SEC Filing | SL Green Realty Corp.

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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, 2023

☐ 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.	Maryland	13-3956775
SL Green Operating Partnership, L.P.	Delaware	13-3960938
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Vanderbilt Avenue, New York, NY 10017

(Address of principal executive offices—Zip Code)

(212) 594-2700

(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 filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller Reporting Company

☐

Emerging 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 filer

☐

Accelerated filer

☐

Non-accelerated filer

Smaller Reporting Company

☐

Emerging Growth Company

☐

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:

Registrant

Trading Symbol

Title of Each Class

Name of Each Exchange on Which Registered

SL Green Realty Corp.

SLG

Common Stock, $0.01 par value

New York Stock Exchange

SL Green Realty Corp.

SLG.PRI

6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value

New York Stock Exchange

As of August 2, 2023, 64,387,972 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of August 2, 2023, 306,987 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, 2023 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, 2023, the Company owns 93.82% 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, 2023, noncontrolling investors held, in aggregate, a 6.18% 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.

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

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS	5

	FINANCIAL STATEMENTS OF SL GREEN REALTY CORP.
	Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022	5
	Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (unaudited)	7
	Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2023 and 2022 (unaudited)	8
	Consolidated Statements of Equity for the three and six months ended June 30, 2023 and 2022 (unaudited)	9
	Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)	11

	FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P.
	Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022	13
	Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (unaudited)	15
	Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2023 and 2022 (unaudited)	16
	Consolidated Statements of Capital for the three and six months ended June 30, 2023 and 2022 (unaudited)	17
	Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)	19
	Notes to Consolidated Financial Statements (unaudited)	21
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	56
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	72
Item 4.	Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.)	73
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	74
Item 1A.	Risk Factors	74
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	75
Item 3.	Defaults Upon Senior Securities	76
Item 4.	Mine Safety Disclosures	77
Item 5.	Other Information	78
Item 6.	Exhibits	79
	Signatures	80

Table of Contents

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

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Table of Contents

SL Green Realty Corp.

Consolidated Balance Sheets

(in thousands)


	June 30, 2023		December 31, 2022
	(unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,071,469	$	1,576,927
Building and improvements	3,494,853		4,903,776
Building leasehold and improvements	1,397,573		1,691,831

Right of use asset - operating leases	953,236		1,026,265
	6,917,131		9,198,799
Less: accumulated depreciation	(1,950,028)		(2,039,554)
	4,967,103		7,159,245

Cash and cash equivalents	191,979		203,273
Restricted cash	119,080		180,781
Investments in marketable securities	9,797		11,240
Tenant and other receivables	36,657		34,497
Related party receivables	28,955		27,352
Deferred rents receivable	260,625		257,887
Debt and preferred equity investments, net of discounts and deferred origination fees of $1,645 and $1,811 and allowances of $13,520 and $6,630 in 2023 and 2022, respectively	636,476		623,280
Investments in unconsolidated joint ventures	3,228,663		3,190,137
Deferred costs, net	112,347		121,157
Other assets	449,606		546,945
Total assets (1)	$	10,041,288	$	12,355,794
Liabilities
Mortgages and other loans payable, net	$	1,513,406	$	3,227,563
Revolving credit facility, net	423,985		443,217
Unsecured term loans, net	1,667,784		1,641,552
Unsecured notes, net	99,744		99,692
Accrued interest payable	15,711		14,227
Other liabilities	330,799		236,211
Accounts payable and accrued expenses	116,700		154,867
Deferred revenue	125,589		272,248
Lease liability - financing leases	104,870		104,218
Lease liability - operating leases	890,305		895,100
Dividend and distributions payable	21,750		21,569
Security deposits	49,877		50,472

Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities	100,000		100,000
Total liabilities (1)	5,460,520		7,260,936

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SL Green Realty Corp.

Consolidated Balance Sheets

(in thousands)


	June 30, 2023		December 31, 2022
	(unaudited)
Commitments and contingencies
Noncontrolling interests in Operating Partnership	254,434		269,993
Preferred units	166,501		177,943

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, 2023 and December 31, 2022	221,932		221,932
Common stock, $0.01 par value, 160,000 shares authorized and 65,447 and 65,440 issued and outstanding at June 30, 2023 and December 31, 2022, respectively (including 1,060 and 1,060 shares held in treasury at June 30, 2023 and December 31, 2022, respectively)	656		656
Additional paid-in-capital	3,805,704		3,790,358
Treasury stock at cost	(128,655)		(128,655)
Accumulated other comprehensive income	57,769		49,604
Retained earnings	135,518		651,138
Total SL Green stockholders' equity	4,092,924		4,585,033
Noncontrolling interests in other partnerships	66,909		61,889
Total equity	4,159,833		4,646,922
Total liabilities and equity	$	10,041,288	$	12,355,794

