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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2013	Oct. 31, 2013
Document and Entity Information
Entity Registrant Name	RECKSON OPERATING PARTNERSHIP LP
Entity Central Index Key	0000930810
Document Type	10-Q
Document Period End Date	Sep. 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		0
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
Commercial real estate properties, at cost:
Land and land interests	$ 918,019	$ 954,731
Building and improvements	3,512,516	3,646,736
Building leasehold and improvements	782,260	782,260
Property under capital lease	22,866	12,208
Commercial real estate properties, gross	5,235,661	5,395,935
Less: accumulated depreciation	(815,321)	(742,659)
Total commercial real estate properties, net	4,420,340	4,653,276
Cash and cash equivalents	26,551	34,035
Restricted cash	234,393	21,074
Tenant and other receivables, net of allowance of $6,593 and $7,308 in 2013 and 2012, respectively	17,256	13,147
Deferred rents receivable, net of allowance of $15,081 and $16,501 in 2013 and 2012, respectively	155,702	150,535
Preferred equity and other investment, net of discounts and deferred origination fees of $1,968 and $2,217 in 2013 and 2012, respectively	378,783	338,579
Deferred costs, net of accumulated amortization of $49,174 and $40,303 in 2013 and 2012, respectively	86,315	91,400
Other assets	100,994	94,210
Total assets	5,420,334	5,396,256
Liabilities
Mortgage note and other loans payable	550,023	550,023
Revolving credit facility	340,000	70,000
Term loan and senior unsecured notes	1,430,765	1,430,690
Accrued interest payable and other liabilities	22,485	25,366
Accounts payable and accrued expenses	43,845	50,692
Deferred revenue	153,672	173,814
Capitalized lease obligation	27,089	17,186
Deferred land leases payable	20,560	20,566
Security deposits	21,525	18,411
Total liabilities	2,609,964	2,356,748
Commitments and contingencies	0	0
Capital
General partner capital	2,461,959	2,686,766
Limited partner capital	0	0
Accumulated other comprehensive loss	(4,170)	(4,925)
Total ROP partner's capital	2,457,789	2,681,841
Noncontrolling interests in other partnerships	352,581	357,667
Total capital	2,810,370	3,039,508
Total liabilities and capital	$ 5,420,334	$ 5,396,256

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]
Tenant and other receivables, allowance	$ 6,593	$ 7,308
Deferred rents receivable, allowance	15,081	16,501
Preferred equity and other investment, discounts and deferred origination fees	1,968	2,217
Deferred costs, accumulated amortization	$ 49,174	$ 40,303

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues
Rental revenue, net	$ 109,843	$ 106,217	$ 329,931	$ 313,580
Escalation and reimbursement	20,296	18,588	55,732	55,685
Investment income	9,424	0	28,620	0
Other income	610	2,881	3,591	4,743
Total revenues	140,173	127,686	417,874	374,008
Expenses
Operating expenses, including approximately $4,549 and $13,048 (2013) and $4,191 and $12,082 (2012) paid to related parties	30,850	29,292	89,619	83,740
Real estate taxes	24,460	21,967	70,313	66,334
Ground rent	4,908	3,645	14,110	10,935
Interest expense, net of interest income	28,135	25,858	82,448	80,338
Amortization of deferred finance costs	1,295	1,201	3,880	3,207
Loan loss reserves, net of recoveries	0	0	0	(472)
Transaction related costs	0	811	11	1,672
Depreciation and amortization	35,927	34,366	106,997	100,029
Marketing, general and administrative	88	119	276	251
Total expenses	125,663	117,259	367,654	346,034
Income from continuing operations before depreciable real estate reserve, net of recoveries, equity in net income from unconsolidated joint venture, and loss on early extinguishment of debt	14,510	10,427	50,220	27,974
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	0	(4,778)	0	1,011
Equity in net income from unconsolidated joint venture	480	183	1,327	969
Loss on early extinguishment of debt	0	0	(76)	0
Income from continuing operations	14,990	5,832	51,471	29,954
Net income from discontinued operations	1,358	855	4,244	3,052
Gain on sale of discontinued operations	13,787	0	13,787	0
Net income	30,135	6,687	69,502	33,006
Net income attributable to noncontrolling interests in other partnerships	(1,399)	(1,188)	(4,511)	(4,628)
Net income attributable to ROP common unitholder	28,736	5,499	64,991	28,378
Amounts attributable to ROP common unitholders:
Income from continuing operations	13,591	4,644	46,960	25,326
Discontinued operations	15,145	855	18,031	3,052
Net income attributable to ROP common unitholder	$ 28,736	$ 5,499	$ 64,991	$ 28,378

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Statement [Abstract]
Operating expenses, paid to related parties	$ 4,549	$ 4,191	$ 13,048	$ 12,082

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement of Other Comprehensive Income [Abstract]
Net income attributable to ROP common unitholder	$ 28,736	$ 5,499	$ 64,991	$ 28,378
Other comprehensive income (loss):
Change in net unrealized gain (loss) on derivative instruments	85	0	755	(49)
Comprehensive income attributable to ROP common unitholder	$ 28,821	$ 5,499	$ 65,746	$ 28,329

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

Consolidated Statement of Capital - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Consolidated Statement of Capital - USD ($) $ in Thousands	Sep. 30, 2013	Sep. 30, 2013
Increase (Decrease) in Partners' Capital
Balance		$ 3,039,508
Contributions		980,385
Distributions		(1,279,780)
Net income	$ 30,135	69,502
Other comprehensive income		755
Balance	2,810,370	2,810,370
General Partner's Capital \| Class A Common Units
Increase (Decrease) in Partners' Capital
Balance		2,686,766
Contributions		980,385
Distributions		(1,270,183)
Net income		64,991
Balance	2,461,959	2,461,959
Noncontrolling Interests In Other Partnerships
Increase (Decrease) in Partners' Capital
Balance		357,667
Distributions		(9,597)
Net income		4,511
Balance	352,581	352,581
Accumulated Other Comprehensive Loss
Increase (Decrease) in Partners' Capital
Balance		(4,925)
Other comprehensive income		755
Balance	$ (4,170)	$ (4,170)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Operating Activities
Net income	$ 69,502	$ 33,006
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	113,864	107,585
Equity in net gain on sale of interest in unconsolidated joint venture	0	(1,011)
Equity in net income from unconsolidated joint venture	(1,327)	(969)
Distributions of cumulative earnings from unconsolidated joint venture	591	444
Loss on early extinguishment of debt	76	0
Loan loss reserves, net of recoveries	0	(472)
Deferred rents receivable	(12,542)	(13,998)
Gain on sale of discontinued operations	(13,787)	0
Other non-cash adjustments	(31,504)	(11,301)
Changes in operating assets and liabilities:
Restricted cash - operations	(2,266)	(3,198)
Tenant and other receivables	(3,464)	(4,671)
Deferred lease costs	(10,878)	(6,664)
Other assets	(25,283)	(18,608)
Accounts payable, accrued expenses and other liabilities	(5,903)	(6,250)
Deferred revenue and land leases payable	9,213	4,350
Net cash provided by operating activities	86,292	78,243
Investing Activities
Acquisition of real estate property	0	(277,060)
Additions to land, buildings and improvements	(39,484)	(28,379)
Restricted cash — capital improvements/acquisitions	(211,053)	(1,750)
Net proceeds from disposition of real estate/joint venture interest	211,048	44,297
Distributions in excess of cumulative earnings from unconsolidated joint venture	0	152
Preferred equity and other investment, net of repayments	(24,920)	7,777
Net cash used in investing activities	(64,409)	(254,963)
Financing Activities
Repayments of mortgage note and other loans payable	0	(1,880)
Proceeds from credit facility and senior unsecured notes	844,000	813,339
Repayments of credit facility and senior unsecured notes	(574,000)	(963,639)
Contributions from common unitholder	980,385	1,551,931
Distributions to noncontrolling interests in other partnerships	(9,597)	(10,460)
Distributions to common unitholder	(1,270,183)	(1,218,615)
Deferred loan costs and capitalized lease obligation	28	(287)
Net cash (used in) provided by financing activities	(29,367)	170,389
Net decrease in cash and cash equivalents	(7,484)	(6,331)
Cash and cash equivalents at beginning of period	34,035	26,645
Cash and cash equivalents at end of period	26,551	20,314
Supplemental Disclosure of Non-cash Investing and Financing Activities:
Tenant improvements and capital expenditures payable	2,400	2,316
Deferred leasing payable	1,096	1,912
Transfer of preferred equity investments	0	324,858
Transfer of other loans payable	0	50,000
Contributions from common unitholder	0	33,090
Redemption of Series E units	0	31,698
Capital leased asset	$ 10,657	$ 0

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

Reckson Operating Partnership, L.P., or ROP, commenced operations on June 2, 1995. The sole general partner of ROP is a wholly-owned subsidiary of SL Green Operating Partnership, L.P., or the Operating Partnership. The sole limited partner of ROP is the Operating Partnership.

