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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2014	Apr. 30, 2014
Document and Entity Information
Entity Registrant Name	RECKSON OPERATING PARTNERSHIP LP
Entity Central Index Key	0000930810
Document Type	10-Q
Document Period End Date	Mar. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding (shares)		0
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets - USD ($)	Mar. 31, 2014	Dec. 31, 2013
Commercial real estate properties, at cost:
Land and land interests	$ 1,113,853,000	$ 1,034,052,000
Building and improvements	3,691,132,000	3,823,803,000
Building leasehold and improvements	781,420,000	782,260,000
Property under capital lease	0	22,866,000
Commercial real estate properties, gross	5,586,405,000	5,662,981,000
Less: accumulated depreciation	(862,415,000)	(849,331,000)
Total commercial real estate properties, net	4,723,990,000	4,813,650,000
Assets held for sale	63,925,000	0
Cash and cash equivalents	41,578,000	39,701,000
Restricted cash	24,985,000	25,457,000
Tenant and other receivables, net of allowance of $3,819 and $4,005 in 2014 and 2013, respectively	13,660,000	16,316,000
Deferred rents receivable, net of allowance of $13,720 and $15,199 in 2014 and 2013, respectively	142,871,000	159,485,000
Preferred equity, net of discounts and deferred origination fees of $1,574 and $1,772 in 2014 and 2013, respectively	413,671,000	369,364,000
Deferred costs, net of accumulated amortization of $52,329 and $52,396 in 2014 and 2013, respectively	83,912,000	87,703,000
Other assets	124,699,000	74,943,000
Total assets	5,633,291,000	5,586,619,000
Liabilities
Mortgage note and other loans payable	550,023,000	550,023,000
Revolving credit facility	0	220,000,000
Term loan and senior unsecured notes	1,813,818,000	1,430,792,000
Accrued interest payable and other liabilities	24,421,000	27,479,000
Accounts payable and accrued expenses	40,625,000	39,782,000
Deferred revenue	142,241,000	138,995,000
Capitalized lease obligation	0	27,223,000
Deferred land leases payable	336,000	21,621,000
Security deposits	22,634,000	22,261,000
Liabilities related to assets held for sale	49,704,000	0
Total liabilities	2,643,802,000	2,478,176,000
Commitments and contingencies	0	0
Capital
General partner capital	2,643,694,000	2,761,645,000
Limited partner capital	0	0
Accumulated other comprehensive loss	(3,775,000)	(3,981,000)
Total ROP partner's capital	2,639,919,000	2,757,664,000
Noncontrolling interests in other partnerships	349,570,000	350,779,000
Total capital	2,989,489,000	3,108,443,000
Total liabilities and capital	$ 5,633,291,000	$ 5,586,619,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Tenant and other receivables, allowance	$ 3,819	$ 4,005
Deferred rents receivable, allowance	13,720	15,199
Preferred equity investments, deferred origination fees and discounts	1,574	1,772
Deferred costs, accumulated amortization	$ 52,329	$ 52,396

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Mar. 31, 2014	Mar. 31, 2013
Revenues
Rental revenue, net	$ 111,443	$ 104,923
Escalation and reimbursement	17,919	17,363
Investment income	9,275	9,465
Other income	585	1,975
Total revenues	139,222	133,726
Expenses
Operating expenses, including $4,008 and $4,071 of related party expenses in 2014 and 2013, respectively	30,885	29,172
Real estate taxes	25,725	22,404
Ground rent	2,711	2,909
Interest expense, net of interest income	26,255	26,333
Amortization of deferred financing costs	1,284	1,298
Depreciation and amortization	40,979	35,212
Transaction related costs	856	11
Marketing, general and administrative	76	66
Total expenses	128,771	117,405
Income from continuing operations before equity in net income from unconsolidated joint ventures and loss on early extinguishment of debt	10,451	16,321
Equity in net income from unconsolidated joint ventures	0	366
Loss on early extinguishment of debt	0	(66)
Income from continuing operations	10,451	16,621
Net income from discontinued operations	706	963
Net income	11,157	17,584
Net income attributable to noncontrolling interests in other partnerships	(61)	(1,513)
Net income attributable to ROP common unitholder	11,096	16,071
Income from continuing operations	10,390	15,108
Discontinued operations	$ 706	$ 963

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]
Related party expenses included in operating expenses	$ 4,008	$ 4,071

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income attributable to ROP common unitholder	$ 11,096	$ 16,071
Other comprehensive income:
Change in net unrealized gain on derivative instruments	206	209
Comprehensive income attributable to ROP common unitholder	$ 11,302	$ 16,280

Consolidated Statements of Capital $ in Thousands	3 Months Ended
Consolidated Statements of Capital $ in Thousands	Mar. 31, 2014 USD ($)
Increase (Decrease) in Partners' Capital
Balance	$ 3,108,443
Contributions	369,157
Distributions	(499,474)
Net income	11,157
Other comprehensive income	206
Balance	2,989,489
General Partner's Capital Class A Common Units \| Class A Common Units
Increase (Decrease) in Partners' Capital
Balance	2,761,645
Contributions	369,157
Distributions	(498,204)
Net income	11,096
Balance	2,643,694
Limited Partner's Capital
Increase (Decrease) in Partners' Capital
Balance	0
Contributions	0
Distributions	0
Net income	0
Other comprehensive income	0
Balance	0
Noncontrolling Interests In Other Partnerships
Increase (Decrease) in Partners' Capital
Balance	350,779
Distributions	(1,270)
Net income	61
Balance	349,570
Accumulated Other Comprehensive Loss
Increase (Decrease) in Partners' Capital
Balance	(3,981)
Other comprehensive income	206
Balance	$ (3,775)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating Activities
Net income	$ 11,157	$ 17,584
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	42,696	38,463
Equity in net income from unconsolidated joint venture	0	(366)
Distributions of cumulative earnings from unconsolidated joint venture	0	84
Loss on early extinguishment of debt	0	66
Deferred rents receivable	(2,948)	(3,873)
Other non-cash adjustments	(9,714)	(11,035)
Changes in operating assets and liabilities:
Restricted cash—operations	472	(199)
Tenant and other receivables	2,843	(521)
Deferred lease costs	(1,224)	(1,773)
Other assets	(25,176)	(24,877)
Accounts payable, accrued expenses and other liabilities	3,828	(6,840)
Deferred revenue and land leases payable	4,733	6,760
Net cash provided by operating activities	26,667	13,473
Investing Activities
Additions to land, buildings and improvements	(14,852)	(9,480)
Preferred equity and other investments, net of repayments	(40,000)	(20,685)
Net cash used in investing activities	(54,852)	(30,165)
Financing Activities
Proceeds from revolving credit facility, term loan and senior unsecured notes	603,000	155,000
Repayments of revolving credit facility, term loan and senior unsecured notes	(440,000)	(195,000)
Contributions from common unitholder	369,157	340,040
Distributions to noncontrolling interests in other partnerships	(1,270)	(3,604)
Distributions to common unitholder	(498,204)	(284,199)
Deferred loan costs and capitalized lease obligation	(2,621)	(42)
Net cash provided by financing activities	30,062	12,195
Net increase (decrease) in cash and cash equivalents	1,877	(4,497)
Cash and cash equivalents at beginning of period	39,701	34,035
Cash and cash equivalents at end of period	41,578	29,538
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Tenant improvements and capital expenditures payable	5,595	2,468
Deferred leasing payable	96	349
Capital leased asset	0	6,839
Transfer to Net Assets Held For Sale	63,925	0
Transfer to Liabilities Related to Net Assets Held For Sale	$ 49,704	$ 0

