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 March 31, 20202021
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.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.)
420 LexingtonOne Vanderbilt Avenue,, New York,, NY10170 10017
(Address of principal executive offices—Zip Code)

(212) (212) 594-2700
(Registrant's telephone number, including area code)

420 Lexington Avenue, New York, NY 10170
(Former name or former address, if changed since last report)


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 Company☐Emerging Growth Company☐
Large accelerated filerxAccelerated 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 filerx
Smaller Reporting Company☐Emerging Growth Company☐
Large accelerated filer☐Accelerated filer☐
Non-accelerated filerx
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.☐
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 May 8, 2020, 76,538,6037, 2021, 69,353,968 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of May 8, 2020,7, 2021, 1,025,366 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 March 31, 20202021 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 March 31, 20202021 the Company owns 94.86%94.35% 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 March 31, 2020,2021, noncontrolling investors held, in aggregate, a 5.14%5.65% 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;
•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;
◦Note 13, Partners' Capital of the Operating Partnership.
◦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.amended, or the Exchange Act.
On December 4, 2020 our Board of Directors declared an ordinary dividend and a special dividend (together, "the Total Dividend"). The Total Dividend was paid on January 15, 2021 to shareholders of record at the close of business on December 15, 2020 ("the Record Date"). Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. As a result of the elections made, the cash option was oversubscribed and was prorated. Shareholders who elected to receive cash received, for each share of common stock they


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


SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
Item 1.FINANCIAL STATEMENTS
7
PART I. FINANCIAL INFORMATION
Item 1.FINANCIAL STATEMENTS
4
FINANCIAL STATEMENTS OF SL GREEN REALTY CORP.
Consolidated Balance Sheets as of March 31, 20202021 (unaudited) and December 31, 20192020
47
Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 and 2019 (unaudited)
69
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020 and 2019 (unaudited)
710
Consolidated Statements of Equity for the three months ended March 31, 2021 and 2020 and 2019 (unaudited)
811
Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 and 2019 (unaudited)
1013
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P.
Consolidated Balance Sheets as of March 31, 20202021 (unaudited) and December 31, 20192020
1216
Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 and 2019 (unaudited)
1418
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020 and 2019 (unaudited)
1519
Consolidated Statements of Capital for the three months ended March 31, 2021 and 2020 and 2019 (unaudited)
1620
Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 and 2019 (unaudited)
1822
Notes to Consolidated Financial Statements (unaudited)
2023
Management's Discussion and Analysis of Financial Condition and Results of Operations
5461
Quantitative and Qualitative Disclosures about Market Risk
6674
Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.)
6775
PART II.OTHER INFORMATION
Legal Proceedings
6876
Risk Factors
6876
Unregistered Sales of Equity Securities and Use of Proceeds
6977
Defaults Upon Senior Securities
6978
Mine Safety Disclosures
7079
Other Information
7180
Exhibits
7281
Signatures
7382

Table of Contents


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

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

5
Table of Contents

SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
 March 31, 2020 December 31, 2019
 (unaudited)  
Assets   
Commercial real estate properties, at cost:   
Land and land interests 
$1,662,840
 $1,751,544
Building and improvements 
5,417,965
 5,154,990
Building leasehold and improvements 
1,435,811
 1,433,793
Right of use asset - financing leases163,960
 47,445
Right of use asset - operating leases381,255
 396,795
 9,061,831
 8,784,567
Less: accumulated depreciation 
(2,130,033) (2,060,560)
 6,931,798
 6,724,007
Assets held for sale—
 391,664
Cash and cash equivalents554,195
 166,070
Restricted cash66,827
 75,360
Investments in marketable securities25,353
 29,887
Tenant and other receivables, net of allowance of $11,876 and $12,369 in 2020 and 2019, respectively88,587
 43,968
Related party receivables26,092
 21,121
Deferred rents receivable, net of allowance of $11,711 and $12,477 in 2020 and 2019, respectively310,138
 283,011
Debt and preferred equity investments, net of discounts and deferred origination fees of $16,230 and $14,562 and allowances of $37,957 and $1,750 in 2020 and 2019, respectively1,783,336
 1,580,306
Investments in unconsolidated joint ventures2,848,363
 2,912,842
Deferred costs, net232,274
 205,283
Other assets353,644
 332,801
Total assets (1)
$13,220,607
 $12,766,320
Liabilities   
Mortgages and other loans payable, net$1,987,073
 $2,183,253
Revolving credit facility, net1,294,477
 234,013
Unsecured term loans, net1,494,470
 1,494,024
Unsecured notes, net1,247,246
 1,496,847
Accrued interest payable26,377
 22,148
Other liabilities214,968
 177,080
Accounts payable and accrued expenses158,750
 166,905
Deferred revenue116,197
 114,052
Lease liability - financing leases162,299
 44,448
Lease liability - operating leases363,990
 381,671
Dividend and distributions payable26,563
 79,282
Security deposits59,318
 62,252
Liabilities related to assets held for sale—
 —
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities100,000
 100,000
Total liabilities (1)
7,251,728
 6,555,975

March 31, 2021December 31, 2020
(unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests
$1,445,199 $1,315,832 
Building and improvements
4,096,930 4,168,193 
Building leasehold and improvements
1,730,418 1,448,134 
Right of use asset - financing leases55,711 55,711 
Right of use asset - operating leases502,316 367,209 
7,830,574 7,355,079 
Less: accumulated depreciation
(2,004,945)(1,956,077)
5,825,629 5,399,002 
Cash and cash equivalents304,999 266,059 
Restricted cash96,608 106,736 
Investments in marketable securities23,784 28,570 
Tenant and other receivables42,505 44,507 
Related party receivables34,310 34,657 
Deferred rents receivable304,420 302,791 
Debt and preferred equity investments, net of discounts and deferred origination fees of $9,817 and $11,232 and allowances of $13,213 and $13,213 in 2021 and 2020, respectively1,097,202 1,076,542 
Investments in unconsolidated joint ventures3,698,701 3,823,322 
Deferred costs, net170,252 177,168 
Other assets445,635 448,213 
Total assets (1)
$12,044,045 $11,707,567 
Liabilities
Mortgages and other loans payable, net$1,848,701 $1,979,972 
Revolving credit facility, net625,809 105,262 
Unsecured term loans, net1,495,620 1,495,275 
Unsecured notes, net1,248,622 1,248,219 
Accrued interest payable22,796 14,825 
Other liabilities267,908 302,798 
Accounts payable and accrued expenses120,015 151,309 
Deferred revenue119,215 118,572 
Lease liability - financing leases152,622 152,521 
Lease liability - operating leases455,385 339,458 
Dividend and distributions payable24,924 149,294 
Security deposits54,181 53,836 
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities100,000 100,000 
Total liabilities (1)
6,535,798 6,211,341 
4
6

SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands, except per share data)thousands)

March 31, 2021December 31, 2020
(unaudited)
Commitments and contingencies00
Noncontrolling interests in Operating Partnership374,124 358,262 
Preferred units198,503 202,169 
Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2021 and December 31, 2020221,932 221,932 
Common stock, $0.01 par value, 160,000 shares authorized and 70,380 and 69,534 issued and outstanding at March 31, 2021 and December 31, 2020, respectively (including 1,026 and 1,026 shares held in treasury at March 31, 2021 and December 31, 2020, respectively)705 716 
Additional paid-in-capital3,913,258 3,862,949 
Treasury stock at cost(124,049)(124,049)
Accumulated other comprehensive loss(18,897)(67,247)
Retained earnings918,077 1,015,462 
Total SL Green stockholders' equity4,911,026 4,909,763 
Noncontrolling interests in other partnerships24,594 26,032 
Total equity4,935,620 4,935,795 
Total liabilities and equity$12,044,045 $11,707,567 
(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $179.6 million and $41.2 million of land, $282.3 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $16.4 million and $10.3 million of accumulated depreciation, $297.1 million and $289.5 million of other assets included in other line items, $368.6 million and $94.0 million of real estate debt, net, $0.9 million and $0.7 million of accrued interest payable, $45.3 million and $29.9 million of lease liabilities, and $31.2 million and $56.6 million of other liabilities included in other line items as of March 31, 2021 and December 31, 2020, respectively.

 March 31, 2020 December 31, 2019
 (unaudited)  
Commitments and contingencies


 


Noncontrolling interests in Operating Partnership358,895
 409,862
Preferred units266,019
 283,285
    
Equity   
SL Green stockholders' equity:   
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2020 and December 31, 2019221,932
 221,932
Common stock, $0.01 par value, 160,000 shares authorized and 77,591 and 80,257 issued and outstanding at March 31, 2020 and December 31, 2019, respectively (including 1,055 and 1,055 shares held in treasury at March 31, 2020 and December 31, 2019, respectively)776
 803
Additional paid-in-capital4,146,306
 4,286,395
Treasury stock at cost(124,049) (124,049)
Accumulated other comprehensive loss(80,868) (28,485)
Retained earnings1,099,369
 1,084,719
Total SL Green stockholders' equity5,263,466
 5,441,315
Noncontrolling interests in other partnerships80,499
 75,883
Total equity5,343,965
 5,517,198
Total liabilities and equity$13,220,607
 $12,766,320
    
(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: $199.0 million and $205.2 million of land, $501.2 million and $481.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $61.7 million and $61.7 million of right of use assets, $17.4 million and $17.6 million of accumulated depreciation, $179.2 million and $169.5 million of other assets included in other line items, $468.6 million and $457.1 million of real estate debt, net, $1.1 million and $1.2 million of accrued interest payable, $57.9 million and $57.7 million of lease liabilities, and $45.8 million and $43.7 million of other liabilities included in other line items as of March 31, 2020 and December 31, 2019, respectively.


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

7
5
Table of Contents

SL Green Realty Corp.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)


 Three Months Ended March 31,Three Months Ended March 31,
 2020 2019 20212020
Revenues    Revenues
Rental revenue, net $222,631
 $240,118
Rental revenue, net$188,089 $222,631 
Investment income 38,533
 50,031
Investment income19,273 38,533 
Other income 53,139
 14,106
Other income18,740 53,139 
Total revenues 314,303
 304,255
Total revenues226,102 314,303 
Expenses 
  Expenses
Operating expenses, including related party expenses of $3,749 in 2020 and $2,793 in 2019 53,866
 57,698
Operating expenses, including related party expenses of $2,225 in 2021 and $3,749 in 2020Operating expenses, including related party expenses of $2,225 in 2021 and $3,749 in 202042,284 53,866 
Real estate taxes 46,622
 46,688
Real estate taxes45,411 46,622 
Operating lease rent 7,367
 8,298
Operating lease rent6,739 7,367 
Interest expense, net of interest income 37,494
 50,525
Interest expense, net of interest income23,388 37,494 
Amortization of deferred financing costs 2,500
 2,742
Amortization of deferred financing costs3,774 2,500 
Depreciation and amortization 68,279
 68,343
Depreciation and amortization62,996 68,279 
Loan loss and other investment reserves, net of recoveries 11,248
 —
Loan loss and other investment reserves, net of recoveries0 11,248 
Transaction related costs 65
 55
Transaction related costs22 65 
Marketing, general and administrative 19,570
 25,979
Marketing, general and administrative22,885 19,570 
Total expenses 247,011
 260,328
Total expenses207,499 247,011 

 

 

Equity in net loss from unconsolidated joint ventures (12,814) (5,234)Equity in net loss from unconsolidated joint ventures(2,864)(12,814)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate —
 17,166
Equity in net loss on sale of interest in unconsolidated joint venture/real estateEquity in net loss on sale of interest in unconsolidated joint venture/real estate(12,629)0 
Purchase price and other fair value adjustments —
 (2,041)Purchase price and other fair value adjustments2,664 0 
Gain (loss) on sale of real estate, net 72,636
 (1,049)
Net income 127,114
 52,769
Net (income) loss attributable to noncontrolling interests:    
(Loss) gain on sale of real estate, net(Loss) gain on sale of real estate, net(1,388)72,636 
Depreciable real estate reserves and impairmentDepreciable real estate reserves and impairment(8,241)0 
Net (loss) incomeNet (loss) income(3,855)127,114 
Net loss (income) attributable to noncontrolling interests:Net loss (income) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership
(6,202) (2,278)Noncontrolling interests in the Operating Partnership476 (6,202)
Noncontrolling interests in other partnerships
293
 (237)Noncontrolling interests in other partnerships1,499 293 
Preferred units distributions
(2,666) (2,724)Preferred units distributions(1,846)(2,666)
Net income attributable to SL Green 118,539
 47,530
Net (loss) income attributable to SL GreenNet (loss) income attributable to SL Green(3,726)118,539 
Perpetual preferred stock dividends (3,738) (3,738)Perpetual preferred stock dividends(3,738)(3,738)
Net income attributable to SL Green common stockholders $114,801
 $43,792
Net (loss) income attributable to SL Green common stockholdersNet (loss) income attributable to SL Green common stockholders$(7,464)$114,801 
    
Basic earnings per share $1.47
 $0.52
Basic earnings per share$(0.11)$1.51 
Diluted earnings per share $1.47
 $0.52
Diluted earnings per share$(0.11)$1.51 
    
Basic weighted average common shares outstanding 77,864
 83,313
Basic weighted average common shares outstanding69,010 75,656 
Diluted weighted average common shares and common share equivalents outstanding 82,567
 87,810
Diluted weighted average common shares and common share equivalents outstanding74,070 80,352 
The accompanying notes are an integral part of these consolidated financial statements.

8
6

SL Green Realty Corp.
Consolidated Statements of Comprehensive Income
(unaudited, in thousands)

Three Months Ended March 31,
 20212020
Net (loss) income$(3,855)$127,114 
Other comprehensive income (loss):
Increase (decrease) in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments51,263 (50,735)
Decrease in unrealized value of marketable securities(258)(4,534)
Other comprehensive income (loss)51,005 (55,269)
Comprehensive income47,150 71,845 
Net loss (income) attributable to noncontrolling interests and preferred units distributions129 (8,575)
Other comprehensive (income) loss attributable to noncontrolling interests(2,655)2,886 
Comprehensive income attributable to SL Green$44,624 $66,156 
  Three Months Ended March 31,
  2020 2019
Net income
$127,114
 $52,769
Other comprehensive loss:

  
Decrease in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments
(50,735) (20,884)
(Decrease) increase in unrealized value of marketable securities
(4,534) 768
Other comprehensive loss
(55,269) (20,116)
Comprehensive income
71,845
 32,653
Net income attributable to noncontrolling interests and preferred units distributions
(8,575) (5,239)
Other comprehensive loss attributable to noncontrolling interests
2,886
 1,003
Comprehensive income attributable to SL Green
$66,156
 $28,417



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


7
9
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 68,508 $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 withholdings113 2 6,726 6,728 
Repurchases of common stock(1,306)(13)(80,297)0 (80,310)
Contributions to consolidated joint venture interests171 171 
Cash distributions to noncontrolling interests(110)(110)
Issuance of special dividend paid primarily in stock2,034 123,529 123,529 
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 69,354 $705 $3,913,258 $(124,049)$(18,897)$918,077 $24,594 $4,935,620 
10
 SL Green Realty Corp. Stockholders  
    Common Stock         


  Series I
Preferred
Stock		 Shares Par
Value		 Additional
Paid-
In-Capital		 Treasury
Stock		 Accumulated
Other
Comprehensive Loss		 Retained
Earnings		 Noncontrolling
Interests		 Total
Balance at December 31, 2019 $221,932
 79,202
 $803
 $4,286,395
 $(124,049) $(28,485) $1,084,719
 $75,883
 $5,517,198
Cumulative adjustment upon adoption of ASC 326             (39,184)   (39,184)
Balance at January 1, 2020 $221,932
 79,202
 $803
 $4,286,395
 $(124,049) $(28,485) $1,045,535
 $75,883
 $5,478,014
Net income (loss)             118,539
 (293) 118,246
Acquisition of subsidiary interest from noncontrolling interest       (3,123)       1,587
 (1,536)
Other comprehensive loss           (52,383)     (52,383)
Preferred dividends             (3,738)   (3,738)
DRSPP proceeds   2
   166
         166
Conversion of units in the Operating Partnership for common stock   1
   84
         84
Reallocation of noncontrolling interest in the Operating Partnership             38,529
   38,529
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings   (33) (1) 5,503
         5,502
Repurchases of common stock   (2,637) (26) (142,719)     (76,831)   (219,576)
Contributions to consolidated joint venture interests               3,814
 3,814
Cash distributions to noncontrolling interests               (492) (492)
Cash distributions declared ($0.295 per common share, none of which represented a return of capital for federal income tax purposes)             (22,665)   (22,665)
Balance at March 31, 2020 $221,932
 76,535
 $776
 $4,146,306
 $(124,049) $(80,868) $1,099,369
 $80,499
 $5,343,965

8

SL Green Realty Corp.
Consolidated Statements of Equity
(unaudited, in thousands, except per share data)

SL Green Realty Corp. Stockholders 
Common Stock
Series I
Preferred
Stock		SharesPar
Value		Additional
Paid-
In-Capital		Treasury
Stock		Accumulated
Other
Comprehensive Loss		Retained
Earnings		Noncontrolling
Interests		Total
Balance at December 31, 2019$221,932 76,956 $803 $4,286,395 $(124,049)$(28,485)$1,084,719 $75,883 $5,517,198 
Cumulative adjustment upon adoption of ASC 326(39,184)(39,184)
Balance at January 1, 2020$221,932 76,956 $803 $4,286,395 $(124,049)$(28,485)$1,045,535 $75,883 $5,478,014 
Net income (loss)118,539 (293)118,246 
Acquisition of subsidiary interest from noncontrolling interest(3,123)1,587 (1,536)
Other comprehensive loss(52,383)(52,383)
Preferred dividends(3,738)(3,738)
DRSPP proceeds2 166 166 
Conversion of units in the Operating Partnership for common stock1 084 84 
Reallocation of noncontrolling interest in the Operating Partnership38,529 38,529 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings(32)(1)5,503 5,502 
Repurchases of common stock(2,562)(26)(142,719)(76,831)(219,576)
Contributions to consolidated joint venture interests3,814 3,814 
Cash distributions to noncontrolling interests(492)(492)
Cash distributions declared ($0.304 per common share, none of which represented a return of capital for federal income tax purposes)(22,665)(22,665)
Balance at March 31, 2020$221,932 74,365 $776 $4,146,306 $(124,049)$(80,868)$1,099,369 $80,499 $5,343,965 

 SL Green Realty Corp. Stockholders  
    Common Stock          
  Series I
Preferred
Stock		 Shares Par
Value		 Additional
Paid-
In-Capital		 Treasury
Stock		 Accumulated
Other
Comprehensive Income (Loss)		 Retained
Earnings		 Noncontrolling
Interests		 Total
Balance at December 31, 2018 $221,932
 83,684
 $847
 $4,508,685
 $(124,049) $15,108
 $1,278,998
 $46,334
 $5,947,855
Net income             47,530
 237
 47,767
Other comprehensive income           (19,113)     (19,113)
Preferred dividends             (3,738)   (3,738)
DRSPP proceeds   1
   47
         47
Conversion of units in the Operating Partnership for common stock   5
 