(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: $41.2 million and $41.2 million of land, $39.4 million and $41.0 million of building and improvements, $— million and $— million of building and leasehold improvements, $— million and $— million of right of use assets, $4.9 million and $4.4 million of accumulated depreciation, $666.2 million and $599.2 million of other assets included in other line items, $49.9 million and $49.8 million of real estate debt, net, $0.2 million and $0.2 million of accrued interest payable, $— million and $— million of lease liabilities, and $177.1 million and $146.4 million of other liabilities included in other line items as of June 30, 2023 and December 31, 2022, respectively.

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

Table of Contents

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,
	2023		2022		2023		2022
Revenues
Rental revenue, net	$	185,945	$	155,232	$	380,987	$	311,263
Investment income	9,103		20,407		18,160		40,295
Other income	26,022		25,806		45,498		37,851
Total revenues	221,070		201,445		444,645		389,409
Expenses
Operating expenses, including related party expenses of $0 and $1 in 2023, and $3,172 and $5,695 in 2022	46,957		39,557		99,021		82,140
Real estate taxes	39,885		30,819		81,268		61,566
Operating lease rent	6,655		6,477		12,956		13,041
Interest expense, net of interest income	40,621		14,960		82,274		30,030
Amortization of deferred financing costs	2,154		1,917		4,175		3,865
Depreciation and amortization	69,084		46,914		147,632		93,897
Loan loss and other investment reserves, net of recoveries	—		—		6,890		—
Transaction related costs	33		1		917		29
Marketing, general and administrative	22,974		23,522		46,259		48,298
Total expenses	228,363		164,167		481,392		332,866

Equity in net loss from unconsolidated joint ventures	(21,932)		(4,550)		(29,344)		(9,265)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate	—		(131)		(79)		(131)
Purchase price and other fair value adjustments	(17,409)		(6,168)		(17,170)		(6,231)
Loss on sale of real estate, net	(26,678)		(64,378)		(28,329)		(65,380)
Depreciable real estate reserves and impairment	(305,916)		—		(305,916)		—





Net loss	(379,228)		(37,949)		(417,585)		(24,464)
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership	23,582		2,813		25,919		2,321
Noncontrolling interests in other partnerships	1,040		(3,404)		2,665		(3,261)
Preferred units distributions	(1,851)		(1,599)		(3,449)		(3,246)
Net loss attributable to SL Green	(356,457)		(40,139)		(392,450)		(28,650)
Perpetual preferred stock dividends	(3,737)		(3,737)		(7,475)		(7,475)
Net loss attributable to SL Green common stockholders	$	(360,194)	$	(43,876)	$	(399,925)	$	(36,125)






















Basic loss per share	$	(5.63)	$	(0.70)	$	(6.25)	$	(0.58)










Diluted loss per share	$	(5.63)	$	(0.70)	$	(6.25)	$	(0.58)

Basic weighted average common shares outstanding	64,102		63,798		64,091		63,987
Diluted weighted average common shares and common share equivalents outstanding	68,341		69,020		68,263		69,422

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

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SL Green Realty Corp.

Consolidated Statements of Comprehensive (Loss) Income

(unaudited, in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net loss	$	(379,228)	$	(37,949)	$	(417,585)	$	(24,464)
Other comprehensive income:
Increase in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments	41,322		17,323		10,263		60,890
Decrease in unrealized value of marketable securities	(476)		(454)		(1,444)		(2,247)
Other comprehensive income	40,846		16,869		8,819		58,643
Comprehensive (loss) income	(338,382)		(21,080)		(408,766)		34,179
Net loss (income) attributable to noncontrolling interests and preferred units distributions	22,771		(2,190)		25,135		(4,186)
Other comprehensive income attributable to noncontrolling interests	(2,505)		(1,013)		(654)		(3,290)
Comprehensive (loss) income attributable to SL Green	$	(318,116)	$	(24,283)	$	(384,285)	$	26,703

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		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interests		Total
Balance at March 31, 2023		$	221,932	64,373	$	656	$	3,798,101	$	(128,655)	$	19,428	$	549,024	$	68,688	$	4,529,174
Net loss													(356,457)		(1,040)		(357,497)

Other comprehensive income											38,341						38,341
Preferred dividends													(3,737)				(3,737)
DRSPP proceeds				7			158										158

