View Filing Data

Document and Entity Information - shares	6 Months Ended
Jun. 30, 2013	Jul. 31, 2013
Document and Entity Information
Entity Registrant Name	SL GREEN OPERATING PARTNERSHIP, L.P.
Entity Central Index Key	0001492869
Document Type	10-Q
Document Period End Date	Jun. 30, 2013
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		879,183
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Commercial real estate properties, at cost:
Land and land interests	$ 2,866,048	$ 2,886,099
Building and improvements	7,393,930	7,389,766
Building leasehold and improvements	1,352,953	1,346,748
Properties under capital lease	50,332	40,340
Commercial real estate properties, at cost	11,663,263	11,662,953
Less: accumulated depreciation	(1,502,694)	(1,393,323)
Commercial real estate properties, net	10,160,569	10,269,630
Assets held for sale	207,665	4,901
Cash and cash equivalents	198,969	189,984
Restricted cash	130,483	136,071
Investment in marketable securities	26,266	21,429
Tenant and other receivables, net of allowance of $20,466 and $21,652 in 2013 and 2012, respectively	51,646	48,544
Related party receivables	6,845	7,531
Deferred rents receivable, net of allowance of $29,821 and $29,580 in 2013 and 2012, respectively	360,954	340,747
Debt and preferred equity investments, net of discounts and deferred origination fees of $27,107 and $22,341 and allowance of $7,000 both in 2013 and 2012, respectively	1,227,421	1,348,434
Investments in unconsolidated joint ventures	1,085,793	1,032,243
Deferred costs, net	246,058	261,145
Other assets	699,256	718,326
Total assets	14,401,925	14,378,985
Liabilities
Mortgages and other loans payable	4,835,231	4,615,464
Revolving credit facility	40,000	70,000
Term loan and senior unsecured notes	1,735,205	1,734,956
Accrued interest payable and other liabilities	72,415	73,769
Accounts payable and accrued expenses	138,029	159,598
Deferred revenue	296,930	312,995
Capitalized lease obligations	47,240	37,518
Deferred land leases payable	19,948	20,897
Dividend and distributions payable	34,740	37,839
Security deposits	53,604	46,253
Liabilities related to assets held for sale	11,894	136
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities	100,000	100,000
Total liabilities	7,385,236	7,209,425
Commitments and contingencies
SLGOP partners' capital:
SL Green partners' capital (946 and 940 general partner common units and 90,867 and 90,310 limited partner common units outstanding at June 30, 2013 and December 31, 2012, respectively)	6,210,022	6,189,529
Limited partner interests in SLGOP (2,794 and 2,760 limited partner common units outstanding at June 30, 2013 and December 31, 2012, respectively	65,936	71,524
Accumulated other comprehensive loss	(19,169)	(30,649)
Total SLGOP partners' capital	6,478,721	6,632,709
Noncontrolling interests in other partnerships	488,418	487,301
Total capital	6,967,139	7,120,010
Total liabilities and capital	14,401,925	14,378,985
Series G Preferred Units
Liabilities
Preferred Units	47,550	47,550
Series H Preferred Units
Liabilities
Preferred Units	2,000	2,000
Series C preferred units
SLGOP partners' capital:
Preferred Units		180,340
Total capital		180,340
Series I Preferred Units
SLGOP partners' capital:
Preferred Units	221,932	221,965
Total capital	$ 221,932	$ 221,965

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Tenant and other receivables, allowance (in dollars)	$ 20,466	$ 21,652
Deferred rents receivable, allowance (in dollars)	29,821	29,580
Debt and preferred equity investments, discount and deferred origination fees (in dollars)	27,107	22,341
Debt and preferred equity investments, allowance (in dollars)	$ 7,000	$ 7,000
SL Green partners' capital, general partner common units outstanding	946	940
SL Green partners' capital, limited partner common units outstanding	90,867	90,310
Limited partner interests in Operating Partnership, limited partner common units outstanding	2,794	2,760
Series G Preferred Units
Preferred Units, liquidation preference (in dollars per unit)	$ 25.00	$ 25.00
Preferred Units, issued	1,902	1,902
Preferred Units, outstanding	1,902	1,902
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, issued		7,700
Preferred Units, outstanding		7,700
Series I Preferred Units
Preferred Units, issued	9,200	9,200
Preferred Units, outstanding	9,200	9,200

Consolidated Statements of Income shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013 USD ($) $ / shares shares	Jun. 30, 2012 USD ($) $ / shares shares	Jun. 30, 2013 USD ($) $ / shares shares	Jun. 30, 2012 USD ($) $ / shares shares
Revenues
Rental revenue, net	$ 273,307	$ 263,838	$ 539,755	$ 520,595
Escalation and reimbursement	39,381	40,967	79,926	82,080
Investment and preferred equity income	46,731	33,448	99,439	59,786
Other income	5,726	6,282	11,493	16,659
Total revenues	365,145	344,535	730,613	679,120
Expenses
Operating expenses, including approximately $4,319 and $8,469 (2013) and $4,773 and $8,244 (2012) paid to related parties	69,432	67,434	141,630	139,319
Real estate taxes	52,710	52,256	106,114	103,453
Ground rent	8,649	8,890	19,640	17,696
Interest expense, net of interest income	83,276	82,159	164,447	162,130
Amortization of deferred financing costs	4,240	3,553	8,703	7,133
Depreciation and amortization	82,020	76,207	161,114	151,739
Loan loss and other investment reserves, net of recoveries				564
Transaction related costs	1,711	1,970	3,068	3,026
Marketing, general and administrative	21,514	20,721	42,582	40,917
Total expenses	323,552	313,190	647,298	625,977
Income from continuing operations before equity in net (loss) income from unconsolidated joint ventures, equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate, loss on sale of investment in marketable securities, purchase price fair value adjustment, depreciable real estate reserves, net of recoveries, and loss on early extinguishment of debt	41,593	31,345	83,315	53,143
Equity in net (loss) income from unconsolidated joint ventures	(3,761)	70,890	1,313	69,330
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	(3,583)	9,534	(3,583)	16,794
Loss on sale of investment in marketable securities	(8)		(65)
Purchase price fair value adjustment	(2,305)		(2,305)
Depreciable real estate reserves, net of recoveries		5,789		5,789
Loss on early extinguishment of debt	(10)		(18,523)
Income from continuing operations	31,926	117,558	60,152	145,056
Net (loss) income from discontinued operations	(678)	899	320	1,931
Gain on sale of discontinued operations			1,113	6,627
Net income	31,248	118,457	61,585	153,614
Net income attributable to noncontrolling interests in other partnerships	(3,004)	(3,887)	(5,905)	(4,958)
Preferred unit distributions	(565)	(565)	(1,130)	(962)
Net income attributable to SLGOP	27,679	114,005	54,550	147,694
Preferred unit redemption costs	(12,160)		(12,160)
Perpetual preferred unit distributions	(6,999)	(7,544)	(14,406)	(15,089)
Net income attributable to SLGOP common unitholders	8,520	106,461	27,984	132,605
Amounts attributable to SLGOP common unitholders:
Income from continuing operations	15,086	96,028	32,439	107,253
Purchase price fair value adjustment	(2,305)		(2,305)
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	(3,583)	9,534	(3,583)	16,794
Net (loss) income from discontinued operations	(678)	899	320	1,931
Gain on sale of discontinued operations			1,113	6,627
Net income attributable to SLGOP common unitholders	$ 8,520	$ 106,461	$ 27,984	$ 132,605
Basic earnings per unit:
Net income from continuing operations before discontinued operations (in dollars per unit) \| $ / shares	0.14	1.04	0.32	1.18
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate (in dollars per unit) \| $ / shares	$ (0.04)	$ 0.10	$ (0.03)	$ 0.18
Net (loss) income from discontinued operations (in dollars per unit) \| $ / shares	(0.01)	0.01		0.02
Gain on sale of discontinued operations (in dollars per unit) \| $ / shares			$ 0.01	$ 0.07
Net income attributable to SLGOP common unitholders (in dollars per unit) \| $ / shares	0.09	1.15	0.30	1.45
Diluted earnings per unit:
Net income from continuing operations before discontinued operations (in dollars per unit) \| $ / shares	0.14	1.03	0.32	1.18
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate (in dollars per unit) \| $ / shares	$ (0.04)	$ 0.10	$ (0.03)	$ 0.18
Net (loss) income from discontinued operations (in dollars per unit) \| $ / shares	(0.01)	0.01		0.02
Gain on sale of discontinued operations (in dollars per unit) \| $ / shares			$ 0.01	$ 0.07
Net income attributable to SLGOP common unitholders (in dollars per unit) \| $ / shares	0.09	1.14	0.30	1.45
Dividends per unit (in dollars per unit) \| $ / shares	$ 0.33	$ 0.25	$ 0.66	$ 0.50
Basic weighted average common units outstanding (in units) \| shares	94,312	92,982	94,224	91,386
Diluted weighted average common units and common unit equivalents outstanding (in units) \| shares	94,536	93,351	94,452	91,766

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Consolidated Statements of Comprehensive Income
Net income	$ 31,248	$ 118,457	$ 61,585	$ 153,614
Other comprehensive income (loss):
Net unrealized gain (loss) on derivative instruments	181	(477)	140	(623)
Reclassification of net realized loss on derivatives designated as cashflow hedges into interest expense	470	466	938	926
SLGOP's share of joint venture net unrealized gain (loss) on derivative instruments	7,888	(6,388)	8,109	(6,330)
Reclassification of SLGOP's share of joint venture net realized loss on derivatives designated as cashflow hedges into equity in net income from unconsolidated joint ventures	1,260	2,751	2,500	5,494
Unrealized (loss) gain on marketable securities	(1,848)	(542)	(207)	228
Other comprehensive income (loss)	7,951	(4,190)	11,480	(305)
Comprehensive income	39,199	114,267	73,065	153,309
Net income attributable to noncontrolling interests in other partnerships	(3,004)	(3,887)	(5,905)	(4,958)
Comprehensive income attributable to SLGOP	$ 36,195	$ 110,380	$ 67,160	$ 148,351

Consolidated Statement of Capital - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013
Increase (Decrease) in Stockholders' Equity
Balance		$ 7,120,010
Net income		60,455
Other comprehensive income	$ 7,951	11,480
Preferred distributions		(14,406)
DRIP proceeds		26
Issuance of units		12,675
Amortization of deferred compensation plan		13,324
Redemption of preferred units		(192,500)
Preferred units issuance costs		(33)
Contributions - net proceeds from common stock offering		8,511
Contributions - treasury shares		6,090
Contributions - proceeds from stock options exercised		8,969
Contributions to consolidated joint venture		3,364
Distributions to noncontrolling interests		(8,152)
Cash distribution declared ($0.66 per common unit, none of which represented a return of capital for federal income tax purposes)		(62,674)
Balance	6,967,139	6,967,139
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity
Balance		(30,649)
Other comprehensive income		11,480
Balance	(19,169)	(19,169)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance		487,301
Net income		5,905
Contributions to consolidated joint venture		3,364
Distributions to noncontrolling interests		(8,152)
Balance	488,418	488,418
General Partner \| Common Units
Increase (Decrease) in Stockholders' Equity
Balance		$ 6,189,529
Balance (in units)		91,250
Net income		$ 39,345
DRIP proceeds		26
Conversion of units		$ 17,287
Conversion of units (in units)		224
Amortization of deferred compensation plan		$ 13,324
Amortization of deferred compensation plan (in units)		4
Redemption of preferred units		$ (12,160)
Contributions - net proceeds from common stock offering		$ 8,511
Contributions - net proceeds from common stock offering (in units)		95
Contributions - treasury shares		$ 6,090
Contributions - treasury shares (in units)		83
Contributions - proceeds from stock options exercised		$ 8,969
Contributions - proceeds from stock options exercised (in units)		157
Cash distribution declared ($0.66 per common unit, none of which represented a return of capital for federal income tax purposes)		$ (60,899)
Balance	$ 6,210,022	$ 6,210,022
Balance (in units)	91,813	91,813
Limited Partners \| Common Units
Increase (Decrease) in Stockholders' Equity
Balance		$ 71,524
Balance (in units)		2,760
Net income		$ 799
Conversion of units		$ (17,287)
Conversion of units (in units)		(224)
Issuance of units		$ 12,675
Issuance of units (in units)		258
Cash distribution declared ($0.66 per common unit, none of which represented a return of capital for federal income tax purposes)		$ (1,775)
Balance	$ 65,936	$ 65,936
Balance (in units)	2,794	2,794
Series C Preferred Units
Increase (Decrease) in Stockholders' Equity
Balance		$ 180,340
Net income		6,932
Preferred distributions		(6,932)
Redemption of preferred units		(180,340)
Series I Preferred Units
Increase (Decrease) in Stockholders' Equity
Balance		221,965
Net income		7,474
Preferred distributions		(7,474)
Preferred units issuance costs		(33)
Balance	$ 221,932	$ 221,932

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Operating Activities
Net income	$ 61,585	$ 153,614
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	173,028	162,028
Depreciable real estate reserves, net of recoveries	2,150	(5,789)
Equity in net income from unconsolidated joint ventures	(1,313)	(69,330)
Distributions of cumulative earnings from unconsolidated joint ventures	13,467	77,981
Purchase price fair value adjustment	2,305
Equity in net loss (gain) on sale of interest in unconsolidated joint venture/real estate	3,583	(16,794)
Gain on sale of discontinued operations	(1,113)	(6,627)
Loan loss and other investment reserves, net of recoveries		564
Loss on early extinguishment of deb	10,968
Deferred rents receivable	(29,452)	(37,318)
Other non-cash adjustments	(28,375)	3,759
Changes in operating assets and liabilities:
Restricted cash - operations	6,127	(7,104)
Tenant and other receivables	4,896	(5,006)
Related party receivables	768	(3,792)
Deferred lease costs	(19,106)	(28,549)
Other assets	4,075	(27,176)
Accounts payable, accrued expenses and other liabilities	1,793	9,609
Deferred revenue and land leases payable	8,102	(2,135)
Net cash provided by operating activities	213,488	197,935
Investing Activities
Acquisitions of real estate property	(52,534)	(248,468)
Additions to land, buildings and improvements	(61,531)	(76,585)
Escrowed cash - capital improvements/acquisition deposits	(394)	(65,030)
Investments in unconsolidated joint ventures	(81,913)	(131,820)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	11,117	44,172
Net proceeds from disposition of real estate/joint venture interest	5,852	26,099
Other investments	(18,038)	(31,206)
Debt and preferred equity and other investments, net of repayments/participations	150,919	(75,209)
Net cash used in investing activities	(46,522)	(558,047)
Financing Activities
Proceeds from mortgages and other loans payable	980,333	1,113,500
Repayments of mortgages and other loans payable	(833,728)	(472,288)
Proceeds from credit facility and senior unsecured notes	370,000	468,339
Repayments of credit facility and senior unsecured notes	(404,970)	(840,793)
Contributions of proceeds from stock options exercised and DRIP issuance	8,995	105,195
Contributions of net proceeds from sale of common stock/preferred stock	8,478	201,307
Redemption of preferred units	(192,500)
Purchases of treasury stock		(11,158)
Distributions to noncontrolling interests in other partnerships	(8,152)	(11,999)
Contributions from noncontrolling interests in other partnerships	3,364	18,799
Distributions paid on common and preferred units	(81,309)	(60,716)
Deferred loan costs and capitalized lease obligations	(8,492)	(31,467)
Net cash (used in) provided by financing activities	(157,981)	478,719
Net increase in cash and cash equivalents	8,985	118,607
Cash and cash equivalents at beginning of period	189,984	138,192
Cash and cash equivalents at end of period	$ 198,969	$ 256,799

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2013

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 June 30, 2013, noncontrolling investors held, in the aggregate, a 2.95% common limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership. See Note 12, “Capital.”

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

As of June 30, 2013, 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	Number of Properties	Square Feet	Weighted Average Occupancy(1)
Manhattan	Consolidated properties	27	18,347,945	93.9	%
	Unconsolidated properties	9	5,934,434	95.1	%

Suburban	Consolidated properties	27	4,217,400	79.4	%
	Unconsolidated properties	4	1,222,100	84.3	%
		67	29,721,879	91.7	%

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

As of June 30, 2013, we also owned investments in 14 stand-alone retail properties encompassing approximately 465,200 square feet, 15 development properties encompassing approximately 2,580,700 square feet, three residential properties encompassing 468 units (approximately 497,100 square feet), two land interests encompassing approximately 961,400 square feet and 30 west coast office properties encompassing approximately 4,066,900 square feet. In addition, we manage two office properties owned by third parties and affiliated companies encompassing approximately 626,400 rentable square feet. As of June 30, 2013, we also held debt and preferred equity investments with a book value of $1.2 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.

Basis of Quarterly Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of SLGOP at June 30, 2013, and the results of operations for the periods presented have been included. The 2013 operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. These financial statements should be read in conjunction with the financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2012.

The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

- 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

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-SubTopic 15
-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7668296&loc=d3e288-107754

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-6
-Paragraph 10
-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 Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4, 14, 15
-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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-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

Significant Accounting Policies

6 Months Ended

Jun. 30, 2013

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 variable interest entities, or VIEs, in which we are considered the primary beneficiary. The primary beneficiary of a VIE 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 as of June 30, 2013 and December 31, 2012 are approximately $599.3 million and $607.4 million, respectively, related to our consolidated VIEs. Included in mortgages and other loans payable on our consolidated balance sheets as of June 30, 2013 and December 31, 2012 are approximately $375.3 million and $379.6 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 capital in the consolidated balance sheet and the presentation of net income was modified to present earnings and other comprehensive income 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 and 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

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 June 2013, we recorded a $2.2 million impairment charge in connection with the expected sale of 300 Main Street in Stamford, Connecticut, which is accounted for as held for sale as of June 30, 2013.

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. We do not believe that the values of any of our consolidated properties or equity investments were impaired at either June 30, 2013 or December 31, 2012.

When we acquire equity interests 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. In April 2013, we recognized a purchase price fair value adjustment of $(2.3) million in connection with the consolidation of 16 Court Street, which was previously accounted for as an investment in unconsolidated joint venture.

We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) 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 $6.2 million, $10.1 million, $2.8 million and $4.8 million in rental revenue for the three and six months ended June 30, 2013 and 2012, 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 an increase/(reduction) in interest expense for the amortization of the above-market rate mortgages assumed of approximately $(1.3) million, $(2.6) million, $1.6 million and $0.6 million for the three and six months ended June 30, 2013 and 2012, 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 June 30, 2013 and December 31, 2012 (in thousands):

	June 30, 2013			December 31, 2012
Identified intangible assets (included in other assets):
Gross amount	$	732,160		$	725,861
Accumulated amortization	(296,573		)	(263,107		)
Net	$	435,587		$	462,754

Identified intangible liabilities (included in deferred revenue):
Gross amount	$	667,495		$	651,921
Accumulated amortization	(391,631		)	(357,225		)
Net	$	275,864		$	294,696

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 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

We determined the fair value of our current investments in marketable securities using Level 1, Level 2 and Level 3 inputs.

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

· 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 June 30, 2013 and December 31, 2012 is approximately $3.2 million and $3.4 million, respectively, in net unrealized gains related to marketable securities.

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

At June 30, 2013 and December 31, 2012, we held the following marketable securities (in thousands):

	June 30,		December 31,
	2013		2012
Level 1 — Equity marketable securities	$	3,371	$	2,202
Level 2 — Commercial mortgage-backed securities	19,406		15,575
Level 3 — Rake bonds	3,489		3,652
Total marketable securities available-for-sale	$	26,266	$	21,429

The cost basis of the Level 3 securities was $3.7 million at both June 30, 2013 and December 31, 2012, respectively. There were no sales of Level 3 securities during the three and six months ended June 30, 2013. The Level 3 securities mature at various times through 2030.

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 a 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.

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 losses 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 no loan loss reserves during the three and six months ended June 30, 2013. During the three and six months ended June 30, 2012, we recorded loan loss reserves of zero and $3.0 million, respectively, on investments being held to maturity and approximately zero and $2.4 million, respectively, in recoveries 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.

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 TRSs, which are consolidated into SLGOP, generate income, resulting in Federal and state income tax liability for these entities.

