended December 31, 2012, 2011 and 2010, the Pension Plan received contributions from employers totaling $212.7 million, $201.3 million and $193.3 million, respectively.

The Health Plan was established under the terms of collective bargaining agreements between the Union, the Realty Advisory Board on Labor Relations, Inc. and certain other employers. The Health Plan provides health and other benefits to eligible participants employed in the building service industry who are covered under collective bargaining agreements, or other written agreements, with the Union. The Health Plan is administered by a Board of Trustees with equal representation by the employers and the Union and operates under employer identification number 13-2928869. The Health Plan receives contributions in accordance with collective bargaining agreements or participation agreements. Generally, these agreements provide that the employers contribute to the Health Plan at a fixed rate on behalf of each covered employee. Pursuant to the contribution diversion provision in the collective bargaining agreements, the collective bargaining parties agreed, beginning January 1, 2009, to divert to the Pension Plan $1.95 million of employer contributions per quarter that would have been due to the Health Plan. Effective October 1, 2010, the diversion of contributions was discontinued. For the years ended December 31, 2012, 2011 and 2010, the Health Plan received contributions from employers totaling $893.3 million, $843.2 million and $770.8 million, respectively.

Contributions we made to the multi-employer plans for the years ended December 31, 2012, 2011 and 2010 are included in the table below (amounts in thousands):

Benefit Plan	2012		2011		2010

Pension Plan	$	2,506	$	2,264	$	1,835
Health Plan		8,020		6,919		5,754
Other plans		6,025		5,111		4,143

Total plan contributions	$	16,551	$	14,294	$	11,732

401(K) Plan

In August 1997, SL Green implemented a 401(K) Savings/Retirement Plan, or the 401(K) Plan, to cover eligible employees, and any designated affiliate. The 401(K) Plan permits eligible employees to defer up to 15% of their annual compensation, subject to certain limitations imposed by the Code. The employees' elective deferrals are immediately vested and non-forfeitable upon contribution to the 401(K) Plan. During 2000, SL Green amended its 401(K) Plan to include a matching contribution, subject to ERISA limitations, equal to 50% of the first 4% of annual compensation deferred by an employee. During 2003, SL Green amended its 401(K) Plan to provide for discretionary matching contributions only. For 2012, 2011 and 2010, a matching contribution equal to 50% of the first 6% of annual compensation was made. For the years ended December 31, 2012, 2011 and 2010, we made matching contributions of approximately $561,000, $502,000 and $450,000, respectively.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies.

Commitments and Contingencies

15. Commitments and Contingencies

We and SL Green are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our properties, other than routine litigation arising in the ordinary course of business. Management believes the costs, if any, incurred by SL Green and us related to this litigation will not materially affect our financial position, operating results or liquidity.

SL Green entered into employment agreements with certain executives, which expire between July 2013 and January 2014. The minimum cash-based compensation, including base salary and guaranteed bonus payments, associated with these employment agreements total approximately $4.5 million for 2013. In addition these employment agreements provide for deferred compensation awards based on SL Green's stock price and which were valued at approximately $1.0 million on the grant date. The value of these awards may change based on fluctuations in SL Green's stock price.

We maintain "all-risk" property and rental value coverage (including coverage regarding the perils of flood, earthquake and terrorism) within two property insurance portfolios and liability insurance. As of December 31, 2012, the first property portfolio maintains a blanket limit of $775.0 million per occurrence, including terrorism, for the majority of the New York City properties in our portfolio. The second portfolio maintains a limit of $750.0 million per occurrence, including terrorism, for some New York City properties and the majority of the Suburban properties. Both policies expire on December 31, 2013. Each policy includes $100.0 million of flood coverage, with a lower sublimit for locations in high hazard flood zones. We maintain liability policies which cover all our properties and provide limits of $201.0 million per occurrence and in the aggregate per location. The liability policies expire on October 31, 2013. Additional coverage may be purchased on a stand-alone basis for certain assets.

In October 2006, SL Green formed a wholly-owned taxable REIT subsidiary, Belmont Insurance Company, or Belmont, to act as a captive insurance company and be one of the elements of our overall insurance program. Belmont is a subsidiary of ours. Belmont was formed in an effort to, among other reasons, stabilize to some extent the fluctuations of insurance market conditions. Belmont is licensed in New York to write Terrorism, NBCR (nuclear, biological, chemical, and radiological), General Liability, Environmental Liability and D&O coverage. Belmont has purchased reinsurance to reinsure the retained insurance risks not covered by other insurance.

Belmont is a form of self-insurance. We are responsible for the liquidity and capital resources of Belmont and its accounts are included in our consolidated financial statements. All losses required to be paid by Belmont are recorded as losses by us.

Belmont had loss reserves of approximately $6.2 million and $6.4 million as of December 31, 2012 and 2011, respectively.

In June 2007, we renewed and extended the maturity date of the ground lease at 420 Lexington Avenue through December 31, 2029, with an option for further extension through 2080. Ground lease rent payments through 2029 will total approximately $10.9 million per year. Thereafter, the ground lease will be subject to a revaluation by the parties thereto.

In October 2012, we, together with Stonehenge Partners, acquired a leasehold position at 1080 Amsterdam Avenue. The joint venture prepaid $13.0 million of ground lease rent, which will be applied against rental payments over the term of the lease. The lease will expire on July 31, 2111 or earlier per terms of lease agreement. Land was estimated to be approximately 40% of the fair market value of the property. The portion of the lease attributed to land was classified as an operating lease and the remainder as a capital lease which had a cost basis of $28.1 million at December 31, 2012.

The property located at 711 Third Avenue operates under an operating sub-lease, which expires in 2083. Under the sub-lease, we were responsible for ground rent payments of $1.55 million annually through July 2011 on the 50% portion of the fee we do not own. The ground rent was reset in July 2011. Following the reset, we are responsible for ground rent payments of $5.25 million annually through July 2016 and then $5.5 million annually thereafter on the 50% portion of the fee we do not own.

The property located at 461 Fifth Avenue operates under a ground lease (approximately $2.1 million annually) with a term expiration date of 2027 and with two options to renew for an additional 21 years each, followed by a third option for 15 years. We also have an option to purchase the ground lease for a fixed price on a specific date.

The property located at 625 Madison Avenue operates under a ground lease (approximately $4.6 million annually) with a term expiration date of 2022 and with two options to renew for an additional 23 years.

The property located at 1185 Avenue of the Americas operates under a ground lease (approximately $6.9 million annually) with a term expiration of 2020 and with an option to renew for an additional 23 years.

In April 1988, the SL Green predecessor entered into a lease agreement for the property at 673 First Avenue, which has been capitalized for financial statement purposes. Land was estimated to be approximately 70% of the fair market value of the property. The portion of the lease attributed to land was classified as an operating lease and the remainder as a capital lease. The initial lease term was 49 years with an option for an additional 25 years. In November 2012, we extended the lease to August 2087, an additional 50 years past its scheduled 2037 expiration date, with an effective date of September 2012. We continue to lease the property located at 673 First Avenue, which has been classified as a capital lease with a cost basis of $12.2 million and cumulative amortization of $6.3 million and $6.0 million at December 31, 2012 and 2011, respectively.

The following is a schedule of future minimum lease payments under capital leases and noncancellable operating leases with initial terms in excess of one year as of December 31, 2012 (amounts in thousands):

December 31,	Capital lease			Non-cancellable operating leases

2013	$	1,555		$	37,431
2014		1,705			37,531
2015		1,743			37,757
2016		1,857			38,315
2017		2,007			38,561
Thereafter		99,828			1,482,791

Total minimum lease payments		108,695		$	1,672,386

Less amount representing interest		(71,177	)

Present value of net minimum lease payments	$	37,518

- Definition

The entire disclosure for commitments and contingencies.

+ References

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-Number 14
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 5
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+ Details

Financial Instruments: Derivatives and Hedging

12 Months Ended

Dec. 31, 2012

Financial Instruments: Derivatives and Hedging

Financial Instruments: Derivatives and Hedging

16. Financial Instruments: Derivatives and Hedging

We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges must be 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 hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value will be immediately recognized in earnings. Reported net income and capital 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.

The following table summarizes the notional and fair value of our derivative financial instruments at December 31, 2012 based on Level 2 information pursuant to ASC 810-10. 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 (amounts in thousands).

	Notional Value						Fair Value

Interest Rate Cap	$	775,000	3.650	%	04/2012	04/2013	$	—
Interest Rate Cap	$	475,000	6.000	%	03/2012	03/2013	$	—
Interest Rate Cap	$	271,912	6.000	%	11/2012	11/2013	$	—
Interest Rate Swap	$	30,000	2.295	%	07/2010	06/2016	$	(1,881	)
Interest Rate Swap	$	8,500	0.740	%	02/2012	02/2015	$	(78	)

Certain interest rate caps are not designated as a hedging instrument and changes in the value are marked to market through earnings.

On December 31, 2012, the derivative instruments were reported as an obligation at their fair value of approximately $2.0 million. This is included in Other Liabilities on the consolidated balance sheet at December 31, 2012. Included in accumulated other comprehensive loss at December 31, 2012 was approximately $17.4 million from the settlement of hedges, which are being amortized over the remaining term of the related mortgage obligation, and active hedges and our share of joint venture accumulated other comprehensive loss of approximately $16.6 million. Currently, all of our designated derivative instruments are effective hedging instruments.

In March 2010, we terminated forward swaps which resulted in a net loss of approximately $19.5 million from the settlement of the hedges. This payment was included in financing activities in the consolidated statement of cash flows. This loss will be amortized over the 10-year term of the related financing. This loss is included in the $17.4 million balance noted above. The balance in accumulated other comprehensive loss relating to derivatives was $34.1 million and $36.2 million at December 31, 2012 and 2011, respectively.

Over time, the realized and unrealized gains and losses held in accumulated other comprehensive loss 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 approximately $2.1 million of the current balance held in accumulated other comprehensive loss will be reclassified into interest expense and $4.9 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.

We are hedging exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt.

The following table presents the effect of our derivative financial instruments and our share of our joint venture's derivative financial instruments on the consolidated statements of income as of December 31, 2012, 2011 and 2010, respectively (amounts in thousands):

		Amount of (Loss) or Gain Recognized in Other Comprehensive Loss (Effective Portion) For the Year Ended December 31,									Amount of (Loss) or Gain Reclassified from Accumulated Other Comprehensive Loss into Interest Expense/ Equity in net income of unconsolidated joint ventures (Effective Portion) For the Year Ended December 31,									Amount of (Loss) or Gain Recognized in Interest Expense/ Equity in Net Income of Unconsolidated Joint Ventures (Ineffective Portion) For the Year Ended

Designation\Cash Flow	Derivative	2012			2011			2010			2012			2011			2010			2012			2011			2010
Qualifying	Interest Rate Swaps/Caps	$	(10,594	)	$	(16,049	)	$	(17,619	)	$	(12,657	)	$	(12,625	)	$	(12,661	)	$	(3	)	$	(16	)	$	(1,329	)
Non-qualifying	Interest Rate Caps/Currency Hedges		—			—			—			—			—			—		$	(847	)		(82	)		—

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

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Reference 22: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Environmental Matters	12 Months Ended
Environmental Matters	Dec. 31, 2012
Environmental Matters
Environmental Matters	17. Environmental Matters SL Green's 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 the properties were sold.

- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

+ References + Details

Segment Information

12 Months Ended

Dec. 31, 2012

Segment Information

Segment Information

18. Segment Information

We are engaged in owning, managing, leasing, acquiring and repositioning commercial properties in the New York Metropolitan area and have two reportable segments, real estate and debt and preferred equity investments. We evaluate real estate performance and allocate resources based on earnings contribution to income from continuing operations.

Our real estate portfolio is primarily located in the geographical markets of the New York Metropolitan area. 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, 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 results of operations for the years ended December 31, 2012, 2011 and 2010, and selected asset information as of December 31, 2012 and 2011, regarding our operating segments are as follows (amounts in thousands):

	Real Estate Segment		Debt and Preferred Equity Segment		Total Company

Total revenues
Year ended:
December 31, 2012	$	1,281,100	$	119,155	$	1,400,255
December 31, 2011		1,143,010		120,418		1,263,428
December 31, 2010		936,460		147,926		1,084,386
Income from continuing operations before equity in net gain on sale of unconsolidated joint venture/ partial interest and purchase price fair value adjustments:
Year ended:
December 31, 2012	$	63,958	$	92,946	$	156,904
December 31, 2011		23,107		101,037		124,144
December 31, 2010		27,101		120,585		147,686
Total assets
As of:
December 31, 2012	$	13,021,095	$	1,366,659	$	14,387,754
December 31, 2011		12,490,502		993,350		13,483,852

Income from continuing operations represents total revenues less total expenses for the real estate segment and total investment income less allocated interest expense for the debt and preferred equity segment. Interest costs for the debt and preferred equity segment are imputed assuming 100% leverage at our 2012 revolving credit facility borrowing cost. We also allocate loan loss reserves, net of recoveries, to the debt and preferred equity segment. We do not allocate marketing, general and administrative expenses and transaction related costs (totaling approximately $88.5 million, $85.7 million and $87.8 million for the years ended December 31, 2012, 2011 and 2010, respectively) to the debt and preferred equity segment since we base performance on the individual segments prior to allocating marketing, general and administrative expenses. All other expenses, except interest, relate entirely to the real estate assets.

There were no transactions between the above two segments.

The table below reconciles income from continuing operations to net income attributable to SLGOP common unitholders for the years ended December 31, 2012, 2011 and 2010 (amounts in thousands):

	Years ended December 31,

	2012			2011			2010
Income from continuing operations before equity in net gain on sale of unconsolidated joint venture and purchase price fair value adjustments	$	156,904		$	124,144		$	147,686
Equity in net gain on sale of interest in unconsolidated joint venture/ real estate		37,053			2,918			128,921
Purchase price fair value adjustment		—			498,195			—

Income from continuing operations		193,957			625,257			276,607
Net income from discontinued operations		9,116			5,780			7,064
Gain on sale of discontinued operations		6,627			46,085			35,485

Net income		209,700			677,122			319,156
Net income attributable to noncontrolling interests in other partnerships		(5,591	)		(15,083	)		(14,007	)
Preferred units distribution		(2,107	)		—			—

Net income attributable to SLGOP		202,002			662,039			305,149
Preferred unit redemption costs		(10,010	)		—			—
Preferred unit dividends		(30,411	)		(30,178	)		(29,749	)

Net income attributable to SLGOP common unitholders	$	161,581		$	631,861		$	275,400

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Supplemental Disclosure of Non-Cash Investing and Financing Activities

12 Months Ended

Dec. 31, 2012

Supplemental Disclosure of Non-Cash Investing and Financing Activities

Supplemental Disclosure of Non-Cash Investing and Financing Activities

19. Supplemental Disclosure of Non-Cash Investing and Financing Activities

The following table provides information on non-cash investing and financing activities for the years ended December 31, 2012 and 2011, respectively (amounts in thousands):

	Years ended December 31,

	2012		2011
Issuance of common stock as deferred compensation	$	722	$	699
Issuance of units in the operating partnership		42,239		62,443
Redemption of units in the operating partnership		87,513		865
Derivative instruments at fair value		92		1,870
Assignment of debt investment to joint venture		25,362		286,571
Mortgage assigned to joint venture		—		30,000
Tenant improvements and capital expenditures payable		1,738		3,990
Accrued acquisition liabilities		—		34,500
Assumption of mortgage loans		—		943,767
Consolidation of real estate investments and other adjustments		—		1,156,929
Consolidation of real estate investments—noncontrolling interest in other partnerships		—		87,264
Repayment of mezzanine loans		13,750		—
Redemption of Series E units		31,698		—
Repayment of financing receivable		28,195		—
Investment in joint venture		5,135		—
Capital lease obligation		28,132		—
Deconsolidation of a subsidiary		104,107		—
Transfer to net assets held for sale		4,901		—
Transfer to liabilities related to net assets held for sale		136		—
Issuance of preferred units		47,550		—

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2012

Quarterly Financial Data (unaudited)

Quarterly Financial Data (unaudited)

20. Quarterly Financial Data (unaudited)

We are providing updated summary selected quarterly financial information, which is reflective of the reclassification of the properties sold or held during 2012 and 2011 as discontinued operations. Quarterly data for the last two years is presented in the tables below (in thousands).

2012 Quarter Ended	December 31			September 30			June 30			March 31

Total revenues	$	350,733		$	361,385		$	349,004		$	339,133

Income net of noncontrolling interests and before gains on sale		3,956			28,577			98,749			19,962
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/ real estate		19,277			(4,807	)		15,323			7,260
Purchase price fair value adjustment		—			—			—			—
Loss on early extinguishment of debt		(6,978	)		—			—			—
Gain on sale of investment in marketable securities		2,703			2,237			—			—
Net income (loss) from discontinued operations		9,126			217			(67	)		(160	)
Gain on sale of discontinued operations		—			—			—			6,627

Net income attributable to SL Green		28,084			26,224			114,005			33,689
Preferred unit redemption costs		—			(10,010	)		—			—
Preferred unit distributions		(7,407	)		(7,915	)		(7,544	)		(7,545	)

Net income attributable to SLGOP common unitholders	$	20,677		$	8,299		$	106,461		$	26,144

Net income per common unit-Basic	$	0.23		$	0.09		$	1.15		$	0.29

Net income per common unit-Diluted	$	0.23		$	0.09		$	1.14		$	0.29

2011 Quarter Ended	December 31			September 30			June 30			March 31

Total revenues	$	328,877		$	306,624		$	298,705		$	329,222

Income net of noncontrolling interests and before gains on sale		2,516			9,713			22,101			74,750
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/ real estate		(114	)		3,032			—			—
Purchase price fair value adjustment		8,306			999			475,102			13,788
Gain (loss) on early extinguishment of debt		—			(67	)		971			—
Gain (loss) on sale of investment in marketable securities		4,999			—			(6	)		(127	)
Depreciable real estate reserves		(5,789	)		—			—			—
Net income from discontinued operations		1,116			1,116			1,675			1,873
Gain on sale of discontinued operations		—			—			46,085			—

Net income attributable to SL Green		11,034			14,793			545,928			90,284
Preferred unit distributions		(7,543	)		(7,545	)		(7,545	)		(7,545	)

Net income attributable to SLGOP common unitholders	$	3,491		$	7,248		$	538,383		$	82,739

Net income per common unit-Basic	$	0.03		$	0.08		$	6.30		$	1.02

Net income per common unit-Diluted	$	0.03		$	0.08		$	6.26		$	1.01

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2012
Subsequent Events
Subsequent Events	21. Subsequent Events In January 2013, we sold 50% of our interest in the $118.2 million mezzanine loan for $57.8 million, which generated additional income of $12.9 million. In February 2013, we refinanced the $775.0 million mortgage at 1515 Broadway that was due to mature in April 2018 with a $900.0 million 12-year mortgage which carries a rate of interest of 3.93% per annum.

Schedule II-Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2012

Schedule II-Valuation and Qualifying Accounts

Schedule II-Valuation and Qualifying Accounts

Schedule II—Valuation and Qualifying Accounts

December 31, 2012

(Dollars in thousands)

Column A	Column B		Column C		Column D			Column E

Description	Balance at Beginning of Year		Additions Charged Against Operations		Uncollectible Accounts Written-off			Balance at End of Year
Year Ended December 31, 2012
Tenant and other receivables—allowance	$	16,772		10,147		(5,267	)	$	21,652
Deferred rent receivable—allowance	$	29,156		3,193		(2,769	)	$	29,580
Year Ended December 31, 2011
Tenant and other receivables—allowance	$	12,981		4,537		(746	)	$	16,772
Deferred rent receivable—allowance	$	30,834		6,638		(8,316	)	$	29,156
Year Ended December 31, 2010
Tenant receivables—allowance	$	14,271		2,165		(3,455	)	$	12,981
Deferred rent receivable—allowance	$	24,347		3,138		3,349		$	30,834

Schedule III-Real Estate And Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Schedule III-Real Estate And Accumulated Depreciation

Schedule III-Real Estate And Accumulated Depreciation

Schedule III—Real Estate And Accumulated Depreciation
December 31, 2012
(Dollars in thousands)

Column A	Column B		Column C Initial Cost				Column D Cost Capitalized Subsequent To Acquisition						Column E Gross Amount at Which Carried at Close of Period						Column F		Column G		Column H		Column I

Description	Encumbrances		Land		Building & Improvements		Land			Building & Improvements			Land		Building & Improvements		Total		Accumulated Depreciation		Date of Construction		Date Acquired		Life on Which Depreciation is Computed
673 First Ave(1)	$	—	$	—	$	35,727	$	—		$	12,008		$	—	$	47,735	$	47,735	$	18,538		1928		8/1997	Various
420 Lexington Ave(1)		184,992		—		107,832		—			150,505			—		258,337		258,337		78,299		1927		3/1998	Various
711 Third Avenue(1)		120,000		19,844		42,499		—			32,412			19,844		74,911		94,755		26,054		1955		5/1998	Various
555 W. 57th Street(1)		—		18,846		78,704		—			37,612			18,846		116,316		135,162		40,143		1971		1/1999	Various
317 Madison Ave(1)		—		21,205		85,559		—			28,469			21,205		114,028		135,233		46,077		1920		6/2001	Various
220 East 42nd Street(1)		185,906		50,373		203,727		635			42,141			51,008		245,868		296,876		64,001		1929		2/2003	Various
461 Fifth Avenue(1)		—		—		62,695		—			6,738			—		69,433		69,433		17,444		1988		10/2003	Various
750 Third Avenue(1)		—		51,093		205,972		—			30,120			51,093		236,092		287,185		54,689		1958		7/2004	Various
625 Madison Ave(1)		125,603		—		246,673		—			28,502			—		275,175		275,175		60,598		1956		10/2004	Various
485 Lexington Avenue(1)		450,000		77,517		326,825		765			86,025			78,282		412,850		491,132		98,492		1956		12/2004	Various
609 Fifth Avenue(1)		—		36,677		145,954		—			4,640			36,677		150,594		187,271		24,420		1925		6/2006	Various
120 West 45th Street(1)		170,000		60,766		250,922		—			12,635			60,766		263,557		324,323		42,272		1998		1/2007	Various
810 Seventh Avenue(1)		—		114,077		476,386		—			39,315			114,077		515,701		629,778		83,226		1970		1/2007	Various
919 Third Avenue(1)(5)		500,000		223,529		1,033,198		35,410			8,084			258,939		1,041,282		1,300,221		160,004		1970		1/2007	Various
1185 Avenue of the Americas(1)		—		—		728,213		—			30,143			—		758,356		758,356		129,505		1969		1/2007	Various
1350 Avenue of the Americas(1)		—		91,038		380,744		—			22,694			91,038		403,438		494,476		66,036		1966		1/2007	Various
1100 King Street—1-7 International Drive(2)		—		49,392		104,376		2,473			8,795			51,865		113,171		165,036		21,597		1983/1986		1/2007	Various
520 White Plains Road(2)		—		6,324		26,096		—			2,593			6,324		28,689		35,013		5,545		1979		1/2007	Various
115-117 Stevens Avenue(2)		—		5,933		23,826		—			5,177			5,933		29,003		34,936		5,703		1984		1/2007	Various
100 Summit Lake Drive(2)		—		10,526		43,109		—			6,762			10,526		49,871		60,397		8,464		1988		1/2007	Various
200 Summit Lake Drive(2)		—		11,183		47,906		—			3,263			11,183		51,169		62,352		8,847		1990		1/2007	Various
500 Summit Lake Drive(2)		—		9,777		39,048		—			4,183			9,777		43,231		53,008		6,701		1986		1/2007	Various
140 Grand Street(2)		—		6,865		28,264		—			3,557			6,865		31,821		38,686		5,503		1991		1/2007	Various
360 Hamilton Avenue(2)		—		29,497		118,250		—			10,549			29,497		128,799		158,296		21,318		2000		1/2007	Various
1-6 Landmark Square(3)		84,486		50,947		195,167		—			20,533			50,947		215,700		266,647		34,333		1973-1984		1/2007	Various
7 Landmark Square(3)		—		2,088		7,748		(367	)		(153	)		1,721		7,595		9,316		209		2007		1/2007	Various
300 Main Street(3)		11,500		3,025		12,889		—			1,383			3,025		14,272		17,297		2,472		2002		1/2007	Various
680 Washington Boulevard(3)(5)		—		11,696		45,364		—			4,031			11,696		49,395		61,091		8,040		1989		1/2007	Various
750 Washington Boulevard(3)(5)		—		16,916		68,849		—			3,995			16,916		72,844		89,760		11,962		1989		1/2007	Various
1010 Washington Boulevard(3)		—		7,747		30,423		—			3,354			7,747		33,777		41,524		5,447		1988		1/2007	Various
500 West Putnam Avenue(3)		24,060		11,210		44,782		—			4,481			11,210		49,263		60,473		7,430		1973		1/2007	Various
150 Grand Street(2)		—		1,371		5,446		—			10,119			1,371		15,565		16,936		563		1962		1/2007	Various
400 Summit Lake Drive(2)		—		38,889		—		285			1			39,174		1		39,175		—		—		1/2007	Various
331 Madison Avenue(1)		—		14,763		65,241		(2,630	)		(12,115	)		12,133		53,126		65,259		8,556		1923		4/2007	Various
333 West 34th Street(1)		—		36,711		146,880		—			22,507			36,711		169,387		206,098		24,308		1954		6/2007	Various
1055 Washington Boulevard(3)		—		13,516		53,228		—			2,524			13,516		55,752		69,268		9,008		1987		6/2007	Various
1 Madison Avenue(1)		607,678		172,641		654,394		905			12,848			173,546		667,242		840,788		90,742		1960		8/2007	Various
125 Chubb Way(4)		—		5,884		25,958		—			23,169			5,884		49,127		55,011		1,669		2008		1/2008	Various
100 Church Street(1)		230,000		32,494		79,996		2,500			56,673			34,994		136,669		171,663		14,445		1959		1/2010	Various
125 Park Avenue(1)		146,250		120,900		189,714		—			18,791			120,900		208,505		329,405		16,538		1923		10/2010	Various
2 Herald Square(1)		191,250		92,655		—		100,633			—			193,288		—		193,288		—		—		12/2010	Various
885 Third Avenue(1)		267,650		131,766		—		110,771			—			242,537		—		242,537		—		—		12/2010	Various
Williamsburg(8)		—		3,677		14,708		2,523			(4,550	)		6,200		10,158		16,358		560		2010		12/2010	Various
1515 Broadway(1)		769,813		462,700		707,938		1,145			19,683			463,845		727,621		1,191,466		38,921		1972		4/2011	Various
110 East 42nd Street(1)		—		34,000		46,411		—			4,214			34,000		50,625		84,625		3,424		1921		5/2011	Various
180 Maiden Lane(1)(7)		271,215		191,523		233,230		—			(683	)		191,523		232,547		424,070		9,925		1984		11/2011	Various
51 East 42nd Street(1)		—		44,095		33,470		5			2,081			44,100		35,551		79,651		1,321		1913		11/2011	Various
400 East 57th Street(1)(9)		70,000		39,780		69,895		—			3,181			39,780		73,076		112,856		1,667		1931		1/2012	Various
400 East 58th Street(1)(9)		30,000		17,549		30,916		—			1,106			17,549		32,022		49,571		723		1929		1/2012	Various
752 Madison Avenue(1)(9)		—		—		7,131		—			—			—		7,131		7,131		372		1996/2012		1/2012	Various
762 Madison Avenue(1)(9)		8,371		6,153		10,461		—			11			6,153		10,472		16,625		251		1910		1/2012	Various
19-21 East 65th Street(1)(9)		—		—		7,389		—			132			—		7,521		7,521		171		1928-1940		1/2012	Various
304 Park Avenue(1)		—		54,189		75,619		300			1,109			54,489		76,728		131,217		1,715		1930		6/2012	Various
635 Sixth Avenue(1)		—		24,179		37,158		164			803			24,343		37,961		62,304		234		1902		9/2012	Various
641 Sixth Avenue(1)		—		45,668		67,316		308			430			45,976		67,746		113,722		629		1902		9/2012	Various
1080 Amsterdam(1)(10)		—		—		29,126		—			—			—		29,126		29,126		—		1932		10/2012	Various
131-137 Spring Street(1)		—		36,915		86,135		—			—			36,915		86,135		123,050		—		1891		12/2012	Various
985-987 Third Avenue(1)		—		5,400		12,600		—			—			5,400		12,600		18,000		—		1900/1972		12/2012	Various
Other(6)		—		1,130		—		3,635			22,187			4,765		22,187		26,952		4,212

Total	$	4,448,774	$	2,626,639	$	7,938,087	$	259,460		$	838,767		$	2,886,099	$	8,776,854	$	11,662,953	$	1,393,323

(1): Property located in New York, New York.
(2): Property located in Westchester County, New York.
(3): Property located in Connecticut.
(4): Property located in New Jersey.

