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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2014	Nov. 12, 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	Sep. 30, 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	Q3

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Commercial real estate properties, at cost:
Land and land interests	$ 1,335,812	$ 1,086,327
Building and improvements	3,985,981	4,044,636
Building leasehold and improvements	781,420	782,260
Property under capital lease	0	22,866
Commercial real estate properties, gross	6,103,213	5,936,089
Less: accumulated depreciation	(943,472)	(857,265)
Total commercial real estate properties, net	5,159,741	5,078,824
Cash and cash equivalents	33,250	45,871
Restricted cash	26,464	27,865
Tenant and other receivables, net of allowance of $4,243 and $4,148 in 2014 and 2013, respectively	23,268	17,732
Deferred rents receivable, net of allowance of $14,059 and $15,587 in 2014 and 2013, respectively	156,710	163,902
Preferred equity and other investments, net of discounts and deferred origination fees of $1,052 and $1,772 in 2014 and 2013, respectively	396,017	369,364
Deferred costs, net of accumulated amortization of $60,303 and $53,254 in 2014 and 2013, respectively	98,253	92,164
Other assets	122,982	92,398
Total assets	6,016,685	5,888,120
Liabilities
Mortgage note and other loans payable	550,000	629,266
Revolving credit facility	244,000	220,000
Term loan and senior unsecured notes	1,737,973	1,430,792
Accrued interest payable and other liabilities	24,216	28,051
Accounts payable and accrued expenses	55,200	41,869
Deferred revenue	140,929	154,614
Capitalized lease obligation	0	27,223
Deferred land leases payable	391	21,621
Security deposits	24,872	24,590
Total liabilities	2,777,581	2,578,026
Commitments and contingencies
Capital
General partner capital	2,894,139	2,963,296
Limited partner capital	0	0
Accumulated other comprehensive loss	(3,313)	(3,981)
Total ROP partner's capital	2,890,826	2,959,315
Noncontrolling interests in other partnerships	348,278	350,779
Total capital	3,239,104	3,310,094
Total liabilities and capital	$ 6,016,685	$ 5,888,120

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Tenant and other receivables, allowance	$ 4,243	$ 4,148
Deferred rents receivable, allowance	14,059	15,587
Preferred equity investments, deferred origination fees and discounts	1,052	1,772
Deferred costs, accumulated amortization	$ 60,303	$ 53,254

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues
Rental revenue, net	$ 119,136	$ 111,068	$ 354,878	$ 329,982
Escalation and reimbursement	21,271	20,334	58,129	54,950
Investment income	8,702	9,424	26,754	28,620
Other income	1,104	624	2,301	3,613
Total revenues	150,213	141,450	442,062	417,165
Expenses
Operating expenses, including $5,121 and $14,063 (2014) and $4,687 and $13,258 (2013) of related party expenses	33,090	31,849	96,557	90,569
Real estate taxes	28,062	24,377	79,677	69,667
Ground rent	2,711	2,712	8,134	8,332
Interest expense, net of interest income	27,313	28,065	80,709	81,187
Amortization of deferred financing costs	1,369	1,379	4,136	3,984
Depreciation and amortization	42,267	37,782	130,334	111,968
Transaction related costs	1,218	6	2,206	37
Marketing, general and administrative	76	88	242	276
Total expenses	136,106	126,258	401,995	366,020
Income from continuing operations before equity in net income from unconsolidated joint ventures and loss on early extinguishment of debt	14,107	15,192	40,067	51,145
Equity in net income from unconsolidated joint ventures	868	480	1,962	1,327
Loss on early extinguishment of debt	0	0	(519)	(76)
Income from continuing operations	14,975	15,672	41,510	52,396
Net (loss) income from discontinued operations	(58)	1,622	1,996	5,732
(Loss) gain on sale of discontinued operations	(250)	13,787	117,579	13,787
Net income	14,667	31,081	161,085	71,915
Net income attributable to noncontrolling interests in other partnerships	(841)	(1,399)	(1,703)	(4,511)
Net income attributable to ROP common unitholder	13,826	29,682	159,382	67,404
Amounts attributable to ROP common unitholder:
Net income from continuing operations	14,134	14,273	39,807	47,885
Discontinued operations	(308)	15,409	119,575	19,519
Net income attributable to ROP common unitholder	$ 13,826	$ 29,682	$ 159,382	$ 67,404

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Related party expenses included in operating expenses	$ 5,121	$ 4,687	$ 14,063	$ 13,258

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
Net income attributable to ROP common unitholder	$ 13,826	$ 29,682	$ 159,382	$ 67,404
Other comprehensive income:
Change in net unrealized gain on derivative instruments	275	85	668	755
Comprehensive income attributable to ROP common unitholder	$ 14,101	$ 29,767	$ 160,050	$ 68,159

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statement of Capital - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Consolidated Statement of Capital - USD ($) $ in Thousands	Sep. 30, 2014	Sep. 30, 2014
Increase (Decrease) in Partners' Capital
Beginning balance		$ 3,310,094
Contributions		1,305,408
Distributions		(1,538,151)
Net income	$ 14,667	161,085
Other comprehensive income		668
Ending balance	3,239,104	3,239,104
General Partner's Capital Class A Common Units \| Class A Common Units
Increase (Decrease) in Partners' Capital
Beginning balance		2,963,296
Contributions		1,305,408
Distributions		(1,533,947)
Net income		159,382
Ending balance	2,894,139	2,894,139
Limited Partner's Capital
Increase (Decrease) in Partners' Capital
Beginning balance		0
Contributions		0
Distributions		0
Net income		0
Ending balance	0	0
Noncontrolling Interests In Other Partnerships
Increase (Decrease) in Partners' Capital
Beginning balance		350,779
Distributions		(4,204)
Net income		1,703
Ending balance	348,278	348,278
Accumulated Other Comprehensive Loss
Increase (Decrease) in Partners' Capital
Beginning balance		(3,981)
Other comprehensive income		668
Ending balance	$ (3,313)	$ (3,313)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating Activities
Net income	$ 161,085	$ 71,915
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	134,903	120,316
Equity in net income from unconsolidated joint venture	(1,962)	(1,327)
Distributions of cumulative earnings from unconsolidated joint venture	1,773	591
Gain on sale of discontinued operations	(117,579)	(13,787)
Loss on early extinguishment of debt	519	76
Deferred rents receivable	(12,528)	(13,732)
Other non-cash adjustments	(30,431)	(35,414)
Changes in operating assets and liabilities:
Restricted cash—operations	1,401	(3,035)
Tenant and other receivables	(5,673)	(3,746)
Deferred lease costs	(6,466)	(11,177)
Other assets	(24,208)	(21,944)
Accounts payable, accrued expenses and other liabilities and security deposits	448	(6,037)
Deferred revenue and deferred land leases payable	7,725	9,334
Net cash provided by operating activities	109,007	92,033
Investing Activities
Acquisitions of real estate property	(202,870)
Additions to land, buildings and improvements	(54,076)	(40,529)
Restricted cash—capital improvements/acquisitions	0	(211,053)
Net proceeds from disposition of real estate	137,059	211,048
Payments for (Proceeds from) Other Investing Activities	(40,000)	(19,831)
Origination of preferred equity investments	0	(5,089)
Redemption of preferred equity investments	25,827	0
Net cash used in investing activities	(134,060)	(65,454)
Financing Activities
Repayments of mortgage note and other loans payable	(79,243)	(226)
Proceeds from revolving credit facility, term loan and senior unsecured notes	1,136,400	843,938
Repayments of revolving credit facility, term loan and senior unsecured notes	(805,298)	(574,000)
Contributions from common unitholder	1,301,408	988,360
Distributions to noncontrolling interests in other partnerships	(4,204)	(9,597)
Distributions to common unitholder	(1,533,947)	(1,276,638)
Deferred loan costs and capitalized lease obligation	(2,684)	(93)
Net cash provided by (used in) financing activities	12,432	(28,256)
Net decrease in cash and cash equivalents	(12,621)	(1,677)
Cash and cash equivalents at beginning of period	45,871	34,035
Cash and cash equivalents at end of period	33,250	32,358
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Tenant improvements and capital expenditures payable	6,367	2,400
Deferred leasing payable	12,927	1,122
Change in fair value of hedge	400	469
Capital leased asset	0	10,657
Contributions from common unit holder	$ 4,000	$ 11,503