During the three and six months ended June 30, 2013, we recorded Federal, state and local tax provisions of $2.3 million and $3.9 million, respectively, and made estimated tax payments of zero and $0.1 million, respectively. During the three and six months ended June 30, 2012, we recorded Federal, state and local tax provisions of $0.1 million and less than $0.1 million, respectively. We made no estimated payments during the three and six months ended June 30, 2012.

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.

Stock-Based Employee Compensation Plans

SL Green has a stock-based employee compensation plan, described more fully in Note 12, “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, SL Green accepts the return of shares of its 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.

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 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 Suburban 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 6.0%, 6.4% and 7.1% of our share of annualized cash rent, no other tenant in our portfolio accounted for more than 1.9% of our annualized cash rent, including our share of joint venture annualized cash rent for the three months ended June 30, 2013. Approximately 9%, 6% and 6% of our annualized cash rent for consolidated properties for the three months ended June 30, 2013 was attributable to 1515 Broadway, 1185 Avenue of the Americas and One Madison Avenue, respectively. In addition, two debt and preferred equity investments accounted for more than 10% of the income earned on debt and preferred equity investments during the three months ended June 30, 2013.

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 and to reclassify deferred origination fees from deferred income to debt and preferred equity investments.

Accounting Standards Updates

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 became effective for calendar year-end public companies beginning in the first quarter of 2013 and its adoption did not have a material impact on our consolidated financial statements.

Property Acquisitions

6 Months Ended

Jun. 30, 2013

Property Acquisitions

Property Acquisitions

3. Property Acquisitions

2013 Acquisitions

In April 2013, we acquired interests from our joint venture partner, City Investment Fund, or CIF, in 16 Court Street for $4.0 million. We have consolidated the ownership of the 318,000 square foot building. The transaction valued the consolidated interest at $96.2 million, inclusive of the $84.7 mortgage encumbering the property. We recognized a purchase price fair value adjustment of $(2.3) million upon the closing of this transaction. This property, which we initially acquired in July 2007, was previously accounted for as an investment in unconsolidated joint ventures. We are currently in the process of analyzing the fair value of the investment. Therefore, the purchase price allocation is preliminary and subject to change.

In March 2013, we, along with Magnum Real Estate Group, acquired 84 residential apartment units, consisting of 72 apartment units and 12 townhouses, located at 248-252 Bedford Avenue, Williamsburg, Brooklyn for $54.9 million. Simultaneous with the closing, the joint venture closed on a five-year $22.0 million mortgage loan which carries a floating rate of interest of 225 basis points over LIBOR. The property sits on top of a commercial property already owned by us. We hold a 90% controlling interest in this joint venture.

2012 Acquisitions

In December 2012, we acquired a 68,000 square foot mixed use retail, office and residential building located at 131-137 Spring Street for $122.3 million.

In December 2012, we acquired the aggregate 42,000 square foot 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 office buildings located at 635 and 641 Sixth Avenue for $173.0 million.

In June 2012, we acquired a 215,000 square foot 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, 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 five-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 a VIE since 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 acquisitions (in thousands):

	248-252 Bedford Avenue		131-137 Spring Street		635-641 Sixth Avenue		304 Park Avenue South		Stonehenge Properties

Land	$	10,865	$	27,021	$	69,848	$	54,189	$	65,533
Building and building leasehold	44,035		105,342		104,474		75,619		128,457
Above market lease value	—		179		—		2,824		594
Acquired in-place leases	—		7,046		7,727		8,265		9,573
Other assets, net of other liabilities	—		—		—		—		2,190
Assets acquired	54,900		139,588		182,049		140,897		206,347

Fair value adjustment to mortgage note payable	—		—		—		—		—
Below market lease value	—		17,288		9,049		5,897		13,239
Liabilities assumed	—		17,288		9,049		5,897		13,239

Purchase price allocation	$	54,900	$	122,300	$	173,000	$	135,000	$	193,108

Net consideration funded by us at closing excluding consideration financed by debt	$	21,782	$	122,300	$	173,000	$	135,000	$	78,121
Equity and/or debt investment held	$	—	$	—	$	—	$	—	$	—
Debt assumed	$	—	$	—	$	—	$	—	$	—

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1383-128463

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-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 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph F4
-Subparagraph e
-Appendix F

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-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 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-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

6 Months Ended

Jun. 30, 2013

Debt and Preferred Equity Investments

Debt and Preferred Equity Investments

5. Debt and Preferred Equity Investments

During the six months ended June 30, 2013 and 2012, our debt and preferred equity investments (net of discounts and deferred origination fees) increased approximately $298.8 million and $159.1 million, respectively, due to originations, purchases, accretion of discounts and paid-in-kind interest. We recorded repayments, participations and sales of approximately $419.8 million and $159.8 million, respectively, and loan loss reserves of zero and $3.0 million during the six months ended June 30, 2013 and 2012, respectively, which offset the increases in debt and preferred equity investments.

Debt Investments

As of June 30, 2013 and December 31, 2012, we held the following debt investments with an aggregate weighted average current yield of approximately 11.2% at June 30, 2013 (in thousands):

Loan
Type

June 30,
2013
Senior
Financing

June 30,
2013
Carrying Value,
Net of Discounts
and Deferred
Origination Fees

December 31,
2012
Carrying Value,
Net of Discounts
and Deferred
Origination Fees

Initial
Maturity
Date

Other Loan

398,500

14,820

—

March 2015

Mezzanine Loan

205,000

67,170

66,307

February 2016

Mortgage/Mezzanine Loan

167,966

44,358

44,013

May 2016

Mezzanine Loan

177,000

15,436

15,906

May 2016

Junior Participation

133,000

49,000

49,000

June 2016

Mezzanine Loan

165,000

71,073

70,967

November 2016

Mortgage/Mezzanine Loan(1)

1,109,000

75,602

115,804

March 2017

Other Loan

15,000

3,500

3,500

September 2021

Mortgage(2)

—

218,068

—

Total fixed rate

2,370,466

340,959

583,565

Mezzanine Loan(3)

—

29,826

—

December 2013

Junior Participation(4)(13)

57,750

10,863

10,869

February 2014

Junior Participation(5)

78,200

23,057

—

February 2014

Mortgage/Mezzanine Loan(6)

330,000

131,470

131,231

July 2014

Mezzanine Loan(7)

62,500

37,359

37,288

July 2014

Mezzanine Loan

180,000

59,812

59,739

August 2014

Mortgage

—

14,817

14,745

September 2014

Mortgage/Mezzanine Loan(8)

—

51,227

47,253

February 2015

Mezzanine Loan(9)

92,711

27,734

55,336

December 2015

Mezzanine Loan(10)

775,000

72,358

—

March 2016

Mezzanine Loan(11)

160,000

22,503

7,624

June 2016

Mezzanine Loan

87,300

25,572

34,761

July 2016

Mezzanine Loan(12)

83,933

35,563

34,444

October 2016

Total floating rate

1,907,394

542,161

433,290

Total

4,277,860

883,120

1,016,855

Loan loss reserve(13)

—

(7,000

)

(7,000

)

4,277,860

876,120

1,009,855

(1)		Interest is added to the principal balance for this accrual only loan. In January 2013, we sold 50% of the mezzanine loan for $57.8 million and recognized additional income of $12.9 million, which is included in investment and preferred equity income on the consolidated statements of income. The unaccrued interest during the period in which the loan was on non-accrual status is being accreted as of January 2013.
(2)		In November 2012, we acquired this non-performing loan with an original balance of $219.0 million, which accrued interest at its default rate. In connection with the repayment of the loan in May 2013, we recognized additional income of $6.4 million, which is included in investment and preferred equity income on our consolidated statements of income.
(3)		In February 2013, we entered into a loan participation agreement in the amount of $30.0 million on a $100.0 million mortgage. The note has two one-year extension options.
(4)		This loan matured in June 2013 and was extended to February 2014. The loan has an additional four-month extension option.
(5)		As of June 30, 2013, we were committed to fund an additional $1.7 million in connection with this loan.
(6)		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 $50.0 million of our interest in the senior mortgage to a third party.
(7)		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 sheets.
(8)		As of June 30, 2013, we were committed to fund an additional $7.1 million in connection with this loan.
(9)		We funded $56.3 million at origination. In June 2013, we sold 50% of our interest in the $85 million mezzanine loan. As of June 30, 2013, we were committed to fund an additional $13.6 million in connection with our share of this loan.
(10)		In March 2013, we originated a $150.0 million junior mezzanine loan and simultaneously sold one-half of our interest at par.
(11)		In November 2011, we entered into a loan participation agreement in the amount of $7.4 million on a $15.0 million mortgage. As part of the refinancing of the related senior mortgage in June 2013, we originated a $30.0 million mezzanine loan and our outstanding investment in the amount of $15.0 million, including the participated interest, was repaid in full. Following the refinancing, we entered into a loan participation agreement in the amount of $7.4 million on this $30.0 million mezzanine loan. 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 sheets.
(12)		As of June 30, 2013, we were committed to fund an additional $14.1 million in connection with this loan.
(13)		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.

Preferred Equity Investments

As of June 30, 2013 and December 31, 2012, we held the following preferred equity investments, with an aggregate weighted average current yield of approximately 10.2% at June 30, 2013 (in thousands):

Type

June 30,
2013
Senior
Financing

June 30,
2013
Carrying
Value, Net of
Discounts
and Deferred
Origination
Fees

December 31,
2012
Carrying
Value, Net of
Discounts
and Deferred
Origination
Fees

Initial
Mandatory
Redemption

Preferred equity

70,000

9,934

9,927

October 2014

Preferred equity(1)(2)

525,000

105,360

99,768

July 2015

Preferred equity(1)(3)

55,986

22,213

18,925

April 2016

Preferred equity(1)

926,260

213,794

209,959

July 2016

1,577,246

351,301

338,579

(1)		The difference between the pay and accrual rates is included as an addition to the principal balance outstanding.
(2)		The reserve previously taken against this loan is being accreted up to the face amount through the maturity date. In June 2013, the redemption date was extended from July 2014 to July 2015.
(3)		As of June 30, 2013, we were committed to fund an additional $3.6 million on this loan.

The following table is a rollforward of our total loan loss reserves at June 30, 2013 and December 31, 2012 (in thousands):

	June 30, 2013		December 31, 2012
Balance at beginning of year	$	7,000	$	50,175
Expensed	—		3,000
Recoveries	—		(2,436		)
Charge-offs and reclassifications	—		(43,739		)
Balance at end of period	$	7,000	$	7,000

At June 30, 2013 and December 31, 2012, 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 June 30, 2013 and December 31, 2012 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 $141.7 million at June 30, 2013 and $121.3 million at December 31, 2012. No financing receivables were 90 days past due or on non-accrual status at June 30, 2013.

The following table presents impaired loans, which may include non-accrual loans, as of June 30, 2013 and December 31, 2012, respectively (in thousands):

	June 30, 2013						December 31, 2012
	Unpaid Principal Balance		Recorded Investment		Allowance Allocated		Unpaid Principal Balance		Recorded Investment		Allowance Allocated
With no related allowance recorded:
Commercial real estate	$	—	$	—	$	—	$	—	$	—	$	—
With an allowance recorded:
Commercial real estate	10,750		10,750		7,000		10,750		10,750		7,000
Total	$	10,750	$	10,750	$	7,000	$	10,750	$	10,750	$	7,000

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 three and six months ended June 30, 2013 and 2012, respectively (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012

Average recorded investment in impaired loans	$	10,876	$	69,932	$	10,870	$	74,935

Investment and preferred equity income recognized	261		2,333		487		3,895

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
-Topic 310
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 3: 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 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

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

Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2013

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures

6. Investments in Unconsolidated Joint Ventures

We have investments in several real estate joint ventures with various partners, including SITQ Immobilier, a subsidiary of Caisse de depot et placement du Quebec, or 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 Real Estate Partners VII, or Blackstone, Square Mile Capital Management LLC, or Square Mile, Plaza Global Real Estate Partners LP or Plaza, Angelo Gordon Real Estate Inc., or AG, 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 $133.4 million and $117.7 million at June 30, 2013 and December 31, 2012, respectively. As we do not control the joint ventures listed below, we account for them under the equity method of accounting.

The table below provides general information on each of our joint ventures as of June 30, 2013 (amounts in thousands):

Property	Partner	Ownership Interest		Economic Interest		Square Feet	Acquired	Acquisition Price($)(1)

100 Park Avenue	Prudential	49.90	%	49.90	%	834	02/00	95,800
21 West 34th Street	Sutton	50.00	%	50.00	%	30	07/05	22,400
1604-1610 Broadway(14)	Onyx	70.00	%	70.00	%	30	11/05	4,400
27-29 West 34th Street	Sutton	50.00	%	50.00	%	41	01/06	30,000
717 Fifth Avenue(2)	Sutton/Private Investor	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
The Meadows(3)	Onyx	50.00	%	50.00	%	582	09/07	111,500
388 and 390 Greenwich Street(4)	SITQ	50.60	%	50.60	%	2,600	12/07	1,575,000
180/182 Broadway(5)	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 34th Street	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(7)	Moinian	48.90	%	48.90	%	769	01/11	500,000
280 Park Avenue(8)	Vornado	50.00	%	50.00	%	1,237	03/11	400,000
1552-1560 Broadway(9)	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 53rd Street	CPPIB	55.00	%	55.00	%	390	02/12	252,500
33 Beekman(10)	Harel/Private Investor	45.90	%	45.90	%	145	08/12	31,000
West Coast office portfolio(11)	Blackstone/SquareMile	36.01	%	36.01	%	4,067	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 36th Street	Private Investors	35.50	%	35.50	%	148	12/12	45,000
Herald Center(6)	AG	40.00	%	40.00	%	365	01/13	50,000

(1)		Acquisition price represents the actual or implied gross purchase price for the joint venture.
(2)		In June 2012, the retail condominium at the property 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. The refinancing replaced the $245.0 million floating rate mortgage loan, which bore interest at 275 basis points over LIBOR and was due to mature in September 2012, with a $300.0 million mortgage loan and $290.0 million mezzanine loan.
(3)		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.
(4)		The property is subject to a 13-year triple-net lease arrangement with a single tenant. The lease commenced in 2007.
(5)		As of June 30, 2013, the redevelopment project is substantially complete.
(6)		The joint venture acquired a preferred equity interest in an entity that holds the interest in a mixed commercial use property located in Manhattan. The preferred equity bears interest at a rate of 8.75% per annum and matures in June 2016.
(7)		We had an obligation to fund an additional $47.5 million to the joint venture which has been fully funded as of June 30, 2013. 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.
(8)		We hold an effective 49.5% ownership interest in the joint venture.
(9)		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 46th Street for $8.4 million. In January 2013, we conveyed this property, which is adjacent to 1552 and 1560 Broadway, to the fee owner of 1560 Broadway.
(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, we, together with an affiliate of Blackstone, Gramercy Capital Corp., which in April 2013, changed its name to Gramercy Property Trust Inc. (NYSE: GPT), or 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 two years with a one-year extension option. In addition, the joint venture entered into a new $68.0 million mezzanine loan for a term of two years. See Note 5, “Debt and Preferred Equity Investments.” In February 2013, we acquired Gramercy’s 10.73% interest in the joint venture and simultaneously sold 20.78% of the newly acquired interest to Square Mile. In June 2013, one of the properties was sold for $111.9 million, on which we recognized a gain of approximately $1.6 million. The proceeds of the sale were used primarily to repay $99.0 million of the mortgage and $7.3 million of the mezzanine loan.
(12)		In November 2012, we sold a 49.5% partnership interest in 521 Fifth Avenue to Plaza Global Real Estate Partners at a gross valuation price of $315.0 million for this property. We recognized a gain of $19.4 million on the sale. We also refinanced the existing $150.0 million loan with a $170.0 million seven-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 for our investment under the equity method due to a lack of control.
(13)		We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% in four residential units at the property.
(14)		In March 2013, Sutton conveyed his interest in this property to us.

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 West 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.

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 June 30, 2013 and December 31, 2012, respectively, were as follows (amounts in thousands):

Property	Maturity Date	Interest Rate(1)		June 30, 2013		December 31, 2012
100 Park Avenue	09/2014	6.64	%	$	211,056	$	212,287
7 Renaissance	02/2015	10.00	%	950		856
11 West 34th Street	01/2016	4.82	%	17,349		17,491
280 Park Avenue	06/2016	6.57	%	710,000		710,000
21 West 34th Street	12/2016	5.76	%	100,000		100,000
1745 Broadway	01/2017	5.68	%	340,000		340,000
1 and 2 Jericho Plaza	05/2017	5.65	%	163,750		163,750
800 Third Avenue	08/2017	6.00	%	20,910		20,910
388 and 390 Greenwich Street(2)	12/2017	3.20	%	996,082		996,082
315 West 36th Street	12/2017	3.04	%	25,000		25,000
717 Fifth Avenue	07/2022	4.45	%	300,000		300,000
21 East 66th Street(3)	04/2023	3.60	%	12,000		12,000
717 Fifth Avenue	06/2024	9.00	%	299,122		294,509
1604-1610 Broadway(4)	—	5.66	%	27,000		27,000
Total fixed rate debt				$	3,223,219	$	3,219,885
180/182 Broadway(5)	12/2013	2.95	%	88,321		71,524
West Coast office portfolio(6)	09/2014	3.93	%	635,012		745,025
747 Madison Avenue	10/2014	3.00	%	33,125		33,125
The Meadows(7)	09/2015	7.75	%	57,000		57,000
3 Columbus Circle(8)	04/2016	2.38	%	243,277		247,253
1552 Broadway(9)	04/2016	3.23	%	131,848		113,869
Other loan payable	06/2016	1.10	%	30,000		30,000
724 Fifth Avenue	01/2017	2.55	%	120,000		120,000
10 East 53rd Street	02/2017	2.70	%	125,000		125,000
33 Beekman(10)	08/2017	2.95	%	18,362		18,362
600 Lexington Avenue	10/2017	2.28	%	122,514		124,384
388 and 390 Greenwich Street(2)	12/2017	1.19	%	142,297		142,297
27-29 West 34th Street(11)	05/2018	2.10	%	53,238		53,375
521 Fifth Avenue(12)	11/2019	2.40	%	170,000		170,000
21 East 66th Street	06/2033	1.90	%	1,996		2,033
16 Court Street(13)				—		84,916
Total floating rate debt				$	1,971,990	$	2,138,163
Total joint venture mortgages and other loans payable				$	5,195,209	$	5,358,048

(1)		Effective weighted average interest rate for the three months ended June 30, 2013, taking into account interest rate hedges in effect during the period.
(2)		These loans 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.
(3)		In April 2013, this loan was refinanced at par and its maturity was extended to April 2023.
(4)		This loan went into default in November 2009 due to the non-payment of debt service.
(5)		This loan has a committed amount of $90.0 million.
(6)		As a result of the sale of one of its properties, the joint venture paid down $99.0 million of its mortgage and $7.3 million of its mezzanine loan.
(7)		As a result of the refinancing and restructuring in August 2012, we replaced the $83.0 million mortgage with a $60.0 million, three-year mortgage and recognized additional income of $10.8 million due to the repayment of the previous mortgage at a discount. As of June 30, 2013, $3.0 million of the existing loan remained unfunded.
(8)		In April 2011, our joint venture with The Moinian Group which owns the property located at 3 Columbus Circle, New York, obtained a $260.0 million five-year mortgage with the Bank of China, which carries a floating rate of interest of 210 basis points over the 30-day LIBOR. 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 7 of prior table.
(9)		In April 2013, we refinanced the previous $119.6 million mortgage with a $200.0 million three-year loan construction financing facility comprised of a $170.0 million mortgage loan, which carries a floating rate of interest of 270 basis points over LIBOR, and a $30.0 mezzanine loan, which carries a floating rate of interest of 935 basis points over LIBOR. The facility has two one-year extension options. As of June 30, 2013, $47.3 million of the mortgage loan and $20.9 million of the mezzanine loan remained unfunded.
(10)		This loan has a committed amount of $75.0 million, which is recourse to us. Our partner has indemnified us for its pro rata share of the recourse guarantee. A portion of the guarantee terminates upon the joint venture reaching certain milestones. We believe it is unlikely that we will be required to perform under this guarantee.
(11)		In May 2013, this loan was refinanced and its maturity was extended to May 2018.
(12)		In connection with the sale of a 49.5% membership interest in the entity, the existing loan was refinanced with a $170.0 million seven-year mortgage. As we no longer control the entity, we deconsolidated the entity effective November 30, 2012. See Note 12 of prior table.
(13)		In April 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest.