(5): We own a 51% interest in this property.
(6): Other includes tenant improvements at eEmerge, capitalized interest and corporate improvements.
(7): We own a 49.9% interest in this property.
(8): Property located in Brooklyn, New York.
(9): We own a 80.0% interest in this property.
(10): We own a 87.5% interest in this property.

The changes in real estate for the three years ended December 31, 2012 are as follows:

	2012			2011			2010

Balance at beginning of year	$	11,147,151		$	8,890,064		$	8,257,100
Property acquisitions		649,445			2,276,308			703,721
Improvements		146,410			162,875			97,099
Retirements/disposals/deconsolidation		(280,053	)		(182,096	)		(167,856	)

Balance at end of year	$	11,662,953		$	11,147,151		$	8,890,064

The aggregate cost of land, buildings and improvements, before depreciation, for Federal income tax purposes at December 31, 2012 was approximately $8.3 billion.

The changes in accumulated depreciation, exclusive of amounts relating to equipment, autos, and furniture and fixtures, for the three years ended December 31, 2012, are as follows:

	2012			2011			2010

Balance at beginning of year	$	1,136,603		$	916,293		$	738,422
Depreciation for year		288,560			245,421			209,472
Retirements/disposals/deconsolidation		(31,840	)		(25,111	)		(31,601	)

Balance at end of year	$	1,393,323		$	1,136,603		$	916,293

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References + Details

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2012

Significant Accounting Policies

Principles of Consolidation

Principles of Consolidation

Investment in Commercial Real Estate Properties

Investment in Commercial Real Estate Properties

Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:

Category		Term

Building (fee ownership)		40 years
Building improvements		shorter of remaining life of the building or useful life
Building (leasehold interest)		lesser of 40 years or remaining term of the lease
Property under capital lease		remaining lease term
Furniture and fixtures		four to seven years
Tenant improvements		shorter of remaining term of the lease or useful life

Results of operations of properties acquired are included in the consolidated statements of income from the date of acquisition.

	December 31, 2012			December 31, 2011

Identified intangible assets (included in other assets):
Gross amount	$	725,861		$	673,495
Accumulated amortization		(263,107	)		(193,442	)

Net	$	462,754		$	480,053

Identified intangible liabilities (included in deferred revenue):
Gross amount	$	651,921		$	622,029
Accumulated amortization		(357,225	)		(290,893	)

Net	$	294,696		$	331,136


2013	$	(268	)
2014		390
2015		1,223
2016		3,415
2017		3,273


2013	$	16,622
2014		12,887
2015		8,843
2016		5,556
2017		4,445

Cash and Cash Equivalents

Cash and Cash Equivalents

We consider all highly liquid investments with maturity of three months or less when purchased to be cash equivalents.

Fair Value Measurements

Fair Value Measurements

We use the following methods and assumptions in estimating fair value disclosures for financial instruments.

•

Cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and other assets and liabilities:  The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and other assets and liabilities reported in our consolidated balance sheets approximates fair value due to the short-term nature of these instruments.

•

Debt and preferred equity investments:  The fair value of debt and preferred equity investments 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. See "Reserve for Possible Credit Losses" below regarding valuation allowances for loan losses.

•

Derivative instruments:  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.

•

Mortgage and other loans payable and other debt:  The fair value of borrowings is estimated by discounting the future cash flows using current interest rates at which similar borrowings could be made by us.

The methodologies used for measuring fair value have been categorized into three broad levels as follows:

Level 1—Quoted prices in active markets for identical instruments.

Level 2—Valuations based principally on other observable market parameters, including
- - •
    
    Quoted prices in active markets for similar instruments,
    
    •
    
    Quoted prices in less active or inactive markets for identical or similar instruments,
    
    •
    
    Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and
    
    •
    
    Market corroborated inputs (derived principally from or corroborated by observable market data).
Level 3—Valuations based significantly on unobservable inputs.
- - •
    
    Valuations based on third-party indications (broker quotes or counterparty quotes) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations.
    
    •
    
    Valuations based on internal models with significant unobservable inputs.

Investment in Marketable Securities

Investment in Marketable Securities

The cost of bonds and marketable securities sold was determined using the specific identification method.

At December 31, 2012 and 2011, we held the following marketable securities (amounts in thousands):

	December 31,

	2012		2011
Level 1—Equity marketable securities	$	2,202	$	8,065
Level 2—Commercial mortgage-backed securities		15,575		13,369
Level 3—Rake bonds		3,652		3,889

Total marketable securities available-for-sale	$	21,429	$	25,323

The cost basis of the Level 3 securities was $3.7 million and $3.9 million at December 31, 2012 and 2011, respectively. The Level 3 securities mature at various times through 2030.

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures

Restricted Cash

Restricted Cash

Deferred Lease Costs

Deferred Lease Costs

Deferred Financing Costs

Deferred Financing Costs

Revenue Recognition

Revenue Recognition

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

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

Reserve for Possible Credit Losses

Reserve for Possible Credit Losses

Rent Expense

Rent Expense

Income Taxes

Income Taxes

Exchangeable Debt Instruments

Exchangeable Debt Instruments

Stock-Based Employee Compensation Plans

Stock-Based Employee Compensation Plans

Derivative Instruments

Derivative Instruments

Earnings per Unit

Earnings per Unit

Use of Estimates

Use of Estimates

Concentrations of Credit Risk

Concentrations of Credit Risk

Reclassification

Reclassification

Certain prior year balances have been reclassified to conform to our current year presentation primarily in order to eliminate discontinued operations from income from continuing operations.

Accounting Standards Updates

Accounting Standards Updates

Organization and Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2012

Organization and Basis of Presentation

Schedule of Investment in real estate properties

Location	Ownership

Manhattan	Consolidated properties	27	18,347,945	93.8	%
	Unconsolidated properties	9	5,934,434	95.0	%
Suburban	Consolidated properties	25	3,863,000	79.9	%
	Unconsolidated properties	5	1,539,700	84.7	%

		66	29,685,079	91.7	%

(1): The weighted average occupancy represents the total leased square feet divided by total available rentable square feet.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Significant Accounting Policies

Schedule of estimated useful lives

Category		Term

Building (fee ownership)		40 years
Building improvements		shorter of remaining life of the building or useful life
Building (leasehold interest)		lesser of 40 years or remaining term of the lease
Property under capital lease		remaining lease term
Furniture and fixtures		four to seven years
Tenant improvements		shorter of remaining term of the lease or useful life

Summary of the entity's identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases)

	December 31, 2012			December 31, 2011

Identified intangible assets (included in other assets):
Gross amount	$	725,861		$	673,495
Accumulated amortization		(263,107	)		(193,442	)

Net	$	462,754		$	480,053

Identified intangible liabilities (included in deferred revenue):
Gross amount	$	651,921		$	622,029
Accumulated amortization		(357,225	)		(290,893	)

Net	$	294,696		$	331,136

Schedule of estimated annual amortization of acquired below-market leases, net of acquired above-market leases


2013	$	(268	)
2014		390
2015		1,223
2016		3,415
2017		3,273

Schedule of estimated annual amortization of all other identifiable assets


2013	$	16,622
2014		12,887
2015		8,843
2016		5,556
2017		4,445

Schedule of marketable securities

At December 31, 2012 and 2011, we held the following marketable securities (amounts in thousands):

	December 31,

	2012		2011
Level 1—Equity marketable securities	$	2,202	$	8,065
Level 2—Commercial mortgage-backed securities		15,575		13,369
Level 3—Rake bonds		3,652		3,889

Total marketable securities available-for-sale	$	21,429	$	25,323

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 19, 20, 21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 17
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-1
-Paragraph 21
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Property Acquisitions (Tables)

12 Months Ended

Dec. 31, 2012

2012 Acquisitions

Property Acquisitions

Schedule of preliminary allocation of the purchase price of the assets acquired and liabilities assumed

The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of these 2012 acquisitions (amounts in thousands):

	635 - 641 Sixth Avenue		304 Park Avenue South		Stonehenge Properties

Land	$	69,848	$	54,189	$	65,533
Building and building leasehold		104,474		75,619		128,457
Above market lease value		—		2,824		594
Acquired in-place leases		7,727		8,265		9,573
Other assets, net of other liabilities		—		—		2,190

Assets acquired		182,049		140,897		206,347

Fair value adjustment to mortgage note payable		—		—		—
Below market lease value		9,049		5,897		13,239

Liabilities assumed		9,049		5,897		13,239

Purchase price allocation	$	173,000	$	135,000	$	193,108

Net consideration funded by us at closing	$	173,000	$	135,000	$	78,121

Equity and/or debt investment held	$	—	$	—	$	—

Debt assumed	$	—	$	—	$	—

2011 Acquisitions

Property Acquisitions

Schedule of preliminary allocation of the purchase price of the assets acquired and liabilities assumed

The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of these 2011 acquisitions (amounts in thousands):

	51 East 42^nd Street		180 Maiden Lane		110 East 42^nd Street		1515 Broadway			521 Fifth Avenue

Land	$	44,095	$	191,523	$	34,000	$	462,700		$	110,100
Building		33,470		233,230		46,411		707,938			146,686
Above market lease value		5,616		7,944		823		18,298			3,318
Acquired in-place leases		4,333		29,948		5,396		98,661			23,016
Other assets, net of other liabilities		—		—		—		27,127			—

Assets acquired		87,514		462,645		86,630		1,314,724			283,120

Fair value adjustment to mortgage note payable		—		—		—		(3,693	)		—
Below market lease value		7,514		20,320		2,326		84,417			25,977

Liabilities assumed		7,514		20,320		2,326		80,724			25,977

Purchase price allocation	$	80,000	$	442,325	$	84,304	$	1,234,000		$	257,143

Net consideration funded by us at closing	$	81,632	$	81,835	$	2,744	$	259,228		$	70,000

Equity and /or debt investment held		—		—	$	16,000	$	40,942		$	41,432

Debt assumed	$	—	$	—	$	65,000	$	458,767		$	140,000

2010 Acquisitions

Property Acquisitions

Schedule of preliminary allocation of the purchase price of the assets acquired and liabilities assumed

The following summarizes our allocation of the purchase price of the assets acquired and liabilities assumed upon the closing of these 2010 acquisitions (amounts in thousands):

	100 Church Street		125 Park Avenue		Gramercy		Williamsburg

Land	$	32,494	$	120,900	$	501,021	$	6,200
Building		86,806		201,726		—		10,158
Above market lease value		118		11,282		23,178		2,304
Acquired in-place leases		17,380		28,828		217,312		—
Restricted cash		53,735		—		—		—

Assets acquired		190,533		362,736		741,511		18,662

Fair value adjustment to mortgage note payable		—		12,147		22,806		—
Below market lease value		8,025		20,589		—		277
Other liabilities, net of other assets		1,674		—		2,091		—

Liabilities assumed		9,699		32,736		24,897		277

Purchase price allocation	$	180,834	$	330,000	$	716,614	$	18,385

Net consideration funded by us at closing	$	15,000	$	183,750	$	86,864	$	18,385

Equity and /or debt investment held	$	40,938	$	—	$	111,751	$	—

Debt assumed	$	139,672	$	146,250	$	265,604	$	—

Property Dispositions and Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2012

Property Dispositions and Assets Held for Sale

Summary of income from discontinued operations

The following table summarizes income from discontinued operations for the years ended December 31, 2012, 2011 and 2010, respectively (amounts in thousands).

	Year Ended December 31,

	2012		2011		2010
Revenues
Rental revenue	$	3,357	$	12,636	$	22,912
Escalation and reimbursement revenues		31		873		4,683
Other income		8,189		60		881

Total revenues		11,577		13,569		28,476

Operating expense:		714		1,654		7,403
Real estate taxes		95		1,033		4,776
Transaction related costs		160		—		—
Interest expense, net of interest income		1,410		4,253		2,998
Amortization of deferred financing costs		—		172		883
Depreciation and amortization		82		676		5,326
Marketing, general and administrative and transaction related costs		—		1		26

Total expenses		2,461		7,789		21,412

Net income from discontinued operations	$	9,116	$	5,780	$	7,064

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details

Debt and Preferred Equity Investments (Tables)

12 Months Ended

Dec. 31, 2012

Debt and Preferred Equity Investments

Summary of debt investments

As of December 31, 2012 and 2011, we held the following debt investments with an aggregate weighted average current yield of approximately 9.79% at December 31, 2012 (amounts in thousands):

Loan Type	December 31, 2012 Senior Financing		December 31, 2012 Carrying Value, Net of Discounts			December 31, 2011 Carrying Value, Net of Discounts

Other Loan	$	15,000	$	3,500		$	3,500		September 2021
Mortgage/Mezzanine Loan(1)		1,109,000		115,804			108,817		March 2017
Mezzanine Loan		165,000		71,067			40,375		November 2016
Junior Participation		133,000		49,000			49,000		June 2016
Mortgage/Mezzanine Loan		169,212		46,496			46,416		May 2016
Mezzanine Loan		177,000		15,906			17,112		May 2016
Mezzanine Loan		205,000		66,544			64,973		February 2016
Mortgage(2)		—		218,068			—		—
Junior Participation(3)(4)		—		—			8,725		—
Junior Participation(4)(5)		—		—			11,000		—

Total fixed rate	$	1,973,212	$	586,385		$	349,918

Mezzanine Loan(6)	$	81,000	$	34,940		$	34,940		October 2016
Mezzanine Loan		55,000		35,000			35,000		July 2016
Mezzanine Loan(7)		92,711		56,289			—		December 2015
Mortgage/Mezzanine Loan(8)		—		47,679			—		February 2015
Mortgage		—		15,000			—		September 2014
Mezzanine Loan		170,000		60,000			60,000		August 2014
Mortgage/Mezzanine Loan(9)		330,000		132,000			30,747		July 2014
Mezzanine Loan(10)		62,500		37,500			—		July 2014
Mezzanine Loan(11)		75,000		7,650			7,650		July 2013
Junior Participation(4)		60,250		10,875			10,875		June 2013
Mezzanine Loan		—		—			10,000		—
Mortgage(12)		—		—			3,000		—
Mezzanine Loan(13)		—		—			8,392		—
Mortgage(14)		—		—			86,339		—
Other Loan		—		—			3,196		—

Total floating rate	$	926,461	$	436,933		$	290,139

Total		2,899,673		1,023,318			640,057
Loan loss reserve(4)		—		(7,000	)		(19,125	)	—

	$	2,899,673	$	1,016,318		$	620,932

(1): Interest is added to the principal balance for this accrual only loan. In January 2013, we sold 50% of the mezzanine loan at 97% of the accrued balance. See Note 21, "Subsequent Events."

(2): In November 2012, we acquired this non-performing loan with an original balance of $219.0 million, which accrues interest at its default rate. We are recognizing income at the original contractual rate.
(3): This loan was in default and on non-accrual status. We sold our interest in the loan in February 2012 and recovered $0.4 million against the reserve on this loan.
(4): Loan loss reserves are specifically allocated to investments. Our reserves reflect management's judgment of the probability and severity of losses based on Level 3 data. We cannot be certain that our judgment will prove to be correct or that reserves will be adequate over time to protect against potential future losses.
(5): In March 2012, we sold our interest in this loan and recovered $2.0 million against the reserve on this loan.
(6): As of December 31, 2012, we were committed to fund an additional $15.1 million in connection with this loan.
(7): As of December 31, 2012, we were committed to fund an additional $28.7 million in connection with this loan.
(8): As of December 31, 2012, we were committed to fund an additional $11.0 million in connection with this loan.
(9): As a result of the acquisition of the remaining 50% interest in November 2011 in the joint venture which held an investment in a debt position on the property located at 450 West 33rd Street, we have reclassified our investment as a debt investment. See Note 6, "Investments in Unconsolidated Joint Ventures." As part of the restructuring and refinancing of the related senior mortgage in July 2012, our outstanding investment in the amount of $49.9 million was repaid in full at maturity and we also entered into a loan participation in the amount of $182.0 million on the $462.0 million outstanding senior mortgage which maturity was extended to July 2014. In September 2012, we sold $50 million of our interest in the senior mortgage to a third party.
(10): In November 2012, we entered into a loan participation agreement in the amount of $5.0 million on a $37.5 million mortgage. As a result of the transfer not meeting the conditions for sale accounting, the portion that was participated out has been recorded in other liabilities in the accompanying consolidated balance sheet.
(11): In November 2011, we entered into a loan participation agreement in the amount of $7.4 million on a $15.0 million mortgage. Due to our continued involvement with the loan, the portion that was participated out has been recorded in other assets and other liabilities in the accompanying consolidated balance sheet.
(12): In June 2011, we funded an additional $5.5 million and extended the maturity date of this loan to February 2013. In September 2011, we entered into a loan participation in the amount of $28.5 million on a $31.5 million mortgage and assigned our right as servicer to a third party. In December 2012, the outstanding loan balance, including the participation interest, was paid off.

(13): In connection with the extension of this loan, a portion of the mezzanine loan was converted to preferred equity. See note 4 to the next table. This mezzanine loan was on non-accrual status as of January 2012. In June 2012, we acquired an additional 38.6% participation interest in this mezzanine loan. As a result of this acquisition, we had complete control over this position and could, therefore, control any restructuring. On July 26, 2012, the mezzanine holders foreclosed out the equity position and as a result, we consolidated the operations of this investment in August and September 2012. In September 2012, we, together with Blackstone Real Estate Partners VII, or Blackstone, Gramercy Capital Corp. and Square Mile Capital Management LLC, formed a joint venture to recapitalize the underlying portfolio of west coast office properties and restructure the senior and mezzanine loans that expired in August 2012. We contributed our debt and preferred equity investment to the joint venture, and accounted for our investment under the equity method as of September 28, 2012 because we no longer controlled the joint venture. We own a 27.63% ownership interest in the joint venture. Blackstone, which has a 56.3% ownership interest in the joint venture, will oversee the portfolio's management and leasing activities through its Equity Office Properties affiliate. See Note 6, "Investments in Unconsolidated Joint Ventures."
(14): We hold an 88% interest in the consolidated joint venture that acquired this loan. This investment is denominated in British Pounds. This loan was not repaid on its maturity date and was placed in receivership. The entity that held the property which served as collateral for our loan position was determined to be a VIE under a reconsideration event and we were determined to be the primary beneficiary. As a result of this determination, we consolidated the entity and reclassified the investment to assets held for sale on the consolidated balance sheet in June 2012. In November 2012, the entity that held the property sold the property for $100.0 million (£62.5 million), at which time our note was repaid and we recognized additional income of $8.9 million on the sale of the note.

Summary of preferred equity investments

Type	December 31, 2012 Senior Financing		December 31, 2012 Carrying Value, Net of Discounts		December 31, 2011 Carrying Value, Net of Discounts

Preferred equity(1)	$	926,260	$	210,918	$	203,080		July 2016
Preferred equity(1)(2)		57,087		19,136		—		April 2016
Preferred equity		70,000		10,000		—		October 2014
Preferred equity(1)(3)		480,000		100,831		141,980		July 2014
Preferred equity(1)(4)(5)		—		—		51,000		—
Loan loss reserve(5)		—		—		(31,050	)	—

	$	1,533,347	$	340,885	$	365,010

(1): The difference between the pay and accrual rates is included as an addition to the principal balance outstanding.
(2): As of December 31, 2012, we are committed to fund an additional $6.5 million on this loan.
(3): This investment was classified as held for sale at June 30, 2009, but as held-to-maturity for all periods subsequent to June 30, 2009. The reserve previously taken against this loan is being accreted up to the face amount through the maturity date. In connection with a recapitalization of the investment, our mezzanine loan was converted to preferred equity in 2011. We also made an additional $50.0 million junior preferred equity loan. This junior preferred equity loan was repaid at par in February 2012.
(4): This investment was on non-accrual status. In connection with the extension of this loan, a portion of the mezzanine loan was converted to preferred equity in 2011. In June 2012, we acquired 100% of the interests in the most senior preferred equity position. In September 2012, we reclassified our debt and preferred equity investments, inclusive of related reserves, as investments in unconsolidated joint ventures as part of the recapitalization and refinancing transaction discussed in note 13 of the prior table.
(5): Loan loss reserves are specifically allocated to investments. Our reserves reflect management's judgment of the probability and severity of losses based on Level 3 data. We cannot be certain that our judgment will prove to be correct and that reserves will be adequate over time to protect against potential future losses.