 446
         446
Reallocation of noncontrolling interest in the Operating Partnership             (28,932)   (28,932)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings   (20)   4,835
         4,835
Repurchases of common stock   (398) (4) (21,432)     (12,807)   (34,243)
Contributions to consolidated joint venture interests               161
 161
Cash distributions to noncontrolling interests               (208) (208)
Cash distributions declared ($0.85 per common share, none of which represented a return of capital for federal income tax purposes)             (70,554)   (70,554)
Balance at March 31, 2019 $221,932
 83,272
 $843
 $4,492,581
 $(124,049) $(4,005) $1,210,497
 $46,524
 $5,844,323

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

11
9
Table of Contents

SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)


Three Months Ended March 31,
20212020
Operating Activities
Net (loss) income$(3,855)$127,114 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization66,770 70,779 
Equity in net loss from unconsolidated joint ventures2,864 12,814 
Distributions of cumulative earnings from unconsolidated joint ventures69 108 
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate12,629 0 
Purchase price and other fair value adjustments(2,664)0 
Depreciable real estate reserves and impairment8,241 0 
Loss (gain) on sale of real estate, net1,388 (72,636)
Loan loss reserves and other investment reserves, net of recoveries0 11,248 
Deferred rents receivable(2,685)3,717 
Non-cash lease expense3,375 3,390 
Other non-cash adjustments15,564 1,110 
Changes in operating assets and liabilities:
Tenant and other receivables(4,138)(44,960)
Related party receivables(683)(4,711)
Deferred lease costs(240)(8,603)
Other assets(24,354)(48,130)
Accounts payable, accrued expenses, other liabilities and security deposits(38,640)(13,877)
Deferred revenue4,121 7,622 
Lease liability - operating leases(19,160)(2,959)
Net cash provided by operating activities18,602 42,026 
Investing Activities
Acquisitions of real estate property0 (86,846)
Additions to land, buildings and improvements(49,328)(101,726)
Investments in unconsolidated joint ventures(21,027)(8,906)
Distributions in excess of cumulative earnings from unconsolidated joint ventures19,692 53,516 
Net proceeds from disposition of real estate/joint venture interest62,800 91,156 
Cash assumed from consolidation of real estate investment9,475 0 
Proceeds from sale or redemption of marketable securities4,528 0 
Other investments(54)(4,786)
Origination of debt and preferred equity investments(5,905)(223,374)
Repayments or redemption of debt and preferred equity investments0 151,548 
Net cash provided by (used in) investing activities20,181 (129,418)
12
 Three Months Ended March 31,
 2020 2019
Operating Activities   
Net income$127,114
 $52,769
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization70,779
 71,085
Equity in net loss from unconsolidated joint ventures12,814
 5,234
Distributions of cumulative earnings from unconsolidated joint ventures108
 425
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate—
 (17,166)
Purchase price and other fair value adjustments—
 2,041
(Gain) loss on sale of real estate, net(72,636) 1,049
Loan loss reserves and other investment reserves, net of recoveries11,248
 —
Deferred rents receivable3,717
 (1,114)
Non-cash lease expense3,390
 3,381
Other non-cash adjustments1,110
 9,027
Changes in operating assets and liabilities:   
Tenant and other receivables(44,960) (4,759)
Related party receivables(4,711) (1,270)
Deferred lease costs(8,603) (13,111)
Other assets(48,130) (40,218)
Accounts payable, accrued expenses, other liabilities and security deposits(13,877) (12,915)
Deferred revenue7,622
 10,721
Change in lease liability - operating leases(2,959) (2,866)
Net cash provided by operating activities42,026

62,313
Investing Activities   
Acquisitions of real estate property(86,846) —
Additions to land, buildings and improvements(101,726) (39,524)
Acquisition deposits and deferred purchase price—
 (4,910)
Investments in unconsolidated joint ventures(8,906) (73,351)
Distributions in excess of cumulative earnings from unconsolidated joint ventures53,516
 23,664
Net proceeds from disposition of real estate/joint venture interest91,156
 14,489
Other investments(4,786) (1,056)
Origination of debt and preferred equity investments(223,374) (430,034)
Repayments or redemption of debt and preferred equity investments151,548
 218,879
Net cash used in investing activities(129,418) (291,843)

10

SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)

Three Months Ended March 31,
20212020
Financing Activities
Proceeds from mortgages and other loans payable10,391 101,103 
Repayments of mortgages and other loans payable(362,542)(102,777)
Proceeds from revolving credit facility and unsecured notes530,000 1,125,000 
Repayments of revolving credit facility and unsecured notes(10,000)(315,000)
Proceeds from stock options exercised and DRSPP issuance351 166 
Repurchase of common stock(84,089)(219,576)
Redemption of preferred stock(3,631)(19,392)
Redemption of OP units(13,261)(18,066)
Distributions to noncontrolling interests in other partnerships(110)(492)
Contributions from noncontrolling interests in other partnerships171 3,814 
Acquisition of subsidiary interest from noncontrolling interest0 (1,536)
Distributions to noncontrolling interests in the Operating Partnership(4,148)(1,284)
Dividends paid on common and preferred stock(69,772)(79,662)
Tax withholdings related to restricted share awards(2,788)(4,752)
Deferred loan costs(288)(562)
Principal payments of on financing lease liabilities(255)0 
Net cash (used in) provided by financing activities(9,971)466,984 
Net increase in cash, cash equivalents, and restricted cash28,812 379,592 
Cash, cash equivalents, and restricted cash at beginning of year372,795 241,430 
Cash, cash equivalents, and restricted cash at end of period$401,607 $621,022 
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Conversion of units in the Operating Partnership$0 $84 
Issuance of special dividend paid primarily in stock123,529 0 
Tenant improvements and capital expenditures payable15,214 602 
Fair value adjustment to noncontrolling interest in the Operating Partnership26,609 0 
Consolidation of real estate investment119,444 0 
Reversal of assets held for sale0 391,664 
Extinguishment of debt in connection with property dispositions53,548 0 
Seller financed purchases0 100,000 
Debt and preferred equity investments10,000 4,638 
Removal of fully depreciated commercial real estate properties1,120 512 
Share repurchase payable3,779 0 
Recognition of right of use assets and related lease liabilities119,711 102,782 
13

SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)
 Three Months Ended March 31,
 2020 2019
Financing Activities   
Proceeds from mortgages and other loans payable101,103
 109,872
Repayments of mortgages and other loans payable(102,777) (1,127)
Proceeds from revolving credit facility and senior unsecured notes1,125,000
 520,000
Repayments of revolving credit facility and senior unsecured notes(315,000) (230,000)
Proceeds from stock options exercised and DRSPP issuance166
 47
Repurchase of common stock(219,576) (34,243)
Redemption of preferred stock(19,392) (15,142)
Redemption of OP units(18,066) (15,697)
Distributions to noncontrolling interests in other partnerships(492) (208)
Contributions from noncontrolling interests in other partnerships3,814
 161
Acquisition of subsidiary interest from noncontrolling interest(1,536) —
Distributions to noncontrolling interests in the Operating Partnership(1,284) (3,643)
Dividends paid on common and preferred stock(79,662) (77,399)
Tax withholdings related to restricted share awards(4,752) (3,126)
Deferred loan costs(562) (3,367)
Net cash provided by financing activities466,984
 246,128
Net increase in cash, cash equivalents, and restricted cash379,592
 16,598
Cash, cash equivalents, and restricted cash at beginning of year241,430
 279,113
Cash, cash equivalents, and restricted cash at end of period$621,022
 $295,711
    
Supplemental Disclosure of Non-Cash Investing and Financing Activities:   
Conversion of units in the Operating Partnership$84
 $446
Tenant improvements and capital expenditures payable602
 9,350
Reversal of assets held for sale391,664
 —
Seller financed purchases100,000
 —
Debt and preferred equity reserves4,638
 —
Removal of fully depreciated commercial real estate properties512
 4,012
Recognition of right of use assets and related lease liabilities102,782
 389,120
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.
Three Months Ended March 31,Three Months Ended March 31,
2020 2019 20212020
Cash and cash equivalents$554,195
 $144,323
Cash and cash equivalents$304,999 $554,195 
Restricted cash66,827
 151,388
Restricted cash96,608 66,827 
Total cash, cash equivalents, and restricted cash$621,022
 $295,711
Total cash, cash equivalents, and restricted cash$401,607 $621,022 
The accompanying notes are an integral part of these consolidated financial statements.


11
14
Table of Contents

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


March 31, 2021December 31, 2020
(unaudited)
Assets  
Commercial real estate properties, at cost:  
Land and land interests
$1,445,199 $1,315,832 
Building and improvements
4,096,930 4,168,193 
Building leasehold and improvements
1,730,418 1,448,134 
Right of use asset - financing leases55,711 55,711 
Right of use asset - operating leases502,316 367,209 
7,830,574 7,355,079 
Less: accumulated depreciation
(2,004,945)(1,956,077)
5,825,629 5,399,002 
Cash and cash equivalents304,999 266,059 
Restricted cash96,608 106,736 
Investments in marketable securities23,784 28,570 
Tenant and other receivables42,505 44,507 
Related party receivables34,310 34,657 
Deferred rents receivable304,420 302,791 
Debt and preferred equity investments, net of discounts and deferred origination fees of $9,817 and $11,232 and allowances of $13,213 and $13,213 in 2021 and 2020, respectively1,097,202 1,076,542 
Investments in unconsolidated joint ventures3,698,701 3,823,322 
Deferred costs, net170,252 177,168 
Other assets445,635 448,213 
Total assets (1)
$12,044,045 $11,707,567 
Liabilities 
Mortgages and other loans payable, net$1,848,701 $1,979,972 
Revolving credit facility, net625,809 105,262 
Unsecured term loans, net1,495,620 1,495,275 
Unsecured notes, net1,248,622 1,248,219 
Accrued interest payable22,796 14,825 
Other liabilities267,908 302,798 
Accounts payable and accrued expenses120,015 151,309 
Deferred revenue119,215 118,572 
Lease liability - financing leases152,622 152,521 
Lease liability - operating leases455,385 339,458 
Dividend and distributions payable24,924 149,294 
Security deposits54,181 53,836 
Liabilities related to assets held for sale0 0 
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities100,000 100,000 
Total liabilities (1)
6,535,798 6,211,341 
Commitments and contingencies00
Limited partner interests in SLGOP (4,156 and 3,939 limited partner common units outstanding at March 31, 2021 and December 31, 2020, respectively)374,124 358,262 
Preferred units198,503 202,169 
15
 March 31, 2020 December 31, 2019
 (unaudited)  
Assets   
Commercial real estate properties, at cost:   
Land and land interests 
$1,662,840
 $1,751,544
Building and improvements 
5,417,965
 5,154,990
Building leasehold and improvements 
1,435,811
 1,433,793
Right of use asset - financing leases163,960
 47,445
Right of use asset - operating leases381,255
 396,795
 9,061,831
 8,784,567
Less: accumulated depreciation 
(2,130,033) (2,060,560)
 6,931,798
 6,724,007
Assets held for sale—
 391,664
Cash and cash equivalents554,195
 166,070
Restricted cash66,827
 75,360
Investments in marketable securities25,353
 29,887
Tenant and other receivables, net of allowance of $11,876 and $12,369 in 2020 and 2019, respectively88,587
 43,968
Related party receivables26,092
 21,121
Deferred rents receivable, net of allowance of $11,711 and $12,477 in 2020 and 2019, respectively310,138
 283,011
Debt and preferred equity investments, net of discounts and deferred origination fees of $16,230 and $14,562 and allowances of $37,957 and $1,750 in 2020 and 2019, respectively1,783,336
 1,580,306
Investments in unconsolidated joint ventures2,848,363
 2,912,842
Deferred costs, net232,274
 205,283
Other assets353,644
 332,801
Total assets (1)
$13,220,607
 $12,766,320
Liabilities   
Mortgages and other loans payable, net$1,987,073
 $2,183,253
Revolving credit facility, net1,294,477
 234,013
Unsecured term loans, net1,494,470
 1,494,024
Unsecured notes, net1,247,246
 1,496,847
Accrued interest payable26,377
 22,148
Other liabilities214,968
 177,080
Accounts payable and accrued expenses158,750
 166,905
Deferred revenue116,197
 114,052
Lease liability - financing leases162,299
 44,448
Lease liability - operating leases363,990
 381,671
Dividend and distributions payable26,563
 79,282
Security deposits59,318
 62,252
Liabilities related to assets held for sale—
 —
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities100,000
 100,000
Total liabilities (1)
7,251,728
 6,555,975
Commitments and contingencies


 


Limited partner interests in SLGOP (4,145 and 4,196 limited partner common units outstanding at March 31, 2020 and December 31, 2019, respectively)358,895
 409,862
Preferred units266,019
 283,285

12

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


March 31, 2021December 31, 2020
(unaudited)
Capital  
SLGOP partners' capital:  
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2021 and December 31, 2020221,932 221,932 
SL Green partners' capital (735 and 724 general partner common units and 68,619 and 67,784 limited partner common units outstanding at March 31, 2021 and December 31, 2020, respectively)4,707,991 4,755,078 
Accumulated other comprehensive loss(18,897)(67,247)
Total SLGOP partners' capital4,911,026 4,909,763 
Noncontrolling interests in other partnerships24,594 26,032 
Total capital4,935,620 4,935,795 
Total liabilities and capital$12,044,045 $11,707,567 
(1) The Operating Partnership's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $179.6 million and $41.2 million of land, $282.3 million and $57.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $53.2 million and $37.8 million of right of use assets, $16.4 million and $10.3 million of accumulated depreciation, $297.1 million and $289.5 million of other assets included in other line items, $368.6 million and $94.0 million of real estate debt, net, $0.9 million and $0.7 million of accrued interest payable, $45.3 million and $29.9 million of lease liabilities, and $31.2 million and $56.6 million of other liabilities included in other line items as of March 31, 2021 and December 31, 2020, respectively.

 March 31, 2020 December 31, 2019
 (unaudited)  
Capital   
SLGOP partners' capital:   
Series I Preferred Units, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2020 and December 31, 2019221,932
 221,932
SL Green partners' capital (807 and 834 general partner common units and 75,729 and 78,368 limited partner common units outstanding at March 31, 2020 and December 31, 2019, respectively)5,122,402
 5,247,868
Accumulated other comprehensive loss(80,868) (28,485)
Total SLGOP partners' capital5,263,466
 5,441,315
Noncontrolling interests in other partnerships80,499
 75,883
Total capital5,343,965
 5,517,198
Total liabilities and capital$13,220,607
 $12,766,320
    
(1) The Operating Partnership's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $199.0 million and $205.2 million of land, $501.2 million and $481.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $61.7 million and $61.7 million of right of use assets, $17.4 million and $17.6 million of accumulated depreciation, $179.2 million and $169.5 million of other assets included in other line items, $468.6 million and $457.1 million of real estate debt, net, $1.1 million and $1.2 million of accrued interest payable, $57.9 million and $57.7 million of lease liabilities, and $45.8 million and $43.7 million of other liabilities included in other line items as of March 31, 2020 and December 31, 2019, respectively.


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

16
13
Table of Contents

SL Green Operating Partnership, L.P.
Consolidated Statements of Operations
(unaudited, in thousands, except per unit data)


Three Months Ended March 31,
 20212020
Revenues
Rental revenue, net$188,089 $222,631 
Investment income19,273 38,533 
Other income18,740 53,139 
Total revenues226,102 314,303 
Expenses
Operating expenses, including related party expenses of $2,225 in 2021 and $3,749 in 202042,284 53,866 
Real estate taxes45,411 46,622 
Operating lease rent6,739 7,367 
Interest expense, net of interest income23,388 37,494 
Amortization of deferred financing costs3,774 2,500 
Depreciation and amortization62,996 68,279 
Loan loss and other investment reserves, net of recoveries0 11,248 
Transaction related costs22 65 
Marketing, general and administrative22,885 19,570 
Total expenses207,499 247,011 
Equity in net loss from unconsolidated joint ventures(2,864)(12,814)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(12,629)0 
Purchase price and other fair value adjustments2,664 0 
(Loss) gain on sale of real estate, net(1,388)72,636 
Depreciable real estate reserves and impairment(8,241)0 
Net (loss) income(3,855)127,114 
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interests in other partnerships1,499 293 
Preferred units distributions(1,846)(2,666)
Net (loss) income attributable to SLGOP(4,202)124,741 
Perpetual preferred unit distributions(3,738)(3,738)
Net (loss) income attributable to SLGOP common unitholders$(7,940)$121,003 
Basic earnings per unit$(0.11)$1.51 
Diluted earnings per unit$(0.11)$1.51 
Basic weighted average common units outstanding73,158 79,876 
Diluted weighted average common units and common unit equivalents outstanding74,070 80,352 

  Three Months Ended March 31,
  2020
2019
Revenues    
Rental revenue, net $222,631
 $240,118
Investment income 38,533
 50,031
Other income 53,139
 14,106
Total revenues 314,303
 304,255
Expenses 
  
Operating expenses, including related party expenses of $3,749 in 2020 and $2,793 in 2019 53,866
 57,698
Real estate taxes 46,622
 46,688
Operating lease rent 7,367
 8,298
Interest expense, net of interest income 37,494
 50,525
Amortization of deferred financing costs 2,500
 2,742
Depreciation and amortization 68,279
 68,343
Loan loss and other investment reserves, net of recoveries 11,248
 —
Transaction related costs 65
 55
Marketing, general and administrative 19,570
 25,979
Total expenses 247,011
 260,328
     
Equity in net loss from unconsolidated joint ventures (12,814) (5,234)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate —
 17,166
Purchase price and other fair value adjustments —
 (2,041)
Gain (loss) on sale of real estate, net 72,636
 (1,049)
Net income 127,114
 52,769
Net loss (income) attributable to noncontrolling interests:    
Noncontrolling interests in other partnerships 293
 (237)
Preferred units distributions (2,666) (2,724)
Net income attributable to SLGOP 124,741
 49,808
Perpetual preferred unit distributions (3,738) (3,738)
Net income attributable to SLGOP common unitholders $121,003
 $46,070
     
Basic earnings per unit $1.47
 $0.52
Diluted earnings per unit $1.47
 $0.52
     
Basic weighted average common units outstanding 82,084
 87,646
Diluted weighted average common units and common unit equivalents outstanding 82,567
 87,810


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

17
14

SL Green Operating Partnership, L.P.
Consolidated Statements of Comprehensive Income
(unaudited, in thousands)


