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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 June 30, 2022
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 August 3, 2022, 64,300,766 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of August 3, 2022, 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 June 30, 2022 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 June 30, 2022, the Company owns 93.94% 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 June 30, 2022, noncontrolling investors held, in aggregate, a 6.06% 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 2, 2021, our Board of Directors declared an ordinary dividend of $0.3108 per share and a special dividend of $2.4392 per share (together, "the Total Dividend"). The Total Dividend was paid on January 18, 2022 to shareholders of record at the close of business on December 15, 2021 ("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 $0.3976 in cash and 0.0295 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 0.0345 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, 2022 of $79.71 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 21, 2022. On January 10, 2022, 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 1.03060-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 June 30, 2022 (unaudited) and December 31, 2021
Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Equity for the three and six months ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P.
Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021
Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Capital for the three and six months ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (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

FITEM 1. FINANCIAL STATEMENTS

5

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SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
June 30, 2022December 31, 2021
(unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests
$1,209,913 $1,350,701 
Building and improvements
3,579,961 3,671,402 
Building leasehold and improvements
1,666,935 1,645,081 
Right of use asset - operating leases983,723 983,723 
7,440,532 7,650,907 
Less: accumulated depreciation
(1,961,766)(1,896,199)
5,478,766 5,754,708 
Assets held for sale 140,855 
Cash and cash equivalents189,360 251,417 
Restricted cash87,701 85,567 
Investments in marketable securities26,260 34,752 
Tenant and other receivables40,909 47,616 
Related party receivables27,293 29,408 
Deferred rents receivable249,998 248,313 
Debt and preferred equity investments, net of discounts and deferred origination fees of $2,482 and $5,057 and allowances of $6,630 and $6,630 in 2022 and 2021, respectively
1,134,080 1,088,723 
Investments in unconsolidated joint ventures3,074,200 2,997,934 
Deferred costs, net118,829 124,495 
Other assets277,487 262,841 
Total assets (1)
$10,704,883 $11,066,629 
Liabilities
Mortgages and other loans payable, net$1,516,921 $1,394,386 
Revolving credit facility, net122,407 381,334 
Unsecured term loans, net1,242,619 1,242,002 
Unsecured notes, net899,658 899,308 
Accrued interest payable11,862 12,698 
Other liabilities264,876 195,390 
Accounts payable and accrued expenses145,237 157,571 
Deferred revenue104,295 107,275 
Lease liability - financing leases103,561 102,914 
Lease liability - operating leases852,614 851,370 
Dividend and distributions payable24,456 187,372 
Security deposits54,696 52,309 
Liabilities related to assets held for sale 64,120 
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities100,000 100,000 
Total liabilities (1)
5,443,202 5,748,049 
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SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
June 30, 2022December 31, 2021
(unaudited)
Commitments and contingencies
Noncontrolling interests in Operating Partnership334,974 344,252 
Preferred units177,943 196,075 
Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2022 and December 31, 2021
221,932 221,932 
Common stock, $0.01 par value, 160,000 shares authorized and 65,362 and 65,132 issued and outstanding at June 30, 2022 and December 31, 2021, respectively (including 1,060 and 1,027 shares held in treasury at June 30, 2022 and December 31, 2021, respectively)
655 672 
Additional paid-in-capital3,801,272 3,739,409 
Treasury stock at cost(128,655)(126,160)
Accumulated other comprehensive income (loss)8,595 (46,758)
Retained earnings779,999 975,781 
Total SL Green stockholders' equity4,683,798 4,764,876 
Noncontrolling interests in other partnerships64,966 13,377 
Total equity4,748,764 4,778,253 
Total liabilities and equity$10,704,883 $11,066,629 
(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: $179.6 million and $193.4 million of land, $302.0 million and $336.9 million of building and improvements, $ million and $ million of building and leasehold improvements, $15.4 million and $15.4 million of right of use assets, $12.5 million and $11.7 million of accumulated depreciation, $608.2 million and $574.4 million of other assets included in other line items, $386.8 million and $418.9 million of real estate debt, net, $0.1 million and $0.8 million of accrued interest payable, $15.3 million and $15.3 million of lease liabilities, and $152.4 million and $145.2 million of other liabilities included in other line items as of June 30, 2022 and December 31, 2021, 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 June 30,Six Months Ended June 30,
 2022202120222021
Revenues
Rental revenue, net$155,232 $184,611 $311,263 $372,700 
Investment income20,407 20,107 40,295 39,380 
Other income25,806 13,389 37,851 32,129 
Total revenues201,445 218,107 389,409 444,209 
Expenses
Operating expenses, including related party expenses of $3,172 and $5,695 in 2022, and $3,039 and $5,264 in 2021
39,557 43,883 82,140 86,167 
Real estate taxes30,819 43,768 61,566 89,179 
Operating lease rent6,477 6,707 13,041 13,446 
Interest expense, net of interest income14,960 18,960 30,030 42,348 
Amortization of deferred financing costs1,917 3,386 3,865 7,160 
Depreciation and amortization46,914 57,261 93,897 120,257 
Transaction related costs1 3 29 25 
Marketing, general and administrative23,522 22,064 48,298 44,949 
Total expenses164,167 196,032 332,866 403,531 
Equity in net loss from unconsolidated joint ventures(4,550)(12,970)(9,265)(15,834)
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate(131)8,471 (131)(4,158)
Purchase price and other fair value adjustments(6,168)(1,947)(6,231)717 
(Loss) gain on sale of real estate, net(64,378)98,960 (65,380)97,572 
Depreciable real estate reserves and impairment 2,545  (5,696)
Net (loss) income(37,949)117,134 (24,464)113,279 
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership2,813 (6,282)2,321 (5,806)
Noncontrolling interests in other partnerships(3,404)40 (3,261)1,539 
Preferred units distributions(1,599)(1,823)(3,246)(3,669)
Net (loss) income attributable to SL Green(40,139)109,069 (28,650)105,343 
Perpetual preferred stock dividends(3,737)(3,737)(7,475)(7,475)
Net (loss) income attributable to SL Green common stockholders$(43,876)$105,332 $(36,125)$97,868 
Basic (loss) earnings per share$(0.70)$1.56 $(0.58)$1.45 
Diluted (loss) earnings per share$(0.70)$1.56 $(0.58)$1.44 
Basic weighted average common shares outstanding63,798 66,931 63,987 66,948 
Diluted weighted average common shares and common share equivalents outstanding 69,020 71,672 69,422 71,838 
    