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 $1.4 million, $4.0 million, $1.8 million and $3.7 million from these services for the three and six months ended June 30, 2013 and 2012, 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 June 30, 2013 and December 31, 2012, are as follows (in thousands):

	June 30, 2013		December 31, 2012
Assets
Commercial real estate property, net	$	6,727,061	$	6,910,991
Other assets	853,956		728,113
Total assets	$	7,581,017	$	7,639,104

Liabilities and members’ equity
Mortgages and other loans payable	$	5,195,209	$	5,358,048
Other liabilities	377,491		406,929
Members’ equity	2,008,317		1,874,127
Total liabilities and members’ equity	$	7,581,017	$	7,639,104
Company’s net investment in unconsolidated joint ventures	$	1,085,793	$	1,032,243

The combined statements of income for the unconsolidated joint ventures for the three and six months ended June 30, 2013 and 2012, respectively, are as follows (in thousands):

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2013			2012		2013			2012
Total revenues	$	154,974		$	124,418	$	306,205		$	244,466
Operating expenses	28,205			16,207		56,816			32,973
Ground rent	658			742		1,315			1,660
Real estate taxes	16,958			12,483		34,263			25,857
Interest expense, net of interest income	56,561			50,602		112,968			105,470
Amortization of deferred financing costs	5,302			2,904		9,585			4,671
Depreciation and amortization	52,539			35,724		95,150			72,507
Transaction related costs	—			90		—			358
Total expenses	160,223			118,752		310,097			243,496
Net (loss) income	$	(5,249	)	$	5,666	$	(3,892	)	$	970
Company’s equity in net (loss) income of unconsolidated joint ventures	$	(3,761	)	$	70,890	$	1,313		$	69,330

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 Property Trust Inc.

In April 2004, we formed Gramercy Capital Corp., which was renamed Gramercy Property Trust Inc. in April 2013, or 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 June 30, 2013, we held 0.7 million shares, or approximately 1.35% of Gramercy’s common stock. Our total investment of approximately $3.4 million is based on the market value of our common stock investment in Gramercy at June 30, 2013. As we no longer have any significant influence over Gramercy, we account for our investment as available-for-sale securities.

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

Mortgages and Other Loans Payable

6 Months Ended

Jun. 30, 2013

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 June 30, 2013 and December 31, 2012, respectively, were as follows (amounts in thousands):

Property	Maturity Date	Interest Rate(1)		June 30, 2013		December 31, 2012
220 East 42nd Street	11/2013	5.25	%	$	183,527	$	185,906
609 Partners, LLC(2)	07/2014	5.00	%	23		23
125 Park Avenue	10/2014	5.75	%	146,250		146,250
711 Third Avenue	06/2015	4.99	%	120,000		120,000
625 Madison Avenue	11/2015	7.22	%	123,340		125,603
500 West Putnam	01/2016	5.52	%	23,799		24,060
420 Lexington Avenue	09/2016	7.50	%	184,033		184,992
Landmark Square	12/2016	4.00	%	83,705		84,486
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(8)	02/2017	5.75	%	11,500		11,500
762 Madison Avenue	02/2017	3.75	%	8,291		8,371
2 Herald Square	04/2017	5.36	%	191,250		191,250
885 Third Avenue	07/2017	6.26	%	267,650		267,650
Other loan payable(3)	09/2019	8.00	%	50,000		50,000
One Madison Avenue	05/2020	5.91	%	597,610		607,678
100 Church	07/2022	4.68	%	230,000		230,000
919 Third Avenue(4)	06/2023	5.12	%	500,000		500,000
400 East 57th Street	02/2024	4.13	%	70,000		70,000
400 East 58th Street	02/2024	4.13	%	30,000		30,000
1515 Broadway(5)	03/2025	3.93	%	900,000		—
Total fixed rate debt				$	4,340,978	$	3,457,769
Master repurchase(6)	09/2013	3.20	%	132,179		116,667
16 Court Street(9)	10/2013	3.44	%	84,580		—
180 Maiden Lane(7)	11/2016	2.40	%	266,994		271,215
248-252 Bedford Avenue	03/2018	2.45	%	22,000		—
1515 Broadway(5)	—	—		—		769,813
Total floating rate debt				$	505,753	$	1,157,695
Total mortgages and other loans payable				$	4,846,731	$	4,615,464

(1)		Effective weighted average interest rate for the three months ended June 30, 2013, taking into account interest rate hedges in effect during the period.
(2)		As part of an acquisition, we issued 63.9 million units of our 5.0% Series E preferred units of limited partnership interest, or the Series E units, with a liquidation preference of $1.00 per unit. As of June 30, 2013, approximately 63.8 million Series E units had been redeemed.
(3)		This loan is secured by a portion of a preferred equity investment.
(4)		We own a 51% controlling interest in the joint venture that is the borrower on this loan. This loan is non-recourse to us.
(5)		We have consolidated this investment since we acquired the remaining interest in this joint venture in April 2011. In April 2012, we refinanced the $447.2 million mortgage that was due in December 2014 with a $775.0 million seven-year mortgage, which carried interest at the rate equal to the greater of (a) 285 basis points over 90-day LIBOR or (b) 3.6% per annum. In February 2013, we refinanced the $775.0 million mortgage with a new $900.0 million 12-year mortgage, which carries a rate of interest of 3.93% per annum and realized a net loss on early extinguishment of debt of approximately $18.5 million, including a prepayment penalty of $7.6 million.
(6)		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 one-year extension option.
(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 property is held for sale at June 30, 2013 and the related mortgage is included in the liabilities related to assets held for sale.
(9)		In April 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest.

At June 30, 2013 and December 31, 2012, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $8.0 billion and $7.6 billion, respectively.

Corporate Indebtedness

6 Months Ended

Jun. 30, 2013

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 June 30, 2013, 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 June 30, 2013, the facility fee was 30 basis points. At June 30, 2013, we had approximately $91.6 million of outstanding letters of credit, $40.0 million borrowings under the revolving credit facility and $400.0 million outstanding under the term loan facility, with undrawn capacity of $1.2 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 us 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.

Senior Unsecured Notes

The following table sets forth our senior unsecured notes and other related disclosures as of June 30, 2013 and December 31, 2012, respectively by scheduled maturity date (amounts in thousands):

Issuance	June 30, 2013 Unpaid Principal Balance		June 30, 2013 Accreted Balance		December 31, 2012 Accreted Balance		Coupon Rate(1)		Effective Rate		Term (in Years)	Maturity
August 13, 2004(2)(3)	$	75,898	$	75,898	$	75,898	5.88	%	5.88	%	10	August 15, 2014
March 31, 2006(2)(3)	255,308		255,185		255,165		6.00	%	6.00	%	10	March 31, 2016
October 12, 2010(4)	345,000		292,511		287,373		3.00	%	3.00	%	7	October 15, 2017
August 5, 2011(5)	250,000		249,651		249,620		5.00	%	5.00	%	7	August 15, 2018
March 16, 2010(5)	250,000		250,000		250,000		7.75	%	7.75	%	10	March 15, 2020
November 15, 2012(5)	200,000		200,000		200,000		4.50	%	4.50	%	10	December 1, 2022
June 27, 2005(2)(6)	7		7		7		4.00	%	4.00	%	20	June 15, 2025
March 26, 2007(7)	11,953		11,953		16,893		3.00	%	3.00	%	20	March 30, 2027
	$	1,388,166	$	1,335,205	$	1,334,956

(1)		Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates.
(2)		Issued by ROP.
(3)		On December 27, 2012, we repurchased $42.4 million of aggregate principal amount of these 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.
(4)		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 of the debt balance was recorded in equity. As of June 30, 2013, approximately $52.5 million remained to be amortized into the debt balance.
(5)		Issued by us, the Company and ROP, as co-obligors.
(6)		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.
(7)		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 senior unsecured obligations of the Operating Partnership 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 equity and was fully amortized into the debt balance as of March 31, 2012. On January 2, 2013, we repurchased $4.9 million of aggregate principal amount of exchangeable notes at 99.6% of the principal amount.

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, 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 its 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 June 30, 2013 and December 31, 2012, 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 proceeds from the security offering were transferred to us as a loan. 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 our 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, revolving credit facility, trust preferred securities, term loan and senior unsecured notes and our share of joint venture debt as of June 30, 2013, including as-of-right extension options, were as follows (in thousands):

	Scheduled Amortization		Principal Repayments		Revolving Credit Facility		Trust Preferred Securities		Term Loan and Senior Unsecured Notes		Total		Joint Venture Debt
2013	$	20,431	$	399,101	$	—	$	—	$	—	$	419,532	$	73,574
2014	43,665		146,273		—		—		75,898		265,836		326,019
2015	46,322		229,537		—		—		7		275,866		37,328
2016	56,836		516,576		—		—		255,185		828,597		593,802
2017	60,897		1,098,064		—		—		304,464		1,463,425		934,011
Thereafter	367,307		1,861,722		40,000		100,000		1,099,651		3,468,680		180,587
	$	595,458	$	4,251,273	$	40,000	$	100,000	$	1,735,205	$	6,721,936	$	2,145,321

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Interest expense	$	83,746		$	82,560		$	165,369		$	162,941
Interest income	(470		)	(401		)	(922		)	(811		)
Interest expense, net	$	83,276		$	82,159		$	164,447		$	162,130
Interest capitalized	$	3,301		$	2,996		$	6,363		$	5,532

- 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

Capital

6 Months Ended

Jun. 30, 2013

Capital

Capital

12. Capital

The Company is the sole general partner of the Operating Partnership and at June 30, 2013 owned 91,812,771 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 makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units.

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 six months ended June 30, 2013, SL Green sold approximately 95,000 shares of its common stock through the ATM Program for aggregate gross proceeds of approximately $8.7 million ($8.5 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 were contributed to us in exchange for 95,000 common partnership units. As of June 30, 2013, $36.7 million of common stock remained available for issuance 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 June 30, 2013, limited partners other than SL Green owned approximately 2.95%% (2,794,239 units) of the Operating Partnership. At June 30, 2013, 2,851,906 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 $221.9 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 were contributed to us by SL Green in exchange for 9.2 million Series I Preferred Units.

In June 2013, SL Green redeemed the remaining 7,700,000 outstanding shares of its 7.625% Series C Cumulative Redeemable Preferred Stock, or the Series C Preferred Stock, at a redemption price of $25.00 per share plus $0.3495 in accumulated and unpaid dividends on such Preferred Stock through June 21, 2013. We recognized $12.2 million of costs to redeem the remaining Series C Preferred Stock. In September 2012, SL Green had redeemed 4,000,000 shares of its 11,700,000 shares of 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. We recognized $6.3 million of costs to redeem partially the Series C Preferred Stock. Simultaneously with each 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. The Series C Preferred unitholders received annual dividends of $1.90625 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 shares of its 7.875% Series D Cumulative Redeemable Preferred Stock, or 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 and recognized $3.7 million of costs to redeem the Series D Preferred Stock. Simultaneously with that redemption, an equal number of our 7.875% Series D Cumulative Redeemable Preferred Units were redeemed at the redemption price paid by SL Green to the Series D Preferred stockholders. The Series D Preferred unitholders received annual dividends of $1.96875 per unit paid on a quarterly basis and distributions were cumulative, subject to certain provisions.

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 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 Series G 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 six months ended June 30, 2013 and 2012, SL Green issued approximately 312 shares and 1.3 million shares of its common stock and received approximately $26,000 and $99.5 million of proceeds, respectively, from dividend reinvestments and/or stock purchases under the DRIP. The $26,000 in proceeds received during the six months ended June 30, 2013 was 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.

Third Amended and Restated 2005 Stock Option and Incentive Plan

SL Green has a stock option and incentive plan. The Third Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by SL Green’s board of directors in April 2013 and SL Green’s stockholders in June 2013 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 17,130,000 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 2.76 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 0.77 fungible units per share subject to such awards, and (3) all other awards (e.g., ten-year stock options) counting as 1.0 fungible units per share subject to such award. Awards granted under the 2005 Plan prior to the approval of the second amendment and restatement in June 2010 and third amendment and restatement in June 2013 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 17,130,000 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 13, 2023, which is the tenth anniversary of the date that the 2005 Plan was most recently approved by SL Green’s stockholders. As of June 30, 2013, 5.8 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, phantom stock units granted pursuant to 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 six months ended June 30, 2013 and the year ended December 31, 2012.

	June 30, 2013		December 31, 2012
Dividend yield	2.00	%	2.00	%
Expected life of option	4.7 years		3.7 years
Risk-free interest rate	0.68	%	0.46	%
Expected stock price volatility	35.50	%	37.40	%

A summary of the status of SL Green’s stock options as of June 30, 2013 and December 31, 2012 and changes during the six months ended June 30, 2013 and the year ended December 31, 2012 are presented below:

	June 30, 2013					December 31, 2012
	Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price
Balance at beginning of year	1,201,000			$	75.05	1,277,200			$	63.37
Granted	201,000			76.67		361,331			75.36
Exercised	(156,730		)	51.89		(382,612		)	36.65
Lapsed or cancelled	(24,035		)	84.71		(54,919		)	72.99
Balance at end of period	1,221,235			$	78.10	1,201,000			$	75.05

Options exercisable at end of period	504,092			$	85.05	479,913			$	86.85
Weighted average fair value of options granted during the period	$	3,867,342				$	6,602,967

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 4.32 years and the remaining weighted average contractual life of the options exercisable was 3.64 years.

During the three and six months ended June 30, 2013 and 2012, we recognized approximately $1.3 million, $2.6 million, $1.1 million and $2.8 million of compensation expense, respectively, for these options. As of June 30, 2013, there was approximately $10.1 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 June 30, 2013 and December 31, 2012 and charges during the six months ended June 30, 2013 and the year ended December 31, 2012 is presented below:

	June 30, 2013			December 31, 2012
Balance at beginning of year	2,804,901			2,912,456
Granted	3,450			92,729
Cancelled	(600		)	(200,284		)
Balance at end of period	2,807,751			2,804,901
Vested during the period	500			408,800
Compensation expense recorded	$	2,971,339		$	6,930,381
Weighted average fair value of restricted stock granted during the period	$	309,362		$	7,023,942

The fair value of restricted stock that vested during the six months ended June 30, 2013 and year ended December 31, 2012 was $0.02 million and $22.4 million, respectively. As of June 30, 2013, there was $9.5 million of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted-average period of approximately 2.1 years.

For the three and six months ended June 30, 2013 and 2012, approximately $1.0 million, $2.0 million, $1.0 million and $2.0 million, respectively, was capitalized to assets associated with compensation expense related to SL Green’s long-term compensation plans, restricted stock and stock options.

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 $15.0 million up to approximately $75.0 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 $25.0 million of awards could be earned at any time after the beginning of the second year and an additional approximately $25.0 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 $0.8 million, $2.8 million, $1.9 million and $3.7 million during the three and six months ended June 30, 2013 and 2012, 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 $26.3 million, subject to forfeitures) will be amortized into earnings through the final vesting period. We recorded compensation expense of approximately $1.7 million, $4.5 million, $1.4 million and $2.6 million during the three and six months ended June 30, 2013 and 2012, respectively, related to the 2011 Outperformance Plan.

Deferred Stock Compensation Plan for Directors

Under SL Green’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 six months ended June 30, 2013, no phantom stock units were earned. As of June 30, 2013, there were approximately 70,407 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 its 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 June 30, 2013, approximately 68,483 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 of limited partnership interest.

Earnings per Unit

Earnings per unit for the three and six months ended June 30, 2013 and 2012 is computed as follows (amounts in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Numerator (Income)
Basic Earnings:
Income attributable to SLGOP common unitholders	$	8,520	$	106,461	$	27,984	$	132,605
Effect of Dilutive Securities:
Stock options	—		—				—
Diluted Earnings:
Income attributable to SLGOP common unitholders	$	8,520	$	106,461	$	27,984	$	132,605

	Three Months Ended June 30,		Six Months Ended June 30,
	2013	2012	2013	2012
Denominator (Weighted Average Units)
Basic Earnings:
Units attributable to common unitholders	94,312	92,982	94,224	91,386
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	224	369	228	380
Diluted Units	94,536	93,351	94,452	91,766

We have excluded approximately 894,000, 939,000, 729,000 and 768,000 common unit equivalents from the diluted units outstanding for the three and six months ended June 30, 2013 and 2012, 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

Financial Instruments: Derivatives and Hedging

6 Months Ended

Jun. 30, 2013

Financial Instruments: Derivatives and Hedging

Financial Instruments: Derivatives and Hedging

14. Financial Instruments: Derivatives and Hedging

We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the 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 June 30, 2013 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		Strike Rate		Effective Date	Expiration Date	Fair Value
Interest Rate Cap	$	271,912	6.000	%	11/2012	11/2013	$	—
Interest Rate Swap	$	30,000	2.295	%	7/2010	6/2016	$	(1,426	)
Interest Rate Swap	$	8,500	0.740	%	2/2012	2/2015	$	(54	)

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

On June 30, 2013, the derivative instruments were reported as an obligation at their fair value of approximately $1.5 million. This is included in other liabilities on the consolidated balance sheet at June 30, 2013. Included in accumulated other comprehensive loss at June 30, 2013 was approximately $16.4 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 $6.0 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 as discussed above. This loss is being amortized over the 10-year term of the related financing. This loss is included in the $16.4 million balance noted above. The balance in accumulated other comprehensive loss relating to derivatives, including our share of joint venture accumulated other comprehensive loss, was $22.4 million and $34.1 million at June 30, 2013 and December 31, 2012, 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 $2.3 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 (loss) 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 for the three months ended June 30, 2013 and 2012, respectively (in thousands):

		Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion) For the Three Months Ended					Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Expense/ Equity in net income of unconsolidated joint ventures (Effective Portion) For the Three Months Ended				Amount of Gain or (Loss) Recognized in Interest Expense/Equity in Net Income of Unconsolidated Joint Ventures (Ineffective Portion) For the Three Months Ended
Designation\Cash Flow	Derivative	June 30, 2013		June 30, 2012			June 30, 2013		June 30, 2012		June 30, 2013		June 30, 2012
Qualifying	Interest Rate Swaps/Caps	$	8,069	$	(6,865	)	$	1,730	$	3,217	$	5	$	1

Non-qualifying	Interest Rate Caps	—		—			—		—		4		380

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 for the six months ended June 30, 2013 and 2012, respectively (in thousands):

		Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion) For the Six Months Ended					Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Expense/ Equity in net income of unconsolidated joint ventures (Effective Portion) For the Six Months Ended				Amount of Gain or (Loss) Recognized in Interest Expense/Equity in Net Income of Unconsolidated Joint Ventures (Ineffective Portion) For the Six Months Ended
Designation\Cash Flow	Derivative	June 30, 2013		June 30, 2012			June 30, 2013		June 30, 2012		June 30, 2013			June 30, 2012
Qualifying	Interest Rate Swaps/Caps	$	8,249	$	(6,953	)	$	3,438	$	6,420	$	5		$	1

Non-qualifying	Interest Rate Caps	—		—			—		—		(11		)	(331		)

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: 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 3: 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 4: 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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624177-113959

Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80784-113994

Reference 8: 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 9: 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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80748-113994

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708773-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959

Reference 16: 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 17: 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 18: 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 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959

Reference 20: 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))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-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 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-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

Segment Information

6 Months Ended

Jun. 30, 2013

Segment Information

Segment Information

16. 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. 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 three and six months ended June 30, 2013 and 2012, and selected asset information as of June 30, 2013 and December 31, 2012, regarding our operating segments are as follows (in thousands):

	Real Estate Segment			Debt and Preferred Equity Segment		Total Company
Total revenues
Three months ended:
June 30, 2013	$	318,414		$	46,731	$	365,145
June 30, 2012	311,087			33,448		344,535

Six months ended:
June 30, 2013	$	631,174		$	99,439	$	730,613
June 30, 2012	619,334			59,786		679,120

Income (loss) from continuing operations before equity in net gain on sale of unconsolidated joint venture/real estate
Three months ended:
June 30, 2013	$	(233	)	$	38,047	$	37,814
June 30, 2012	81,011			27,013		108,024

Six months ended:
June 30, 2013	$	(15,821	)	$	81,861	$	66,040
June 30, 2012	80,334			47,928		128,262

Total assets
As of:
June 30, 2013	$	13,163,696		$	1,238,229	$	14,401,925
December 31, 2012	13,021,095			1,357,890		14,378,985

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 credit facility borrowing cost as well as the interest under the MRA. 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 $23.2 million, $45.7 million, $22.7 million and $43.9 million for the three and six months ended June 30, 2013 and 2012, 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 three and six months ended June 30, 2013 and 2012 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate	$	37,814		$	108,024		$	66,040		$	128,262
Purchase price fair value adjustment	(2,305		)	—			(2,305		)	—
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	(3,583		)	9,534			(3,583		)	16,794
Income from continuing operations	31,926			117,558			60,152			145,056
Net (loss) income from discontinued operations	(678		)	899			320			1,931
Gain on sale of discontinued operations	—			—			1,113			6,627
Net income	31,248			118,457			61,585			153,614
Net income attributable to noncontrolling interests in other partnerships	(3,004		)	(3,887		)	(5,905		)	(4,958		)
Preferred unit distributions	(565		)	(565		)	(1,130		)	(962		)
Net income attributable to SLGOP	27,679			114,005			54,550			147,694
Preferred unit redemption costs	(12,160		)	—			(12,160		)	—
Perpetual preferred unit distributions	(6,999		)	(7,544		)	(14,406		)	(15,089		)
Net income attributable to SLGOP common unitholders	$	8,520		$	106,461		$	27,984		$	132,605

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-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

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2013

Significant Accounting Policies

Principles of Consolidation

Principles of Consolidation

Investment in Commercial Real Estate Properties

Investment in Commercial Real Estate Properties

	June 30, 2013			December 31, 2012
Identified intangible assets (included in other assets):
Gross amount	$	732,160		$	725,861
Accumulated amortization	(296,573		)	(263,107		)
Net	$	435,587		$	462,754

Identified intangible liabilities (included in deferred revenue):
Gross amount	$	667,495		$	651,921
Accumulated amortization	(391,631		)	(357,225		)
Net	$	275,864		$	294,696

Fair Value Measurements

Fair Value Measurements

We determined the fair value of our current investments in marketable securities using Level 1, Level 2 and Level 3 inputs.