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 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 and became a wholly-owned subsidiary of SL Green Operating Partnership, L.P., or the Operating Partnership, on January 25, 2007. The sole general partner of ROP is a wholly-owned subsidiary of the Operating Partnership. The sole limited partner of ROP is the Operating Partnership. The Operating Partnership is 96.25% owned by SL Green Realty Corp., or SL Green, as of September 30, 2014. SL Green is a self-administered and self-managed real estate investment trust, and is the sole managing general partner of the Operating Partnership. Unless the context requires otherwise, all references to "we," "our," "us" and the "Company" means ROP and all entities owned or controlled by ROP.

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 New York City, Westchester County and Connecticut, which collectively is also known as the New York Metropolitan area.

SL Green transferred a property with total assets of $98.7 million in May 2014 and two additional properties with total assets of $195.4 million in September 2014 to ROP. Under the business combinations guidance (Accounting Standard Codification 805-50), these transfers were determined to be transfers of businesses between the indirect parent company and its wholly-owned subsidiary. As such, the assets and liabilities of the properties were transferred at their carrying value and were recorded as of the beginning of the current reporting period as though the assets and liabilities had been transferred at that date. The financial statements and financial information presented for all prior periods have been retrospectively adjusted to furnish comparative information.

As of September 30, 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	11		6,444,400	94.1	%
	Retail	3	⁽²⁾	343,692	98.4	%
	Development/Redevelopment	1		104,000	72.5	%
	Fee Interest	1		176,530	100.0	%
		16		7,068,622	94.2	%
Suburban	Office	20		3,417,900	80.2	%
Total commercial properties		36		10,486,522	89.6	%
Residential:
Manhattan	Residential	—	⁽²⁾	222,855	96.1	%
Total portfolio		36		10,709,377	89.8	%

______________________________________________________________________


(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 September 30, 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 September 30, 2014, we also held preferred equity investments with a book value of $355.8 million and other investments accounted for under the equity method with a book value of $40.2 million.

Basis of Quarterly Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company at September 30, 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 consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements as of that date, and adjusted for the transfer of three properties to ROP in 2014 but does not include all the information and footnotes required by U.S. GAAP for complete financial statements. Also, as a result of the transfer of these three properties to ROP, the consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2013, statement of cash flow for the nine months ended September 2013 and related financial information have been adjusted to furnish comparative information.

- Definition

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

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+ Details

Significant Accounting Policies

9 Months Ended

Sep. 30, 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 5, "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 the 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 VIEs, 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 were impaired at September 30, 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 $4.9 million, $16.0 million, $6.8 million and $20.2 million in rental revenue for the three and nine months ended September 30, 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. In March 2014, we recognized income of $0.3 million for the amortization of the remaining value of below-market rate mortgage at 16 Court Street, Brooklyn, as a result of early repayment of debt. Excluding this one-time income, we recognized an increase in interest expense for the amortization of the above-market rate mortgages assumed of $0.1 million and $0.4 million for both the three and nine months ended September 30, 2014 and 2013, respectively.

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of September 30, 2014 and December 31, 2013 (in thousands):



	September 30, 2014			December 31, 2013
				(as adjusted)
Identified intangible assets (included in other assets):
Gross amount	$	254,824		$	221,615
Accumulated amortization	(173,726		)	(147,069		)
Net	$	81,098		$	74,546
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	428,100		$	420,261
Accumulated amortization	(295,849		)	(268,375		)
Net	$	132,251		$	151,886

Investments in Unconsolidated Joint Ventures

We may originate loans for real estate acquisition, development and construction, or ADC arrangements, where we expect to receive some or all of the residual profit. When the risk and rewards of these ADC arrangements are essentially the same as an investor or joint venture partner, we account for these ADC arrangements as real estate investments under the equity method of accounting for investments, which is included in preferred equity and other investments on the consolidated balance sheets. Otherwise, we account for these ADC arrangements consistent with our loan accounting for our debt and preferred equity investments.

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 costs, net 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 also 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 each of the three and nine months ended September 30, 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 9, "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 5, "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 a 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 5.2% and 3.5% 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 for the three months ended September 30, 2014. For the three months ended September 30, 2014, 20.6%, 10.2%, 10.2%, 9.2% and 8.7% of our annualized cash rent was attributable to 1185 Avenue of the Americas, 750 Third Avenue, 919 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 and include the transfer of three properties in 2014.

Accounting Standards Updates

In May 2014, the Financial Accounting Standards Board, or the FASB issued a new comprehensive revenue recognition guidance which requires us to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services (Accounting Standards Update, or ASU, No. 2014-09). The guidance also requires enhanced disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The guidance is effective for annual and interim periods beginning after December 15, 2016 and early adoption is not permitted. The new guidance can be applied either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In April 2014, the FASB issued new guidance on reporting discontinued operations which raises the threshold for disposals to qualify as discontinued operations (ASU No. 2014-08). 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 this 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 Acquisitions	9 Months Ended
Property Acquisitions	Sep. 30, 2014
Business Combinations [Abstract]
Property Acquisitions	Property Acquisitions In September 2014, we acquired the fee interest at 635 Madison Avenue for $153.7 million. We are currently in the process of analyzing the purchase price allocation and, as such, we have not allocated any value to intangible assets. In July 2014, we acquired the retail condominium at 115 Spring Street for $53.1 million. We are currently in the process of analyzing the purchase price allocation and, as such, we have not allocated any value to intangible assets. In November 2013, we acquired a 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 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 a third party appraisal and additional facts and circumstances that existed at the acquisition date and reclassified $33.2 million and $7.8 million to values for above-market 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 nine months ended September 30, 2014.

