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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, 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 November 2, 2023, 64,416,699 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of November 2, 2023, 306,808 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, 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 September 30, 2023, the Company owns 93.96% 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, 2023, noncontrolling investors held, in aggregate, a 6.04% 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 September 30, 2023 (unaudited) and December 31, 2022
Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022 (unaudited)
Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)
Consolidated Statements of Equity for the three and nine months ended September 30, 2023 and 2022 (unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited)
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P.
Consolidated Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022
Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022 (unaudited)
Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)
Consolidated Statements of Capital for the three and nine months ended September 30, 2023 and 2022 (unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 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

4

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SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
September 30, 2023December 31, 2022
(unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests
$1,090,370 $1,576,927 
Building and improvements
3,605,247 4,903,776 
Building leasehold and improvements
1,343,386 1,691,831 
Right of use asset - operating leases953,236 1,026,265 
6,992,239 9,198,799 
Less: accumulated depreciation
(1,997,942)(2,039,554)
4,994,297 7,159,245 
Cash and cash equivalents189,750 203,273 
Restricted cash119,573 180,781 
Investments in marketable securities9,616 11,240 
Tenant and other receivables37,295 34,497 
Related party receivables9,723 27,352 
Deferred rents receivable262,808 257,887 
Debt and preferred equity investments, net of discounts and deferred origination fees of $1,638 and $1,811 and allowances of $13,520 and $6,630 in 2023 and 2022, respectively
334,327 623,280 
Investments in unconsolidated joint ventures3,152,752 3,190,137 
Deferred costs, net108,370 121,157 
Other assets472,071 546,945 
Total assets (1)
$9,690,582 $12,355,794 
Liabilities
Mortgages and other loans payable, net$1,512,746 $3,227,563 
Revolving credit facility, net394,368 443,217 
Unsecured term loans, net1,243,649 1,641,552 
Unsecured notes, net99,769 99,692 
Accrued interest payable17,934 14,227 
Other liabilities453,349 236,211 
Accounts payable and accrued expenses146,332 154,867 
Deferred revenue136,063 272,248 
Lease liability - financing leases105,198 104,218 
Lease liability - operating leases887,412 895,100 
Dividend and distributions payable21,725 21,569 
Security deposits50,071 50,472 
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities100,000 100,000 
Total liabilities (1)
5,168,616 7,260,936 
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SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
September 30, 2023December 31, 2022
(unaudited)
Commitments and contingencies
Noncontrolling interests in Operating Partnership248,222 269,993 
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 September 30, 2023 and December 31, 2022
221,932 221,932 
Common stock, $0.01 par value, 160,000 shares authorized and 65,458 and 65,440 issued and outstanding at September 30, 2023 and December 31, 2022, respectively (including 1,060 and 1,060 shares held in treasury at September 30, 2023 and December 31, 2022, respectively)
656 656 
Additional paid-in-capital3,813,758 3,790,358 
Treasury stock at cost(128,655)(128,655)
Accumulated other comprehensive income69,616 49,604 
Retained earnings62,406 651,138 
Total SL Green stockholders' equity4,039,713 4,585,033 
Noncontrolling interests in other partnerships67,530 61,889 
Total equity4,107,243 4,646,922 
Total liabilities and equity$9,690,582 $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, $39.8 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, $5.2 million and $4.4 million of accumulated depreciation, $664.1 million and $599.2 million of other assets included in other line items, $50.0 million and $49.8 million of real estate debt, net, $0.0 million and $0.2 million of accrued interest payable, $ million and $ million of lease liabilities, and $304.7 million and $146.4 million of other liabilities included in other line items as of September 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 September 30,Nine Months Ended September 30,
 2023202220232022
Revenues
Rental revenue, net$150,991 $162,952 $531,978 $474,215 
Investment income9,689 29,513 27,849 69,808 
Other income12,540 19,991 58,038 57,842 
Total revenues173,220 212,456 617,865 601,865 
Expenses
Operating expenses, including related party expenses of $2 and $3 in 2023, and $0 and $5,695 in 2022
49,585 45,011 148,606 127,151 
Real estate taxes31,195 35,111 112,463 96,677 
Operating lease rent7,253 7,388 20,209 20,429 
Interest expense, net of interest income27,440 21,824 109,714 51,854 
Amortization of deferred financing costs2,152 2,043 6,327 5,908 
Depreciation and amortization50,212 48,462 197,844 142,359 
Loan loss and other investment reserves, net of recoveries  6,890  
Transaction related costs166 292 1,083 321 
Marketing, general and administrative22,873 21,276 69,132 69,574 
Total expenses190,876 181,407 672,268 514,273 
Equity in net loss from unconsolidated joint ventures(15,126)(21,997)(44,470)(31,262)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate  (79)(131)
Purchase price and other fair value adjustments10,183 (1,117)(6,987)(7,348)
Gain (loss) on sale of real estate, net516 4,276 (27,813)(61,104)
Depreciable real estate reserves and impairment389  (305,527) 
Net (loss) income(21,694)12,211 (439,279)(12,253)
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership1,574 (491)27,493 1,831 
Noncontrolling interests in other partnerships1,794 993 4,459 (2,269)
Preferred units distributions(1,903)(1,598)(5,352)(4,844)
Net (loss) income attributable to SL Green(20,229)11,115 (412,679)(17,535)
Perpetual preferred stock dividends(3,738)(3,738)(11,213)(11,213)
Net (loss) income attributable to SL Green common stockholders$(23,967)$7,377 $(423,892)$(28,748)
Basic (loss) earnings per share$(0.38)$0.11 $(6.63)$(0.47)
Diluted (loss) earnings per share$(0.38)$0.11 $(6.63)$(0.47)
Basic weighted average common shares outstanding64,114 63,949 64,099 63,971 
Diluted weighted average common shares and common share equivalents outstanding 68,296 68,897 68,274 69,249 
    