Rollforward of total loan loss reserves

The following table is a rollforward of our total loan loss reserves at December 31, 2012, 2011 and 2010 (amounts in thousands):

	2012			2011			2010

Balance at beginning of year	$	50,175		$	61,361		$	93,844
Expensed		3,000			10,875			24,418
Recoveries		(2,436	)		(4,370	)		(3,662	)
Charge-offs and reclassifications		(43,739	)		(17,691	)		(53,239	)

Balance at end of period	$	7,000		$	50,175		$	61,361

Summary of impaired loans, including non-accrual loans

The following table presents impaired loans, which may include non-accrual loans, as of December 31, 2012 and 2011, respectively (amounts in thousands):

	December 31, 2012						December 31, 2011

	Unpaid Principal Balance		Recorded Investment		Allowance Allocated		Unpaid Principal Balance		Recorded Investment		Allowance Allocated
With no related allowance recorded:
Commercial real estate	$	—	$	—	$	—	$	106,623	$	83,378	$	—
With an allowance recorded:
Commercial real estate		10,750		10,750		7,000		86,121		81,475		50,175

Total	$	10,750	$	10,750	$	7,000	$	192,744	$	164,853	$	50,175

Summary of average recorded investment in impaired loans, including non-accrual loans and the related investment and preferred equity income recognized

	Year Ended December 31,

	2012		2011
Average recorded investment in impaired loans	$	50,231	$	191,288
Investment and preferred equity income recognized		3,712		9,554

Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2012

Investment in Unconsolidated Joint Ventures

Schedule of general information on joint ventures

The table below provides general information on each of our joint ventures as of December 31, 2012 (amounts in thousands):

Property	Partner

100 Park Avenue	Prudential	49.90	%	49.90	%	834	02/00	95,800
21 West 34^th Street	Sutton	50.00	%	50.00	%	30	07/05	22,400
1604 - 1610 Broadway	Onyx/Sutton	45.00	%	63.00	%	30	11/05	4,400
27 - 29 West 34^th Street	Sutton	50.00	%	50.00	%	41	01/06	30,000
717 Fifth Avenue(9)	Sutton/Nakash	10.92	%	10.92	%	120	09/06	251,900
800 Third Avenue	Private Investors	42.95	%	42.95	%	526	12/06	285,000
1745 Broadway	Witkoff/SITQ/Lehman Bros.	32.26	%	32.26	%	674	04/07	520,000
1 and 2 Jericho Plaza	Onyx/Credit Suisse	20.26	%	20.26	%	640	04/07	210,000
16 Court Street	CIF	35.00	%	35.00	%	318	07/07	107,500
The Meadows(2)	Onyx	50.00	%	50.00	%	582	09/07	111,500
388 and 390 Greenwich Street(3)	SITQ	50.60	%	50.60	%	2,600	12/07	1,575,000
180/182 Broadway(4)	Harel/Sutton	25.50	%	25.50	%	71	02/08	43,600
600 Lexington Avenue	CPPIB	55.00	%	55.00	%	304	05/10	193,000
11 West 34^th Street(5)	Private Investor/Sutton	30.00	%	30.00	%	17	12/10	10,800
7 Renaissance	Cappelli	50.00	%	50.00	%	37	12/10	4,000
3 Columbus Circle(6)	Moinian	48.90	%	48.90	%	769	01/11	500,000
280 Park Avenue(7)	Vornado	50.00	%	50.00	%	1,237	03/11	400,000
1552 - 1560 Broadway(8)	Sutton	50.00	%	50.00	%	49	08/11	136,550
747 Madison Avenue	Harel/Sutton	33.33	%	33.33	%	10	09/11	66,250
724 Fifth Avenue	Sutton	50.00	%	50.00	%	65	01/12	223,000
10 East 53^rd Street	CPPIB	55.00	%	55.00	%	390	02/12	252,500
33 Beekman(10)	Harel/Naftali	45.90	%	45.90	%	145	08/12	31,000
West Coast office portfolio(11)	Blackstone/SquareMile/Gramercy	27.63	%	27.63	%	4,474	09/12	880,103
521 Fifth Avenue(12)	Plaza	50.50	%	50.50	%	460	11/12	315,000
21 East 66th Street(13)	Private Investors	32.28	%	32.28	%	17	12/12	75,000
315 West 36^th Street	Private Investors	35.50	%	35.50	%	148	12/12	45,000

(1): Acquisition price represents the actual or implied gross purchase price for the joint venture.
(2): We, along with Onyx, acquired the remaining 50% interest on a pro-rata basis in September 2009. We recorded a $2.8 million depreciable real estate reserve in 2010 against this joint venture investment. In August 2012, Onyx made a capital contribution to the joint venture, which was distributed to us in full redemption of our preferred equity interest.
(3): The property is subject to a 13-year triple-net lease arrangement with a single tenant. The lease commenced in 2007.
(4): In December 2010, our 180-182 Broadway joint venture with Jeff Sutton announced an agreement with Pace University to convey a long-term ground lease condominium interest to Pace University for 20 floors of student housing. The joint venture also admitted Harel, which contributed $28.1 million to the joint venture, for a 49% partnership interest. In August 2011, the joint venture sold the property located at 63 Nassau Street for $2.8 million.
(5): In December 2010, our $12.0 million first mortgage collateralized by 11 West 34^th Street was repaid at par, resulting in our recognition of additional income of approximately $1.1 million. Simultaneous with the repayment, the joint venture was recapitalized with the Company having a 30% interest. The property is subject to a long-term net lease arrangement.
(6): We issued 306,296 operating partnership units in connection with this investment. We had an obligation to fund an additional $47.5 million to the joint venture, of which $46.8 million has been funded as of December 31, 2012. This liability is recorded in accrued interest payable and other liabilities. In addition, we made a $125.0 million bridge loan to this joint venture which bore interest at a rate of 7.5%. This loan was repaid when the joint venture refinanced its debt in April 2011. In September 2012, the joint venture sold to Young & Rubicam, Inc. a portion of the property, generally floors three through eight, through a condominium form of ownership, or Y&R units, for $143.6 million. As the joint venture has an option to repurchase the Y&R unit, no gain was recognized as a result of this transaction.
(7): In March 2011, we contributed our debt investment with a carrying value of $286.6 million to a newly formed joint venture in which we hold a 50% interest. We realized $38.7 million of additional income upon the contribution. This income is included in preferred equity and investment income. The joint venture paid us approximately $111.3 million and also assumed $30 million of related floating rate financing which matures in June 2016. In May 2011, this joint venture took control of the underlying property as part of a recapitalization transaction which valued the investment at approximately $1.1 billion. We hold an effective 49.5% ownership interest in the joint venture.
(8): In connection with this acquisition, the joint venture also acquired a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. The purchase price relates only to the purchase of the 1552 Broadway interest which comprises 13,045 square feet. In May 2012, we, along with Sutton, acquired the property at 155 West 46^th Street for $8.4 million. This property is adjacent to 1552 and 1560 Broadway.
(9): In June 2012, this retail condominium was recapitalized. The recapitalization triggered a promote which resulted in a reduction of our economic interest. In addition, we sold 50% of our remaining interest at a property valuation of $617.6 million. We recognized $67.9 million of additional cash income, equivalent to profit, due to the distribution of refinancing proceeds and a gain on sale of $3.0 million, which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale.
(10): The joint venture acquired the fee interest in the property and will develop an approximately 30 story building for student housing. Upon completion of the development, the joint venture will convey a long-term ground lease condominium interest in the building to Pace University.
(11): In September 2012, the Company, together with an affiliate of Blackstone, Gramercy and Square Mile, formed a joint venture to recapitalize a 31-property, 4.5-million-square-foot West Coast office portfolio. Following the recapitalization, Blackstone became the majority owner of the joint venture, with Equity Office Properties, a Blackstone affiliate, being responsible for the portfolio's management and leasing. Prior to the recapitalization, the Company held $26.7 million in mezzanine and preferred equity positions in the entity that owned the portfolio. The new joint venture extended the $678.8 million mortgage secured by the portfolio for a term of 2 years with a 1-year extension option. In addition, the joint venture entered into a new $68.0 million mezzanine loan for a term of 2 years. See Note 5, "Debt and Preferred Equity Investments."
(12): In November 2012, we sold our 49.5% partnership interest in 521 Fifth Avenue to Plaza Global Real Estate Partners for a gross valuation price of $315.0 million for this property. We recognized a gain of $19.4 million on the sale which is net of a $1.0 million employee compensation award, accrued in connection with the realization of this investment gain as a bonus to certain employees that were instrumental in realizing the gain on this sale. This gain is included in equity in net gain on sale of interest in unconsolidated joint venture / real estate on the consolidated statement of income. We also refinanced the existing $150.0 million loan with a $170.0 million 7-year mortgage loan which bears interest at 220 basis points over LIBOR. Following the sale, we deconsolidated the entity effective November 30, 2012 and accounted our investment under the equity method because of lack of control.
(13): We hold a 32.28% interest in the three retail and 2 residential units and a 16.14% in four residential units.

Schedule of first mortgage notes and other loan 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 December 31, 2012 and 2011, respectively, are as follows (amounts in thousands):

Property				December 31, 2012		December 31, 2011

717 Fifth Avenue(2)	06/2024	9.00	%	$	294,509	$	—
717 Fifth Avenue(2)	07/2022	4.45	%		300,000		—
388 and 390 Greenwich Street(3)	12/2017	3.20	%		996,082		1,106,757
315 West 36^th Street	12/2017	3.04	%		25,000		—
800 Third Avenue	08/2017	6.00	%		20,910		20,910
1 and 2 Jericho Plaza	05/2017	5.65	%		163,750		163,750
1745 Broadway	01/2017	5.68	%		340,000		340,000
21 West 34^th Street	12/2016	5.76	%		100,000		100,000
280 Park Avenue	06/2016	6.57	%		710,000		710,000
11 West 34^th Street	01/2016	4.82	%		17,491		17,761
7 Renaissance	02/2015	10.00	%		856		—
100 Park Avenue	09/2014	6.64	%		212,287		214,625
21 East 66^th Street	04/2013	5.63	%		12,000		—
1604 - 1610 Broadway(4)	—	5.66	%		27,000		27,000
One Court Square	—	—			—		315,000
141 Fifth Avenue	—	—			—		25,000

Total fixed rate debt				$	3,219,885	$	3,040,803

21 East 66^th Street	06/2033	2.88	%	$	2,033	$	—
521 Fifth Avenue(5)	11/2019	2.41	%		170,000		—
388 and 390 Greenwich Street(3)	12/2017	1.36	%		142,297		31,622
600 Lexington Avenue	10/2017	2.32	%		124,384		125,000
33 Beekman(6)	08/2017	2.96	%		18,362		—
10 East 53^rd Street	02/2017	2.71	%		125,000		—
724 Fifth Avenue	01/2017	2.56	%		120,000		—
Other loan payable	06/2016	1.11	%		30,000		30,000
3 Columbus Circle(7)	04/2016	2.45	%		247,253		254,896
The Meadows(8)	09/2015	7.75	%		57,000		84,698
747 Madison Avenue	10/2014	3.00	%		33,125		33,125
West Coast office portfolio	09/2014	3.96	%		745,025		—
180/182 Broadway(9)	12/2013	2.96	%		71,524		30,722
16 Court Street	10/2013	2.71	%		84,916		85,728
1552 Broadway(10)	08/2013	3.21	%		113,869		95,405
27 - 29 West 34^th Street(11)	05/2013	2.21	%		53,375		53,900
717 Fifth Avenue(2)	—	—			—		245,000
379 West Broadway(12)	—	—			—		20,991

Total floating rate debt				$	2,138,163	$	1,091,087

Total mortgages and other loan payable				$	5,358,048	$	4,131,890

(1): Effective weighted average interest rate for the year ended December 31, 2012.

(2): This loan was repaid in June 2012 and was replaced with a $300.0 million mortgage and a $290.0 million mezzanine loan. See Note 9 of the prior table.
(3): Comprised of a $576.0 million mortgage and a $562.4 million mezzanine loan, both of which are fixed rate loans, except for $72.0 million of the mortgage and $70.3 million of the mezzanine loan which are floating. Up to $200.0 million of the mezzanine loan, secured indirectly by these properties, is recourse to us. We believe it is unlikely that we will be required to perform under this guarantee.
(4): This loan went into default in November 2009 due to the non-payment of debt service. The joint venture is in discussions with the special servicer to resolve this default.
(5): In connection with the sale of our 49.5% membership interest in the entity, the existing loan was refinanced with a $170.0 million 7-year mortgage. As we no longer controlled the entity, we deconsolidated the entity effective November 30, 2012. See Note 12 of prior table.
(6): This loan has a committed amount of $75.0 million, which is recourse to us. Our partner has indemnified us for their pro rata share of the recourse guarantee. A portion of the guarantee burns off upon the joint venture reaching certain milestones. We believe it is unlikely that we will be required to perform under this guarantee.
(7): We provided 50% of a bridge loan to this joint venture. In April 2011, our joint venture with The Moinian Group which owns the property located at 3 Columbus Circle, New York, refinanced the bridge loan and replaced it with a $260.0 million 5-year mortgage with the Bank of China, which carries a floating rate of interest of 210 basis points over the 30-day LIBOR, at which point SL Green and Deutsche Bank's bridge loan was repaid. The joint venture has the ability to increase the mortgage by $40.0 million based on meeting certain performance hurdles. In connection with this obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its pro rata obligation under the master lease. In February 2012, the terms of the mortgage were modified to remove the Y&R condominium from the mortgage lien and from the existing master lease. See Note 6 of prior table.
(8): As a result of the refinancing and restructuring in August 2012, we replaced the existing loan with a $60.0 million, 3-year mortgage, of which $3.0 million was unfunded as of December 31, 2012, and recognized additional income of $10.8 million due to the repayment of the previous mortgage at a discount.
(9): This loan has a committed amount of $90.0 million.
(10): This loan has a committed amount of $125.0 million.
(11): In April 2012, this loan was extended by 1-year.
(12): This property was sold in April 2012 and the mortgage was repaid at a discount.

Schedule of combined balance sheets for the unconsolidated joint ventures

The combined balance sheets for the unconsolidated joint ventures, at December 31, 2012 and 2011 are as follows (amounts in thousands):

	2012		2011

*Assets*
Commercial real estate property, net	$	6,910,991	$	5,699,113
Other assets		728,113		599,596

Total assets	$	7,639,104	$	6,298,709

*Liabilities and members' equity*
Mortgages and other loans payable	$	5,358,048	$	4,131,890
Other liabilities		406,929		250,925
Members' equity		1,874,127		1,915,894

Total liabilities and members' equity	$	7,639,104	$	6,298,709

Company's net investment in unconsolidated joint ventures	$	1,032,243	$	893,933

Schedule of combined statements of income for the unconsolidated joint ventures

The combined statements of income for the unconsolidated joint ventures from acquisition date, through three years ended December 31, 2012 are as follows (amounts in thousands):

	2012			2011			2010

Total revenues	$	511,157		$	480,935		$	593,159

Operating expenses		83,697			75,513			94,515
Real estate taxes		53,613			51,511			66,588
Transaction related costs		2,044			2,665			1,105
Interest		231,215			223,400			224,766
Depreciation and amortization		166,336			137,070			141,284

Total expenses		536,905			490,159			528,258

Gain on early extinguishment of debt		21,421			—			—

Net (loss) income before gain on sale	$	(4,327	)	$	(9,224	)	$	64,901

Company's equity in net income of unconsolidated joint ventures	$	76,418		$	1,583		$	39,607

Deferred Costs (Tables)

12 Months Ended

Dec. 31, 2012

Deferred Costs.

Schedule of components of deferred costs

Deferred costs at December 31, 2012 and 2011 consisted of the following (amounts in thousands):

	2012			2011

Deferred financing	$	152,596		$	113,620
Deferred leasing		285,931			238,394

		438,527			352,014
Less accumulated amortization		(177,382	)		(141,228	)

Deferred costs, net	$	261,145		$	210,786

Mortgages and Other Loans Payable (Tables)

12 Months Ended

Dec. 31, 2012

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 at December 31, 2012 and 2011, respectively, were as follows (amounts in thousands):

Property				December 31, 2012		December 31, 2011

400 East 57th Street	02/2024	4.13	%	$	70,000	$	—
400 East 58th Street	02/2024	4.13	%		30,000		—
919 Third Avenue(2)	06/2023	5.12	%		500,000		500,000
100 Church	07/2022	4.68	%		230,000		—
One Madison Avenue	05/2020	5.91	%		607,678		626,740
Other loan payable(3)	09/2019	8.00	%		50,000		50,000
885 Third Avenue	07/2017	6.26	%		267,650		267,650
2 Herald Square	04/2017	5.36	%		191,250		191,250
485 Lexington Avenue	02/2017	5.61	%		450,000		450,000
120 West 45th Street	02/2017	6.12	%		170,000		170,000
300 Main Street	02/2017	5.75	%		11,500		11,500
762 Madison Avenue	02/2017	3.75	%		8,371		—
Landmark Square	12/2016	4.00	%		84,486		86,000
420 Lexington Avenue(4)	09/2016	7.50	%		184,992		187,182
500 West Putnam	01/2016	5.52	%		24,060		24,563
625 Madison Avenue	11/2015	7.22	%		125,603		129,098
711 Third Avenue	06/2015	4.99	%		120,000		120,000
125 Park Avenue	10/2014	5.75	%		146,250		146,250
609 Partners, LLC(5)	07/2014	5.00	%		23		31,721
220 East 42nd Street	11/2013	5.25	%		185,906		190,431
609 Fifth Avenue(10)	—	—			—		94,963
673 First Avenue(11)	—	—			—		29,906
110 East 42nd Street(12)	—	—			—		65,000
292 Madison Avenue(13)	—	—			—		59,099

Total fixed rate debt				$	3,457,769	$	3,431,353

1515 Broadway(6)	04/2018	3.60	%	$	769,813	$	450,363
180 Maiden Lane(7)	11/2016	2.42	%		271,215		279,332
Master repurchase(14)	09/2013	3.21	%		116,667		—
Other loan payable(8)	—	—			—		62,792
521 Fifth Avenue(9)	—	—			—		150,000

Total floating rate debt				$	1,157,695	$	942,487

Total mortgages and other loans payable				$	4,615,464	$	4,373,840

(1): Effective average interest rate for the year ended December 31, 2012.

(2): We own a 51% controlling interest in the joint venture that is the borrower on this loan. This loan is non-recourse to us. In June 2011, our joint venture replaced the $219.9 million 6.87% mortgage that was due to mature in August 2011 with a $500.0 million mortgage.
(3): This loan is secured by a portion of a preferred equity investment.
(4): We increased this loan by $40.0 million in March 2011.
(5): As part of an acquisition, we issued 63.9 million units of our 5.0% Series E preferred units, or the Series E units, with a liquidation preference of $1.00 per unit. As of December 31, 2012, 63.8 million Series E units had been redeemed.
(6): We acquired the remaining interest in this joint venture in April 2011. As a result, we have consolidated this investment since April 2011. In April 2012, we refinanced the $447.2 million mortgage that was due in December 2014 with a $775.0 million 7-year mortgage which carries interest at the rate equal to the greater of (a) 285 basis points over 90-day LIBOR or (b) 3.6% per annum.
(7): In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its pro rata share of the obligation under the master lease.
(8): This loan, which was denominated in British pounds, bore interest at 250 basis points over the three-month GBP LIBOR. In November 2012, this loan was repaid in connection with the sale of the London property.
(9): We assumed a $140.0 million mortgage in connection with the acquisition of the remaining partnership interest in January 2011. As a result, we consolidated this investment since January 2011. In April 2011, we refinanced the property with a new $150.0 million 2-year mortgage which carried a floating rate of interest of 200 basis points over the 30-day LIBOR. In November 2012, we sold 49.5% of our partnership interest in 521 Fifth Avenue and refinanced the property with a new $170.0 million 7-year mortgage which bears interest at 220 basis points over LIBOR. As we no longer controlled the entity, we deconsolidated this entity effective November 30, 2012 and accounted for our investment under the equity method. See Note 6, "Investments in Unconsolidated Joint Ventures."
(10): In December 2012, we repaid the $93.3 million mortgage loan, which bore interest at a fixed rate of 5.85% per annum and was scheduled to mature in October 2013. We recognized a loss from early extinguishment of debt of approximately $3.1 million consisting mainly of prepayment penalty.
(11): In November 2012, we repaid the $29.1 million mortgage loan, which bore interest at a fixed rate of 5.67% per annum and was scheduled to mature in February 2013. There was no prepayment penalty.
(12): We took control of this property in May 2011 and assumed the mortgage as part of the transaction. This loan consists of a $65.0 million A-tranche and an $18.1 million B-tranche which was owed to us. The B-tranche does not accrue interest and is due only under certain circumstances as described in the loan agreement. In December 2012, we repaid the $65.0 million mortgage loan, which bore interest at a fixed rate of 5.81% per annum and was scheduled to mature in July 2017. There was no prepayment penalty.
(13): This property was sold in February 2012 and the related mortgage, which was included in liabilities related to assets held for sale at December 31, 2011, was assumed by the purchaser.
(14): In September 2012, we entered into a Master Repurchase Agreement, or MRA, with a financial institution, with a maximum facility capacity of $175.0 million, under which we agreed to sell certain debt investments in exchange for cash with a simultaneous agreement to repurchase the same debt investments at a certain date or on demand. The MRA's interest rate is based on 1-month LIBOR plus 300 basis points. The MRA matures in September 2013, and has a 1-year extension option.

Corporate Indebtedness (Tables)

12 Months Ended

Dec. 31, 2012

Corporate Indebtedness

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 December 31, 2012 and 2011, respectively, by scheduled maturity date (amounts in thousands):

Issuance	December 31, 2012 Unpaid Principal Balance		December 31, 2012 Accreted Balance		December 31, 2011 Accreted Balance							Maturity

March 26, 2007(2)	$	16,893	$	16,893	$	119,423	3.00	%	3.00	%	20	March 30, 2027
June 27, 2005(3)(4)		7		7		657	4.00	%	4.00	%	20	June 15, 2025
November 15, 2012(5)		200,000		200,000		—	4.50	%	4.50	%	10	December 1, 2022
March 16, 2010(5)		250,000		250,000		250,000	7.75	%	7.75	%	10	March 15, 2020
August 5, 2011(5)		250,000		249,620		249,565	5.00	%	5.03	%	7	August 15, 2018
October 12, 2010(6)		345,000		287,373		277,629	3.00	%	7.13	%	7	October 15, 2017
March 31, 2006(3)(7)		255,308		255,165		274,804	6.00	%	6.02	%	10	March 31, 2016
August 13, 2004(3)(7)		75,898		75,898		98,578	5.88	%	5.88	%	10	August 15, 2014

	$	1,393,106	$	1,334,956	$	1,270,656

(1): Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates.
(2): In March 2007, we issued $750.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on March 30 and September 30. The notes have an initial exchange rate representing an exchange price that was set at a 25.0% premium to the last reported sale price of SL Green's common stock on March 20, 2007, or $173.30. The initial exchange rate is subject to adjustment under certain circumstances. The notes are our senior unsecured obligations and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of SL Green's common stock, if any, at our option. The notes are currently redeemable at our option. We may be required to repurchase the notes on March 30, 2017 and 2022, and upon the occurrence of certain designated events. On March 30, 2012, we repurchased $102.2 million of aggregate principal amount of the exchangeable notes pursuant to a mandatory offer to repurchase the notes. On the issuance date, $66.6 million was recorded in capital and was fully amortized as of March 31, 2012.
(3): Issued by ROP.
(4): Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to ROP, at the option of the holder at par plus accrued and unpaid interest, on June 15, 2015 and 2020 and upon the occurrence of certain change of control transactions. As a result of the acquisition of all outstanding shares of common stock of Reckson, or the Reckson Merger, the adjusted exchange rate for the debentures is 7.7461 shares of SL Green's common stock per $1,000 of principal amount of debentures and the adjusted reference dividend for the debentures is $1.3491. During the year ended December 31, 2012, we repurchased $650,000 of these bonds at par.
(5): Issued by us, the Company and ROP, as co-obligors.
(6): In October 2010, we issued $345.0 million of these exchangeable notes. Interest on these notes is payable semi-annually on April 15 and October 15. The notes had an initial exchange rate representing an exchange price that was set at a 30.0% premium to the last reported sale price of SL Green's common stock on October 6, 2010, or $85.81. The initial exchange rate is subject to adjustment under certain circumstances. The current exchange rate is 11.6800 shares of SL Green's common stock per $1,000 principal amount of these notes. The notes are our senior unsecured obligations and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of SL Green's common stock, if any, at our option. The notes are guaranteed by ROP. On the issuance date, $78.3 million was recorded in capital. As of December 31, 2012, approximately $57.6 million remained unamortized.
(7): On December 27, 2012, SL Green repurchased $42.4 million aggregate principal amount of notes, consisting of $22.7 million of the 5.875% Notes and $19.7 million of the 6.0% Notes, for a total consideration of $46.4 million and realized a net loss on early extinguishment of debt of approximately $3.8 million.

Schedule of combined aggregate principal maturities

	Scheduled Amortization		Principal Repayments		Revolving Credit Facility		Term Loans and Trust Preferred Securities		Senior Unsecured Notes		Total		Joint Venture Debt

2013	$	49,496	$	299,009	$	—	$	—	$	—	$	348,505	$	176,511
2014		52,515		146,273		—		—		75,898		274,686		309,090
2015		55,810		229,537		—		—		7		285,354		36,457
2016		55,299		516,754		—		—		255,165		827,218		528,278
2017		55,461		1,098,064		—		—		304,266		1,457,791		933,634
Thereafter		235,004		1,822,242		70,000		500,000		699,620		3,326,866		151,393

	$	503,585	$	4,111,879	$	70,000	$	500,000	$	1,334,956	$	6,520,420	$	2,135,363

Schedule of consolidated interest expense, excluding capitalized interest

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

	Years Ended December 31,

	2012			2011			2010
Interest expense	$	332,188		$	287,921		$	232,794
Interest income		(1,619	)		(2,004	)		(2,146	)

Interest expense, net	$	330,569		$	285,917		$	230,648

Interest capitalized	$	12,218		$	5,123		$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Rental Income (Tables)

12 Months Ended

Dec. 31, 2012

Rental Income

Schedule of approximate future minimum rents to be received over the next five years and thereafter

Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases in effect at December 31, 2012 for the consolidated properties, including consolidated joint venture properties, and our share of unconsolidated joint venture properties are as follows (amounts in thousands):

	Consolidated Properties		Unconsolidated Properties

2013	$	989,702	$	214,291
2014		917,638		208,617
2015		863,405		195,122
2016		801,448		185,113
2017		717,112		168,718
Thereafter		3,915,024		720,492

	$	8,204,329	$	1,692,353

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2012

Related Party Transactions

Schedule of amounts due from related parties

Amounts due from/to related parties at December 31, 2012 and 2011 consisted of the following (amounts in thousands):

	2012			2011

Due from joint ventures	$	511		$	477
Other		7,020			3,524

Related party receivables	$	7,531		$	4,001

Due to a joint venture (included in Accounts payable and accrued expenses)	$	(8,401	)	$	—

Capital (Tables)

12 Months Ended

Dec. 31, 2012

Capital

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

	2012	2011	2010
Dividend yield	2.00%	2.00%	2.00%
Expected life of option	3.7 years	4.2 years	5.1 years
Risk-free interest rate	0.46%	1.00%	2.09%
Expected stock price volatility	37.40%	47.98%	50.07%

Summary of the status of stock options and changes during the period

	2012					2011					2010
	Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price
Balance at beginning of year		1,277,200		$	63.37		1,353,002		$	58.85		1,324,221		$	56.74
Granted		361,331			75.36		212,400			66.42		180,250			62.00
Exercised		(382,612	)		36.65		(243,901	)		40.48		(109,636	)		31.49
Lapsed or cancelled		(54,919	)		72.99		(44,301	)		65.89		(41,833	)		77.33

Balance at end of year		1,201,000		$	75.05		1,277,200		$	63.37		1,353,002		$	58.85

Options exercisable at end of year		479,913		$	86.85		644,429		$	72.31		631,224		$	69.42
Weighted average fair value of options granted during the year	$	6,602,967				$	4,647,554				$	4,333,281

Summary of restricted stock and charges during the period

	2012			2011			2010
Balance at beginning of year		2,912,456			2,728,290			2,330,532
Granted		92,729			185,333			400,925
Cancelled		(200,284	)		(1,167	)		(3,167	)

Balance at end of year		2,804,901			2,912,456			2,728,290

Vested during the year		408,800			66,299			153,644

Compensation expense recorded	$	6,930,381		$	17,365,401		$	15,327,206

Weighted average fair value of restricted stock granted during the year	$	7,023,942		$	21,768,084		$	28,269,983

Schedule of earnings per share calculation

Earnings per unit for the years ended December 31, 2012, 2011 and 2010 was computed as follows (amounts in thousands):

Numerator (Income)	2012		2011		2010

Basic Earnings:
Income attributable to SLGOP common unitholders	$	161,581	$	631,861	$	275,400
Effect of Dilutive Securities:
Stock options		—		—		—

Diluted Earnings:
Income attributable to SLGOP common unitholders	$	161,581	$	631,861	$	275,400

Denominator Weighted Average (Units)

Basic Shares:
Units available to common unitholders	92,526	85,747	79,422
Effect of Dilutive Securities:
3.0% exchangeable senior debentures due 2017	—	—	—
3.0% exchangeable senior debentures due 2027	—	—	—
4.0% exchangeable senior debentures due 2025	—	—	—
Stock-based compensation plans	347	497	339

Diluted Units	92,873	86,244	79,761

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2012

Benefit Plans

Schedule of contributions made to multi-employer plans

Contributions we made to the multi-employer plans for the years ended December 31, 2012, 2011 and 2010 are included in the table below (amounts in thousands):

Benefit Plan	2012		2011		2010

Pension Plan	$	2,506	$	2,264	$	1,835
Health Plan		8,020		6,919		5,754
Other plans		6,025		5,111		4,143

Total plan contributions	$	16,551	$	14,294	$	11,732

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies.