- Definition

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

+ References

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+ Details

Property Dispositions

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions

In May 2014, we sold our leasehold interest in 673 First Avenue for $145.0 million and recognized a gain on sale of $117.6 million.

Discontinued operations included the results of operations of real estate assets under contract or sold prior to September 30, 2014. This included 673 First Avenue, which was sold in May 2014, and 333 West 34th Street, which was sold in August 2013.

The following table summarizes net income from discontinued operations for the three and nine months ended September 30, 2014 and 2013 (in thousands):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014		2013
Revenues
Rental revenue, net	$	—		$	6,137	$	7,853	$	24,122
Escalation and reimbursement revenues	—			1,358		1,080		3,299
Other income	—			11		—		15
Total revenues	—			7,506		8,933		27,436
Operating expenses	58			1,414		1,222		5,730
Real estate taxes	—			1,167		1,402		3,558
Ground rent	—			2,196		3,001		5,778
Interest expense, net of interest income	—			645		879		2,274
Depreciation and amortization	—			462		433		4,364
Total expenses	58			5,884		6,937		21,704
Net (loss) income from discontinued operations	$	(58	)	$	1,622	$	1,996	$	5,732

- 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).

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+ Details

Preferred Equity and Other Investments

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Preferred Equity and Other Investments

As of September 30, 2014 and December 31, 2013, we held the following preferred equity investments, with an aggregate weighted average current yield of 9.76% at September 30, 2014 (in thousands):



Type	September 30, 2014 Senior Financing		September 30, 2014 Carrying value(1)		December 31, 2013 Carrying value(1)		Initial Mandatory Redemption
Preferred equity⁽²⁾	$	550,000	$	121,158	$	115,198	July 2015
Preferred equity⁽²⁾	926,260		224,720		218,330		July 2016
Preferred equity	70,000		9,950		9,940		November 2017
Preferred equity⁽³⁾	—		—		25,896
	$	1,546,260	$	355,828	$	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 redeemed in April 2014.

At September 30, 2014 and December 31, 2013, all preferred equity investments were performing in accordance with the terms of the relevant investments.

In March 2014, we closed on a $40.0 million preferred equity investment, which has a repayment date of March 2016, subject to three one-year extension options and a two-year option for the last extension. As a result of meeting the criteria of a real estate investment under the guidance for ADC arrangements, we have accounted for this wholly owned investment under the equity method of accounting. As of September 30, 2014, the book value of this investment was $40.2 million.

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

9 Months Ended

Sep. 30, 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 September 30, 2014 and December 31, 2013 were as follows (amounts in thousands):



Property	Maturity Date	Interest Rate⁽¹⁾		September 30, 2014		December 31, 2013
						(as adjusted)
Other loan payable⁽²⁾	September 2019	8.00	%	$	50,000	$	50,000
919 Third Avenue⁽³⁾	June 2023	5.12	%	500,000		500,000
16 Court Street⁽⁴⁾	—	—		—		79,243
609 Partners, LLC⁽⁵⁾	—	—		—		23
				$	550,000	$	629,266

______________________________________________________________________


(1)	Effective weighted average interest rate for the three months ended September 30, 2014.


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


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


(4)	In April 2014, we repaid the loan and incurred a loss on early extinguishment of debt of $0.5 million.


(5)	In April 2014, the remaining 22,658 Series E Preferred Units of the Operating Partnership were canceled.

The gross book value of the property and preferred equity investment collateralizing the mortgage note and other loans payable was $1.5 billion and $1.6 billion at September 30, 2014 and December 31, 2013, respectively.

Corporate Indebtedness

9 Months Ended

Sep. 30, 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, or the term loan 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 facility from March 30, 2018 to June 30, 2019. In November 2014, we entered into a further amendment to the 2012 credit facility, which increased the term loan facility by $50.0 million to $833.0 million. The 2012 credit facility, as amended, consists of a $1.2 billion revolving credit facility, or the revolving credit facility, and a $833.0 million term loan facility. The revolving credit facility matures in March 2017 and includes two six-month as-of-right extension options, subject to 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 September 30, 2014, the applicable spread was 145 basis points for the revolving credit facility and 140 basis points for the term loan facility. At September 30, 2014, the effective interest rate was 1.61% for the revolving credit facility and 1.64% 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 September 30, 2014, the facility fee was 30 basis points. At September 30, 2014, we had $113.3 million of outstanding letters of credit, $244.0 million drawn under the revolving credit facility and $783.0 million outstanding under the term loan facility, with total undrawn capacity of $0.8 billion under the revolving credit facility. In November 2014, an additional $50.0 million was borrowed under the increased term loan facility described above.

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 September 30, 2014 and December 31, 2013 by scheduled maturity date (amounts in thousands):



Issuance	September 30, 2014 Unpaid Principal Balance		September 30, 2014 Accreted Balance		December 31, 2013 Accreted Balance		Coupon Rate(1)		Effective Rate		Term (in Years)	Maturity Date
March 31, 2006	$	255,308	$	255,238	$	255,206	6.00	%	6.00	%	10	March 31, 2016
August 5, 2011⁽²⁾	250,000		249,728		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
August 13, 2004⁽⁴⁾	—		—		75,898
	$	955,315	$	954,973	$	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.


(4)	In August 2014, these notes were repaid at maturity.

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, as amended, 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 September 30, 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 September 30, 2014, including as-of-right extension options, were as follows (in thousands):



	Scheduled Amortization		Principal Repayments		Revolving Credit Facility	Term Loan and Senior Unsecured Notes		Total
Remaining 2014	$	—	$	—	—	$	—	$	—
2015	—		—		—	7		7
2016	3,566		—		—	255,308		258,874
2017	7,411		—		—	—		7,411
2018	7,799		—		244,000	250,000		501,799
Thereafter	39,630		491,594		—	1,233,000		1,764,224
	$	58,406	$	491,594	244,000	$	1,738,315	$	2,532,315

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
				(as adjusted)						(as adjusted)
Interest expense	$	27,320		$	28,066		$	80,726		$	81,191
Interest income	(7		)	(1		)	(17		)	(4		)
Interest expense, net of interest income	$	27,313		$	28,065		$	80,709		$	81,187
Interest capitalized	$	937		$	—		$	2,835		$	—

Fair Value Measurements

9 Months Ended

Sep. 30, 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/or 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 consists 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 determine impairment in real estate investments and preferred equity investments, including intangibles utilizing cash flow projections that apply estimated revenue and expense growth rates, discount rates and capitalization rates, which are classified as Level 3 inputs.

We measure our derivative 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, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short term nature of these instruments. The fair value of preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt to their present value using adjusted market interest rates, which is provided by a third-party specialist.