  Three Months Ended March 31,
  2020
2019
Net income $127,114
 $52,769
Other comprehensive loss:    
Decrease in unrealized value of derivative instruments, including SLGOP's share of joint venture derivative instruments (50,735) (20,884)
(Decrease) increase in unrealized value of marketable securities (4,534) 768
Other comprehensive loss (55,269) (20,116)
Comprehensive income 71,845
 32,653
Net loss (income) attributable to noncontrolling interests 293
 (237)
Other comprehensive loss attributable to noncontrolling interests 2,886
 1,003
Comprehensive income attributable to SLGOP $75,024
 $33,419
Three Months Ended March 31,
 20212020
Net (loss) income$(3,855)$127,114 
Other comprehensive income (loss):
Increase (decrease) in unrealized value of derivative instruments, including SLGOP's share of joint venture derivative instruments51,263 (50,735)
Decrease in unrealized value of marketable securities(258)(4,534)
Other comprehensive income (loss)51,005 (55,269)
Comprehensive income47,150 71,845 
Net loss attributable to noncontrolling interests1,499 293 
Other comprehensive (income) loss attributable to noncontrolling interests(2,655)2,886 
Comprehensive income attributable to SLGOP$45,994 $75,024 


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


15
18
Table of Contents

SL Green Operating Partnership, L.P.
Consolidated Statements of Capital
(unaudited, in thousands, except per unit data)



  SL Green Operating Partnership Unitholders    
    Partners' Interest      
  
Series I
Preferred
Units
 
Common
Units
 
Common
Unitholders
 Accumulated
Other
Comprehensive Income (Loss)		 Noncontrolling
Interests		 Total
Balance at December 31, 2019 $221,932
 79,202
 $5,247,868
 $(28,485) $75,883
 $5,517,198
Cumulative adjustment upon adoption of ASC 326     (39,184)     (39,184)
Balance at January 1, 2020 $221,932
 79,202
 $5,208,684
 $(28,485) $75,883
 $5,478,014
Net income (loss)     118,539
   (293) 118,246
Acquisition of subsidiary interest from noncontrolling interest     (3,123)   1,587
 (1,536)
Other comprehensive loss       (52,383) 

 (52,383)
Preferred distributions     (3,738)     (3,738)
DRSPP proceeds   2
 166
     166
Conversion of common units   1
 84
     84
Reallocation of noncontrolling interests in the operating partnership     38,529
     38,529
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings   (33) 5,502
     5,502
Repurchases of common stock   (2,637) (219,576)     (219,576)
Contribution to consolidated joint venture interests         3,814
 3,814
Cash distributions to noncontrolling interests         (492) (492)
Cash distributions declared ($0.295 per common unit, none of which represented a return of capital for federal income tax purposes)     (22,665)     (22,665)
Balance at March 31, 2020 $221,932
 76,535
 $5,122,402
 $(80,868) $80,499
 $5,343,965
 SL Green Operating Partnership Unitholders  
  Partners' Interest   
Series I
Preferred
Units		Common
Units		Common
Unitholders		Accumulated
Other
Comprehensive Loss		Noncontrolling
Interests		Total
Balance at December 31, 2020$221,932 68,508 $4,755,078 $(67,247)$26,032 $4,935,795 
Net loss(3,726)(1,499)(5,225)
Other comprehensive loss48,350 48,350 
Preferred distributions(3,738)(3,738)
DRSPP proceeds5 351 351 
Reallocation of noncontrolling interests in the operating partnership(26,609)(26,609)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings113 6,728 6,728 
Repurchases of common units(1,306)(80,310)(80,310)
Contribution to consolidated joint venture interests171 171 
Cash distributions to noncontrolling interests(110)(110)
Issuance of special distribution paid primarily in units2,034 123,529 123,529 
Cash distributions declared ($0.910 per common unit, none of which represented a return of capital for federal income tax purposes)(63,312)(63,312)
Balance at March 31, 2021$221,932 69,354 $4,707,991 $(18,897)$24,594 $4,935,620 
   

1619

SL Green Operating Partnership, L.P.
Consolidated Statements of Capital
(unaudited, in thousands, except per unit data)


 SL Green Operating Partnership Unitholders  
  Partners' Interest   
Series I
Preferred
Units		Common
Units		Common
Unitholders		Accumulated
Other
Comprehensive Loss		Noncontrolling
Interests		Total
Balance at December 31, 2019$221,932 76,956 $5,247,868 $(28,485)$75,883 $5,517,198 
Cumulative adjustment upon adoption of ASC 326(39,184)(39,184)
Balance at January 1, 2020$221,932 76,956 $5,208,684 $(28,485)$75,883 $5,478,014 
Net income (loss)118,539 (293)118,246 
Acquisition of subsidiary interest from noncontrolling interest(3,123)1,587 (1,536)
Other comprehensive income(52,383)(52,383)
Preferred distributions(3,738)(3,738)
DRSPP proceeds2 166 166 
Conversion of common units1 84 84 
Reallocation of noncontrolling interests in the operating partnership38,529 38,529 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings(32)5,502 5,502 
Repurchases of common stock(2,562)(219,576)(219,576)
Contribution to consolidated joint venture interests3,814 3,814 
Cash distributions to noncontrolling interests(492)(492)
Cash distributions declared ($0.304 per common unit, none of which represented a return of capital for federal income tax purposes)(22,665)(22,665)
Balance at March 31, 2020$221,932 74,365 $5,122,402 $(80,868)$80,499 $5,343,965 

  SL Green Operating Partnership Unitholders    
    Partners' Interest      
  
Series I
Preferred
Units
 
Common
Units
 
Common
Unitholders
 Accumulated
Other
Comprehensive Loss		 Noncontrolling
Interests		 Total
Balance at December 31, 2018 $221,932
 83,684
 $5,664,481
 $15,108
 $46,334
 $5,947,855
Net income     47,530
   237
 47,767
Other comprehensive income       (19,113)   (19,113)
Preferred distributions     (3,738)     (3,738)
DRSPP proceeds   1
 47
     47
Conversion of common units   5
 446
     446
Reallocation of noncontrolling interests in the operating partnership     (28,932)     (28,932)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings   (20) 4,835
     4,835
Repurchases of common stock   (398) (34,243)     (34,243)
Contribution to consolidated joint venture interests         161
 161
Cash distributions to noncontrolling interests         (208) (208)
Cash distributions declared ($0.85 per common unit, none of which represented a return of capital for federal income tax purposes)     (70,554)     (70,554)
Balance at March 31, 2019 $221,932
 83,272
 $5,579,872
 $(4,005) $46,524
 $5,844,323


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


17
20
Table of Contents

SL Green Operating Partnership, L.P.
Consolidated Statements of Cash Flows
(unaudited, in thousands)



Three Months Ended March 31,
 20212020
Operating Activities  
Net (loss) income$(3,855)$127,114 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization66,770 70,779 
Equity in net loss from unconsolidated joint ventures2,864 12,814 
Distributions of cumulative earnings from unconsolidated joint ventures69 108 
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate12,629 0 
Purchase price and other fair value adjustments(2,664)0 
Depreciable real estate reserves and impairment8,241 0 
Loss (gain) on sale of real estate, net1,388 (72,636)
Loan loss reserves and other investment reserves, net of recoveries0 11,248 
Deferred rents receivable(2,685)3,717 
Non-cash lease expense3,375 3,390 
Other non-cash adjustments15,564 1,110 
Changes in operating assets and liabilities:
Tenant and other receivables(4,138)(44,960)
Related party receivables(683)(4,711)
Deferred lease costs(240)(8,603)
Other assets(24,354)(48,130)
Accounts payable, accrued expenses, other liabilities and security deposits(38,640)(13,877)
Deferred revenue4,121 7,622 
Lease liability - operating leases(19,160)(2,959)
Net cash provided by operating activities18,602 42,026 
Investing Activities
Acquisitions of real estate property0 (86,846)
Additions to land, buildings and improvements(49,328)(101,726)
Investments in unconsolidated joint ventures(21,027)(8,906)
Distributions in excess of cumulative earnings from unconsolidated joint ventures19,692 53,516 
Net proceeds from disposition of real estate/joint venture interest62,800 91,156 
Cash assumed from consolidation of real estate investment9,475 0 
Proceeds from sale or redemption of marketable securities4,528 0 
Other investments(54)(4,786)
Origination of debt and preferred equity investments(5,905)(223,374)
Repayments or redemption of debt and preferred equity investments0 151,548 
Net cash provided by (used in) investing activities20,181 (129,418)
21
 Three Months Ended March 31,
 2020
2019
Operating Activities   
Net income$127,114
 $52,769
Adjustments to reconcile net income to net cash provided by operating activities:
  
Depreciation and amortization70,779
 71,085
Equity in net loss from unconsolidated joint ventures12,814
 5,234
Distributions of cumulative earnings from unconsolidated joint ventures108
 425
Equity in net gain on sale of interest in unconsolidated joint venture interest/real estate—
 (17,166)
Purchase price and other fair value adjustments—
 2,041
(Gain) loss on sale of real estate, net(72,636) 1,049
Loan loss reserves and other investment reserves, net of recoveries11,248
 —
Deferred rents receivable3,717
 (1,114)
Non-cash lease expense3,390
 3,381
Other non-cash adjustments1,110
 9,027
Changes in operating assets and liabilities:   
Tenant and other receivables(44,960) (4,759)
Related party receivables(4,711) (1,270)
Deferred lease costs(8,603) (13,111)
Other assets(48,130) (40,218)
Accounts payable, accrued expenses, other liabilities and security deposits(13,877) (12,915)
Deferred revenue7,622
 10,721
Change in lease liability - operating leases(2,959) (2,866)
Net cash provided by operating activities42,026
 62,313
Investing Activities
  
Acquisitions of real estate property(86,846) —
Additions to land, buildings and improvements(101,726) (39,524)
Acquisition deposits and deferred purchase price—
 (4,910)
Investments in unconsolidated joint ventures(8,906) (73,351)
Distributions in excess of cumulative earnings from unconsolidated joint ventures53,516
 23,664
Net proceeds from disposition of real estate/joint venture interest91,156
 14,489
Other investments(4,786) (1,056)
Origination of debt and preferred equity investments(223,374) (430,034)
Repayments or redemption of debt and preferred equity investments151,548
 218,879
Net cash used in investing activities(129,418) (291,843)
    

18

SL Green Operating Partnership, L.P.
Consolidated Statements of Cash Flows
(unaudited, in thousands)


Three Months Ended March 31,
 20212020
Financing Activities  
Proceeds from mortgages and other loans payable10,391 101,103 
Repayments of mortgages and other loans payable(362,542)(102,777)
Proceeds from revolving credit facility and unsecured notes530,000 1,125,000 
Repayments of revolving credit facility and unsecured notes(10,000)(315,000)
Proceeds from stock options exercised and DRSPP issuance351 166 
Repurchase of common units(84,089)(219,576)
Redemption of preferred units(3,631)(19,392)
Redemption of OP units(13,261)(18,066)
Distributions to noncontrolling interests in other partnerships(110)(492)
Contributions from noncontrolling interests in other partnerships171 3,814 
Acquisition of subsidiary interest from noncontrolling interest0 (1,536)
Distributions paid on common and preferred units(73,920)(80,946)
Tax withholdings related to restricted share awards(2,788)(4,752)
Deferred loan costs(288)(562)
Principal payments of on financing lease liabilities(255)0 
Net cash (used in) provided by financing activities(9,971)466,984 
Net increase in cash, cash equivalents, and restricted cash28,812 379,592 
Cash, cash equivalents, and restricted cash at beginning of year372,795 241,430 
Cash, cash equivalents, and restricted cash at end of period$401,607 $621,022 
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Conversion of units in the Operating Partnership$0 $84 
Issuance of special distribution paid primarily in units123,529 0 
Tenant improvements and capital expenditures payable15,214 602 
Fair value adjustment to noncontrolling interest in the Operating Partnership26,609 0 
Consolidation of real estate investment119,444 0 
Reversal of assets held for sale0 391,664 
Extinguishment of debt in connection with property dispositions53,548 0 
Seller financed purchases0 100,000 
Debt and preferred equity investments10,000 4,638 
Removal of fully depreciated commercial real estate properties1,120 512 
Share repurchase payable3,779 0 
Recognition of right of use assets and related lease liabilities119,711 102,782 
 Three Months Ended March 31,
 2020
2019
Financing Activities   
Proceeds from mortgages and other loans payable$101,103
 $109,872
Repayments of mortgages and other loans payable(102,777) (1,127)
Proceeds from revolving credit facility and senior unsecured notes1,125,000
 520,000
Repayments of revolving credit facility and senior unsecured notes(315,000) (230,000)
Proceeds from stock options exercised and DRSPP issuance166
 47
Repurchase of common units(219,576) (34,243)
Redemption of preferred units(19,392) (15,142)
Redemption of OP units(18,066) (15,697)
Distributions to noncontrolling interests in other partnerships(492) (208)
Contributions from noncontrolling interests in other partnerships3,814
 161
Acquisition of subsidiary interest from noncontrolling interest(1,536) —
Distributions paid on common and preferred units(80,946) (81,042)
Tax withholdings related to restricted share awards(4,752)
(3,126)
Deferred loan costs(562) (3,367)
Net cash provided by financing activities466,984
 246,128
Net increase in cash, cash equivalents, and restricted cash379,592
 16,598
Cash, cash equivalents, and restricted cash at beginning of year241,430
 279,113
Cash, cash equivalents, and restricted cash at end of period$621,022
 $295,711
    
Supplemental Disclosure of Non-Cash Investing and Financing Activities:   
Conversion of units in the Operating Partnership$84
 $446
Tenant improvements and capital expenditures payable602
 9,350
Fair value adjustment to noncontrolling interest in the Operating Partnership38,529
 28,932
Reversal of assets held for sale391,664
 —
Seller financed purchases100,000
 —
Debt and preferred equity reserves4,638
 —
Removal of fully depreciated commercial real estate properties512
 4,012
Recognition of right of use assets and related lease liabilities102,782
 389,120
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.
Three Months Ended March 31,Three Months Ended March 31,
2020 2019 20212020
Cash and cash equivalents$554,195
 $144,323
Cash and cash equivalents$304,999 $554,195 
Restricted cash66,827
 151,388
Restricted cash96,608 66,827 
Total cash, cash equivalents, and restricted cash$621,022
 $295,711
Total cash, cash equivalents, and restricted cash$401,607 $621,022 
    
The accompanying notes are an integral part of these consolidated financial statements.

19
22
Table of Contents


SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements
March 31, 20202021
(unaudited)

1. Organization and Basis of Presentation
SL Green Realty Corp., which is referred to as the Company or SL Green, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Operating Partnership received a contribution of interest in the real estate properties, as well as 95% of the economic interest in the management, leasing and construction companies which are referred to as the Service Corporation. All of the management, leasing and construction services that are provided to the properties that are wholly-owned by us and that are provided to certain joint ventures are conducted through SL Green Management LLC which is 100% owned by the Operating Partnership. The Company has qualified, and expects to qualify in the current fiscal year, as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, and operates as a self-administered, self-managed REIT. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to minimize the payment of Federal income taxes at the corporate level. Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including the Operating Partnership.
Substantially all of our assets are held by, and all of our operations are conducted through, the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership. As of March 31, 2020,2021, noncontrolling investors held, in the aggregate, a 5.14%5.65% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership. The Operating Partnership is considered a variable interest entity, or VIE, in which we are the primary beneficiary. See Note 11, "Noncontrolling Interests on the Company's Consolidated Financial Statements."
On December 4, 2020 our Board of Directors declared an ordinary dividend and a special dividend (together, "the Total Dividend"). The Total Dividend was paid on January 15, 2021 to shareholders of record at the close of business on December 15, 2020 ("the Record Date"). Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. As a result of the elections made, the cash option was oversubscribed and was prorated. Shareholders who elected to receive cash received, for each share of common stock they owned as of the Record Date, approximately $0.3735 in cash and 0.0279 shares of common stock. Shareholders who elected to receive shares received, for each share of common stock they owned as of the Record Date, approximately 0.0343 shares of common stock. The number of shares issued was calculated based on the volume weighted average trading price of SLG's common stock between January 5-7, 2021, of $58.15 per share.
To mitigate the dilutive impact of the common stock issued in the special dividend, the board of directors also authorized a reverse stock split, which was effective after markets closed on January 20, 2021. On January 8, 2021, a committee of the Board of Directors calculated the ratio for the reverse stock split of our issued and outstanding shares of common stock as 1.02918-for-1. After the issuance of the dividend and the completion of the reverse stock split, the number of shares of our common stock outstanding was equivalent to the number of total shares outstanding on the Record Date (not including any issuances or repurchases that occurred following the Record Date, as well as any fractional shares that would have been issued but for which cash-in-lieu was paid). However, on a relative basis, some individual shareholders may have more shares of SLG’s common stock, and some individual shareholders may have fewer shares of our common stock, depending on their individual elections to receive cash or stock and as a result of the cash option being oversubscribed.
All share-related references and measurements including the number of shares outstanding, share prices, number of shares repurchased, earnings per share, dividends per share, and share-based compensation awards, have been retroactively adjusted to reflect the reverse stock split for all periods presented in this Quarterly Report on Form 10-Q.
23
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
As of March 31, 2020,2021, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan. Our investments located outside of Manhattan are referred to as the Suburban properties:
  ConsolidatedUnconsolidatedTotal
LocationProperty
Type		Number of BuildingsApproximate Square Feet (unaudited)Number of BuildingsApproximate Square Feet (unaudited)Number of BuildingsApproximate Square Feet (unaudited)
Weighted Average Occupancy(1) (unaudited)
Commercial:
ManhattanOffice18 10,526,345 9 10,869,183 27 21,395,528 93.4 %
Retail1 10,040 9 301,996 10 312,036 94.6 %
Development/Redevelopment9 1,890,614 3 2,927,782 12 4,818,396 N/A
28 12,426,999 21 14,098,961 49 26,525,960 93.5 %
SuburbanOffice7 862,800 0 0 7 862,800 81.6 %
Total commercial properties35 13,289,799 21 14,098,961 56 27,388,760 93.0 %
Residential:
ManhattanResidential1 82,250 8 1,663,774 9 1,746,024 79.1 %
Total portfolio36 13,372,049 29 15,762,735 65 29,134,784 92.2 %
(1)The weighted average occupancy for commercial properties represents the total occupied square footage divided by the total square footage at acquisition. The weighted average occupancy for residential properties represents the total occupied units divided by the total available units.
   