Schedule of future minimum lease payments under capital leases and non cancellable operating leases

December 31,	Capital lease			Non-cancellable operating leases

2013	$	1,555		$	37,431
2014		1,705			37,531
2015		1,743			37,757
2016		1,857			38,315
2017		2,007			38,561
Thereafter		99,828			1,482,791

Total minimum lease payments		108,695		$	1,672,386

Less amount representing interest		(71,177	)

Present value of net minimum lease payments	$	37,518

Financial Instruments: Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2012

Financial Instruments: Derivatives and Hedging

Schedule of notional and fair value of derivative financial instruments and foreign currency hedges

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 (amounts in thousands).

	Notional Value						Fair Value

Interest Rate Cap	$	775,000	3.650	%	04/2012	04/2013	$	—
Interest Rate Cap	$	475,000	6.000	%	03/2012	03/2013	$	—
Interest Rate Cap	$	271,912	6.000	%	11/2012	11/2013	$	—
Interest Rate Swap	$	30,000	2.295	%	07/2010	06/2016	$	(1,881	)
Interest Rate Swap	$	8,500	0.740	%	02/2012	02/2015	$	(78	)

Schedule of effect of derivative financial instruments on consolidated statements of income

		Amount of (Loss) or Gain Recognized in Other Comprehensive Loss (Effective Portion) For the Year Ended December 31,									Amount of (Loss) or Gain Reclassified from Accumulated Other Comprehensive Loss into Interest Expense/ Equity in net income of unconsolidated joint ventures (Effective Portion) For the Year Ended December 31,									Amount of (Loss) or Gain Recognized in Interest Expense/ Equity in Net Income of Unconsolidated Joint Ventures (Ineffective Portion) For the Year Ended

Designation\Cash Flow	Derivative	2012			2011			2010			2012			2011			2010			2012			2011			2010
Qualifying	Interest Rate Swaps/Caps	$	(10,594	)	$	(16,049	)	$	(17,619	)	$	(12,657	)	$	(12,625	)	$	(12,661	)	$	(3	)	$	(16	)	$	(1,329	)
Non-qualifying	Interest Rate Caps/Currency Hedges		—			—			—			—			—			—		$	(847	)		(82	)		—

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959

+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2012

Segment Information

Schedule of selected results of operations and selected asset information

	Real Estate Segment		Debt and Preferred Equity Segment		Total Company

Total revenues
Year ended:
December 31, 2012	$	1,281,100	$	119,155	$	1,400,255
December 31, 2011		1,143,010		120,418		1,263,428
December 31, 2010		936,460		147,926		1,084,386
Income from continuing operations before equity in net gain on sale of unconsolidated joint venture/ partial interest and purchase price fair value adjustments:
Year ended:
December 31, 2012	$	63,958	$	92,946	$	156,904
December 31, 2011		23,107		101,037		124,144
December 31, 2010		27,101		120,585		147,686
Total assets
As of:
December 31, 2012	$	13,021,095	$	1,366,659	$	14,387,754
December 31, 2011		12,490,502		993,350		13,483,852

Schedule of reconciliation of income from continuing operations to net income attributable to SLGOP common unitholders

The table below reconciles income from continuing operations to net income attributable to SLGOP common unitholders for the years ended December 31, 2012, 2011 and 2010 (amounts in thousands):

	Years ended December 31,

	2012			2011			2010
Income from continuing operations before equity in net gain on sale of unconsolidated joint venture and purchase price fair value adjustments	$	156,904		$	124,144		$	147,686
Equity in net gain on sale of interest in unconsolidated joint venture/ real estate		37,053			2,918			128,921
Purchase price fair value adjustment		—			498,195			—

Income from continuing operations		193,957			625,257			276,607
Net income from discontinued operations		9,116			5,780			7,064
Gain on sale of discontinued operations		6,627			46,085			35,485

Net income		209,700			677,122			319,156
Net income attributable to noncontrolling interests in other partnerships		(5,591	)		(15,083	)		(14,007	)
Preferred units distribution		(2,107	)		—			—

Net income attributable to SLGOP		202,002			662,039			305,149
Preferred unit redemption costs		(10,010	)		—			—
Preferred unit dividends		(30,411	)		(30,178	)		(29,749	)

Net income attributable to SLGOP common unitholders	$	161,581		$	631,861		$	275,400

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Supplemental Disclosure of Non-Cash Investing and Financing Activities (Tables)

12 Months Ended

Dec. 31, 2012

Supplemental Disclosure of Non-Cash Investing and Financing Activities

Summary of non-cash investing and financing activities

The following table provides information on non-cash investing and financing activities for the years ended December 31, 2012 and 2011, respectively (amounts in thousands):

	Years ended December 31,

	2012		2011
Issuance of common stock as deferred compensation	$	722	$	699
Issuance of units in the operating partnership		42,239		62,443
Redemption of units in the operating partnership		87,513		865
Derivative instruments at fair value		92		1,870
Assignment of debt investment to joint venture		25,362		286,571
Mortgage assigned to joint venture		—		30,000
Tenant improvements and capital expenditures payable		1,738		3,990
Accrued acquisition liabilities		—		34,500
Assumption of mortgage loans		—		943,767
Consolidation of real estate investments and other adjustments		—		1,156,929
Consolidation of real estate investments—noncontrolling interest in other partnerships		—		87,264
Repayment of mezzanine loans		13,750		—
Redemption of Series E units		31,698		—
Repayment of financing receivable		28,195		—
Investment in joint venture		5,135		—
Capital lease obligation		28,132		—
Deconsolidation of a subsidiary		104,107		—
Transfer to net assets held for sale		4,901		—
Transfer to liabilities related to net assets held for sale		136		—
Issuance of preferred units		47,550		—

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2012

Quarterly Financial Data (unaudited)

Schedule of quarterly data

Quarterly data for the last two years is presented in the tables below (in thousands).

2012 Quarter Ended	December 31			September 30			June 30			March 31

Total revenues	$	350,733		$	361,385		$	349,004		$	339,133

Income net of noncontrolling interests and before gains on sale		3,956			28,577			98,749			19,962
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/ real estate		19,277			(4,807	)		15,323			7,260
Purchase price fair value adjustment		—			—			—			—
Loss on early extinguishment of debt		(6,978	)		—			—			—
Gain on sale of investment in marketable securities		2,703			2,237			—			—
Net income (loss) from discontinued operations		9,126			217			(67	)		(160	)
Gain on sale of discontinued operations		—			—			—			6,627

Net income attributable to SL Green		28,084			26,224			114,005			33,689
Preferred unit redemption costs		—			(10,010	)		—			—
Preferred unit distributions		(7,407	)		(7,915	)		(7,544	)		(7,545	)

Net income attributable to SLGOP common unitholders	$	20,677		$	8,299		$	106,461		$	26,144

Net income per common unit-Basic	$	0.23		$	0.09		$	1.15		$	0.29

Net income per common unit-Diluted	$	0.23		$	0.09		$	1.14		$	0.29

2011 Quarter Ended	December 31			September 30			June 30			March 31

Total revenues	$	328,877		$	306,624		$	298,705		$	329,222

Income net of noncontrolling interests and before gains on sale		2,516			9,713			22,101			74,750
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/ real estate		(114	)		3,032			—			—
Purchase price fair value adjustment		8,306			999			475,102			13,788
Gain (loss) on early extinguishment of debt		—			(67	)		971			—
Gain (loss) on sale of investment in marketable securities		4,999			—			(6	)		(127	)
Depreciable real estate reserves		(5,789	)		—			—			—
Net income from discontinued operations		1,116			1,116			1,675			1,873
Gain on sale of discontinued operations		—			—			46,085			—

Net income attributable to SL Green		11,034			14,793			545,928			90,284
Preferred unit distributions		(7,543	)		(7,545	)		(7,545	)		(7,545	)

Net income attributable to SLGOP common unitholders	$	3,491		$	7,248		$	538,383		$	82,739

Net income per common unit-Basic	$	0.03		$	0.08		$	6.30		$	1.02

Net income per common unit-Diluted	$	0.03		$	0.08		$	6.26		$	1.01

Organization and Basis of Presentation (Details)	12 Months Ended
Organization and Basis of Presentation (Details)	Dec. 31, 2012
Organization
Controlling interest in SL Green Management LLC (as a percent)	100.00%
Limited partnership interest held by noncontrolling investors (as a percent)	2.94%
Service Corporation
Organization
Economic interest in variable interest entity (as a percent)	95.00%

Organization and Basis of Presentation (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($) ft² item shares	Sep. 30, 2012 item	Dec. 31, 2011 USD ($)
Investment in real estate properties
Number of Properties	66
Square feet \| ft²	29,685,079
Weighted Average Occupancy (as a percent)	91.70%
Debt and preferred equity investments \| $	$ 1,357,203		$ 985,942
Number of shares to be received on redemption of one unit of limited partnership interests \| shares	1
Stand-alone retail properties
Investment in real estate properties
Number of Properties	15
Square feet \| ft²	473,764
Development properties
Investment in real estate properties
Number of Properties	16
Square feet \| ft²	2,617,491
Residential properties
Investment in real estate properties
Number of Properties	2
Square feet \| ft²	430,482
Number of units	385
Land interests
Investment in real estate properties
Number of Properties	2
Managed office properties
Investment in real estate properties
Square feet \| ft²	626,415
Number of office properties managed	2
Manhattan \| Consolidated properties
Investment in real estate properties
Number of Properties	27
Square feet \| ft²	18,347,945
Weighted Average Occupancy (as a percent)	93.80%
Manhattan \| Unconsolidated properties
Investment in real estate properties
Number of Properties	9
Square feet \| ft²	5,934,434
Weighted Average Occupancy (as a percent)	95.00%
Suburban \| Consolidated properties
Investment in real estate properties
Number of Properties	25
Square feet \| ft²	3,863,000
Weighted Average Occupancy (as a percent)	79.90%
Suburban \| Unconsolidated properties
Investment in real estate properties
Number of Properties	5
Square feet \| ft²	1,539,700
Weighted Average Occupancy (as a percent)	84.70%
West Coast office portfolio
Investment in real estate properties
Number of Properties		31
Square feet \| ft²	4,474,000
West Coast office portfolio \| Office properties
Investment in real estate properties
Number of Properties	31
Square feet \| ft²	4,473,603

Significant Accounting Policies (Details) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Principles of Consolidation
Commercial real estate properties	$ 10,269,630	$ 10,010,548
Mortgages and other loans payable	4,615,464	4,314,741
VIE
Principles of Consolidation
Commercial real estate properties	607,400	446,400
Mortgages and other loans payable	$ 379,600	$ 279,300

Significant Accounting Policies (Details 2) $ in Thousands	12 Months Ended
Significant Accounting Policies (Details 2) $ in Thousands	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($) item	Dec. 31, 2010 USD ($) item
Investment in Commercial Real Estate Properties
Depreciation expense (including amortization of the capital lease asset)	$ 306,800	$ 254,500	$ 207,100
Impairment charges recorded		$ 5,800	$ 2,800
Impairment charges recorded, number of investments \| item		1	1
Period from cessation of major construction to consider construction project as complete and available for occupancy	1 year
Increase in rental revenue from amortization of acquired leases	$ 10,500	$ 19,800	$ 22,700
Increase/(reduction) in interest expense from amortization of above-market rate mortgages	(1,800)	(5,900)	$ (2,700)
Identified intangible assets (included in other assets):
Gross amount	725,861	673,495
Accumulated amortization	(263,107)	(193,442)
Net	462,754	480,053
Identified intangible liabilities (included in deferred revenue):
Gross amount	651,921	622,029
Accumulated amortization	(357,225)	(290,893)
Net	$ 294,696	$ 331,136
Other intangible assets \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets	1 year
Other intangible assets \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets	14 years
Above-market leases \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets	1 year
Above-market leases \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets	14 years
Below-market leases \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets	1 year
Below-market leases \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets	14 years
In-place leases \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets	1 year
In-place leases \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of other intangible assets	14 years
Acquired below-market leases, net of acquired above-market leases
Estimated annual amortization
2013	$ (268)
2014	390
2015	1,223
2016	3,415
2017	3,273
All other identifiable assets
Estimated annual amortization
2013	16,622
2014	12,887
2015	8,843
2016	5,556
2017	$ 4,445
Building (fee ownership)
Investment in Commercial Real Estate Properties
Estimated useful life	40 years
Building (leasehold interest)
Investment in Commercial Real Estate Properties
Estimated useful life	40 years
Furniture and fixtures \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life	4 years
Furniture and fixtures \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life	7 years
Building \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life	3 years
Building \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life	40 years

Significant Accounting Policies (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Significant Accounting Policies
Net unrealized gains related to marketable securities included in accumulated other comprehensive loss	$ 3,400	$ 7,100
Investment in Marketable Securities
Aggregate net proceeds	6,800	6,200	$ 2,800
Realized gains	4,900	4,500	1,900
Level 1 \| Equity marketable securities
Investment in Marketable Securities
Total marketable securities available-for-sale	2,202	8,065
Level 2 \| Commercial mortgage-backed securities
Investment in Marketable Securities
Total marketable securities available-for-sale	15,575	13,369
Level 3
Investment in Marketable Securities
Aggregate net proceeds		22,500	41,900
Realized gains		400	$ 1,100
Cost basis	3,700	3,900
Level 3 \| Rake bonds
Investment in Marketable Securities
Total marketable securities available-for-sale	3,652	3,889
Estimated fair value
Investment in Marketable Securities
Total marketable securities available-for-sale	$ 21,429	$ 25,323

Significant Accounting Policies (Details 4) $ in Millions	12 Months Ended
Significant Accounting Policies (Details 4) $ in Millions	Dec. 31, 2012 USD ($) item	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Deferred Lease Costs
Portion of compensation capitalized	$ 11.0	$ 9.6	$ 8.6
Estimated average lease term	7 years
Joint venture
General information on each joint venture
Amortization period of difference between carrying amount of investments and underlying equity in net assets	10 years
Recourse debt	$ 218.4
Number of joint ventures with debt recourse \| item	2

Significant Accounting Policies (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Reserve for Possible Credit Losses
Loan loss reserves	$ 3,000	$ 10,875	$ 24,418
Recoveries recorded	2,436	4,370	3,662
Income taxes
Federal, state and local tax (benefit)/expense	0	0	900
Estimated tax payments made by consolidated taxable REIT subsidiaries	17	138	1,041
Debt and Preferred Equity Investments Held to Maturity
Reserve for Possible Credit Losses
Loan loss reserves	$ 3,000	$ 10,900	19,800
Debt and Preferred Equity Investments Held for Sale
Reserve for Possible Credit Losses
Loan loss reserves			$ 1,000

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to pretax Income or Loss from continuing operations; income tax expense or benefit may include interest and penalties on tax uncertainties based on the entity's accounting policy.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32247-109318

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32672-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45, 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 48
-Paragraph 15, 16, 19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The sum of the periodic provision charged to earnings, based on an assessment of uncollectibility from the counterparty on account of loan, lease or other credit losses, to reduce these accounts to the amount that approximates their net realizable value.

+ References + Details

Significant Accounting Policies (Details 6) - item	12 Months Ended
Significant Accounting Policies (Details 6) - item	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Concentrations of Credit Risk
Number of collective bargaining agreements	3
Annualized rent \| Customer concentration
Concentrations of Credit Risk
Number of tenants	3
Maximum percentage of annualized rent from other than Three tenants	1.90%
Annualized rent \| 1515 Broadway \| Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized rent from other than Three tenants	10.00%	10.00%
Annualized rent \| 919 Third Avenue \| Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized rent from other than Three tenants	8.00%	8.00%	10.00%
Annualized rent \| 1185 Avenue of the Americas \| Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized rent from other than Three tenants	7.00%	7.00%	9.00%
Annualized rent \| One Madison Avenue \| Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized rent from other than Three tenants	6.00%	7.00%	7.00%
Annualized rent \| 420 Lexington Avenue \| Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized rent from other than Three tenants			7.00%
Annualized rent \| 485 Lexington Avenue \| Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized rent from other than Three tenants			6.00%
Annualized rent \| Tenant one \| Customer concentration
Concentrations of Credit Risk
Percentage of concentration	6.90%
Annualized rent \| Tenant two \| Customer concentration
Concentrations of Credit Risk
Percentage of concentration	6.40%
Annualized rent \| Tenant three \| Customer concentration
Concentrations of Credit Risk
Percentage of concentration	6.00%
Revenue earned on debt and preferred equity investments \| Two debt and preferred equity investments \| Credit concentration
Concentrations of Credit Risk
Number of investments	2
Revenue earned on debt and preferred equity investments \| Two debt and preferred equity investments \| Credit concentration \| Minimum
Concentrations of Credit Risk
Percentage of concentration	10.00%
Collective bargaining arrangements \| Workforce concentration
Concentrations of Credit Risk
Percentage of concentration	74.80%
Collective bargaining arrangements which expires in 2015 \| Workforce concentration
Concentrations of Credit Risk
Percentage of concentration	77.20%

Property Acquisitions (Details) $ in Thousands				1 Months Ended
Property Acquisitions (Details) $ in Thousands	Jan. 31, 2012 USD ($) ft² item	Nov. 30, 2011 USD ($) ft²	Apr. 30, 2011 USD ($) ft²	Oct. 31, 2012 ft² item	Jan. 31, 2012 USD ($) ft²	May 31, 2011 USD ($) ft²	Apr. 30, 2011 USD ($) ft²	Jan. 31, 2011 USD ($) ft²	Dec. 31, 2010 USD ($) item	Aug. 31, 2010 USD ($)	Jan. 31, 2010 USD ($) ft² item	Dec. 31, 2012 USD ($) ft²	Sep. 30, 2012 USD ($) ft²	Jun. 30, 2012 USD ($) ft²	Dec. 31, 2011 USD ($)
Property Acquisitions
Area of property (in square feet) \| ft²												29,685,079
Fixed rate debt												$ 3,457,769			$ 3,431,353
Allocation of the purchase price of the assets acquired and liabilities assumed
Equity and/or debt investment held												$ 1,032,243			$ 893,933
131-137 Spring Street
Property Acquisitions
Area of property (in square feet) \| ft²												68,000
Purchase consideration												$ 122,300
Allocation of the purchase price of the assets acquired and liabilities assumed
Net consideration funded by us at closing												$ 122,300
985-987 Third Avenue
Property Acquisitions
Area of property (in square feet) \| ft²												42,000
Purchase consideration												$ 18,000
Allocation of the purchase price of the assets acquired and liabilities assumed
Net consideration funded by us at closing												18,000
1080 Amsterdam Avenue
Property Acquisitions
Area of property (in square feet) \| ft²				82,250
Term of lease				99 years
Number of units \| item				96
635 and 641 Sixth Avenue
Property Acquisitions
Area of property (in square feet) \| ft²													267,000
Purchase consideration													$ 173,000
Allocation of the purchase price of the assets acquired and liabilities assumed
Land												69,848
Building and building leasehold												104,474
Acquired in-place leases												7,727
Assets acquired												182,049
Below market lease value												9,049
Liabilities assumed												9,049
Purchase price allocation												173,000	173,000
Net consideration funded by us at closing													$ 173,000
304 Park Avenue South
Property Acquisitions
Area of property (in square feet) \| ft²														215,000
Purchase consideration														$ 135,000
Consideration in cash														102,000
Value of operating partnership units issued														33,000
Allocation of the purchase price of the assets acquired and liabilities assumed
Land												54,189
Building and building leasehold												75,619
Above market lease value												2,824
Acquired in-place leases												8,265
Assets acquired												140,897
Below market lease value												5,897
Liabilities assumed												5,897
Purchase price allocation												135,000
Net consideration funded by us at closing														$ 135,000
Manhattan \| Series G preferred units
Property Acquisitions
Value of operating partnership units issued	$ 47,600				$ 47,600
Stated interest rate of preferred partnership units issued (as a percent)	4.50%
Retail properties
Property Acquisitions
Number of properties acquired \| item	5
Term					5 years
Fixed rate debt	$ 8,500				$ 8,500
Interest rate, fixed rate debt (as a percent)	3.75%				3.75%
Number of properties with new mortgage \| item	1
Multifamily properties
Property Acquisitions
Area of property (in square feet) \| ft²	488,000				488,000
Number of properties acquired \| item	2
Number of units \| item	385
Term	12 years
Fixed rate debt	$ 100,000				$ 100,000
Interest rate, fixed rate debt (as a percent)	4.125%				4.125%
Stonehenge Properties
Property Acquisitions
Purchase consideration												78,121
Stake in the joint venture (as a percent)	80.00%				80.00%
Allocation of the purchase price of the assets acquired and liabilities assumed
Land												65,533
Building and building leasehold												128,457
Above market lease value												594
Acquired in-place leases												9,573
Other assets, net of other liabilities												2,190
Assets acquired												206,347
Below market lease value												13,239
Liabilities assumed												13,239
Purchase price allocation												193,108
Net consideration funded by us at closing												$ 78,121
51 East 42nd Street
Property Acquisitions
Area of property (in square feet) \| ft²		142,000
Purchase consideration		$ 81,632
Allocation of the purchase price of the assets acquired and liabilities assumed
Land		44,095
Building		33,470
Above market lease value		5,616
Acquired in-place leases		4,333
Assets acquired		87,514
Below market lease value		7,514
Liabilities assumed		7,514
Purchase price allocation		80,000
Net consideration funded by us at closing		81,632
51 East 42nd Street \| Series H preferred units
Property Acquisitions
Value of operating partnership units issued		$ 2,000
Stated interest rate of preferred partnership units issued (as a percent)		6.00%
180 Maiden Lane
Property Acquisitions
Area of property (in square feet) \| ft²		1,100,000
Purchase consideration		$ 81,835
Consideration in cash		41,000
Value of operating partnership units issued		$ 31,700
Term		5 years
Stake in the joint venture (as a percent)		49.90%
Purchase price fair value adjustment recognized		$ 8,300
Refinanced mortgage loan		344,200
Mortgage on properties assumed		280,000
Allocation of the purchase price of the assets acquired and liabilities assumed
Land		191,523
Building		233,230
Above market lease value		7,944
Acquired in-place leases		29,948
Assets acquired		462,645
Below market lease value		20,320
Liabilities assumed		20,320
Purchase price allocation		442,325
Net consideration funded by us at closing		81,835
Debt assumed		$ 280,000
110 East 42nd Street
Property Acquisitions
Area of property (in square feet) \| ft²						205,000
Purchase consideration						$ 2,744
Refinanced mortgage loan						16,000
Mortgage on properties assumed						65,000
Allocation of the purchase price of the assets acquired and liabilities assumed
Land						34,000
Building						46,411
Above market lease value						823
Acquired in-place leases						5,396
Assets acquired						86,630
Below market lease value						2,326
Liabilities assumed						2,326
Purchase price allocation						84,304
Net consideration funded by us at closing						2,744
Equity and/or debt investment held						16,000
Debt assumed						$ 65,000
1515 Broadway
Property Acquisitions
Area of property (in square feet) \| ft²			1,750,000				1,750,000
Purchase consideration			$ 259,228				$ 259,228
Purchase price fair value adjustment recognized			475,100
Mortgage on properties assumed			$ 458,767
Economic interest purchased (as a percent)			31.50%
Allocation of the purchase price of the assets acquired and liabilities assumed
Land			$ 462,700				462,700
Building			707,938				707,938
Above market lease value			18,298				18,298
Acquired in-place leases			98,661				98,661
Other assets, net of other liabilities			27,127				27,127
Assets acquired			1,314,724				1,314,724
Fair value adjustment to mortgage note payable			(3,693)				(3,693)
Below market lease value			84,417				84,417
Liabilities assumed			80,724				80,724
Purchase price allocation			1,234,000				1,234,000
Net consideration funded by us at closing			259,228				259,228
Equity and/or debt investment held			40,942				$ 40,942
Debt assumed			458,767
521 Fifth Avenue
Property Acquisitions
Area of property (in square feet) \| ft²								460,000
Purchase consideration								$ 70,000
Term							2 years
Purchase price fair value adjustment recognized								13,800
Refinanced mortgage loan			$ 150,000				$ 150,000
Mortgage on properties assumed								140,000
Consolidated interest in acquiree								$ 245,700
Remaining ownership interest acquired (as a percent)								49.90%
Cash and other assets acquired								$ 4,500
Interest rate added to base rate (as a percent)			2.00%				2.00%
Interest rate, description							30-day LIBOR
Fee interest in the property acquired							$ 15,000
Allocation of the purchase price of the assets acquired and liabilities assumed
Land								110,100
Building								146,686
Above market lease value								3,318
Acquired in-place leases								23,016
Assets acquired								283,120
Below market lease value								25,977
Liabilities assumed								25,977
Purchase price allocation								257,143
Net consideration funded by us at closing								70,000
Equity and/or debt investment held								41,432
Debt assumed								$ 140,000
100 Church Street
Property Acquisitions
Area of property (in square feet) \| ft²											1,050,000
Purchase consideration											$ 15,000
Mortgage on properties assumed											$ 139,672
Interest rate added to base rate (as a percent)											3.50%
Interest rate, description											30-day LIBOR
Interest in acquired loan (as a percent)											50.00%
Number of loans acquired \| item											2
Additional capital funded											$ 15,000
Amount of mortgage restructured											139,700
Allocation of the purchase price of the assets acquired and liabilities assumed
Land											32,494
Building											86,806
Above market lease value											118
Acquired in-place leases											17,380
Restricted cash											53,735
Assets acquired											190,533
Below market lease value											8,025
Other liabilities, net of other assets											1,674
Liabilities assumed											9,699
Purchase price allocation											180,834
Net consideration funded by us at closing											15,000
Equity and/or debt investment held											40,938
Debt assumed											$ 139,672
125 Park Avenue
Property Acquisitions
Purchase consideration										$ 183,750
Mortgage on properties assumed										$ 146,250
Interest rate (as a percent)										5.748%
Allocation of the purchase price of the assets acquired and liabilities assumed
Land										$ 120,900
Building										201,726
Above market lease value										11,282
Acquired in-place leases										28,828
Assets acquired										362,736
Fair value adjustment to mortgage note payable										12,147
Below market lease value										20,589
Liabilities assumed										32,736
Purchase price allocation										330,000
Net consideration funded by us at closing										183,750
Debt assumed										$ 146,250
Gramercy Capital Corp.
Property Acquisitions
Purchase consideration									$ 86,864
Mortgage on properties assumed									265,604
Allocation of the purchase price of the assets acquired and liabilities assumed
Land									501,021
Above market lease value									23,178
Acquired in-place leases									217,312
Assets acquired									741,511
Fair value adjustment to mortgage note payable									22,806
Other liabilities, net of other assets									2,091
Liabilities assumed									24,897
Purchase price allocation									716,614
Net consideration funded by us at closing									86,864
Equity and/or debt investment held									111,751
Debt assumed									265,604
885 Third Avenue
Property Acquisitions
Mortgage on properties assumed									$ 120,400
Remaining ownership interest acquired (as a percent)									45.00%
Purchase price of property, excluding mortgage debt assumed									$ 39,300
Allocation of the purchase price of the assets acquired and liabilities assumed
Debt assumed									120,400
2 Herald Square
Property Acquisitions
Mortgage on properties assumed									$ 86,100
Remaining ownership interest acquired (as a percent)									45.00%
Purchase price of property, excluding mortgage debt assumed									$ 25,600
Allocation of the purchase price of the assets acquired and liabilities assumed
Debt assumed									86,100
292 Madison Avenue
Property Acquisitions
Mortgage on properties assumed									59,100
Purchase price of property, excluding mortgage debt assumed									19,200
Allocation of the purchase price of the assets acquired and liabilities assumed
Debt assumed									59,100
Williamsburg, Brooklyn
Property Acquisitions
Purchase consideration									$ 18,385
Number of properties acquired \| item									2
Allocation of the purchase price of the assets acquired and liabilities assumed
Land									$ 6,200
Building									10,158
Above market lease value									2,304
Assets acquired									18,662
Below market lease value									277
Liabilities assumed									277
Purchase price allocation									18,385
Net consideration funded by us at closing									$ 18,385