ROP is engaged in the acquisition, ownership, management and operation of commercial real estate properties, principally office properties, and also owns land for future development, located in the New York City, Westchester County and Connecticut, which collectively is also known as the New York Metropolitan area.

SL Green Realty Corp., or SL Green, and the Operating Partnership were formed in June 1997. SL Green 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,” “us” and the “Company” means ROP and all entities owned or controlled by ROP.

On January 25, 2007, SL Green completed the acquisition of all of the outstanding shares of common stock of Reckson Associates Realty Corp., or RARC, the prior general partner of ROP. This transaction is referred to herein as the Merger.

In connection with the closing of our 2011 revolving credit facility and 2012 credit facility, in which we, along with SL Green and the Operating Partnership are borrowers, SL Green transferred five properties with total assets aggregating to $683.8 million at November 1, 2011 and transferred three additional properties with total assets aggregating to $320.2 million at December 31, 2012, to ROP. Under the Business Combinations guidance, these were determined to be transfers of businesses between the indirect parent company and its wholly owned subsidiary. As such, the assets and liabilities were transferred at their carrying value. These transfers are required to be recorded as of the beginning of the current reporting period as though the assets and liabilities had been transferred at that date. The consolidated financial statements and financial information presented for all prior periods have been retrospectively adjusted to furnish comparative information.

On September 30, 2012, SL Green transferred $324.9 million of its preferred equity investments to ROP, one of which was subject to a secured $50.0 million loan. Under the Business Combinations guidance, these transfers were determined to be transfers of assets between the indirect parent company and its wholly-owned subsidiary. As such, the assets were transferred at their carrying value and accounted for prospectively from the date of transfer.

As of September 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 Westchester County and Connecticut, which are collectively known as the Suburban assets:



Location	Ownership	Number of Properties	Square Feet	Weighted Average Occupancy (1)
Manhattan	Consolidated properties	12	6,866,400	96.0	%
Suburban	Consolidated properties	17	2,785,500	78.3	%
		29	9,651,900	90.9	%

______________________________


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

At September 30, 2013, we also own a development property encompassing approximately 104,000 square feet as well as an inventory of development parcels that aggregated approximately 81 acres of land in four separate parcels on which we can, based on estimates at September 30, 2013, develop approximately 1.1 million square feet of office space and in which we have invested approximately $67.8 million. As of September 30, 2013, we also held preferred equity investments and an investment in an unconsolidated joint venture that holds a preferred equity interest in a retail property located in Manhattan with an aggregate book value of $378.8 million.

Basis of Quarterly Presentation

The accompanying consolidated financial statements include the consolidated financial position of ROP and the Service Companies (as defined below) at September 30, 2013 and December 31, 2012, the consolidated results of their operations for the three and nine months ended September 30, 2013 and 2012, their statement of capital for the nine months ended September 30, 2013 and their statement of cash flows for the nine months ended September 30, 2013 and 2012. Our investments in majority-owned and controlled real estate joint ventures are reflected in the accompanying financial statements on a consolidated basis with a reduction for the noncontrolling partners’ interests. ROP’s investments in joint ventures, where it owns less than a controlling interest, are reflected in the accompanying consolidated financial statements using the equity method of accounting. The Service Companies, which provide management, development and construction services to ROP, include Reckson Management Group, Inc., RANY Management Group, Inc., Reckson Construction & Development LLC and Reckson Construction Group New York, Inc. (collectively, the “Service Companies”). All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, 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 U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company at September 30, 2013 and the results of operations for the periods presented have been included. The 2013 operating results for the periods 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 U.S. GAAP for complete financial statements.

- Definition

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

+ References

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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Significant Accounting Policies

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

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 preferred equity investments. See Note 4, “Preferred Equity and Other Investment.” ROP’s investments in majority-owned and controlled real estate joint ventures are reflected in the accompanying financial statements on a consolidated basis with a reduction for the noncontrolling partners’ interests. All significant intercompany balances and transactions have been eliminated.

We consolidate a variable interest entity, or VIE, 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.

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 to be attributed to controlling and noncontrolling interests.

We assess the accounting treatment for each joint venture 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 addition, we assess our unconsolidated joint venture investments 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 investment 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 investment were impaired at either September 30, 2013 or December 31, 2012.

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 tenants 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 amortized such below market lease value into rental income over the renewal period.

We recognized an increase of approximately $5.5 million, $16.2 million, $4.2 million and $14.1 million in rental revenue for the three and nine months ended September 30, 2013 and 2012, respectively, for the amortization of aggregate below-market leases in excess of above-market leases and reductions in lease origination costs, resulting from the allocation of the purchase price of the applicable properties. We recognized an increase in interest expense for the amortization of above-market rate mortgages assumed of approximately $0.1 million, $0.4 million, $0.1 million and $0.4 million for the three and nine months ended September 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 September 30, 2013 and December 31, 2012 (in thousands):



	September 30, 2013			December 31, 2012
Identified intangible assets (included in other assets):
Gross amount	$	199,845		$	199,845
Accumulated amortization	(137,939		)	(125,009		)
Net	$	61,906		$	74,836
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	399,088		$	399,088
Accumulated amortization	(254,216		)	(227,637		)
Net	$	144,872		$	171,451

Investments in Unconsolidated Joint Ventures

We account for our investments in unconsolidated joint ventures under the equity method of accounting as we exercise significant influence, but do not control the entity and are not considered to be the primary beneficiary. We consolidate the joint ventures that we control or which are VIEs and where we are considered to be the primary beneficiary. In all the joint ventures, the rights of the joint venture partner are both protective as well as participating. Unless the joint venture is determined to be a VIE and we are the primary beneficiary in a VIE, these participating rights preclude us from consolidating these joint ventures. This investment is recorded initially at cost, as investment in unconsolidated joint venture, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. Any difference between the carrying amount of this investment on our balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in net income (loss) of unconsolidated joint venture over the lesser of the joint venture term or 10 years. Equity income (loss) from unconsolidated joint venture is allocated based on our ownership or economic interest in the joint venture. When a capital event (as defined in each joint venture agreement) such as a refinancing occurs, if return thresholds are met, future equity income will be allocated at our increased economic interest. We recognize incentive income from unconsolidated real estate joint ventures as income to the extent it is earned and not subject to a clawback feature. Distributions we receive from unconsolidated real estate joint ventures in excess of our basis in the investment are recorded as offsets to our investment balance if we remain liable for future obligations of the joint venture or may otherwise be committed to provide future additional financial support. In July 2012, we, along with our joint venture partner, sold One Court Square for $481.1 million, which included the assumption of $315.0 million of existing debt by the purchaser, and recognized a gain of $1.0 million on the sale of this property. In January 2013, we, along with our joint venture partner, acquired a preferred equity interest in an entity that holds an interest in a retail property located in Manhattan. See Note 4, “Preferred Equity and Other Investment.”

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, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred 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 sheets 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 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 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 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 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 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 preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount.

Income Taxes

No provision has been made for income taxes in the accompanying consolidated financial statements since such taxes, if any, are the responsibility of the individual partners.