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2014

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.

As of March 31, 2014, we owned the following 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 properties:



Location	Type	Number of Properties		Square Feet	Weighted Average Occupancy(1)
Commercial:
Manhattan	Office	12		6,866,400	94.4	%
	Retail	1		270,132	100.0	%
	Development/Redevelopment	1		104,000	—
		14		7,240,532	93.3	%
Suburban	Office	18		2,822,300	78.7	%
Total commercial properties		32		10,062,832	89.2	%
Residential:
Manhattan	Residential	—	(2)	222,855	93.7	%
Total portfolio		32		10,285,687	89.3	%

______________________________________________________________________


(1)	The weighted average occupancy for commercial properties represents the total occupied square feet divided by total available rentable square feet. The weighted average occupancy for residential properties represents the total occupied units divided by total available units.


(2)	As of March 31, 2014, we owned a building that was comprised of 270,132 square feet of retail space and 222,855 square feet of residential space. For the purpose of this report, we have included the building as part of retail properties and have shown the square footage under its respective classifications.

As of March 31, 2014, we also held preferred equity investments with a book value of $413.7 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 March 31, 2014 and December 31, 2013, the consolidated results of their operations for the three months ended March 31, 2014 and 2013, their statement of capital for the three months ended March 31, 2014 and their statements of cash flows for the three months ended March 31, 2014 and 2013. 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. 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 March 31, 2014 and the results of operations for the periods presented have been included. The operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. 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, 2013.

The balance sheet at December 31, 2013 has been derived from the audited financial statements as of 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.

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+ Details

Significant Accounting Policies

3 Months Ended

Mar. 31, 2014

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 Investments." ROP's investments in majority-owned and controlled real estate joint ventures are reflected in the 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 a primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.

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 us. Noncontrolling interests are required to be presented as a separate component of capital in the consolidated balance sheet and the presentation of net income was modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests.

We assess the accounting treatment for each joint venture and 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 approve, among other things, the annual budget, receive a detailed monthly reporting package from us, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve 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. We also evaluate our real estate properties for potential impairment when a real estate property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell. We do not believe that the values of any of our consolidated properties or properties held for sale were impaired at March 31, 2014.

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

We recognized increases of $4.7 million and $5.5 million in rental revenue for the three months ended March 31, 2014 and 2013, respectively, for the amortization of aggregate below-market leases in excess of above-market leases and a reduction in lease origination costs, resulting from the allocation of the purchase price of the applicable properties. We recognized an increase in interest expense for the amortization of the above-market rate mortgages assumed of $0.1 million for both the three months ended March 31, 2014 and 2013.

In November 2013, we acquired a 492,987 square foot mixed-use residential and commercial property located at 315 West 33rd Street, New York, New York for $386.8 million. Based on our preliminary analysis of the purchase price, we had allocated $116.0 million and $270.8 million to land and building, respectively. During the three months ended March 31, 2014, we finalized the purchase price allocation based on third party appraisal and additional information about facts and circumstances that existed at the acquisition date and reclassified $33.2 million and $7.8 million to values for above- and in-place leases and below-market leases, respectively. These adjustments did not have a material impact to our consolidated statement of income for the three months ended March 31, 2014.

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of March 31, 2014 and December 31, 2013 (in thousands):



	March 31, 2014			December 31, 2013
Identified intangible assets (included in other assets):
Gross amount	$	233,054		$	199,845
Accumulated amortization	(151,331		)	(142,277		)
Net	$	81,723		$	57,568
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	406,927		$	399,088
Accumulated amortization	(270,907		)	(262,642		)
Net	$	136,020		$	136,446

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 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 amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year.

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

Interest income on preferred equity investments is accrued based on the outstanding principal amount and contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Some 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 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.

Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as a reduction to the interest income over the terms of the related investments using the effective interest method. 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. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cashflows through the expected maturity date of the related investment. 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. Anticipated exit fees, whose collection is expected, are also recognized over the term of the loan as an adjustment to yield.

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

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

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. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If the additional information obtained reflects increased recovery of our investment, we will adjust our reserves accordingly. There were no loan reserves recorded during the three months ended March 31, 2014 and 2013.

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.

Fair Value Measurements

See Note 8, "Fair Value Measurements."

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 New York City. 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 5.1% and 3.4% of our share of annualized cash rent, respectively, no other tenant in our portfolio accounted for more than 3.3% of our annualized cash rent, including our share of joint venture annualized cash rent for the three months ended March 31, 2014. For the three months ended March 31, 2014, 20.2%, 9.9%, 9.9%, 8.8% and 8.7% of our annualized cash rent was attributable to 1185 Avenue of the Americas, 919 Third Avenue, 750 Third Avenue, 1350 Avenue of the Americas and 810 Seventh Avenue, 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.

Accounting Standards Updates

In April 2014, the FASB issued new guidance on reporting discontinued operations which raises the threshold for disposals to qualify as discontinued operations. The guidance also allows us to have a significant continuing involvement and continuing cash flows with the discontinued operations. Additionally, the guidance requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. The guidance is effective for calendar year public companies beginning in the first quarter of 2015 and is to be applied on a prospective basis for new disposals. Early adoption of the guidance is permitted. The Company will adopt this standard beginning in the first quarter of 2015. The adoption of this guidance will change the presentation of discontinued operations but will not have a material impact on our consolidated financial statements.

Property Held for Sale and Dispositions

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Property Held for Sale and Dispositions

Properties Held for Sale and Dispositions

We entered into an agreement to sell our leasehold interest in 673 First Avenue for $145.0 million. This transaction closed in May 2014.