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents

SL Green Realty Corp.
Consolidated Statements of Comprehensive (Loss) Income
(unaudited, in thousands)
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Net (loss) income$(37,949)$117,134 $(24,464)$113,279 
Other comprehensive income (loss):
Increase (decrease) in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments17,323 (51,313)60,890 (50)
(Decrease) increase in unrealized value of marketable securities(454)506 (2,247)248 
Other comprehensive income (loss)16,869 (50,807)58,643 198 
Comprehensive (loss) income(21,080)66,327 34,179 113,477 
Net income attributable to noncontrolling interests and preferred units distributions(2,190)(8,065)(4,186)(7,936)
Other comprehensive (income) loss attributable to noncontrolling interests(1,013)2,841 (3,290)186 
Comprehensive (loss) income attributable to SL Green$(24,283)$61,103 $26,703 $105,727 


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) Income
Retained
Earnings
Noncontrolling
Interests
Total
Balance at December 31, 2021$221,932 64,105 $672 $3,739,409 $(126,160)$(46,758)$975,781 $13,377 $4,778,253 
Net income11,489 (143)11,346 
Other comprehensive income39,497 39,497 
Preferred dividends (3,738)(3,738)
DRSPP proceeds1 89 89 
Reallocation of noncontrolling interest in the Operating Partnership(43,023)(43,023)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings28 1 5,055 5,056 
Repurchases of common stock(1,971)(20)(114,979)(36,198)(151,197)
Cash distributions to noncontrolling interests(123)(123)
Issuance of special dividend paid primarily in stock1,961 163,115 (2,495)160,620 
Cash distributions declared ($0.932 per common share, none of which represented a return of capital for federal income tax purposes)
(57,665)(57,665)
Balance at March 31, 2022$221,932 64,124 $653 $3,792,689 $(128,655)$(7,261)$846,646 $13,111 $4,739,115 
Net loss(40,139)3,404 (36,735)
Other comprehensive income15,856 15,856 
Preferred dividends (3,737)(3,737)
DRSPP proceeds2 110 110 
Reallocation of noncontrolling interest in the Operating Partnership37,938 37,938 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings176 2 8,473 8,475 
Contributions to consolidated joint venture interests51,348 51,348 
Cash distributions to noncontrolling interests(2,897)(2,897)
Cash distributions declared ($0.932 per common share, none of which represented a return of capital for federal income tax purposes)
(60,709)(60,709)
Balance at June 30, 2022$221,932 64,302 $655 $3,801,272 $(128,655)$8,595 $779,999 $64,966 $4,748,764 
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Table of Contents

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 66,474 $716 $3,862,949 $(124,049)$(67,247)$1,015,462 $26,032 $4,935,795 
Net loss(3,726)(1,499)(5,225)
Other comprehensive income48,350 48,350 
Preferred dividends (3,738)(3,738)
DRSPP proceeds5 351 351 
Reallocation of noncontrolling interest in the Operating Partnership(26,609)(26,609)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings110 2 6,726 6,728 
Repurchases of common stock(1,267)(13)(80,297)(80,310)
Contributions to consolidated joint venture interests171 171 
Cash distributions to noncontrolling interests(110)(110)
Issuance of special dividend paid primarily in stock1,974 123,529 123,529 
Cash distributions declared ($0.910 per common share, none of which represented a return of capital for federal income tax purposes)
(63,312)(63,312)
Balance at March 31, 2021$221,932 67,296 $705 $3,913,258 $(124,049)$(18,897)$918,077 $24,594 $4,935,620 
Net income109,069 (40)109,029 
Other comprehensive loss(47,966)(47,966)
Preferred dividends (3,737)(3,737)
DRSPP proceeds2 116 116 
Reallocation of noncontrolling interest in the Operating Partnership(5,866)(5,866)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings(1)7,591 7,591 
Repurchases of common stock(1,431)(15)(97,675)(20,887)(118,577)
Contributions to consolidated joint venture interests134 134 
Cash distributions to noncontrolling interests(63)(63)