Reserve for Possible Credit Losses

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

Where impairment is indicated on an investment that is held to maturity, a valuation allowance is measured based upon the excess of the recorded investment amount over the net fair value of the collateral. Any deficiency between the carrying amount of an asset and the calculated value of the collateral is charged to expense. The write-off of the reserve balance is called a charge-off. We continue to assess or adjust our estimates based on the circumstances of a loan and the underlying collateral. If additional information is obtained that reflects an increased recovery of our investment, we will adjust our reserves accordingly. We recorded no loan loss reserves during the three and nine months ended September 30, 2013 and 2012. During the three and nine months ended September 30, 2012, we recorded zero and $0.5 million, respectively, in recoveries in connection with the sale of one of our debt investments. This is included in loan loss reserves, net of recoveries in the accompanying consolidated statements of income.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP 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, 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 preferred equity investments is located in the New York Metropolitan area. See Note 4, “Preferred Equity and Other 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 Westchester County and Connecticut. The tenants located in our buildings operate in various industries. Other than two tenants who account for approximately 5.2% and 3.3% of our annualized cash rent, respectively, no other tenant in our portfolio accounted for more than 3.2% of our annualized cash rent at September 30, 2013. Approximately 19%, 11%, 10%, 10% and 9% of our annualized cash rent for the three months ended September 30, 2013 was attributable to 1185 Avenue of the Americas, 919 Third Avenue, 750 Third Avenue, 810 Seventh Avenue and 1350 Avenue of the Americas, respectively.

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 preferred equity and other investment.

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 Disposition

9 Months Ended

Sep. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Property Disposition

In August 2013, we sold the property located at 333 West 34th, New York, New York for $220.3 million. We recognized a gain of $13.8 million on the sale. The $211.0 million net proceeds from the sale of this property are temporarily being held at a qualified intermediary, at our direction, for the purpose of facilitating a Section 1031 Like-Kind Exchange, and, as such, are included in restricted cash on the consolidated balance sheets at September 30, 2013.

Discontinued operations included the results of operations of real estate assets sold prior to September 30, 2013. This included 333 West 34th, which was sold in August 2013.

The following table summarizes income from discontinued operations for the three and nine months ended September 30, 2013 and 2012, respectively (in thousands).



	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Revenues
Rental revenue	$	1,422	$	3,342	$	9,671	$	10,278
Escalation and reimbursement revenues	653		557		1,220		1,607
Total revenues	2,075		3,899		10,891		11,885
Operating expenses	576		1,370		3,049		3,783
Real estate taxes	141		228		611		701
Depreciation and amortization	—		1,446		2,987		4,349
Total expenses	717		3,044		6,647		8,833
Net income from discontinued operations	$	1,358	$	855	$	4,244	$	3,052

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Preferred Equity and Other Investments

9 Months Ended

Sep. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Preferred Equity and Other Investment

Preferred Equity and Other Investments

As of September 30, 2013 and December 31, 2012, we held the following preferred equity investments, with an aggregate weighted average current yield of approximately 10.9% at September 30, 2013 (in thousands):



Type	September 30, 2013 Senior Financing		September 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	$	9,937	$	9,927	October 2014
Preferred equity(1)(2)	525,000		107,723		99,768		July 2015
Preferred equity(1)(3)	55,747		24,426		18,925		April 2016
Preferred equity(1)	926,260		216,037		209,959		July 2016
	$	1,577,007	$	358,123	$	338,579

______________________________


(1)	The difference between the pay and accrual rates is included as an addition to the principal balance outstanding.


(2)	In June 2013, the redemption date was extended from July 2014 to July 2015.


(3)	As of September 30, 2013, we were committed to fund an additional $1.4 million on this loan.

At September 30, 2013 and December 31, 2012, all preferred equity investments were performing in accordance with the terms of the loan agreements.

The Other Investment, which was acquired in January 2013 and is accounted for under the equity method of accounting, relates to our 40.0% interest in a joint venture that holds a preferred equity interest in an entity that owns a retail property located in Manhattan. The preferred equity investment bears interest at a rate of 8.75% per annum and matures in June 2016. As of September 30, 2013, our investment balance was $20.7 million.

- Definition

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

+ References

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

Mortgage Note and Other Loans Payable

9 Months Ended

Sep. 30, 2013

Mortgage Note and Other Loans Payable

Mortgage Note and Other Loans Payable

The mortgage note and other loans payable collateralized by the property listed below and assignment of leases and investment at September 30, 2013 and December 31, 2012, respectively, were as follows (amounts in thousands):



Property	Interest Rate(1)		Maturity Date	September 30, 2013		December 31, 2012
609 Partners, LLC(2)	5.00	%	July 2014	$	23	$	23
Other loan payable(3)	8.00	%	September 2019	50,000		50,000
919 Third Avenue(4)	5.12	%	June 2023	500,000		500,000
				$	550,023	$	550,023

______________________________


(1)	Effective weighted average interest rate for the three months ended September 30, 2013.


(2)	As part of an acquisition, the Operating Partnership issued 63.9 million units of its 5.0% Series E Preferred Units, or the Series E Units, with a liquidation of $1.00 per unit. As of September 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.

At September 30, 2013, the gross book value of the property and investment collateralizing the mortgage note and other loans payable was approximately $1.5 billion.

Corporate Indebtedness

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

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 our senior unsecured long-term indebtedness. At September 30, 2013, the applicable spread was 145 basis points for revolving credit facility and 165 basis points for the term loan facility. At September 30, 2013, the effective interest rate was 1.64% for revolving credit facility and 2.00% 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 September 30, 2013, the facility fee was 30 basis points. At September 30, 2013, we had approximately $79.1 million of outstanding letters of credit, $340.0 million borrowings under the revolving credit facility and $400.0 million outstanding under the term loan facility, with undrawn capacity of $0.9 billion under the 2012 credit facility.

We, SL Green and the Operating Partnership 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).

Senior Unsecured Notes

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



Issuance	September 30, 2013 Unpaid Principal Balance		September 30, 2013 Accreted Balance		December 31, 2012 Accreted Balance		Coupon Rate(1)		Effective Rate		Term (in Years)	Maturity Date
August 13, 2004(2)	$	75,898	$	75,898	$	75,898	5.88	%	5.88	%	10	August 15, 2014
March 31, 2006(2)	255,308		255,194		255,165		6.00	%	6.00	%	10	March 31, 2016
August 5, 2011(3)	250,000		249,666		249,620		5.00	%	5.00	%	7	August 15, 2018
March 16, 2010(3)	250,000		250,000		250,000		7.75	%	7.75	%	10	March 15, 2020
November 15, 2012(3)	200,000		200,000		200,000		4.50	%	4.50	%	10	December 1, 2022
June 27, 2005(4)	7		7		7		4.00	%	4.00	%	20	June 15, 2025
	$	1,031,213	$	1,030,765	$	1,030,690

______________________________


(1)	Interest on the senior unsecured notes is payable semi annually with principal and unpaid interest due on the scheduled maturity dates.


(2)	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 6.000% Notes, for a total consideration of $46.4 million and realized a net loss on early extinguishment of debt of approximately $3.8 million.


(3)	We, SL Green and the Operating Partnership are co-obligors.

(4)

Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to us, 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 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.

ROP also provides a guaranty of the Operating Partnership’s obligations under its 3.00% Exchangeable Senior Notes due 2017.

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 September 30, 2013 and December 31, 2012, we were in compliance with all such covenants.

Principal Maturities

Combined aggregate principal maturities of mortgage note and other loans payable, revolving credit facility and term loan and senior unsecured notes as of September 30, 2013, including as-of-right extension options, were as follows (in thousands):



	Scheduled Amortization		Principal Repayments		Revolving Credit Facility		Term Loan and Senior Unsecured Notes		Total
2013 (3 months)	$	—	$	—	$	—	$	—	$	—
2014	—		23		—		75,898		75,921
2015	—		—		—		7		7
2016	3,566		—		—		255,308		258,874
2017	7,411		—		—		—		7,411
Thereafter	47,430		491,593		340,000		1,100,000		1,979,023
	$	58,407	$	491,616	$	340,000	$	1,431,213	$	2,321,236

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
				As Adjusted						As Adjusted
Interest expense	$	28,154		$	25,881		$	82,493		$	80,392
Interest income	(19		)	(23		)	(45		)	(54		)
Interest expense, net	$	28,135		$	25,858		$	82,448		$	80,338
Interest capitalized	$	—		$	—		$	—		$	—

- 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

Partners' Capital	9 Months Ended
Partners' Capital	Sep. 30, 2013
Partners' Capital Notes [Abstract]
Partners' Capital	Partners’ Capital Since consummation of the Merger on January 25, 2007, the Operating Partnership has owned all the economic interests in ROP either by direct ownership or by indirect ownership through our general partner, which is its wholly-owned subsidiary. Intercompany transactions between SL Green and ROP are generally recorded as contributions and distributions.