Discontinued operations included the results of operations of real estate assets under contract or sold prior to March 31, 2014. This included 673 First Avenue, which was held for sale as of March 31, 2014, and 333 West 34th Street, which was sold in August 2013.

The following table summarizes net income from discontinued operations for the three months ended March 31, 2014 and 2013 (in thousands):



	Three Months Ended March 31,
	2014		2013
Revenues
Rental revenue	$	5,076	$	8,454
Escalation and reimbursement revenues	821		1,161
Other income	—		8
Total revenues	5,897		9,623
Operating expenses	884		2,252
Real estate taxes	1,019		1,196
Ground rent	2,196		2,863
Interest expense, net of interest income	659		396
Depreciation and amortization	433		1,953
Total expenses	5,191		8,660
Net income from discontinued operations	$	706	$	963

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Topic 360
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

+ Details

Preferred Equity and Other Investments

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Preferred Equity and Other Investments

As of March 31, 2014 and December 31, 2013, we held the following preferred equity investments, with an aggregate weighted average current yield of 9.74% at March 31, 2014 (in thousands):



Type	March 31, 2014 Senior Financing		March 31, 2014 Carrying value(1)		December 31, 2013 Carrying value(1)		Initial Mandatory Redemption
Preferred equity⁽²⁾	$	525,000	$	117,194	$	115,198	July 2015
Preferred equity	260,000		40,000		—		March 2016
Preferred equity⁽²⁾⁽³⁾	55,233		25,912		25,896		April 2016
Preferred equity⁽²⁾	926,260		220,622		218,330		July 2016
Preferred equity	70,000		9,943		9,940		November 2017
	$	1,836,493	$	413,671	$	369,364

__________________________________________________________________


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


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


(3)	This preferred equity investment was subsequently redeemed in April 2014.

At March 31, 2014 and December 31, 2013, all preferred equity investments were performing in accordance with the terms of the loan agreements.

In January 2013, we, along with our joint venture partner, formed a joint venture that held a preferred equity interest in an entity that owns a retail property located in Manhattan. We held a 40.0% interest or $20.0 million initial investment in the joint venture which was accounted for under the equity method of accounting. In December 2013, the preferred equity investment was redeemed and its net proceeds were distributed to us and our joint venture partner.

- Definition

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

+ References + Details

Mortgage Note and Other Loans Payable

3 Months Ended

Mar. 31, 2014

Mortgage Note and Other Loans Payable

Mortgage Note and Other Loans Payable

The first mortgage note and other loans payable collateralized by the property, assignment of leases and investments at March 31, 2014 and December 31, 2013 were as follows (amounts in thousands):



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

______________________________________________________________________


(1)	Effective weighted average interest rate for the three months ended March 31, 2014.


(2)	This loan relates to the remaining 22,658 units of the Operating Partnership's 5.0% Series E Preferred Units, with a liquidation preference of $1.00 per unit, which was issued as part of an acquisition. In April 2014, these Series E units were subsequently canceled.


(3)	This loan is secured by a portion of a preferred equity investment.


(4)	We own a 51.0% controlling interest in the joint venture that is the borrower on this loan.

The gross book value of the property and preferred equity investment collateralizing the mortgage note and other loans payable was $1.5 billion at both March 31, 2014 and December 31, 2013.

Corporate Indebtedness

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Corporate Indebtedness

2012 Credit Facility

In March 2014, we entered into an amendment to the $1.6 billion credit facility entered into by the Company in November 2012, or the 2012 credit facility, which, among other things, increased the term loan portion of the 2012 credit facility by $383.0 million to $783.0 million, decreased the interest-rate margin applicable to the term loan facility by 25 basis points and extended the maturity of the term loan portion of the facility from March 30, 2018 to June 30, 2019. The 2012 credit facility, as amended, consists of a $1.2 billion revolving credit facility, or the revolving credit facility, and a $783.0 million term loan facility, 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 existing lenders and other financial institutions.

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) 95 basis points to 190 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 March 31, 2014, the applicable spread was 145 basis points for revolving credit facility and 140 basis points for the term loan facility. At March 31, 2014, the effective interest rate was 1.62% for the revolving credit facility and 1.84% for the term loan facility. We are required to pay quarterly in arrears a 15 to 35 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to our senior unsecured long term indebtedness. As of March 31, 2014, the facility fee was 30 basis points. At March 31, 2014, we had $71.6 million of outstanding letters of credit and $783.0 million outstanding under the term loan facility, with total undrawn capacity of $1.1 billion under the revolving credit facility.

In connection with the amendment of the 2012 credit facility, we incurred debt origination and other loan costs of $2.8 million. We evaluated the modification pursuant to ASC 470 and determined that the terms of the amendment were not substantially different from the terms of the previous 2012 credit facility. As a result, these deferred costs and the unamortized balance of the costs previously incurred are amortized through the extended maturity date of the term loan facility.

We, SL Green and the Operating Partnership are all borrowers jointly and severally obligated under the 2012 credit facility. No other subsidiary of SL Green 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 March 31, 2014 and December 31, 2013 by scheduled maturity date (amounts in thousands):



Issuance	March 31, 2014 Unpaid Principal Balance		March 31, 2014 Accreted Balance		December 31, 2013 Accreted Balance		Coupon Rate(1)		Effective Rate		Term (in Years)	Maturity Date
August 13, 2004	$	75,898	$	75,898	$	75,898	5.88	%	5.88	%	10	August 15, 2014
March 31, 2006	255,308		255,217		255,206		6.00	%	6.00	%	10	March 31, 2016
August 5, 2011⁽²⁾	250,000		249,696		249,681		5.00	%	5.00	%	7	August 15, 2018
March 16, 2010⁽²⁾	250,000		250,000		250,000		7.75	%	7.75	%	10	March 15, 2020
November 15, 2012⁽²⁾	200,000		200,000		200,000		4.50	%	4.50	%	10	December 1, 2022
June 27, 2005⁽³⁾	7		7		7		4.00	%	4.00	%	20	June 15, 2025
	$	1,031,213	$	1,030,818	$	1,030,792

______________________________________________________________________


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


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

(3)

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.

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 SL Green's 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 March 31, 2014, we were in compliance with all such covenants.