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 September 30,Nine Months Ended September 30,
 2023202220232022
Net (loss) income$(21,694)$12,211 $(439,279)$(12,253)
Other comprehensive income:
Increase in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments12,799 50,488 23,062 111,378 
(Decrease) increase in unrealized value of marketable securities(181)1,605 (1,625)(642)
Other comprehensive income12,618 52,093 21,437 110,736 
Comprehensive (loss) income(9,076)64,304 (417,842)98,483 
Net loss (income) attributable to noncontrolling interests and preferred units distributions1,465 (1,096)26,600 (5,282)
Other comprehensive income attributable to noncontrolling interests(771)(3,114)(1,425)(6,404)
Comprehensive (loss) income attributable to SL Green$(8,382)$60,094 $(392,667)$86,797 


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 June 30, 2023$221,932 64,387 $656 $3,805,704 $(128,655)$57,769 $135,518 $66,909 $4,159,833 
Net loss(20,229)(1,794)(22,023)
Other comprehensive income11,847 11,847 
Preferred dividends (3,738)(3,738)
DRSPP proceeds3 97 97 
Reallocation of noncontrolling interest in the Operating Partnership3,126 3,126 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings8 7,957 7,957 
Contributions to consolidated joint venture interests3,266 3,266 
Cash distributions to noncontrolling interests(851)(851)
Cash distributions declared ($0.812 per common share, none of which represented a return of capital for federal income tax purposes)
(52,271)(52,271)
Balance at September 30, 2023$221,932 64,398 $656 $3,813,758 $(128,655)$69,616 $62,406 $67,530 $4,107,243 
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 June 30, 2022$221,932 64,302 $655 $3,801,272 $(128,655)$8,595 $779,999 $64,966 $4,748,764 
Net income11,115 (993)10,122 
Acquisition of subsidiary interest from noncontrolling interest(29,742)(75)(29,817)
Other comprehensive income48,979 48,979 
Preferred dividends (3,738)(3,738)
DRSPP proceeds3 140 140 
Reallocation of noncontrolling interest in the Operating Partnership28,624 28,624 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings11 8,616 8,616 
Contributions to consolidated joint venture interests817 817 
Cash distributions to noncontrolling interests(148)(148)
Cash distributions declared ($0.932 per common share, none of which represented a return of capital for federal income tax purposes)
(60,138)(60,138)
Balance at September 30, 2022$221,932 64,316 $655 $3,780,286 $(128,655)$57,574 $755,862 $64,567 $4,752,221 
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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(412,679)(4,459)(417,138)
Other comprehensive income20,012 20,012 
Preferred dividends (11,213)(11,213)
DRSPP proceeds15 439 439 
Reallocation of noncontrolling interest in the Operating Partnership(8,072)(8,072)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings3 22,961 22,961 
Contributions to consolidated joint venture interests11,714 11,714 
Cash distributions to noncontrolling interests(1,614)(1,614)
Cash distributions declared ($2.437 per common share, none of which represented a return of capital for federal income tax purposes)
(156,768)(156,768)