- 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

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value Measurements

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

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

The financial assets and liabilities that are not measured at fair value on our consolidated balance sheet include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, preferred equity investments, and mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short term nature of these instruments. The fair value of preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt to their present value using adjusted market interest rates, which is provided by a third-party specialist.

The following table provides the carrying value and fair value of these financial instruments as of September 30, 2013 and December 31, 2012 (in thousands):



	September 30, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value

Preferred equity investments	$	358,123	(1)		$	338,579	(1)

Fixed rate debt	$	1,610,788	$	1,742,020	$	1,610,713	$	1,776,057
Variable rate debt	710,000		730,789		440,000		435,205
	$	2,320,788	$	2,472,809	$	2,050,713	$	2,211,262

____________________________________


(1)	Preferred equity investments had an estimated fair value ranging between $358.1 million and $393.9 million at September 30, 2013. At December 31, 2012, the preferred equity investments had an estimated fair value ranging between $300.0 million and $400.0 million.

Disclosure about fair value of financial instruments is based on pertinent information available to us as of September 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.

- Definition

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

+ References

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+ Details

Financial Instruments: Derivatives and Hedging

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments: Derivatives and Hedging

In the normal course of business, we use a variety of commonly used derivative instruments, such as interest rate swaps, caps, collar and floors, to manage, or hedge interest rate risk. We hedge our exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the 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. Currently, all of our designated derivative instruments are effective hedging instruments.

As of September 30, 2013, the Company has designated an interest swap agreement on the $30.0 million portion of the 2012 credit facility. The following table summarizes the notional and fair value of our derivative financial instrument at September 30, 2013 based on Level 2 inputs. 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	Balance Sheet Location	Fair Value
Interest Rate Swap	$	30,000	2.295	%	July 2010	June 2016	Other Liabilities	$	(1,412	)

Gains and losses on terminated hedges are included in the accumulated other comprehensive loss, and are recognized into earnings over the remaining term of the related senior unsecured notes. As of September 30, 2013 and December 31, 2012, the deferred net losses from these terminated hedges, which are included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was approximately $2.8 million and $3.0 million, 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 $1.0 million of the current balance held in accumulated other comprehensive loss will be reclassified into interest expense within the next 12 months.

The following table presents the effect of our derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of comprehensive income for the three months ended September 30, 2013 and 2012, respectively (in thousands):



	Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion)						Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)				Location of Gain (Loss) Recognized in Income on Derivative	Amount of Loss or Recognized into Income (Ineffective Portion)
	Three Months Ended September 30,							Three Months Ended September 30,				Location of Gain (Loss) Recognized in Income on Derivative	Three Months Ended September 30,
Derivative	2013			2012				2013		2012			2013			2012
Interest Rate Swaps/Caps	$	(149	)	$	(248	)	Interest expense	$	234	$	248	Interest expense	$	(2	)	$	—

The following table presents the effect of our derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the nine months ended September 30, 2013 and 2012, respectively (in thousands):



	Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion)					Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)				Location of Gain (Loss) Recognized in Income on Derivative	Amount of Loss Recognized in Income (Ineffective Portion)
	Nine Months Ended September 30,						Nine Months Ended September 30,				Location of Gain (Loss) Recognized in Income on Derivative	Nine Months Ended September 30,
Derivative	2013		2012				2013		2012			2013			2012
Interest Rate Swaps/Caps	$	44	$	(786	)	Interest expense	$	711	$	737	Interest expense	$	(2	)	$	(2	)

- Definition

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

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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2013
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Cleaning/ Security/ Messenger and Restoration Services Through Alliance Building Services, or Alliance, First Quality Maintenance, L.P., or First Quality, provides cleaning, extermination and related services, Classic Security LLC provides security services, Bright Star Couriers LLC provides messenger services, and Onyx Restoration Works provides restoration services with respect to certain properties owned by us. Alliance is partially owned by Gary Green, a son of Stephen L. Green, the chairman of SL Green’s board of directors. In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. An affiliate of ours has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements. Alliance paid the affiliate approximately $0.7 million, $2.3 million, $0.7 million and $2.1 million for the three and nine months ended September 30, 2013 and 2012, respectively. We paid Alliance approximately $1.5 million, $4.0 million, $1.4 million and $3.8 million for the three and nine months ended September 30, 2013 and 2012, respectively, for these services (excluding services provided directly to tenants). Allocated Expenses from SL Green Property operating expenses include an allocation of salary and other operating costs from SL Green based on square footage of the related properties. Such amount was approximately $1.8 million, $5.2 million, $1.7 million and $4.8 million for the three and nine months ended September 30, 2013 and 2012, respectively. Insurance We obtained insurance coverage through an insurance program administered by SL Green. In connection with this program, we incurred insurance expense of approximately $1.3 million, $3.8 million, $1.2 million and $3.5 million for the three and nine months ended September 30, 2013 and 2012, respectively.

- Definition

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

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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

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

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.

Capital and Ground Leases Arrangements

The following is a schedule of future minimum lease payments under capital lease and non-cancellable operating leases with initial terms in excess of one year as of September 30, 2013 (in thousands):



	Capital lease			Non-cancellable operating leases
2013 (3 months)	$	537		$	3,782
2014	2,147			15,127
2015	2,218			15,282
2016	2,361			15,592
2017	2,361			15,592
Thereafter	299,302			932,123
Total minimum lease payments	308,926			$	997,498
Less amount representing interest	(281,837		)
Present value of net minimum lease payments	$	27,089

- Definition

The entire disclosure for commitments and contingencies.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Segment Information

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Segment Information

We are engaged in acquiring, owning, managing and leasing commercial properties in Manhattan, Westchester County and Connecticut and have two reportable segments, real estate and preferred equity and other investments. We evaluate real estate performance and allocate resources based on earnings contribution to income from continuing operations.

Our real estate portfolio is primarily located in the geographical markets of Manhattan, Westchester County and Connecticut. 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 4, “Preferred Equity and Other Investment,” for additional details on our preferred equity and other investment.

Selected results of operations for the three and nine months ended September 30, 2013 and 2012 and selected asset information as of September 30, 2013 and December 31, 2012, regarding our operating segments are as follows (in thousands):



	Real Estate Segment		Preferred Equity and Other Investment Segment		Total Company
Total revenues, including equity in net income from unconsolidated joint venture
Three months ended:
September 30, 2013	$	130,749	$	9,904	$	140,653
September 30, 2012, As Adjusted	127,686		—		127,686
Nine months ended:
September 30, 2013	$	389,254	$	29,947	$	419,201
September 30, 2012, As Adjusted	374,008		—		374,008
Income from continuing operations:
Three months ended:
September 30, 2013	$	6,808	$	8,182	$	14,990
September 30, 2012, As Adjusted	5,832		—		5,832
Nine months ended:
September 30, 2013	$	26,835	$	24,636	$	51,471
September 30, 2012, As Adjusted	29,485		469		29,954
Total assets:
As of:
September 30, 2013	$	5,040,500	$	379,834	$	5,420,334
December 31, 2012	5,057,563		338,693		5,396,256

Income from continuing operations represents total revenues less total expenses for the real estate segment and total investment income and equity in net income from unconsolidated joint venture less allocated interest expense and provision for loan losses for the preferred equity and other investment segment. Interest costs for the preferred equity and other investment segment are imputed assuming 100% leverage at 2012 credit facility borrowing cost. We also allocate loan loss reserves, net of recoveries to the preferred equity and other investment. We do not allocate marketing, general and administrative expenses and transaction related costs to the preferred equity and other investment 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.