Property Dispositions and Assets Held for Sale (Details) $ in Thousands				1 Months Ended	3 Months Ended								12 Months Ended
	Feb. 29, 2012 USD ($)	May 31, 2011 USD ($) ft²	Sep. 30, 2010 USD ($) ft²	Oct. 31, 2012 USD ($)	Dec. 31, 2012 USD ($) ft²	Sep. 30, 2012 USD ($)	Jun. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Mar. 31, 2011 USD ($)	Dec. 31, 2012 USD ($) ft²	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Property Dispositions and Assets Held for Sale
Gain (loss) on sale of property								$ 6,627			$ 46,085		$ 6,627	$ 46,085	$ 35,485
Square feet \| ft²					29,685,079								29,685,079
Revenues
Rental revenue													$ 3,357	12,636	22,912
Escalation and reimbursement revenues													31	873	4,683
Other income													8,189	60	881
Total revenues													11,577	13,569	28,476
Operating expense													714	1,654	7,403
Real estate taxes													95	1,033	4,776
Transaction related costs													160
Interest expense, net of interest income													1,410	4,253	2,998
Amortization of deferred financing costs														172	883
Depreciation and amortization													82	676	5,326
Marketing, general and administrative and transaction related costs														1	26
Total expenses													2,461	7,789	21,412
Net income (loss) from discontinued operations					$ 9,126	$ 217	$ (67)	$ (160)	$ 1,116	$ 1,116	$ 1,675	$ 1,873	$ 9,116	$ 5,780	$ 7,064
Leased fee interest at 292 Madison Avenue
Property Dispositions and Assets Held for Sale
Consideration for sale of property	$ 85,000
Gain (loss) on sale of property	6,600
Employee compensation award	$ 1,500
Property at 28 West 44th Street
Property Dispositions and Assets Held for Sale
Consideration for sale of property		$ 161,000
Gain (loss) on sale of property		$ 46,100
Square feet \| ft²		359,000
Property at 19 West 44th Street
Property Dispositions and Assets Held for Sale
Consideration for sale of property			$ 123,200
Gain (loss) on sale of property			$ 35,500
Square feet \| ft²			292,000
Employee compensation award			$ 500
Property at 44 West 55th Street
Property Dispositions and Assets Held for Sale
Consideration for sale of property				$ 6,300

Debt and Preferred Equity Investments (Details) $ in Thousands, £ in Millions	1 Months Ended										3 Months Ended			12 Months Ended
	Jan. 31, 2013	Nov. 30, 2012 USD ($)	Nov. 30, 2012 GBP (£)	Sep. 30, 2012 USD ($)	Jul. 31, 2012 USD ($)	Jun. 30, 2012	Mar. 31, 2012 USD ($)	Feb. 29, 2012 USD ($)	Nov. 30, 2011 USD ($)	Sep. 30, 2011 USD ($)	Dec. 31, 2012 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Debt and Preferred Equity Investments
Increase in debt and preferred equity investments (net of discounts), including investments classified as held-for-sale														$ 672,900	$ 622,500
Decrease in debt and preferred equity investments (net of discounts), including investments classified as held-for-sale														298,700	589,400
Loan loss reserves recorded														3,000	10,900
Debt investment
Senior Financing											$ 2,899,673			2,899,673
Loan loss reserve											(7,000)			(7,000)	(50,175)	$ (61,361)	$ (93,844)
Carrying value after deduction of loan loss reserves											1,357,203			1,357,203	985,942
Additional income recognized on repayment of debt											(6,978)	$ (67)	$ 971	$ (6,978)	904	$ (1,900)
Debt investment
Debt investment
Aggregate weighted average current yield (as a percent)														9.79%
Senior Financing											2,899,673			$ 2,899,673
Carrying Value, Net of Discounts											1,023,318			1,023,318	640,057
Loan loss reserve											(7,000)			(7,000)	(19,125)
Carrying value after deduction of loan loss reserves											1,016,318			1,016,318	620,932
Total fixed rate
Debt investment
Senior Financing											1,973,212			1,973,212
Carrying Value, Net of Discounts											586,385			586,385	349,918
Other loan with an initial maturity date of September 2021
Debt investment
Senior Financing											15,000			15,000
Carrying Value, Net of Discounts											3,500			3,500	3,500
Mortgage Or Mezzanine Loan With An Initial Maturity Date Of March 2017
Debt investment
Senior Financing											1,109,000			1,109,000
Carrying Value, Net of Discounts											115,804			115,804	108,817
Percentage of loan sold	50.00%
Sales price of loan as a percentage of accrued balance	97.00%
Mezzanine loan with an initial maturity date of November 2016
Debt investment
Senior Financing											165,000			165,000
Carrying Value, Net of Discounts											71,067			71,067	40,375
Junior participation with an initial maturity date of June 2016
Debt investment
Senior Financing											133,000			133,000
Carrying Value, Net of Discounts											49,000			49,000	49,000
Mortgage/Mezzanine loan with an initial maturity date of May 2016
Debt investment
Senior Financing											169,212			169,212
Carrying Value, Net of Discounts											46,496			46,496	46,416
Mezzanine loan with an initial maturity date of May 2016
Debt investment
Senior Financing											177,000			177,000
Carrying Value, Net of Discounts											15,906			15,906	17,112
Mezzanine loan with an initial maturity date of February 2016
Debt investment
Senior Financing											205,000			205,000
Carrying Value, Net of Discounts											66,544			66,544	64,973
Mortgage
Debt investment
Carrying Value, Net of Discounts											218,068			218,068
Acquisition of non-performing loan		$ 219,000
Junior participation sold in February 2012
Debt investment
Carrying Value, Net of Discounts															8,725
Amount recovered from sale of loan								$ 400
Junior participation sold in March 2012
Debt investment
Carrying Value, Net of Discounts															11,000
Amount recovered from sale of loan							$ 2,000
Total floating rate
Debt investment
Senior Financing											926,461			926,461
Carrying Value, Net of Discounts											436,933			436,933	290,139
Mezzanine loan with an initial maturity date of October 2016
Debt investment
Senior Financing											81,000			81,000
Carrying Value, Net of Discounts											34,940			34,940	34,940
Additional commitments to fund in connection with loan											15,100			15,100
Mezzanine loan with an initial maturity date of July 2016
Debt investment
Senior Financing											55,000			55,000
Carrying Value, Net of Discounts											35,000			35,000	35,000
Mezzanine Loan with initial maturity date of December 2015
Debt investment
Senior Financing											92,711			92,711
Carrying Value, Net of Discounts											56,289			56,289
Additional commitments to fund in connection with loan											28,700			28,700
Mortgage/Mezzanine loan with an initial maturity date of February 2015
Debt investment
Carrying Value, Net of Discounts											47,679			47,679
Additional commitments to fund in connection with loan											11,000			11,000
Mortgage with initial maturity date of September 2014
Debt investment
Carrying Value, Net of Discounts											15,000			15,000
Mezzanine loan with an initial maturity date of August 2014
Debt investment
Senior Financing											170,000			170,000
Carrying Value, Net of Discounts											60,000			60,000	60,000
Mortgage/Mezzanine Loan with initial maturity date of July 2014
Debt investment
Senior Financing											330,000			330,000
Carrying Value, Net of Discounts											132,000			132,000	30,747
Amount recovered from sale of loan					$ 49,900
Loan participation amount included in other assets and other liabilities					182,000
Value of mortgage					$ 462,000
Interest in senior mortgage sold				$ 50,000
Interest in property (as a percent)									50.00%
Mezzanine loan with an initial maturity date of July 2014
Debt investment
Senior Financing											62,500			62,500
Carrying Value, Net of Discounts											37,500			37,500
Loan participation amount included in other assets and other liabilities		5,000
Mezzanine loan with an initial maturity date of July 2013
Debt investment
Senior Financing											75,000			75,000
Carrying Value, Net of Discounts											7,650			7,650	7,650
Loan participation amount included in other assets and other liabilities									$ 7,400
Value of mortgage									$ 15,000
Junior participation with an initial maturity date of June 2013
Debt investment
Senior Financing											60,250			60,250
Carrying Value, Net of Discounts											$ 10,875			$ 10,875	10,875
Mezzanine Loan
Debt investment
Carrying Value, Net of Discounts															10,000
Mortgage with an initial maturity date of February 2013
Debt investment
Carrying Value, Net of Discounts															3,000
Additional commitments to fund in connection with loan													$ 5,500
Loan participation amount included in other assets and other liabilities										$ 28,500
Value of mortgage										$ 31,500		$ 31,500
Mezzanine loan with an initial maturity date of August 2012
Debt investment
Carrying Value, Net of Discounts															8,392
Interest in property (as a percent)											27.63%			27.63%
Ownership interest in the unconsolidated joint venture held by Blackstone (as a percent)											56.30%			56.30%
Additional participation interest acquired (as a percent)						38.60%
Mortgage with an initial maturity date of June 2012
Debt investment
Carrying Value, Net of Discounts															86,339
Ownership interest in the consolidated joint venture holding the debt investment (as a percent)											88.00%			88.00%
Consideration from sale of loan		100,000	£ 62.5
Additional income recognized on repayment of debt		$ 8,900
Other Loan
Debt investment
Carrying Value, Net of Discounts															$ 3,196

Debt and Preferred Equity Investments (Details 2) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2012	Dec. 31, 2012	Feb. 29, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Preferred equity investment
Senior Financing		$ 2,899,673
Loan loss reserve		(7,000)		$ (50,175)	$ (61,361)	$ (93,844)
Carrying Value after deduction of loan loss reserves		$ 1,357,203		985,942
Preferred equity investments
Preferred equity investment
Aggregate weighted average current yield (as a percent)		10.12%
Senior Financing		$ 1,533,347
Carrying Value, Net of Discounts		340,885
Loan loss reserve				(31,050)
Carrying Value after deduction of loan loss reserves				365,010
Preferred equity with initial mandatory redemption on July, 2016
Preferred equity investment
Senior Financing		926,260
Carrying Value, Net of Discounts		210,918		203,080
Preferred equity with initial mandatory redemption on April, 2016
Preferred equity investment
Senior Financing		57,087
Carrying Value, Net of Discounts		19,136
Committed additional capital contribution funded		6,500
Preferred equity with initial mandatory redemption of October 2014
Preferred equity investment
Senior Financing		70,000
Carrying Value, Net of Discounts		10,000
Preferred equity with initial mandatory redemption on July, 2014
Preferred equity investment
Senior Financing		480,000
Carrying Value, Net of Discounts		$ 100,831		141,980
Junior preferred equity loan			$ 50,000
Preferred equity with initial mandatory redemption on August, 2012
Preferred equity investment
Carrying Value, Net of Discounts				$ 51,000
Acquisition of interest (as a percent)	100.00%

Debt and Preferred Equity Investments (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Rollforward of the entity's total loan loss reserves
Balance at beginning of year	$ 50,175	$ 61,361	$ 93,844
Expensed	3,000	10,875	24,418
Recoveries	(2,436)	(4,370)	(3,662)
Charge-offs and reclassifications	(43,739)	(17,691)	(53,239)
Balance at end of period	$ 7,000	$ 50,175	$ 61,361

- Definition

+ References + Details

Debt and Preferred Equity Investments (Details 4) $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($) item	Dec. 31, 2011 USD ($) item
Debt and Preferred Equity Investments
Number of portfolio segments of financial receivables \| item	1	1
Additional amount of financing receivables	$ 121,300	$ 108,700
Nonaccrual balance of financing receivables	0	$ 102,600
Number of financing receivables past due 90 days \| item		2
Recorded investment for financing receivables past due 90 days		$ 17,300
Unpaid Principal Balance
Unpaid Principal Balance	10,750	192,744
Recorded Investment
Recorded Investment	10,750	164,853
Allowance Allocated
Allowance Allocated	7,000	50,175
Average recorded investment in impaired loans	50,231	191,288
Investment and preferred equity income (loss) recognized	3,712	9,554
Commercial real estate with no related allowance recorded
Unpaid Principal Balance
With no related allowance recorded		106,623
With an allowance recorded	10,750	86,121
Recorded Investment
With no related allowance recorded		83,378
With an allowance recorded	10,750	81,475
Allowance Allocated
Allowance Allocated	$ 7,000	$ 50,175

Investment in Unconsolidated Joint Ventures (Details) $ in Thousands	1 Months Ended													3 Months Ended							12 Months Ended
	Nov. 30, 2012 USD ($)	Sep. 30, 2012 USD ($) item	Jul. 31, 2012 USD ($)	Apr. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Nov. 30, 2011	Aug. 31, 2011 USD ($)	May 31, 2011 USD ($)	Apr. 30, 2011 USD ($)	Mar. 31, 2011 USD ($)	Dec. 31, 2010 USD ($) item	May 31, 2010 USD ($)	Sep. 30, 2009	Dec. 31, 2012 USD ($) ft² item	Sep. 30, 2012 USD ($) item	Jun. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Dec. 31, 2012 USD ($) ft² item shares	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($) item	May 31, 2012 USD ($)
Investment in Unconsolidated Joint Ventures
Number of VIEs in which the entity is not the primary beneficiary \| item																					3
Net equity investment in VIEs in which the entity is not the primary beneficiary														$ 117,700				$ 161,900			$ 117,700	$ 161,900
General information on each joint venture
Square feet \| ft²														29,685,079							29,685,079
Number of properties \| item														66							66
Repayment of debt																					$ 688,065	765,378	$ 149,832
Additional income recognized on repayment of debt														$ (6,978)					$ (67)	$ 971	(6,978)	904	(1,900)
Debt investments contributed to joint venture																					25,362	286,571
Additional income upon the contribution of debt investment to joint venture																					119,155	120,418	147,926
Floating rate financing assumed by joint venture																						30,000
Valuation of investment under the recapitalization transaction														10,269,630				10,010,548			10,269,630	10,010,548
Recognized gain (loss) on sale of interest in property														19,277	$ (4,807)	$ 15,323	$ 7,260	(114)	$ 3,032		37,053	2,918	128,921
Fixed rate debt														$ 3,457,769				$ 3,431,353			$ 3,457,769	$ 3,431,353
100 Park Avenue
General information on each joint venture
Ownership Interest (as a percent)														49.90%							49.90%
Economic Interest (as a percent)														49.90%							49.90%
Square feet \| ft²														834,000							834,000
Acquisition Price														$ 95,800							$ 95,800
21 West 34th Street
General information on each joint venture
Ownership Interest (as a percent)														50.00%							50.00%
Economic Interest (as a percent)														50.00%							50.00%
Square feet \| ft²														30,000							30,000
Acquisition Price														$ 22,400							$ 22,400
1604-1610 Broadway
General information on each joint venture
Ownership Interest (as a percent)														45.00%							45.00%
Economic Interest (as a percent)														63.00%							63.00%
Square feet \| ft²														30,000							30,000
Acquisition Price														$ 4,400							$ 4,400
27-29 West 34th Street
General information on each joint venture
Ownership Interest (as a percent)														50.00%							50.00%
Economic Interest (as a percent)														50.00%							50.00%
Square feet \| ft²														41,000							41,000
Acquisition Price														$ 30,000							$ 30,000
717 Fifth Avenue
General information on each joint venture
Ownership Interest (as a percent)														10.92%							10.92%
Economic Interest (as a percent)														10.92%							10.92%
Square feet \| ft²														120,000							120,000
Acquisition Price														$ 251,900							$ 251,900
Sales price																					617,600
Recognized gain (loss) on sale of interest in property																					$ 3,000
Beneficial interest sold (as a percent)																					50.00%
Additional cash income recognized due to the distribution of refinancing proceeds																					$ 67,900
Employee compensation award																					$ 1,000
800 Third Avenue
General information on each joint venture
Ownership Interest (as a percent)														42.95%							42.95%
Economic Interest (as a percent)														42.95%							42.95%
Square feet \| ft²														526,000							526,000
Acquisition Price														$ 285,000							$ 285,000
One Court Square
General information on each joint venture
Sales price			$ 481,100
Floating rate financing assumed by joint venture			315,000
Recognized gain (loss) on sale of interest in property			$ 1,000
1745 Broadway
General information on each joint venture
Ownership Interest (as a percent)														32.26%							32.26%
Economic Interest (as a percent)														32.26%							32.26%
Square feet \| ft²														674,000							674,000
Acquisition Price														$ 520,000							$ 520,000
1 and 2 Jericho Plaza
General information on each joint venture
Ownership Interest (as a percent)														20.26%							20.26%
Economic Interest (as a percent)														20.26%							20.26%
Square feet \| ft²														640,000							640,000
Acquisition Price														$ 210,000							$ 210,000
16 Court Street
General information on each joint venture
Ownership Interest (as a percent)														35.00%							35.00%
Economic Interest (as a percent)														35.00%							35.00%
Square feet \| ft²														318,000							318,000
Acquisition Price														$ 107,500							$ 107,500
The Meadows
General information on each joint venture
Ownership Interest (as a percent)														50.00%							50.00%
Economic Interest (as a percent)														50.00%							50.00%
Square feet \| ft²														582,000							582,000
Acquisition Price														$ 111,500							$ 111,500
Remaining percentage of interest acquired in joint venture													50.00%
Depreciable real estate reserve											$ 2,800												$ 2,800
388 and 390 Greenwich Street
General information on each joint venture
Ownership Interest (as a percent)														50.60%							50.60%
Economic Interest (as a percent)														50.60%							50.60%
Square feet \| ft²														2,600,000							2,600,000
Acquisition Price														$ 1,575,000							$ 1,575,000
Triple-net lease arrangement																					13 years
180/182 Broadway and 63 Nassu Street
General information on each joint venture
Ownership Interest (as a percent)														25.50%							25.50%
Economic Interest (as a percent)														25.50%							25.50%
Square feet \| ft²														71,000							71,000
Acquisition Price														$ 43,600							$ 43,600
Number of floors of student housing \| item											20												20
Contribution made by Harel											$ 28,100
Ownership sold											49.00%
Sales price							$ 2,800
600 Lexington Avenue
General information on each joint venture
Ownership Interest (as a percent)														55.00%							55.00%
Economic Interest (as a percent)														55.00%							55.00%
Square feet \| ft²														304,000							304,000
Acquisition Price														$ 193,000							$ 193,000
11 West 34th Street
General information on each joint venture
Ownership Interest (as a percent)											30.00%			30.00%							30.00%		30.00%
Economic Interest (as a percent)														30.00%							30.00%
Square feet \| ft²														17,000							17,000
Acquisition Price														$ 10,800							$ 10,800
Repayment of debt											$ 12,000
Additional income recognized on repayment of debt											$ 1,100
7 Renaissance
General information on each joint venture
Ownership Interest (as a percent)														50.00%							50.00%
Economic Interest (as a percent)														50.00%							50.00%
Square feet \| ft²														37,000							37,000
Acquisition Price														$ 4,000							$ 4,000
3 Columbus Circle
General information on each joint venture
Ownership Interest (as a percent)														48.90%							48.90%
Economic Interest (as a percent)														48.90%							48.90%
Square feet \| ft²														769,000							769,000
Acquisition Price														$ 500,000							$ 500,000
Sales price		$ 143,600
Operating partnership units issued (in shares) \| shares																					306,296
Committed additional contribution														47,500							$ 47,500
Committed additional capital contribution funded														$ 46,800							$ 46,800
Bridge loan made									$ 125,000
Interest rate on bridge loan made (as a percent)									7.50%
280 Park Avenue
General information on each joint venture
Ownership Interest (as a percent)										50.00%				50.00%							50.00%
Economic Interest (as a percent)														50.00%							50.00%
Square feet \| ft²														1,237,000							1,237,000
Acquisition Price														$ 400,000							$ 400,000
Debt investments contributed to joint venture										$ 286,600
Additional income upon the contribution of debt investment to joint venture										38,700
Amount received from joint venture										111,300
Floating rate financing assumed by joint venture										$ 30,000
Valuation of investment under the recapitalization transaction								$ 1,100,000
Effective ownership interest in underlying investment (as a percent)								49.50%
1552-1560 Broadway
General information on each joint venture
Ownership Interest (as a percent)														50.00%							50.00%
Economic Interest (as a percent)														50.00%							50.00%
Square feet \| ft²														49,000							49,000
Acquisition Price														$ 136,550							$ 136,550
155 West 46th Street
General information on each joint venture
Acquisition Price																								$ 8,400
747 Madison Avenue
General information on each joint venture
Ownership Interest (as a percent)														33.33%							33.33%
Economic Interest (as a percent)														33.33%							33.33%
Square feet \| ft²														10,000							10,000
Acquisition Price														$ 66,250							$ 66,250
724 Fifth Avenue
General information on each joint venture
Ownership Interest (as a percent)														50.00%							50.00%
Economic Interest (as a percent)														50.00%							50.00%
Square feet \| ft²														65,000							65,000
Acquisition Price														$ 223,000							$ 223,000
10 East 53rd Street
General information on each joint venture
Ownership Interest (as a percent)														55.00%							55.00%
Economic Interest (as a percent)														55.00%							55.00%
Square feet \| ft²														390,000							390,000
Acquisition Price														$ 252,500							$ 252,500
33 Beekman
General information on each joint venture
Ownership Interest (as a percent)														45.90%							45.90%
Economic Interest (as a percent)														45.90%							45.90%
Square feet \| ft²														145,000							145,000
Acquisition Price														$ 31,000							$ 31,000
Number of floors of student housing \| item														30							30
379 West Broadway
General information on each joint venture
Sales price				$ 48,500
Fees position acquired				13,500
Recognized gain (loss) on sale of interest in property				$ 6,500
141 Fifth Avenue
General information on each joint venture
Sales price					$ 46,000
Recognized gain (loss) on sale of interest in property					7,300
Employee compensation award					$ 1,500
450 West 33rd Street
General information on each joint venture
Ownership Interest (as a percent)						100.00%
Remaining percentage of interest acquired in joint venture						50.00%
1551-1555 Broadway
General information on each joint venture
Recognized gain (loss) on sale of interest in property							$ 4,000
Beneficial interest sold (as a percent)							10.00%
Consideration received for sale of beneficial interest							$ 9,700
1552 Broadway
General information on each joint venture
Square feet \| ft²														13,045							13,045
West Coast office portfolio
General information on each joint venture
Ownership Interest (as a percent)														27.63%							27.63%
Economic Interest (as a percent)														27.63%							27.63%
Square feet \| ft²														4,474,000							4,474,000
Acquisition Price														$ 880,103							$ 880,103
Number of properties \| item		31													31
Prior to the recapitalization positions held in mezzanine and preferred equity		$ 26,700													$ 26,700
Debt issued		$ 678,800
Term		2 years
Extension option		1 year
521 Fifth Avenue
General information on each joint venture
Ownership Interest (as a percent)														50.50%							50.50%
Economic Interest (as a percent)														50.50%							50.50%
Square feet \| ft²														460,000							460,000
Acquisition Price														$ 315,000							$ 315,000
Debt issued	$ 170,000
Term	7 years
Ownership sold	49.50%
Sales price	$ 315,000
Recognized gain (loss) on sale of interest in property	19,400
Employee compensation award	1,000
Existing loan repaid	$ 150,000
Interest rate, basis points	2.20%
Interest rate, description	LIBOR
21 East 66th Street
General information on each joint venture
Ownership Interest (as a percent)														32.28%							32.28%
Economic Interest (as a percent)														32.28%							32.28%
Square feet \| ft²														17,000							17,000
Acquisition Price														$ 75,000							$ 75,000
21 East 66th Street \| Three retail and 2 residential units
General information on each joint venture
Effective ownership interest in underlying investment (as a percent)																					32.28%
21 East 66th Street \| Three retail units
General information on each joint venture
Number of properties \| item														3							3
21 East 66th Street \| Two residential units
General information on each joint venture
Number of properties \| item														2							2
21 East 66th Street \| Four residential units
General information on each joint venture
Number of properties \| item														4							4
Effective ownership interest in underlying investment (as a percent)																					16.14%
315 West 36th Street
General information on each joint venture
Ownership Interest (as a percent)														35.50%							35.50%
Economic Interest (as a percent)														35.50%							35.50%
Square feet \| ft²														148,000							148,000
Acquisition Price														$ 45,000							$ 45,000
Green Hill Acquisition LLC \| 1221 Avenue of the Americas
General information on each joint venture
Recognized gain (loss) on sale of interest in property												$ 126,800
Beneficial interest sold (as a percent)												45.00%
Consideration received for sale of beneficial interest												$ 577,400
Consideration towards existing reserve payment and assumption of pro-rata share of in-place financing												95,900
Proceeds from sale of beneficial interest in property												500,900
Employee compensation award												$ 4,500