The following table provides the carrying value and fair value of these financial instruments as of September 30, 2014 and December 31, 2013 (in thousands):



	September 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
					(as adjusted)		(as adjusted)
Preferred equity investments	$	355,828	(1)		$	369,364	(1)

Fixed rate debt	$	1,534,973	$	1,677,881	$	1,610,815	$	1,714,721
Variable rate debt	997,000		1,025,320		669,243		684,871
	$	2,531,973	$	2,703,201	$	2,280,058	$	2,399,592

____________________________________


(1)	Preferred equity investments had an estimated fair value ranging from $355.8 million to $391.4 million as of September 30, 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 September 30, 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

Partners' Capital	9 Months Ended
Partners' Capital	Sep. 30, 2014
Partners' Capital Notes [Abstract]
Partners' Capital	Partners' Capital Since 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.

Financial Instruments: Derivatives and Hedging

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 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.

Notional

Value

(in thousands)

Strike

Rate

Effective

Date

Expiration

Date

Balance Sheet Location

Fair

Value

(in thousands)

Interest Rate Swap

30,000

2.295

July 2010

June 2016

Other Liabilities

893

Gains and losses on terminated hedges are included in the accumulated other comprehensive loss, and are recognized into earnings over the remaining term of the related senior unsecured notes. As of September 30, 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 $2.4 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 twelve 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 income for the three months ended September 30, 2014 and 2013 (in thousands):



	Amount of Gain (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 Gain Recognized in Income on Derivative	Amount of Gain Recognized into Income (Ineffective Portion)
	Three Months Ended September 30,						Three Months Ended September 30,					Three Months Ended September 30,
Derivative	2014		2013				2014		2013			2014		2013
Interest Rate Swaps	$	21	$	(149	)	Interest expense	$	254	$	234	Interest expense	$	1	$	2

The following table presents the effect of our derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the nine months ended September 30, 2014 and 2013 (in thousands):



	Amount of Gain (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 Gain Recognized in Income on Derivative	Amount of Gain Recognized into Income (Ineffective Portion)
	Nine Months Ended September 30,						Nine Months Ended September 30,					Nine Months Ended September 30,
Derivative	2014			2013			2014		2013			2014		2013
Interest Rate Swaps	$	(88	)	$	44	Interest expense	$	756	$	711	Interest expense	$	3	$	2

- 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.

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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 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, $2.4 million, $0.7 million and $2.3 million from profit participation for the three and nine months ended September 30, 2014 and 2013, respectively. We recorded expenses of $1.8 million, $4.5 million, $1.9 million and $4.9 million for the three and nine months ended September 30, 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 $2.0 million, $5.8 million, $1.8 million and $5.2 million for the three and nine months ended September 30, 2014 and 2013, respectively. Insurance We obtained a portion of our insurance coverage through an insurance program administered by SL Green. In connection with this program we incurred insurance expense of $1.3 million, $3.9 million, $1.3 million and $3.7 million for the three and nine months ended September 30, 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

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

We are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our properties which could have a material adverse effect on us.

Environmental Matters

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

Ground Leases Arrangements

The following is a schedule of future minimum lease payments under noncancellable operating leases with initial terms in excess of one year as of September 30, 2014 (in thousands):



	Non-cancellable operating leases
Remaining 2014	$	3,144
2015	10,474
2016	10,474
2017	10,474
2018	10,474
Thereafter	272,906
Total minimum lease payments	$	317,946

Segment Information

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Information

We are engaged in acquiring, owning, managing and leasing commercial properties in Manhattan, Westchester County, New Jersey 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 5, "Preferred Equity and Other Investments," for additional details on our preferred equity investments.

Selected results of operations for the three and nine months ended September 30, 2014 and 2013, and selected asset information as of September 30, 2014 and December 31, 2013, regarding our operating segments are as follows (in thousands):



	Real Estate Segment		Preferred Equity and Other Investments Segment		Total Company
Total revenues:
Three months ended:
September 30, 2014	$	141,511	$	8,702	$	150,213
September 30, 2013, as adjusted	132,026		9,424		141,450
Nine months ended:
September 30, 2014	$	415,308	$	26,754	$	442,062
September 30, 2013, as adjusted	388,545		28,620		417,165
Income from continuing operations:
Three months ended:
September 30, 2014	$	7,017	$	7,958	$	14,975
September 30, 2013, as adjusted	7,490		8,182		15,672
Nine months ended:
September 30, 2014	$	17,866	$	23,644	$	41,510
September 30, 2013, as adjusted	27,760		24,636		52,396
Total assets
As of:
September 30, 2014	$	5,619,268	$	397,417	$	6,016,685
December 31, 2013, as adjusted	5,517,588		370,532		5,888,120

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 and other investments 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 and other investments segment. We do not allocate marketing, general and administrative expenses to the preferred equity and other investments segment, since we base performance on the individual segments prior to allocating marketing, general and administrative expenses. All other expenses, except interest, relate entirely to the real estate assets. There were no transactions between the above two segments.

- Definition

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

+ References

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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In November 2014, we entered into an amendment to the 2012 credit facility which increased the term loan facility by $50.0 million to $833.0 million. That additional $50.0 million was borrowed in November 2014. See Note 7, "Corporate Indebtedness."

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 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 5, "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 the 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 VIEs, 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 were impaired at September 30, 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.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures We may originate loans for real estate acquisition, development and construction, or ADC arrangements, where we expect to receive some or all of the residual profit. When the risk and rewards of these ADC arrangements are essentially the same as an investor or joint venture partner, we account for these ADC arrangements as real estate investments under the equity method of accounting for investments, which is included in preferred equity and other investments on the consolidated balance sheets. Otherwise, we account for these ADC arrangements consistent with our loan accounting for our debt and preferred equity investments.
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 costs, net 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 also 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 each of the three and nine months ended September 30, 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.
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 5, "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 a space. Although the properties in our real estate portfolio are primarily located in Manhattan, we also have Suburban properties located in Westchester County and Connecticut. The tenants located in our buildings operate in various industries.
Reclassification	Reclassification Certain prior year balances have been reclassified to conform to our current year presentation primarily in order to eliminate discontinued operations from income from continuing operations and include the transfer of three properties in 2014.
Accounting Standards Updates	Accounting Standards Updates In May 2014, the Financial Accounting Standards Board, or the FASB issued a new comprehensive revenue recognition guidance which requires us to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services (Accounting Standards Update, or ASU, No. 2014-09). The guidance also requires enhanced disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The guidance is effective for annual and interim periods beginning after December 15, 2016 and early adoption is not permitted. The new guidance can be applied either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. In April 2014, the FASB issued new guidance on reporting discontinued operations which raises the threshold for disposals to qualify as discontinued operations (ASU No. 2014-08). 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 this 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.
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/or 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 consists 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 determine impairment in real estate investments and preferred equity investments, including intangibles utilizing cash flow projections that apply estimated revenue and expense growth rates, discount rates and capitalization rates, which are classified as Level 3 inputs. We measure our derivative 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, 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.