- 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

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2013
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In November 2013, we closed on the acquisition of a mixed-use residential and commercial property located at 315 West 33rd Street for $386.8 million.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2013
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method or as preferred equity investments. See Note 4, “Preferred Equity and Other Investment.” ROP’s investments in majority-owned and controlled real estate joint ventures are reflected in the accompanying financial statements on a consolidated basis with a reduction for the noncontrolling partners’ interests. All significant intercompany balances and transactions have been eliminated. We consolidate a variable interest entity, or VIE, 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. 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 to be attributed to controlling and noncontrolling interests. We assess the accounting treatment for each joint venture 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	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 addition, we assess our unconsolidated joint venture investments 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 investment 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 investment were impaired at either September 30, 2013 or December 31, 2012. 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 tenants 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 amortized such below market lease value into rental income over the renewal period.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures We account for our investments in unconsolidated joint ventures under the equity method of accounting as we exercise significant influence, but do not control the entity and are not considered to be the primary beneficiary. We consolidate the joint ventures that we control or which are VIEs and where we are considered to be the primary beneficiary. In all the joint ventures, the rights of the joint venture partner are both protective as well as participating. Unless the joint venture is determined to be a VIE and we are the primary beneficiary in a VIE, these participating rights preclude us from consolidating these joint ventures. This investment is recorded initially at cost, as investment in unconsolidated joint venture, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. Any difference between the carrying amount of this investment on our balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in net income (loss) of unconsolidated joint venture over the lesser of the joint venture term or 10 years. Equity income (loss) from unconsolidated joint venture is allocated based on our ownership or economic interest in the joint venture. When a capital event (as defined in each joint venture agreement) such as a refinancing occurs, if return thresholds are met, future equity income will be allocated at our increased economic interest. We recognize incentive income from unconsolidated real estate joint ventures as income to the extent it is earned and not subject to a clawback feature. Distributions we receive from unconsolidated real estate joint ventures in excess of our basis in the investment are recorded as offsets to our investment balance if we remain liable for future obligations of the joint venture or may otherwise be committed to provide future additional financial support. In July 2012, we, along with our joint venture partner, sold One Court Square for $481.1 million, which included the assumption of $315.0 million of existing debt by the purchaser, and recognized a gain of $1.0 million on the sale of this property. In January 2013, we, along with our joint venture partner, acquired a preferred equity interest in an entity that holds an interest in a retail property located in Manhattan. See Note 4, “Preferred Equity and Other Investment.”
Revenue Recognition	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, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred 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 sheets 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 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 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 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 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 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 preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount.
Income Taxes	Income Taxes No provision has been made for income taxes in the accompanying consolidated financial statements since such taxes, if any, are the responsibility of the individual partners.
Reserve for Possible Credit Losses	Reserve for Possible Credit Losses The expense for possible credit losses in connection with preferred equity investments is the charge to earnings to increase the allowance for possible credit losses to the level that we estimate to be adequate, based on Level 3 data, considering delinquencies, loss experience and collateral quality. Other factors considered relate to geographic trends and product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish the provision for possible credit loss on each individual investment. When it is probable that we will be unable to collect all amounts contractually due, the investment is considered impaired. Where impairment is indicated on an investment that is held to maturity, a valuation allowance is measured based upon the excess of the recorded investment amount over the net fair value of the collateral. Any deficiency between the carrying amount of an asset and the calculated value of the collateral is charged to expense. The write-off of the reserve balance is called a charge-off. We continue to assess or adjust our estimates based on the circumstances of a loan and the underlying collateral. If additional information is obtained that reflects an increased recovery of our investment, we will adjust our reserves accordingly. We recorded no loan loss reserves during the three and nine months ended September 30, 2013 and 2012. During the three and nine months ended September 30, 2012, we recorded zero and $0.5 million, respectively, in recoveries in connection with the sale of one of our debt investments. This is included in loan loss reserves, net of recoveries in the accompanying consolidated statements of income.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, 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 preferred equity investments is located in the New York Metropolitan area. See Note 4, “Preferred Equity and Other 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 Westchester County and Connecticut. The tenants located in our buildings operate in various industries.
Reclassification	Reclassification Certain prior year balances have been reclassified to conform to our current year presentation primarily in order to eliminate discontinued operations from income from continuing operations and to reclassify deferred origination fees from deferred income to preferred equity and other investment.
Accounting Standards Updates	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.

Organization and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of commercial office properties

Our investments in the New York Metropolitan area also include investments in Westchester County and Connecticut, which are collectively known as the Suburban assets:



Location	Ownership	Number of Properties	Square Feet	Weighted Average Occupancy (1)
Manhattan	Consolidated properties	12	6,866,400	96.0	%
Suburban	Consolidated properties	17	2,785,500	78.3	%
		29	9,651,900	90.9	%

______________________________


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

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

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



	September 30, 2013			December 31, 2012
Identified intangible assets (included in other assets):
Gross amount	$	199,845		$	199,845
Accumulated amortization	(137,939		)	(125,009		)
Net	$	61,906		$	74,836
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	399,088		$	399,088
Accumulated amortization	(254,216		)	(227,637		)
Net	$	144,872		$	171,451

Property Disposition (Tables)

9 Months Ended

Sep. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Schedule of income from discontinued operations

The following table summarizes income from discontinued operations for the three and nine months ended September 30, 2013 and 2012, respectively (in thousands).



	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Revenues
Rental revenue	$	1,422	$	3,342	$	9,671	$	10,278
Escalation and reimbursement revenues	653		557		1,220		1,607
Total revenues	2,075		3,899		10,891		11,885
Operating expenses	576		1,370		3,049		3,783
Real estate taxes	141		228		611		701
Depreciation and amortization	—		1,446		2,987		4,349
Total expenses	717		3,044		6,647		8,833
Net income from discontinued operations	$	1,358	$	855	$	4,244	$	3,052

- Definition

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

+ References + Details

Preferred Equity and Other Investments (Tables)

9 Months Ended

Sep. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Schedule of preferred equity investments



Type	September 30, 2013 Senior Financing		September 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	$	9,937	$	9,927	October 2014
Preferred equity(1)(2)	525,000		107,723		99,768		July 2015
Preferred equity(1)(3)	55,747		24,426		18,925		April 2016
Preferred equity(1)	926,260		216,037		209,959		July 2016
	$	1,577,007	$	358,123	$	338,579

______________________________


(1)	The difference between the pay and accrual rates is included as an addition to the principal balance outstanding.


(2)	In June 2013, the redemption date was extended from July 2014 to July 2015.


(3)	As of September 30, 2013, we were committed to fund an additional $1.4 million on this loan.

Mortgage Note and Other Loans Payable (Tables)

9 Months Ended

Sep. 30, 2013

Mortgage Note and Other Loans Payable

Schedule of the mortgage note and other loan payable collateralized by the property, assignment of leases and investment



Property	Interest Rate(1)		Maturity Date	September 30, 2013		December 31, 2012
609 Partners, LLC(2)	5.00	%	July 2014	$	23	$	23
Other loan payable(3)	8.00	%	September 2019	50,000		50,000
919 Third Avenue(4)	5.12	%	June 2023	500,000		500,000
				$	550,023	$	550,023

______________________________


(1)	Effective weighted average interest rate for the three months ended September 30, 2013.


(2)	As part of an acquisition, the Operating Partnership issued 63.9 million units of its 5.0% Series E Preferred Units, or the Series E Units, with a liquidation of $1.00 per unit. As of September 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.

Corporate Indebtedness (Tables)

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Schedule of senior unsecured notes and other related disclosures by scheduled maturity date



Issuance	September 30, 2013 Unpaid Principal Balance		September 30, 2013 Accreted Balance		December 31, 2012 Accreted Balance		Coupon Rate(1)		Effective Rate		Term (in Years)	Maturity Date
August 13, 2004(2)	$	75,898	$	75,898	$	75,898	5.88	%	5.88	%	10	August 15, 2014
March 31, 2006(2)	255,308		255,194		255,165		6.00	%	6.00	%	10	March 31, 2016
August 5, 2011(3)	250,000		249,666		249,620		5.00	%	5.00	%	7	August 15, 2018
March 16, 2010(3)	250,000		250,000		250,000		7.75	%	7.75	%	10	March 15, 2020
November 15, 2012(3)	200,000		200,000		200,000		4.50	%	4.50	%	10	December 1, 2022
June 27, 2005(4)	7		7		7		4.00	%	4.00	%	20	June 15, 2025
	$	1,031,213	$	1,030,765	$	1,030,690

______________________________


(1)	Interest on the senior unsecured notes is payable semi annually with principal and unpaid interest due on the scheduled maturity dates.


