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000104097112/312021Q3FALSE000149286912/312021Q3FALSEThe Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $316.0 million and $41.2 million of land, $341.2 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $18.5 million and $10.3 million of accumulated depreciation, $293.8 million and $289.5 million of other assets included in other line items, $450.1 million and $94.0 million of real estate debt, net, $1.3 million and $0.7 million of accrued interest payable, $45.4 million and $29.9 million of lease liabilities, and $24.9 million and $56.6 million of other liabilities included in other line items as of September 30, 2021 and December 31, 2020, respectively.us-gaap:AccountingStandardsUpdate201613MemberThe Operating Partnership's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $316.0 million and $41.2 million of land, $341.2 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $18.5 million and $10.3 million of accumulated depreciation, $293.8 million and $289.5 million of other assets included in other line items, $450.1 million and $94.0 million of real estate debt, net, $1.3 million and $0.7 million of accrued interest payable, $45.4 million and $29.9 million of lease liabilities, and $24.9 million and $56.6 million of other liabilities included in other line items as of September 30, 2021 and December 31, 2020, 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                
Commission File Number: 1-13199 (SL Green Realty Corp.)
Commission File Number: 33-167793-02 (SL Green Operating Partnership, L.P.)
______________________________________________________________________
SL GREEN REALTY CORP.
SL GREEN OPERATING PARTNERSHIP, L.P.
(Exact name of registrant as specified in its charter)
______________________________________________________________________
SL Green Realty Corp.Maryland13-3956775
SL Green Operating Partnership, L.P.Delaware13-3960938
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
One Vanderbilt AvenueNew YorkNY 10017
(Address of principal executive offices—Zip Code)

(212594-2700
(Registrant's telephone number, including area code)
______________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
SL Green Realty Corp.    Yes x    No o            SL Green Operating Partnership, L.P.    Yes x    No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
SL Green Realty Corp.     Yes x    No o            SL Green Operating Partnership, L.P.    Yes x    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
SL Green Realty Corp.
Large accelerated filerxAccelerated filer
Non-accelerated filer
Smaller Reporting CompanyEmerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
SL Green Operating Partnership, L.P.
Large accelerated filerAccelerated filer
Non-accelerated filerx
Smaller Reporting CompanyEmerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). 
SL Green Realty Corp.    Yes     No x            SL Green Operating Partnership, L.P.    Yes     No x
Securities registered pursuant to Section 12(b) of the Act:
RegistrantTrading SymbolTitle of Each ClassName of Each Exchange on Which Registered
SL Green Realty Corp.SLGCommon Stock, $0.01 par valueNew York Stock Exchange
SL Green Realty Corp.SLG.PRI6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par valueNew York Stock Exchange
As of November 5, 2021, 66,726,676 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of November 5, 2021, 689,437 common units of limited partnership interest of SL Green Operating Partnership, L.P. were held by non-affiliates. There is no established trading market for such units.




EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2021 of SL Green Realty Corp. and SL Green Operating Partnership, L.P. Unless stated otherwise or the context otherwise requires, references to "SL Green Realty Corp.," the "Company" or "SL Green" mean SL Green Realty Corp. and its consolidated subsidiaries, including SL Green Operating Partnership, L.P.; and references to "SL Green Operating Partnership, L.P.," the "Operating Partnership" or "SLGOP" mean SL Green Operating Partnership, L.P. and its consolidated subsidiaries. The terms "we," "our" and "us" mean the Company and all the entities owned or controlled by the Company, including the Operating Partnership.
The Company is a Maryland corporation which operates as a self-administered and self-managed real estate investment trust, or REIT, and is the sole managing general partner of the Operating Partnership. As a general partner of the Operating Partnership, the Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership.
As of September 30, 2021, the Company owns 94.50% of the outstanding general and limited partnership interest in the Operating Partnership and owns 9,200,000 Series I Preferred Units of the Operating Partnership. As of September 30, 2021, noncontrolling investors held, in aggregate, a 5.50% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership.
The Company and the Operating Partnership are managed and operated as one entity. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.
Noncontrolling interests in the Operating Partnership, stockholders' equity of the Company and partners' capital of the Operating Partnership are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The common limited partnership interests in the Operating Partnership not owned by the Company are accounted as noncontrolling interests, within mezzanine equity, in the Company's and the Operating Partnership's consolidated financial statements.
We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:
Combined reports enhance investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
Combined reports eliminate duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership; and
Combined reports create time and cost efficiencies through the preparation of one combined report instead of two separate reports.
To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:
consolidated financial statements; and
the following notes to the consolidated financial statements:
Note 11, Noncontrolling Interests on the Company’s Consolidated Financial Statements;
Note 12, Stockholders' Equity of the Company; and
Note 13, Partners' Capital of the Operating Partnership.
This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership, respectively, in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Company, in both their capacity as the principal executive officer and principal financial officer of the Company and the principal executive officer and principal financial officer of the general partner of the Operating Partnership, have made the requisite certifications and that the Company and the Operating Partnership are compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, or the Exchange Act.