Investment in Unconsolidated Joint Ventures (Details 2) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
	Nov. 30, 2012	Aug. 31, 2012	Apr. 30, 2012	Apr. 30, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
First mortgage notes and other loan payable
Total fixed rate debt					$ 3,457,769	$ 3,431,353
Total floating rate debt					1,157,695	942,487
Total mortgages and other loans payable					4,615,464	4,314,741
521 Fifth Avenue
First mortgage notes and other loan payable
Total floating rate debt						150,000
Refinanced mortgage loan	$ 170,000
Term of refinanced mortgage	7 years			2 years
Interest rate added to base rate (as a percent)	2.20%			2.00%
Interest rate, description	LIBOR			30-day LIBOR
Partnership interest sold (as a percent)	49.50%
West Coast office portfolio
First mortgage notes and other loan payable
Refinanced mortgage loan					$ 678,800
Term of refinanced mortgage					2 years
West Coast office portfolio \| Mezzanine loans
First mortgage notes and other loan payable
Refinanced mortgage loan					$ 68,000
Term of refinanced mortgage					2 years
Joint venture
First mortgage notes and other loan payable
Total fixed rate debt					$ 3,219,885	3,040,803
Total floating rate debt					2,138,163	1,091,087
Total mortgages and other loans payable					5,358,048	4,131,890
Maximum amount of loan recourse to the entity					218,400
Management, leasing, construction supervision and asset management services revenue					$ 7,900	8,600	$ 5,800
Joint venture \| 717 Fifth Avenue
First mortgage notes and other loan payable
Total floating rate debt						245,000
Joint venture \| 717 Fifth Avenue \| Mezzanine loans
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					9.00%
Total fixed rate debt					$ 294,509
Joint venture \| 717 Fifth Avenue \| Mortgage loan
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					4.45%
Total fixed rate debt					$ 300,000
Joint venture \| 388 and 390 Greenwich Street
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					3.20%
Interest rate, floating rate debt (as a percent)					1.36%
Total fixed rate debt					$ 996,082	1,106,757
Total floating rate debt					142,297	31,622
Joint venture \| 388 and 390 Greenwich Street \| Mezzanine loans
First mortgage notes and other loan payable
Total floating rate debt					70,300
Total mortgages and other loans payable					562,400
Maximum amount of loan recourse to the entity					200,000
Joint venture \| 388 and 390 Greenwich Street \| Mortgage loan
First mortgage notes and other loan payable
Total floating rate debt					72,000
Total mortgages and other loans payable					$ 576,000
Joint venture \| 315 West 36th Street
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					3.04%
Total fixed rate debt					$ 25,000
Joint venture \| 800 Third Avenue
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					6.00%
Total fixed rate debt					$ 20,910	20,910
Joint venture \| 1 and 2 Jericho Plaza
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					5.65%
Total fixed rate debt					$ 163,750	163,750
Joint venture \| 1745 Broadway
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					5.68%
Total fixed rate debt					$ 340,000	340,000
Joint venture \| 21 West 34th Street
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					5.76%
Total fixed rate debt					$ 100,000	100,000
Joint venture \| 280 Park Avenue
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					6.57%
Total fixed rate debt					$ 710,000	710,000
Joint venture \| 11 West 34th Street
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					4.82%
Total fixed rate debt					$ 17,491	17,761
Joint venture \| 7 Renaissance
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					10.00%
Total fixed rate debt					$ 856
Joint venture \| 100 Park Avenue
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					6.64%
Total fixed rate debt					$ 212,287	214,625
Joint venture \| 21 East 66th Street
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					5.63%
Interest rate, floating rate debt (as a percent)					2.88%
Total fixed rate debt					$ 12,000
Total floating rate debt					$ 2,033
Joint venture \| 1604-1610 Broadway
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)					5.66%
Total fixed rate debt					$ 27,000	27,000
Joint venture \| One Court Square
First mortgage notes and other loan payable
Total fixed rate debt						315,000
Joint venture \| 141 Fifth Avenue
First mortgage notes and other loan payable
Total fixed rate debt						25,000
Joint venture \| 521 Fifth Avenue
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					2.41%
Total floating rate debt					$ 170,000
Joint venture \| 600 Lexington Avenue
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					2.32%
Total floating rate debt					$ 124,384	125,000
Joint venture \| 33 Beekman
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					2.96%
Total floating rate debt					$ 18,362
Committed amount					$ 75,000
Joint venture \| 10 East 53rd Street
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					2.71%
Total floating rate debt					$ 125,000
Joint venture \| 724 Fifth Avenue
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					2.56%
Total floating rate debt					$ 120,000
Joint venture \| Other loan payable
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					1.11%
Total floating rate debt					$ 30,000	30,000
Joint venture \| 3 Columbus Circle
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					2.45%
Total floating rate debt					$ 247,253	254,896
Portion of bridge loan provided to the joint venture (as a percent)				50.00%
Refinanced mortgage loan				$ 260,000
Term of refinanced mortgage				5 years
Interest rate added to base rate (as a percent)					2.10%
Interest rate, description					30-day LIBOR
Possible increase in mortgage based on meeting certain performance hurdles					$ 40,000
Joint venture \| The Meadows
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					7.75%
Total floating rate debt					$ 57,000	84,698
Refinanced mortgage loan		$ 60,000
Term of refinanced mortgage		3 years
Unfunded amount					$ 3,000
Gain (loss) on extinguishment of debt		$ 10,800
Joint venture \| 747 Madison Avenue
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					3.00%
Total floating rate debt					$ 33,125	33,125
Joint venture \| West Coast office portfolio
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					3.96%
Total floating rate debt					$ 745,025
Joint venture \| 180/182 Broadway and 63 Nassu Street
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					2.96%
Total floating rate debt					$ 71,524	30,722
Committed amount					$ 90,000
Joint venture \| 16 Court Street
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					2.71%
Total floating rate debt					$ 84,916	85,728
Joint venture \| 1552 Broadway
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					3.21%
Total floating rate debt					$ 113,869	95,405
Committed amount					$ 125,000
Joint venture \| 27-29 West 34th Street
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)					2.21%
Total floating rate debt					$ 53,375	53,900
Period for which the loan is extended			1 year
Joint venture \| 379 West Broadway
First mortgage notes and other loan payable
Total floating rate debt						$ 20,991

Investment in Unconsolidated Joint Ventures (Details 3) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2012	Sep. 30, 2011	Jun. 30, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Assets
Commercial real estate property, net	$ 10,269,630			$ 10,269,630	$ 10,010,548
Other assets	718,326			718,326	737,900
Liabilities and members' equity
Mortgages and other loan payable	4,615,464			4,615,464	4,314,741
Company's net investment in unconsolidated joint ventures	1,032,243			1,032,243	893,933
Combined statements of income for the unconsolidated joint ventures
Operating expenses				298,322	263,709	$ 224,693
Real estate taxes				210,467	174,454	145,830
Transaction related costs				5,625	5,561	11,849
Interest				330,569	285,917	230,648
Depreciation and amortization				332,028	277,345	225,193
Total expenses				1,317,731	1,140,848	972,147
Gain (loss) on early extinguishment of debt	(6,978)	$ (67)	$ 971	(6,978)	904	(1,900)
Company's equity in net income (loss) of unconsolidated joint ventures				76,418	1,583	39,607
Joint venture
Assets
Commercial real estate property, net	6,910,991			6,910,991	5,699,113
Other assets	728,113			728,113	599,596
Total assets	7,639,104			7,639,104	6,298,709
Liabilities and members' equity
Mortgages and other loan payable	5,358,048			5,358,048	4,131,890
Other liabilities	406,929			406,929	250,925
Members' equity	1,874,127			1,874,127	1,915,894
Total liabilities and members' equity	7,639,104			7,639,104	6,298,709
Company's net investment in unconsolidated joint ventures	$ 1,032,243			1,032,243	893,933
Combined statements of income for the unconsolidated joint ventures
Total revenues				511,157	480,935	593,159
Operating expenses				83,697	75,513	94,515
Real estate taxes				53,613	51,511	66,588
Transaction related costs				2,044	2,665	1,105
Interest				231,215	223,400	224,766
Depreciation and amortization				166,336	137,070	141,284
Total expenses				536,905	490,159	528,258
Gain (loss) on early extinguishment of debt				21,421
Net (loss) income before gain on sale				(4,327)	(9,224)	64,901
Company's equity in net income (loss) of unconsolidated joint ventures				$ 76,418	$ 1,583	$ 39,607

Investment in Unconsolidated Joint Ventures (Details 4) - Gramercy Capital Corp. shares in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2012 USD ($) ft²	Dec. 31, 2012 USD ($) ft² shares	Dec. 31, 2011 USD ($) shares
Related party transactions
Shares held of Gramercy's common stock \| shares		0.7
Percentage of Gramercy's common stock owned		1.30%
Total investment in Gramercy		$ 2,200,000
Shares issued \| shares		2.5	2.1
Net proceeds generated		$ 6,800,000
Realized gain on sale		$ 4,900,000	$ 4,500,000
First Gramercy lease
Related party transactions
Space leased (in square feet) \| ft²		7,300
Term of lease		10 years
Annual lease rent for year one		$ 249,000
Annual lease rent for year ten		$ 315,000
Second Gramercy lease
Related party transactions
Space leased (in square feet) \| ft²		900
Annual lease rent for year one		$ 35,300
Annual lease rent for year six		$ 42,800
Third Gramercy lease
Related party transactions
Space leased (in square feet) \| ft²		1,400
Annual lease rent for year one		$ 67,300
Annual lease rent for year six		$ 80,500
New lease
Related party transactions
Space leased (in square feet) \| ft²	8,100
Annual lease rent for year one	$ 345,000
Annual lease rent for year three	$ 357,000

Deferred Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Deferred Costs.
Deferred financing	$ 152,596	$ 113,620
Deferred leasing	285,931	238,394
Deferred costs, gross	438,527	352,014
Less accumulated amortization	(177,382)	(141,228)
Deferred costs, net	$ 261,145	$ 210,786

- Definition

For an unclassified balance sheet, this element represents costs incurred by the lessor that are (a) costs to originate a lease incurred in transactions with independent third parties that (i) result directly from and are essential to acquire that lease and (ii) would not have been incurred had that leasing transaction not occurred and (b) certain costs directly related to specified activities performed by the lessor for that lease. Those activities are: evaluating the prospective lessee's financial condition; evaluating and recording guarantees, collateral, and other security arrangements; negotiating lease terms; preparing and processing lease documents; and closing the transaction. This amount is before considering accumulated amortization representing the periodic charge to earnings to recognize the deferred costs over the term of the related lease.

+ References + Details

Mortgages and Other Loans Payable (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended							3 Months Ended			12 Months Ended
	Dec. 31, 2012	Nov. 30, 2012	Sep. 30, 2012	Apr. 30, 2012	Jun. 30, 2011	Apr. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Sep. 30, 2011	Jun. 30, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Jan. 31, 2011
Mortgages and Other Loans Payable
Total fixed rate debt	$ 3,457,769,000							$ 3,457,769,000			$ 3,457,769,000	$ 3,431,353,000
Total floating rate debt	1,157,695,000							1,157,695,000			1,157,695,000	942,487,000
Total mortgages and other loans payable	4,615,464,000							4,615,464,000			4,615,464,000	4,373,840,000
Loss on early extinguishment of debt								6,978,000	$ 67,000	$ (971,000)	6,978,000	(904,000)	$ 1,900,000
Gross book value of the properties collateralizing the mortgages and other loans payable	$ 7,600,000,000							$ 7,600,000,000			$ 7,600,000,000	7,400,000,000
Series E preferred units
Mortgages and Other Loans Payable
Preferred units (as a percent)											5.00%
Master Repurchase Agreement
Mortgages and Other Loans Payable
Interest rate, floating rate debt (as a percent)	3.21%							3.21%			3.21%
Total floating rate debt	$ 116,667,000							$ 116,667,000			$ 116,667,000
Interest rate added to base rate (as a percent)			3.00%
Interest rate, description			1-month LIBOR
Maximum facility capacity			$ 175,000,000
Extension option available for debt instrument			1 year
Other loan payable due in September, 2019
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	8.00%							8.00%			8.00%
Total fixed rate debt	$ 50,000,000							$ 50,000,000			$ 50,000,000	50,000,000
Other loan payable due in June 2013
Mortgages and Other Loans Payable
Total floating rate debt												62,792,000
Interest rate added to base rate (as a percent)	2.50%							2.50%			2.50%
Interest rate, description											three month GBP LIBOR
400 East 57th Street
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	4.13%							4.13%			4.13%
Total fixed rate debt	$ 70,000,000							$ 70,000,000			$ 70,000,000
400 East 58th Street
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	4.13%							4.13%			4.13%
Total fixed rate debt	$ 30,000,000							$ 30,000,000			$ 30,000,000
919 Third Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	5.12%				6.87%			5.12%		6.87%	5.12%
Total fixed rate debt	$ 500,000,000							$ 500,000,000			$ 500,000,000	500,000,000
Controlling interest in the joint venture (as a percent)	51.00%							51.00%			51.00%
Repaid loan					$ 219,900,000
Refinanced mortgage					$ 500,000,000					$ 500,000,000
100 Church
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	4.68%							4.68%			4.68%
Total fixed rate debt	$ 230,000,000							$ 230,000,000			$ 230,000,000
One Madison Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	5.91%							5.91%			5.91%
Total fixed rate debt	$ 607,678,000							$ 607,678,000			$ 607,678,000	626,740,000
885 Third Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	6.26%							6.26%			6.26%
Total fixed rate debt	$ 267,650,000							$ 267,650,000			$ 267,650,000	267,650,000
2 Herald Square
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	5.36%							5.36%			5.36%
Total fixed rate debt	$ 191,250,000							$ 191,250,000			$ 191,250,000	191,250,000
485 Lexington Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	5.61%							5.61%			5.61%
Total fixed rate debt	$ 450,000,000							$ 450,000,000			$ 450,000,000	450,000,000
120 West 45th Street
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	6.12%							6.12%			6.12%
Total fixed rate debt	$ 170,000,000							$ 170,000,000			$ 170,000,000	170,000,000
300 Main Street
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	5.75%							5.75%			5.75%
Total fixed rate debt	$ 11,500,000							$ 11,500,000			$ 11,500,000	11,500,000
762 Madison Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	3.75%							3.75%			3.75%
Total fixed rate debt	$ 8,371,000							$ 8,371,000			$ 8,371,000
Landmark Square
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	4.00%							4.00%			4.00%
Total fixed rate debt	$ 84,486,000							$ 84,486,000			$ 84,486,000	86,000,000
420 Lexington Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	7.50%							7.50%			7.50%
Total fixed rate debt	$ 184,992,000							$ 184,992,000			$ 184,992,000	187,182,000
Increase in loan amount							$ 40,000,000
500 West Putnam
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	5.52%							5.52%			5.52%
Total fixed rate debt	$ 24,060,000							$ 24,060,000			$ 24,060,000	24,563,000
625 Madison Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	7.22%							7.22%			7.22%
Total fixed rate debt	$ 125,603,000							$ 125,603,000			$ 125,603,000	129,098,000
711 Third Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	4.99%							4.99%			4.99%
Total fixed rate debt	$ 120,000,000							$ 120,000,000			$ 120,000,000	120,000,000
125 Park Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	5.75%							5.75%			5.75%
Total fixed rate debt	$ 146,250,000							$ 146,250,000			$ 146,250,000	146,250,000
609 Partners, LLC
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	5.00%							5.00%			5.00%
Total fixed rate debt	$ 23,000							$ 23,000			$ 23,000	31,721,000
609 Partners, LLC \| Series E preferred units
Mortgages and Other Loans Payable
Preferred units, shares issued	63.9							63.9			63.9
Preferred units (as a percent)											5.00%
Preferred units, liquidation preference (in dollars per share)	$ 1.00							$ 1.00			$ 1.00
Preferred units, shares redeemed	63.8							63.8			63.8
220 East 42nd Street
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	5.25%							5.25%			5.25%
Total fixed rate debt	$ 185,906,000							$ 185,906,000			$ 185,906,000	190,431,000
609 Fifth Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	5.85%							5.85%			5.85%
Total fixed rate debt												94,963,000
Repaid loan	$ 93,300,000
Loss on early extinguishment of debt	$ 3,100,000
673 First Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)		5.67%
Total fixed rate debt												29,906,000
Repaid loan		$ 29,100,000
110 East 42nd Street
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	5.81%							5.81%			5.81%
Total fixed rate debt												65,000,000
Repaid loan	$ 65,000,000
Loan B-tranche amount												18,100,000
292 Madison Avenue
Mortgages and Other Loans Payable
Total fixed rate debt												59,099,000
1515 Broadway
Mortgages and Other Loans Payable
Interest rate, floating rate debt (as a percent)	3.60%							3.60%			3.60%
Total floating rate debt	$ 769,813,000							$ 769,813,000			$ 769,813,000	450,363,000
Term				7 years
Interest rate added to base rate (as a percent)				2.85%
Interest rate, description				90-day LIBOR
Repaid loan				$ 447,200,000
Refinanced mortgage				$ 775,000,000
Variable interest rate floor (as a percent)				3.60%
180 Maiden Lane
Mortgages and Other Loans Payable
Interest rate, floating rate debt (as a percent)	2.42%							2.42%			2.42%
Total floating rate debt	$ 271,215,000							$ 271,215,000			$ 271,215,000	279,332,000
Controlling interest in the joint venture (as a percent)	49.90%							49.90%			49.90%
521 Fifth Avenue
Mortgages and Other Loans Payable
Total floating rate debt												$ 150,000,000
Mortgage on property assumed at acquisition														$ 140,000,000
Term		7 years				2 years
Interest rate added to base rate (as a percent)		2.20%				2.00%
Interest rate, description		LIBOR				30-day LIBOR
Refinanced mortgage						$ 150,000,000
Increase in loan amount		$ 170,000,000
Partnership interest sold (as a percent)		49.50%

Corporate Indebtedness (Details)		1 Months Ended				3 Months Ended			12 Months Ended
Corporate Indebtedness (Details)	Dec. 27, 2012 USD ($)	Mar. 31, 2012 USD ($)	Oct. 31, 2010 USD ($) $ / shares	Mar. 31, 2007 USD ($)	Jun. 30, 2005 USD ($)	Dec. 31, 2012 USD ($) item $ / shares	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Dec. 31, 2012 USD ($) shares item $ / shares	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Nov. 30, 2012 USD ($)
Corporate Indebtedness
Outstanding under line of credit facility						$ 70,000,000			$ 70,000,000	$ 350,000,000
Debt disclosures by scheduled maturity date
Accreted Balance						1,734,956,000			1,734,956,000	1,270,656,000
Loss on early extinguishment of debt						6,978,000	$ 67,000	$ (971,000)	6,978,000	(904,000)	$ 1,900,000
Scheduled amortization and principal repayments
2013						348,505,000			348,505,000
2014						274,686,000			274,686,000
2015						285,354,000			285,354,000
2016						827,218,000			827,218,000
2017						1,457,791,000			1,457,791,000
Thereafter						3,326,866,000			3,326,866,000
Total amortization of debt and principal repayments						6,520,420,000			6,520,420,000
Interest expense
Interest expense									332,188,000	287,921,000	232,794,000
Interest income									(1,619,000)	(2,004,000)	(2,146,000)
Interest expense, net									330,569,000	285,917,000	$ 230,648,000
Interest capitalized									12,218,000	5,123,000
Joint venture
Principal Repayments
2013						176,511,000			176,511,000
2014						309,090,000			309,090,000
2015						36,457,000			36,457,000
2016						528,278,000			528,278,000
2017						933,634,000			933,634,000
Thereafter						151,393,000			151,393,000
Total principal repayments						2,135,363,000			$ 2,135,363,000
2012 Credit Facility
Corporate Indebtedness
Revolving credit facility, maximum borrowing capacity												$ 1,600,000,000
Interest rate, description									LIBOR
Extension option available, one									6 months
Extension option available, two									6 months
Maximum borrowing capacity, optional expansion						1,500,000,000			$ 1,500,000,000
Outstanding letters of credit						79,500,000			79,500,000
Amount drawn						70,000,000			70,000,000
Outstanding under line of credit facility						400,000,000			400,000,000
Ability to borrow under line of credit facility						1,100,000,000			1,100,000,000
Principal Repayments
Thereafter						70,000,000			70,000,000
Total principal repayments						$ 70,000,000			$ 70,000,000
Revolving credit facility
Corporate Indebtedness
Revolving credit facility, maximum borrowing capacity												1,200,000,000
Interest rate added to base rate (as a percent)						1.45%			1.45%
Extension fee required to be paid (as a percent)									0.10%
Facility fee on total commitments, payable quarterly in arrears (as a percent)									0.30%
Revolving credit facility \| Minimum
Corporate Indebtedness
Interest rate added to base rate (as a percent)						1.00%			1.00%
Facility fee on total commitments, payable quarterly in arrears (as a percent)									0.15%
Revolving credit facility \| Maximum
Corporate Indebtedness
Interest rate added to base rate (as a percent)						1.75%			1.75%
Facility fee on total commitments, payable quarterly in arrears (as a percent)									0.35%
Term loan
Corporate Indebtedness
Revolving credit facility, maximum borrowing capacity												$ 400,000,000
Interest rate added to base rate (as a percent)						1.65%			1.65%
Outstanding under line of credit facility						$ 400,000,000			$ 400,000,000
Term loan \| Minimum
Corporate Indebtedness
Interest rate added to base rate (as a percent)						1.15%			1.15%
Term loan \| Maximum
Corporate Indebtedness
Interest rate added to base rate (as a percent)						2.00%			2.00%
2011 Revolving Credit Facility
Corporate Indebtedness
Revolving credit facility, maximum borrowing capacity						$ 1,500,000,000			$ 1,500,000,000
Interest rate, description									LIBOR
2011 Revolving Credit Facility \| Minimum
Corporate Indebtedness
Interest rate added to base rate (as a percent)						1.00%			1.00%
Facility fee on total commitments, payable quarterly in arrears (as a percent)									0.175%
2011 Revolving Credit Facility \| Maximum
Corporate Indebtedness
Interest rate added to base rate (as a percent)						1.85%			1.85%
Facility fee on total commitments, payable quarterly in arrears (as a percent)									0.45%
2007 Revolving Credit Facility
Corporate Indebtedness
Revolving credit facility, maximum borrowing capacity						$ 1,500,000,000			$ 1,500,000,000
Interest rate, description									30-day LIBOR
2007 Revolving Credit Facility \| Minimum
Corporate Indebtedness
Interest rate added to base rate (as a percent)						0.70%			0.70%
Fee on the unused balance, payable quarterly in arrears (as a percent)									0.125%
2007 Revolving Credit Facility \| Maximum
Corporate Indebtedness
Interest rate added to base rate (as a percent)						1.10%			1.10%
Fee on the unused balance, payable quarterly in arrears (as a percent)									0.20%
Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Unpaid Principal Balance						$ 1,393,106,000			$ 1,393,106,000
Accreted Balance						1,334,956,000			1,334,956,000	1,270,656,000
Scheduled amortization and principal repayments
2014						75,898,000			75,898,000
2015						7,000			7,000
2016						255,165,000			255,165,000
2017						304,266,000			304,266,000
Thereafter						699,620,000			699,620,000
Total amortization of debt and principal repayments						1,334,956,000			1,334,956,000
3.00% senior unsecured notes maturing on March 30, 2027
Debt disclosures by scheduled maturity date
Unpaid Principal Balance						16,893,000			16,893,000
Accreted Balance						$ 16,893,000			$ 16,893,000	119,423,000
Coupon Rate (as a percent)						3.00%			3.00%
Effective Rate (as a percent)						3.00%			3.00%
Term									20 years
Debt instrument issued, value				$ 750,000,000
Premium on sale price to calculate exchange price of notes (as a percent)						25.00%			25.00%
Exchange price (in dollars per share) \| $ / shares						$ 173.30			$ 173.30
Repayment of debt		$ 102,200,000
Amount of convertible debt recorded in equity				$ 66,600,000
4.00% senior unsecured notes maturing on June 15, 2025
Debt disclosures by scheduled maturity date
Unpaid Principal Balance						$ 7,000			$ 7,000
Accreted Balance						$ 7,000			$ 7,000	657,000
Coupon Rate (as a percent)						4.00%			4.00%
Effective Rate (as a percent)						4.00%			4.00%
Term									20 years
Repayment of debt									$ 650,000
Adjusted exchange rate for the debentures (in shares) \| shares									7.7461
Principal amount of debentures, basis for conversion						$ 1,000			$ 1,000
Adjusted reference dividend for debentures									1.3491
4.50% senior unsecured notes maturing on December 1, 2022
Debt disclosures by scheduled maturity date
Unpaid Principal Balance						200,000,000			$ 200,000,000
Accreted Balance						$ 200,000,000			$ 200,000,000
Coupon Rate (as a percent)						4.50%			4.50%
Effective Rate (as a percent)						4.50%			4.50%
Term									10 years
7.75% senior unsecured notes maturing on March 15, 2020
Debt disclosures by scheduled maturity date
Unpaid Principal Balance						$ 250,000,000			$ 250,000,000
Accreted Balance						$ 250,000,000			$ 250,000,000	250,000,000
Coupon Rate (as a percent)						7.75%			7.75%
Effective Rate (as a percent)						7.75%			7.75%
Term									10 years
5.00% senior unsecured notes maturing on August 15, 2018
Debt disclosures by scheduled maturity date
Unpaid Principal Balance						$ 250,000,000			$ 250,000,000
Accreted Balance						$ 249,620,000			$ 249,620,000	249,565,000
Coupon Rate (as a percent)						5.00%			5.00%
Effective Rate (as a percent)						5.03%			5.03%
Term									7 years
3.00% senior unsecured notes maturing on October 15, 2017
Debt disclosures by scheduled maturity date
Unpaid Principal Balance						$ 345,000,000			$ 345,000,000
Accreted Balance						$ 287,373,000			$ 287,373,000	277,629,000
Coupon Rate (as a percent)						3.00%			3.00%
Effective Rate (as a percent)						7.13%			7.13%
Term									7 years
Debt instrument issued, value			$ 345,000,000
Premium on sale price to calculate exchange price of notes (as a percent)						30.00%			30.00%
Exchange price (in dollars per share) \| $ / shares			$ 85.81			$ 11.6800			$ 11.6800
Amount of convertible debt recorded in equity			$ 78,300,000
Principal amount of debentures, basis for conversion						$ 1,000			$ 1,000
Equity portion of convertible debt, remained unamortized as of the balance sheet date						57,600,000			57,600,000
6.00% senior unsecured notes maturing on March 31, 2016 and 5.875% senior unsecured notes maturing on August 15, 2014
Debt disclosures by scheduled maturity date
Repayment of debt	$ 46,400,000
Aggregate principal amount of notes repurchased	42,400,000
Loss on early extinguishment of debt	3,800,000
6.00% senior unsecured notes maturing on March 31, 2016
Debt disclosures by scheduled maturity date
Unpaid Principal Balance						255,308,000			255,308,000
Accreted Balance						$ 255,165,000			$ 255,165,000	274,804,000
Coupon Rate (as a percent)						6.00%			6.00%
Effective Rate (as a percent)						6.02%			6.02%
Term									10 years
Aggregate principal amount of notes repurchased	19,700,000
5.88% senior unsecured notes maturing on August 15, 2014
Debt disclosures by scheduled maturity date
Unpaid Principal Balance						$ 75,898,000			$ 75,898,000
Accreted Balance						$ 75,898,000			$ 75,898,000	$ 98,578,000
Coupon Rate (as a percent)						5.88%			5.88%
Effective Rate (as a percent)						5.88%			5.88%
Term									10 years
Aggregate principal amount of notes repurchased	$ 22,700,000
Term Loans and Trust Preferred Securities
Debt disclosures by scheduled maturity date
Coupon Rate (as a percent)						5.61%			5.61%
Debt instrument issued, value					$ 100,000,000
Period for which securities will bear fixed rate of interest									10 years
Maximum consecutive quarters up to which interest payment can be deferred \| item						8			8
Principal Repayments
Thereafter						$ 500,000,000			$ 500,000,000
Total principal repayments						500,000,000			500,000,000
Mortgages and other loans payable
Scheduled Amortization
2013						49,496,000			49,496,000
2014						52,515,000			52,515,000
2015						55,810,000			55,810,000
2016						55,299,000			55,299,000
2017						55,461,000			55,461,000
Thereafter						235,004,000			235,004,000
Total amortization of debt						503,585,000			503,585,000
Principal Repayments
2013						299,009,000			299,009,000
2014						146,273,000			146,273,000
2015						229,537,000			229,537,000
2016						516,754,000			516,754,000
2017						1,098,064,000			1,098,064,000
Thereafter						1,822,242,000			1,822,242,000
Total principal repayments						$ 4,111,879,000			$ 4,111,879,000