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

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 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 June 30, 2013 and December 31, 2012, we held the following marketable securities (in thousands):

	June 30,		December 31,
	2013		2012
Level 1 — Equity marketable securities	$	3,371	$	2,202
Level 2 — Commercial mortgage-backed securities	19,406		15,575
Level 3 — Rake bonds	3,489		3,652
Total marketable securities available-for-sale	$	26,266	$	21,429

Revenue Recognition

Revenue Recognition

Reserve for Possible Credit Losses

Reserve for Possible Credit Losses

Income Taxes

Income Taxes

Stock-Based Employee Compensation Plans

Stock-Based Employee Compensation Plans

Earnings per Unit

Earnings per Unit

Use of Estimates

Use of Estimates

Concentrations of Credit Risk

Concentrations of Credit Risk

Reclassification

Reclassification

Accounting Standards Updates

Accounting Standards Updates

Debt and Preferred Equity Investments (Tables)

6 Months Ended

Jun. 30, 2013

Debt and Preferred Equity Investments

Summary of debt investments

As of June 30, 2013 and December 31, 2012, we held the following debt investments with an aggregate weighted average current yield of approximately 11.2% at June 30, 2013 (in thousands):

Loan
Type

June 30,
2013
Senior
Financing

June 30,
2013
Carrying Value,
Net of Discounts
and Deferred
Origination Fees

December 31,
2012
Carrying Value,
Net of Discounts
and Deferred
Origination Fees

Initial
Maturity
Date

Other Loan

398,500

14,820

—

March 2015

Mezzanine Loan

205,000

67,170

66,307

February 2016

Mortgage/Mezzanine Loan

167,966

44,358

44,013

May 2016

Mezzanine Loan

177,000

15,436

15,906

May 2016

Junior Participation

133,000

49,000

49,000

June 2016

Mezzanine Loan

165,000

71,073

70,967

November 2016

Mortgage/Mezzanine Loan(1)

1,109,000

75,602

115,804

March 2017

Other Loan

15,000

3,500

3,500

September 2021

Mortgage(2)

—

218,068

—

Total fixed rate

2,370,466

340,959

583,565

Mezzanine Loan(3)

—

29,826

—

December 2013

Junior Participation(4)(13)

57,750

10,863

10,869

February 2014

Junior Participation(5)

78,200

23,057

—

February 2014

Mortgage/Mezzanine Loan(6)

330,000

131,470

131,231

July 2014

Mezzanine Loan(7)

62,500

37,359

37,288

July 2014

Mezzanine Loan

180,000

59,812

59,739

August 2014

Mortgage

—

14,817

14,745

September 2014

Mortgage/Mezzanine Loan(8)

—

51,227

47,253

February 2015

Mezzanine Loan(9)

92,711

27,734

55,336

December 2015

Mezzanine Loan(10)

775,000

72,358

—

March 2016

Mezzanine Loan(11)

160,000

22,503

7,624

June 2016

Mezzanine Loan

87,300

25,572

34,761

July 2016

Mezzanine Loan(12)

83,933

35,563

34,444

October 2016

Total floating rate

1,907,394

542,161

433,290

Total

4,277,860

883,120

1,016,855

Loan loss reserve(13)

—

(7,000

)

(7,000

)

4,277,860

876,120

1,009,855

(1)		Interest is added to the principal balance for this accrual only loan. In January 2013, we sold 50% of the mezzanine loan for $57.8 million and recognized additional income of $12.9 million, which is included in investment and preferred equity income on the consolidated statements of income. The unaccrued interest during the period in which the loan was on non-accrual status is being accreted as of January 2013.
(2)		In November 2012, we acquired this non-performing loan with an original balance of $219.0 million, which accrued interest at its default rate. In connection with the repayment of the loan in May 2013, we recognized additional income of $6.4 million, which is included in investment and preferred equity income on our consolidated statements of income.
(3)		In February 2013, we entered into a loan participation agreement in the amount of $30.0 million on a $100.0 million mortgage. The note has two one-year extension options.
(4)		This loan matured in June 2013 and was extended to February 2014. The loan has an additional four-month extension option.
(5)		As of June 30, 2013, we were committed to fund an additional $1.7 million in connection with this loan.
(6)		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 $50.0 million of our interest in the senior mortgage to a third party.
(7)		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 sheets.
(8)		As of June 30, 2013, we were committed to fund an additional $7.1 million in connection with this loan.
(9)		We funded $56.3 million at origination. In June 2013, we sold 50% of our interest in the $85 million mezzanine loan. As of June 30, 2013, we were committed to fund an additional $13.6 million in connection with our share of this loan.
(10)		In March 2013, we originated a $150.0 million junior mezzanine loan and simultaneously sold one-half of our interest at par.
(11)		In November 2011, we entered into a loan participation agreement in the amount of $7.4 million on a $15.0 million mortgage. As part of the refinancing of the related senior mortgage in June 2013, we originated a $30.0 million mezzanine loan and our outstanding investment in the amount of $15.0 million, including the participated interest, was repaid in full. Following the refinancing, we entered into a loan participation agreement in the amount of $7.4 million on this $30.0 million mezzanine loan. 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 sheets.
(12)		As of June 30, 2013, we were committed to fund an additional $14.1 million in connection with this loan.
(13)		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.

Summary of preferred equity investments

As of June 30, 2013 and December 31, 2012, we held the following preferred equity investments, with an aggregate weighted average current yield of approximately 10.2% at June 30, 2013 (in thousands):

Type

June 30,
2013
Senior
Financing

June 30,
2013
Carrying
Value, Net of
Discounts
and Deferred
Origination
Fees

December 31,
2012
Carrying
Value, Net of
Discounts
and Deferred
Origination
Fees

Initial
Mandatory
Redemption

Preferred equity

70,000

9,934

9,927

October 2014

Preferred equity(1)(2)

525,000

105,360

99,768

July 2015

Preferred equity(1)(3)

55,986

22,213

18,925

April 2016

Preferred equity(1)

926,260

213,794

209,959

July 2016

1,577,246

351,301

338,579

(1)		The difference between the pay and accrual rates is included as an addition to the principal balance outstanding.
(2)		The reserve previously taken against this loan is being accreted up to the face amount through the maturity date. In June 2013, the redemption date was extended from July 2014 to July 2015.
(3)		As of June 30, 2013, we were committed to fund an additional $3.6 million on this loan.

Rollforward of total loan loss reserves

The following table is a rollforward of our total loan loss reserves at June 30, 2013 and December 31, 2012 (in thousands):

	June 30, 2013		December 31, 2012
Balance at beginning of year	$	7,000	$	50,175
Expensed	—		3,000
Recoveries	—		(2,436		)
Charge-offs and reclassifications	—		(43,739		)
Balance at end of period	$	7,000	$	7,000

Summary of impaired loans, including non-accrual loans

The following table presents impaired loans, which may include non-accrual loans, as of June 30, 2013 and December 31, 2012, respectively (in thousands):

	June 30, 2013						December 31, 2012
	Unpaid Principal Balance		Recorded Investment		Allowance Allocated		Unpaid Principal Balance		Recorded Investment		Allowance Allocated
With no related allowance recorded:
Commercial real estate	$	—	$	—	$	—	$	—	$	—	$	—
With an allowance recorded:
Commercial real estate	10,750		10,750		7,000		10,750		10,750		7,000
Total	$	10,750	$	10,750	$	7,000	$	10,750	$	10,750	$	7,000

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012

Average recorded investment in impaired loans	$	10,876	$	69,932	$	10,870	$	74,935

Investment and preferred equity income recognized	261		2,333		487		3,895

Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2013

Investments 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 June 30, 2013 (amounts in thousands):

Property	Partner	Ownership Interest		Economic Interest		Square Feet	Acquired	Acquisition Price($)(1)

100 Park Avenue	Prudential	49.90	%	49.90	%	834	02/00	95,800
21 West 34th Street	Sutton	50.00	%	50.00	%	30	07/05	22,400
1604-1610 Broadway(14)	Onyx	70.00	%	70.00	%	30	11/05	4,400
27-29 West 34th Street	Sutton	50.00	%	50.00	%	41	01/06	30,000
717 Fifth Avenue(2)	Sutton/Private Investor	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
The Meadows(3)	Onyx	50.00	%	50.00	%	582	09/07	111,500
388 and 390 Greenwich Street(4)	SITQ	50.60	%	50.60	%	2,600	12/07	1,575,000
180/182 Broadway(5)	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 34th Street	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(7)	Moinian	48.90	%	48.90	%	769	01/11	500,000
280 Park Avenue(8)	Vornado	50.00	%	50.00	%	1,237	03/11	400,000
1552-1560 Broadway(9)	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 53rd Street	CPPIB	55.00	%	55.00	%	390	02/12	252,500
33 Beekman(10)	Harel/Private Investor	45.90	%	45.90	%	145	08/12	31,000
West Coast office portfolio(11)	Blackstone/SquareMile	36.01	%	36.01	%	4,067	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 36th Street	Private Investors	35.50	%	35.50	%	148	12/12	45,000
Herald Center(6)	AG	40.00	%	40.00	%	365	01/13	50,000

(1)		Acquisition price represents the actual or implied gross purchase price for the joint venture.
(2)		In June 2012, the retail condominium at the property 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. The refinancing replaced the $245.0 million floating rate mortgage loan, which bore interest at 275 basis points over LIBOR and was due to mature in September 2012, with a $300.0 million mortgage loan and $290.0 million mezzanine loan.
(3)		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.
(4)		The property is subject to a 13-year triple-net lease arrangement with a single tenant. The lease commenced in 2007.
(5)		As of June 30, 2013, the redevelopment project is substantially complete.
(6)		The joint venture acquired a preferred equity interest in an entity that holds the interest in a mixed commercial use property located in Manhattan. The preferred equity bears interest at a rate of 8.75% per annum and matures in June 2016.
(7)		We had an obligation to fund an additional $47.5 million to the joint venture which has been fully funded as of June 30, 2013. 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.
(8)		We hold an effective 49.5% ownership interest in the joint venture.
(9)		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 46th Street for $8.4 million. In January 2013, we conveyed this property, which is adjacent to 1552 and 1560 Broadway, to the fee owner of 1560 Broadway.
(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, we, together with an affiliate of Blackstone, Gramercy Capital Corp., which in April 2013, changed its name to Gramercy Property Trust Inc. (NYSE: GPT), or 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 two years with a one-year extension option. In addition, the joint venture entered into a new $68.0 million mezzanine loan for a term of two years. See Note 5, “Debt and Preferred Equity Investments.” In February 2013, we acquired Gramercy’s 10.73% interest in the joint venture and simultaneously sold 20.78% of the newly acquired interest to Square Mile. In June 2013, one of the properties was sold for $111.9 million, on which we recognized a gain of approximately $1.6 million. The proceeds of the sale were used primarily to repay $99.0 million of the mortgage and $7.3 million of the mezzanine loan.
(12)		In November 2012, we sold a 49.5% partnership interest in 521 Fifth Avenue to Plaza Global Real Estate Partners at a gross valuation price of $315.0 million for this property. We recognized a gain of $19.4 million on the sale. We also refinanced the existing $150.0 million loan with a $170.0 million seven-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 for our investment under the equity method due to a lack of control.
(13)		We hold a 32.28% interest in three retail and two residential units at the property and a 16.14% in four residential units at the property.
(14)		In March 2013, Sutton conveyed his interest in this property to us.

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 June 30, 2013 and December 31, 2012, respectively, were as follows (amounts in thousands):

Property	Maturity Date	Interest Rate(1)		June 30, 2013		December 31, 2012
100 Park Avenue	09/2014	6.64	%	$	211,056	$	212,287
7 Renaissance	02/2015	10.00	%	950		856
11 West 34th Street	01/2016	4.82	%	17,349		17,491
280 Park Avenue	06/2016	6.57	%	710,000		710,000
21 West 34th Street	12/2016	5.76	%	100,000		100,000
1745 Broadway	01/2017	5.68	%	340,000		340,000
1 and 2 Jericho Plaza	05/2017	5.65	%	163,750		163,750
800 Third Avenue	08/2017	6.00	%	20,910		20,910
388 and 390 Greenwich Street(2)	12/2017	3.20	%	996,082		996,082
315 West 36th Street	12/2017	3.04	%	25,000		25,000
717 Fifth Avenue	07/2022	4.45	%	300,000		300,000
21 East 66th Street(3)	04/2023	3.60	%	12,000		12,000
717 Fifth Avenue	06/2024	9.00	%	299,122		294,509
1604-1610 Broadway(4)	—	5.66	%	27,000		27,000
Total fixed rate debt				$	3,223,219	$	3,219,885
180/182 Broadway(5)	12/2013	2.95	%	88,321		71,524
West Coast office portfolio(6)	09/2014	3.93	%	635,012		745,025
747 Madison Avenue	10/2014	3.00	%	33,125		33,125
The Meadows(7)	09/2015	7.75	%	57,000		57,000
3 Columbus Circle(8)	04/2016	2.38	%	243,277		247,253
1552 Broadway(9)	04/2016	3.23	%	131,848		113,869
Other loan payable	06/2016	1.10	%	30,000		30,000
724 Fifth Avenue	01/2017	2.55	%	120,000		120,000
10 East 53rd Street	02/2017	2.70	%	125,000		125,000
33 Beekman(10)	08/2017	2.95	%	18,362		18,362
600 Lexington Avenue	10/2017	2.28	%	122,514		124,384
388 and 390 Greenwich Street(2)	12/2017	1.19	%	142,297		142,297
27-29 West 34th Street(11)	05/2018	2.10	%	53,238		53,375
521 Fifth Avenue(12)	11/2019	2.40	%	170,000		170,000
21 East 66th Street	06/2033	1.90	%	1,996		2,033
16 Court Street(13)				—		84,916
Total floating rate debt				$	1,971,990	$	2,138,163
Total joint venture mortgages and other loans payable				$	5,195,209	$	5,358,048

(1)		Effective weighted average interest rate for the three months ended June 30, 2013, taking into account interest rate hedges in effect during the period.
(2)		These loans 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.
(3)		In April 2013, this loan was refinanced at par and its maturity was extended to April 2023.
(4)		This loan went into default in November 2009 due to the non-payment of debt service.
(5)		This loan has a committed amount of $90.0 million.
(6)		As a result of the sale of one of its properties, the joint venture paid down $99.0 million of its mortgage and $7.3 million of its mezzanine loan.
(7)		As a result of the refinancing and restructuring in August 2012, we replaced the $83.0 million mortgage with a $60.0 million, three-year mortgage and recognized additional income of $10.8 million due to the repayment of the previous mortgage at a discount. As of June 30, 2013, $3.0 million of the existing loan remained unfunded.
(8)		In April 2011, our joint venture with The Moinian Group which owns the property located at 3 Columbus Circle, New York, obtained a $260.0 million five-year mortgage with the Bank of China, which carries a floating rate of interest of 210 basis points over the 30-day LIBOR. 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 7 of prior table.
(9)		In April 2013, we refinanced the previous $119.6 million mortgage with a $200.0 million three-year loan construction financing facility comprised of a $170.0 million mortgage loan, which carries a floating rate of interest of 270 basis points over LIBOR, and a $30.0 mezzanine loan, which carries a floating rate of interest of 935 basis points over LIBOR. The facility has two one-year extension options. As of June 30, 2013, $47.3 million of the mortgage loan and $20.9 million of the mezzanine loan remained unfunded.
(10)		This loan has a committed amount of $75.0 million, which is recourse to us. Our partner has indemnified us for its pro rata share of the recourse guarantee. A portion of the guarantee terminates upon the joint venture reaching certain milestones. We believe it is unlikely that we will be required to perform under this guarantee.
(11)		In May 2013, this loan was refinanced and its maturity was extended to May 2018.
(12)		In connection with the sale of a 49.5% membership interest in the entity, the existing loan was refinanced with a $170.0 million seven-year mortgage. As we no longer control the entity, we deconsolidated the entity effective November 30, 2012. See Note 12 of prior table.
(13)		In April 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest.