Principal Maturities

Combined aggregate principal maturities of mortgage note and other loans payable and term loan and senior unsecured notes as of March 31, 2014, including as-of-right extension options, were as follows (in thousands):



	Scheduled Amortization		Principal Repayments		Term loan and Senior Unsecured Notes		Total
Remaining 2014	$	—	$	23	$	75,898	$	75,921
2015	—		—		7		7
2016	3,566		—		255,308		258,874
2017	7,411		—		—		7,411
2018	7,799		—		250,000		257,799
Thereafter	39,630		491,594		1,233,000		1,764,224
	$	58,406	$	491,617	$	1,814,213	$	2,364,236

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



	Three Months Ended March 31,
	2014			2013
Interest expense	$	26,259		$	26,335
Interest income	(4		)	(2		)
Interest expense, net	$	26,255		$	26,333
Interest capitalized	$	944		$	—

Partners' Capital	3 Months Ended
Partners' Capital	Mar. 31, 2014
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.

Fair Value Measurements

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

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 sheets 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 March 31, 2014 and December 31, 2013 (in thousands):



	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Preferred equity investments	$	413,671	(1)		$	369,364	(1)

Fixed rate debt	$	1,610,841	$	1,751,758	$	1,610,815	$	1,714,721
Variable rate debt	753,000		770,213		590,000		607,865
	$	2,363,841	$	2,521,971	$	2,200,815	$	2,322,586

____________________________________


(1)	Preferred equity investments had an estimated fair value ranging from $400.0 million to $460.0 million as of March 31, 2014. As of December 31, 2013, preferred equity investments had an estimated fair value of 400.0 million.

Disclosure about fair value of financial instruments was based on pertinent information available to us as of March 31, 2014 and December 31, 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 + Details

Financial Instruments: Derivatives and Hedging

3 Months Ended

Mar. 31, 2014

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 March 31, 2014, the Company had designated an interest swap agreement on $30.0 million of the 2012 credit facility. The following table summarizes the notional and fair value of our derivative financial instrument at March 31, 2014 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

1,177

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 March 31, 2014 and December 31, 2013, 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 $2.6 million and $2.7 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 March 31, 2014 and 2013 (in thousands):



	Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion)						Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)				Location of Loss Recognized in Income on Derivative	Amount of Gain Recognized into Income (Ineffective Portion)
	Three Months Ended March 31,							Three Months Ended March 31,					Three Months Ended March 31,
Derivative	2014			2013				2014		2013			2014		2013
Interest Rate Swaps/Caps	$	(44	)	$	(38	)	Interest expense	$	250	$	247	Interest expense	$	1	$	—

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2014
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. Our affiliate earned $0.8 million from profit participation for both the three months ended March 31, 2014 and 2013. We recorded expenses of $0.9 million and $1.3 million for the three months ended March 31, 2014 and 2013, 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. Allocated expenses were $1.8 million for both the three months ended March 31, 2014 and 2013. Insurance We obtained insurance coverage through an insurance program administered by SL Green. In connection with this program we incurred insurance expense of $1.3 million and $1.2 million for the three months ended March 31, 2014 and 2013, 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.

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

We are not presently involved in any material litigation nor, to our knowledge, any material litigation threatened against us or our properties.

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 the properties were sold.

Capital and Ground Leases Arrangements

The following is a schedule of future minimum lease payments under capital lease and noncancellable operating leases with initial terms in excess of one year as of March 31, 2014 (in thousands):



	Capital lease(1)			Non-cancellable operating leases(1)
Remaining 2014	$	1,610		$	11,345
2015	2,218			15,282
2016	2,361			15,592
2017	2,361			15,592
2018	2,361			15,592
Thereafter	296,941			916,531
Total minimum lease payments	307,852			$	989,934
Less amount representing interest	(280,495		)
Present value of net minimum lease payments	$	27,357

______________________________


(1)	Amounts include commitments related to the asset that is held for sale at March 31, 2014.

Segment Information

3 Months Ended

Mar. 31, 2014

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 investments. We evaluate real estate performance and allocate resources based on earnings contribution to income from continuing operations.

The primary sources of revenue from our real estate portfolio are generated from tenant rents, 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 Investments," for additional details on our preferred equity investments.

Selected results of operations for the three months ended March 31, 2014 and 2013 and selected asset information as of March 31, 2014 and December 31, 2013, regarding our operating segments are as follows (in thousands):



	Real Estate Segment		Preferred Equity Segment		Total Company
Total revenues:
Three months ended:
March 31, 2014	$	129,947	$	9,275	$	139,222
March 31, 2013	124,261		9,465		133,726
Income from continuing operations:
Three months ended:
March 31, 2014	$	2,981	$	7,470	$	10,451
March 31, 2013	8,539		8,082		16,621
Total assets
As of:
March 31, 2014	$	5,218,150	$	415,141	$	5,633,291
December 31, 2013	5,216,087		370,532		5,586,619

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 for the preferred equity segment. Interest costs for the preferred equity segment are imputed assuming 100% leverage at our 2012 credit facility borrowing cost. We also allocate loan loss reserves, net of recoveries, and transaction related costs to the preferred equity segment. We do not allocate marketing, general and administrative expenses to the preferred equity segment, since we base performance on the individual segments prior to allocating marketing, general and administrative expenses. All other expenses, except interest, relate entirely to the real estate assets. There were no transactions between the above two segments.

- Definition

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

+ References

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

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2014
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 Investments." ROP's investments in majority-owned and controlled real estate joint ventures are reflected in the 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 a primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. 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 us. Noncontrolling interests are required to be presented as a separate component of capital in the consolidated balance sheet and the presentation of net income was modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. We assess the accounting treatment for each joint venture and 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 approve, among other things, the annual budget, receive a detailed monthly reporting package from us, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve 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. We also evaluate our real estate properties for potential impairment when a real estate property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell. We do not believe that the values of any of our consolidated properties or properties held for sale were impaired at March 31, 2014. We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from three to 40 years. We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from one to 14 years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally range from one to 14 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below market and determined to be material, we amortize such below market lease value into rental income over the renewal period.
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 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 amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year. We record a gain on sale of real estate when title is conveyed to the buyer, subject to the buyer's financial commitment being sufficient to provide economic substance to the sale and we have no substantial economic involvement with the buyer. Interest income on preferred equity investments is accrued based on the outstanding principal amount and contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Some 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 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. Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as a reduction to the interest income over the terms of the related investments using the effective interest method. 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. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cashflows through the expected maturity date of the related investment. 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. Anticipated exit fees, whose collection is expected, are also recognized over the term of the loan as an adjustment to yield. Preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition on any non-accrual preferred equity investment is resumed when such non-accrual preferred equity investment becomes contractually current and performance is demonstrated to be resumed. Interest is recorded as income on impaired loans only to the extent cash is received. We may syndicate a portion of the loans that we originate or sell these loans individually. When a transaction meets the criteria of sale accounting, we derecognize the loan sold and recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income on the consolidated statement of income. Any fees received at the time of sale or syndication are recognized as part of investment income.
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. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If the additional information obtained reflects increased recovery of our investment, we will adjust our reserves accordingly. There were no loan reserves recorded during the three months ended March 31, 2014 and 2013.
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.
Fair Value Measurements	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 sheets 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.
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 New York City. 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.
Accounting Standards Updates	Accounting Standards Updates In April 2014, the FASB issued new guidance on reporting discontinued operations which raises the threshold for disposals to qualify as discontinued operations. The guidance also allows us to have a significant continuing involvement and continuing cash flows with the discontinued operations. Additionally, the guidance requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. The guidance is effective for calendar year public companies beginning in the first quarter of 2015 and is to be applied on a prospective basis for new disposals. Early adoption of the guidance is permitted.

Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2014

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 properties:



Location	Type	Number of Properties		Square Feet	Weighted Average Occupancy(1)
Commercial:
Manhattan	Office	12		6,866,400	94.4	%
	Retail	1		270,132	100.0	%
	Development/Redevelopment	1		104,000	—
		14		7,240,532	93.3	%
Suburban	Office	18		2,822,300	78.7	%
Total commercial properties		32		10,062,832	89.2	%
Residential:
Manhattan	Residential	—	(2)	222,855	93.7	%
Total portfolio		32		10,285,687	89.3	%

______________________________________________________________________


(1)	The weighted average occupancy for commercial properties represents the total occupied square feet divided by total available rentable square feet. The weighted average occupancy for residential properties represents the total occupied units divided by total available units.


(2)	As of March 31, 2014, we owned a building that was comprised of 270,132 square feet of retail space and 222,855 square feet of residential space. For the purpose of this report, we have included the building as part of retail properties and have shown the square footage under its respective classifications.

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

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



	March 31, 2014			December 31, 2013
Identified intangible assets (included in other assets):
Gross amount	$	233,054		$	199,845
Accumulated amortization	(151,331		)	(142,277		)
Net	$	81,723		$	57,568
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	406,927		$	399,088
Accumulated amortization	(270,907		)	(262,642		)
Net	$	136,020		$	136,446

Property Held for Sale and Dispositions (Tables)

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of income from discontinued operations

The following table summarizes net income from discontinued operations for the three months ended March 31, 2014 and 2013 (in thousands):



	Three Months Ended March 31,
	2014		2013
Revenues
Rental revenue	$	5,076	$	8,454
Escalation and reimbursement revenues	821		1,161
Other income	—		8
Total revenues	5,897		9,623
Operating expenses	884		2,252
Real estate taxes	1,019		1,196
Ground rent	2,196		2,863
Interest expense, net of interest income	659		396
Depreciation and amortization	433		1,953
Total expenses	5,191		8,660
Net income from discontinued operations	$	706	$	963

- 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)

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of preferred equity investments

As of March 31, 2014 and December 31, 2013, we held the following preferred equity investments, with an aggregate weighted average current yield of 9.74% at March 31, 2014 (in thousands):



Type	March 31, 2014 Senior Financing		March 31, 2014 Carrying value(1)		December 31, 2013 Carrying value(1)		Initial Mandatory Redemption
Preferred equity⁽²⁾	$	525,000	$	117,194	$	115,198	July 2015
Preferred equity	260,000		40,000		—		March 2016
Preferred equity⁽²⁾⁽³⁾	55,233		25,912		25,896		April 2016
Preferred equity⁽²⁾	926,260		220,622		218,330		July 2016
Preferred equity	70,000		9,943		9,940		November 2017
	$	1,836,493	$	413,671	$	369,364

__________________________________________________________________


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


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


(3)	This preferred equity investment was subsequently redeemed in April 2014.

Mortgage Note and Other Loans Payable (Tables)

3 Months Ended

Mar. 31, 2014

Mortgage Note and Other Loans Payable

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

The first mortgage note and other loans payable collateralized by the property, assignment of leases and investments at March 31, 2014 and December 31, 2013 were as follows (amounts in thousands):



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

______________________________________________________________________


(1)	Effective weighted average interest rate for the three months ended March 31, 2014.


(2)	This loan relates to the remaining 22,658 units of the Operating Partnership's 5.0% Series E Preferred Units, with a liquidation preference of $1.00 per unit, which was issued as part of an acquisition. In April 2014, these Series E units were subsequently canceled.


(3)	This loan is secured by a portion of a preferred equity investment.


(4)	We own a 51.0% controlling interest in the joint venture that is the borrower on this loan.

Corporate Indebtedness (Tables)

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

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

The following table sets forth our senior unsecured notes and other related disclosures as of March 31, 2014 and December 31, 2013 by scheduled maturity date (amounts in thousands):



Issuance	March 31, 2014 Unpaid Principal Balance		March 31, 2014 Accreted Balance		December 31, 2013 Accreted Balance		Coupon Rate(1)		Effective Rate		Term (in Years)	Maturity Date
August 13, 2004	$	75,898	$	75,898	$	75,898	5.88	%	5.88	%	10	August 15, 2014
March 31, 2006	255,308		255,217		255,206		6.00	%	6.00	%	10	March 31, 2016
August 5, 2011⁽²⁾	250,000		249,696		249,681		5.00	%	5.00	%	7	August 15, 2018
March 16, 2010⁽²⁾	250,000		250,000		250,000		7.75	%	7.75	%	10	March 15, 2020
November 15, 2012⁽²⁾	200,000		200,000		200,000		4.50	%	4.50	%	10	December 1, 2022
June 27, 2005⁽³⁾	7		7		7		4.00	%	4.00	%	20	June 15, 2025
	$	1,031,213	$	1,030,818	$	1,030,792

______________________________________________________________________


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


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

(3)

Schedule of Combined aggregate principal maturities of mortgage and other loans payable, 2012 credit facility and senior unsecured notes, including as-of-right extension options



	Scheduled Amortization		Principal Repayments		Term loan and Senior Unsecured Notes		Total
Remaining 2014	$	—	$	23	$	75,898	$	75,921
2015	—		—		7		7
2016	3,566		—		255,308		258,874
2017	7,411		—		—		7,411
2018	7,799		—		250,000		257,799
Thereafter	39,630		491,594		1,233,000		1,764,224
	$	58,406	$	491,617	$	1,814,213	$	2,364,236

Schedule of Consolidated Interest expense, excluding capitalized interest

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



	Three Months Ended March 31,
	2014			2013
Interest expense	$	26,259		$	26,335
Interest income	(4		)	(2		)
Interest expense, net	$	26,255		$	26,333
Interest capitalized	$	944		$	—

- 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
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-Name Accounting Standards Codification
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-Section S99
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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 Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following table provides the carrying value and fair value of these financial instruments as of March 31, 2014 and December 31, 2013 (in thousands):



	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Preferred equity investments	$	413,671	(1)		$	369,364	(1)

Fixed rate debt	$	1,610,841	$	1,751,758	$	1,610,815	$	1,714,721
Variable rate debt	753,000		770,213		590,000		607,865
	$	2,363,841	$	2,521,971	$	2,200,815	$	2,322,586

____________________________________


(1)	Preferred equity investments had an estimated fair value ranging from $400.0 million to $460.0 million as of March 31, 2014. As of December 31, 2013, preferred equity investments had an estimated fair value of 400.0 million.