(2)	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 6.000% Notes, for a total consideration of $46.4 million and realized a net loss on early extinguishment of debt of approximately $3.8 million.


(3)	We, SL Green and the Operating Partnership are co-obligors.

(4)

Schedule of Combined aggregate principal maturities of mortgage and other loans payable, revolving credit facility and term loan and senior unsecured notes, including as-of-right extension options



	Scheduled Amortization		Principal Repayments		Revolving Credit Facility		Term Loan and Senior Unsecured Notes		Total
2013 (3 months)	$	—	$	—	$	—	$	—	$	—
2014	—		23		—		75,898		75,921
2015	—		—		—		7		7
2016	3,566		—		—		255,308		258,874
2017	7,411		—		—		—		7,411
Thereafter	47,430		491,593		340,000		1,100,000		1,979,023
	$	58,407	$	491,616	$	340,000	$	1,431,213	$	2,321,236

Schedule of consolidated interest expense, excluding capitalized interest

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
				As Adjusted						As Adjusted
Interest expense	$	28,154		$	25,881		$	82,493		$	80,392
Interest income	(19		)	(23		)	(45		)	(54		)
Interest expense, net	$	28,135		$	25,858		$	82,448		$	80,338
Interest capitalized	$	—		$	—		$	—		$	—

- 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
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-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

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-Name Accounting Standards Codification
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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

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Carrying value and fair value

The following table provides the carrying value and fair value of these financial instruments as of September 30, 2013 and December 31, 2012 (in thousands):



	September 30, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value

Preferred equity investments	$	358,123	(1)		$	338,579	(1)

Fixed rate debt	$	1,610,788	$	1,742,020	$	1,610,713	$	1,776,057
Variable rate debt	710,000		730,789		440,000		435,205
	$	2,320,788	$	2,472,809	$	2,050,713	$	2,211,262

____________________________________


(1)	Preferred equity investments had an estimated fair value ranging between $358.1 million and $393.9 million at September 30, 2013. At December 31, 2012, the preferred equity investments had an estimated fair value ranging between $300.0 million and $400.0 million.

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

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-Name Accounting Standards Codification
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-Paragraph 11
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

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-Name Accounting Standards Codification
-Topic 825
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

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-Name Accounting Standards Codification
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-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph a, b, c(1), d(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 14
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15
-Subparagraph b-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph c(2), d, e, f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-Subparagraph a, c(1), c(2), c(3), d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-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.

+ Details

Financial Instruments: Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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



	Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion)						Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)				Location of Gain (Loss) Recognized in Income on Derivative	Amount of Loss or Recognized into Income (Ineffective Portion)
	Three Months Ended September 30,							Three Months Ended September 30,				Location of Gain (Loss) Recognized in Income on Derivative	Three Months Ended September 30,
Derivative	2013			2012				2013		2012			2013			2012
Interest Rate Swaps/Caps	$	(149	)	$	(248	)	Interest expense	$	234	$	248	Interest expense	$	(2	)	$	—



	Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion)					Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)				Location of Gain (Loss) Recognized in Income on Derivative	Amount of Loss Recognized in Income (Ineffective Portion)
	Nine Months Ended September 30,						Nine Months Ended September 30,				Location of Gain (Loss) Recognized in Income on Derivative	Nine Months Ended September 30,
Derivative	2013		2012				2013		2012			2013			2012
Interest Rate Swaps/Caps	$	44	$	(786	)	Interest expense	$	711	$	737	Interest expense	$	(2	)	$	(2	)

- 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

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease payments under capital leases and noncancellable operating leases

The following is a schedule of future minimum lease payments under capital lease and non-cancellable operating leases with initial terms in excess of one year as of September 30, 2013 (in thousands):



	Capital lease			Non-cancellable operating leases
2013 (3 months)	$	537		$	3,782
2014	2,147			15,127
2015	2,218			15,282
2016	2,361			15,592
2017	2,361			15,592
Thereafter	299,302			932,123
Total minimum lease payments	308,926			$	997,498
Less amount representing interest	(281,837		)
Present value of net minimum lease payments	$	27,089

Segment Information (Tables)

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Schedule of selected results of operations and selected asset information



	Real Estate Segment		Preferred Equity and Other Investment Segment		Total Company
Total revenues, including equity in net income from unconsolidated joint venture
Three months ended:
September 30, 2013	$	130,749	$	9,904	$	140,653
September 30, 2012, As Adjusted	127,686		—		127,686
Nine months ended:
September 30, 2013	$	389,254	$	29,947	$	419,201
September 30, 2012, As Adjusted	374,008		—		374,008
Income from continuing operations:
Three months ended:
September 30, 2013	$	6,808	$	8,182	$	14,990
September 30, 2012, As Adjusted	5,832		—		5,832
Nine months ended:
September 30, 2013	$	26,835	$	24,636	$	51,471
September 30, 2012, As Adjusted	29,485		469		29,954
Total assets:
As of:
September 30, 2013	$	5,040,500	$	379,834	$	5,420,334
December 31, 2012	5,057,563		338,693		5,396,256

- 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

Organization and Basis of Presentation (Details)
$ in Millions

Dec. 31, 2012

USD ($)

property

Nov. 02, 2011

USD ($)

property

Sep. 30, 2013

USD ($)

ft²

property

Sep. 30, 2012

USD ($)

Real estate properties

Number of properties transferred from the operating partnership to the entity by SL Green (properties) | property

Carrying value of properties transferred by SL Green | $

$ 320.2

$ 683.8

Carrying value of preferred equity investments transferred by SL Green | $

$ 324.9

Carrying value of one of the preferred equity investments subject to secured loan transferred by SL Green | $

$ 50.0

Number of properties (properties) | property

Square Feet (in square feet) | ft²

9,651,900.00

Weighted Average Occupancy (as a percent)

^[1]

90.90%

Preferred equity investments | $

$ 378.8

Development property

Real estate properties

Square Feet (in square feet) | ft²

104,000

Development parcels

Real estate properties

Number of properties (properties) | property

Area of land (in acres) | a

Estimated area of office space that can be developed on land held (in square feet) | ft²

1,100,000

Invested amount for development of office space | $

$ 67.8

Manhattan | Consolidated properties

Real estate properties

Number of properties (properties) | property

Square Feet (in square feet) | ft²

6,866,400.00

Weighted Average Occupancy (as a percent)

^[1]

96.00%

Suburban | Consolidated properties

Real estate properties

Number of properties (properties) | property

Square Feet (in square feet) | ft²

2,785,500.00

Weighted Average Occupancy (as a percent)

^[1]

78.30%

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

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Investment in Commercial Real Estate Properties
Increase in rental revenue from amortization of acquired leases	$ 5,500	$ 4,200	$ 16,200	$ 14,100
Increase in interest expense from amortization of above-market rate mortgages	100	$ 100	400	$ 400
Identified intangible assets (included in other assets):
Gross amount	199,845		199,845		$ 199,845
Accumulated amortization	(137,939)		(137,939)		(125,009)
Net	61,906		61,906		74,836
Identified intangible liabilities (included in deferred revenue):
Gross amount	399,088		399,088		399,088
Accumulated amortization	(254,216)		(254,216)		(227,637)
Net	$ 144,872		$ 144,872		$ 171,451
Buildings \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life			3 years
Buildings \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life			40 years
Other intangible assets \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets			1 year
Other intangible assets \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets			14 years
Above-market leases \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets			1 year
Above-market leases \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets			14 years
Below-market leases \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets			1 year
Below-market leases \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets			14 years
In-place leases \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets			1 year
In-place leases \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets			14 years

Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended
	Jul. 31, 2012	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2012	Jun. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Investment in unconsolidated joint venture
Provision for income taxes		$ 0	$ 0			$ 0	$ 0
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate		0	(4,778)			0	1,011
Revenue recognition
Additional cost for base building services other than electricity						$ 0
Period after which payments become due						90 days
Recoveries recorded in connection with sale of debt investments				$ 0	$ 500
Loan loss reserves recorded		$ 0	$ 0			$ 0	$ 500
Joint venture
Investment in unconsolidated joint venture
Amortization period of difference between carrying amount of investments and underlying equity in net assets						10 years
One Court Square
Investment in unconsolidated joint venture
Sales price	$ 481,100
Floating rate financing assumed by joint venture	315,000
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	$ 1,000