Schedule of combined balance sheets for the unconsolidated joint ventures

The combined balance sheets for the unconsolidated joint ventures, at June 30, 2013 and December 31, 2012, are as follows (in thousands):

	June 30, 2013		December 31, 2012
Assets
Commercial real estate property, net	$	6,727,061	$	6,910,991
Other assets	853,956		728,113
Total assets	$	7,581,017	$	7,639,104

Liabilities and members’ equity
Mortgages and other loans payable	$	5,195,209	$	5,358,048
Other liabilities	377,491		406,929
Members’ equity	2,008,317		1,874,127
Total liabilities and members’ equity	$	7,581,017	$	7,639,104
Company’s net investment in unconsolidated joint ventures	$	1,085,793	$	1,032,243

Schedule of combined statements of income for the unconsolidated joint ventures

The combined statements of income for the unconsolidated joint ventures for the three and six months ended June 30, 2013 and 2012, respectively, are as follows (in thousands):

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2013			2012		2013			2012
Total revenues	$	154,974		$	124,418	$	306,205		$	244,466
Operating expenses	28,205			16,207		56,816			32,973
Ground rent	658			742		1,315			1,660
Real estate taxes	16,958			12,483		34,263			25,857
Interest expense, net of interest income	56,561			50,602		112,968			105,470
Amortization of deferred financing costs	5,302			2,904		9,585			4,671
Depreciation and amortization	52,539			35,724		95,150			72,507
Transaction related costs	—			90		—			358
Total expenses	160,223			118,752		310,097			243,496
Net (loss) income	$	(5,249	)	$	5,666	$	(3,892	)	$	970
Company’s equity in net (loss) income of unconsolidated joint ventures	$	(3,761	)	$	70,890	$	1,313		$	69,330

Mortgages and Other Loans Payable (Tables)

6 Months Ended

Jun. 30, 2013

Mortgages and Other Loans Payable

Schedule of first mortgages and other loans payable collateralized by the respective properties and assignment of leases

Property	Maturity Date	Interest Rate(1)		June 30, 2013		December 31, 2012
220 East 42nd Street	11/2013	5.25	%	$	183,527	$	185,906
609 Partners, LLC(2)	07/2014	5.00	%	23		23
125 Park Avenue	10/2014	5.75	%	146,250		146,250
711 Third Avenue	06/2015	4.99	%	120,000		120,000
625 Madison Avenue	11/2015	7.22	%	123,340		125,603
500 West Putnam	01/2016	5.52	%	23,799		24,060
420 Lexington Avenue	09/2016	7.50	%	184,033		184,992
Landmark Square	12/2016	4.00	%	83,705		84,486
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(8)	02/2017	5.75	%	11,500		11,500
762 Madison Avenue	02/2017	3.75	%	8,291		8,371
2 Herald Square	04/2017	5.36	%	191,250		191,250
885 Third Avenue	07/2017	6.26	%	267,650		267,650
Other loan payable(3)	09/2019	8.00	%	50,000		50,000
One Madison Avenue	05/2020	5.91	%	597,610		607,678
100 Church	07/2022	4.68	%	230,000		230,000
919 Third Avenue(4)	06/2023	5.12	%	500,000		500,000
400 East 57th Street	02/2024	4.13	%	70,000		70,000
400 East 58th Street	02/2024	4.13	%	30,000		30,000
1515 Broadway(5)	03/2025	3.93	%	900,000		—
Total fixed rate debt				$	4,340,978	$	3,457,769
Master repurchase(6)	09/2013	3.20	%	132,179		116,667
16 Court Street(9)	10/2013	3.44	%	84,580		—
180 Maiden Lane(7)	11/2016	2.40	%	266,994		271,215
248-252 Bedford Avenue	03/2018	2.45	%	22,000		—
1515 Broadway(5)	—	—		—		769,813
Total floating rate debt				$	505,753	$	1,157,695
Total mortgages and other loans payable				$	4,846,731	$	4,615,464

(1)		Effective weighted average interest rate for the three months ended June 30, 2013, taking into account interest rate hedges in effect during the period.
(2)		As part of an acquisition, we issued 63.9 million units of our 5.0% Series E preferred units of limited partnership interest, or the Series E units, with a liquidation preference of $1.00 per unit. As of June 30, 2013, approximately 63.8 million Series E units had been redeemed.
(3)		This loan is secured by a portion of a preferred equity investment.
(4)		We own a 51% controlling interest in the joint venture that is the borrower on this loan. This loan is non-recourse to us.
(5)		We have consolidated this investment since we acquired the remaining interest in this joint venture in April 2011. In April 2012, we refinanced the $447.2 million mortgage that was due in December 2014 with a $775.0 million seven-year mortgage, which carried interest at the rate equal to the greater of (a) 285 basis points over 90-day LIBOR or (b) 3.6% per annum. In February 2013, we refinanced the $775.0 million mortgage with a new $900.0 million 12-year mortgage, which carries a rate of interest of 3.93% per annum and realized a net loss on early extinguishment of debt of approximately $18.5 million, including a prepayment penalty of $7.6 million.
(6)		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 one-year extension option.
(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 property is held for sale at June 30, 2013 and the related mortgage is included in the liabilities related to assets held for sale.
(9)		In April 2013, we acquired interests from our joint venture partner, CIF, and have consolidated the entity due to our controlling interest.

Corporate Indebtedness (Tables)

6 Months Ended

Jun. 30, 2013

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 June 30, 2013 and December 31, 2012, respectively by scheduled maturity date (amounts in thousands):

Issuance	June 30, 2013 Unpaid Principal Balance		June 30, 2013 Accreted Balance		December 31, 2012 Accreted Balance		Coupon Rate(1)		Effective Rate		Term (in Years)	Maturity
August 13, 2004(2)(3)	$	75,898	$	75,898	$	75,898	5.88	%	5.88	%	10	August 15, 2014
March 31, 2006(2)(3)	255,308		255,185		255,165		6.00	%	6.00	%	10	March 31, 2016
October 12, 2010(4)	345,000		292,511		287,373		3.00	%	3.00	%	7	October 15, 2017
August 5, 2011(5)	250,000		249,651		249,620		5.00	%	5.00	%	7	August 15, 2018
March 16, 2010(5)	250,000		250,000		250,000		7.75	%	7.75	%	10	March 15, 2020
November 15, 2012(5)	200,000		200,000		200,000		4.50	%	4.50	%	10	December 1, 2022
June 27, 2005(2)(6)	7		7		7		4.00	%	4.00	%	20	June 15, 2025
March 26, 2007(7)	11,953		11,953		16,893		3.00	%	3.00	%	20	March 30, 2027
	$	1,388,166	$	1,335,205	$	1,334,956

(1)		Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates.
(2)		Issued by ROP.
(3)		On December 27, 2012, we repurchased $42.4 million of aggregate principal amount of these 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.
(4)		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 of the debt balance was recorded in equity. As of June 30, 2013, approximately $52.5 million remained to be amortized into the debt balance.
(5)		Issued by us, the Company and ROP, as co-obligors.
(6)		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.
(7)		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 senior unsecured obligations of the Operating Partnership 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 equity and was fully amortized into the debt balance as of March 31, 2012. On January 2, 2013, we repurchased $4.9 million of aggregate principal amount of exchangeable notes at 99.6% of the principal amount.

Schedule of combined aggregate principal maturities

	Scheduled Amortization		Principal Repayments		Revolving Credit Facility		Trust Preferred Securities		Term Loan and Senior Unsecured Notes		Total		Joint Venture Debt
2013	$	20,431	$	399,101	$	—	$	—	$	—	$	419,532	$	73,574
2014	43,665		146,273		—		—		75,898		265,836		326,019
2015	46,322		229,537		—		—		7		275,866		37,328
2016	56,836		516,576		—		—		255,185		828,597		593,802
2017	60,897		1,098,064		—		—		304,464		1,463,425		934,011
Thereafter	367,307		1,861,722		40,000		100,000		1,099,651		3,468,680		180,587
	$	595,458	$	4,251,273	$	40,000	$	100,000	$	1,735,205	$	6,721,936	$	2,145,321

Schedule of consolidated interest expense, excluding capitalized interest

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Interest expense	$	83,746		$	82,560		$	165,369		$	162,941
Interest income	(470		)	(401		)	(922		)	(811		)
Interest expense, net	$	83,276		$	82,159		$	164,447		$	162,130
Interest capitalized	$	3,301		$	2,996		$	6,363		$	5,532

- 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

Capital (Tables)

6 Months Ended

Jun. 30, 2013

Capital

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

	June 30, 2013		December 31, 2012
Dividend yield	2.00	%	2.00	%
Expected life of option	4.7 years		3.7 years
Risk-free interest rate	0.68	%	0.46	%
Expected stock price volatility	35.50	%	37.40	%

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

	June 30, 2013					December 31, 2012
	Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price
Balance at beginning of year	1,201,000			$	75.05	1,277,200			$	63.37
Granted	201,000			76.67		361,331			75.36
Exercised	(156,730		)	51.89		(382,612		)	36.65
Lapsed or cancelled	(24,035		)	84.71		(54,919		)	72.99
Balance at end of period	1,221,235			$	78.10	1,201,000			$	75.05

Options exercisable at end of period	504,092			$	85.05	479,913			$	86.85
Weighted average fair value of options granted during the period	$	3,867,342				$	6,602,967

Summary of restricted stock and charges during the period

A summary of SL Green’s restricted stock as of June 30, 2013 and December 31, 2012 and charges during the six months ended June 30, 2013 and the year ended December 31, 2012 is presented below:

	June 30, 2013			December 31, 2012
Balance at beginning of year	2,804,901			2,912,456
Granted	3,450			92,729
Cancelled	(600		)	(200,284		)
Balance at end of period	2,807,751			2,804,901
Vested during the period	500			408,800
Compensation expense recorded	$	2,971,339		$	6,930,381
Weighted average fair value of restricted stock granted during the period	$	309,362		$	7,023,942

Schedule of earnings per share calculation

Earnings per unit for the three and six months ended June 30, 2013 and 2012 is computed as follows (amounts in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Numerator (Income)
Basic Earnings:
Income attributable to SLGOP common unitholders	$	8,520	$	106,461	$	27,984	$	132,605
Effect of Dilutive Securities:
Stock options	—		—				—
Diluted Earnings:
Income attributable to SLGOP common unitholders	$	8,520	$	106,461	$	27,984	$	132,605

	Three Months Ended June 30,		Six Months Ended June 30,
	2013	2012	2013	2012
Denominator (Weighted Average Units)
Basic Earnings:
Units attributable to common unitholders	94,312	92,982	94,224	91,386
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	224	369	228	380
Diluted Units	94,536	93,351	94,452	91,766

Financial Instruments: Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2013

Financial Instruments: Derivatives and Hedging

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

	Notional Value		Strike Rate		Effective Date	Expiration Date	Fair Value
Interest Rate Cap	$	271,912	6.000	%	11/2012	11/2013	$	—
Interest Rate Swap	$	30,000	2.295	%	7/2010	6/2016	$	(1,426	)
Interest Rate Swap	$	8,500	0.740	%	2/2012	2/2015	$	(54	)

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

		Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion) For the Three Months Ended					Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Expense/ Equity in net income of unconsolidated joint ventures (Effective Portion) For the Three Months Ended				Amount of Gain or (Loss) Recognized in Interest Expense/Equity in Net Income of Unconsolidated Joint Ventures (Ineffective Portion) For the Three Months Ended
Designation\Cash Flow	Derivative	June 30, 2013		June 30, 2012			June 30, 2013		June 30, 2012		June 30, 2013		June 30, 2012
Qualifying	Interest Rate Swaps/Caps	$	8,069	$	(6,865	)	$	1,730	$	3,217	$	5	$	1

Non-qualifying	Interest Rate Caps	—		—			—		—		4		380

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 for the six months ended June 30, 2013 and 2012, respectively (in thousands):

		Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion) For the Six Months Ended					Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Expense/ Equity in net income of unconsolidated joint ventures (Effective Portion) For the Six Months Ended				Amount of Gain or (Loss) Recognized in Interest Expense/Equity in Net Income of Unconsolidated Joint Ventures (Ineffective Portion) For the Six Months Ended
Designation\Cash Flow	Derivative	June 30, 2013		June 30, 2012			June 30, 2013		June 30, 2012		June 30, 2013			June 30, 2012
Qualifying	Interest Rate Swaps/Caps	$	8,249	$	(6,953	)	$	3,438	$	6,420	$	5		$	1

Non-qualifying	Interest Rate Caps	—		—			—		—		(11		)	(331		)

- 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)

6 Months Ended

Jun. 30, 2013

Segment Information

Schedule of selected results of operations and selected asset information

	Real Estate Segment			Debt and Preferred Equity Segment		Total Company
Total revenues
Three months ended:
June 30, 2013	$	318,414		$	46,731	$	365,145
June 30, 2012	311,087			33,448		344,535

Six months ended:
June 30, 2013	$	631,174		$	99,439	$	730,613
June 30, 2012	619,334			59,786		679,120

Income (loss) from continuing operations before equity in net gain on sale of unconsolidated joint venture/real estate
Three months ended:
June 30, 2013	$	(233	)	$	38,047	$	37,814
June 30, 2012	81,011			27,013		108,024

Six months ended:
June 30, 2013	$	(15,821	)	$	81,861	$	66,040
June 30, 2012	80,334			47,928		128,262

Total assets
As of:
June 30, 2013	$	13,163,696		$	1,238,229	$	14,401,925
December 31, 2012	13,021,095			1,357,890		14,378,985

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 three and six months ended June 30, 2013 and 2012 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Income from continuing operations before equity in net gain on sale of interest in unconsolidated joint venture/real estate	$	37,814		$	108,024		$	66,040		$	128,262
Purchase price fair value adjustment	(2,305		)	—			(2,305		)	—
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	(3,583		)	9,534			(3,583		)	16,794
Income from continuing operations	31,926			117,558			60,152			145,056
Net (loss) income from discontinued operations	(678		)	899			320			1,931
Gain on sale of discontinued operations	—			—			1,113			6,627
Net income	31,248			118,457			61,585			153,614
Net income attributable to noncontrolling interests in other partnerships	(3,004		)	(3,887		)	(5,905		)	(4,958		)
Preferred unit distributions	(565		)	(565		)	(1,130		)	(962		)
Net income attributable to SLGOP	27,679			114,005			54,550			147,694
Preferred unit redemption costs	(12,160		)	—			(12,160		)	—
Perpetual preferred unit distributions	(6,999		)	(7,544		)	(14,406		)	(15,089		)
Net income attributable to SLGOP common unitholders	$	8,520		$	106,461		$	27,984		$	132,605

- 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

Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2013	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Investment in Commercial Real Estate Properties
Increase in rental revenue from amortization of acquired leases		$ 6,200	$ 2,800	$ 10,100	$ 4,800
Increase/(reduction) in interest expense from amortization of above-market rate mortgages		(1,300)	$ 1,600	(2,600)	$ 600
Identified intangible assets (included in other assets):
Gross amount		732,160		732,160		$ 725,861
Accumulated amortization		(296,573)		(296,573)		(263,107)
Net		435,587		435,587		462,754
Identified intangible liabilities (included in deferred revenue):
Gross amount		667,495		667,495		651,921
Accumulated amortization		(391,631)		(391,631)		(357,225)
Net		275,864		275,864		$ 294,696
16 Court Street
Investment in Commercial Real Estate Properties
Purchase price fair value adjustment recognized	$ (2,300)
300 Main Street
Investment in Commercial Real Estate Properties
Impairment charge for assets held for sale		$ 2,200		$ 2,200
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
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
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

Property Acquisitions (Details) $ in Thousands		1 Months Ended
Property Acquisitions (Details) $ in Thousands	Jan. 31, 2012 USD ($) ft² item	Apr. 30, 2013 USD ($) ft²	Mar. 31, 2013 USD ($) item	Oct. 31, 2012 ft² item	Jun. 30, 2013 USD ($) ft²	Dec. 31, 2012 USD ($) ft²	Sep. 30, 2012 USD ($) ft²	Jun. 30, 2012 USD ($) ft²
Property Acquisitions
Floating interest rate mortgage loan					$ 505,753	$ 1,157,695
Area of property (in square feet) \| ft²					29,721,879
Fixed rate debt					$ 4,340,978	3,457,769
16 Court Street
Property Acquisitions
Area of property (in square feet) \| ft²		318,000
Consolidated interest in acquiree		$ 96,200
Purchase price fair value adjustment recognized		(2,300)
Allocation of the purchase price of the assets acquired and liabilities assumed
Purchase price allocation		4,000
Debt assumed		$ 84,700
248-252 Bedford Avenue
Property Acquisitions
Floating interest rate mortgage loan			$ 22,000
Interest rate, basis points (as a percent)			2.25%
Interest rate, description			LIBOR
Number of apartment units acquired \| item			72
Number of townhouses acquired \| item			12
Number of units \| item			84
Purchase consideration			$ 21,782
Term			5 years
Ownership interest in consolidated joint venture (as a percent)			90.00%
Allocation of the purchase price of the assets acquired and liabilities assumed
Land			$ 10,865
Building and building leasehold			44,035
Assets acquired			54,900
Purchase price allocation			54,900
Net consideration funded by us at closing excluding consideration financed by debt			$ 21,782
131-137 Spring Street
Property Acquisitions
Purchase consideration						$ 122,300
Area of property (in square feet) \| ft²						68,000
Allocation of the purchase price of the assets acquired and liabilities assumed
Land						$ 27,021
Building and building leasehold						105,342
Above market lease value						179
Acquired in-place leases						7,046
Assets acquired						139,588
Below market lease value						17,288
Liabilities assumed						17,288
Purchase price allocation						122,300
Net consideration funded by us at closing excluding consideration financed by debt						$ 122,300
985-987 Third Avenue
Property Acquisitions
Area of property (in square feet) \| ft²						42,000
Allocation of the purchase price of the assets acquired and liabilities assumed
Purchase price allocation						$ 18,000
1080 Amsterdam Avenue
Property Acquisitions
Number of units \| item				96
Area of property (in square feet) \| ft²				82,250
Term of lease				99 years
635 and 641 Sixth Avenue
Property Acquisitions
Purchase consideration							$ 173,000
Area of property (in square feet) \| ft²							267,000
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
Net consideration funded by us at closing excluding consideration financed by debt							$ 173,000
304 Park Avenue South
Property Acquisitions
Purchase consideration								$ 135,000
Area of property (in square feet) \| ft²								215,000
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 excluding consideration financed by debt								$ 135,000
Manhattan \| Series G preferred units
Property Acquisitions
Value of operating partnership units issued	$ 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
Interest rate, fixed rate debt (as a percent)	3.75%
Number of properties with new mortgage \| item	1
Multifamily properties
Property Acquisitions
Number of units \| item	385
Area of property (in square feet) \| ft²	488,000
Number of properties acquired \| item	2
Term	12 years
Fixed rate debt	$ 100,000
Interest rate, fixed rate debt (as a percent)	4.125%
Stonehenge Properties
Property Acquisitions
Purchase consideration	$ 78,121
Ownership interest in consolidated joint venture (as a percent)	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 excluding consideration financed by debt	$ 78,121

Property Dispositions and Assets Held for Sale (Details) - USD ($) $ in Thousands			1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Property Dispositions and Assets Held for Sale
Gain (loss) on sale of property							$ 1,113	$ 6,627
Revenues
Rental revenue					$ 4,930	$ 3,853	8,960	8,425
Escalation and reimbursement revenues					155	618	609	1,167
Other income							7
Total revenues					5,085	4,471	9,576	9,592
Operating expense					1,542	1,488	2,983	2,866
Real estate taxes					284	313	578	614
Interest expense, net of interest income					167	166	331	930
Depreciable real estate reserves					2,150		2,150
Transaction related costs					3		3	95
Depreciation and amortization					1,617	1,605	3,211	3,156
Total expenses					5,763	3,572	9,256	7,661
Net (loss) income from discontinued operations					(678)	$ 899	320	$ 1,931
333 West 34th Street
Property Dispositions and Assets Held for Sale
Consideration for sale of property			$ 220,300
300 Main Street
Property Dispositions and Assets Held for Sale
Consideration for sale of property				$ 13,500
Impairment charge for assets held for sale			$ 2,200		$ 2,200		$ 2,200
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
Property at 44 West 55th Street
Property Dispositions and Assets Held for Sale
Consideration for sale of property	$ 6,300
Gain (loss) on sale of property	$ 1,100