On December 4, 2020, our Board of Directors declared an ordinary dividend and a special dividend (together, "the Total Dividend"). The Total Dividend was paid on January 15, 2021 to shareholders of record at the close of business on December 15, 2020 ("the Record Date"). Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. As a result of the elections made, the cash option was oversubscribed and was prorated. Shareholders who elected to receive cash received, for each share of common stock they owned as of the Record Date, approximately $0.3735 in cash and 0.0279 shares of common stock. Shareholders who elected to receive shares received, for each share of common stock they owned as of the Record Date, approximately 0.0343 shares of common stock. The number of shares issued was calculated based on the volume weighted average trading price of SLG's common stock between January 5-7, 2021, of $58.15 per share.
To mitigate the dilutive impact of the common stock issued in the special dividend, the Board of Directors also authorized a reverse stock split, which was effective after markets closed on January 20, 2021. On January 8, 2021, a committee of the Board of Directors calculated the ratio for the reverse stock split of our issued and outstanding shares of common stock as 1.02918-for-1. After the issuance of the dividend and the completion of the reverse stock split, the number of shares of our common stock outstanding was equivalent to the number of total shares outstanding on the Record Date (not including any issuances or repurchases that occurred following the Record Date, as well as any fractional shares that would have been issued but for which cash-in-lieu was paid). However, on a relative basis, some individual shareholders may have more shares of SLG’s common stock, and some individual shareholders may have fewer shares of our common stock, depending on their individual elections to receive cash or stock and as a result of the cash option being oversubscribed.
All share-related references and measurements including the number of shares outstanding, share prices, number of shares repurchased, earnings per share, dividends per share, and share-based compensation awards, have been retroactively adjusted to reflect the reverse stock split for all periods presented in this Quarterly Report on Form 10-Q.



SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION 
Item 1.FINANCIAL STATEMENTS
FINANCIAL STATEMENTS OF SL GREEN REALTY CORP.
Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020
Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Consolidated Statements of Equity for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P.
Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020
Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Consolidated Statements of Capital for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)
Notes to Consolidated Financial Statements (unaudited)
Management's Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures about Market Risk
Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.)
PART II.OTHER INFORMATION
Legal Proceedings
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Defaults Upon Senior Securities
Mine Safety Disclosures
Other Information
Exhibits
Signatures