 Consolidated Unconsolidated Total 
Location Property
Type		 Number of Properties
Approximate Square Feet (unaudited) Number of Properties Approximate Square Feet (unaudited) Number of Properties Approximate Square Feet (unaudited) 
Weighted Average Occupancy(1) (unaudited)
Commercial: 


 
 
 
 
 
Manhattan Office 18

10,647,191
 10
 11,216,183
 28
 21,863,374
 93.7%

 Retail 4
 44,189
 8
 289,050
 12
 333,239
 98.0%

 Development/Redevelopment 11
 3,028,211
 1
 1,657,198
 12
 4,685,409
 N/A

 Fee Interest —
 —
 1
 —
 1
 —
 —%

 
 33
 13,719,591
 20
 13,162,431
 53
 26,882,022
 93.8%
Suburban Office 8
 1,044,800
 —
 —
 8
 1,044,800
 85.5%

 Retail 1
 52,000
 —
 —
 1
 52,000
 100.0%

 
 9
 1,096,800
 —
 —
 9
 1,096,800
 86.2%
Total commercial properties 42
 14,816,391
 20
 13,162,431
 62
 27,978,822
 93.4%
Residential: 
 
 
 
 
 
 
 
Manhattan Residential 2
 222,250
 8
 1,663,774
 10
 1,886,024
 96.7%
Total residential properties 2

222,250
 8
 1,663,774
 10
 1,886,024
 96.7%
Total portfolio 44

15,038,641
 28
 14,826,205
 72
 29,864,846
 93.6%
(1)The weighted average occupancy for commercial properties represents the total occupied square footage divided by the total square footage at acquisition. The weighted average occupancy for residential properties represents the total occupied units divided by the total available units.
As of March 31, 2020,2021, we also managed 2 office buildings owned by third parties encompassing approximately 2.1 million square feet (unaudited), and held debt and preferred equity investments with a book value of $1.9$1.1 billion, includingexcluding $0.1 billion of debt and preferred equity investments and other financing receivables that are included in balance sheet line items other than the Debt and Preferred Equity Investmentspreferred equity investments line item.
Partnership Agreement

20
Table of Contents
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

In accordance with the partnership agreement of the Operating Partnership, or the Operating Partnership Agreement, we allocate all distributions and profits and losses in proportion to the percentage of ownership interests of the respective partners, subject to the priority distributions with respect to preferred units and special provisions that apply to LTIP Units. As the managing general partner of the Operating Partnership, we are required to take such reasonable efforts, as determined by us in our sole discretion, to cause the Operating Partnership to distribute sufficient amounts to enable the payment of sufficient dividends by us to minimize any Federal income or excise tax at the Company level. Under the Operating Partnership Agreement, each limited partner has the right to redeem units of limited partnership interests for cash, or if we so elect, shares of SL Green's common stock on a one-for-1 basis.
Basis of Quarterly Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company and the Operating Partnership at March 31, 20202021 and the results of operations for the periods presented have been included. The operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.2021. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 20192020 of the Company and the Operating Partnership.
The consolidated balance sheet at December 31, 20192020 has been derived from the audited financial statements as of that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
24
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
Subsequent Events
BeginningIn April 2021, the Company exercised its option to acquire the fee interest in late 2019, a novel strain of Coronavirus (“COVID-19”) began to spread throughout461 Fifth Avenue from the world, including the United States, ultimately being declared a pandemic by the World Health Organization. Over the past several months the pandemic has caused, and continues to cause, severe disruptions with wide ranging impacts to the global economy and everyday life. We expect that our business, results of operations, liquidity, cash flows, prospects, and our ability to achieve forward-looking targets and expectations could be materially and adversely affected for at least the durationground lessor of the COVID-19 pandemic and possibly longer. This could also cause significant volatilityproperty for a purchase price of $28.0 million. At March 31, 2021, the Company held the leasehold interest in the trading prices of our securities.property. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration, severity and spread of the pandemic, health and safety actions taken to contain its spread, any possible resurgence that may occur after the initial outbreak subsides and how quickly and to what extent normal economic and operating conditions can resume. Additionally, the COVID-19 pandemic could increase the magnitude of many of the other risks described in our latest Annual Report on Form 10-K and other SEC filings and may have other adverse effects on our operations that we are not currently able to predict.
In May 2020, the Company entered into contract to sell the retail condominium at 609 Fifth Avenue for a gross asset valuation of $168.0 million. This transaction is scheduledexpected to close in the second quarter of 2020, subject to satisfaction of various closing conditions. At March 31, 2020, we determined that the held for sale criteria was not met for this property as it was not probable that the sale of the asset would be completed within one year.2021.
In May 2020, the Company closed on the sale of a 49.5% interest in One Madison Avenue to the National Pension Service of Korea and Hines Interest LP. NPS and Hines have committed aggregate equity to the project totaling no less than $492.2 million. The Company and Hines will co-develop the $2.3 billion project, which will span 1.4 million rentable square feet upon completion. At March 31, 2020, we determined that the held for sale criteria was not met for this property as it was not probable that the sale of the asset would be completed within one year.
2. Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. See Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures." All significant intercompany balances and transactions have been eliminated.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

We consolidate a VIE in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.
Investment in Commercial Real Estate Properties
We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from three3 years to 40 years. We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from one1 year to 1415 years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally ranges from one1 year to 1415 years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, we amortize such below-market lease value into rental income over the renewal period.
The Company classifies those leases under which the Company is the lessee at lease commencement as finance or operating leases. Leases qualify as finance leases if the lease transfers ownership of the asset at the end of the lease term, the lease grants an option to purchase the asset that we are reasonably certain to exercise, the lease term is for a major part of the remaining economic life of the asset, or the present value of the lease payments exceeds substantially all of the fair value of the asset. Leases that do not qualify as finance leases are deemed to be operating leases. At lease commencement the Company records a lease liability which is measured as the present value of the lease payments and a right of use asset which is measured as the amount of the lease liability and any initial direct costs incurred. The Company applies a discount rate to determine the present value of the lease payments. If the rate implicit in the lease is known, the Company uses that rate. If the rate implicit in the lease is not known, the Company uses a discount rate reflective of the Company’s collateralized borrowing rate given the term of the lease. To determine the discount rate, the Company employs a third party specialist to develop an analysis based primarily on the observable borrowing rates of the Company, other REITs, and other corporate borrowers with long-term borrowings. On the consolidated statements of operations, operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense. On the consolidated balance sheet,sheets, financing leases include the amounts previously captioned "Properties under capital lease." When applicable, the Company combines the consideration for lease and non-lease components in the calculation of the value of the lease obligation and right-of-use asset.
On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the calculated fair value of the property.property as calculated in accordance with Accounting Standards Codification, or ASC 820. We also
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
evaluate our real estate properties for impairment when a property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell and depreciation expense is no longer recorded.
WeFor the three months ended March 31, 2021, we recognized $1.2 million and $1.2 million($1.9 million) of rental revenue for the amortization of aggregate above-market leases in excess of below-market leases resulting from the allocation of the purchase price of the applicable properties. For the three months ended March 31, 2020 and 2019, respectively,, we recognized $1.2 million of rental revenue for the amortization of aggregate below-market leases in excess of above-market leases.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of March 31, 20202021 and December 31, 20192020 (in thousands):
 March 31, 2020 December 31, 2019
Identified intangible assets (included in other assets):   
Gross amount$225,025
 $255,198
Accumulated amortization(202,581) (228,223)
Net(1)
$22,444
 $26,975
Identified intangible liabilities (included in deferred revenue):   
Gross amount$274,208
 $282,048
Accumulated amortization(246,464) (249,514)
Net(1)
$27,744
 $32,534
March 31, 2021December 31, 2020
Identified intangible assets (included in other assets):
Gross amount$239,562 $215,673 
Accumulated amortization(204,386)(190,523)
Net(1)
$35,176 $25,150 
Identified intangible liabilities (included in deferred revenue):
Gross amount$242,334 $241,409 
Accumulated amortization(233,766)(230,479)
Net(1)
$8,568 $10,930 

(1)As of March 31, 2020, and December 31, 2019, 0 net intangible assets and 0 net intangible liabilities, were reclassified to assets held for sale or liabilities related to assets held for sale.
(1) As of March 31, 2021 and December 31, 2020, 0 net intangible assets and 0 net intangible liabilities were reclassified to assets held for sale or liabilities related to assets held for sale.
Cash and Cash Equivalents
We consider all highly liquid investments with maturity of three months or less when purchased to be cash equivalents.
Restricted Cash
Restricted cash primarily consists of security deposits held on behalf of our tenants, interest reserves, as well as capital improvement and real estate tax escrows required under certain loan agreements.
Fair Value Measurements
See Note 16, "Fair Value Measurements."
Investment in Marketable Securities
At acquisition, we designate a security as held-to-maturity, available-for-sale, or trading. As of March 31, 2020,2021, we did not have any securities designated as held-to-maturity or trading. We account for our available-for-sale securities at fair value pursuant to Accounting Standards Codification, or ASC 820-10, with the net unrealized gains or losses reported as a component of accumulated other comprehensive income or loss. The cost of marketable securities sold and the amount reclassified out of accumulated other comprehensive income into earnings is determined using the specific identification method. Any unrealizedCredit losses that are determined to be other-than-temporary are recognized in earnings up to their credit component.accordance with ASC 326.
At March 31, 20202021 and December 31, 2019,2020, we held the following marketable securities (in thousands):
March 31, 2021December 31, 2020
Commercial mortgage-backed securities$23,784 $28,570 
Total marketable securities available-for-sale$23,784 $28,570 
 March 31, 2020 December 31, 2019
Commercial mortgage-backed securities$25,353
 $29,887
Total marketable securities available-for-sale$25,353
 $29,887
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
The cost basis of the commercial mortgage-backed securities was $23.0 million and $27.5 million at both March 31, 20202021 and December 31, 2019.2020, respectively. These securities mature at various times through 2035. All securities were in an unrealized gain position at March 31, 2021 and December 31, 2020 except for 1 security, which had an unrealized loss of $0.7 million and a fair market value of $7.1 million at March 31, 2021, and an unrealized loss of $0.7 million and a fair value of $7.0 million at December 31, 2020. This marketable security had been in a continuous unrealized loss position for more than 12 months at March 31, 2021 and less than 12 months at December 31, 2020. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.
We held 0 equity marketable securities as of March 31, 20202021 and December 31, 2019.2020.
During the three months ended March 31, 2021, we received aggregate net proceeds of $5.0 million from the repayment of 1 marketable security. We did not dispose of anyfurther marketable securities during eitherthree months ended March 31, 2021. During the three months ended March 31, 2020, we did 0t dispose of or the three months ended March 31, 2019.receive repayment of any further marketable securities.
Investments in Unconsolidated Joint Ventures
We assess our investments in unconsolidated joint ventures for recoverability and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on each joint venture'sventures' actual and projected discounted cash flows. We do not believe that the values of any of our equity investments were impaired at March 31, 2020.2021.
Deferred Lease Costs
Deferred lease costs consist of incremental fees and direct costs that would not have been incurred if the lease had not been obtained and are amortized on a straight-line basis over the related lease term.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

Lease Classification
Lease classification for leases under which the Company is the lessor is evaluated at lease commencement and leases not classified as sales-type leases or direct financing leases are classified as operating leases. Leases qualify as sales-type leases if the contract includes either transfer of ownership clauses, certain purchase options, a lease term representing a major part of the economic life of the asset, or the present value of the lease payments and residual guarantees provided by the lessee exceeds substantially all of the fair value of the asset. Additionally, leasing an asset so specialized that it is not deemed to have any value to the Company at the end of the lease term may also result in classification as a sales-type lease. Leases qualify as direct financing leases when the present value of the lease payments and residual value guarantees provided by the lessee and unrelated third parties exceeds substantially all of the fair value of the asset and collection of the payments is probable.
Revenue Recognition
Rental revenue for operating leases is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the leased space is substantially readyavailable for its intended use.use by the lessee.
To determine whether the leased space is substantially readyavailable for its intended use by the lessee, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes.purposes or if the tenant is. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space.
When management concludes that we are the owner of tenant improvements for accounting purposes, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred costs, net on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease.
The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets.
In addition to base rent, our tenants also generally will pay variable rent which represents their pro rata share of increases in real estate taxes and certain operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in certain building operating expenses, the tenant will pay additional rent based upon increases in the
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year.
Rental revenue is recognized if collectability is probable. If collectability of substantially all of the lease payments is assessed as not probable, any difference between the rental revenue recognized to date and the lease payments that have been collected is recognized as a current-period adjustment to rental revenue. A subsequent change in the assessment of collectability to probable may result in a current-period adjustment to rental revenue for any difference between the rental revenue that would have been recognized if collectability had always been assessed as probable and the rental revenue recognized to date.
We recognize lease concessions related to COVID-19, such as rent deferrals and abatements, in accordance with the Lease Modification Q&A issued by the FASB in April 2020, which provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease. This election is only available when total cash flows resulting from the modified lease are substantially similar to the cash flows in the original lease. When total cash flows resulting from the modified lease are not substantially similar to the cash flows in the original lease, we account for the concession agreement as a new lease.
The Company provides its tenants with certain customary services for lease contracts such as common area maintenance and general security. We have elected to combine the non-lease components with the lease components of our operating lease agreements and account for them as a single lease component in accordance with ASC 842.
We record a gain or loss on sale of real estate assets when we no longer holdhave a controlling financial interest in the entity holdingowning the real estate, a contract exists with a third party and that third party has control of the assets acquired.
Investment income on debt and preferred equity investments is accrued based on the contractual terms of the instruments and when it is deemed collectible. Some debt and preferred equity investments provide for accrual of interest at specified rates,

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest is collectible. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt.
Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as an adjustment to interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cash flows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For debt investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield.
We consider a debt and preferred equity investment to be past due when amounts contractually due have not been paid. Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition is resumed on any debt or preferred equity investment that is on non-accrual status when such debt or preferred equity investment becomes contractually current and performance is demonstrated to be resumed. Interest is recorded as income on impaired loans only to the extent cash is received.
We may syndicate a portion of the loans that we originate or sell the loans individually. When a transaction meets the criteria for sale accounting, we recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
on the consolidated statement of operations. Any fees received at the time of sale or syndication are recognized as part of investment income.
Asset management fees are recognized on a straight-line basis over the term of the asset management agreement.
Debt and Preferred Equity Investments
Debt and preferred equity investments are presented at the net amount expected to be collected.collected in accordance with ASC 326. An allowance for loan losses is deducted from the amortized cost basis of the financial assets to present the net carrying value at the amount expected to be collected through the expected maturity date of such investments. The expense for loan loss and other investment reserves is the charge to earnings to adjust the allowance for loan losses to the appropriate level. Amounts are written off from the allowance when we de-recognize the related investment either as a result of a sale of the investment or acquisition of equity interests in the collateral.
The Company evaluates the amount expected to be collected based on current market and economic conditions, historical loss information, and reasonable and supportable forecasts. The Company's assumptions are derived from both internal data and external data which may include, among others, governmental economic projections for the New York City Metropolitan area, public data on recent transactions and filings for securitized debt instruments. This information is aggregated by asset class and adjusted for duration. Based on these inputs, loans are evaluated at the individual asset level. In certain instances, we may also use a probability-weighted model that considers the likelihood of multiple outcomes and the amount expected to be collected for each outcome.
The evaluation of the possible credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor requires significant judgment, which include both asset level and market assumptions over the relevant time period.
In addition, quarterly, the Company assigns each loan a risk rating. Based on a 3-point scale, loans are rated “1” through “3,” from lower risk to higher risk, which ratings are defined as follows: 1 - Low Risk Assets - Low probability of loss, 2 - Watch List Assets - Higher potential for loss, 3 - High Risk Assets - Loss more likely than not. Loans with risk ratings of 2 or above are evaluated to determine whether the expected risk of loss is appropriately captured through the combination of our expectations of current conditions, historical loss information and supportable forecasts described above or whether risk characteristics specific to the loan warrant the use of a probability-weighted model.
Financing investments that are classified as held for sale are carried at the expected amount to be collected or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its expected amount to be collected.
Other financing receivables that are included in balance sheet line items other than the Debt and Preferred Equity Investments line are also measured at the net amount expected to the be collected.
Accrued interest receivable amounts related to these debt and preferred equity investment and other financing receivables are recorded at the net amount expected to be collected within Other assets in the consolidated balance sheets. Write offs of accruedAccrued interest receivables that are written off are recognized as an expense forin loan loss and other investment reserves.
Income Taxes
SL Green is taxed as a REIT under Section 856(c) of the Code. As a REIT, SL Green generally is not subject to Federal income tax. To maintain its qualification as a REIT, SL Green must distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. If SL Green fails to qualify as a REIT in any taxable year, SL Green will be subject to Federal income tax on its taxable income at regular corporate rates. SL Green may also be subject to certain state, local and franchise taxes. Under certain circumstances, Federal income and excise taxes may be due on its undistributed taxable income.
The Operating Partnership is a partnership and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective income tax returns. The only provision for income taxes included in the consolidated statements of operations relates to the Operating Partnership’s consolidated taxable REIT subsidiaries. The Operating Partnership may also be subject to certain state, local and franchise taxes.
We have elected, and may elect in the future, to treat certain of our corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, TRSs may perform non-customary services for the tenants of the Company, hold assets that we cannot hold
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in Federal and state income tax liability for these entities.
During the three months ended March 31, 2020,2021, we recorded a Federal, state and local tax provisionsprovision of $1.1$0.7 million. During the three months ended March 31, 2019,2020, we recorded a Federal, state and local tax provisionsprovision of $0.8$1.1 million.
We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

Concentrations of Credit Risk
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in New York City. See Note 5, "Debt and Preferred Equity Investments."
We perform initial and ongoing evaluations of the credit quality of our tenants and require most tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant's lease obligation, they are a measure of good faith and a potential source of funds to offset the economic costs associated with lost revenue from that tenant and the costs associated with re-tenanting a space. The properties in our real estate portfolio are located in the New York metropolitan area. The tenants located in our buildings operate in various industries. Other than 1 tenant, ViacomCBSViacom CBS Inc., which accounts for 5.5%5.9% of our share of annualized cash rent, no other tenant in our portfolio accounted for more than 5.0% of our share of annualized cash rent, including our share of joint venture annualized rent, at March 31, 2020.2021.
For the three months ended March 31, 2020,2021, the following properties contributed more than 5.0% of our annualized cash rent from office properties, including our share of annualized cash rent from joint venture office properties:
PropertyThree months ended March 31, 20202021
11 Madison Avenue9.2%
420 Lexington Avenue (Graybar)7.2%
1185 Avenue of the Americas8.5%7.1%
11 Madison Avenue1515 Broadway8.3%6.9%
420 Lexington Avenue7.5%
1515 Broadway6.8%
220 East 42nd Street6.2%
280 Park Avenue5.4%5.8%
485 Lexington Avenue5.3%5.1%