Financial Instruments: Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (amounts in thousands).

Notional

Value

Strike

Rate

Effective

Date

Expiration

Date

Balance Sheet Location

Fair

Value

Interest Rate Swap

30,000

2.295

July 2010

June 2016

Other Liabilities

1,177

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



	Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion)						Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)				Location of Loss Recognized in Income on Derivative	Amount of Gain Recognized into Income (Ineffective Portion)
	Three Months Ended March 31,							Three Months Ended March 31,					Three Months Ended March 31,
Derivative	2014			2013				2014		2013			2014		2013
Interest Rate Swaps/Caps	$	(44	)	$	(38	)	Interest expense	$	250	$	247	Interest expense	$	1	$	—

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2014

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 noncancellable operating leases with initial terms in excess of one year as of March 31, 2014 (in thousands):



	Capital lease(1)			Non-cancellable operating leases(1)
Remaining 2014	$	1,610		$	11,345
2015	2,218			15,282
2016	2,361			15,592
2017	2,361			15,592
2018	2,361			15,592
Thereafter	296,941			916,531
Total minimum lease payments	307,852			$	989,934
Less amount representing interest	(280,495		)
Present value of net minimum lease payments	$	27,357

______________________________


(1)	Amounts include commitments related to the asset that is held for sale at March 31, 2014.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Schedule of Selected results of operations and selected asset information



	Real Estate Segment		Preferred Equity Segment		Total Company
Total revenues:
Three months ended:
March 31, 2014	$	129,947	$	9,275	$	139,222
March 31, 2013	124,261		9,465		133,726
Income from continuing operations:
Three months ended:
March 31, 2014	$	2,981	$	7,470	$	10,451
March 31, 2013	8,539		8,082		16,621
Total assets
As of:
March 31, 2014	$	5,218,150	$	415,141	$	5,633,291
December 31, 2013	5,216,087		370,532		5,586,619

Organization and Basis of Presentation (Details)
$ in Thousands

Mar. 31, 2014

USD ($)

ft²

property

Dec. 31, 2013

USD ($)

Real estate properties

Number of Buildings (properties) | property

Square Feet (sqft)

10,285,687

Real estate weighted average occupancy (percent)

^[1]

89.30%

Preferred equity investments | $

$ 413,671

$ 369,364

Commercial Property

Real estate properties

Number of Buildings (properties) | property

Square Feet (sqft)

10,062,832

Real estate weighted average occupancy (percent)

^[1]

89.20%

Retail Portion

Real estate properties

Square Feet (sqft)

270,132

Residential Portion

Real estate properties

Square Feet (sqft)

222,855

Manhattan | Commercial Property

Real estate properties

Number of Buildings (properties) | property

Square Feet (sqft)

7,240,532

Real estate weighted average occupancy (percent)

^[1]

93.30%

Manhattan | Office

Real estate properties

Number of Buildings (properties) | property

Square Feet (sqft)

6,866,400

Real estate weighted average occupancy (percent)

^[1]

94.40%

Manhattan | Retail

Real estate properties

Number of Buildings (properties) | property

Square Feet (sqft)

270,132

Real estate weighted average occupancy (percent)

^[1]

100.00%

Manhattan | Development/Redevelopment

Real estate properties

Number of Buildings (properties) | property

Square Feet (sqft)

104,000

Real estate weighted average occupancy (percent)

^[1]

0.00%

Manhattan | Residential

Real estate properties

Number of Buildings (properties) | property

^[2]

Square Feet (sqft)

222,855

Real estate weighted average occupancy (percent)

^[1]

93.70%

Suburban | Office

Real estate properties

Number of Buildings (properties) | property

Square Feet (sqft)

2,822,300

Real estate weighted average occupancy (percent)

^[1]

78.70%

[1]	The weighted average occupancy for commercial properties represents the total occupied square feet divided by total available rentable square feet. The weighted average occupancy for residential properties represents the total occupied units divided by total available units.
[2]	As of March 31, 2014, we owned a building that was comprised of 270,132 square feet of retail space and 222,855 square feet of residential space. For the purpose of this report, we have included the building as part of retail properties and have shown the square footage under its respective classifications.

Significant Accounting Policies (Details) $ in Thousands	3 Months Ended
Significant Accounting Policies (Details) $ in Thousands	Mar. 31, 2014 USD ($) ft²	Mar. 31, 2013 USD ($)	Dec. 31, 2013 USD ($)	Nov. 30, 2013 USD ($) ft²
Investment in Commercial Real Estate Properties
Increase in rental revenue from amortization of acquired leases	$ 4,700	$ 5,500
Increase /( reduction) in interest expense from amortization of above-market rate mortgages	$ 100	$ 100
Square Feet (sqft) \| ft²	10,285,687
Identified intangible assets (included in other assets):
Gross amount	$ 233,054		$ 199,845
Accumulated amortization	(151,331)		(142,277)
Net	81,723		57,568
Identified intangible liabilities (included in deferred revenue):
Gross amount	406,927		399,088
Accumulated amortization	(270,907)		(262,642)
Net	$ 136,020		$ 136,446
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
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
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
315 West 33rd Street
Investment in Commercial Real Estate Properties
Above and in-place leases	$ 33,200
Below-market leases	$ 7,800
315 West 33rd Street \| Mixed-Use Residential and Commercial Property
Investment in Commercial Real Estate Properties
Square Feet (sqft) \| ft²				492,987
Property acquisition price				$ 386,800
Land purchase price allocation				116,000
Buildings purchase price allocation				$ 270,800

Significant Accounting Policies (Details 2)	3 Months Ended
Significant Accounting Policies (Details 2)	Mar. 31, 2014
Revenue Recognition
Period after which payments become due	90 days