Debt and Preferred Equity Investments (Details) $ in Thousands				1 Months Ended						6 Months Ended
	Feb. 28, 2013 USD ($)	Jan. 13, 2013 USD ($)	Nov. 30, 2011 USD ($)	Jun. 30, 2013 USD ($)	May 31, 2013 USD ($)	Mar. 31, 2013 USD ($)	Nov. 30, 2012 USD ($)	Sep. 30, 2012 USD ($)	Jul. 31, 2012 USD ($)	Jun. 30, 2013 USD ($) item	Jun. 30, 2012 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Debt and Preferred Equity Investments
Increase in debt and preferred equity investments (net of discounts and deferred origination fees), including investments classified as held-for-sale										$ 298,800	$ 159,100
Decrease in debt and preferred equity investments (net of discounts and deferred origination fees), including investments classified as held-for-sale										419,800	159,800
Loan loss reserves recorded										$ 0	$ 3,000
Debt investment
Aggregate weighted average current yield (as a percent)										11.20%
Senior Financing				$ 4,277,860						$ 4,277,860
Loan loss reserve				(7,000)						(7,000)		$ (7,000)	$ (50,175)
Carrying value after deduction of loan loss reserves				1,227,421						1,227,421		1,348,434
Debt investment
Debt investment
Carrying Value, Net of Discounts and Deferred Origination Fees				883,120						883,120		1,016,855
Loan loss reserve				(7,000)						(7,000)		(7,000)
Carrying value after deduction of loan loss reserves				876,120						876,120		1,009,855
Total fixed rate
Debt investment
Senior Financing				2,370,466						2,370,466
Carrying Value, Net of Discounts and Deferred Origination Fees				340,959						340,959		583,565
Other loan with an initial maturity date of March 2015
Debt investment
Senior Financing				398,500						398,500
Carrying Value, Net of Discounts and Deferred Origination Fees				14,820						14,820
Mezzanine loan with an initial maturity date of February 2016
Debt investment
Senior Financing				205,000						205,000
Carrying Value, Net of Discounts and Deferred Origination Fees				67,170						67,170		66,307
Mortgage/Mezzanine loan with an initial maturity date of May 2016
Debt investment
Senior Financing				167,966						167,966
Carrying Value, Net of Discounts and Deferred Origination Fees				44,358						44,358		44,013
Mezzanine loan with an initial maturity date of May 2016
Debt investment
Senior Financing				177,000						177,000
Carrying Value, Net of Discounts and Deferred Origination Fees				15,436						15,436		15,906
Junior participation with an initial maturity date of June 2016
Debt investment
Senior Financing				133,000						133,000
Carrying Value, Net of Discounts and Deferred Origination Fees				49,000						49,000		49,000
Mezzanine loan with an initial maturity date of November 2016
Debt investment
Senior Financing				165,000						165,000
Carrying Value, Net of Discounts and Deferred Origination Fees				71,073						71,073		70,967
Mortgage/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 and Deferred Origination Fees				75,602						75,602		115,804
Percentage of loan sold		50.00%
Amount recovered from sale of loan		$ 57,800
Additional income on sale of loan		$ 12,900
Other loan with an initial maturity date of September 2021
Debt investment
Senior Financing				15,000						15,000
Carrying Value, Net of Discounts and Deferred Origination Fees				3,500						3,500		3,500
Mortgage
Debt investment
Carrying Value, Net of Discounts and Deferred Origination Fees												218,068
Acquisition of non-performing loan							$ 219,000
Additional income on sale of loan					$ 6,400
Total floating rate
Debt investment
Senior Financing				1,907,394						1,907,394
Carrying Value, Net of Discounts and Deferred Origination Fees				542,161						542,161		433,290
Mezzanine loan with an initial maturity date of December 2013
Debt investment
Carrying Value, Net of Discounts and Deferred Origination Fees				29,826						$ 29,826
Loan participation amount included in other assets and/or other liabilities	$ 30,000
Mortgage loans	$ 100,000
Number of extension options \| item										2
Extension option available for debt instrument										1 year
Junior participation with an initial maturity date of June 2013 extended to February 2014
Debt investment
Senior Financing				57,750						$ 57,750
Carrying Value, Net of Discounts and Deferred Origination Fees				10,863						$ 10,863		10,869
Extension option available for debt instrument										4 months
Junior participation with an initial maturity date of February 2014
Debt investment
Senior Financing				78,200						$ 78,200
Carrying Value, Net of Discounts and Deferred Origination Fees				23,057						23,057
Additional commitments to fund in connection with loan				1,700						1,700
Mortgage/Mezzanine Loan with initial maturity date of July 2014
Debt investment
Senior Financing				330,000						330,000
Carrying Value, Net of Discounts and Deferred Origination Fees				131,470					$ 182,000	131,470		131,231
Value of mortgage									462,000
Proceeds from collection of loans receivable									$ 49,900
Interest in senior mortgage sold								$ 50,000
Mezzanine loan with an initial maturity date of July 2014
Debt investment
Senior Financing				62,500						62,500
Carrying Value, Net of Discounts and Deferred Origination Fees				37,359						37,359		37,288
Loan participation amount included in other assets and/or other liabilities							5,000
Value of mortgage							$ 37,500
Mezzanine loan with an initial maturity date of August 2014
Debt investment
Senior Financing				180,000						180,000
Carrying Value, Net of Discounts and Deferred Origination Fees				59,812						59,812		59,739
Mortgage with initial maturity date of September 2014
Debt investment
Carrying Value, Net of Discounts and Deferred Origination Fees				14,817						14,817		14,745
Mortgage/Mezzanine loan with an initial maturity date of February 2015
Debt investment
Carrying Value, Net of Discounts and Deferred Origination Fees				51,227						51,227		47,253
Additional commitments to fund in connection with loan				7,100						7,100
Mezzanine Loan with initial maturity date of December 2015
Debt investment
Senior Financing				92,711						92,711
Carrying Value, Net of Discounts and Deferred Origination Fees				$ 27,734						27,734		55,336
Percentage of loan sold				50.00%
Additional commitments to fund in connection with loan				$ 13,600						13,600
Amount funded in origination										56,300
Mezzanine loan with an initial maturity date of March 2016
Debt investment
Senior Financing				775,000						775,000
Carrying Value, Net of Discounts and Deferred Origination Fees				72,358						72,358
Percentage of loan sold						50.00%
Loan originated						$ 150,000
Mezzanine loan with an initial maturity date of June 2016
Debt investment
Senior Financing				160,000						160,000
Carrying Value, Net of Discounts and Deferred Origination Fees				22,503						22,503		7,624
Loan participation amount included in other assets and/or other liabilities			$ 7,400
Value of mortgage			$ 15,000	30,000						30,000
Mezzanine loan with an initial maturity date of July 2016
Debt investment
Senior Financing				87,300						87,300
Carrying Value, Net of Discounts and Deferred Origination Fees				25,572						25,572		34,761
Mezzanine loan with an initial maturity date of October 2016
Debt investment
Senior Financing				83,933						83,933
Carrying Value, Net of Discounts and Deferred Origination Fees				35,563						35,563		$ 34,444
Additional commitments to fund in connection with loan				$ 14,100						$ 14,100

Investments in Unconsolidated Joint Ventures (Details) $ in Thousands	1 Months Ended									3 Months Ended		6 Months Ended
	Jun. 30, 2013 USD ($) ft² item	Feb. 28, 2013	Nov. 30, 2012 USD ($)	Sep. 30, 2012 USD ($) ft² item	Jul. 31, 2012 USD ($)	Jun. 30, 2012 USD ($)	Apr. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	May 31, 2011	Jun. 30, 2013 USD ($) ft² item	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($) ft² item	Jun. 30, 2012 USD ($)	Dec. 31, 2012 USD ($)	May 31, 2012 USD ($)
Investments 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	$ 133,400									$ 133,400		$ 133,400		$ 117,700
General information on each joint venture
Square feet \| ft²	29,721,879									29,721,879		29,721,879
Recognized gain (loss) on sale of interest in property										$ (3,583)	$ 9,534	$ (3,583)	$ 16,794
Additional income upon the contribution of debt investment to joint venture										$ 46,731	$ 33,448	99,439	59,786
Amount received from joint venture												$ 11,117	44,172
Floating rate financing assumed by joint venture													$ 59,099
Number of properties \| item	67									67		67
100 Park Avenue
General information on each joint venture
Ownership Interest (as a percent)	49.90%									49.90%		49.90%
Economic Interest (as a percent)	49.90%									49.90%		49.90%
Square feet \| ft²	834,000									834,000		834,000
Acquisition Price	$ 95,800									$ 95,800		$ 95,800
21 West 34th Street
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%		50.00%
Square feet \| ft²	30,000									30,000		30,000
Acquisition Price	$ 22,400									$ 22,400		$ 22,400
1604-1610 Broadway
General information on each joint venture
Ownership Interest (as a percent)	70.00%									70.00%		70.00%
Economic Interest (as a percent)	70.00%									70.00%		70.00%
Square feet \| ft²	30,000									30,000		30,000
Acquisition Price	$ 4,400									$ 4,400		$ 4,400
27-29 West 34th Street
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%		50.00%
Square feet \| ft²	41,000									41,000		41,000
Acquisition Price	$ 30,000									$ 30,000		$ 30,000
717 Fifth Avenue
General information on each joint venture
Ownership Interest (as a percent)	10.92%									10.92%		10.92%
Economic Interest (as a percent)	10.92%									10.92%		10.92%
Square feet \| ft²	120,000									120,000		120,000
Acquisition Price	$ 251,900									$ 251,900		$ 251,900
Beneficial interest sold (as a percent)						50.00%
Sales price						$ 617,600
Additional cash income recognized due to the distribution of refinancing proceeds						67,900
Recognized gain (loss) on sale of interest in property						3,000
717 Fifth Avenue \| Floating rate mortgage loan with maturity date of September 2012
General information on each joint venture
Existing loan repaid						$ 245,000
Interest rate, basis points (as a percent)						2.75%					2.75%		2.75%
Interest rate, description						LIBOR
717 Fifth Avenue \| Mortgage loan
General information on each joint venture
Debt issued										300,000
717 Fifth Avenue \| Mezzanine loans
General information on each joint venture
Debt issued										$ 290,000
800 Third Avenue
General information on each joint venture
Ownership Interest (as a percent)	42.95%									42.95%		42.95%
Economic Interest (as a percent)	42.95%									42.95%		42.95%
Square feet \| ft²	526,000									526,000		526,000
Acquisition Price	$ 285,000									$ 285,000		$ 285,000
One Court Square
General information on each joint venture
Sales price					$ 481,100
Recognized gain (loss) on sale of interest in property					1,000
Floating rate financing assumed by joint venture					$ 315,000
1745 Broadway
General information on each joint venture
Ownership Interest (as a percent)	32.26%									32.26%		32.26%
Economic Interest (as a percent)	32.26%									32.26%		32.26%
Square feet \| ft²	674,000									674,000		674,000
Acquisition Price	$ 520,000									$ 520,000		$ 520,000
1 and 2 Jericho Plaza
General information on each joint venture
Ownership Interest (as a percent)	20.26%									20.26%		20.26%
Economic Interest (as a percent)	20.26%									20.26%		20.26%
Square feet \| ft²	640,000									640,000		640,000
Acquisition Price	$ 210,000									$ 210,000		$ 210,000
The Meadows
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%		50.00%
Square feet \| ft²	582,000									582,000		582,000
Acquisition Price	$ 111,500									$ 111,500		$ 111,500
388 and 390 Greenwich Street
General information on each joint venture
Ownership Interest (as a percent)	50.60%									50.60%		50.60%
Economic Interest (as a percent)	50.60%									50.60%		50.60%
Square feet \| ft²	2,600,000									2,600,000		2,600,000
Acquisition Price	$ 1,575,000									$ 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%		25.50%
Economic Interest (as a percent)	25.50%									25.50%		25.50%
Square feet \| ft²	71,000									71,000		71,000
Acquisition Price	$ 43,600									$ 43,600		$ 43,600
600 Lexington Avenue
General information on each joint venture
Ownership Interest (as a percent)	55.00%									55.00%		55.00%
Economic Interest (as a percent)	55.00%									55.00%		55.00%
Square feet \| ft²	304,000									304,000		304,000
Acquisition Price	$ 193,000									$ 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%
Economic Interest (as a percent)	30.00%									30.00%		30.00%
Square feet \| ft²	17,000									17,000		17,000
Acquisition Price	$ 10,800									$ 10,800		$ 10,800
7 Renaissance
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%		50.00%
Square feet \| ft²	37,000									37,000		37,000
Acquisition Price	$ 4,000									$ 4,000		$ 4,000
3 Columbus Circle
General information on each joint venture
Ownership Interest (as a percent)	48.90%									48.90%		48.90%
Economic Interest (as a percent)	48.90%									48.90%		48.90%
Square feet \| ft²	769,000									769,000		769,000
Acquisition Price	$ 500,000									$ 500,000		$ 500,000
Obligation to fund additional contribution	$ 47,500									$ 47,500		$ 47,500
Sales price				$ 143,600
Gain recognized on sale of beneficial interest				$ 0
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%		50.00%
Square feet \| ft²	1,237,000									1,237,000		1,237,000
Acquisition Price	$ 400,000									$ 400,000		$ 400,000
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%		50.00%
Economic Interest (as a percent)	50.00%									50.00%		50.00%
Square feet \| ft²	49,000									49,000		49,000
Acquisition Price	$ 136,550									$ 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%		33.33%
Economic Interest (as a percent)	33.33%									33.33%		33.33%
Square feet \| ft²	10,000									10,000		10,000
Acquisition Price	$ 66,250									$ 66,250		$ 66,250
724 Fifth 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%		50.00%
Square feet \| ft²	65,000									65,000		65,000
Acquisition Price	$ 223,000									$ 223,000		$ 223,000
10 East 53rd Street
General information on each joint venture
Ownership Interest (as a percent)	55.00%									55.00%		55.00%
Economic Interest (as a percent)	55.00%									55.00%		55.00%
Square feet \| ft²	390,000									390,000		390,000
Acquisition Price	$ 252,500									$ 252,500		$ 252,500
33 Beekman
General information on each joint venture
Ownership Interest (as a percent)	45.90%									45.90%		45.90%
Economic Interest (as a percent)	45.90%									45.90%		45.90%
Square feet \| ft²	145,000									145,000		145,000
Acquisition Price	$ 31,000									$ 31,000		$ 31,000
Number of floors of student housing \| item	30									30		30
379 West Broadway
General information on each joint venture
Sales price							$ 48,500
Recognized gain (loss) on sale of interest in property							6,500
Fees position acquired							$ 13,500
141 Fifth Avenue
General information on each joint venture
Sales price								$ 46,000
Recognized gain (loss) on sale of interest in property								$ 7,300
1552 Broadway
General information on each joint venture
Square feet \| ft²	13,045									13,045		13,045
West Coast office portfolio
General information on each joint venture
Ownership Interest (as a percent)	36.01%									36.01%		36.01%
Economic Interest (as a percent)	36.01%									36.01%		36.01%
Square feet \| ft²	4,067,000			4,500,000						4,067,000		4,067,000
Acquisition Price	$ 880,103									$ 880,103		$ 880,103
Sales price	111,900
Recognized gain (loss) on sale of interest in property	$ 1,600
Ownership sold (as a percent)		20.78%
Number of properties \| item				31
Prior to the recapitalization positions held in mezzanine and preferred equity				$ 26,700
Debt issued				$ 678,800
Period of extension option for mortgage secured by the portfolio				1 year
Ownership interest acquired (as a percent)		10.73%
Number of properties sold \| item	1
West Coast office portfolio \| Mortgage loan
General information on each joint venture
Repayment of loan	$ 99,000
West Coast office portfolio \| Mezzanine loans
General information on each joint venture
Debt issued				$ 68,000
Term				2 years
Repayment of loan	$ 7,300
521 Fifth Avenue
General information on each joint venture
Ownership Interest (as a percent)	50.50%									50.50%		50.50%
Economic Interest (as a percent)	50.50%									50.50%		50.50%
Square feet \| ft²	460,000									460,000		460,000
Acquisition Price	$ 315,000									$ 315,000		$ 315,000
Sales price			$ 315,000
Recognized gain (loss) on sale of interest in property			$ 19,400
Ownership sold (as a percent)			49.50%
Debt issued			$ 170,000
Term			7 years
Existing loan repaid			$ 150,000
Interest rate, basis points (as a percent)			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%		32.28%
Economic Interest (as a percent)	32.28%									32.28%		32.28%
Square feet \| ft²	17,000									17,000		17,000
Acquisition Price	$ 75,000									$ 75,000		$ 75,000
21 East 66th Street \| Two residential units
General information on each joint venture
Number of properties \| item	2									2		2
21 East 66th Street \| Three retail units
General information on each joint venture
Economic Interest (as a percent)	32.28%									32.28%		32.28%
Number of properties \| item	3									3		3
21 East 66th Street \| Four residential units
General information on each joint venture
Economic Interest (as a percent)	16.14%									16.14%		16.14%
Number of properties \| item	4									4		4
315 West 36th Street
General information on each joint venture
Ownership Interest (as a percent)	35.50%									35.50%		35.50%
Economic Interest (as a percent)	35.50%									35.50%		35.50%
Square feet \| ft²	148,000									148,000		148,000
Acquisition Price	$ 45,000									$ 45,000		$ 45,000
Herald Center
General information on each joint venture
Ownership Interest (as a percent)	40.00%									40.00%		40.00%
Economic Interest (as a percent)	40.00%									40.00%		40.00%
Square feet \| ft²	365,000									365,000		365,000
Acquisition Price	$ 50,000									$ 50,000		$ 50,000
Interest rate, fixed rate debt (as a percent)	8.75%									8.75%		8.75%

Investments in Unconsolidated Joint Ventures (Details 2) $ in Thousands		1 Months Ended				3 Months Ended		6 Months Ended
	Apr. 30, 2013 USD ($)	Apr. 30, 2013 USD ($) item	Nov. 30, 2012 USD ($)	Aug. 31, 2012 USD ($)	Apr. 30, 2011 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Aug. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
First mortgage notes and other loan payable
Total fixed rate debt						$ 4,340,978		$ 4,340,978			$ 3,457,769
Total floating rate debt						505,753		505,753			1,157,695
Total joint venture mortgages and other loans payable						$ 4,835,231		$ 4,835,231			4,615,464
521 Fifth Avenue
First mortgage notes and other loan payable
Refinanced mortgage loan			$ 170,000
Term of refinanced mortgage			7 years
Partnership interest sold (as a percent)			49.50%
16 Court Street
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						3.44%		3.44%
Total floating rate debt						$ 84,580		$ 84,580
Joint venture
First mortgage notes and other loan payable
Total fixed rate debt						3,223,219		3,223,219			3,219,885
Total floating rate debt						1,971,990		1,971,990			2,138,163
Total joint venture mortgages and other loans payable						5,195,209		5,195,209			5,358,048
Management, leasing, construction supervision and asset management services revenue						$ 1,400	$ 1,800	$ 4,000	$ 3,700
Joint venture \| 100 Park Avenue
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)						6.64%		6.64%
Total fixed rate debt						$ 211,056		$ 211,056			212,287
Joint venture \| 7 Renaissance
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)						10.00%		10.00%
Total fixed rate debt						$ 950		$ 950			856
Joint venture \| 11 West 34th Street
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)						4.82%		4.82%
Total fixed rate debt						$ 17,349		$ 17,349			17,491
Joint venture \| 280 Park Avenue
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)						6.57%		6.57%
Total fixed rate debt						$ 710,000		$ 710,000			710,000
Joint venture \| 21 West 34th Street
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)						5.76%		5.76%
Total fixed rate debt						$ 100,000		$ 100,000			100,000
Joint venture \| 1745 Broadway
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)						5.68%		5.68%
Total fixed rate debt						$ 340,000		$ 340,000			340,000
Joint venture \| 1 and 2 Jericho Plaza
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)						5.65%		5.65%
Total fixed rate debt						$ 163,750		$ 163,750			163,750
Joint venture \| 800 Third Avenue
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)						6.00%		6.00%
Total fixed rate debt						$ 20,910		$ 20,910			20,910
Joint venture \| 388 and 390 Greenwich Street
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)						3.20%		3.20%
Interest rate, floating rate debt (as a percent)						1.19%		1.19%
Total fixed rate debt						$ 996,082		$ 996,082			996,082
Total floating rate debt						142,297		142,297			142,297
Joint venture \| 388 and 390 Greenwich Street \| Mezzanine loans
First mortgage notes and other loan payable
Total floating rate debt						70,300		70,300
Total joint venture mortgages and other loans payable						562,400		562,400
Maximum amount of loan recourse to the entity						200,000		200,000
Joint venture \| 388 and 390 Greenwich Street \| Mortgage loan
First mortgage notes and other loan payable
Total floating rate debt						72,000		72,000
Total joint venture mortgages and other loans payable						$ 576,000		$ 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%		3.04%
Total fixed rate debt						$ 25,000		$ 25,000			25,000
Joint venture \| 717 Fifth Avenue \| Mezzanine loans
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)						9.00%		9.00%
Total fixed rate debt						$ 299,122		$ 299,122			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%		4.45%
Total fixed rate debt						$ 300,000		$ 300,000			300,000
Joint venture \| 21 East 66th Street
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)						3.60%		3.60%
Interest rate, floating rate debt (as a percent)						1.90%		1.90%
Total fixed rate debt						$ 12,000		$ 12,000			12,000
Total floating rate debt						$ 1,996		$ 1,996			2,033
Joint venture \| 1604-1610 Broadway
First mortgage notes and other loan payable
Interest rate, fixed rate debt (as a percent)						5.66%		5.66%
Total fixed rate debt						$ 27,000		$ 27,000			27,000
Joint venture \| 27-29 West 34th Street
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						2.10%		2.10%
Total floating rate debt						$ 53,238		$ 53,238			53,375
Joint venture \| 180/182 Broadway and 63 Nassu Street
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						2.95%		2.95%
Total floating rate debt						$ 88,321		$ 88,321			71,524
Committed amount						$ 90,000		$ 90,000
Joint venture \| West Coast office portfolio
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						3.93%		3.93%
Total floating rate debt						$ 635,012		$ 635,012			745,025
Joint venture \| 724 Fifth Avenue
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						2.55%		2.55%
Total floating rate debt						$ 120,000		$ 120,000			120,000
Joint venture \| The Meadows
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						7.75%		7.75%
Total floating rate debt						$ 57,000		$ 57,000			57,000
Total joint venture mortgages and other loans payable										$ 83,000
Refinanced mortgage loan				$ 60,000
Term of refinanced mortgage				3 years
Gain (loss) on extinguishment of debt				$ 10,800
Unfunded amount						$ 3,000		$ 3,000
Joint venture \| 3 Columbus Circle
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						2.38%		2.38%
Total floating rate debt						$ 243,277		$ 243,277			247,253
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 \| 1552 Broadway
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						3.23%		3.23%
Total floating rate debt						$ 131,848		$ 131,848			113,869
Amount of original debt being refinanced into another loan	$ 119,600
Joint venture \| 1552 Broadway \| Mezzanine loans
First mortgage notes and other loan payable
Total fixed rate debt	$ 30,000	$ 30,000
Interest rate added to base rate (as a percent)	9.35%	9.35%
Interest rate, description		LIBOR
Unfunded amount						20,900		20,900
Joint venture \| 1552 Broadway \| Mortgage loan
First mortgage notes and other loan payable
Total fixed rate debt	$ 170,000	$ 170,000
Interest rate added to base rate (as a percent)	2.70%	2.70%
Interest rate, description		LIBOR
Unfunded amount						$ 47,300		$ 47,300
Joint venture \| 1552 Broadway \| Construction financing facility
First mortgage notes and other loan payable
Refinanced mortgage loan		$ 200,000
Term of refinanced mortgage		3 years
Period for which the loan is extended		1 year
Number of extension for loan extension period \| item		2
Joint venture \| Other loan payable
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						1.10%		1.10%
Total floating rate debt						$ 30,000		$ 30,000			30,000
Joint venture \| 747 Madison Avenue
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						3.00%		3.00%
Total floating rate debt						$ 33,125		$ 33,125			33,125
Joint venture \| 10 East 53rd Street
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						2.70%		2.70%
Total floating rate debt						$ 125,000		$ 125,000			125,000
Joint venture \| 33 Beekman
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						2.95%		2.95%
Total floating rate debt						$ 18,362		$ 18,362			18,362
Committed amount						$ 75,000		$ 75,000
Joint venture \| 600 Lexington Avenue
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						2.28%		2.28%
Total floating rate debt						$ 122,514		$ 122,514			124,384
Joint venture \| 521 Fifth Avenue
First mortgage notes and other loan payable
Interest rate, floating rate debt (as a percent)						2.40%		2.40%
Total floating rate debt						$ 170,000		$ 170,000			170,000
Joint venture \| 16 Court Street
First mortgage notes and other loan payable
Total floating rate debt											$ 84,916