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Fair Value of Financial Instruments
Fixed rate debt	$ 4,900,000
Amount swapped	30,000
Floating rate debt	1,600,000
Debt and preferred equity investments	1,357,203	$ 985,942
Level 3
Fair Value of Financial Instruments
Fixed rate debt	5,300,000
Floating rate debt	1,600,000
Debt and preferred equity investments	1,400,000
Level 3 \| Minimum
Fair Value of Financial Instruments
Debt and preferred equity investments	1,300,000
Level 3 \| Maximum
Fair Value of Financial Instruments
Debt and preferred equity investments	$ 1,400,000

Rental Income (Details) $ in Thousands	Dec. 31, 2012 USD ($)
Consolidated properties
Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases
2013	$ 989,702
2014	917,638
2015	863,405
2016	801,448
2017	717,112
Thereafter	3,915,024
Total minimum lease payments	8,204,329
Unconsolidated properties
Approximate future minimum rents to be received over the next five years and thereafter for non-cancelable operating leases
2013	214,291
2014	208,617
2015	195,122
2016	185,113
2017	168,718
Thereafter	720,492
Total minimum lease payments	$ 1,692,353

Related Party Transactions (Details)	12 Months Ended
Related Party Transactions (Details)	Dec. 31, 2012 USD ($) ft²	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Amounts due from/to related parties
Due from joint ventures	$ 511,000	$ 477,000
Other	7,020,000	3,524,000
Related party receivables	7,531,000	4,001,000
Due to joint venture	(8,401,000)
Alliance Building Services
Related party transactions
Payments made for services	17,900,000	16,100,000	$ 14,200,000
Alliance Building Services \| Service Corporation
Related party transactions
Profit participation from related party	4,000,000	2,700,000	2,200,000
A-List Marketing, LLC
Related party transactions
Payments made for services	$ 155,500	140,300	86,300
Nancy Peck and Company
Related party transactions
Space at 420 Lexington Avenue leased (in square foot) \| ft²	1,003
Lease rent due per year	$ 35,516
Increased lease rent due per year beginning in year seven	40,000
Entity in which Stephen L Green owns interest
Related party transactions
Property management fees from related party	$ 384,900	$ 420,300	$ 390,700

Capital (Details) - USD ($)	1 Months Ended					3 Months Ended	12 Months Ended
Capital (Details) - USD ($)	Sep. 30, 2012	Aug. 31, 2012	Jul. 31, 2012	Jan. 31, 2012	Nov. 30, 2011	Sep. 30, 2012	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Mar. 31, 2012	Jul. 31, 2011
Capital
Period for which redemption right of unitholder is restricted							1 year
Number of shares to be received on redemption of one unit of limited partnership interests							1
Proceeds from shares sold							$ 201,279,000	$ 516,168,000
Limited partnership interest held by noncontrolling investors (as a percent)							2.94%
Number of units owned by other limited partners							2,759,758
Number of shares reserved for conversion of units owned by other limited partners							2,826,426
Net proceeds from the offerings contributed by SL Green							$ 221,965,000		$ 122,041,000
Preferred unit redemption costs						$ 10,010,000	$ 10,010,000
Series I Preferred Units
Capital
Preferred stock, shares outstanding							9,200,000
Preferred stock, dividend rate (as a percent)							6.50%
Net proceeds from the offerings contributed by SL Green		$ 222,200,000
Preferred stock, liquidation preference (in dollars per share)							$ 25.00
Preferred stock, annual distributions per share (in dollars per share)							$ 1.625
Series C preferred units
Capital
Preferred stock, shares outstanding							7,700,000
Preferred stock, dividend rate (as a percent)							7.625%
Preferred stock, liquidation preference (in dollars per share)							$ 25.00
Preferred stock, annual distributions per share (in dollars per share)							$ 1.90625
Number of shares redeemed	4,000,000
Redemption price (in dollars per share)	$ 25.00					$ 25.00
Cumulative and unpaid dividend (in dollars per share)	$ 0.3707
Preferred unit redemption costs	$ 6,300,000
Series D preferred units
Capital
Preferred stock, shares outstanding							4,000,000
Preferred stock, dividend rate (as a percent)							7.875%
Preferred stock, liquidation preference (in dollars per share)							$ 25.00
Preferred stock, annual distributions per share (in dollars per share)							$ 1.96875
Number of shares redeemed			4,000,000
Redemption price (in dollars per share)			$ 25.00
Cumulative and unpaid dividend (in dollars per share)			$ 0.4922
Preferred unit redemption costs			$ 3,700,000
Series E preferred units
Capital
Preferred stock, shares outstanding							22,658
Preferred stock, dividend rate (as a percent)							5.00%
Preferred stock, liquidation preference (in dollars per share)							$ 1.00
Series H Preferred Units
Capital
Number of preferred units issued (in shares)					80,000
Preferred stock, dividend rate (as a percent)					6.00%
Preferred stock, liquidation preference (in dollars per share)					$ 25.00
Preferred stock, annual distributions per share (in dollars per share)					$ 1.50
Series G Preferred Units
Capital
Number of preferred units issued (in shares)				1,902,000
Preferred stock, dividend rate (as a percent)				4.50%
Preferred stock, liquidation preference (in dollars per share)				$ 25.00
Preferred stock, annual distributions per share (in dollars per share)				1.125
Conversion ratio, denominator (in dollars per unit)				$ 88.50
Series F Preferred Units
Capital
Preferred stock, shares outstanding							60
Preferred stock, liquidation preference (in dollars per share)							$ 1,000.00
At-the-market equity offering program
Capital
Aggregate value of the shares of common stock to be sold											$ 250,000,000
Aggregate gross proceeds from shares sold							$ 204,600,000
Proceeds from shares sold							201,300,000
Amount contributed							$ 201,300,000
Number of common partnership units exchanged (in shares)							2,600,000
Aggregate value of shares available for issuance							$ 45,400,000
SL Green
Capital
Number of common units held by parent							91,249,632
SL Green \| Dividend Reinvestment and Stock Purchase Plan (DRIP)
Capital
Proceeds from shares sold							$ 99,600,000	$ 34,000
Amount contributed							$ 99,600,000
Number of common partnership units exchanged (in shares)							1,300,000	473
Common stock, shares authorized										3,500,000

Capital (Details 2)	12 Months Ended
Capital (Details 2)	Dec. 31, 2012 USD ($) item $ / shares shares	Dec. 31, 2011 USD ($) $ / shares shares	Dec. 31, 2010 USD ($) $ / shares shares
LTIP units
Options Outstanding
Weighted average fair value of awards granted during the year \| $	$ 8,500,000
SL Green
Summary of restricted stock
Compensation expense related to long-term compensation plans, restricted stock and stock options capitalized to assets \| $	$ 4,100,000	$ 3,400,000	$ 2,200,000
SL Green \| Full-value awards
Second amended and restated 2005 stock option and incentive plan
Fungible units per share \| item	1.65
SL Green \| Stock options, stock appreciation rights and other awards
Second amended and restated 2005 stock option and incentive plan
Maximum fungible units that may be granted (in shares)	10,730,000
Fungible units per share \| item	0.79
Award expiration period	5 years
SL Green \| All other awards
Second amended and restated 2005 stock option and incentive plan
Fungible units per share \| item	1.0
SL Green \| Stock options
Second amended and restated 2005 stock option and incentive plan
Award expiration period	10 years
Period of commencement of option vesting, from date of grant	1 year
Weighted average assumptions used for estimation of fair value of each stock option
Dividend yield (as a percent)	2.00%	2.00%	2.00%
Expected life of option	3 years 8 months 12 days	4 years 2 months 12 days	5 years 1 month 6 days
Risk-free interest rate (as a percent)	0.46%	1.00%	2.09%
Expected stock price volatility (as a percent)	37.40%	47.98%	50.07%
Options Outstanding
Balance at beginning of year (in shares)	1,277,200	1,353,002	1,324,221
Granted (in shares)	361,331	212,400	180,250
Exercised (in shares)	(382,612)	(243,901)	(109,636)
Lapsed or cancelled (in shares)	(54,919)	(44,301)	(41,833)
Balance at end of year (in shares)	1,201,000	1,277,200	1,353,002
Options exercisable at end of year (in shares)	479,913	644,429	631,224
Weighted average fair value of awards granted during the year \| $	$ 6,602,967	$ 4,647,554	$ 4,333,281
Weighted Average Exercise Price
Balance at beginning of year (in dollars per share) \| $ / shares	$ 63.37	$ 58.85	$ 56.74
Granted (in dollars per share) \| $ / shares	75.36	66.42	62.00
Exercised (in dollars per share) \| $ / shares	36.65	40.48	31.49
Lapsed or cancelled (in dollars per share) \| $ / shares	72.99	65.89	77.33
Balance at end of year (in dollars per share) \| $ / shares	75.05	63.37	58.85
Options exercisable at end of year (in dollars per share) \| $ / shares	86.85	$ 72.31	$ 69.42
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	4 years 25 days
Remaining weighted average contractual life of the options exercisable	4 years 3 months 22 days
Share-based compensation, additional disclosures
Compensation expense \| $	$ 5,100,000	$ 4,700,000	$ 4,400,000
Total unrecognized compensation cost related to unvested stock awards \| $	$ 9,100,000
Weighted average period for recognition of compensation cost related to unvested stock awards	3 years
SL Green \| Stock options \| Minimum
Second amended and restated 2005 stock option and incentive plan
Options vesting period, maximum	1 year
SL Green \| Stock options \| Maximum
Second amended and restated 2005 stock option and incentive plan
Options vesting period, maximum	5 years
SL Green \| Restricted Stock Awards
Options Outstanding
Weighted average fair value of awards granted during the year \| $	$ 7,023,942	21,768,084	28,269,983
Share-based compensation, additional disclosures
Compensation expense \| $	6,930,381	$ 17,365,401	$ 15,327,206
Total unrecognized compensation cost related to unvested stock awards \| $	$ 11,100,000
Weighted average period for recognition of compensation cost related to unvested stock awards	2 years 4 months 24 days
Annual award vesting rate, low end of the range (as a percent)	15.00%
Annual award vesting rate, high end of the range (as a percent)	35.00%
Summary of restricted stock
Balance at beginning of year (in shares)	2,912,456	2,728,290	2,330,532
Granted (in shares)	92,729	185,333	400,925
Cancelled (in shares)	(200,284)	(1,167)	(3,167)
Balance at end of year (in shares)	2,804,901	2,912,456	2,728,290
Vested during the year (in shares)	408,800	66,299	153,644
Fair value of restricted stock vested during the year \| $	$ 22,400,000	$ 4,300,000	$ 16,600,000
SL Green \| Second Amended and Restated 2005 Stock Option and Incentive Plan
Second amended and restated 2005 stock option and incentive plan
Shares that may be issued if equal to fungible units	10,730,000

Capital (Details 3) - USD ($)		1 Months Ended		12 Months Ended
Capital (Details 3) - USD ($)	Jun. 08, 2006	Aug. 31, 2011	Nov. 30, 2008	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 17, 2012	Jan. 01, 2008	Jun. 14, 2006
2006 Long-Term Outperformance Compensation Program
Stock based compensation
Compensation expense					$ 70,000	$ 200,000
Cost of the plan, subject to adjustment for forfeitures				$ 16,400,000
SL Green
Stock based compensation
Cost of the plan, subject to adjustment for forfeitures				$ 4,100,000	3,400,000	2,200,000
SL Green \| 2005 Long-Term Outperformance Compensation Program
Stock based compensation
Minimum return to be achieved for awards to be made to plan participant (as a percent)				30.00%
Performance period				3 years
Maximum performance pool established, net of forfeitures									$ 49,250,000
Awards granted (in shares)	490,475
Period over which remaining percentage of each award is vested				2 years
Compensation expense						1,600,000
Number of consecutive days of maximum performance to earn awards earlier				30 days
Portion of earned LTIP Units vested			one-third
Cost of the plan, subject to adjustment for forfeitures				$ 8,000,000
SL Green \| 2010 Notional Unit Long-Term Compensation Plan
Stock based compensation
Compensation expense				$ 10,700,000	$ 9,300,000	$ 4,000,000
LTIP units earned (in shares)				327,416	385,583	366,815
Cost of the plan, subject to adjustment for forfeitures				$ 31,700,000
Period for appreciation of stock price				3 years
Approximate amount of awards that could be earned by recipients after beginning of the second year if maximum performance achieved				$ 25,000,000
Approximate amount of awards that could be earned by recipients after beginning of the third year if maximum performance achieved				$ 25,000,000
Minimum stock price appreciation to earn maximum amount of awards (as a percent)				50.00%
Period over which remainder of awards is scheduled to vest ratably				2 years
Percentage of award vested							50.00%
SL Green \| 2010 Notional Unit Long-Term Compensation Plan \| Minimum
Stock based compensation
Approximate amount of LTIP units that may be earned by the recipients based on stock price appreciation				$ 15,000,000
SL Green \| 2010 Notional Unit Long-Term Compensation Plan \| Maximum
Stock based compensation
Approximate amount of LTIP units that may be earned by the recipients based on stock price appreciation				75,000,000
SL Green \| 2011 Outperformance Plan
Stock based compensation
Term of long-term compensation program		3 years
Minimum return to be achieved for awards to be made to plan participant (as a percent)		25.00%
Performance period		3 years
Maximum performance pool established, net of forfeitures		$ 85,000,000
Compensation expense				$ 5,500,000	$ 100,000
Value of LTIP Units that could be earned expressed as percentage of outperformance amount in excess of the 30% benchmark		10.00%
Portion of earned LTIP Units vested				One-third
Cost of the plan, subject to adjustment for forfeitures				$ 26,100,000
Approximate amount of LTIP units that may be earned by the recipients based on stock price appreciation		$ 85,000,000
Percentage of LTIP Units earned, vesting on August 31, 2014				50.00%
Percentage of LTIP Units earned, vesting on August 31, 2015				50.00%
SL Green \| Deferred Stock Compensation Plan for Directors
Stock based compensation
Awards granted (in shares)				8,307
Maximum percentage of the annual retainer fee, chairman fees and meeting fees that may be deferred by non-employee directors				100.00%
Phantom stock units outstanding (in shares)				75,156
SL Green \| Employee Stock Purchase Plan
Stock based compensation
Shares of common stock available for issuance								500,000
Duration of each offering period starting on the first day of each calendar quarter				3 months
Purchase price as a percentage of market value of the common stock				85.00%
Shares of common stock issued				66,323

Capital (Details 4) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Capital (Details 4) - USD ($) $ in Thousands	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Basic Earnings:
Net income attributable to SLGOP common unitholders	$ 20,677	$ 8,299	$ 106,461	$ 26,144	$ 3,491	$ 7,248	$ 538,383	$ 82,739	$ 161,581	$ 631,861	$ 275,400
Diluted Earnings:
Income attributable to SLGOP common unitholders									$ 161,581	$ 631,861	$ 275,400
Basic Earnings:
Units attributable to common unitholders (in shares)									92,526	85,747	79,422
Effect of Dilutive Securities:
Stock-based compensation plans (in shares)									347	497	339
Diluted Units (in shares)									92,873	86,244	79,761
Common units excluded from the diluted shares outstanding									627,000	680,000	804,800

Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended			21 Months Ended
Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Oct. 02, 2010
Multi-employer plans
Employer contributions	$ 16,551	$ 14,294	$ 11,732
Quarterly diversion of employer contributions from the Health Plan to the Pension Plan				$ 1,950
Pension Plan
Multi-employer plans
Plan contributions from all employers	212,700	201,300	193,300
Employer contributions	2,506	2,264	1,835
Health Plan
Multi-employer plans
Plan contributions from all employers	893,300	843,200	770,800
Employer contributions	8,020	6,919	5,754
Other plans
Multi-employer plans
Employer contributions	$ 6,025	$ 5,111	$ 4,143

Benefit Plans (Details 2) - USD ($)	12 Months Ended
Benefit Plans (Details 2) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2000
401 (K) Plan
Matching contribution	$ 561,000	$ 502,000	$ 450,000
SL Green
401 (K) Plan
Employee contribution limit per calendar year (as a percent of compensation)	15.00%
Employer match of employee contributions of first specified percentage of annual compensation	50.00%	50.00%	50.00%	50.00%
Percentage of eligible compensation matched by employer	6.00%	6.00%	6.00%	4.00%

Commitments and Contingencies (Details) - SL Green - USD ($) $ in Millions	Dec. 31, 2013	Dec. 31, 2012
Commitments and Contingencies
Cash-based compensation	$ 4.5
Grant date value of deferred compensation awards		$ 1.0

Commitments and Contingencies (Details 2) $ in Millions	12 Months Ended
Commitments and Contingencies (Details 2) $ in Millions	Dec. 31, 2012 USD ($) item	Dec. 31, 2011 USD ($)
Commitments and Contingencies
Number of property insurance portfolios for which all-risk property and rental value coverage is maintained \| item	2
Belmont
Commitments and Contingencies
Loss reserves	$ 6.2	$ 6.4
Property and rental value coverage
Commitments and Contingencies
Blanket limit per occurrence maintained under first property portfolio	775.0
Limit per occurrence maintained under second property portfolio	750.0
Limit per occurrence and in aggregate per location under liability policies	201.0
Amount of flood coverage	$ 100.0

- Definition

Alternate concept name for the aggregate amount of policy reserves (provided for future obligations including unpaid claims and claims adjustment expenses) and policy benefits (liability for future policy benefits) as of the balance sheet date; grouped amount of all the liabilities associated with the company's insurance policies.

+ References + Details

Commitments and Contingencies (Details 3) $ in Thousands	1 Months Ended		12 Months Ended
Commitments and Contingencies (Details 3) $ in Thousands	Jul. 31, 2016 USD ($)	Oct. 31, 2012 USD ($)	Dec. 31, 2012 USD ($) item	Dec. 31, 2011 USD ($)
Commitments and Contingencies
Capital lease, cost basis			$ 40,340	$ 12,208
420 Lexington Avenue
Commitments and Contingencies
Required annual ground lease payments			10,900
711 Third Avenue
Commitments and Contingencies
Required annual ground lease payments	$ 5,500		5,250
Required annual ground lease payments, prior to reset			$ 1,550
Percentage of fee not owned by the entity			50.00%
461 Fifth Avenue
Commitments and Contingencies
Required annual ground lease payments			$ 2,100
Number of renewal options available \| item			2
Term of first renewal option			21 years
Term of second renewal option			21 years
Term of third renewal option			15 years
625 Madison Avenue
Commitments and Contingencies
Required annual ground lease payments			$ 4,600
Number of renewal options available \| item			2
Term of first renewal option			23 years
Term of second renewal option			23 years
1185 Avenue of the Americas
Commitments and Contingencies
Required annual ground lease payments			$ 6,900
Term of first renewal option			23 years
673 First Avenue
Commitments and Contingencies
Land as percentage of fair market value of the property			70.00%
Initial lease term			49 years
Term of renewal option			25 years
Capital lease, cost basis			$ 12,200
Cumulative amortization			$ 6,300	$ 6,000
Extension in lease term			50 years
1080 Amsterdam Avenue
Commitments and Contingencies
Capital lease, cost basis			$ 28,100
Prepayment of ground lease rent		$ 13,000
Value of land as a percentage of the fair market value of the property		40.00%

Commitments and Contingencies (Details 4) $ in Thousands	12 Months Ended
Commitments and Contingencies (Details 4) $ in Thousands	Dec. 31, 2012 USD ($)
Commitments and Contingencies.
Initial term of non cancellable operating leases, minimum	1 year
Capital lease
2013	$ 1,555
2014	1,705
2015	1,743
2016	1,857
2017	2,007
Thereafter	99,828
Total minimum lease payments	108,695
Less amount representing interest	(71,177)
Present value of net minimum lease payments	37,518
Non-cancellable operating leases
2013	37,431
2014	37,531
2015	37,757
2016	38,315
2017	38,561
Thereafter	1,482,791
Total minimum lease payments	$ 1,672,386

Financial Instruments: Derivatives and Hedging (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2010	Mar. 31, 2010	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Financial Instruments: Derivatives and Hedging
Loss from settlement of hedges included in accumulated other comprehensive loss			$ 17,400
Share of joint venture accumulated other comprehensive loss			16,600
Net loss on forward swaps	$ 19,500
Amortization period of the loss from the settlement of hedges		10 years
Accumulated other comprehensive loss relating to derivatives			34,100	$ 36,200
Estimated current balance held in accumulated other comprehensive loss to be reclassified into interest within the next 12 months			2,100
Estimated amount of amount of Loss reclassified from accumulated other comprehensive loss into equity in net income from unconsolidated joint ventures within the next 12 months.			4,900
Amount of (Loss) or Gain Recognized in Other Comprehensive Loss (Effective Portion) on derivatives qualifying as hedges			(10,594)	(16,049)	$ (17,619)
Amount of (Loss) or Gain Reclassified from Accumulated Other Comprehensive Loss into Interest Expense/ Equity in net income of unconsolidated joint ventures (Effective Portion) on derivatives qualifying as hedges			(12,657)	(12,625)	(12,661)
Amount of (Loss) or Gain Recognized in Interest Expense/Equity in Net Income of Unconsolidated Joint Ventures (Ineffective Portion) on derivatives qualifying as hedges			(3)	(16)	$ (1,329)
Amount of (Loss) or Gain Recognized in Interest Expense/Equity in Net Income of Unconsolidated Joint Ventures (Ineffective Portion) on derivatives not qualifying as hedges			(847)	$ (82)
Interest Rate Cap expiring in April, 2013
Financial Instruments: Derivatives and Hedging
Notional Value			$ 775,000
Strike Rate (as a percent)			3.65%
Interest Rate Swap Expiring in June 2016
Financial Instruments: Derivatives and Hedging
Notional Value			$ 30,000
Strike Rate (as a percent)			2.295%
Interest Rate Swap expiring in February, 2015
Financial Instruments: Derivatives and Hedging
Notional Value			$ 8,500
Strike Rate (as a percent)			0.74%
Interest Rate Cap expiring in March, 2013
Financial Instruments: Derivatives and Hedging
Notional Value			$ 475,000
Strike Rate (as a percent)			6.00%
Interest Rate Cap expiring in November, 2013
Financial Instruments: Derivatives and Hedging
Notional Value			$ 271,912
Strike Rate (as a percent)			6.00%
Level 2
Financial Instruments: Derivatives and Hedging
Fair Value			$ 2,000
Level 2 \| Interest Rate Swap Expiring in June 2016
Financial Instruments: Derivatives and Hedging
Fair Value			(1,881)
Level 2 \| Interest Rate Swap expiring in February, 2015
Financial Instruments: Derivatives and Hedging
Fair Value			$ (78)

Segment Information (Details) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2012 USD ($)	Sep. 30, 2012 USD ($)	Jun. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Mar. 31, 2011 USD ($)	Dec. 31, 2012 USD ($) item	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Segment Information
Number of reportable segments \| item									2
Segment Information
Total revenues	$ 350,733	$ 361,385	$ 349,004	$ 339,133	$ 328,877	$ 306,624	$ 298,705	$ 329,222	$ 1,400,255	$ 1,263,428	$ 1,084,386
Income from continuing operations before equity in net gain on sale of unconsolidated joint venture/ partial interest and purchase price fair value adjustments:									156,904	124,144	147,686
Total assets	14,387,754				13,483,852				14,387,754	13,483,852
Marketing, general and administrative expenses and transaction related costs									88,500	85,700	87,800
Real Estate Segment
Segment Information
Total revenues									1,281,100	1,143,010	936,460
Income from continuing operations before equity in net gain on sale of unconsolidated joint venture/ partial interest and purchase price fair value adjustments:									63,958	23,107	27,101
Total assets	13,021,095				12,490,502				13,021,095	12,490,502
Debt and Preferred Equity Segment
Segment Information
Total revenues									119,155	120,418	147,926
Income from continuing operations before equity in net gain on sale of unconsolidated joint venture/ partial interest and purchase price fair value adjustments:									92,946	101,037	$ 120,585
Total assets	$ 1,366,659				$ 993,350				$ 1,366,659	$ 993,350
Leverage rate assumption (as a percent)									100.00%