Significant Accounting Policies (Details 3)	3 Months Ended	9 Months Ended
Significant Accounting Policies (Details 3)	Sep. 30, 2013	Sep. 30, 2013 Tenant
Concentrations of Credit Risk
Number of tenants concentration risk (tenants)		2
Annualized cash rent \| Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized cash rent for any one tenant not individually disclosed (as a percent)	3.20%	3.20%
Annualized cash rent \| Customer concentration \| 1185 Avenue of the Americas
Concentrations of Credit Risk
Percentage of concentration (as a percent)	19.00%
Annualized cash rent \| Customer concentration \| 750 Third Avenue
Concentrations of Credit Risk
Percentage of concentration (as a percent)	10.00%
Annualized cash rent \| Customer concentration \| 919 Third Avenue
Concentrations of Credit Risk
Percentage of concentration (as a percent)	11.00%
Annualized cash rent \| Customer concentration \| 810 Seventh Avenue
Concentrations of Credit Risk
Percentage of concentration (as a percent)	10.00%
Annualized cash rent \| Customer concentration \| 1350 Avenue of the Americas
Concentrations of Credit Risk
Percentage of concentration (as a percent)	9.00%
Annualized cash rent \| First tenant \| Customer concentration
Concentrations of Credit Risk
Percentage of concentration (as a percent)		5.20%
Annualized cash rent \| Second tenant \| Customer concentration
Concentrations of Credit Risk
Percentage of concentration (as a percent)		3.30%

Property Disposition (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Property Disposition (Details) - USD ($) $ in Thousands	Aug. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income from discontinued operations
Gain on sale of property		$ 13,787	$ 0	$ 13,787	$ 0
Revenues :
Rental revenue		1,422	3,342	9,671	10,278
Escalation and reimbursement revenues		653	557	1,220	1,607
Total revenues		2,075	3,899	10,891	11,885
Operating expenses		576	1,370	3,049	3,783
Real estate taxes		141	228	611	701
Depreciation and amortization		0	1,446	2,987	4,349
Total expenses		717	3,044	6,647	8,833
Net income from discontinued operations		$ 1,358	$ 855	$ 4,244	$ 3,052
West 34th Street 333 [Member]
Income from discontinued operations
Sale price of assets property	$ 220,300
Gain on sale of property	13,800
Net proceeds from the sale of property	$ 211,000

Preferred Equity and Other Investments (Details) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2013

Dec. 31, 2012

Preferred equity and other investments

Senior Financing

$ 1,577,007

Carrying Value, Net of Discounts and Deferred Origination Fees

^[1]

$ 358,123

$ 338,579

Joint venture

Preferred equity and other investments

Stake in the joint venture (as a percent)

40.00%

Interest rate on preferred equity (as a percent)

8.75%

Investment in unconsolidated joint venture

$ 20,700

Preferred equity

Preferred equity and other investments

Aggregate weighted average current yield (as a percent)

10.90%

Preferred equity with initial mandatory redemption on October, 2014

Preferred equity and other investments

Senior Financing

$ 70,000

Carrying Value, Net of Discounts and Deferred Origination Fees

9,937

9,927

Preferred equity with initial mandatory redemption on July, 2015

Preferred equity and other investments

Senior Financing

^[1],[2]

525,000

Carrying Value, Net of Discounts and Deferred Origination Fees

^[1],[2]

107,723

99,768

Preferred equity with initial mandatory redemption on April, 2016

Preferred equity and other investments

Senior Financing

^[1],[3]

55,747

Carrying Value, Net of Discounts and Deferred Origination Fees

^[1],[3]

24,426

18,925

Committed additional contribution

1,400

Preferred equity with initial mandatory redemption on July, 2016

Preferred equity and other investments

Senior Financing

^[1]

926,260

Carrying Value, Net of Discounts and Deferred Origination Fees

^[1]

$ 216,037

$ 209,959

[1]	The difference between the pay and accrual rates is included as an addition to the principal balance outstanding.
[2]	In June 2013, the redemption date was extended from July 2014 to July 2015.
[3]	As of September 30, 2013, we were committed to fund an additional $1.4 million on this loan.

Mortgage Note and Other Loans Payable (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions

9 Months Ended

Sep. 30, 2013

Dec. 31, 2012

Mortgage Note Payable

Mortgage note and other loans payable

$ 550,023

Gross book value of the property and investment collateralizing the mortgage note and other loan payable

1,500,000

Consolidated joint venture

Mortgage Note Payable

Mortgage note and other loans payable

$ 550,023

550,023

Other loan payable | Consolidated joint venture

Mortgage Note Payable

Interest rate (as a percent)

^[1],[2]

8.00%

Mortgage note and other loans payable

^[2]

$ 50,000

50,000

609 Partners, LLC

Mortgage Note Payable

Number of Series E Preferred Units issued (in shares)

63.9

Dividend rate of Series E Preferred Units (as a percent)

5.00%

Liquidation price per unit of Series E Preferred Units (in dollars per share)

$ 1.00

Series E Preferred Units redeemed (in shares)

63.8

609 Partners, LLC | Consolidated joint venture

Mortgage Note Payable

Interest rate (as a percent)

^[1],[3]

5.00%

Mortgage note and other loans payable

^[3]

$ 23

919 Third Avenue New York, NY

Mortgage Note Payable

Controlling interest in the joint venture (as a percent)

51.00%

919 Third Avenue New York, NY | Consolidated joint venture

Mortgage Note Payable

Interest rate (as a percent)

^[1],[4]

5.12%

Mortgage note and other loans payable

^[4]

$ 500,000

[1]	Effective weighted average interest rate for the three months ended September 30, 2013.
[2]	This loan is secured by a portion of a preferred equity investment.
[3]	As part of an acquisition, the Operating Partnership issued 63.9 million units of its 5.0% Series E Preferred Units, or the Series E Units, with a liquidation of $1.00 per unit. As of September 30, 2013, approximately 63.8 million Series E Units had been redeemed.
[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.

Corporate Indebtedness (Details)

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 27, 2012

USD ($)

Sep. 30, 2013

USD ($)

Sep. 30, 2012

USD ($)

Sep. 30, 2013

USD ($)

extenstion_option

$ / shares

Sep. 30, 2012

USD ($)

Dec. 31, 2012

USD ($)

Nov. 30, 2012

USD ($)

Debt disclosures by scheduled maturity date

Accreted Balance

$ 1,430,765,000

$ 1,430,690,000

Loss on early extinguishment of debt

$ 0

76,000

$ 0

Scheduled amortization and principal repayments

75,921,000

7,000

258,874,000

7,411,000

1,979,023,000

Total amortization of debt and principal repayments

2,321,236,000

Interest expense

Interest expense

28,154,000

25,881,000

82,493,000

80,392,000

Interest income

(19,000)

(23,000)

(45,000)

(54,000)

Interest expense, net

28,135,000

25,858,000

82,448,000

80,338,000

Interest capitalized

$ 0

2012 Credit Facility

Corporate Indebtedness

Maximum borrowing capacity

$ 1,600,000,000.0

Interest rate, description

LIBOR

Letters of credit

79,100,000

$ 79,100,000

Undrawn capacity

900,000,000

$ 900,000,000

Revolving credit facility

Corporate Indebtedness

Maximum borrowing capacity

1,200,000,000.0

Number of extension options (extension options) | extenstion_option

Extension options available

6 months

Extension fee required to be paid (as a percent)

0.10%

Maximum borrowing capacity, optional expansion

$ 1,500,000,000

Interest rate added to base rate (as a percent)

1.45%

Facility fee on total commitments, payable quarterly in arrears (as a percent)

0.30%

Debt disclosures by scheduled maturity date

Effective Rate (as a percent)

1.64%

Principal Repayments

Thereafter

$ 340,000,000

Total principal repayments

$ 340,000,000

Revolving credit facility | Minimum

Corporate Indebtedness

Interest rate added to base rate (as a percent)

1.00%

Fee on the unused balance, 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%