Reallocation of noncontrolling interest in the Operating Partnership													(1,051)				(1,051)

Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				7			7,445										7,445




Contributions to consolidated joint venture interests															(112)		(112)

Cash distributions to noncontrolling interests															(627)		(627)

Cash distributions declared ($0.812 per common share, none of which represented a return of capital for federal income tax purposes)													(52,261)				(52,261)
Balance at June 30, 2023		$	221,932	64,387	$	656	$	3,805,704	$	(128,655)	$	57,769	$	135,518	$	66,909	$	4,159,833

	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interests		Total
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 income											15,856						15,856
Preferred dividends													(3,737)				(3,737)
DRSPP proceeds				2			110										110

Reallocation of noncontrolling interest in the Operating Partnership													37,938				37,938

Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				176	2		8,473										8,475




Contributions to consolidated joint venture interests															51,348		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

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		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interests		Total
Balance at December 31, 2022		$	221,932	64,380	$	656	$	3,790,358	$	(128,655)	$	49,604	$	651,138	$	61,889	$	4,646,922


Net loss													(392,450)		(2,665)		(395,115)

Other comprehensive income											8,165						8,165
Preferred dividends													(7,475)				(7,475)
DRSPP proceeds				12			342										342

Reallocation of noncontrolling interest in the Operating Partnership													(11,198)				(11,198)

Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				(5)			15,004										15,004




Contributions to consolidated joint venture interests															8,448		8,448

Cash distributions to noncontrolling interests															(763)		(763)

Cash distributions declared ($1.625 per common share, none of which represented a return of capital for federal income tax purposes)													(104,497)				(104,497)
Balance at June 30, 2023		$	221,932	64,387	$	656	$	3,805,704	$	(128,655)	$	57,769	$	135,518	$	66,909	$	4,159,833

	SL Green Realty Corp. Stockholders
				Common Stock
		Series I Preferred Stock		Shares	Par Value		Additional Paid- In-Capital		Treasury Stock		Accumulated Other Comprehensive 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 loss													(28,650)		3,261		(25,389)

Other comprehensive income											55,353						55,353
Preferred dividends													(7,475)				(7,475)
DRSPP proceeds				3			199										199

Reallocation of noncontrolling interest in the Operating Partnership													(5,085)				(5,085)

Deferred compensation plan and stock awards, net of forfeitures and tax withholdings				204	3		13,528										13,531


Repurchases of common stock				(1,971)	(20)		(114,979)						(36,198)				(151,197)

Contributions to consolidated joint venture interests															51,348		51,348


Cash distributions to noncontrolling interests															(3,020)		(3,020)
Issuance of special dividend paid primarily in stock				1,961			163,115		(2,495)								160,620
Cash distributions declared ($1.865 per common share, none of which represented a return of capital for federal income tax purposes)													(118,374)				(118,374)
Balance at June 30, 2022		$	221,932	64,302	$	655	$	3,801,272	$	(128,655)	$	8,595	$	779,999	$	64,966	$	4,748,764

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

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SL Green Realty Corp.

Consolidated Statements of Cash Flows

(unaudited, in thousands, except per share data)


	Six Months Ended June 30,
	2023		2022
Operating Activities
Net loss	$	(417,585)	$	(24,464)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	151,807		97,762
Equity in net loss from unconsolidated joint ventures	29,344		9,265
Distributions of cumulative earnings from unconsolidated joint ventures	409		343
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate	79		131
Purchase price and other fair value adjustments	17,170		6,231
Depreciable real estate reserves and impairment	305,916		—
Loss on sale of real estate, net	28,329		65,380
Loan loss reserves and other investment reserves, net of recoveries	6,890		—



Deferred rents receivable	(14,357)		1,075
Non-cash lease expense	10,550		12,080
Other non-cash adjustments	(2,523)		(10,406)
Changes in operating assets and liabilities:
Tenant and other receivables	(3,805)		14,767
Related party receivables	(893)		1,458
Deferred lease costs	(5,891)		(6,922)
Other assets	1,235		(2,651)
Accounts payable, accrued expenses, other liabilities and security deposits	2,697		19,767
Deferred revenue	(585)		(2,672)
Lease liability - operating leases	(4,795)		1,291
Net cash provided by operating activities	103,992		182,435
Investing Activities

Additions to land, buildings and improvements	(134,190)		(126,957)

Investments in unconsolidated joint ventures	(46,977)		(135,365)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	72,823		64,976
Net proceeds from disposition of real estate/joint venture interest	97,563		353,853




Other investments	(17,779)		1,507
Origination of debt and preferred equity investments	(10,308)		(29,095)
Repayments or redemption of debt and preferred equity investments	—		6,405
Net cash (used in) provided by investing activities	(38,868)		135,324

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SL Green Realty Corp.