Reclassification
Certain prior year balances have been reclassified to conform to our current year presentation.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
Accounting Standards Updates
In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if a lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Lease Modification Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease. This election is only available when total cash flows resulting from the modified lease are substantially similar to the cash flows in the original lease. The Lease Modification Q&A has no material impact on the Company’s consolidated financial statements as of and for the three months ended March 31, 2020, however, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering into such concessions.
In JanuaryAugust 2020, the FASB issued Accounting Standard Update, or ASU,"ASU," No. 2020-01, Investments2020-06 Debt - Equity Securities (Topic 321), Investments - Equity MethodDebt with Conversion and Joint Ventures (Topic 323),Other Options (Subtopic 470-20) and Derivatives and Hedging (Topic 815) Clarifying- Contracts in Entity's Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the Interactions between Topic 321, Topic 323,accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and Topic 815. The amendment most relevantconvertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the Company is how to applyderivative scope exception and also simplifies the fair value measurement alternativediluted earnings per share calculation in Topic 321 when an investor must apply the fair value to an investment under the equity method in Topic 323. The amendment clarifies that an entity should consider observable transactions when considering the fair value of an investment. The guidancecertain areas. ASU 2020-06 is effective for the Company for fiscal yearsreporting periods beginning after December 15, 2020. Early2021, with early adoption is permitted. The Company adoptedWe are currently evaluating the impact of the adoption of ASU 2020-06 on our consolidated financial statements, but do not believe the adoption of this guidance on January 1, 2020 and it did notstandard will have a material impact on the Company’sour consolidated financial statements.
In March 2020, the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting.Reporting and then in January 2021, the FASB issued ASU No. 2021-01. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other- Internal-Use Software (Topic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendments provide guidance on accounting for fees paid when the arrangement includes a software license and align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing costs to develop or obtain internal-use software. The Company adopted this guidance on January 1, 2020 and it did not have a material impact on the Company’s consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This amendment removed, modified and added the disclosure requirements under Topic 820. The changes are effective for the Company for fiscal years beginning after December 15, 2019. Early adoption is permitted for the removed or modified disclosures with adoption of the additional disclosures upon the effective date. The Company adopted this guidance on January 1, 2020 and it did not have a material impact on the Company’s consolidated financial statements.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; in November 2018 issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, in April, May and November 2019, issued ASU No. 2019-04, 2019-05 and 2019-11, which provide codification improvements and targeted transition relief; and in 2020 issued ASU 2020-02 Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842), which updates SEC guidance in those Topics. The guidance changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current ‘incurred loss’ model with an ‘expected loss’ approach. The Company’s DPE portfolio and financing lease assets are subject to this guidance. ASU No. 2018-19 excludes operating lease receivables from the scope of this guidance. The Company adopted this guidance on January 1, 2020 and recorded a $39.2 million cumulative adjustment to retained earnings upon adoption.
3. Property Acquisitions
The following table summarizes the properties acquired during the three months ended March 31, 2020:2021:
PropertyAcquisition DateProperty TypeApproximate Square Feet
Gross Asset Valuation
(in millions)
885 Third Avenue (1)
January 2021Fee Interest625,000 $387.9 
Property Acquisition Date Property Type Approximate Square Feet 
Gross Asset Valuation
(in millions)
762 Madison Avenue (1)
 January 2020 Fee Interest 6,109 $29.3
707 Eleventh Avenue January 2020 Fee Interest 159,720 90.0
126-132 Nassau Street (2)
 January 2020 Leasehold Interest 98,412 —
(1)In January 2021, pursuant to the partnership documents of our 885 Third Avenue investment, certain participating rights of the common member expired. As a result, it was determined that this investment is a VIE of which we are the primary beneficiary, and the investment was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value. Prior to January 2021, the investment was accounted for under the equity method. See Note 6, "Investments in Unconsolidated Joint Ventures" and Note 16, "Fair Value Measurements."
(1)In January 2020, the Company acquired from our joint venture partner the remaining 10% interest in this property that the Company did not already own.
(2)In January 2020, the Company entered into a 99-year ground lease of 126-132 Nassau Street. This lease is classified as a financing lease in our consolidated balance sheets.
4. Properties Held for Sale and Property Dispositions
Properties Held for Sale
As of March 31, 2020,2021, no properties were classified as held for sale.

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Table of Contents
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

Property Dispositions
The following table summarizes the properties solddisposed of during the three months ended March 31, 2020:2021:
PropertyDisposition DateProperty TypeApproximate Square Feet
Gross Asset Valuation
(in millions)
(Loss) Gain (in millions)
712 Madison Avenue (1)
January 2021Fee Interest6,600 $43.0 $(1.4)
133 Greene Street (2)
February 2021Fee Interest6,425 15.8 0.2 
106 Spring Street (2)
March 2021Fee Interest5,928 35.0 (2.8)
(1)Disposition resulted from the buyer exercising its purchase option under a ground lease arrangement.
(2)In the first quarter of 2021, the property was foreclosed on by the lender in conjunction with the related debt extinguishment.



31
Property Disposition Date Property Type Approximate Square Feet 
Sales Price(1)
(in millions)
 
Gain (loss)(2)
(in millions)
315 West 33rd Street - The Olivia March 2020 Fee Interest 492,987
 $446.5
 $72.3
(1)Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.
(2)The gain on sale for 315 West 33rd Street is net of $6.0 million of employee compensation accrued in connection with the realization of this investment gain. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods.
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
5. Debt and Preferred Equity Investments
Below is a summary of the activity in our debt and preferred equity investments for the three months ended March 31, 20202021 and the twelve months ended December 31, 20192020 (in thousands):
March 31, 2021December 31, 2020
Balance at beginning of year (1)
$1,076,542 $1,580,306 
Debt investment originations/fundings/accretion (2)
17,465 389,300 
Preferred equity investment originations/accretion (2)
3,195 167,042 
Redemptions/sales/syndications/equity ownership/amortization (3)
0 (1,048,643)
Net change in loan loss reserves0 (11,463)
Balance at end of period (1)
$1,097,202 $1,076,542 
 March 31, 2020 December 31, 2019
Balance at beginning of year (1)
$1,580,306
 $2,099,393
Debt investment originations/accretion (2)
246,075
 652,866
Preferred equity investment originations/accretion (2)
154,710
 14,736
Redemptions/sales/syndications/amortization (3)
(161,548) (1,190,689)
Net change in loan loss reserves(36,207) 4,000
Balance at end of period (1)
$1,783,336
 $1,580,306
(1)Net of unamortized fees, discounts, and premiums.
(1)Net of unamortized fees, discounts, and premiums.
(2)Accretion includes amortization of fees and discounts and paid-in-kind investment income.
(3)Certain participations in debt investments that were sold or syndicated, but did not meet the conditions for sale accounting, are included in other assets and other liabilities on the consolidated balance sheets.
(2)Accretion includes amortization of fees and discounts and paid-in-kind investment income.
(3)Certain participations in debt investments that were sold or syndicated, but did not meet the conditions for sale accounting, are included in Other assets and Other liabilities on the consolidated balance sheets.
Below is a summary of our debt and preferred equity investments as of March 31, 20202021 (dollars in thousands):
Floating RateFixed RateTotal Carrying ValueSenior FinancingWeighted Average Yield at End of Period
Maturity (1)
TypeCarrying ValueFace ValueInterest RateCarrying ValueFace ValueInterest Rate
Senior Mortgage Debt$64,042 $64,649 L + 2.00% - 3.50%$1,249 $1,250 3.50%$65,291 $0 4.74% 2021 - 2022
Junior Mortgage Debt7,207 12,000 L + 7.25%42,819 43,000 6.25%50,026 127,000 7.82%2021
Mezzanine Debt281,401 285,179 L + 4.95% - 13.61%437,503 449,102 2.90% - 14.30%718,904 4,476,210 5.86% 2021 - 2029
Preferred Equity0 0 —262,981 265,052 6.50% - 11.00%262,981 1,962,750 9.94% 2022 - 2027
Balance at end of period$352,650 $361,828 $744,552 $758,404 $1,097,202 $6,565,960 
 Floating Rate Fixed Rate Total Carrying ValueSenior FinancingMaturity
TypeCarrying ValueFace ValueInterest Rate Carrying ValueFace ValueInterest Rate 
Senior Mortgage Debt$372,547
$374,002L + 2.00 - 5.50% $100,202
$101,2503.00 - 6.00% $472,749
$—
2020 - 2022
Junior Mortgage Debt83,004
90,300L + 6.00 - 7.25% —
—— $83,004
438,138
2020 - 2023
Mezzanine Debt368,053
375,098L + 4.95 - 15.29% 491,838
509,9202.90 - 9.50% $859,891
5,169,422
2020 - 2029
Preferred Equity—
—— 367,692
386,9536.50 - 11.00% $367,692
522,000
2020 -2027
Balance at end of period$823,604
$839,400
— $959,732
$998,123
— $1,783,336
$6,129,560
—

(1)Excludes available extension options to the extent they have not been exercised as of the date of this filing.
The following table is a rollforward of our total allowance for loan losses for the three months ended March 31, 20202021 and the twelve months ended December 31, 20192020 (in thousands):
March 31, 2021December 31, 2020
Balance at beginning of year$13,213 $1,750 
Cumulative adjustment upon adoption of ASC 3260 27,803 
Current period provision for loan loss0 20,693 
Write-offs charged against the allowance(1)
0 (37,033)
Balance at end of period(2)
$13,213 $13,213 
 March 31, 2020 December 31, 2019
Balance at beginning of year$1,750
 $5,750
Cumulative adjustment upon adoption of ASC 32627,804
 —
Current period provision for loan loss8,403
 —
Writeoffs charged against the allowance—
 (4,000)
Balance at end of period$37,957
 $1,750
(1)Includes $19.0 million of charges recorded against investments that were sold during the year ended December 31, 2020. These charges are included in loan loss and other investment reserves, net of recoveries, in our consolidated statements of operations for the year ended December 31, 2020.
(2)As of March 31, 2021, we had recorded an allowance for loan loss on all financing receivables on non-accrual except for 1 debt investment with a carrying value of $225.4 million.


At March 31, 2021 and December 31, 2020, all debt and preferred equity investments were performing in accordance with their respective terms, with the exception of 1 investment with a carrying value, net of reserves, of $6.8 million, as discussed in the Debt Investments table further below.
NaN other financing receivables were 90 days past due at March 31, 2021 and December 31, 2020 with the exception of a $27.7 million financing receivable which was put on nonaccrual in August 2018 as a result of interest default.
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32
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

At March 31, 2020, all debt and preferred equity investments were performing in accordance with their respective terms, with
The following table sets forth the exception of one investment with a carrying value of $70.0 million, as discussed in subnotes 4 of the Debt Investments table below. At December 31, 2019, all debt and preferred equity investments were performing in accordance with their respective terms.
NaN financing receivables were 90 days past due at March 31, 2020 and December 31, 2019 with the exception of a $28.5 million financing receivable which was put on nonaccrual in August 2018 as a result of interest default.
As of March 31, 2020, management estimated the weighted average risk rating for our debt and preferred equity investments to be 1.4.investment portfolio by risk rating as of March 31, 2021 and December 31, 2020 (dollars in thousands):
Risk RatingMarch 31, 2021December 31, 2020
1 - Low Risk Assets - Low probability of loss$712,994 $695,035 
2 - Watch List Assets - Higher potential for loss367,859 365,167 
3 - High Risk Assets - Loss more likely than not16,349 16,340 
$1,097,202 $1,076,542 
The following table sets forth the carrying value of our debt and preferred equity investment portfolio by year of origination and risk rating as of March 31, 2021 (dollars in thousands):
As of March 31, 2021
Risk Rating
2021(1)
2020(1)
2019(1)
Prior(1)
Total
1 - Low Risk Assets - Low probability of loss$0 $361,444 $56,639 $294,911 $712,994 
2 - Watch List Assets - Higher potential for loss0 0 241,285 126,574 367,859 
3 - High Risk Assets - Loss more likely than not0 0 0 16,349 16,349 
$0 $361,444 $297,924 $437,834 $1,097,202 
(1) Year in which the investment was originated or acquired by us or in which a material modification occurred.
We have determined that we have 1 portfolio segment of financing receivables at March 31, 20202021 and December 31, 2019 comprising2020 comprised of commercial real estate which is primarily recorded in debt and preferred equity investments.
Included in otherOther assets is an additional amount of financing receivables representing loans to joint venture partners totaling $120.7$66.4 million and $131.1$66.2 million at March 31, 20202021 and December 31, 2019, respectively, for which the2020, respectively. The Company recorded adjustments upon adoption of ASC 326 of $11.4 million and provisions for loan losses related to these financing receivables of $0.0 million and $2.8 million for the three months ended March 31, 2021 and 2020, respectively. All of $2.8these loans have a risk rating of 2 and were performing in accordance with their respective terms with the exception of one financing receivable, which was put on nonaccrual in August 2018, that has a risk rating of 3 and a carrying value at March 31, 2021 of $2.5 million.

33
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
Debt Investments
As of March 31, 20202021 and December 31, 2019,2020, we held the following debt investments with an aggregate weighted average current yield of 7.87%5.90% at March 31, 20202021 (dollars in thousands):
Loan TypeMarch 31, 2021
Future Funding
Obligations		March 31, 2021 Senior
Financing
March 31, 2021
Carrying Value (1)
December 31, 2020
Carrying Value (1)
Maturity
Date (2)
Fixed Rate Investments:
Junior Mortgage (3a)
$0 $67,000 $42,820 $32,888 July 2021
Mezzanine Loan0 15,000 3,500 3,500 September 2021
Mortgage/Mezzanine Loan0 63,750 56,246 56,244 October 2021
Mezzanine Loan0 280,000 41,652 41,057 August 2022
Mezzanine Loan (4)
0 359,237 225,367 225,204 June 2023
Mezzanine Loan (3b)(5)
0 105,000 13,366 13,366 June 2024
Mezzanine Loan0 95,000 30,000 30,000 January 2025
Mezzanine Loan0 1,712,750 55,250 55,250 June 2027
Mezzanine Loan0 85,000 20,000 20,000 December 2029
Total fixed rate$0 $2,782,737 $488,201 $477,509  
Floating Rate Investments:
Mezzanine Loan (6)
$0 $275,000 $49,992 $49,956 April 2021
Junior Mortgage Participation/Mezzanine Loan0 60,000 15,742 15,733 July 2021
Mezzanine Loan5,761 177,415 36,639 35,318 July 2021
Mezzanine Loan0 61,744 29,130 29,106 July 2021
Mezzanine Loan (3c)
0 1,115,000 129,330 127,915 March 2022
Mortgage and Mezzanine Loan6,769 0 60,922 60,532 May 2022
Mortgage and Mezzanine Loan42,117 0 15,918 14,011 December 2022
Mezzanine Loan52,288 71,314 21,560 19,889 May 2023
Total floating rate$106,935 $1,760,473 $359,233 $352,460  
Allowance for loan loss$— $— $(13,213)$(13,213)
Total$106,935 $4,543,210 $834,221 $816,756 
(1)Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees.
(2)Represents contractual maturity, excluding any unexercised extension options.
(3)Carrying value is net of the following amounts that were sold or syndicated, which are included in Other assets and Other liabilities on the consolidated balance sheets as a result of the transfers not meeting the conditions for sale accounting: (a) $66.6 million (b) $12.0 million, and (c) $0.4 million.
(4)This loan was put on non-accrual in July 2020 and remains on non-accrual at March 31, 2021. NaN investment income has been recognized subsequent to it being put on non-accrual.
(5)This loan went into default and was put on non-accrual in June 2020 and remains on non-accrual at March 31, 2021. NaN investment income has been recognized subsequent to it being put on non-accrual. The Company is in discussions with the borrower.
(6)In April 2021, the maturity date of this loan was extended one year to April 2022.

30
34
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

Loan Type March 31, 2020
Future Funding
Obligations		 March 31, 2020 Senior
Financing		 
March 31,
2020
Amortized Cost (1)
 
December 31, 2019
Amortized Cost (1)
 
Maturity
Date (2)
Fixed Rate Investments:          
Mortgage/Mezzanine Loan $—
 $63,908
 $55,798
 $55,573
 October 2020
Mezzanine Loan 10,000
 —
 99,110
 —
 January 2021
Mezzanine Loan —
 15,000
 3,500
 3,500
 September 2021
Mezzanine Loan —
 147,000
 24,957
 24,952
 April 2022
Mezzanine Loan —
 280,000
 39,296
 38,734
 August 2022
Mezzanine Loan —
 330,204
 220,420
 215,737
 June 2023
Mezzanine Loan —
 83,369
 12,716
 12,714
 November 2023
Mezzanine Loan —
 180,000
 30,000
 30,000
 December 2023
Mezzanine Loan(3a)(4)
 —
 115,000
 12,952
 12,950
 June 2024
Mezzanine Loan —
 95,000
 30,000
 30,000
 January 2025
Mezzanine Loan —
 1,712,750
 55,250
 55,250
 June 2027
Mezzanine Loan —
 85,000
 20,000
 20,000
 December 2029
Total fixed rate $10,000
 $3,107,231
 $603,999
 $499,410
  
Floating Rate Investments:          
Mortgage/Mezzanine Loan(4)
 —
 —
 70,000
 69,839
 March 2020
Mortgage/Mezzanine Loan(4)
 1,618
 29,053
 71,964
 82,696
 April 2020
Junior Mortgage(4)
 —
 40,000
 20,000
 20,000
 April 2020
Mortgage/Mezzanine Loan —
 —
 19,983
 19,971
 August 2020
Mortgage Loan 32,972
 —
 118,378
 106,473
 September 2020
Mezzanine Loan 17,376
 436,763
 53,329
 51,387
 December 2021
Mortgage/Mezzanine Loan(3b)
 9,429
 —
 96,880
 96,570
 April 2021
Mezzanine Loan —
 275,000
 49,845
 49,809
 April 2021
Junior Mortgage Participation/Mezzanine Loan —
 60,000
 15,706
 15,698
 July 2021
Mezzanine Loan 11,459
 156,759
 42,985
 41,395
 July 2021
Mezzanine Loan 8,427
 49,616
 20,595
 15,743
 July 2021
Mezzanine Loan(3c)
 —
 1,115,000
 123,419
 222,775
 March 2022
Mortgage/Mezzanine Loan(5)
 7,795
 —
 59,597
 35,386
 May 2022
Mezzanine Loan 44,000
 —
 13,941
 13,918
 December 2022
Mortgage Loan 41,700
 338,138
 57,349
 —
 February 2023
Total floating rate $174,776
 $2,500,329
 $833,971
 $841,660
  
Allowance for loan loss $—
 $—
 $(22,326) $—
  
Total $184,776
 $5,607,560
 $1,415,644
 $1,341,070
  
(1)Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees.
(2)Represents contractual maturity, excluding any unexercised extension options.
(3)Carrying value is net of the following amounts that were sold or syndicated, which are included in other assets and other liabilities on the consolidated balance sheets as a result of the transfers not meeting the conditions for sale accounting: (a) $12.0 million, (b) $96.4 million and (c) $0.4 million.
(4)This loan is in default as of the date of this filing. The Company is in discussions with the borrower.
(5)The original loan was repaid in February 2020 and a new loan was originated to the new owners of the underlying asset.

31
Table of Contents
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

Preferred Equity Investments
As of March 31, 20202021 and December 31, 2019,2020, we held the following preferred equity investments with an aggregate weighted average current yield of 9.87%9.94% at March 31, 20202021 (dollars in thousands):
TypeMarch 31, 2021
Future Funding
Obligations		March 31, 2021 Senior
Financing
March 31, 2021
Carrying Value (1)
December 31, 2020
Carrying Value (1)
Mandatory Redemption (2)
Preferred Equity$0 $1,712,750 $156,169 $154,691 June 2022
Preferred Equity0 250,000 106,812 105,095 February 2027
Total Preferred Equity$0 $1,962,750 $262,981 $259,786  
Allowance for loan loss$— $— $0 $0 
Total$0 $1,962,750 $262,981 $259,786 
(1)Carrying value is net of deferred origination fees.
Type March 31, 2020
Future Funding
Obligations		 March 31, 2020 Senior
Financing		 
March 31,
2020
Amortized Cost (1)
 
December 31, 2019
Amortized Cost (1)
 
Mandatory Redemption (2)
Preferred Equity $—
 $272,000
 $133,050
 $142,921
 April 2021
Preferred Equity —
 1,712,750
 150,273
 98,065
 June 2022
Preferred Equity —
 250,000
 100,000
 —
 February 2027
Total Preferred Equity $—
 $2,234,750
 $383,323
 $240,986
  
Allowance for loan loss $—
 $—
 $(15,631) $(1,750)  
Total $—
 $2,234,750
 $367,692
 $239,236
  
(2)Represents contractual maturity, excluding any unexercised extension options.
(1)Carrying value is net of deferred origination fees.
(2)Represents contractual maturity, excluding any unexercised extension options.