Segment Information (Details 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details 2) - USD ($) $ in Thousands	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Reconciliation of income from continuing operations to net income attributable to the entity's common unitholders
Income from continuing operations before equity in net gain on sale of unconsolidated joint venture and purchase price fair value adjustments									$ 156,904	$ 124,144	$ 147,686
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	$ 19,277	$ (4,807)	$ 15,323	$ 7,260	$ (114)	$ 3,032			37,053	2,918	128,921
Purchase price fair value adjustment										498,195
Income from continuing operations									193,957	625,257	276,607
Net income from discontinued operations	9,126	217	(67)	(160)	1,116	1,116	$ 1,675	$ 1,873	9,116	5,780	7,064
Gain on sale of discontinued operations				6,627			46,085		6,627	46,085	35,485
Net income									209,700	677,122	319,156
Net income attributable to noncontrolling interests in other partnerships									(5,591)	(15,083)	(14,007)
Preferred unit distributions									(2,107)
Net income attributable to SLGOP	28,084	26,224	114,005	33,689	11,034	14,793	545,928	90,284	202,002	662,039	305,149
Preferred unit redemption costs		(10,010)							(10,010)
Preferred units dividends	(7,407)	(7,915)	(7,544)	(7,545)	(7,543)	(7,545)	(7,545)	(7,545)	(30,411)	(30,178)	(29,749)
Net income	$ 20,677	$ 8,299	$ 106,461	$ 26,144	$ 3,491	$ 7,248	$ 538,383	$ 82,739	$ 161,581	$ 631,861	$ 275,400

Supplemental Disclosure of Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Issuance of common stock as deferred compensation	$ 722	$ 699
Issuance of units in the operating partnership	42,239	62,443	$ 2,874
Redemption of units in the operating partnership	87,513	865
Derivative instruments at fair value	92	1,870
Assignment of debt investment to joint venture	25,362	286,571
Mortgage assigned upon asset sale		30,000
Tenant improvements and capital expenditures payable	1,738	3,990
Accrued acquisition liabilities		34,500
Assumption of mortgage loans		943,767
Consolidation of real estate investments and other adjustments		1,156,929
Consolidation of real estate investments - noncontrolling interest in other partnerships		$ 87,264
Repayment of mezzanine loans	13,750
Redemption of Series E units	31,698
Repayment of financing receivables	28,195
Investment in joint venture	5,135
Capital lease obligation	28,132
Deconsolidation of a subsidiary	104,107
Transfer to net assets held for sale	4,901
Transfer to liabilities related to net assets held for sale	136
Issuance of preferred units	$ 47,550

Quarterly Financial Data (unaudited) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2012 USD ($) $ / shares	Sep. 30, 2012 USD ($) $ / shares	Jun. 30, 2012 USD ($) $ / shares	Mar. 31, 2012 USD ($) $ / shares	Dec. 31, 2011 USD ($) $ / shares	Sep. 30, 2011 USD ($) $ / shares	Jun. 30, 2011 USD ($) $ / shares	Mar. 31, 2011 USD ($) $ / shares	Dec. 31, 2012 USD ($) $ / shares	Dec. 31, 2011 USD ($) $ / shares	Dec. 31, 2010 USD ($) $ / shares
Quarterly Financial Data (unaudited)
Total revenues	$ 350,733	$ 361,385	$ 349,004	$ 339,133	$ 328,877	$ 306,624	$ 298,705	$ 329,222	$ 1,400,255	$ 1,263,428	$ 1,084,386
Income net of noncontrolling interests and before gains on sale	3,956	28,577	98,749	19,962	2,516	9,713	22,101	74,750
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	19,277	(4,807)	15,323	7,260	(114)	3,032			37,053	2,918	128,921
Purchase price fair value adjustment					8,306	999	475,102	13,788		498,195
Gain (loss) on early extinguishment of debt	(6,978)					(67)	971		(6,978)	904	(1,900)
Gain (loss) on sale of investment in marketable securities	2,703	2,237			4,999		(6)	(127)	4,940	4,866	490
Depreciable real estate reserves					(5,789)					(5,789)	(2,750)
Net income (loss) from discontinued operations	9,126	217	(67)	(160)	1,116	1,116	1,675	1,873	9,116	5,780	7,064
Gain on sale of discontinued operations				6,627			46,085		6,627	46,085	35,485
Net income attributable to SLGOP	28,084	26,224	114,005	33,689	11,034	14,793	545,928	90,284	202,002	662,039	305,149
Preferred unit redemption costs		(10,010)							(10,010)
Preferred unit distributions	(7,407)	(7,915)	(7,544)	(7,545)	(7,543)	(7,545)	(7,545)	(7,545)	(30,411)	(30,178)	(29,749)
Net income	$ 20,677	$ 8,299	$ 106,461	$ 26,144	$ 3,491	$ 7,248	$ 538,383	$ 82,739	$ 161,581	$ 631,861	$ 275,400
Net income per common unit-Basic (in dollars per share) \| $ / shares	0.23	0.09	1.15	0.29	0.03	0.08	6.30	1.02	1.75	7.37	3.47
Net income per common unit-Diluted (in dollars per share) \| $ / shares	0.23	0.09	1.14	0.29	0.03	0.08	6.26	1.01	1.74	7.33	3.45

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Feb. 28, 2013	Jan. 31, 2013	Dec. 31, 2012	Sep. 30, 2011	Jun. 30, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Subsequent Events
Additional income generated			$ (6,978)	$ (67)	$ 971	$ (6,978)	$ 904	$ (1,900)
Mezzanine loan
Subsequent Events
Percentage of loan sold		50.00%
Subsequent event \| 1515 Broadway
Subsequent Events
Face amount of loan sold	$ 775,000
Subsequent event \| Mezzanine loan
Subsequent Events
Percentage of loan sold		50.00%
Face amount of loan sold		$ 118,200
Consideration from sale of loan		57,800
Additional income generated		$ 12,900
Subsequent event \| Refinancing of Debt \| 1515 Broadway
Subsequent Events
Refinanced mortgage loan	$ 900,000
Term of refinanced mortgage	12 years
Interest rate (as a percent)	3.93%

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Tenant and other receivables - allowance
Changes in valuation allowance
Balance at Beginning of Year	$ 16,772	$ 12,981	$ 14,271
Additions Charged Against Operations	10,147	4,537	2,165
Uncollectible Accounts Written-off	(5,267)	(746)	(3,455)
Balance at End of Year	21,652	16,772	12,981
Deferred rent receivable - allowance
Changes in valuation allowance
Balance at Beginning of Year	29,156	30,834	24,347
Additions Charged Against Operations	3,193	6,638	3,138
Uncollectible Accounts Written-off	(2,769)	(8,316)	3,349
Balance at End of Year	$ 29,580	$ 29,156	$ 30,834

Schedule III-Real Estate And Accumulated Depreciation (Details)	Dec. 31, 2012 USD ($)
Real Estate And Accumulated Depreciation
Encumbrances	$ 4,448,774,000
Initial Cost
Land	2,626,639,000
Building & Improvements	7,938,087,000
Cost Capitalized Subsequent To Acquisition
Land	259,460,000
Building & Improvements	838,767,000
Gross Amount at Which Carried at Close of Period
Land	2,886,099,000
Building & Improvements	8,776,854,000
Total	11,662,953,000
Accumulated Depreciation	1,393,323,000
673 First Ave
Initial Cost
Building & Improvements	35,727,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	12,008,000
Gross Amount at Which Carried at Close of Period
Building & Improvements	47,735,000
Total	47,735,000
Accumulated Depreciation	18,538,000
420 Lexington Ave
Real Estate And Accumulated Depreciation
Encumbrances	184,992,000
Initial Cost
Building & Improvements	107,832,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	150,505,000
Gross Amount at Which Carried at Close of Period
Building & Improvements	258,337,000
Total	258,337,000
Accumulated Depreciation	78,299,000
711 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	120,000,000
Initial Cost
Land	19,844,000
Building & Improvements	42,499,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	32,412,000
Gross Amount at Which Carried at Close of Period
Land	19,844,000
Building & Improvements	74,911,000
Total	94,755,000
Accumulated Depreciation	26,054,000
555 W. 57th Street
Initial Cost
Land	18,846,000
Building & Improvements	78,704,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	37,612,000
Gross Amount at Which Carried at Close of Period
Land	18,846,000
Building & Improvements	116,316,000
Total	135,162,000
Accumulated Depreciation	40,143,000
317 Madison Ave
Initial Cost
Land	21,205,000
Building & Improvements	85,559,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	28,469,000
Gross Amount at Which Carried at Close of Period
Land	21,205,000
Building & Improvements	114,028,000
Total	135,233,000
Accumulated Depreciation	46,077,000
220 East 42nd Street
Real Estate And Accumulated Depreciation
Encumbrances	185,906,000
Initial Cost
Land	50,373,000
Building & Improvements	203,727,000
Cost Capitalized Subsequent To Acquisition
Land	635,000
Building & Improvements	42,141,000
Gross Amount at Which Carried at Close of Period
Land	51,008,000
Building & Improvements	245,868,000
Total	296,876,000
Accumulated Depreciation	64,001,000
461 Fifth Avenue
Initial Cost
Building & Improvements	62,695,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	6,738,000
Gross Amount at Which Carried at Close of Period
Building & Improvements	69,433,000
Total	69,433,000
Accumulated Depreciation	17,444,000
750 Third Avenue
Initial Cost
Land	51,093,000
Building & Improvements	205,972,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	30,120,000
Gross Amount at Which Carried at Close of Period
Land	51,093,000
Building & Improvements	236,092,000
Total	287,185,000
Accumulated Depreciation	54,689,000
625 Madison Ave
Real Estate And Accumulated Depreciation
Encumbrances	125,603,000
Initial Cost
Building & Improvements	246,673,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	28,502,000
Gross Amount at Which Carried at Close of Period
Building & Improvements	275,175,000
Total	275,175,000
Accumulated Depreciation	60,598,000
485 Lexington Avenue
Real Estate And Accumulated Depreciation
Encumbrances	450,000,000
Initial Cost
Land	77,517,000
Building & Improvements	326,825,000
Cost Capitalized Subsequent To Acquisition
Land	765,000
Building & Improvements	86,025,000
Gross Amount at Which Carried at Close of Period
Land	78,282,000
Building & Improvements	412,850,000
Total	491,132,000
Accumulated Depreciation	98,492,000
609 Fifth Avenue
Initial Cost
Land	36,677,000
Building & Improvements	145,954,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	4,640,000
Gross Amount at Which Carried at Close of Period
Land	36,677,000
Building & Improvements	150,594,000
Total	187,271,000
Accumulated Depreciation	24,420,000
120 West 45th Street
Real Estate And Accumulated Depreciation
Encumbrances	170,000,000
Initial Cost
Land	60,766,000
Building & Improvements	250,922,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	12,635,000
Gross Amount at Which Carried at Close of Period
Land	60,766,000
Building & Improvements	263,557,000
Total	324,323,000
Accumulated Depreciation	42,272,000
810 Seventh Avenue
Initial Cost
Land	114,077,000
Building & Improvements	476,386,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	39,315,000
Gross Amount at Which Carried at Close of Period
Land	114,077,000
Building & Improvements	515,701,000
Total	629,778,000
Accumulated Depreciation	83,226,000
919 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	500,000,000
Initial Cost
Land	223,529,000
Building & Improvements	1,033,198,000
Cost Capitalized Subsequent To Acquisition
Land	35,410,000
Building & Improvements	8,084,000
Gross Amount at Which Carried at Close of Period
Land	258,939,000
Building & Improvements	1,041,282,000
Total	1,300,221,000
Accumulated Depreciation	160,004,000
1185 Avenue of the Americas
Initial Cost
Building & Improvements	728,213,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	30,143,000
Gross Amount at Which Carried at Close of Period
Building & Improvements	758,356,000
Total	758,356,000
Accumulated Depreciation	129,505,000
1350 Avenue of the Americas
Initial Cost
Land	91,038,000
Building & Improvements	380,744,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	22,694,000
Gross Amount at Which Carried at Close of Period
Land	91,038,000
Building & Improvements	403,438,000
Total	494,476,000
Accumulated Depreciation	66,036,000
1100 King Street - 1-7 International Drive
Initial Cost
Land	49,392,000
Building & Improvements	104,376,000
Cost Capitalized Subsequent To Acquisition
Land	2,473,000
Building & Improvements	8,795,000
Gross Amount at Which Carried at Close of Period
Land	51,865,000
Building & Improvements	113,171,000
Total	165,036,000
Accumulated Depreciation	21,597,000
520 White Plains Road
Initial Cost
Land	6,324,000
Building & Improvements	26,096,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	2,593,000
Gross Amount at Which Carried at Close of Period
Land	6,324,000
Building & Improvements	28,689,000
Total	35,013,000
Accumulated Depreciation	5,545,000
115-117 Stevens Avenue
Initial Cost
Land	5,933,000
Building & Improvements	23,826,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	5,177,000
Gross Amount at Which Carried at Close of Period
Land	5,933,000
Building & Improvements	29,003,000
Total	34,936,000
Accumulated Depreciation	5,703,000
100 Summit Lake Drive
Initial Cost
Land	10,526,000
Building & Improvements	43,109,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	6,762,000
Gross Amount at Which Carried at Close of Period
Land	10,526,000
Building & Improvements	49,871,000
Total	60,397,000
Accumulated Depreciation	8,464,000
200 Summit Lake Drive
Initial Cost
Land	11,183,000
Building & Improvements	47,906,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	3,263,000
Gross Amount at Which Carried at Close of Period
Land	11,183,000
Building & Improvements	51,169,000
Total	62,352,000
Accumulated Depreciation	8,847,000
500 Summit Lake Drive
Initial Cost
Land	9,777,000
Building & Improvements	39,048,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	4,183,000
Gross Amount at Which Carried at Close of Period
Land	9,777,000
Building & Improvements	43,231,000
Total	53,008,000
Accumulated Depreciation	6,701,000
140 Grand Street
Initial Cost
Land	6,865,000
Building & Improvements	28,264,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	3,557,000
Gross Amount at Which Carried at Close of Period
Land	6,865,000
Building & Improvements	31,821,000
Total	38,686,000
Accumulated Depreciation	5,503,000
360 Hamilton Avenue
Initial Cost
Land	29,497,000
Building & Improvements	118,250,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	10,549,000
Gross Amount at Which Carried at Close of Period
Land	29,497,000
Building & Improvements	128,799,000
Total	158,296,000
Accumulated Depreciation	21,318,000
1-6 Landmark Square
Real Estate And Accumulated Depreciation
Encumbrances	84,486,000
Initial Cost
Land	50,947,000
Building & Improvements	195,167,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	20,533,000
Gross Amount at Which Carried at Close of Period
Land	50,947,000
Building & Improvements	215,700,000
Total	266,647,000
Accumulated Depreciation	34,333,000
7 Landmark Square
Initial Cost
Land	2,088,000
Building & Improvements	7,748,000
Cost Capitalized Subsequent To Acquisition
Land	(367,000)
Building & Improvements	(153,000)
Gross Amount at Which Carried at Close of Period
Land	1,721,000
Building & Improvements	7,595,000
Total	9,316,000
Accumulated Depreciation	209,000
300 Main Street
Real Estate And Accumulated Depreciation
Encumbrances	11,500,000
Initial Cost
Land	3,025,000
Building & Improvements	12,889,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	1,383,000
Gross Amount at Which Carried at Close of Period
Land	3,025,000
Building & Improvements	14,272,000
Total	17,297,000
Accumulated Depreciation	2,472,000
680 Washington Boulevard
Initial Cost
Land	11,696,000
Building & Improvements	45,364,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	4,031,000
Gross Amount at Which Carried at Close of Period
Land	11,696,000
Building & Improvements	49,395,000
Total	61,091,000
Accumulated Depreciation	$ 8,040,000
Interest in property (as a percent)	51.00%
750 Washington Boulevard
Initial Cost
Land	$ 16,916,000
Building & Improvements	68,849,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	3,995,000
Gross Amount at Which Carried at Close of Period
Land	16,916,000
Building & Improvements	72,844,000
Total	89,760,000
Accumulated Depreciation	$ 11,962,000
Interest in property (as a percent)	51.00%
1010 Washington Boulevard
Initial Cost
Land	$ 7,747,000
Building & Improvements	30,423,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	3,354,000
Gross Amount at Which Carried at Close of Period
Land	7,747,000
Building & Improvements	33,777,000
Total	41,524,000
Accumulated Depreciation	5,447,000
500 West Putnam Avenue
Real Estate And Accumulated Depreciation
Encumbrances	24,060,000
Initial Cost
Land	11,210,000
Building & Improvements	44,782,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	4,481,000
Gross Amount at Which Carried at Close of Period
Land	11,210,000
Building & Improvements	49,263,000
Total	60,473,000
Accumulated Depreciation	7,430,000
150 Grand Street
Initial Cost
Land	1,371,000
Building & Improvements	5,446,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	10,119,000
Gross Amount at Which Carried at Close of Period
Land	1,371,000
Building & Improvements	15,565,000
Total	16,936,000
Accumulated Depreciation	563,000
400 Summit Lake Drive
Initial Cost
Land	38,889,000
Cost Capitalized Subsequent To Acquisition
Land	285,000
Building & Improvements	1,000
Gross Amount at Which Carried at Close of Period
Land	39,174,000
Building & Improvements	1,000
Total	39,175,000
331 Madison Avenue
Initial Cost
Land	14,763,000
Building & Improvements	65,241,000
Cost Capitalized Subsequent To Acquisition
Land	(2,630,000)
Building & Improvements	(12,115,000)
Gross Amount at Which Carried at Close of Period
Land	12,133,000
Building & Improvements	53,126,000
Total	65,259,000
Accumulated Depreciation	8,556,000
333 West 34th Street
Initial Cost
Land	36,711,000
Building & Improvements	146,880,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	22,507,000
Gross Amount at Which Carried at Close of Period
Land	36,711,000
Building & Improvements	169,387,000
Total	206,098,000
Accumulated Depreciation	24,308,000
1055 Washington Boulevard
Initial Cost
Land	13,516,000
Building & Improvements	53,228,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	2,524,000
Gross Amount at Which Carried at Close of Period
Land	13,516,000
Building & Improvements	55,752,000
Total	69,268,000
Accumulated Depreciation	9,008,000
1 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	607,678,000
Initial Cost
Land	172,641,000
Building & Improvements	654,394,000
Cost Capitalized Subsequent To Acquisition
Land	905,000
Building & Improvements	12,848,000
Gross Amount at Which Carried at Close of Period
Land	173,546,000
Building & Improvements	667,242,000
Total	840,788,000
Accumulated Depreciation	90,742,000
125 Chubb Way
Initial Cost
Land	5,884,000
Building & Improvements	25,958,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	23,169,000
Gross Amount at Which Carried at Close of Period
Land	5,884,000
Building & Improvements	49,127,000
Total	55,011,000
Accumulated Depreciation	1,669,000
100 Church Street
Real Estate And Accumulated Depreciation
Encumbrances	230,000,000
Initial Cost
Land	32,494,000
Building & Improvements	79,996,000
Cost Capitalized Subsequent To Acquisition
Land	2,500,000
Building & Improvements	56,673,000
Gross Amount at Which Carried at Close of Period
Land	34,994,000
Building & Improvements	136,669,000
Total	171,663,000
Accumulated Depreciation	14,445,000
125 Park Avenue
Real Estate And Accumulated Depreciation
Encumbrances	146,250,000
Initial Cost
Land	120,900,000
Building & Improvements	189,714,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	18,791,000
Gross Amount at Which Carried at Close of Period
Land	120,900,000
Building & Improvements	208,505,000
Total	329,405,000
Accumulated Depreciation	16,538,000
2 Herald Square
Real Estate And Accumulated Depreciation
Encumbrances	191,250,000
Initial Cost
Land	92,655,000
Cost Capitalized Subsequent To Acquisition
Land	100,633,000
Gross Amount at Which Carried at Close of Period
Land	193,288,000
Total	193,288,000
885 Third Avenue
Real Estate And Accumulated Depreciation
Encumbrances	267,650,000
Initial Cost
Land	131,766,000
Cost Capitalized Subsequent To Acquisition
Land	110,771,000
Gross Amount at Which Carried at Close of Period
Land	242,537,000
Total	242,537,000
Williamsburg
Initial Cost
Land	3,677,000
Building & Improvements	14,708,000
Cost Capitalized Subsequent To Acquisition
Land	2,523,000
Building & Improvements	(4,550,000)
Gross Amount at Which Carried at Close of Period
Land	6,200,000
Building & Improvements	10,158,000
Total	16,358,000
Accumulated Depreciation	560,000
1515 Broadway
Real Estate And Accumulated Depreciation
Encumbrances	769,813,000
Initial Cost
Land	462,700,000
Building & Improvements	707,938,000
Cost Capitalized Subsequent To Acquisition
Land	1,145,000
Building & Improvements	19,683,000
Gross Amount at Which Carried at Close of Period
Land	463,845,000
Building & Improvements	727,621,000
Total	1,191,466,000
Accumulated Depreciation	38,921,000
110 East 42nd Street
Initial Cost
Land	34,000,000
Building & Improvements	46,411,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	4,214,000
Gross Amount at Which Carried at Close of Period
Land	34,000,000
Building & Improvements	50,625,000
Total	84,625,000
Accumulated Depreciation	3,424,000
180 Maiden Lane
Real Estate And Accumulated Depreciation
Encumbrances	271,215,000
Initial Cost
Land	191,523,000
Building & Improvements	233,230,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	(683,000)
Gross Amount at Which Carried at Close of Period
Land	191,523,000
Building & Improvements	232,547,000
Total	424,070,000
Accumulated Depreciation	$ 9,925,000
Interest in property (as a percent)	49.90%
51 East 42nd Street
Initial Cost
Land	$ 44,095,000
Building & Improvements	33,470,000
Cost Capitalized Subsequent To Acquisition
Land	5,000
Building & Improvements	2,081,000
Gross Amount at Which Carried at Close of Period
Land	44,100,000
Building & Improvements	35,551,000
Total	79,651,000
Accumulated Depreciation	1,321,000
400 East 57th Street
Real Estate And Accumulated Depreciation
Encumbrances	70,000,000
Initial Cost
Land	39,780,000
Building & Improvements	69,895,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	3,181,000
Gross Amount at Which Carried at Close of Period
Land	39,780,000
Building & Improvements	73,076,000
Total	112,856,000
Accumulated Depreciation	$ 1,667,000
Interest in property (as a percent)	80.00%
400 East 58th Street
Real Estate And Accumulated Depreciation
Encumbrances	$ 30,000,000
Initial Cost
Land	17,549,000
Building & Improvements	30,916,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	1,106,000
Gross Amount at Which Carried at Close of Period
Land	17,549,000
Building & Improvements	32,022,000
Total	49,571,000
Accumulated Depreciation	$ 723,000
Interest in property (as a percent)	80.00%
752 Madison Avenue
Initial Cost
Building & Improvements	$ 7,131,000
Gross Amount at Which Carried at Close of Period
Building & Improvements	7,131,000
Total	7,131,000
Accumulated Depreciation	$ 372,000
Interest in property (as a percent)	80.00%
762 Madison Avenue
Real Estate And Accumulated Depreciation
Encumbrances	$ 8,371,000
Initial Cost
Land	6,153,000
Building & Improvements	10,461,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	11,000
Gross Amount at Which Carried at Close of Period
Land	6,153,000
Building & Improvements	10,472,000
Total	16,625,000
Accumulated Depreciation	$ 251,000
Interest in property (as a percent)	80.00%
19-21 East 65th Street
Initial Cost
Building & Improvements	$ 7,389,000
Cost Capitalized Subsequent To Acquisition
Building & Improvements	132,000
Gross Amount at Which Carried at Close of Period
Building & Improvements	7,521,000
Total	7,521,000
Accumulated Depreciation	$ 171,000
Interest in property (as a percent)	80.00%
304 Park Avenue
Initial Cost
Land	$ 54,189,000
Building & Improvements	75,619,000
Cost Capitalized Subsequent To Acquisition
Land	300,000
Building & Improvements	1,109,000
Gross Amount at Which Carried at Close of Period
Land	54,489,000
Building & Improvements	76,728,000
Total	131,217,000
Accumulated Depreciation	1,715,000
635 Sixth Avenue
Initial Cost
Land	24,179,000
Building & Improvements	37,158,000
Cost Capitalized Subsequent To Acquisition
Land	164,000
Building & Improvements	803,000
Gross Amount at Which Carried at Close of Period
Land	24,343,000
Building & Improvements	37,961,000
Total	62,304,000
Accumulated Depreciation	234,000
641 Sixth Avenue
Initial Cost
Land	45,668,000
Building & Improvements	67,316,000
Cost Capitalized Subsequent To Acquisition
Land	308,000
Building & Improvements	430,000
Gross Amount at Which Carried at Close of Period
Land	45,976,000
Building & Improvements	67,746,000
Total	113,722,000
Accumulated Depreciation	629,000
1080 Amsterdam
Initial Cost
Building & Improvements	29,126,000
Gross Amount at Which Carried at Close of Period
Building & Improvements	29,126,000
Total	$ 29,126,000
Interest in property (as a percent)	87.50%
131-137 Spring Street
Initial Cost
Land	$ 36,915,000
Building & Improvements	86,135,000
Gross Amount at Which Carried at Close of Period
Land	36,915,000
Building & Improvements	86,135,000
Total	123,050,000
985-987 Third Avenue
Initial Cost
Land	5,400,000
Building & Improvements	12,600,000
Gross Amount at Which Carried at Close of Period
Land	5,400,000
Building & Improvements	12,600,000
Total	18,000,000
Other
Initial Cost
Land	1,130,000
Cost Capitalized Subsequent To Acquisition
Land	3,635,000
Building & Improvements	22,187,000
Gross Amount at Which Carried at Close of Period
Land	4,765,000
Building & Improvements	22,187,000
Total	26,952,000
Accumulated Depreciation	$ 4,212,000

Schedule III-Real Estate And Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Changes in real estate
Balance at beginning of year	$ 11,147,151	$ 8,890,064	$ 8,257,100
Property acquisitions	649,445	2,276,308	703,721
Improvements	146,410	162,875	97,099
Retirements/disposals/deconsolidation	(280,053)	(182,096)	(167,856)
Balance at end of year	11,662,953	11,147,151	8,890,064
Aggregate cost of land, buildings and improvements, before depreciation, for Federal income tax purposes	8,300,000
Changes in accumulated depreciation, exclusive of amounts relating to equipment, autos, and furniture and fixtures
Balance at beginning of year	1,136,603	916,293	738,422
Depreciation for year	288,560	245,421	209,472
Retirements/disposals/deconsolidation	(31,840)	(25,111)	(31,601)
Balance at end of year	$ 1,393,323	$ 1,136,603	$ 916,293