Fair Value Measurements Fair Value Measurements (Policies)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]
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/or 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 consists 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 determine impairment in real estate investments and preferred equity investments, including intangibles utilizing cash flow projections that apply estimated revenue and expense growth rates, discount rates and capitalization rates, which are classified as Level 3 inputs. We measure our derivative 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, 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.

Organization and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 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	11		6,444,400	94.1	%
	Retail	3	⁽²⁾	343,692	98.4	%
	Development/Redevelopment	1		104,000	72.5	%
	Fee Interest	1		176,530	100.0	%
		16		7,068,622	94.2	%
Suburban	Office	20		3,417,900	80.2	%
Total commercial properties		36		10,486,522	89.6	%
Residential:
Manhattan	Residential	—	⁽²⁾	222,855	96.1	%
Total portfolio		36		10,709,377	89.8	%

______________________________________________________________________


(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 September 30, 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)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

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



	September 30, 2014			December 31, 2013
				(as adjusted)
Identified intangible assets (included in other assets):
Gross amount	$	254,824		$	221,615
Accumulated amortization	(173,726		)	(147,069		)
Net	$	81,098		$	74,546
Identified intangible liabilities (included in deferred revenue):
Gross amount	$	428,100		$	420,261
Accumulated amortization	(295,849		)	(268,375		)
Net	$	132,251		$	151,886

Property Dispositions (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2014 and 2013 (in thousands):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014		2013
Revenues
Rental revenue, net	$	—		$	6,137	$	7,853	$	24,122
Escalation and reimbursement revenues	—			1,358		1,080		3,299
Other income	—			11		—		15
Total revenues	—			7,506		8,933		27,436
Operating expenses	58			1,414		1,222		5,730
Real estate taxes	—			1,167		1,402		3,558
Ground rent	—			2,196		3,001		5,778
Interest expense, net of interest income	—			645		879		2,274
Depreciation and amortization	—			462		433		4,364
Total expenses	58			5,884		6,937		21,704
Net (loss) income from discontinued operations	$	(58	)	$	1,622	$	1,996	$	5,732

- Definition

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

+ References + Details

Preferred Equity and Other Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of preferred equity investments

As of September 30, 2014 and December 31, 2013, we held the following preferred equity investments, with an aggregate weighted average current yield of 9.76% at September 30, 2014 (in thousands):



Type	September 30, 2014 Senior Financing		September 30, 2014 Carrying value(1)		December 31, 2013 Carrying value(1)		Initial Mandatory Redemption
Preferred equity⁽²⁾	$	550,000	$	121,158	$	115,198	July 2015
Preferred equity⁽²⁾	926,260		224,720		218,330		July 2016
Preferred equity	70,000		9,950		9,940		November 2017
Preferred equity⁽³⁾	—		—		25,896
	$	1,546,260	$	355,828	$	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 redeemed in April 2014.

Mortgage Note and Other Loans Payable (Tables)

9 Months Ended

Sep. 30, 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



Property	Maturity Date	Interest Rate⁽¹⁾		September 30, 2014		December 31, 2013
						(as adjusted)
Other loan payable⁽²⁾	September 2019	8.00	%	$	50,000	$	50,000
919 Third Avenue⁽³⁾	June 2023	5.12	%	500,000		500,000
16 Court Street⁽⁴⁾	—	—		—		79,243
609 Partners, LLC⁽⁵⁾	—	—		—		23
				$	550,000	$	629,266

______________________________________________________________________


(1)	Effective weighted average interest rate for the three months ended September 30, 2014.


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


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


(4)	In April 2014, we repaid the loan and incurred a loss on early extinguishment of debt of $0.5 million.


(5)	In April 2014, the remaining 22,658 Series E Preferred Units of the Operating Partnership were canceled.

Corporate Indebtedness (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2014 and December 31, 2013 by scheduled maturity date (amounts in thousands):



Issuance	September 30, 2014 Unpaid Principal Balance		September 30, 2014 Accreted Balance		December 31, 2013 Accreted Balance		Coupon Rate(1)		Effective Rate		Term (in Years)	Maturity Date
March 31, 2006	$	255,308	$	255,238	$	255,206	6.00	%	6.00	%	10	March 31, 2016
August 5, 2011⁽²⁾	250,000		249,728		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
August 13, 2004⁽⁴⁾	—		—		75,898
	$	955,315	$	954,973	$	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)


(4)	In August 2014, these notes were repaid at maturity.

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		Revolving Credit Facility	Term Loan and Senior Unsecured Notes		Total
Remaining 2014	$	—	$	—	—	$	—	$	—
2015	—		—		—	7		7
2016	3,566		—		—	255,308		258,874
2017	7,411		—		—	—		7,411
2018	7,799		—		244,000	250,000		501,799
Thereafter	39,630		491,594		—	1,233,000		1,764,224
	$	58,406	$	491,594	244,000	$	1,738,315	$	2,532,315

Schedule of Consolidated Interest expense, excluding capitalized interest

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
				(as adjusted)						(as adjusted)
Interest expense	$	27,320		$	28,066		$	80,726		$	81,191
Interest income	(7		)	(1		)	(17		)	(4		)
Interest expense, net of interest income	$	27,313		$	28,065		$	80,709		$	81,187
Interest capitalized	$	937		$	—		$	2,835		$	—

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 6
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

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

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

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

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2014 and December 31, 2013 (in thousands):



	September 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
					(as adjusted)		(as adjusted)
Preferred equity investments	$	355,828	(1)		$	369,364	(1)

Fixed rate debt	$	1,534,973	$	1,677,881	$	1,610,815	$	1,714,721
Variable rate debt	997,000		1,025,320		669,243		684,871
	$	2,531,973	$	2,703,201	$	2,280,058	$	2,399,592

____________________________________


(1)	Preferred equity investments had an estimated fair value ranging from $355.8 million to $391.4 million as of September 30, 2014. As of December 31, 2013, preferred equity investments had an estimated fair value of $400.0 million.

Financial Instruments: Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 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.