6. Investments in Unconsolidated Joint Ventures
We have investments in several real estate joint ventures with various partners. As of March 31, 2020,2021, the book value of these investments was $2.8$3.7 billion, net of investments with negative book values totaling $80.0$92.4 million for which we have an implicit commitment to fund future capital needs.
As of March 31, 20202021 and December 31, 2019,2020, 800 Third Avenue, 21 East 66th Street, 605 West 42nd Street, 333 East 22nd Street, and certain properties within the Stonehenge Portfolio are VIEs in which we are not the primary beneficiary. Our net equity investment in these VIEs was $138.1$132.7 million and $145.9$134.0 million as of March 31, 20202021 and December 31, 2019,2020, respectively. Our maximum loss is limited to the amount of our equity investment in these VIEs. See the "Principles of Consolidation" section of Note 2, "Significant Accounting Policies".Policies." All other investments below are voting interest entities. As we do not control the joint ventures listed below, we account for them under the equity method of accounting.

The table below provides general information on each of our joint ventures as of March 31, 2021:
PropertyPartner
Ownership
Interest (1)
Economic
Interest (1)
Unaudited Approximate Square Feet
100 Park AvenuePrudential Real Estate Investors49.90%49.90%834,000 
717 Fifth AvenueWharton Properties/Private Investor10.92%10.92%119,500 
800 Third AvenuePrivate Investors60.52%60.52%526,000 
919 Third AvenueNew York State Teacher's Retirement System51.00%51.00%1,454,000 
11 West 34th StreetPrivate Investor/Wharton Properties30.00%30.00%17,150 
280 Park AvenueVornado Realty Trust50.00%50.00%1,219,158 
1552-1560 Broadway (2)
Wharton Properties50.00%50.00%57,718 
10 East 53rd StreetCanadian Pension Plan Investment Board55.00%55.00%354,300 
21 East 66th Street (3)
Private Investors32.28%32.28%13,069 
650 Fifth Avenue (4)
Wharton Properties50.00%50.00%69,214 
121 Greene StreetWharton Properties50.00%50.00%7,131 
Stonehenge PortfolioVariousVariousVarious1,439,016 
605 West 42nd Street (5)
The Moinian Group20.00%20.00%927,358 
11 Madison AvenuePGIM Real Estate60.00%60.00%2,314,000 
400 East 57th Street (6)
BlackRock, Inc and Stonehenge Partners51.00%41.00%290,482 
One VanderbiltNational Pension Service of Korea/Hines Interest LP71.01%71.01%1,657,198 
Worldwide PlazaRXR Realty / New York REIT / Private Investor24.35%24.35%2,048,725 
1515 BroadwayAllianz Real Estate of America56.87%56.87%1,750,000 
2 Herald SquareIsraeli Institutional Investor51.00%51.00%369,000 
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

PropertyPartner
Ownership
Interest (1)
Economic
Interest (1)
Unaudited Approximate Square Feet
115 Spring StreetPrivate Investor51.00%51.00%5,218 
15 Beekman (7)
A fund managed by Meritz Alternative Investment Management20.00%20.00%221,884 
85 Fifth AvenueWells Fargo36.30%36.30%12,946 
One Madison Avenue (8)
National Pension Service of Korea/Hines Interest LP50.50%50.50%1,048,700 
The table below provides general information on each of our(1)Ownership interest and economic interest represent the Company's interests in the joint venturesventure as of March 31, 2020:2021. Changes in ownership or economic interests within the current year are disclosed in the notes below.
PropertyPartner
Ownership
Interest(1)
Economic
Interest(1)
Unaudited Approximate Square Feet
100 Park AvenuePrudential Real Estate Investors49.90%49.90%834,000
717 Fifth AvenueWharton Properties/Private Investor10.92%10.92%119,500
800 Third AvenuePrivate Investors60.52%60.52%526,000
919 Third AvenueNew York State Teacher's Retirement System51.00%51.00%1,454,000
11 West 34th StreetPrivate Investor/Wharton Properties30.00%30.00%17,150
280 Park AvenueVornado Realty Trust50.00%50.00%1,219,158
1552-1560 Broadway(2)
Wharton Properties50.00%50.00%57,718
10 East 53rd StreetCanadian Pension Plan Investment Board55.00%55.00%354,300
21 East 66th Street(3)
Private Investors32.28%32.28%13,069
650 Fifth Avenue(4)
Wharton Properties50.00%50.00%69,214
121 Greene StreetWharton Properties50.00%50.00%7,131
55 West 46th StreetPrudential Real Estate Investors25.00%25.00%347,000
Stonehenge PortfolioVariousVariousVarious1,439,016
605 West 42nd StreetThe Moinian Group20.00%20.00%927,358
11 Madison AvenuePGIM Real Estate60.00%60.00%2,314,000
333 East 22nd StreetPrivate Investors33.33%33.33%26,926
400 East 57th Street(5)
BlackRock, Inc and Stonehenge Partners51.00%41.00%290,482
One VanderbiltNational Pension Service of Korea/Hines Interest LP71.01%71.01%—
Worldwide PlazaRXR Realty / New York REIT / Private Investor24.35%24.35%2,048,725
1515 BroadwayAllianz Real Estate of America56.87%56.87%1,750,000
2 Herald SquareIsraeli Institutional Investor51.00%51.00%369,000
115 Spring StreetPrivate Investor51.00%51.00%5,218
(2)The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway.
(1)Ownership interest and economic interest represent the Company's interests in the joint venture as of March 31, 2020. Changes in ownership or economic interests within the current year are disclosed in the notes below.
(2)The acquisition price represents only the purchase of the 1552 Broadway interest, which comprised approximately 13,045 square feet. The joint venture also owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway. Beginning in April 2020, debt service and ground rent payments for this investment were not made primarily as a result of the failure of the primary tenant to pay rent. The Company, on behalf of the venture, is in discussions with the lessor and lender.
(3)We hold a 32.28% interest in 3 retail units and 1 residential unit at the property and a 16.14% interest in 3 residential units at the property.
(4)The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue.
(5)In October 2016, we sold a 49% interest in this property. Our interest in the property was sold within a consolidated joint venture owned 90% by the Company and 10% by Stonehenge. The transaction resulted in the deconsolidation of the venture's remaining 51% interest in the property. Our joint venture with Stonehenge remains consolidated resulting in the combined 51% interest being shown within investments in unconsolidated joint ventures on our balance sheet.
(3)We hold a 32.28% interest in 3 retail units and 1 residential unit at the property and a 16.14% interest in 3 residential units at the property.
(4)The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue.
(5)In April 2021, we entered into contract to sell our interest in the property. This transaction is expected to close in the second quarter of 2021 subject to customary closing conditions.
(6)In October 2016, we sold a 49% interest in this property. Our interest in the property was sold within a consolidated joint venture owned 90% by the Company and 10% by Stonehenge. The transaction resulted in the deconsolidation of the venture's remaining 51% interest in the property. Our joint venture with Stonehenge remains consolidated resulting in the combined 51% interest being shown within investments in unconsolidated joint ventures on our balance sheet. In April 2021, we entered into contract to sell our interest in the property. In connection with this contract, we recorded a charge of $5.7 million, which is included in depreciable real estate reserves and impairment in the consolidated statements of operations. This transaction is expected to close in the third quarter of 2021 subject to customary closing conditions.
(7)In 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company.
(8)In 2020, the Company admitted partners to the One Madison Avenue development project, which resulted in the Company no longer retaining a controlling interest in the entity, as defined in ASC 810, and the deconsolidation of our remaining 50.5% interest. We recorded our investment at fair value, which resulted in the recognition of a fair value adjustment of $187.5 million in 2020 and a fair value adjustment of $2.7 million during the three months ended March 31, 2021. The fair value of our investment was determined by the terms of the joint venture agreement governing the capitalization of the project. The partners have committed aggregate equity to the project totaling no less than $492.2 million and their ownership interest in the joint venture is based on their capital contributions, up to an aggregate maximum of 49.5%. At March 31, 2021, the total of the 2 partners' ownership interests based on equity contributed was 9.0%.

Disposition of Joint Venture Interests or Properties
We did not dispose of anyThe following table summarizes the investments in unconsolidated joint ventures disposed of during the three months ended March 31, 2020:2021:
PropertyOwnership Interest DisposedDisposition DateGross Asset Valuation (in thousands)
Gain (Loss) on Sale (in thousands) (1)
885 Third Avenue (2)
N/AJanuary 2021N/AN/A
55 West 46th Street - Tower 4625.0%March 2021$275.0 $(15.2)
(1)Represents the Company's share of the gain or loss.
(2)In January 2021, pursuant to the partnership documents of our 885 Third Avenue investment, certain participating rights of the common member expired. As a result, it was determined that we are the primary beneficiary of the VIE and the investment was consolidated in our financial statements. See Note 3, "Property Acquisitions."
Joint Venture Mortgages and Other Loans Payable
We generally finance our joint ventures with non-recourse debt. In certain cases we may provide guarantees or master leases for tenant space, which terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. The mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at March 31, 20202021 and December 31, 2019,2020, respectively, are as follows (dollars in thousands):
Property 
Economic
Interest (1)
 
Initial Maturity
Date
Final Maturity Date (2)
 
Interest
Rate (3)
 March 31, 2020 December 31, 2019
Fixed Rate Debt:            
717 Fifth Avenue (mortgage) 10.92% July 2022July 2022  4.45% $300,000
 $300,000


Property
Economic
Interest (1)
Initial Maturity
Date
Final Maturity Date (2)
Interest
Rate (3)
March 31, 2021December 31, 2020
Fixed Rate Debt:
717 Fifth Avenue (mortgage)10.92 %July 2022July 20224.45 %$300,000 $300,000 
717 Fifth Avenue (mezzanine)10.92 %July 2022July 20225.50 %355,328 355,328 
650 Fifth Avenue (mortgage)50.00 %October 2022October 20224.46 %210,000 210,000 
650 Fifth Avenue (mezzanine)50.00 %October 2022October 20225.45 %65,000 65,000 
21 East 66th Street32.28 %April 2023April 20283.60 %12,000 12,000 
33
36
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

Property
Economic
Interest (1)
Initial Maturity
Date
Final Maturity Date (2)
Interest
Rate (3)
March 31, 2021December 31, 2020
919 Third Avenue51.00 %June 2023June 20235.12 %500,000 500,000 
1515 Broadway56.87 %March 2025March 20253.93 %815,876 820,607 
11 Madison Avenue60.00 %September 2025September 20253.84 %1,400,000 1,400,000 
800 Third Avenue60.52 %February 2026February 20263.37 %177,000 177,000 
400 East 57th Street (4)
41.00 %November 2026November 20263.00 %97,024 97,024 
Worldwide Plaza24.35 %November 2027November 20273.98 %1,200,000 1,200,000 
Stonehenge Portfolio (5)
VariousVariousVarious3.50 %195,899 195,899 
885 Third Avenue (6)
00 272,000 
Total fixed rate debt $5,328,127 $5,604,858 
Floating Rate Debt:
280 Park Avenue50.00 %September 2021September 2024L+1.73 %$1,200,000 $1,200,000 
One Vanderbilt (7)
71.01 %September 2021September 2023L+2.50 %1,283,292 1,210,329 
1552 Broadway50.00 %October 2021October 2022L+2.65 %195,000 195,000 
2 Herald Square51.00 %November 2021November 2023L+1.45 %214,500 214,500 
11 West 34th Street30.00 %January 2022January 2023L+1.45 %23,000 23,000 
121 Greene Street (8)
50.00 %November 2022November 2022L+2.00 %13,771 15,000 
115 Spring Street51.00 %September 2023September 2023L+3.40 %65,550 65,550 
100 Park Avenue49.90 %December 2023December 2025L+2.25 %360,000 360,000 
15 Beekman (9)
20.00 %January 2024July 2025L+1.50 %19,165 11,212 
10 East 53rd Street55.00 %February 2025February 2025L+1.35 %220,000 220,000 
One Madison Avenue (10)
50.50 %November 2025November 2026L+3.35 %40,104 0 
605 West 42nd Street (11)
20.00 %August 2027August 2027L+1.44 %550,000 550,000 
21 East 66th Street32.28 %June 2033June 2033T+2.75 %666 677 
55 West 46th Street00 192,524 
Total floating rate debt$4,185,048 $4,257,792 
Total joint venture mortgages and other loans payable$9,513,175 $9,862,650 
Deferred financing costs, net(98,252)(113,446)
Total joint venture mortgages and other loans payable, net$9,414,923 $9,749,204 
(1)Economic interest represents the Company's interests in the joint venture as of March 31, 2021. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above.
Property 
Economic
Interest (1)
 
Initial Maturity
Date
Final Maturity Date (2)
 
Interest
Rate (3)
 March 31, 2020 December 31, 2019
717 Fifth Avenue (mezzanine) 10.92% July 2022July 2022  5.50% 355,328
 355,328
650 Fifth Avenue (mortgage) 50.00% October 2022October 2022  4.46% 210,000
 210,000
650 Fifth Avenue (mezzanine) 50.00% October 2022October 2022  5.45% 65,000
 65,000
21 East 66th Street 32.28% April 2023April 2028  3.60% 12,000
 12,000
919 Third Avenue 51.00% June 2023June 2023  5.12% 500,000
 500,000
1515 Broadway 56.87% March 2025March 2025  3.93% 834,084
 838,546
11 Madison Avenue 60.00% September 2025September 2025  3.84% 1,400,000
 1,400,000
800 Third Avenue 60.52% February 2026February 2026  3.37% 177,000
 177,000
400 East 57th Street 41.00% November 2026November 2026  3.00% 97,202
 97,735
Worldwide Plaza 24.35% November 2027November 2027  3.98% 1,200,000
 1,200,000
Stonehenge Portfolio (4)
 Various
 VariousVarious  3.50% 196,112
 196,112
Total fixed rate debt         $5,346,726
 $5,351,721
Floating Rate Debt:            
280 Park Avenue 50.00% September 2020September 2024 L+1.73% $1,200,000
 $1,200,000
1552 Broadway (5)
 50.00% October 2020October 2022 L+2.65% 195,000
 195,000
121 Greene Street 50.00% November 2020November 2021 L+1.50% 15,000
 15,000
11 West 34th Street 30.00% January 2021January 2023 L+1.45% 23,000
 23,000
100 Park Avenue 49.90% February 2021February 2021 L+1.75% 356,027
 356,972
One Vanderbilt (6)
 71.01% September 2021September 2023 L+2.50% 838,936
 732,928
2 Herald Square 51.00% November 2021November 2023 L+1.55% 198,629
 190,000
55 West 46th Street (7)
 25.00% August 2022August 2024 L+1.25% 192,524
 192,524
115 Spring Street 51.00% September 2023September 2023 L+3.40% 65,550
 65,550
10 East 53rd Street 55.00% February 2025February 2025 L+1.35% 220,000
 170,000
605 West 42nd Street 20.00% August 2027August 2027 L+1.44% 550,000
 550,000
21 East 66th Street 32.28% June 2033June 2033 1 Year Treasury+2.75% 708
 712
Total floating rate debt         $3,855,374
 $3,691,686
Total joint venture mortgages and other loans payable     $9,202,100
 $9,043,407
Deferred financing costs, net         (85,928) (91,538)
Total joint venture mortgages and other loans payable, net     $9,116,172
 $8,951,869
(2)Reflects exercise of all available options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property.
(3)Interest rates as of March 31, 2021, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR ("L") or 1-year Treasury ("T").
(4)In April 2021, we entered into a contract to sell our interest in the property. This transaction is expected to close in the third quarter of 2021 subject to customary closing conditions.
(5)Comprised of 3 mortgages totaling $132.4 million that mature in April 2028 and 2 mortgages totaling $63.5 million that mature in July 2029.
(6)This loan was repaid in the first quarter of 2021, and as of March 31, 2021, the property is consolidated in our financial statements. See Note 3, "Property Acquisitions."
(7)This loan is a $1.75 billion construction facility with reductions in interest cost based on meeting certain conditions, the first of which has been satisfied, and has an initial term of three years with 2 one year extension options. Advances under the loan are subject to costs incurred. In conjunction with the loan, we provided partial guarantees for interest and principal payments, the amounts of which are based on certain construction milestones and operating metrics.
(8)In March 2021, the maturity date of this loan was extended by one year.
(9)This loan is a $125.0 million construction facility. Advances under the loan are subject to costs incurred.
(10)The loan is a $1.25 billion construction facility with an initial term of five years with 1 one year extension option. Advances under the loan are subject to costs incurred. In conjunction with the loan, we provided partial guarantees for interest and principal payments, the amounts of which are based on certain construction milestones and operating metrics.
(11)In April 2021, we entered into contract to sell our interest in the property. This transaction is expected to close in the second quarter of 2021 subject to customary closing conditions.

(1)Economic interest represents the Company's interests in the joint venture as of March 31, 2020. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above.
(2)Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property.
(3)Interest rates as of March 31, 2020, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR, unless otherwise specified.
(4)Amount is comprised of three mortgages totaling $132.6 million that mature in April 2028 and two mortgages totaling $63.5 million that mature in July 2029.
(5)Beginning in April 2020, debt service and ground rent payments for this investment were not made primarily as a result of the failure of the primary tenant to pay rent. The Company, on behalf of the venture, is in discussions with the lessor and lender.
(6)
This loan is a $1.75 billion construction facility with reductions in interest cost based on meeting conditions, the first of which has been satisfied, and has an initial five-year term with 2one-year extension options. Advances under the loan are subject to costs incurred.
37
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
(7)This loan has a committed amount of $198.0 million, of which $5.5 million was unfunded as of March 31, 2020.

We are entitled to receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures. We earned $2.4 million from these services, net of our ownership share of the joint ventures, for the three months ended March 31, 2021. We earned $2.2 million from these services, net of our ownership share of the joint ventures, for the three months ended March 31, 2020. We earned $2.5 million from these services, net of our ownership share of the joint ventures, for the three months ended March 31, 2019. In addition, we have the ability to earn incentive fees based on the ultimate financial performance of certain of the joint venture properties.