Table of Contents


SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

5

Table of Contents

SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
September 30, 2021December 31, 2020
(unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests
$1,489,101 $1,315,832 
Building and improvements
3,828,052 4,168,193 
Building leasehold and improvements
1,649,796 1,448,134 
Right of use asset - financing leases27,445 55,711 
Right of use asset - operating leases498,416 367,209 
7,492,810 7,355,079 
Less: accumulated depreciation
(1,904,465)(1,956,077)
5,588,345 5,399,002 
Cash and cash equivalents257,941 266,059 
Restricted cash87,992 106,736 
Investments in marketable securities34,428 28,570 
Tenant and other receivables44,964 44,507 
Related party receivables35,674 34,657 
Deferred rents receivable254,277 302,791 
Debt and preferred equity investments, net of discounts and deferred origination fees of $6,494 and $11,232 and allowances of $6,630 and $13,213 in 2021 and 2020, respectively
1,052,110 1,076,542 
Investments in unconsolidated joint ventures3,028,084 3,823,322 
Deferred costs, net124,637 177,168 
Other assets347,407 448,213 
Total assets (1)
$10,855,859 $11,707,567 
Liabilities
Mortgages and other loans payable, net$1,422,287 $1,979,972 
Revolving credit facility, net216,902 105,262 
Unsecured term loans, net1,496,583 1,495,275 
Unsecured notes, net899,118 1,248,219 
Accrued interest payable20,777 14,825 
Other liabilities157,375 302,798 
Accounts payable and accrued expenses137,946 151,309 
Deferred revenue120,567 118,572 
Lease liability - financing leases125,168 152,521 
Lease liability - operating leases437,357 339,458 
Dividend and distributions payable23,958 149,294 
Security deposits54,366 53,836 
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities100,000 100,000 
Total liabilities (1)
5,212,404 6,211,341 
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SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
September 30, 2021December 31, 2020
(unaudited)
Commitments and contingencies
Noncontrolling interests in Operating Partnership362,737 358,262 
Preferred units198,503 202,169 
Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2021 and December 31, 2020
221,932 221,932 
Common stock, $0.01 par value, 160,000 shares authorized and 67,926 and 69,534 issued and outstanding at September 30, 2021 and December 31, 2020, respectively (including 1,061 and 1,026 shares held in treasury at September 30, 2021 and December 31, 2020, respectively)
680 716 
Additional paid-in-capital3,774,119 3,862,949 
Treasury stock at cost(126,160)(124,049)
Accumulated other comprehensive loss(60,597)(67,247)
Retained earnings1,258,232 1,015,462 
Total SL Green stockholders' equity5,068,206 4,909,763 
Noncontrolling interests in other partnerships14,009 26,032 
Total equity5,082,215 4,935,795 
Total liabilities and equity$10,855,859 $11,707,567 
(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $316.0 million and $41.2 million of land, $341.2 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $18.5 million and $10.3 million of accumulated depreciation, $293.8 million and $289.5 million of other assets included in other line items, $450.1 million and $94.0 million of real estate debt, net, $1.3 million and $0.7 million of accrued interest payable, $45.4 million and $29.9 million of lease liabilities, and $24.9 million and $56.6 million of other liabilities included in other line items as of September 30, 2021 and December 31, 2020, respectively.


The accompanying notes are an integral part of these consolidated financial statements.
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SL Green Realty Corp.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)

Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenues
Rental revenue, net$155,363 $195,515 $528,063 $614,032 
Investment income20,072 22,988 59,452 101,464 
Other income29,766 31,341 61,895 102,350 
Total revenues205,201 249,844 649,410 817,846 
Expenses
Operating expenses, including related party expenses of $3,563 and $8,827 in 2021 and $2,801 and $9,289 in 2020
40,684 45,910 126,851 140,673 
Real estate taxes32,139 43,522 121,318 131,805 
Operating lease rent6,557 6,973 20,003 22,171 
Interest expense, net of interest income14,807 23,536 57,155 91,100 
Amortization of deferred financing costs2,345 3,151 9,505 8,312 
Depreciation and amortization49,277 92,516 169,534 256,736 
Loan loss and other investment reserves, net of recoveries 8,957  27,018 
Transaction related costs190 45 215 483 
Marketing, general and administrative23,477 23,602 68,426 66,682 
Total expenses169,476 248,212 573,007 744,980 
Equity in net loss from unconsolidated joint ventures(15,487)(432)(31,321)(15,445)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(1,280) (5,438) 
Purchase price and other fair value adjustments208,810  209,527  
Gain on sale of real estate, net187,766 26,104 285,338 163,624 
Depreciable real estate reserves and impairment (6,627)(5,696)(6,627)
Net income415,534 20,677 528,813 214,418 
Net income attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership(22,683)(802)(28,489)(10,073)
Noncontrolling interests in other partnerships915 (414)2,454 (1,145)
Preferred units distributions(1,823)(1,864)(5,492)(6,883)
Net income attributable to SL Green391,943 17,597 497,286 196,317 
Perpetual preferred stock dividends(3,738)(3,738)(11,213)(11,213)
Net income attributable to SL Green common stockholders$388,205 $13,859 $486,073 $185,104 
Basic earnings per share$5.77 $0.19 $7.08 $2.51 
Diluted earnings per share$5.75 $0.19 $7.04 $2.50 
Basic weighted average common shares outstanding66,840 70,943 68,275 73,373 
Diluted weighted average common shares and common share equivalents outstanding 71,487 75,414 73,087 77,937 
    
The accompanying notes are an integral part of these consolidated financial statements.
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SL Green Realty Corp.
Consolidated Statements of Comprehensive Income
(unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Net income $415,534 $20,677 $528,813 $214,418 
Other comprehensive income (loss):
Increase (decrease) in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments6,615 6,099 6,565 (48,227)
Increase (decrease) in unrealized value of marketable securities66 389 314 (2,152)
Other comprehensive income (loss)6,681 6,488 6,879 (50,379)
Comprehensive income422,215 27,165 535,692 164,039 
Net income attributable to noncontrolling interests and preferred units distributions(23,591)(3,080)(31,527)(18,101)
Other comprehensive (income) loss attributable to noncontrolling interests(415)(317)(229)2,664 
Comprehensive income attributable to SL Green$398,209 $23,768 $503,936 $148,602 


The accompanying notes are an integral part of these consolidated financial statements.