Notional

Value

(in thousands)

Strike

Rate

Effective

Date

Expiration

Date

Balance Sheet Location

Fair

Value

(in thousands)

Interest Rate Swap

30,000

2.295

July 2010

June 2016

Other Liabilities

893

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



	Amount of Gain (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 Gain Recognized in Income on Derivative	Amount of Gain Recognized into Income (Ineffective Portion)
	Three Months Ended September 30,						Three Months Ended September 30,					Three Months Ended September 30,
Derivative	2014		2013				2014		2013			2014		2013
Interest Rate Swaps	$	21	$	(149	)	Interest expense	$	254	$	234	Interest expense	$	1	$	2

The following table presents the effect of our derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the nine months ended September 30, 2014 and 2013 (in thousands):



	Amount of Gain (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 Gain Recognized in Income on Derivative	Amount of Gain Recognized into Income (Ineffective Portion)
	Nine Months Ended September 30,						Nine Months Ended September 30,					Nine Months Ended September 30,
Derivative	2014			2013			2014		2013			2014		2013
Interest Rate Swaps	$	(88	)	$	44	Interest expense	$	756	$	711	Interest expense	$	3	$	2

- 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
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959

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

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959

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

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 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 noncancellable operating leases with initial terms in excess of one year as of September 30, 2014 (in thousands):



	Non-cancellable operating leases
Remaining 2014	$	3,144
2015	10,474
2016	10,474
2017	10,474
2018	10,474
Thereafter	272,906
Total minimum lease payments	$	317,946

Segment Information (Tables)

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Schedule of Selected results of operations and selected asset information



	Real Estate Segment		Preferred Equity and Other Investments Segment		Total Company
Total revenues:
Three months ended:
September 30, 2014	$	141,511	$	8,702	$	150,213
September 30, 2013, as adjusted	132,026		9,424		141,450
Nine months ended:
September 30, 2014	$	415,308	$	26,754	$	442,062
September 30, 2013, as adjusted	388,545		28,620		417,165
Income from continuing operations:
Three months ended:
September 30, 2014	$	7,017	$	7,958	$	14,975
September 30, 2013, as adjusted	7,490		8,182		15,672
Nine months ended:
September 30, 2014	$	17,866	$	23,644	$	41,510
September 30, 2013, as adjusted	27,760		24,636		52,396
Total assets
As of:
September 30, 2014	$	5,619,268	$	397,417	$	6,016,685
December 31, 2013, as adjusted	5,517,588		370,532		5,888,120

Organization and Basis of Presentation (Details)
$ in Millions

9 Months Ended

Sep. 30, 2014

USD ($)

ft²

property

May 31, 2014

USD ($)

Real estate properties

SL Green ownership in the Operating Partnership

96.25%

Carrying value of properties transferred | $

$ 195.4

$ 98.7

Number of Properties | property

Square Feet (sqft)

10,709,377

Weighted Average Occupancy

^[1]

89.80%

Preferred equity investments | $

$ 355.8

Equity method investment | $

$ 40.2

Commercial Property

Real estate properties

Number of Properties | property

Square Feet (sqft)

10,486,522

Weighted Average Occupancy

^[1]

89.60%

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 Properties | property

Square Feet (sqft)

7,068,622

Weighted Average Occupancy

^[1]

94.20%

Manhattan | Office

Real estate properties

Number of Properties | property

Square Feet (sqft)

6,444,400

Weighted Average Occupancy

^[1]

94.10%

Manhattan | Retail

Real estate properties

Number of Properties | property

^[2]

Square Feet (sqft)

343,692

Weighted Average Occupancy

^[1]

98.40%

Manhattan | Development/Redevelopment

Real estate properties

Number of Properties | property

Square Feet (sqft)

104,000

Weighted Average Occupancy

^[1]

72.50%

Manhattan | Fee Interest

Real estate properties

Number of Properties | property

Square Feet (sqft)

176,530

Weighted Average Occupancy

^[1]

100.00%

Manhattan | Residential

Real estate properties

Number of Properties | property

^[2]

Square Feet (sqft)

222,855

Weighted Average Occupancy

^[1]

96.10%

Suburban | Office

Real estate properties

Number of Properties | property

Square Feet (sqft)

3,417,900

Weighted Average Occupancy

^[1]

80.20%

[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 September 30, 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) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Investment in Commercial Real Estate Properties
Increase in rental revenue from amortization of acquired leases		$ 4,900	$ 6,800	$ 16,000	$ 20,200
Increase /( reduction) in interest expense from amortization of above-market rate mortgages		100	$ 100	400	$ 400
Identified intangible assets (included in other assets):
Gross amount		254,824		254,824		$ 221,615
Accumulated amortization		(173,726)		(173,726)		(147,069)
Net		81,098		81,098		74,546
Identified intangible liabilities (included in deferred revenue):
Gross amount		428,100		428,100		420,261
Accumulated amortization		(295,849)		(295,849)		(268,375)
Net		$ 132,251		$ 132,251		$ 151,886
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 and below market leases \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets				1 year
Above and below market leases \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets				14 years
In-place leases \| Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets				1 year
In-place leases \| Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets				14 years
16 Court
Investment in Commercial Real Estate Properties
Increase /( reduction) in interest expense from amortization of above-market rate mortgages	$ 300

Significant Accounting Policies (Details 2)	9 Months Ended
Significant Accounting Policies (Details 2)	Sep. 30, 2014
Revenue Recognition
Period after which payments become past due	90 days

Significant Accounting Policies (Details 3)	3 Months Ended
Significant Accounting Policies (Details 3)	Sep. 30, 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)	20.60%
Annualized cash rent \| Customer concentration \| 750 Third Avenue
Concentrations of Credit Risk
Percentage of concentration (percent)	10.20%
Annualized cash rent \| Customer concentration \| 919 Third Avenue
Concentrations of Credit Risk
Percentage of concentration (percent)	10.20%
Annualized cash rent \| Customer concentration \| 1350 Avenue of the Americas
Concentrations of Credit Risk
Percentage of concentration (percent)	9.20%
Annualized cash rent \| Customer concentration \| 810 Seventh Avenue
Concentrations of Credit Risk
Percentage of concentration (percent)	8.70%
Annualized cash rent \| First tenant \| Customer concentration
Concentrations of Credit Risk
Percentage of concentration (percent)	5.20%
Annualized cash rent \| Second tenant \| Customer concentration
Concentrations of Credit Risk
Percentage of concentration (percent)	3.50%

Property Acquisitions Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2014	Jul. 31, 2014	Mar. 31, 2014	Nov. 30, 2013
635 Madison Avenue
Business Acquisition [Line Items]
Property acquisition price	$ 153.7
115 Spring Street
Business Acquisition [Line Items]
Property acquisition price		$ 53.1
315 West 33rd Street
Business Acquisition [Line Items]
Above and in-place leases			$ 33.2
Below-market leases			$ 7.8
Mixed-Use Residential and Commercial Property \| 315 West 33rd Street
Business Acquisition [Line Items]
Property acquisition price				$ 386.8
Land purchase price allocation				116.0
Buildings purchase price allocation				$ 270.8