The combined balance sheets for the unconsolidated joint ventures, at March 31, 2021 and December 31, 2020 are as follows (in thousands):
March 31, 2021December 31, 2020
Assets (1)
Commercial real estate property, net$15,243,331 $16,143,880 
Cash and restricted cash317,753 357,076 
Tenant and other receivables, related party receivables, and deferred rents receivable412,203 403,883 
Other assets1,950,444 2,001,612 
Total assets$17,923,731 $18,906,451 
Liabilities and equity (1)
Mortgages and other loans payable, net$9,414,923 $9,749,204 
Deferred revenue1,311,191 1,341,571 
Lease liabilities985,622 1,002,563 
Other liabilities373,400 464,107 
Equity5,838,595 6,349,006 
Total liabilities and equity$17,923,731 $18,906,451 
Company's investments in unconsolidated joint ventures$3,698,701 $3,823,322 
(1)At March 31, 2021, $174.2 million of net unamortized basis differences between the amount at which our investments are carried and our share of equity in net assets of the underlying property will be amortized through equity in net income (loss) from unconsolidated joint ventures over the remaining life of the underlying items having given rise to the differences.
The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three months ended March 31, 2021 and 2020, are as follows (in thousands):
Three Months Ended March 31,
20212020
Total revenues$301,541 $282,520 
Operating expenses46,233 51,590 
Real estate taxes54,592 53,372 
Operating lease rent5,644 6,361 
Interest expense, net of interest income78,749 86,324 
Amortization of deferred financing costs6,384 4,814 
Depreciation and amortization114,879 98,584 
Total expenses306,481 301,045 
Net loss before gain on sale$(4,940)$(18,525)
Company's equity in net loss from unconsolidated joint ventures$(2,864)$(12,814)
34
38
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

The combined balance sheets for the unconsolidated joint ventures, at March 31, 2020 and December 31, 2019 are as follows (in thousands):
 March 31, 2020 December 31, 2019
Assets (1)
   
Commercial real estate property, net$14,392,907
 $14,349,628
Cash and restricted cash329,205
 336,189
Tenant and other receivables, related party receivables, and deferred rents receivable346,837
 371,065
Other assets1,997,553
 2,039,429
Total assets$17,066,502
 $17,096,311
Liabilities and equity (1)
   
Mortgages and other loans payable, net$9,116,172
 $8,951,869
Deferred revenue1,459,796
 1,501,616
Lease liabilities902,161
 897,380
Other liabilities284,364
 308,304
Equity5,304,009
 5,437,142
Total liabilities and equity$17,066,502
 $17,096,311
Company's investments in unconsolidated joint ventures$2,848,363
 $2,912,842

(1)The combined assets, liabilities and equity for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained, non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018. In addition, at March 31, 2020, $122.6 million of net unamortized basis differences between the amount at which our investments are carried and our share of equity in net assets of the underlying property will be amortized through equity in net income (loss) from unconsolidated joint ventures over the remaining life of the underlying items having given rise to the differences.
The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three months ended March 31, 2020 and 2019, are as follows (in thousands):
 Three Months Ended March 31,
 2020 2019
Total revenues$282,520
 $307,519
Operating expenses51,590
 54,124
Real estate taxes53,372
 54,236
Operating lease rent6,361
 5,901
Interest expense, net of interest income86,324
 96,623
Amortization of deferred financing costs4,814
 5,216
Depreciation and amortization98,584
 104,331
Total expenses301,045
 320,431
Net loss before gain on sale (1)
$(18,525) $(12,912)
Company's equity in net loss from unconsolidated joint ventures (1)
$(12,814) $(5,234)

(1)The combined statements of operations and the Company's equity in net loss for the unconsolidated joint ventures reflects the effect of step ups in basis on the retained non-controlling interests in deconsolidated investments as a result of the adoption of ASC 610-20 in January 2018.
7. Deferred Costs
Deferred costs at March 31, 20202021 and December 31, 20192020 consisted of the following (in thousands):
 March 31, 2020 December 31, 2019
Deferred leasing costs$506,314
 $466,136
Less: accumulated amortization(274,040) (260,853)
Deferred costs, net$232,274
 $205,283

March 31, 2021December 31, 2020
Deferred leasing costs$448,197 $447,002 
Less: accumulated amortization(277,945)(269,834)
Deferred costs, net$170,252 $177,168 

35
Table of Contents
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

8. Mortgages and Other Loans Payable
The mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at March 31, 20202021 and December 31, 2019,2020, respectively, were as follows (dollars in thousands):
PropertyInitial Maturity
Date
Final Maturity Date (1)
Interest
Rate (2)
March 31, 2021December 31, 2020
Fixed Rate Debt:
100 Church StreetJuly 2022July 20224.68%$203,697 $204,875 
420 Lexington AvenueOctober 2024October 20403.99%292,672 294,035 
Landmark SquareJanuary 2027January 20274.90%100,000 100,000 
485 Lexington AvenueFebruary 2027February 20274.25%450,000 450,000 
1080 Amsterdam (3)
February 2027February 20273.59%34,773 34,773 
Total fixed rate debt$1,081,142 $1,083,683 
Floating Rate Debt:
185 Broadway (4)
November 2021November 2023L+2.85%$168,870 $158,478 
609 Fifth AvenueMarch 2022March 2022L+2.95%57,651 57,651 
220 East 42nd StreetJune 2023June 2025L+2.75%510,000 510,000 
719 Seventh AvenueSeptember 2023September 2023L+1.20%50,000 50,000 
133 Greene Street0 15,523 
106 Spring Street0 38,025 
FHLB Facility0 10,000 
FHLB Facility0 15,000 
FHLB Facility0 35,000 
712 Madison Avenue0 28,000 
2017 Master Repurchase Agreement (5)
0 0 
Total floating rate debt$786,521 $917,677 
Total mortgages and other loans payable$1,867,663 $2,001,360 
Deferred financing costs, net of amortization(18,962)(21,388)
Total mortgages and other loans payable, net$1,848,701 $1,979,972 
(1)Reflects exercise of all available options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property.
Property 
Initial Maturity
Date
Final Maturity Date (1)
 
Interest
Rate (2)
 March 31, 2020 December 31, 2019
Fixed Rate Debt:          
100 Church Street July 2022July 2022  4.68% $208,197
 $209,296
420 Lexington Avenue October 2024October 2040  3.99% 297,885
 299,165
400 East 58th Street (3)
 November 2026November 2026  3.00% 38,881
 39,094
Landmark Square January 2027January 2027  4.90% 100,000
 100,000
485 Lexington Avenue February 2027February 2027  4.25% 450,000
 450,000
1080 Amsterdam (4)
 February 2027February 2027  3.59% 34,947
 35,123
762 Madison Avenue (5)
       —
 771
315 West 33rd Street (6)
       —
 250,000
Total fixed rate debt       $1,129,910
 $1,383,449
Floating Rate Debt:          
FHLB Facility June 2020June 2020 L+0.17% $14,500
 $14,500
2017 Master Repurchase Agreement June 2020June 2022 L+2.09% 137,473
 152,684
FHLB Facility July 2020July 2020 L+0.17% 10,000
 —
133 Greene Street August 2020August 2021 L+2.00% 15,523
 15,523
FHLB Facility August 2020August 2020 L+0.26% 15,000
 —
106 Spring Street January 2021January 2022 L+2.50% 38,025
 38,025
FHLB Facility January 2021January 2021 L+0.18% 35,000
 —
609 Fifth Avenue March 2021March 2024 L+2.40% 55,416
 53,773
185 Broadway (7)
 November 2021November 2023 L+2.85% 130,791
 120,110
712 Madison Avenue December 2021December 2022 L+1.85% 28,000
 28,000
410 Tenth Avenue (8)
 May 2022May 2024 L+2.23% 350,578
 330,819
719 Seventh Avenue September 2023September 2023 L+1.20% 50,000
 50,000
FHLB Facility (9)
     

 —
 10,000
FHLB Facility (9)
     

 —
 15,000
Total floating rate debt       $880,306
 $828,434
Total mortgages and other loans payable       $2,010,216
 $2,211,883
Deferred financing costs, net of amortization       (23,143) (28,630)
Total mortgages and other loans payable, net       $1,987,073
 $2,183,253
(1)Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property.
(2)(2)Interest rate as of March 31, 2020, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR, unless otherwise specified.
(3)
The loan carries a fixed interest rate of 300 basis points for the first five years and is prepayable without penalty at the end of the fifth year.
(4)
The loan is comprised of a $34.0 million mortgage loan and $0.9 million mezzanine loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of fifth year.
(5)In January 2020, the Company closed on the acquisition of the remaining 10% interest in this property from our joint venture partner. As part of this transaction, the loan was repaid.
(6)In March 2020, the loan was assumed by the buyer in connection with the sale of the property.
(7)This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with 2 one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.
(8)This loan is a $465.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three-year term with 2 one-year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.
(9)In 2020, the loan was repaid.


36
Table of Contents
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR, unless otherwise specified.
(unaudited)
(3)The loan is comprised of a $33.9 million mortgage loan and $0.9 million mezzanine loan with a fixed interest rate of 350 basis points and 700 basis points, respectively, for the first five years and is prepayable without penalty at the end of fifth year.

(4)This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three year term with 2 one year extension options. Advances under the loan are subject to incurred costs and funded equity requirements.
(5)In June 2020, we exercised a one year extension option which extended the maturity date to June 2021. At March 31, 2021, there was 0 outstanding balance on the $400 million facility.
At March 31, 20202021 and December 31, 2019,2020, the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable was approximately $3.0$2.4 billion and $3.3$2.5 billion, respectively.
39
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
Federal Home Loan Bank of New York ("FHLB") Facility
The Company'sAs of December 31, 2020, the Company’s wholly-owned subsidiary, Ticonderoga Insurance Company, or Ticonderoga, a Vermont licensed captive insurance company, iswas a member of the Federal Home Loan Bank of New York, or FHLBNY. As a member, Ticonderoga maywas able to borrow funds from the FHLBNY in the form of secured advances that bearbore interest at a floating rate. As a result of March 31, 2020, we had a totalFinal Ruling from the Federal Housing Finance Authority, the regulator of $74.5 million in outstanding securedthe Federal Home Loan Bank system, all captive insurance company memberships were terminated as of February 2021. As such, all advances with an average spread of 19 basis points over 30-day LIBOR.to Ticonderoga were repaid prior to such termination.
Master Repurchase Agreement
The Company entered into a Master Repurchase Agreement, or MRA, known as the 2017 MRA, which provides us with the ability to sell certain mortgage investments with a simultaneous agreement to repurchase the same at a certain date or on demand. We seek to mitigate risks associated with our repurchase agreement by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity, and are not limited to collateral-specific credit marks. To monitor credit risk associated with our debt investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to recollateralizecollateralize the facility with additional assets from our portfolio of debt investments, our ability to satisfy margin calls with cash or cash equivalents and our access to additional liquidity. As of March 31, 2020,2021, there have been no0 margin calls on the 2017 MRA.
The 2017 MRA has a maximum facility capacity of $300.0 million. In April 2018, we increased the maximum facility capacity from $300.0 million to $400.0 million. The facility bears interest on a floating rate basis at a spread to 30-day LIBOR based on the pledged collateral and advance rate. In June 2018, we exercised a one year extension optionrate and is scheduled to mature in June 2019, we exercised another one year2021, with a one-year extension option. In August 2019, we amended our agreement to include 2 additional one year extension options. At March 31, 2020,2021, the facility had a carrying value of $137.3 million, net of deferred financing costs.0 outstanding balance.
9. Corporate Indebtedness
2017 Credit Facility
In November 2017, we entered into an amendment to the credit facility, referred to as the 2017 credit facility, that was originally entered into by the Company in November 2012, or the 2012 credit facility. As of March 31, 2020,2021, the 2017 credit facility consisted of a $1.5 billion revolving credit facility, a $1.3 billion term loan (or "Term Loan A"), and a $200.0 million term loan (or "Term Loan B") with maturity dates of March 31, 2022, March 31, 2023, and November 21, 2024, respectively. The revolving credit facility has 2 six-month, as-of-right extension options to March 31, 2023. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders orand other financial institutions.
As of March 31, 2020,2021, the 2017 credit facility bore interest at a spread over 30-day LIBOR ranging from (i) 82.5 basis points to 155 basis points for loans under the revolving credit facility, (ii) 90 basis points to 175 basis points for loans under Term Loan A, and (iii) 85 basis points to 165 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category.
At March 31, 2020,2021, the applicable spread was 100 basis points for the revolving credit facility, 110 basis points for Term Loan A, and 100 basis points for Term Loan B. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of March 31, 2020,2021, the facility fee was 20 basis points.
As of March 31, 2020,2021, we had $11.8$16.5 million of outstanding letters of credit, $1.3 billion$630.0 million drawn under the revolving credit facility and $1.5 billion outstanding under the term loan facilities, with total undrawn capacity of $0.2$0.9 billion under the 2017 credit facility. At March 31, 20202021 and December 31, 2019,2020, the revolving credit facility had a carrying value of $1.3 billion$625.8 million and $0.2 billion,$105.3 million, respectively, net of deferred financing costs. At March 31, 20202021 and December 31, 2019,2020, the term loan facilities had a carrying value of $1.5 billion and $1.5 billion, respectively, net of deferred financing costs.
The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2017 credit facility.
The 2017 credit facility includes certain restrictions and covenants (see Restrictive Covenants below).

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

Senior Unsecured Notes
The following table sets forth our senior unsecured notes and other related disclosures as of March 31, 20202021 and December 31, 2019,2020, respectively, by scheduled maturity date (dollars in thousands):
IssuanceMarch 31, 2021
Unpaid
Principal
Balance		March 31, 2021
Accreted
Balance		December 31,
2020
Accreted
Balance
Interest
Rate (1)
Initial Term
(in Years)		Maturity Date
August 7, 2018 (2) (3)
$350,000 $350,000 $350,000 1.52 %3August 2021
October 5, 2017 (2)
500,000 499,830 499,803 3.25 %5October 2022
November 15, 2012 (4)
300,000 301,817 302,086 4.50 %10December 2022
December 17, 2015 (5)
100,000 100,000 100,000 4.27 %10December 2025
$1,250,000 $1,251,647 $1,251,889 
Deferred financing costs, net(3,025)(3,670)
$1,250,000 $1,248,622 $1,248,219 
Issuance March 31,
2020
Unpaid
Principal
Balance		 March 31,
2020
Accreted
Balance		 December 31,
2019
Accreted
Balance		 
Interest
Rate (1)
 
Initial Term
(in Years)
 Maturity Date
August 7, 2018 (2) (3)
 $350,000
 $350,000
 $350,000
 L+0.98% 3 August 2021
October 5, 2017 (2)
 500,000
 499,722
 499,695
  3.25% 5 October 2022
November 15, 2012 (4)
 300,000
 302,881
 303,142
  4.50% 10 December 2022
December 17, 2015 (5)
 100,000
 100,000
 100,000
  4.27% 10 December 2025
March 16, 2020 (6)
 —
 —
 250,000
       
  $1,250,000
 $1,252,603
 $1,502,837
       
Deferred financing costs, net   (5,357) (5,990)       
  $1,250,000
 $1,247,246
 $1,496,847
       
(1)Interest rate as of March 31, 2020, taking into account interest rate hedges in effect during the period. Floating rate notes are presented with the stated spread over the 3-month LIBOR, unless otherwise specified.
(2)Issued by the Operating Partnership with the Company as the guarantor.
(3)The notes are subject to redemption at the Company's option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes, plus unpaid accrued interest thereon to the redemption date. In April 2020, the Company entered into $350.0 million of fixed rate interest swaps at a rate of 0.54375% through August 2021.
(4)
In October 2017, the Company and the Operating Partnership as co-obligors issued an additional $100.0 million of 4.50% senior unsecured notes due December 2022. The notes were priced at 105.334%Interest rate as of March 31, 2021, taking into account interest rate hedges in effect during the period.
(2)Issued by the Operating Partnership with the Company as the guarantor.
(3)The notes are subject to redemption at the Company's option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes, plus unpaid accrued interest thereon to the redemption date. In April 2020, the Company entered into $350.0 million of fixed rate interest swaps at a rate of 0.54375% through August 2021.
(4)In October 2017, the Company and the Operating Partnership as co-obligors issued an additional $100.0 million of 4.50% senior unsecured notes due December 2022. The notes were priced at 105.334% of par.
(5)Issued by the Company and the Operating Partnership as co-obligors.
(5)Issued by the Company and the Operating Partnership as co-obligors.
(6)In March 2020, the notes were repaid.
Restrictive Covenants
The terms of the 2017 credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that we will not, during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of March 31, 20202021 and December 31, 2019,2020, we were in compliance with all such covenants.
Junior Subordinated Deferrable Interest Debentures
In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at a floating rate of 125 basis points over the three-month LIBOR. Interest payments may be deferred for a period of up to 8 consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

Principal Maturities
Combined aggregate principal maturities of mortgages and other loans payable, the 2017 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of March 31, 2020,2021, including as-of-right extension options, were as follows (in thousands):
 
Scheduled
Amortization
 Mortgages and Other Loans Payable 
Revolving
Credit
Facility
 Unsecured Term Loans 
Trust
Preferred
Securities
 
Senior
Unsecured
Notes
 Total 
Joint
Venture
Debt
Remaining 2020$8,351
 $55,023
 $—
 $—
 $—
 $—
 $63,374
 $114,897
202111,638
 231,815
 —
 —
 —
 350,000
 593,453
 884,953
20229,430
 741,252
 —
 —
 —
 800,000
 1,550,682
 268,952
20237,301
 50,000
 1,300,000
 1,300,000
 —
 —
 2,657,301
 311,436
20246,032
 272,749
 —
 200,000
 —
 —
 478,781
 617,022
Thereafter3,258
 613,367
 —
 —
 100,000
 100,000
 816,625
 1,934,823
 $46,010
 $1,964,206
 $1,300,000
 $1,500,000
 $100,000
 $1,250,000
 $6,160,216
 $4,132,083

Scheduled
Amortization		Mortgages and Other Loans PayableRevolving
Credit
Facility		Unsecured Term LoansTrust
Preferred
Securities		Senior
Unsecured
Notes		TotalJoint
Venture
Debt
Remaining 2021$8,031 $168,870 $0 $0 $0 $350,000 $526,901 $1,126,896 
20228,765 255,435 0 0 0 800,000 1,064,200 227,701 
20236,594 560,000 630,000 1,300,000 0 0 2,496,594 491,066 
20245,280 272,749 0 200,000 0 0 478,029 620,843 
2025823 0 0 0 0 100,000 100,823 1,403,266 
Thereafter924 580,192 0 0 100,000 0 681,116 552,813 
$30,417 $1,837,246 $630,000 $1,500,000 $100,000 $1,250,000 $5,347,663 $4,422,585 
Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):
 Three Months Ended March 31,
 2020 2019
Interest expense before capitalized interest$56,813
 $60,810
Interest on financing leases1,663
 804
Interest capitalized(20,483) (10,509)
Interest income(499) (580)
Interest expense, net$37,494
 $50,525

Three Months Ended March 31,
20212020
Interest expense before capitalized interest$39,868 $56,813 
Interest on financing leases1,492 1,663 
Interest capitalized(17,583)(20,483)
Interest income(389)(499)
Interest expense, net$23,388 $37,494 
10. Related Party Transactions
Cleaning/ Security/ Messenger and Restoration Services
Alliance Building Services, or Alliance, and its affiliates are partially owned by Gary Green, a son of Stephen L. Green, who serves as a member and as the chairman emeritus of our board of directors, and provide services to certain properties owned by us. Alliance’s affiliates include First Quality Maintenance, L.P., or First Quality, Classic Security LLC, Bright Star Couriers LLC and Onyx Restoration Works, and provide cleaning, extermination, security, messenger, and restoration services, respectively. In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. The Service Corporation has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements.
Income earned from the profit participation, which is included in otherOther income on the consolidated statements of operations, was $0.9$0.3 million and $0.9 million for the three months ended March 31, 20202021 and 2019,2020, respectively.
We also recorded expenses, inclusive of capitalized expenses, of $3.9$2.3 million and $2.9$3.9 million for the three months ended March 31, 20202021 and 2019,2020, respectively, for these services (excluding services provided directly to tenants).
Management Fees
S.L. Green Management Corp., a consolidated entity, receives property management fees from an entity in which Stephen L. Green owns an interest. We received management fees from this entity of $0.2$0.1 million and $0.1$0.2 million for the three months ended March 31, 20202021 and 2019,2020, respectively.

