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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
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 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
FINANCIAL STATEMENTS OF SL GREEN REALTY CORP.
Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022
Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (unaudited)
Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2023 and 2022 (unaudited)
Consolidated Statements of Equity for the three and six months ended June 30, 2023 and 2022 (unaudited)
Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P.
Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022
Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (unaudited)
Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2023 and 2022 (unaudited)
Consolidated Statements of Capital for the three and six months ended June 30, 2023 and 2022 (unaudited)
Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (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

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SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
June 30, 2023December 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 leases953,236 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 equivalents191,979 203,273 
Restricted cash119,080 180,781 
Investments in marketable securities9,797 11,240 
Tenant and other receivables36,657 34,497 
Related party receivables28,955 27,352 
Deferred rents receivable260,625 257,887 
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 ventures3,228,663 3,190,137 
Deferred costs, net112,347 121,157 
Other assets449,606 546,945 
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, net423,985 443,217 
Unsecured term loans, net1,667,784 1,641,552 
Unsecured notes, net99,744 99,692 
Accrued interest payable15,711 14,227 
Other liabilities330,799 236,211 
Accounts payable and accrued expenses116,700 154,867 
Deferred revenue125,589 272,248 
Lease liability - financing leases104,870 104,218 
Lease liability - operating leases890,305 895,100 
Dividend and distributions payable21,750 21,569 
Security deposits49,877 50,472 
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities100,000 100,000 
Total liabilities (1)
5,460,520 7,260,936 
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SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
June 30, 2023December 31, 2022
(unaudited)
Commitments and contingencies
Noncontrolling interests in Operating Partnership254,434 269,993 
Preferred units166,501 177,943 
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-capital3,805,704 3,790,358 
Treasury stock at cost(128,655)(128,655)
Accumulated other comprehensive income57,769 49,604 
Retained earnings135,518 651,138 
Total SL Green stockholders' equity4,092,924 4,585,033 
Noncontrolling interests in other partnerships66,909 61,889 
Total equity4,159,833 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.
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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,
 2023202220232022
Revenues
Rental revenue, net$185,945 $155,232 $380,987 $311,263 
Investment income9,103 20,407 18,160 40,295 
Other income26,022 25,806 45,498 37,851 
Total revenues221,070 201,445 444,645 389,409 
Expenses
Operating expenses, including related party expenses of $0 and $1 in 2023, and $3,172 and $5,695 in 2022
46,957 39,557 99,021 82,140 
Real estate taxes39,885 30,819 81,268 61,566 
Operating lease rent6,655 6,477 12,956 13,041 
Interest expense, net of interest income40,621 14,960 82,274 30,030 
Amortization of deferred financing costs2,154 1,917 4,175 3,865 
Depreciation and amortization69,084 46,914 147,632 93,897 
Loan loss and other investment reserves, net of recoveries  6,890  
Transaction related costs33 1 917 29 
Marketing, general and administrative22,974 23,522 46,259 48,298 
Total expenses228,363 164,167 481,392 332,866 
Equity in net loss from unconsolidated joint ventures(21,932)(4,550)(29,344)(9,265)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate (131)(79)(131)
Purchase price and other fair value adjustments(17,409)(6,168)(17,170)(6,231)
Loss on sale of real estate, net(26,678)(64,378)(28,329)(65,380)
Depreciable real estate reserves and impairment(305,916) (305,916) 
Net loss(379,228)(37,949)(417,585)(24,464)
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership23,582 2,813 25,919 2,321 
Noncontrolling interests in other partnerships1,040 (3,404)2,665 (3,261)
Preferred units distributions(1,851)(1,599)(3,449)(3,246)
Net loss attributable to SL Green(356,457)(40,139)(392,450)(28,650)
Perpetual preferred stock dividends(3,737)(3,737)(7,475)(7,475)
Net loss attributable to SL Green common stockholders$(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 outstanding64,102 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,
 2023202220232022
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 instruments41,322 17,323 10,263 60,890 
Decrease in unrealized value of marketable securities(476)(454)(1,444)(2,247)
Other comprehensive income40,846 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 distributions22,771 (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
SharesPar
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 income38,341 38,341 
Preferred dividends (3,737)(3,737)
DRSPP proceeds7 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 withholdings7 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
SharesPar
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 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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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 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 income8,165 8,165 
Preferred dividends (7,475)(7,475)
DRSPP proceeds12 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 interests8,448 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
SharesPar
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 income55,353 55,353 
Preferred dividends (7,475)(7,475)
DRSPP proceeds3 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 withholdings204 3 13,528 13,531 
Repurchases of common stock(1,971)(20)(114,979)(36,198)(151,197)
Contributions to consolidated joint venture interests51,348 51,348 
Cash distributions to noncontrolling interests(3,020)(3,020)
Issuance of special dividend paid primarily in stock1,961 163,115 (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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Table of Contents

SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)
Six Months Ended June 30,
20232022
Operating Activities
Net loss$(417,585)$(24,464)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization151,807 97,762 
Equity in net loss from unconsolidated joint ventures29,344 9,265 
Distributions of cumulative earnings from unconsolidated joint ventures409 343 
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate79 131 
Purchase price and other fair value adjustments17,170 6,231 
Depreciable real estate reserves and impairment305,916  
Loss on sale of real estate, net28,329 65,380 
Loan loss reserves and other investment reserves, net of recoveries6,890  
Deferred rents receivable(14,357)1,075 
Non-cash lease expense10,550 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 assets1,235 (2,651)
Accounts payable, accrued expenses, other liabilities and security deposits2,697 19,767 
Deferred revenue(585)(2,672)
Lease liability - operating leases(4,795)1,291 
Net cash provided by operating activities103,992 182,435 
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 ventures72,823 64,976 
Net proceeds from disposition of real estate/joint venture interest97,563 353,853 
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,
20232022
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 notes223,000 332,000 
Repayments of revolving credit facility and unsecured notes(218,000)(592,000)
Proceeds from stock options exercised and DRSPP issuance342 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 partnerships314 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 year384,054 336,984 
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 Partnership11,198 5,085 
Deconsolidation of a subsidiary101,351  
Contribution to consolidated joint venture interest8,134  
Removal of fully depreciated commercial real estate properties7,747 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,
 20232022
Cash and cash equivalents$191,979 $189,360 
Restricted cash119,080 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.
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Table of Contents

SL Green Operating Partnership, L.P.
Consolidated Balance Sheets
(in thousands)

June 30, 2023December 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 leases953,236 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 equivalents191,979 203,273 
Restricted cash119,080 180,781 
Investments in marketable securities9,797 11,240 
Tenant and other receivables36,657 34,497 
Related party receivables28,955 27,352 
Deferred rents receivable260,625 257,887 
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 ventures3,228,663 3,190,137 
Deferred costs, net112,347 121,157 
Other assets449,606 546,945 
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, net423,985 443,217 
Unsecured term loans, net1,667,784 1,641,552 
Unsecured notes, net99,744 99,692 
Accrued interest payable15,711 14,227 
Other liabilities330,799 236,211 
Accounts payable and accrued expenses116,700 154,867 
Deferred revenue125,589 272,248 
Lease liability - financing leases104,870 104,218 
Lease liability - operating leases890,305 895,100 
Dividend and distributions payable21,750 21,569 
Security deposits49,877 50,472 
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities100,000 100,000 
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 units166,501 177,943 
13