Investments in Unconsolidated Joint Ventures (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Assets
Commercial real estate property, net	$ 10,160,569		$ 10,160,569		$ 10,269,630
Other assets	699,256		699,256		718,326
Liabilities and members' equity
Mortgages and other loan payable	4,835,231		4,835,231		4,615,464
Company's net investment in unconsolidated joint ventures	1,085,793		1,085,793		1,032,243
Combined statements of income for the unconsolidated joint ventures
Total revenues		$ 244,466
Operating expenses	69,432	67,434	141,630	$ 139,319
Ground rent	8,649	8,890	19,640	17,696
Real estate taxes	52,710	52,256	106,114	103,453
Interest expense, net of interest income	83,276	82,159	164,447	162,130
Amortization of deferred financing costs	4,240	3,553	8,703	7,133
Depreciation and amortization	82,020	76,207	161,114	151,739
Transaction related costs	1,711	1,970	3,068	3,026
Total expenses	323,552	313,190	647,298	625,977
Company's equity in net (loss) income of unconsolidated joint ventures	(3,761)	70,890	1,313	69,330
717 Fifth Avenue
Combined statements of income for the unconsolidated joint ventures
Additional cash income recognized due to distribution of refinancing proceeds					67,900
Joint venture
Assets
Commercial real estate property, net	6,727,061		6,727,061		6,910,991
Other assets	853,956		853,956		728,113
Total assets	7,581,017		7,581,017		7,639,104
Liabilities and members' equity
Mortgages and other loan payable	5,195,209		5,195,209		5,358,048
Other liabilities	377,491		377,491		406,929
Members' equity	2,008,317		2,008,317		1,874,127
Total liabilities and members' equity	7,581,017		7,581,017		7,639,104
Company's net investment in unconsolidated joint ventures	1,085,793		1,085,793		$ 1,032,243
Combined statements of income for the unconsolidated joint ventures
Total revenues	154,974	124,418	306,205	244,466
Operating expenses	28,205	16,207	56,816	32,973
Ground rent	658	742	1,315	1,660
Real estate taxes	16,958	12,483	34,263	25,857
Interest expense, net of interest income	56,561	50,602	112,968	105,470
Amortization of deferred financing costs	5,302	2,904	9,585	4,671
Depreciation and amortization	52,539	35,724	95,150	72,507
Transaction related costs		90		358
Total expenses	160,223	118,752	310,097	243,496
Net (loss) income	(5,249)	5,666	(3,892)	970
Company's equity in net (loss) income of unconsolidated joint ventures	$ (3,761)	$ 70,890	$ 1,313	$ 69,330

Mortgages and Other Loans Payable (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended			3 Months Ended	6 Months Ended
	Feb. 28, 2013	Sep. 30, 2012	Apr. 30, 2012	Jun. 30, 2013	Jun. 30, 2013	Dec. 31, 2012
Mortgages and Other Loans Payable
Total fixed rate debt				$ 4,340,978	$ 4,340,978	$ 3,457,769
Total floating rate debt				505,753	505,753	1,157,695
Total mortgages and other loans payable				4,846,731	4,846,731	4,615,464
Loss on early extinguishment of debt				10	18,523
Gross book value of the properties collateralizing the mortgages and other loans payable				$ 8,000,000	$ 8,000,000	7,600,000
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)				3.20%	3.20%
Total floating rate debt				$ 132,179	$ 132,179	116,667
Interest rate added to base rate (as a percent)		3.00%
Interest rate, description		1-month LIBOR
Maximum facility capacity		$ 175,000
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%
Total fixed rate debt				$ 50,000	$ 50,000	50,000
220 East 42nd Street
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				5.25%	5.25%
Total fixed rate debt				$ 183,527	$ 183,527	185,906
609 Partners, LLC
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				5.00%	5.00%
Total fixed rate debt				$ 23	$ 23	23
609 Partners, LLC \| Series E preferred units
Mortgages and Other Loans Payable
Preferred units, shares issued				63.9	63.9
Preferred units (as a percent)					5.00%
Preferred units, liquidation preference (in dollars per share)				$ 1.00	$ 1.00
Preferred units, shares redeemed				63.8	63.8
125 Park Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				5.75%	5.75%
Total fixed rate debt				$ 146,250	$ 146,250	146,250
711 Third Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				4.99%	4.99%
Total fixed rate debt				$ 120,000	$ 120,000	120,000
625 Madison Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				7.22%	7.22%
Total fixed rate debt				$ 123,340	$ 123,340	125,603
500 West Putnam
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				5.52%	5.52%
Total fixed rate debt				$ 23,799	$ 23,799	24,060
420 Lexington Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				7.50%	7.50%
Total fixed rate debt				$ 184,033	$ 184,033	184,992
Landmark Square
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				4.00%	4.00%
Total fixed rate debt				$ 83,705	$ 83,705	84,486
485 Lexington Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				5.61%	5.61%
Total fixed rate debt				$ 450,000	$ 450,000	450,000
120 West 45th Street
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				6.12%	6.12%
Total fixed rate debt				$ 170,000	$ 170,000	170,000
300 Main Street
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				5.75%	5.75%
Total fixed rate debt				$ 11,500	$ 11,500	11,500
762 Madison Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				3.75%	3.75%
Total fixed rate debt				$ 8,291	$ 8,291	8,371
2 Herald Square
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				5.36%	5.36%
Total fixed rate debt				$ 191,250	$ 191,250	191,250
885 Third Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				6.26%	6.26%
Total fixed rate debt				$ 267,650	$ 267,650	267,650
One Madison Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				5.91%	5.91%
Total fixed rate debt				$ 597,610	$ 597,610	607,678
100 Church
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				4.68%	4.68%
Total fixed rate debt				$ 230,000	$ 230,000	230,000
919 Third Avenue
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				5.12%	5.12%
Total fixed rate debt				$ 500,000	$ 500,000	500,000
Controlling interest in the joint venture (as a percent)				51.00%	51.00%
400 East 57th Street
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				4.13%	4.13%
Total fixed rate debt				$ 70,000	$ 70,000	70,000
400 East 58th Street
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)				4.13%	4.13%
Total fixed rate debt				$ 30,000	$ 30,000	30,000
1515 Broadway
Mortgages and Other Loans Payable
Interest rate, fixed rate debt (as a percent)	3.93%			3.93%	3.93%
Total fixed rate debt				$ 900,000	$ 900,000
Total floating rate debt						769,813
Repaid loan	$ 775,000		$ 447,200
Refinanced mortgage	$ 900,000		$ 775,000
Term	12 years		7 years
Interest rate added to base rate (as a percent)			2.85%
Interest rate, description			90-day LIBOR
Variable interest rate floor (as a percent)			3.60%
Loss on early extinguishment of debt	$ 18,500
Prepayment penalty	$ 7,600
16 Court Street
Mortgages and Other Loans Payable
Interest rate, floating rate debt (as a percent)				3.44%	3.44%
Total floating rate debt				$ 84,580	$ 84,580
180 Maiden Lane
Mortgages and Other Loans Payable
Interest rate, floating rate debt (as a percent)				2.40%	2.40%
Total floating rate debt				$ 266,994	$ 266,994	$ 271,215
248-252 Bedford Avenue
Mortgages and Other Loans Payable
Interest rate, floating rate debt (as a percent)				2.45%	2.45%
Total floating rate debt				$ 22,000	$ 22,000

Corporate Indebtedness (Details)		1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
Corporate Indebtedness (Details)	Dec. 27, 2012 USD ($)	Nov. 30, 2012 USD ($)	Oct. 31, 2010 USD ($) $ / shares	Mar. 31, 2007 USD ($)	Jun. 30, 2005 USD ($)	Jun. 30, 2013 USD ($) item $ / shares	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($) shares item $ / shares	Jun. 30, 2012 USD ($)	Dec. 31, 2012 USD ($)	Jan. 02, 2013 USD ($)	Mar. 30, 2012 USD ($)
Corporate Indebtedness
Outstanding under line of credit facility						$ 40,000,000		$ 40,000,000		$ 70,000,000
Debt disclosures by scheduled maturity date
Accreted Balance						1,735,205,000		1,735,205,000		1,734,956,000
Loss on early extinguishment of debt						10,000		18,523,000
Scheduled amortization and principal repayments
2013						419,532,000		419,532,000
2014						265,836,000		265,836,000
2015						275,866,000		275,866,000
2016						828,597,000		828,597,000
2017						1,463,425,000		1,463,425,000
Thereafter						3,468,680,000		3,468,680,000
Total amortization of debt and principal repayments						6,721,936,000		6,721,936,000
Interest expense
Interest expense						83,746,000	$ 82,560,000	165,369,000	$ 162,941,000
Interest income						(470,000)	(401,000)	(922,000)	(811,000)
Interest expense, net						83,276,000	82,159,000	164,447,000	162,130,000
Interest capitalized						3,301,000	$ 2,996,000	6,363,000	$ 5,532,000
Joint venture
Principal Repayments
2013						73,574,000		73,574,000
2014						326,019,000		326,019,000
2015						37,328,000		37,328,000
2016						593,802,000		593,802,000
2017						934,011,000		934,011,000
Thereafter						180,587,000		180,587,000
Total principal repayments						2,145,321,000		$ 2,145,321,000
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						91,600,000		91,600,000
Amount borrowings						40,000,000		40,000,000
Ability to borrow under line of credit facility						$ 1,200,000,000		$ 1,200,000,000
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%
Principal Repayments
Thereafter						$ 40,000,000		$ 40,000,000
Total principal repayments						$ 40,000,000		$ 40,000,000
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
Interest rate, description		LIBOR
2011 Revolving Credit Facility \| Minimum
Corporate Indebtedness
Interest rate added to base rate (as a percent)		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%
Facility fee on total commitments, payable quarterly in arrears (as a percent)		0.45%
Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Unpaid Principal Balance						$ 1,388,166,000		$ 1,388,166,000
Accreted Balance						1,335,205,000		1,335,205,000		1,334,956,000
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
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		75,898,000
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
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						$ 255,185,000		$ 255,185,000		255,165,000
Coupon Rate (as a percent)						6.00%		6.00%
Effective Rate (as a percent)						6.00%		6.00%
Term								10 years
Aggregate principal amount of notes repurchased	$ 19,700,000
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						$ 292,511,000		$ 292,511,000		287,373,000
Coupon Rate (as a percent)						3.00%		3.00%
Effective Rate (as a percent)						3.00%		3.00%
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
Amount of convertible debt recorded in equity			$ 78,300,000
Adjusted exchange rate for the debentures (in shares) \| shares								11.6800
Principal amount of debentures, basis for conversion						$ 1,000		$ 1,000
Equity portion of convertible debt, remained unamortized as of the balance sheet date						52,500,000		52,500,000
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						$ 249,651,000		$ 249,651,000		249,620,000
Coupon Rate (as a percent)						5.00%		5.00%
Effective Rate (as a percent)						5.00%		5.00%
Term								7 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
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		200,000,000
Coupon Rate (as a percent)						4.50%		4.50%
Effective Rate (as a percent)						4.50%		4.50%
Term								10 years
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		7,000
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
3.00% senior unsecured notes maturing on March 30, 2027
Debt disclosures by scheduled maturity date
Unpaid Principal Balance						11,953,000		$ 11,953,000
Accreted Balance						$ 11,953,000		$ 11,953,000		$ 16,893,000
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
Aggregate principal amount of notes repurchased											$ 4,900,000	$ 102,200,000
Amount of convertible debt recorded in equity				$ 66,600,000
Consideration as percentage of accrued balance on repayment of debt											99.60%
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
Premium payable on early redemption								$ 0
Principal Repayments
Thereafter						$ 100,000,000		100,000,000
Total principal repayments						100,000,000		100,000,000
Term Loan and Senior Unsecured Notes
Scheduled amortization and principal repayments
2014						75,898,000		75,898,000
2015						7,000		7,000
2016						255,185,000		255,185,000
2017						304,464,000		304,464,000
Thereafter						1,099,651,000		1,099,651,000
Total amortization of debt and principal repayments						1,735,205,000		1,735,205,000
Mortgages and other loans payable
Scheduled Amortization
2013						20,431,000		20,431,000
2014						43,665,000		43,665,000
2015						46,322,000		46,322,000
2016						56,836,000		56,836,000
2017						60,897,000		60,897,000
Thereafter						367,307,000		367,307,000
Total amortization of debt						595,458,000		595,458,000
Principal Repayments
2013						399,101,000		399,101,000
2014						146,273,000		146,273,000
2015						229,537,000		229,537,000
2016						516,576,000		516,576,000
2017						1,098,064,000		1,098,064,000
Thereafter						1,861,722,000		1,861,722,000
Total principal repayments						$ 4,251,273,000		$ 4,251,273,000

Related Party Transactions (Details)	3 Months Ended		6 Months Ended
Related Party Transactions (Details)	Jun. 30, 2013 USD ($) ft²	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($) ft²	Jun. 30, 2012 USD ($)	Dec. 31, 2012 USD ($)
Amounts due to/ from related parties
Due from joint ventures	$ 1,777,000		$ 1,777,000		$ 511,000
Other	5,068,000		5,068,000		7,020,000
Related party receivables	6,845,000		6,845,000		7,531,000
Due to a joint venture (included in Accounts payable and accrued expenses)					$ (8,401,000)
Alliance Building Services
Related party transactions
Payments made for services	4,200,000	$ 4,700,000	8,400,000	$ 8,200,000
Alliance Building Services \| Service Corporation
Related party transactions
Profit participation from related party	900,000	800,000	1,900,000	1,600,000
A-List Marketing, LLC
Related party transactions
Payments made for services	$ 105,000	44,200	$ 107,000	55,900
Nancy Peck and Company
Related party transactions
Space at 420 Lexington Avenue leased (in square foot) \| ft²	1,003		1,003
Lease rent due per year	$ 35,516		$ 35,516
Increased lease rent due per year beginning in year seven	40,000		40,000
Entity in which Stephen L Green owns interest
Related party transactions
Property management fees from related party	$ 96,000	$ 110,000	$ 214,000	$ 199,000

Capital (Details) - USD ($)	1 Months Ended						3 Months Ended	6 Months Ended
Capital (Details) - USD ($)	Jun. 30, 2013	Sep. 30, 2012	Aug. 31, 2012	Jul. 31, 2012	Jan. 31, 2012	Nov. 30, 2011	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2012	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								$ 8,478,000	$ 201,307,000
Limited partnership interest held by noncontrolling investors (as a percent)	2.95%						2.95%	2.95%
Number of units owned by other limited partners								2,794,239
Number of shares reserved for conversion of units owned by other limited partners								2,851,906
Preferred unit redemption costs							$ 12,160,000	$ 12,160,000
Series I Preferred Units
Capital
Preferred stock, shares outstanding	9,200,000						9,200,000	9,200,000
Preferred stock, dividend rate (as a percent)								6.50%
Preferred stock, liquidation preference (in dollars per share)	$ 25.00						$ 25.00	$ 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	11,700,000					7,700,000	7,700,000
Preferred stock, dividend rate (as a percent)	7.625%
Preferred stock, liquidation preference (in dollars per share)	$ 25.00						$ 25.00	$ 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
Cumulative and unpaid dividend (in dollars per share)	$ 0.3495	$ 0.3707
Preferred unit redemption costs	$ 12,200,000	$ 6,300,000
Series D Preferred Units
Capital
Preferred stock, dividend rate (as a percent)				7.875%
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						22,658	22,658
Preferred stock, dividend rate (as a percent)								5.00%
Preferred stock, liquidation preference (in dollars per share)	$ 1.00						$ 1.00	$ 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						60	60
Preferred stock, liquidation preference (in dollars per share)	$ 1,000.00						$ 1,000.00	$ 1,000.00
At-the-market equity offering program
Capital
Aggregate value of the shares of common stock to be sold											$ 250,000,000
Common stock, shares issued								95,000
Aggregate gross proceeds from shares sold								$ 8,700,000
Amount contributed								$ 8,500,000
Number of common partnership units exchanged (in shares)								95,000
Aggregate value of common stock remained available for issuance	$ 36,700,000						$ 36,700,000	$ 36,700,000
SL Green
Capital
Number of common units held by parent	91,812,771						91,812,771	91,812,771
SL Green \| Series I Preferred Units
Capital
Net proceeds from the offerings contributed by SL Green			$ 221,900,000
SL Green \| Dividend Reinvestment and Stock Purchase Plan (DRIP)
Capital
Proceeds from shares sold								$ 26,000	$ 99,500,000
Number of common partnership units exchanged (in shares)								312	1,300,000
Common stock, shares authorized										3,500,000