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SL Green Realty Corp.
Consolidated Statements of Equity
(unaudited, in thousands, except per share data)
SL Green Realty Corp. Stockholders
 Common Stock
Series I
Preferred
Stock
SharesPar
Value
Additional
Paid-
In-Capital
Treasury
Stock
Accumulated
Other
Comprehensive Loss
Retained
Earnings
Noncontrolling
Interests
Total
Balance at December 31, 2020$221,932 68,508 $716 $3,862,949 $(124,049)$(67,247)$1,015,462 $26,032 $4,935,795 
Net income (loss)105,343 (1,539)103,804 
Other comprehensive income384 384 
Preferred dividends (7,475)(7,475)
DRSPP proceeds7 467 467 
Reallocation of noncontrolling interest in the Operating Partnership(32,475)(32,475)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings112 2 14,317 14,319 
Repurchases of common stock(2,781)(28)(177,972)(20,887)(198,887)
Contributions to consolidated joint venture interests305 305 
Cash distributions to noncontrolling interests(173)(173)
Issuance of special dividend paid primarily in stock2,034 123,529 123,529 
Cash distributions declared ($1.820 per common share, none of which represented a return of capital for federal income tax purposes)
(125,836)(125,836)
Balance at June 30, 2021$221,932 67,880 $690 $3,823,290 $(124,049)$(66,863)$934,132 $24,625 $4,813,757 
Net income (loss)391,943 (915)391,028 
Other comprehensive income6,266 6,266 
Preferred dividends (3,738)(3,738)
DRSPP proceeds2 146 146 
Reallocation of noncontrolling interest in the Operating Partnership15,230 15,230 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings(1)7,932 7,932 
Repurchases of common stock(1,016)(10)(57,249)(20,698)(77,957)
Contributions to consolidated joint venture interests5 5 
Sale of interest in partially owned entity(4,476)(4,476)
Cash distributions to noncontrolling interests(5,230)(5,230)
Issuance of special dividend paid primarily in stock(2,111)2,111  
Cash distributions declared ($0.910 per common share, none of which represented a return of capital for federal income tax purposes)
(60,748)(60,748)
Balance at September 30, 2021$221,932 66,865 $680 $3,774,119 $(126,160)$(60,597)$1,258,232 $14,009 $5,082,215 
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SL Green Realty Corp.
Consolidated Statements of Equity
(unaudited, in thousands, except per share data)
SL Green Realty Corp. Stockholders 
Common Stock
Series I
Preferred
Stock
SharesPar
Value
Additional
Paid-
In-Capital
Treasury
Stock
Accumulated
Other
Comprehensive Loss
Retained
Earnings
Noncontrolling
Interests
Total
Balance at December 31, 2019$221,932 76,956 $803 $4,286,395 $(124,049)$(28,485)$1,084,719 $75,883 $5,517,198 
Cumulative adjustment upon adoption of ASC 326(39,184)(39,184)
Balance at January 1, 2020$221,932 76,956 $803 $4,286,395 $(124,049)$(28,485)$1,045,535 $75,883 $5,478,014 
Net income178,720 730 179,450 
Acquisition of subsidiary interest from noncontrolling interest(3,123)1,587 (1,536)
Other comprehensive loss(53,886)(53,886)
Preferred dividends (7,475)(7,475)
DRSPP proceeds6 364 364 
Conversion of units in the Operating Partnership for common stock98 1 8,743 8,744 
Reallocation of noncontrolling interest in the Operating Partnership31,144 31,144 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings(32)— 13,493 13,493 
Repurchases of common stock(5,442)(56)(283,981)(76,831)(360,868)
Contributions to consolidated joint venture interests8,186 8,186 
Cash distributions to noncontrolling interests(596)(596)
Cash distributions declared ($1.214 per common share, none of which represented a return of capital for federal income tax purposes)
(