Property Dispositions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Property Dispositions (Details) - USD ($) $ in Thousands	May 31, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) gain on sale of discontinued operations		$ (250)	$ 13,787	$ 117,579	$ 13,787
Revenues
Rental revenue, net		0	6,137	7,853	24,122
Escalation and reimbursement revenues		0	1,358	1,080	3,299
Other income		0	11	0	15
Total revenues		0	7,506	8,933	27,436
Operating expenses		58	1,414	1,222	5,730
Real estate taxes		0	1,167	1,402	3,558
Ground rent		0	2,196	3,001	5,778
Interest expense, net of interest income		0	645	879	2,274
Depreciation and amortization		0	462	433	4,364
Total expenses		58	5,884	6,937	21,704
Net (loss) income from discontinued operations		$ (58)	$ 1,622	$ 1,996	$ 5,732
673 First Ave
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Agreed sale consideration	$ 145,000
(Loss) gain on sale of discontinued operations	$ 117,600

Preferred Equity and Other Investments (Details)
$ in Thousands

1 Months Ended

9 Months Ended

Mar. 31, 2014

USD ($)

extension

Jan. 31, 2013

USD ($)

Sep. 30, 2014

USD ($)

Dec. 31, 2013

USD ($)

Debt and preferred equity investments

Senior financing

$ 1,546,260

Carrying value

^[1]

355,828

$ 369,364

Equity method investment

$ 40,200

Debt and preferred equity

Debt and preferred equity investments

Aggregate weighted average current yield (as a percent)

9.76%

Preferred equity with initial mandatory redemption on July, 2015

Debt and preferred equity investments

Senior financing

^[2]

$ 550,000

Carrying value

^[1],[2]

121,158

115,198

Preferred equity with initial mandatory redemption on July, 2016

Debt and preferred equity investments

Senior financing

^[2]

926,260

Carrying value

^[1],[2]

224,720

218,330

Preferred equity with an initial mandatory redemption on November 2017

Debt and preferred equity investments

Senior financing

70,000

Carrying value

^[1]

9,950

9,940

Preferred equity redeemed in April 2014

Debt and preferred equity investments

Senior financing

^[3]

Carrying value

^[1],[3]

$ 25,896

Participating financing

Debt and preferred equity investments

Equity method investment

$ 40,000

$ 40,200

Number of 1-year extension periods | extension

Extension period

1 year

Last extension period

2 years

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 redeemed in April 2014.

Mortgage Note and Other Loans Payable (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Apr. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Debt Instrument [Line Items]

Mortgage note and other loans payable

$ 550,000

$ 629,266

Loss on early extinguishment of debt

$ 0

519

$ 76

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

1,500,000

$ 1,500,000

1,600,000

Other loan payable

Debt Instrument [Line Items]

Interest rate (as a percent)

^[1],[2]

8.00%

Secured debt

^[2]

50,000

$ 50,000

50,000

919 Third Avenue

Debt Instrument [Line Items]

Interest rate (as a percent)

^[1],[3]

5.12%

Secured debt

^[3]

$ 500,000

500,000

Controlling interest in the joint venture (as a percent)

51.00%

16 Court

Debt Instrument [Line Items]

Interest rate (as a percent)

^[1],[4]

0.00%

Secured debt

^[4]

$ 0

79,243

Loss on early extinguishment of debt

$ 500

609 Partners, LLC

Debt Instrument [Line Items]

Interest rate (as a percent)

^[1],[5]

0.00%

Unsecured debt

^[5]

$ 0

$ 23

Series E preferred units canceled (in shares)

22,658

[1]	Effective weighted average interest rate for the three months ended September 30, 2014.
[2]	This loan is secured by a portion of a preferred equity investment.
[3]	We own a 51.0% controlling interest in the joint venture that is the borrower on this loan.
[4]	In April 2014, we repaid the loan and incurred a loss on early extinguishment of debt of $0.5 million.
[5]	In April 2014, the remaining 22,658 Series E Preferred Units of the Operating Partnership were canceled.

Corporate Indebtedness Narrative (Details)		9 Months Ended
Corporate Indebtedness Narrative (Details)	Nov. 10, 2014 USD ($)	Sep. 30, 2014 USD ($) extenstion_option	Dec. 31, 2013 USD ($)	Nov. 30, 2012 USD ($)
Corporate Indebtedness
Line of credit, carrying value		$ 244,000,000	$ 220,000,000
2012 Credit Facility
Corporate Indebtedness
Maximum borrowing capacity				$ 1,600,000,000.0
Number of extension options (extension options) \| extenstion_option		2
Extension period		6 months
Maximum borrowing capacity, optional expansion		$ 1,500,000,000.0
Interest rate, description		LIBOR
Letters of credit		$ 113,300,000
Total undrawn capacity		800,000,000
Debt origination and other loan costs		2,800,000
Revolving credit facility
Corporate Indebtedness
Long-term Debt		244,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Four		0
Maximum borrowing capacity		$ 1,200,000,000.0
Effective rate (as a percent)		1.61%
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%
Line of credit, carrying value		$ 244,000,000
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
Effective rate (as a percent)		1.64%
Interest rate added to base rate (as a percent)		1.40%
Line of credit, carrying value		$ 783,000,000
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)		1.90%
Facility fee on total commitments, payable quarterly in arrears (as a percent)		0.35%
3.00% exchangeable senior notes due 2017
Corporate Indebtedness
Stated interest rate		3.00%
Term loan and Senior Unsecured Notes
Corporate Indebtedness
Long-term Debt		$ 1,738,315,000
Long-term Debt, Maturities, Repayments of Principal in Year Four		$ 0
Subsequent event \| Term loan
Corporate Indebtedness
Maximum borrowing capacity	$ 833,000,000
Increase to borrowing capacity	$ 50,000,000

Corporate Indebtedness Senior Unsecured Notes and Other Related Disclosures (Details)

9 Months Ended

Sep. 30, 2014

USD ($)

$ / shares

Dec. 31, 2013

USD ($)

Debt Instrument [Line Items]

Accreted Balance

$ 1,737,973,000

$ 1,430,792,000

6.00% senior unsecured notes maturing on March 31, 2016

Debt Instrument [Line Items]

Unpaid Principal Balance

255,308,000

Accreted Balance

$ 255,238,000

255,206,000

Coupon Rate (as a percent)

^[1]

6.00%

Effective Rate (as a percent)

^[1]

6.00%

Term

10 years

5.00% senior unsecured notes maturing on August 15, 2018

Debt Instrument [Line Items]

Unpaid Principal Balance

^[2]

$ 250,000,000

Accreted Balance

^[2]

$ 249,728,000

249,681,000

Coupon Rate (as a percent)

^[1],[2]

5.00%

Effective Rate (as a percent)

^[1],[2]

5.00%

Term

^[2]

7 years

7.75% senior unsecured notes maturing on March 15, 2020

Debt Instrument [Line Items]

Unpaid Principal Balance

^[2]

$ 250,000,000

Accreted Balance

^[2]

$ 250,000,000

250,000,000

Coupon Rate (as a percent)

^[1],[2]

7.75%

Effective Rate (as a percent)

^[1],[2]

7.75%

Term

^[2]

10 years

4.50% senior unsecured notes maturing on December 01, 2022

Debt Instrument [Line Items]