Significant Accounting Policies (Details 3)	3 Months Ended
Significant Accounting Policies (Details 3)	Mar. 31, 2014 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 (percent)	3.30%
Annualized cash rent \| Customer concentration \| 1185 Avenue of the Americas
Concentrations of Credit Risk
Percentage of concentration (percent)	20.20%
Annualized cash rent \| Customer concentration \| 919 Third Avenue
Concentrations of Credit Risk
Percentage of concentration (percent)	9.90%
Annualized cash rent \| Customer concentration \| 750 Third Avenue
Concentrations of Credit Risk
Percentage of concentration (percent)	9.90%
Annualized cash rent \| Customer concentration \| 810 Seventh Avenue
Concentrations of Credit Risk
Percentage of concentration (percent)	8.70%
Annualized cash rent \| Customer concentration \| 1350 Avenue of the Americas
Concentrations of Credit Risk
Percentage of concentration (percent)	8.80%
Annualized cash rent \| First tenant \| Customer concentration
Concentrations of Credit Risk
Percentage of concentration (percent)	5.10%
Annualized cash rent \| Second tenant \| Customer concentration
Concentrations of Credit Risk
Percentage of concentration (percent)	3.40%

Property Held for Sale and Dispositions (Details) - USD ($) $ in Thousands		3 Months Ended
	May 15, 2014	Mar. 31, 2014	Mar. 31, 2013
Revenues
Rental revenue		$ 5,076	$ 8,454
Escalation and reimbursement revenues		821	1,161
Other income		0	8
Total revenues		5,897	9,623
Operating expenses		884	2,252
Real estate taxes		1,019	1,196
Ground rent		2,196	2,863
Interest expense, net of interest income		659	396
Depreciation and amortization		433	1,953
Total expenses		5,191	8,660
Net income from discontinued operations		$ 706	$ 963
Subsequent Event \| 673 First Ave
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contracted sales price	$ 145,000

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

1 Months Ended

3 Months Ended

Jan. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Debt and preferred equity investments

Senior Financing

$ 1,836,493

Carrying value

^[1]

$ 413,671

$ 369,364

Debt and preferred equity

Debt and preferred equity investments

Aggregate weighted average current yield (as a percent)

9.74%

Preferred equity with initial mandatory redemption on July, 2015

Debt and preferred equity investments

Senior Financing

^[2]

$ 525,000

Carrying value

^[1],[2]

117,194

115,198

Preferred equity with initial mandatory redemption, March 2016

Debt and preferred equity investments

Senior Financing

260,000

Carrying value

^[1]

40,000

Preferred equity with initial mandatory redemption on April, 2016

Debt and preferred equity investments

Senior Financing

^[2],[3]

55,233

Carrying value

^[1],[2],[3]

25,912

25,896

Preferred equity with initial mandatory redemption on July, 2016

Debt and preferred equity investments

Senior Financing

^[2]

926,260

Carrying value

^[1],[2]

220,622

218,330

Preferred equity with an initial mandatory redemption on November 2017

Debt and preferred equity investments

Senior Financing

70,000

Carrying value

^[1]

$ 9,943

$ 9,940

Joint Venture

Debt and preferred equity investments

Ownership percentage (percent)

40.00%

Investment in joint venture

$ 20,000

[1]	Carrying value is net of discounts and deferred origination fees.
[2]	The difference between the pay and accrual rates is included as an addition to the principal balance outstanding.
[3]	This preferred equity investment was subsequently redeemed in April 2014.

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

3 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Mortgage note and other loan 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

1,500,000

Other loan payable

Mortgage note and other loan payable

Interest rate (as a percent)

^[1],[2]

8.00%

Secured debt

^[2]

$ 50,000

50,000

609 Partners, LLC

Mortgage note and other loan payable

Interest rate (as a percent)

^[1],[3]

5.00%

Unsecured debt

^[3]

$ 23

Series E preferred units outstanding (in shares)

22,658

Dividend rate of Series E preferred units (as a percent)

5.00%

Liquidation price per unit of Series E preferred units (in dollar per share)

$ 1

919 Third Avenue

Mortgage note and other loan payable

Interest rate (as a percent)

^[1],[4]

5.12%

Secured debt

^[4]

$ 500,000

Controlling interest in the joint venture (as a percent)

51.00%

[1]	Effective weighted average interest rate for the three months ended March 31, 2014.
[2]	This loan is secured by a portion of a preferred equity investment.
[3]	This loan relates to the remaining 22,658 units of the Operating Partnership's 5.0% Series E Preferred Units, with a liquidation preference of $1.00 per unit, which was issued as part of an acquisition. In April 2014, these Series E units were subsequently canceled.
[4]	We own a 51.0% controlling interest in the joint venture that is the borrower on this loan.

Corporate Indebtedness (Details)

3 Months Ended

Mar. 31, 2014

USD ($)

extenstion_option

$ / shares

Mar. 31, 2013

USD ($)

Dec. 31, 2013

USD ($)

Nov. 30, 2012

USD ($)

Corporate Indebtedness

Revolving credit facility

$ 0

$ 220,000,000

Debt disclosures by scheduled maturity date

Accreted Balance

1,813,818,000

1,430,792,000

Scheduled amortization and principal repayments

75,921,000

7,000

258,874,000

7,411,000

257,799,000

1,764,224,000

Total amortization of debt and principal repayments

2,364,236,000

Interest expense

Interest expense

26,259,000

$ 26,335,000

Interest income

(4,000)

(2,000)

Interest expense, net

26,255,000

26,333,000

Interest capitalized

$ 944,000

$ 0

2012 Credit Facility

Corporate Indebtedness

Maximum borrowing capacity

$ 1,600,000,000

Number of extension options (extension options) | extenstion_option

Extension period

6 months

Maximum borrowing capacity, optional expansion

$ 1,500,000,000.0

Interest rate, description

LIBOR

Letters of credit

$ 71,600,000

Total undrawn capacity

1,100,000,000

Interest expense

Line of Credit Facility, Debt Origination and Legal Costs

2,800,000

Revolving credit facility

Corporate Indebtedness

Maximum borrowing capacity

$ 1,200,000,000.0

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)

1.62%

Revolving credit facility | Minimum

Corporate Indebtedness

Interest rate added to base rate (as a percent)

1.00%

Revolving credit facility | Maximum

Corporate Indebtedness

Interest rate added to base rate (as a percent)