Capital (Details 2)	3 Months Ended		6 Months Ended		12 Months Ended
Capital (Details 2)	Jun. 30, 2013 USD ($) item $ / shares shares	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($) item $ / shares shares	Jun. 30, 2012 USD ($) $ / shares shares	Dec. 31, 2012 USD ($) $ / shares shares
Third Amended and Restated 2005 Stock Option and Incentive Plan
Third amended and restated 2005 stock option and incentive plan
Fungible units available for issuance (in shares)	5,800,000		5,800,000
SL Green \| Full-value awards
Third amended and restated 2005 stock option and incentive plan
Fungible units per share \| item	2.76		2.76
SL Green \| Stock options, stock appreciation rights and other awards
Third amended and restated 2005 stock option and incentive plan
Award expiration period			5 years
SL Green \| Stock options, stock appreciation rights and other awards \| Granted on or after June 13, 2013
Third amended and restated 2005 stock option and incentive plan
Fungible units per share \| item	0.77		0.77
SL Green \| All other awards
Third amended and restated 2005 stock option and incentive plan
Fungible units per share \| item	1.0		1.0
SL Green \| Stock options
Third amended and restated 2005 stock option and incentive plan
Award expiration period			10 years
Weighted average assumptions used for estimation of fair value of each stock option
Dividend yield (as a percent)			2.00%		2.00%
Expected life of option			4 years 8 months 12 days		3 years 8 months 12 days
Risk-free interest rate (as a percent)			0.68%		0.46%
Expected stock price volatility (as a percent)			35.50%		37.40%
Options Outstanding
Balance at beginning of year (in shares)			1,201,000	1,277,200	1,277,200
Granted (in shares)			201,000		361,331
Exercised (in shares)			(156,730)		(382,612)
Lapsed or cancelled (in shares)			(24,035)		(54,919)
Balance at end of year (in shares)	1,221,235		1,221,235		1,201,000
Options exercisable at end of year (in shares)	504,092		504,092		479,913
Weighted average fair value of awards granted during the year \| $			$ 3,867,342		$ 6,602,967
Weighted Average Exercise Price
Balance at beginning of year (in dollars per share) \| $ / shares			$ 75.05	$ 63.37	$ 63.37
Granted (in dollars per share) \| $ / shares			76.67		75.36
Exercised (in dollars per share) \| $ / shares			51.89		36.65
Lapsed or cancelled (in dollars per share) \| $ / shares			84.71		72.99
Balance at end of year (in dollars per share) \| $ / shares	$ 78.10		78.10		75.05
Options exercisable at end of year (in dollars per share) \| $ / shares	$ 85.05		85.05		$ 86.85
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 3 months 25 days
Remaining weighted average contractual life of the options exercisable			3 years 7 months 20 days
Share-based compensation, additional disclosures
Compensation expense \| $	$ 1,300,000	$ 1,100,000	$ 2,600,000	$ 2,800,000
Total unrecognized compensation cost related to unvested stock awards \| $	10,100,000		$ 10,100,000
Weighted average period for recognition of compensation cost related to unvested stock awards			3 years
SL Green \| Stock options \| Minimum
Third amended and restated 2005 stock option and incentive plan
Options vesting period, maximum			1 year
SL Green \| Stock options \| Maximum
Third 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 \| $			$ 309,362		$ 7,023,942
Share-based compensation, additional disclosures
Compensation expense \| $			2,971,339		$ 6,930,381
Total unrecognized compensation cost related to unvested stock awards \| $	$ 9,500,000		$ 9,500,000
Weighted average period for recognition of compensation cost related to unvested stock awards			2 years 1 month 6 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)			2,804,901	2,912,456	2,912,456
Granted (in shares)			3,450		92,729
Cancelled (in shares)			(600)		(200,284)
Balance at end of year (in shares)	2,807,751		2,807,751		2,804,901
Vested during the year (in shares)			500		408,800
Fair value of restricted stock vested during the year \| $			$ 20,000		$ 22,400,000
Compensation expense related to long-term compensation plans, restricted stock and stock options capitalized to assets \| $	$ 1,000,000	$ 1,000,000	$ 2,000,000	$ 2,000,000
SL Green \| Third Amended and Restated 2005 Stock Option and Incentive Plan
Third amended and restated 2005 stock option and incentive plan
Maximum fungible units that may be granted (in shares)	17,130,000		17,130,000
Shares that may be issued if equal to fungible units	17,130,000		17,130,000

Capital (Details 3) - SL Green - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
Capital (Details 3) - SL Green - USD ($) $ in Millions	Aug. 31, 2011	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012	Dec. 17, 2012	Dec. 31, 2011	Dec. 31, 2010	Jan. 01, 2008
2010 Notional Unit Long-Term Compensation Plan
Stock based compensation
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		$ 25.0		$ 25.0
Approximate amount of awards that could be earned by recipients after beginning of the third year if maximum performance achieved		$ 25.0		$ 25.0
Minimum stock price appreciation to earn maximum amount of awards (as a percent)		50.00%		50.00%
LTIP units earned (in shares)						327,416		385,583	366,815
Percentage of award vested							50.00%
Cost of the plan, subject to adjustment for forfeitures				$ 31.7
Compensation expense		$ 0.8	$ 1.9	2.8	$ 3.7
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		15.0		15.0
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		75.0		75.0
2011 Outperformance Plan
Stock based compensation
Approximate amount of LTIP units that may be earned by the recipients based on stock price appreciation	$ 85.0
Cost of the plan, subject to adjustment for forfeitures				26.3
Compensation expense		$ 1.7	$ 1.4	$ 4.5	$ 2.6
Value of LTIP Units that could be earned expressed as percentage of outperformance amount in excess of the 25% benchmark	10.00%
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	$ 85.0
Portion of earned LTIP Units vested				One-third
Percentage of LTIP Units earned, vesting on August 31, 2014		50.00%		50.00%
Percentage of LTIP Units earned, vesting on August 31, 2015		50.00%		50.00%
Deferred Stock Compensation Plan for Directors
Stock based compensation
Maximum percentage of the annual retainer fee, chairman fees and meeting fees that may be deferred by non-employee directors		100.00%		100.00%
Awards granted (in shares)				0
Phantom stock units outstanding (in shares)		70,407		70,407
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%		85.00%
Shares of common stock issued		68,483		68,483

Capital (Details 4) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Capital (Details 4) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Basic Earnings:
Net income attributable to SLGOP common unitholders	$ 8,520	$ 106,461	$ 27,984	$ 132,605
Diluted Earnings:
Income attributable to SLGOP common unitholders	$ 8,520	$ 106,461	$ 27,984	$ 132,605
Basic Earnings:
Units attributable to common unitholders (in shares)	94,312	92,982	94,224	91,386
Effect of Dilutive Securities:
Stock-based compensation plans (in shares)	224	369	228	380
Diluted Units (in shares)	94,536	93,351	94,452	91,766
Common units excluded from the diluted shares outstanding	894,000	729,000	939,000	768,000
3.0% exchangeable senior debentures due 2017
Effect of Dilutive Securities:
Interest rate (as a percent)	3.00%		3.00%
3.0% exchangeable senior debentures due 2027
Effect of Dilutive Securities:
Interest rate (as a percent)	3.00%		3.00%
4.0% exchangeable senior debentures due 2025
Effect of Dilutive Securities:
Interest rate (as a percent)	4.00%		4.00%

Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2013 USD ($)
Commitments and Contingencies
Initial term of non-cancellable operating leases, minimum	1 year
Capital lease
2013 (6 months)	$ 1,110
2014	2,293
2015	2,364
2016	2,543
2017	2,653
Thereafter	356,544
Total minimum lease payments	367,507
Less amount representing interest	(320,267)
Present value of net minimum lease payments	47,240
Non-cancellable operating leases
2013 (6 months))	17,801
2014	35,655
2015	35,810
2016	36,251
2017	36,474
Thereafter	1,188,301
Total minimum lease payments	$ 1,350,292

Financial Instruments: Derivatives and Hedging (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2010	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Financial Instruments: Derivatives and Hedging
Fair Value		$ 1,500		$ 1,500
Loss from settlement of hedges included in accumulated other comprehensive loss		16,400		16,400
Share of joint venture accumulated other comprehensive loss		6,000		6,000
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		22,400		22,400		$ 34,100
Estimated current balance held in accumulated other comprehensive loss to be reclassified into interest within the next 12 months				2,300
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		4,900
Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion) on derivatives qualifying as hedges		8,069	$ (6,865)	8,249	$ (6,953)
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Expense/ Equity in net income of unconsolidated joint ventures (Effective Portion) on derivatives qualifying as hedges		1,730	3,217	3,438	6,420
Amount of Gain or (Loss) Recognized in Interest Expense/Equity in Net Income (Loss)of Unconsolidated Joint Ventures (Ineffective Portion) on derivatives qualifying as hedges		5	1	5	1
Amount of Gain or (Loss) Recognized in Interest Expense/Equity in Net Income of Unconsolidated Joint Ventures (Ineffective Portion) on derivatives not qualifying as hedges		4	$ 380	(11)	$ (331)
Interest Rate Swap Expiring in June 2016
Financial Instruments: Derivatives and Hedging
Notional Value		$ 30,000		$ 30,000
Strike Rate (as a percent)		2.295%		2.295%
Interest Rate Swap expiring in February, 2015
Financial Instruments: Derivatives and Hedging
Notional Value		$ 8,500		$ 8,500
Strike Rate (as a percent)		0.74%		0.74%
Interest Rate Cap expiring in November, 2013
Financial Instruments: Derivatives and Hedging
Notional Value		$ 271,912		$ 271,912
Strike Rate (as a percent)		6.00%		6.00%
Level 2 \| Interest Rate Swap Expiring in June 2016
Financial Instruments: Derivatives and Hedging
Fair Value		$ (1,426)		$ (1,426)
Level 2 \| Interest Rate Swap expiring in February, 2015
Financial Instruments: Derivatives and Hedging
Fair Value		$ (54)		$ (54)

Segment Information (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details 2) - USD ($) $ in Thousands	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
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 interest in unconsolidated joint venture/real estate	$ 37,814	$ 108,024	$ 66,040	$ 128,262
Purchase price fair value adjustment	(2,305)		(2,305)
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	(3,583)	9,534	(3,583)	16,794
Income from continuing operations	31,926	117,558	60,152	145,056
Net (loss) income from discontinued operations	(678)	899	320	1,931
Gain on sale of discontinued operations			1,113	6,627
Net income	31,248	118,457	61,585	153,614
Net income attributable to noncontrolling interests in other partnerships	(3,004)	(3,887)	(5,905)	(4,958)
Preferred unit distributions	(565)	(565)	(1,130)	(962)
Net income attributable to SLGOP	27,679	114,005	54,550	147,694
Preferred unit redemption costs	(12,160)		(12,160)
Perpetual preferred unit distributions	(6,999)	(7,544)	(14,406)	(15,089)
Net income attributable to SLGOP common unitholders	$ 8,520	$ 106,461	$ 27,984	$ 132,605

Supplemental Disclosure of Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Issuance of common stock as deferred compensation		$ 544
Issuance of units in the operating partnership	$ 12,675	35,917
Redemption of units in the operating partnership	17,287	483
Derivative instruments at fair value	479	314
Mortgage assigned upon asset sale		59,099
Tenant improvements and capital expenditures payable	9,665	12,294
Assumption of mortgage loans	84,642
Deferred leasing payable	4,872	2,583
Capital leased asset	9,992
Transfer to net assets held for sale	207,665	86,339
Transfer to liabilities related to net assets held for sale	11,894	62,792
Repayment of mezzanine loans		3,750
Redemption of Series E units		31,698
Repayment of financing receivables		$ 28,195
Consolidation of real estate investment	$ 90,934

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Consolidated Statements of Income
Operating expenses, paid to related parties	$ 4,319	$ 4,773	$ 8,469	$ 8,244

Consolidated Statement of Capital (Parenthetical)	6 Months Ended
Consolidated Statement of Capital (Parenthetical)	Jun. 30, 2013 $ / shares
Consolidated Statement of Capital
Cash distribution declared, per common unit	$ 0.66
Return of capital, per common unit	$ 0.00

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2013
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 $6.2 billion, compared to the book value of the related fixed rate debt of approximately $5.8 billion at June 30, 2013. Our floating rate debt, inclusive of our 2012 credit facility, other than the $30.0 million that was swapped, had an estimated fair value based on discounted cash flow models, based on Level 3 inputs, of approximately $0.9 billion, compared to the book value of the related floating rate debt of approximately $0.9 billion at June 30, 2013. Our debt and preferred equity investments had an estimated fair value ranging between $1.2 billion and $1.3 billion, compared to the book value of the related debt and preferred equity investments of approximately $1.2 billion at June 30, 2013, based on Level 3 inputs. Disclosure about fair value of financial instruments is based on pertinent information available to us as of June 30, 2013. 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.

Environmental Matters	6 Months Ended
Environmental Matters	Jun. 30, 2013
Environmental Matters
Environmental Matters	15. Environmental Matters Our management believes that the properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2013
Subsequent Events
Subsequent Events	18. Subsequent Events In July 2013, SL Green sold and settled approximately 165,718 shares of its common stock through the ATM Program for aggregate gross proceeds of $15.2 million ($14.9 million of net proceeds after related expenses). The net proceeds from these offerings were contributed to us in exchange for 165,718 common partnership units. As of the date of this filing, $21.5 million of common stock remained available for issuance under the ATM Program. The sale of 333 West 34th closed on August 9, 2013. See Note 4, “Property Dispositions and Assets Held for Sale.” In August 2013, we entered into a contract to acquire a mixed-use residential and commercial property located at 315 West 33rd Street, New York, New York for $386.0 million. This transaction is expected to be completed in 2013, subject to customary closing conditions.

Organization and Basis of Presentation (Details)	6 Months Ended
Organization and Basis of Presentation (Details)	Jun. 30, 2013
Organization
Controlling interest in SL Green Management LLC (as a percent)	100.00%
Limited partnership interest held by noncontrolling investors (as a percent)	2.95%
Service Corporation
Organization
Economic interest in variable interest entity (as a percent)	95.00%

Organization and Basis of Presentation (Details 2) $ in Thousands	6 Months Ended
	Jun. 30, 2013 USD ($) ft² item shares	Dec. 31, 2012 USD ($)	Sep. 30, 2012 ft² item
Investment in real estate properties
Number of Properties	67
Square feet \| ft²	29,721,879
Weighted Average Occupancy (as a percent)	91.70%
Debt and preferred equity investments \| $	$ 1,227,421	$ 1,348,434
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	14
Square feet \| ft²	465,200
Development properties
Investment in real estate properties
Number of Properties	15
Square feet \| ft²	2,580,700
Residential properties
Investment in real estate properties
Number of Properties	3
Square feet \| ft²	497,100
Number of units	468
Land interests
Investment in real estate properties
Number of Properties	2
Square feet \| ft²	961,400
Managed office properties
Investment in real estate properties
Square feet \| ft²	626,400
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)	93.90%
Manhattan \| Unconsolidated properties
Investment in real estate properties
Number of Properties	9
Square feet \| ft²	5,934,434
Weighted Average Occupancy (as a percent)	95.10%
Suburban \| Consolidated properties
Investment in real estate properties
Number of Properties	27
Square feet \| ft²	4,217,400
Weighted Average Occupancy (as a percent)	79.40%
Suburban \| Unconsolidated properties
Investment in real estate properties
Number of Properties	4
Square feet \| ft²	1,222,100
Weighted Average Occupancy (as a percent)	84.30%
West Coast office portfolio
Investment in real estate properties
Number of Properties			31
Square feet \| ft²	4,067,000		4,500,000
West Coast office portfolio \| Office properties
Investment in real estate properties
Number of Properties	30
Square feet \| ft²	4,066,900

Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2013	Dec. 31, 2012
Principles of Consolidation
Commercial real estate properties	$ 10,160,569	$ 10,269,630
Mortgages and other loans payable	4,835,231	4,615,464
VIE
Principles of Consolidation
Commercial real estate properties	599,300	607,400
Mortgages and other loans payable	$ 375,300	$ 379,600

Significant Accounting Policies (Details 6)	3 Months Ended	6 Months Ended
Significant Accounting Policies (Details 6)	Jun. 30, 2013 item	Jun. 30, 2013 item
Concentrations of Credit Risk
Number of tenants		3
Annualized rent \| Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized rent from other than Three tenants	1.90%	1.90%
Annualized rent \| 1515 Broadway \| Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized rent from other than Three tenants	9.00%	9.00%
Annualized rent \| 1185 Avenue of the Americas \| Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized rent from other than Three tenants	6.00%	6.00%
Annualized rent \| One Madison Avenue \| Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized rent from other than Three tenants	6.00%	6.00%
Annualized rent \| Tenant one \| Customer concentration
Concentrations of Credit Risk
Percentage of concentration		6.00%
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		7.10%
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%

Debt and Preferred Equity Investments (Details 2) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Preferred equity investment
Aggregate weighted average current yield (as a percent)	11.20%
Senior Financing	$ 4,277,860
Preferred equity investments
Preferred equity investment
Aggregate weighted average current yield (as a percent)	10.20%
Senior Financing	$ 1,577,246
Carrying Value, Net of Discounts and Deferred Origination Fees	351,301	$ 338,579
Preferred equity with initial mandatory redemption of October 2014
Preferred equity investment
Senior Financing	70,000
Carrying Value, Net of Discounts and Deferred Origination Fees	9,934	9,927
Preferred equity with initial mandatory redemption on July, 2015
Preferred equity investment
Senior Financing	525,000
Carrying Value, Net of Discounts and Deferred Origination Fees	105,360	99,768
Preferred equity with initial mandatory redemption on April, 2016
Preferred equity investment
Senior Financing	55,986
Carrying Value, Net of Discounts and Deferred Origination Fees	22,213	18,925
Committed additional capital contribution funded	3,600
Preferred equity with initial mandatory redemption on July, 2016
Preferred equity investment
Senior Financing	926,260
Carrying Value, Net of Discounts and Deferred Origination Fees	$ 213,794	$ 209,959

Debt and Preferred Equity Investments (Details 3) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Rollforward of the entity's total loan loss reserves
Balance at beginning of year	$ 7,000	$ 50,175
Expensed		3,000
Recoveries		(2,436)
Charge-offs and reclassifications		(43,739)
Balance at end of period	$ 7,000	$ 7,000

Investments in Unconsolidated Joint Ventures (Details 4) - Gramercy Property Trust Inc. shares in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2012 USD ($) ft²	Jun. 30, 2013 USD ($) ft² shares
Related party transactions
Shares held of Gramercy's common stock \| shares		0.7
Percentage of Gramercy's common stock owned		1.35%
Total investment in Gramercy		$ 3,400,000
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	Jun. 30, 2013	Dec. 31, 2012
Deferred Costs
Deferred financing	$ 149,212	$ 152,596
Deferred leasing	292,346	285,931
Deferred costs, gross	441,558	438,527
Less accumulated amortization	(195,500)	(177,382)
Deferred costs, net	$ 246,058	$ 261,145

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) $ in Thousands	Jun. 30, 2013 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2013 USD ($) item	Jun. 30, 2012 USD ($)	Dec. 31, 2012 USD ($)
Segment Information
Number of reportable segments \| item			2
Segment Information
Total revenues	$ 365,145	$ 344,535	$ 730,613	$ 679,120
Income (loss) from continuing operations before equity in net gain on sale of unconsolidated joint venture/real estate	37,814	108,024	66,040	128,262
Total assets	14,401,925		14,401,925		$ 14,378,985
Marketing, general and administrative expenses and transaction related costs	23,200	22,700	45,700	43,900
Transactions between reportable segments			0
Real Estate Segment
Segment Information
Total revenues	318,414	311,087	631,174	619,334
Income (loss) from continuing operations before equity in net gain on sale of unconsolidated joint venture/real estate	(233)	81,011	(15,821)	80,334
Total assets	13,163,696		13,163,696		13,021,095
Debt and Preferred Equity Segment
Segment Information
Total revenues	46,731	33,448	99,439	59,786
Income (loss) from continuing operations before equity in net gain on sale of unconsolidated joint venture/real estate	38,047	$ 27,013	81,861	$ 47,928
Total assets	$ 1,238,229		$ 1,238,229		$ 1,357,890
Leverage rate assumption (as a percent)			100.00%

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Jul. 31, 2013	Jun. 30, 2013	Jun. 30, 2012	Aug. 31, 2013
Subsequent Events
Net proceeds from offerings		$ 8,478	$ 201,307
At-the-market equity offering program
Subsequent Events
Common stock, shares sold and settled		95,000
Aggregate gross proceeds from shares sold		$ 8,700
Number of common partnership units exchanged (in shares)		95,000
Aggregate value of common stock remained available for issuance		$ 36,700
Subsequent event \| 315 West 33rd Street \| Expected Completion
Subsequent Events
Purchase consideration for mixed-use residential and commercial property				$ 386,000
Subsequent event \| At-the-market equity offering program
Subsequent Events
Common stock, shares sold and settled	165,718
Aggregate gross proceeds from shares sold	$ 15,200
Net proceeds from offerings	$ 14,900
Number of common partnership units exchanged (in shares)	165,718
Aggregate value of common stock remained available for issuance	$ 21,500