Balance at September 30, 2023$221,932 64,398 $656 $3,813,758 $(128,655)$69,616 $62,406 $67,530 $4,107,243 
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(17,535)2,269 (15,266)
Acquisition of subsidiary interest from noncontrolling interest(29,742)(75)(29,817)
Other comprehensive income104,332 104,332 
Preferred dividends (11,213)(11,213)
DRSPP proceeds6 339 339 
Reallocation of noncontrolling interest in the Operating Partnership23,539 23,539 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings215 3 22,144 22,147 
Repurchases of common stock(1,971)(20)(114,979)(36,198)(151,197)
Contributions to consolidated joint venture interests52,164 52,164 
Cash distributions to noncontrolling interests(3,168)(3,168)
Issuance of special dividend paid primarily in stock1,961 163,115 (2,495)160,620 
Cash distributions declared ($2.797 per common share, none of which represented a return of capital for federal income tax purposes)
(178,512)(178,512)
Balance at September 30, 2022$221,932 64,316 $655 $3,780,286 $(128,655)$57,574 $755,862 $64,567 $4,752,221 

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)
Nine Months Ended September 30,
20232022
Operating Activities
Net loss$(439,279)$(12,253)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization204,171 148,267 
Equity in net loss from unconsolidated joint ventures44,470 31,262 
Distributions of cumulative earnings from unconsolidated joint ventures514 448 
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate79 131 
Purchase price and other fair value adjustments6,987 7,348 
Depreciable real estate reserves and impairment305,527  
Loss on sale of real estate, net27,813 61,104 
Loan loss reserves and other investment reserves, net of recoveries6,890  
Deferred rents receivable(16,195)(1,371)
Non-cash lease expense15,477 17,332 
Other non-cash adjustments 6,645 (11,950)
Changes in operating assets and liabilities:
Tenant and other receivables(2,852)7,800 
Related party receivables16,466 5,803 
Deferred lease costs(8,066)(10,227)
Other assets(13,254)(35,114)
Accounts payable, accrued expenses, other liabilities and security deposits23,655 21,345 
Deferred revenue9,978 17,208 
Lease liability - operating leases(7,688)2,495 
Net cash provided by operating activities181,338 249,628 
Investing Activities
Acquisitions of real estate property (64,491)
Additions to land, buildings and improvements(194,035)(194,997)
Acquisition deposits and deferred purchase price 75,400 
Investments in unconsolidated joint ventures(119,522)(146,598)
Distributions in excess of cumulative earnings from unconsolidated joint ventures108,884 92,217 
Net proceeds from disposition of real estate/joint venture interest547,605 353,853 
Cash and restricted cash assumed from acquisition of real estate investment 60,494 
Proceeds from sale or redemption of marketable securities 11,465 
Other investments(17,545)1,619 
Origination of debt and preferred equity investments(53,703)(40,053)
Repayments or redemption of debt and preferred equity investments 124,405 
Net cash provided by investing activities271,684 273,314 
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Table of Contents

SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)
Nine Months Ended September 30,
20232022
Financing Activities
Proceeds from mortgages and other loans payable 381,980 
Repayments of mortgages and other loans payable(4,340)(290,936)
Proceeds from revolving credit facility, term loans and unsecured notes358,000 1,124,000 
Repayments of revolving credit facility, term loans and unsecured notes(808,000)(1,364,000)
Proceeds from stock options exercised and DRSPP issuance439 339 
Repurchase of common stock (151,197)
Redemption of preferred stock(11,700)(17,967)
Redemption of OP units(8,900)(35,316)
Distributions to noncontrolling interests in other partnerships(1,614)(3,168)
Contributions from noncontrolling interests in other partnerships3,580 52,164 
Acquisition of subsidiary interest from noncontrolling interest (29,817)
Distributions to noncontrolling interests in the Operating Partnership(11,225)(12,635)
Dividends paid on common and preferred stock(172,920)(197,124)
Other obligations related to secured borrowing129,656 77,874 
Tax withholdings related to restricted share awards (3,915)
Deferred loan costs(729)(5,130)
Net cash used in financing activities(527,753)(474,848)
Net (decrease) increase in cash, cash equivalents, and restricted cash(74,731)48,094 
Cash, cash equivalents, and restricted cash at beginning of year384,054 336,984 
Cash, cash equivalents, and restricted cash at end of period$309,323 $385,078 
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Exchange of preferred equity investment for real estate or equity in joint venture$ $190,652 
Exchange of debt investment for real estate or equity in joint venture349,946 193,995 
Assumption of mortgage and mezzanine loans 1,712,750 
Issuance of special dividend paid primarily in stock 160,620 
Tenant improvements and capital expenditures payable 18,518 
Fair value adjustment to noncontrolling interest in the Operating Partnership8,072 23,539 
Deconsolidation of a subsidiary101,351  
Contribution to consolidated joint venture interest8,134  
Debt and preferred equity investments 302 
Removal of fully depreciated commercial real estate properties7,747 4,048 
Recognition of right of use assets and related lease liabilities 57,938 
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SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)
    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.
Nine Months Ended September 30,
 20232022
Cash and cash equivalents$189,750 $201,267 
Restricted cash119,573 183,811 
Total cash, cash equivalents, and restricted cash$309,323 $385,078 
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)

September 30, 2023December 31, 2022
(unaudited)
Assets  
Commercial real estate properties, at cost:  
Land and land interests
$1,090,370 $1,576,927 
Building and improvements
3,605,247 4,903,776 
Building leasehold and improvements
1,343,386 1,691,831 
Right of use asset - operating leases953,236 1,026,265 
6,992,239 9,198,799 
Less: accumulated depreciation
(1,997,942)(2,039,554)
4,994,297 7,159,245 
Cash and cash equivalents189,750 203,273 
Restricted cash119,573 180,781 
Investments in marketable securities9,616 11,240 
Tenant and other receivables37,295 34,497 
Related party receivables9,723 27,352 
Deferred rents receivable262,808 257,887 
Debt and preferred equity investments, net of discounts and deferred origination fees of $1,638 and $1,811 and allowances of $13,520 and $6,630 in 2023 and 2022, respectively
334,327 623,280 
Investments in unconsolidated joint ventures3,152,752 3,190,137 
Deferred costs, net108,370 121,157 
Other assets472,071 546,945 
Total assets (1)
$9,690,582 $12,355,794 
Liabilities 
Mortgages and other loans payable, net$1,512,746 $3,227,563 
Revolving credit facility, net394,368 443,217 
Unsecured term loans, net1,243,649 1,641,552 
Unsecured notes, net99,769 99,692 
Accrued interest payable17,934 14,227 
Other liabilities453,349 236,211 
Accounts payable and accrued expenses146,332 154,867 
Deferred revenue136,063 272,248 
Lease liability - financing leases105,198 104,218 
Lease liability - operating leases887,412