1.75%

Term loan

Corporate Indebtedness

Maximum borrowing capacity

$ 783,000,000.0

Increase to borrowing capacity

$ 383,000,000

Decrease in basis spread on variable rate (percent)

0.25%

Interest rate added to base rate (as a percent)

1.40%

Revolving credit facility

$ 783,000,000

Debt disclosures by scheduled maturity date

Effective Rate (as a percent)

1.84%

Term loan | Minimum

Corporate Indebtedness

Interest rate added to base rate (as a percent)

0.95%

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

0.15%

Term loan | Maximum

Corporate Indebtedness

Interest rate added to base rate (as a percent)

1.95%

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

0.35%

Senior Unsecured Notes

Debt disclosures by scheduled maturity date

Unpaid Principal Balance

$ 1,031,213,000

Accreted Balance

1,030,818,000

1,030,792,000

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

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]

$ 255,217,000

255,206,000

Coupon Rate (as a percent)

^[1],[2]

6.00%

Effective Rate (as a percent)

^[1]

6.00%

Term

^[1]

10 years

5.00% senior unsecured notes maturing on August 15, 2018

Debt disclosures by scheduled maturity date

Unpaid Principal Balance

^[1]

$ 250,000,000

Accreted Balance

^[1]

$ 249,696,000

249,681,000

Coupon Rate (as a percent)

^[1],[2]

5.00%

Effective Rate (as a percent)

^[1]

5.00%

Term

^[1]

7 years

7.75% senior unsecured notes maturing on March 15, 2020

Debt disclosures by scheduled maturity date

Unpaid Principal Balance

^[1]

$ 250,000,000

Accreted Balance

^[1]

$ 250,000,000

250,000,000

Coupon Rate (as a percent)

^[1],[2]

7.75%

Effective Rate (as a percent)

^[1]

7.75%

Term

^[1]

10 years

4.50% senior unsecured notes maturing on December 01, 2022

Debt disclosures by scheduled maturity date

Unpaid Principal Balance

^[1]

$ 200,000,000

Accreted Balance

^[1]

$ 200,000,000

200,000,000

Coupon Rate (as a percent)

^[1],[2]

4.50%

Effective Rate (as a percent)

^[1]

4.50%

Term

^[1]

10 years

4.00% senior unsecured notes maturing on June 15, 2025

Debt disclosures by scheduled maturity date

Unpaid Principal Balance

^[3]

$ 7,000

Accreted Balance

^[3]

$ 7,000

Coupon Rate (as a percent)

^[2],[3]

4.00%

Effective Rate (as a percent)

^[3]

4.00%

Term

^[3]

20 years

Adjusted exchange rate for the debentures of SL Green common stock (in 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%

Mortgage Loans Payable

Scheduled Amortization

$ 3,566,000

7,411,000

7,799,000

39,630,000

Total amortization of debt

58,406,000

Principal Repayments

Remaining 2014

23,000

2015

Thereafter

491,594,000

Total principal repayments

491,617,000

Term loan and Senior Unsecured Notes

Principal Repayments

75,898,000

7,000

255,308,000

250,000,000

1,233,000,000

Total principal repayments

$ 1,814,213,000

[1]	We, SL Green and the Operating Partnership are co-obligors.
[2]	Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates.
[3]	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.

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013
Fair Value of Financial Instruments
Preferred equity investments	$ 413,671	$ 369,364
Carrying Value \| Level 3
Fair Value of Financial Instruments
Preferred equity investments	413,671	369,364
Fixed rate debt	1,610,841	1,610,815
Variable rate debt	753,000	590,000
Debt instrument hedged amount	2,363,841	2,200,815
Fair Value \| Level 3
Fair Value of Financial Instruments
Preferred equity investments		400,000
Fixed rate debt	1,751,758	1,714,721
Variable rate debt	770,213	607,865
Debt instrument hedged amount	2,521,971	$ 2,322,586
Minimum \| Fair Value \| Level 3
Fair Value of Financial Instruments
Preferred equity investments	400,000
Maximum \| Fair Value \| Level 3
Fair Value of Financial Instruments
Preferred equity investments	$ 460,000

Financial Instruments: Derivatives and Hedging (Details) - USD ($)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Derivative [Line Items]
Loss from settlement of hedges included in accumulated other comprehensive loss	$ 2,600,000		$ 2,700,000
Estimated current balance held in accumulated other comprehensive loss to be reclassified into earnings within the next 12 months	1,000,000
Interest Rate Swap
Derivative [Line Items]
Notional Value	$ 30,000,000
Strike Rate (percent)	2.295%
Fair Value	$ 1,177,000
Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion)	(44,000)	$ (38,000)
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)	250,000	247,000
Amount of Gain Recognized into Income (Ineffective Portion)	1,000	$ 0
2012 Credit Facility \| Interest Rate Swap
Derivative [Line Items]
Notional Value	$ 30,000,000.0

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Affiliate
Related Party Transactions
Profit participation received by related party	$ 0.8	$ 0.8
Alliance Building Services
Related Party Transactions
Payments made for services	0.9	1.3
SL Green
Related Party Transactions
Allocation of salary and other operating costs from related party	1.8	1.8
Insurance expense incurred	$ 1.3	$ 1.2

Commitments and Contingencies (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2014

USD ($)

Commitments and Contingencies Disclosure [Abstract]

Minimum initial term of noncancellable operating leases

1 year

Capital lease

Remaining 2014

$ 1,610

^[1]

2015

2,218

^[1]

2016

2,361

^[1]

2017

2,361

^[1]

2018

2,361

^[1]

Thereafter

296,941

^[1]

Total minimum lease payments

307,852

^[1]

Less amount representing interest

(280,495)

^[1]

Present value of net minimum lease payments

27,357

^[1]

Non-cancellable operating leases

11,345

15,282

15,592

15,592

15,592

916,531

Total minimum lease payments

$ 989,934

[1]	Amounts include commitments related to the asset that is held for sale at March 31, 2014.

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2014 USD ($) segment	Mar. 31, 2013 USD ($)	Dec. 31, 2013 USD ($)
Segment information
Number of reportable segments (segment) \| segment	2
Revenues	$ 139,222	$ 133,726
Income from continuing operations:	10,451	16,621
Total assets	$ 5,633,291		$ 5,586,619
Leverage rate assumption (as a percent)	100.00%
Real Estate Segment
Segment information
Revenues	$ 129,947	124,261
Income from continuing operations:	2,981	8,539
Total assets	5,218,150		5,216,087
Preferred Equity Segment
Segment information
Revenues	9,275	9,465
Income from continuing operations:	7,470	$ 8,082
Total assets	$ 415,141		$ 370,532