Consolidated Statements of Cash Flows

(unaudited, in thousands, except per share data)


	Six Months Ended June 30,
	2023		2022
Financing Activities
Proceeds from mortgages and other loans payable	—		184,196
Repayments of mortgages and other loans payable	(2,899)		(91,770)
Proceeds from revolving credit facility and unsecured notes	223,000		332,000
Repayments of revolving credit facility and unsecured notes	(218,000)		(592,000)
Proceeds from stock options exercised and DRSPP issuance	342		199

Repurchase of common stock	—		(151,197)
Redemption of preferred stock	(11,700)		(17,968)
Redemption of OP units	(5,250)		(18,334)
Distributions to noncontrolling interests in other partnerships	(763)		(3,020)
Contributions from noncontrolling interests in other partnerships	314		51,348

Distributions to noncontrolling interests in the Operating Partnership	(7,550)		(8,572)
Dividends paid on common and preferred stock	(114,983)		(131,556)
Other obligations related to secured borrowing	—		77,874
Tax withholdings related to restricted share awards	—		(3,891)
Deferred loan costs	(630)		(4,991)

Net cash used in financing activities	(138,119)		(377,682)
Net decrease in cash, cash equivalents, and restricted cash	(72,995)		(59,923)
Cash, cash equivalents, and restricted cash at beginning of year	384,054		336,984
Cash, cash equivalents, and restricted cash at end of period	$	311,059	$	277,061





Supplemental Disclosure of Non-Cash Investing and Financing Activities:






Issuance of special dividend paid primarily in stock	$	—	$	160,620
Tenant improvements and capital expenditures payable	—		10,295

Fair value adjustment to noncontrolling interest in the Operating Partnership	11,198		5,085

Deconsolidation of a subsidiary	101,351		—
Contribution to consolidated joint venture interest	8,134		—







Removal of fully depreciated commercial real estate properties	7,747		3,597

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.


	Six Months Ended June 30,
	2023		2022
Cash and cash equivalents	$	191,979	$	189,360
Restricted cash	119,080		87,701
Total cash, cash equivalents, and restricted cash	$	311,059	$	277,061

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

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Balance Sheets

(in thousands)


	June 30, 2023		December 31, 2022
	(unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,071,469	$	1,576,927
Building and improvements	3,494,853		4,903,776
Building leasehold and improvements	1,397,573		1,691,831

Right of use asset - operating leases	953,236		1,026,265
	6,917,131		9,198,799
Less: accumulated depreciation	(1,950,028)		(2,039,554)
	4,967,103		7,159,245

Cash and cash equivalents	191,979		203,273
Restricted cash	119,080		180,781
Investments in marketable securities	9,797		11,240
Tenant and other receivables	36,657		34,497
Related party receivables	28,955		27,352
Deferred rents receivable	260,625		257,887
Debt and preferred equity investments, net of discounts and deferred origination fees of $1,645 and $1,811 and allowances of $13,520 and $6,630 in 2023 and 2022, respectively	636,476		623,280
Investments in unconsolidated joint ventures	3,228,663		3,190,137
Deferred costs, net	112,347		121,157
Other assets	449,606		546,945
Total assets (1)	$	10,041,288	$	12,355,794
Liabilities
Mortgages and other loans payable, net	$	1,513,406	$	3,227,563
Revolving credit facility, net	423,985		443,217
Unsecured term loans, net	1,667,784		1,641,552
Unsecured notes, net	99,744		99,692
Accrued interest payable	15,711		14,227
Other liabilities	330,799		236,211
Accounts payable and accrued expenses	116,700		154,867
Deferred revenue	125,589		272,248
Lease liability - financing leases	104,870		104,218
Lease liability - operating leases	890,305		895,100
Dividend and distributions payable	21,750		21,569
Security deposits	49,877		50,472

Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities	100,000		100,000
Total liabilities (1)	5,460,520		7,260,936
Commitments and contingencies
Limited partner interests in SLGOP (4,238 and 3,670 limited partner common units outstanding at June 30, 2023 and December 31, 2022, respectively)	254,434		269,993
Preferred units	166,501		177,943

Table of Contents

SL Green Operating Partnership, L.P.

Consolidated Balance Sheets

(in thousands)


			June 30, 2023						December 31, 2022
			(unaudited)