Fee on the unused balance, payable quarterly in arrears (as a percent)

0.35%

Term loan

Corporate Indebtedness

Maximum borrowing capacity

$ 400,000,000.0

Interest rate added to base rate (as a percent)

1.65%

Debt disclosures by scheduled maturity date

Effective Rate (as a percent)

2.00%

Term loan | Minimum

Corporate Indebtedness

Interest rate added to base rate (as a percent)

1.15%

Term loan | Maximum

Corporate Indebtedness

Interest rate added to base rate (as a percent)

2.00%

Senior Unsecured Notes

Debt disclosures by scheduled maturity date

Unpaid Principal Balance

$ 1,031,213,000

Accreted Balance

1,030,765,000

1,030,690,000

Aggregate principal amount of notes repurchased

$ 42,400,000

Repayment of debt

46,400,000

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

^[1]

75,898,000

Accreted Balance

^[1]

$ 75,898,000

75,898,000

Coupon Rate (as a percent)

^[1],[2]

5.88%

Effective Rate (as a percent)

^[1]

5.88%

Term

^[1]

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

^[1]

$ 255,308,000

Accreted Balance

^[1]

$ 255,194,000

255,165,000

Coupon Rate (as a percent)

^[1],[2]

6.00%

Effective Rate (as a percent)

^[1]

6.00%

Term

^[1]

10 years

Aggregate principal amount of notes repurchased

$ 19,700,000

5.00% senior unsecured notes maturing on August 15, 2018

Debt disclosures by scheduled maturity date

Unpaid Principal Balance

^[3]

$ 250,000,000

Accreted Balance

^[3]

$ 249,666,000

249,620,000

Coupon Rate (as a percent)

^[2],[3]

5.00%

Effective Rate (as a percent)

^[3]

5.00%

Term

^[3]

7 years

7.75% senior unsecured notes maturing on March 15, 2020

Debt disclosures by scheduled maturity date

Unpaid Principal Balance

^[3]

$ 250,000,000

Accreted Balance

^[3]

$ 250,000,000

250,000,000

Coupon Rate (as a percent)

^[2],[3]

7.75%

Effective Rate (as a percent)

^[3]

7.75%

Term

^[3]

10 years

4.50% senior unsecured notes maturing on December 1, 2022

Debt disclosures by scheduled maturity date

Unpaid Principal Balance

^[3]

$ 200,000,000

Accreted Balance

^[3]

$ 200,000,000

200,000,000

Coupon Rate (as a percent)

^[2],[3]

4.50%

Effective Rate (as a percent)

^[3]

4.50%

Term

^[3]

10 years

4.00% senior unsecured notes maturing on June 15, 2025

Debt disclosures by scheduled maturity date

Unpaid Principal Balance

^[4]

$ 7,000

Accreted Balance

^[4]

$ 7,000

7,000

Coupon Rate (as a percent)

^[2],[4]

4.00%

Effective Rate (as a percent)

^[4]

4.00%

Term

^[4]

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

Adjusted reference dividend for debentures | $ / shares

$ 1.3491

3.00% exchangeable senior notes due 2017

Debt disclosures by scheduled maturity date

Coupon Rate (as a percent)

3.00%

Mortgages and other loans payable

Scheduled Amortization

2016

$ 3,566,000

2017

7,411,000

Thereafter

47,430,000

Total amortization of debt

58,407,000

Principal Repayments

2014

23,000

Thereafter

491,593,000

Total principal repayments

491,616,000

Term loan and Senior Unsecured Notes

Principal Repayments

75,898,000

7,000

255,308,000

1,100,000,000

Total principal repayments

$ 1,431,213,000

[1]	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 6.000% Notes, for a total consideration of $46.4 million and realized a net loss on early extinguishment of debt of approximately $3.8 million.
[2]	Interest on the senior unsecured notes is payable semi annually with principal and unpaid interest due on the scheduled maturity dates.
[3]	We, SL Green and the Operating Partnership are co-obligors.
[4]	Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to us, 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 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.

Fair Value of Financial Instruments (Details) - Level 3 - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value of Financial Instruments
Fixed rate debt	$ 1,610,788	$ 1,610,713
Variable rate debt	710,000	440,000
Long term debt, fair value	2,320,788	2,050,713
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value of Financial Instruments
Fixed rate debt	1,742,020	1,776,057
Variable rate debt	730,789	435,205
Long term debt, fair value	2,472,809	2,211,262
Preferred Equity Investments [Member] \| Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value of Financial Instruments
Preferred equity investments	358,123	338,579
Preferred Equity Investments [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member] \| Minimum
Fair Value of Financial Instruments
Preferred equity investments	358,100	300,000
Preferred Equity Investments [Member] \| Estimate of Fair Value, Fair Value Disclosure [Member] \| Maximum
Fair Value of Financial Instruments
Preferred equity investments	$ 393,900	$ 400,000

Financial Instruments: Derivatives and Hedging (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Derivative [Line Items]
Loss from settlement of hedges included in accumulated other comprehensive loss	$ 2,800		$ 2,800		$ 3,000
Estimated current balance held in accumulated other comprehensive loss to be reclassified into earnings within the next 12 months			1,000
Interest Rate Swap [Member]
Derivative [Line Items]
Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion)	(149)	$ (248)	44	$ (786)
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)	234	248	711	737
Amount of Loss or Recognized into Income (Ineffective Portion)	(2)	$ 0	(2)	$ (2)
Interest Rate Cap Expiring in June 2016 [Member]
Derivative [Line Items]
Debt instrument hedged amount	$ 30,000		$ 30,000
Strike rate (percent)	2.295%		2.295%
Fair Value, Inputs, Level 2 [Member] \| Interest Rate Cap Expiring in June 2016 [Member]
Derivative [Line Items]
Derivative liability, fair value	$ (1,412)		$ (1,412)

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Affiliate
Related Party Transactions
Profit participation received by related party	$ 0.7	$ 0.7	$ 2.3	$ 2.1
Alliance Building Services
Related Party Transactions
Payments made for services	1.5	1.4	4.0	3.8
SL Green
Related Party Transactions
Allocation of salary and other operating costs from related party	1.8	1.7	5.2	4.8
Insurance expense incurred	$ 1.3	$ 1.2	$ 3.8	$ 3.5

Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2013 USD ($)
Capital lease
2013 (3 months)	$ 537
2014	2,147
2015	2,218
2016	2,361
2017	2,361
Thereafter	299,302
Total minimum lease payments	308,926
Less amount representing interest	(281,837)
Present value of net minimum lease payments	27,089
Future minimum lease payments under capital lease and non-cancellable operating leases
2013 (3 months)	3,782
2014	15,127
2015	15,282
2016	15,592
2017	15,592
Thereafter	932,123
Total minimum lease payments	$ 997,498

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2013 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2013 USD ($) segment	Sep. 30, 2012 USD ($)	Dec. 31, 2012 USD ($)
Segment information
Number of reportable segments (segments) \| segment			2
Revenues, including equity in net income from unconsolidated joint venture	$ 140,653	$ 127,686	$ 419,201	$ 374,008
Income from continuing operations	14,990	5,832	51,471	29,954
Total assets	5,420,334		$ 5,420,334		$ 5,396,256
Leverage rate assumption (as a percent)			100.00%
Real Estate Segment
Segment information
Revenues, including equity in net income from unconsolidated joint venture	130,749	127,686	$ 389,254	374,008
Income from continuing operations	6,808	5,832	26,835	29,485
Total assets	5,040,500		5,040,500		5,057,563
Preferred Equity and Other Investment Segment
Segment information
Revenues, including equity in net income from unconsolidated joint venture	9,904	0	29,947	0
Income from continuing operations	8,182	$ 0	24,636	$ 469
Total assets	$ 379,834		$ 379,834		$ 338,693

Subsequent Events (Details) $ in Millions	Nov. 14, 2013 USD ($)
Subsequent Event [Member] \| 315 West 33rd Street [Member]
Subsequent Event [Line Items]
Business Combination, Consideration Transferred	$ 386.8

- Definition

This element represents the acquisition-date fair value of the total consideration transferred which consists of the sum of the acquisition-date fair values of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree, and the equity interests issued by the acquirer.

+ References + Details