Unpaid Principal Balance

^[2]

$ 200,000,000

Accreted Balance

^[2]

$ 200,000,000

200,000,000

Coupon Rate (as a percent)

^[1],[2]

4.50%

Effective Rate (as a percent)

^[1],[2]

4.50%

Term

^[2]

10 years

4.00% senior unsecured notes maturing on June 15, 2025

Debt Instrument [Line Items]

Unpaid Principal Balance

^[3]

$ 7,000

Accreted Balance

^[3]

$ 7,000

7,000

Coupon Rate (as a percent)

^[1],[3]

4.00%

Effective Rate (as a percent)

^[1],[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

5.88% senior unsecured notes maturing on August 15, 2014

Debt Instrument [Line Items]

Unpaid Principal Balance

^[4]

$ 0

Accreted Balance

^[4]

$ 0

75,898,000

Coupon Rate (as a percent)

^[1],[4]

Effective Rate (as a percent)

^[1],[4]

Term

^[4]

Senior Unsecured Notes

Debt Instrument [Line Items]

Unpaid Principal Balance

$ 955,315,000

Accreted Balance

$ 954,973,000

$ 1,030,792,000

[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.
[4]	In August 2014, these notes were repaid at maturity.

Corporate Indebtedness Aggregate Principal Maturities of Mortgage Note and Other Loans Payable (Details) $ in Thousands	Sep. 30, 2014 USD ($)
Total [Abstract]
2014	$ 0
2015	7
2016	258,874
2017	7,411
2018	501,799
Thereafter	1,764,224
Total amortization of debt and principal repayments	2,532,315
Mortgage Loans Payable
Scheduled Amortization [Abstract]
Remaining 2014	0
2015	0
2016	3,566
2017	7,411
2018	7,799
Thereafter	39,630
Total amortization of debt	58,406
Principal, Revolving Credit Facility, Term Loan and Senior Unsecured Notes Repayments [Abstract]
Remaining 2014	0
2015	0
2016	0
2017	0
2018	0
Thereafter	491,594
Total principal repayments	491,594
Revolving Credit Facility
Principal, Revolving Credit Facility, Term Loan and Senior Unsecured Notes Repayments [Abstract]
Remaining 2014	0
2015	0
2016	0
2017	0
2018	244,000
Thereafter	0
Total principal repayments	244,000
Term loan and Senior Unsecured Notes
Principal, Revolving Credit Facility, Term Loan and Senior Unsecured Notes Repayments [Abstract]
Remaining 2014	0
2015	7
2016	255,308
2017	0
2018	250,000
Thereafter	1,233,000
Total principal repayments	$ 1,738,315

Corporate Indebtedness Interest Expense Excluding Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Debt Disclosure [Abstract]
Interest expense	$ 27,320	$ 28,066	$ 80,726	$ 81,191
Interest income	(7)	(1)	(17)	(4)
Interest expense, net of interest income	27,313	28,065	80,709	81,187
Interest capitalized	$ 937	$ 0	$ 2,835	$ 0

Fair Value Measurements (Details) - USD ($)
$ in Thousands

Sep. 30, 2014

Dec. 31, 2013

Fair Value of Financial Instruments

Carrying value

^[1]

$ 355,828

$ 369,364

Carrying Value | Level 3

Fair Value of Financial Instruments

Carrying value

355,828

369,364

Fixed rate debt

1,534,973

1,610,815

Variable rate debt

997,000

669,243

Total fair value of debt

2,531,973

2,280,058

Fair Value | Level 3

Fair Value of Financial Instruments

Carrying value

400,000

Fixed rate debt

1,677,881

1,714,721

Variable rate debt

1,025,320

684,871

Total fair value of debt

2,703,201

$ 2,399,592

Fair Value | Level 3 | Minimum

Fair Value of Financial Instruments

Carrying value

355,800

Fair Value | Level 3 | Maximum

Fair Value of Financial Instruments

Carrying value

$ 391,400

[1]	Carrying value is net of discounts and deferred origination fees.

Financial Instruments: Derivatives and Hedging (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Derivative [Line Items]
Loss from settlement of hedges included in accumulated other comprehensive loss	$ 2,400,000		$ 2,400,000		$ 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		$ 30,000,000
Strike Rate (percent)	2.295%		2.295%
Fair Value	$ 893,000		$ 893,000
Amount of Gain (Loss) Recognized in Other Comprehensive Loss (Effective Portion)	21,000	$ (149,000)	(88,000)	$ 44,000
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)	254,000	234,000	756,000	711,000
Amount of Gain Recognized into Income (Ineffective Portion)	1,000	$ 2,000	3,000	$ 2,000
2012 Credit Facility \| Interest Rate Swap
Derivative [Line Items]
Notional Value	$ 30,000,000.0		$ 30,000,000.0

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Affiliate
Related Party Transactions
Profit participation received by related party	$ 0.8	$ 0.7	$ 2.4	$ 2.3
Alliance Building Services
Related Party Transactions
Payments made for services	1.8	1.9	4.5	4.9
SL Green
Related Party Transactions
Allocation of salary and other operating costs from related party	2.0	1.8	5.8	5.2
Insurance expense incurred	$ 1.3	$ 1.3	$ 3.9	$ 3.7

Commitments and Contingencies (Details) $ in Thousands	9 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum initial term of noncancellable operating leases	1 year
Non-cancellable operating leases
Remaining 2014	$ 3,144
2015	10,474
2016	10,474
2017	10,474
2018	10,474
Thereafter	272,906
Total minimum lease payments	$ 317,946

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) segment	Sep. 30, 2013 USD ($)	Dec. 31, 2013 USD ($)
Segment information
Number of reportable segments (segment) \| segment			2
Revenues	$ 150,213	$ 141,450	$ 442,062	$ 417,165
Income from continuing operations:	14,975	15,672	41,510	52,396
Total assets	6,016,685		$ 6,016,685		$ 5,888,120
Leverage rate assumption (as a percent)			100.00%
Real Estate Segment
Segment information
Revenues	141,511	132,026	$ 415,308	388,545
Income from continuing operations:	7,017	7,490	17,866	27,760
Total assets	5,619,268		5,619,268		5,517,588
Preferred Equity and Other Investments Segment
Segment information
Revenues	8,702	9,424	26,754	28,620
Income from continuing operations:	7,958	$ 8,182	23,644	$ 24,636
Total assets	$ 397,417		$ 397,417		$ 370,532

Subsequent Events (Details) - Term loan - USD ($)		9 Months Ended
Subsequent Events (Details) - Term loan - USD ($)	Nov. 10, 2014	Sep. 30, 2014
Subsequent Event [Line Items]
Increase to borrowing capacity		$ 383,000,000
Maximum borrowing capacity		$ 783,000,000.0
Subsequent event
Subsequent Event [Line Items]
Increase to borrowing capacity	$ 50,000,000
Maximum borrowing capacity	$ 833,000,000