3942
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

One Vanderbilt Investment
In December 2016, we entered into agreements with entities owned and controlled by our Chairman and CEO, Marc Holliday, and our President, Andrew Mathias, pursuant to which they agreed to make an investment in our One Vanderbilt project at the appraised fair market value for the interests acquired. This investment entitles these entities to receive approximately 1.50% - 1.80% and 1.00% - 1.20%, respectively, of any profits realized by the Company from its One Vanderbilt project in excess of the Company’s capital contributions. The entities have no right to any return of capital. Accordingly, subject to previously disclosed repurchase rights, these interests will have no value and will not entitle these entities to any amounts (other than limited distributions to cover tax liabilities incurred) unless and until the Company has received distributions from the One Vanderbilt project in excess of the Company’s aggregate investment in the project. In the event that the Company does not realize a profit on its investment in the project (or would not realize a profit based on the value at the time the interests are repurchased), the entities owned and controlled by Messrs. Holliday and Mathias will lose the entire amount of their investment. The entities owned and controlled by Messrs. Holliday and Mathias paid $1.4 million and $1.0 million, respectively, which equal the fair market value of the interests acquired as of the date the investment agreements were entered into as determined by an independent third party appraisal that we obtained.
One Vanderbilt Lease
In November 2018, we entered into a lease agreement with the One Vanderbilt joint venture covering certain floors at the property. In March 2021, the lease commenced and we relocated our corporate headquarters to the leased space. For the three months ended March 31, 2021, we recorded $0.1 million of rent expense under the lease, which is included in Marketing, general and administrative in the consolidated statements of operations. See Note 19, “Commitments and Contingencies.”
Other
We are entitled to receive fees for providing management, leasing, construction supervision and asset management services to certain of our joint ventures as further described in Note 6, "Investments in Unconsolidated Joint Ventures." Amounts due from joint ventures and related parties at March 31, 20202021 and December 31, 20192020 consisted of the following (in thousands):
 March 31, 2020 December 31, 2019
Due from joint ventures$18,996
 $9,352
Other7,096
 11,769
Related party receivables$26,092
 $21,121

March 31, 2021December 31, 2020
Due from joint ventures$26,500 $27,006 
Other7,810 7,651 
Related party receivables$34,310 $34,657 
11. Noncontrolling Interests on the Company's Consolidated Financial Statements
Noncontrolling interests represent the common and preferred units of limited partnership interest in the Operating Partnership not held by the Company as well as third party equity interests in our other consolidated subsidiaries. Noncontrolling interests in the Operating Partnership are shown in the mezzanine equity while the noncontrolling interests in our other consolidated subsidiaries are shown in the equity section of the Company’s consolidated financial statements.
Common Units of Limited Partnership Interest in the Operating Partnership
As of March 31, 20202021 and December 31, 2019,2020, the noncontrolling interest unit holders owned 5.14%5.65%, or 4,144,5554,156,282 units, and 5.03%5.44%, or 4,195,8753,938,823 units, of the Operating Partnership, respectively.respectively, inclusive of retroactive adjustments to reflect the reverse stock split effectuated by SL Green in January 2021. As of March 31, 2020, 4,144,5552021, 4,156,282 shares of our common stock were reserved for issuance upon the redemption of units of limited partnership interest of the Operating Partnership.
Noncontrolling interests in the Operating Partnership is recorded at the greater of its cost basis or fair market value based on the closing stock price of our common stock at the end of the reporting period.
43
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
Below is a summary of the activity relating to the noncontrolling interests in the Operating Partnership for the three months ended March 31, 20202021 and the twelve months ended December 31, 20192020 (in thousands):
 March 31, 2020 December 31, 2019
Balance at beginning of period$409,862
 $387,805
Distributions(1,284) (14,729)
Issuance of common units3,680
 19,403
Redemption and conversion of common units(18,150) (27,962)
Net income6,202
 13,301
Accumulated other comprehensive loss allocation(2,886) (2,276)
Fair value adjustment(38,529) 34,320
Balance at end of period$358,895
 $409,862


40
Table of Contents
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

March 31, 2021December 31, 2020
Balance at beginning of period$358,262 $409,862 
Distributions(4,148)(12,652)
Issuance of common units4,483 12,018 
Redemption and conversion of common units(13,261)(36,085)
Net (loss) income(476)20,016 
Accumulated other comprehensive income (loss) allocation2,655 (2,299)
Fair value adjustment26,609 (32,598)
Balance at end of period$374,124 $358,262 
Preferred Units of Limited Partnership Interest in the Operating Partnership
Below is a summary of the preferred units of limited partnership interest in the Operating Partnership as of March 31, 2020:2021:
IssuanceStated Distribution RateNumber of Units AuthorizedNumber of Units IssuedNumber of Units Outstanding
Annual Dividend Per Unit(1)
Liquidation Preference Per Unit(2)
Conversion Price Per Unit(3)
Date of Issuance
Series A (4)
3.50 %109,161 109,161 109,161 $35.0000 $1,000.00 $0 August 2015
Series F7.00%60 60 60 $70.0000 $1,000.00 $29.12 January 2007
Series G (5)
4.50%1,902,000 1,902,000 718,697 $1.1250 $25.00 $88.50 January 2012
Series K3.50%700,000 563,954 341,677 $0.8750 $25.00 $134.67 August 2014
Series L4.00%500,000 378,634 372,634 $1.0000 $25.00 $0 August 2014
Series M3.75%1,600,000 1,600,000 96,357 $0.9375 $25.00 $0 February 2015
Series P4.00%200,000 200,000 200,000 $1.0000 $25.00 $0 July 2015
Series Q3.50%268,000 268,000 268,000 $0.8750 $25.00 $148.95 July 2015
Series R3.50%400,000 400,000 400,000 $0.8750 $25.00 $154.89 August 2015
Series S4.00%1,077,280 1,077,280 1,077,280 $1.0000 $25.00 $0 August 2015
Series V3.50%40,000 40,000 40,000 $0.8750 $25.00 $0 May 2019
Series W (6)
(6)1 1 1 (6)(6)(6)January 2020
(1)Dividends are cumulative, subject to certain provisions.
(2)Units are redeemable at any time at par for cash at the option of the unitholder unless otherwise specified.
(3)If applicable, units are convertible into a number of common units of limited partnership interest in the Operating Partnership equal to (i) the liquidation preference plus accumulated and unpaid distributions on the conversion date divided by (ii) the amount shown in the table.
(4)Issued through a consolidated subsidiary. The units are convertible on a one-for-one basis, into the Series B Preferred Units of limited partnership interest, or the Subsidiary Series B Preferred Units. The Subsidiary Series B Preferred Units can be converted at any time, at the option of the unitholder, into a number of common stock equal to 6.71348 shares of common stock for each Subsidiary Series B Preferred Unit. As of March 31, 2021, no Subsidiary Series B Preferred Units have been issued.
(5)Common units of limited partnership interest in the Operating Partnership issued in a conversion may be redeemed in exchange for our common stock on a 1-to-1 basis. The Series G Preferred Units also provide the holder with the right to require the Operating Partnership to repurchase the Series G Preferred Units for cash before January 31, 2022.
(6)The Series W preferred unit was issued in January 2020 in exchange for the then-outstanding Series O preferred unit. The holder of the Series W preferred unit is entitled to quarterly dividends in an amount calculated as (i) 1,350 multiplied by (ii) the current distribution per common unit of limited partnership in SL Green Operating Partnership. The holder has the right to require the Operating Partnership to repurchase the Series W unit for cash, or convert the Series W unit for Class B units, in each case at a price that is determined based on the closing price of the Company's common stock at the time such right is exercised. The unit's liquidation preference is the fair market value of the unit plus accrued distributions at the time of a liquidation event.
44
Issuance Number of Units Authorized Number of Units Issued 
Annual Dividend Per Unit(1)
 
Liquidation Preference Per Unit(2)
 
Conversion Price Per Unit(3)
 Date of Issuance
3.50% Series A (4)
 109,161
 109,161
 $35.0000
 $1,000.00
 $—
 August 2015
7.00% Series F 60
 60
 $70.0000
 $1,000.00
 $29.12
 January 2007
4.50% Series G (5)
 1,902,000
 1,902,000
 $1.1250
 $25.00
 $88.50
 January 2012
3.50% Series K 700,000
 563,954
 $0.8750
 $25.00
 $134.67
 August 2014
4.00% Series L 500,000
 378,634
 $1.0000
 $25.00
 —
 August 2014
3.75% Series M 1,600,000
 1,600,000
 $0.9375
 $25.00
 —
 February 2015
4.00% Series P 200,000
 200,000
 $1.0000
 $25.00
 —
 July 2015
3.50% Series Q 268,000
 268,000
 $0.8750
 $25.00
 $148.95
 July 2015
3.50% Series R 400,000
 400,000
 $0.8750
 $25.00
 $154.89
 August 2015
4.00% Series S 1,077,280
 1,077,280
 $1.0000
 $25.00
 —
 August 2015
2.75% Series T 230,000
 230,000
 $0.6875
 $25.00
 $119.02
 March 2016
4.50% Series U (6)
 680,000
 680,000
 $1.1250
 $25.00
 —
 March 2016
3.50% Series V 40,000
 40,000
 $0.8750
 $25.00
 —
 May 2019
Series W (7)
 1
 1
 
(6 
) 
 
(6 
) 
 —
 January 2020
(1)Dividends are cumulative, subject to certain provisions.
(2)Units are redeemable at any time at par for cash at the option of the unitholder unless otherwise specified.
(3)If applicable, units are convertible into a number of common units of limited partnership interest in the Operating Partnership equal to (i) the liquidation preference plus accumulated and unpaid distributions on the conversion date divided by (ii) the amount shown in the table.
(4)Issued through a consolidated subsidiary. The units are convertible on a one-for-one basis, into the Series B Preferred Units of limited partnership interest, or the Subsidiary Series B Preferred Units. The Subsidiary Series B Preferred Units can be converted at any time, at the option of the unitholder, into a number of common stock equal to 6.71348 shares of common stock for each Subsidiary Series B Preferred Unit. As of March 31, 2020, no Subsidiary Series B Preferred Units have been issued.
(5)Common units of limited partnership interest in the Operating Partnership issued in a conversion may be redeemed in exchange for our common stock on a 1-to-1 basis. The Series G Preferred Units also provide the holder with the right to require the Operating Partnership to repurchase the Series G Preferred Units for cash before January 31, 2022.
(6)The annual dividend is subject to reduction upon the occurrence of certain circumstances. The minimum annual dividend is $0.75 per unit.
(7)The Series W preferred unit was issued in January 2020 in exchange for the then-outstanding Series O preferred unit. The holder of the Series W preferred unit is entitled to quarterly dividends in an amount calculated as (i) 1,350 multiplied by (ii) the current distribution per common unit of limited partnership in SL Green Operating Partnership. The holder has the right to require the Operating Partnership to repurchase the Series W unit for cash, or convert the Series W unit for Class B units, in each case at a price that is determined based on the closing price of the Company's common stock at the time such right is exercised. The unit's liquidation preference is the fair market value of the unit plus accrued distributions at the time of a liquidation event.
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
Below is a summary of the activity relating to the preferred units in the Operating Partnership for the three months ended March 31, 20202021 and the twelve months ended December 31, 20192020 (in thousands):
 March 31, 2020 December 31, 2019
Balance at beginning of period$283,285
 $300,427
Issuance of preferred units—
 1,000
Redemption of preferred units(19,392) (18,142)
Accrued dividends on preferred units2,126
 —
Balance at end of period$266,019
 $283,285

March 31, 2021December 31, 2020
Balance at beginning of period$202,169 $283,285 
Issuance of preferred units0 0 
Redemption of preferred units(3,631)(82,750)
Dividends paid on preferred units(1,731)(6,163)
Accrued dividends on preferred units1,696 7,797 
Balance at end of period$198,503 $202,169 
12. Stockholders’ Equity of the Company
Common Stock
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2020, 76,535,4332021, 69,353,606 shares of common stock and 0 shares of excess stock were issued and outstanding.

On December 4, 2020 our Board of Directors declared an ordinary dividend and a special dividend (together, "the Total Dividend"). The Total Dividend was paid on January 15, 2021 to shareholders of record at the close of business on December 15, 2020 ("the Record Date"). Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. Shareholders who elected to receive cash received, for each share of common stock they owned as of the Record Date, approximately $0.3735 in cash and 0.0279 shares of common stock. Shareholders who elected to receive shares received, for each share of common stock they owned as of the Record Date, approximately 0.0343 shares of common stock. The number of shares issued was calculated based on the volume weighted average trading price of SLG's common stock between January 5-7, 2021, of $58.15 per share.
41
TableTo mitigate the dilutive impact of Contentsthe common stock issued in the special dividend, the board of directors also authorized a reverse stock split, which was effective after markets closed on January 20, 2021. On January 8, 2021, a committee of the Board of Directors calculated the ratio for the reverse stock split of our issued and outstanding shares of common stock as 1.02918-for-1. After the issuance of the dividend and the completion of the reverse stock split, the number of shares of our common stock outstanding was equivalent to the number of total shares outstanding on the Record Date (not including any issuances or repurchases that occurred following the Record Date, as well as any fractional shares that would have been issued but for which cash-in-lieu was paid). However, on a relative basis, some individual shareholders may have more shares of SLG’s common stock, and some individual shareholders may have fewer shares of our common stock, depending on their individual elections to receive cash or stock and as a result of the cash option being oversubscribed.
SL Green Realty Corp.All share-related references and SL Green Operating Partnership, L.P.
Notesmeasurements 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 Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

reflect the reverse stock split for all periods presented in this Quarterly Report on Form 10-Q.
Share Repurchase Program
In August 2016, our Board of Directors approved a $1.0 billion share repurchase program under which we can buy up to $1.0 billion of shares of our common stock. The Board of Directors has since authorized 45 separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, fourth quarter of 2018, fourth quarter of 2019, and fourth quarter of 20192020 bringing the total program size to $3.0$3.5 billion.
At March 31, 2020,2021, share repurchases, excluding the redemption of OP units, executed under the program were as follows:
PeriodShares repurchasedAverage price paid per shareCumulative number of shares repurchased as part of the repurchase plan or programs
Year ended 20178,105,881$104.618,105,881
Year ended 20189,468,617$99.0317,574,498
PeriodShares repurchasedAverage price paid per shareCumulative number of shares repurchased as part of the repurchase plan or programs
Year ended 20178,342,411$101.648,342,411
Year ended 20189,744,911$96.2218,087,322
Year ended 20194,596,171$83.6222,683,493
First quarter 20202,637,099$83.2525,320,592
45
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
Year ended 20194,465,857$86.0622,040,355
Year Ended 20208,529,279$62.3930,569,634
Three months ended March 31, 20211,306,460$61.4631,876,094
Perpetual Preferred Stock
We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at any time, in whole or from time to time in part, at par for cash at our option.cash. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units.
Dividend Reinvestment and Stock Purchase Plan ("DRSPP")
In February 2018, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001.
The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three months ended March 31, 20202021 and 2019,2020, respectively (dollars in thousands):
 Three Months Ended March 31,
 2020 2019
Shares of common stock issued1,777
 540
Dividend reinvestments/stock purchases under the DRSPP$166
 $47

Three Months Ended March 31,
20212020
Shares of common stock issued5,483 1,727 
Dividend reinvestments/stock purchases under the DRSPP$351 $166 
Earnings per Share
We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

4246
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

SL Green's earnings per share for the three months ended March 31, 20202021 and 20192020 are computed as follows (in thousands):
Three Months Ended March 31,
Numerator20212020
Basic Earnings:
Net (loss) income attributable to SL Green common stockholders$(7,464)$114,801 
Less: distributed earnings allocated to participating securities(371)(113)
Less: undistributed earnings allocated to participating securities0 (464)
Net (loss) income attributable to SL Green common stockholders (numerator for basic earnings per share)$(7,835)$114,224 
Add back: dilutive effect of earnings allocated to participating securities371 113 
Add back: undistributed earnings allocated to participating securities0 464 
Add back: effect of dilutive securities (redemption of units to common shares)(476)6,202 
Net (loss) income attributable to SL Green common stockholders (numerator for diluted earnings per share)$(7,940)$121,003 
 Three Months Ended March 31,
Numerator2020 2019
Basic Earnings:   
Income attributable to SL Green common stockholders$114,801
 $43,792
Less: distributed earnings allocated to participating securities(113) (124)
Less: undistributed earnings allocated to participating securities(448) —
Net income attributable to SL Green common stockholders (numerator for basic earnings per share)$114,240
 $43,668
Add back: dilutive effect of earnings allocated to participating securities113
 124
Add back: undistributed earnings allocated to participating securities448
 —
Add back: effect of dilutive securities (redemption of units to common shares)6,202
 2,278
Income attributable to SL Green common stockholders (numerator for diluted earnings per share)$121,003
 $46,070
 Three Months Ended March 31,
Denominator2020 2019
Basic Shares:   
Weighted average common stock outstanding77,864
 83,313
Effect of Dilutive Securities:   
Operating Partnership units redeemable for common shares4,220
 4,333
Stock-based compensation plans483
 164
Diluted weighted average common stock outstanding82,567
 87,810

Three Months Ended March 31,
Denominator20212020
Basic Shares:
Weighted average common stock outstanding69,010 75,656 
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares4,148 4,220 
Stock-based compensation plans595 476 
Contingently issuable shares from special dividend declared December 4, 2020 and issued January 15, 2021317 0 
Diluted weighted average common stock outstanding74,070 80,352 
The Company has excluded 1,204,736 and 1,211,9431,159,343 common stock equivalents from the calculation of diluted shares outstanding for the three months ended March 31, 2021, as they were anti-dilutive. The Company has excluded 1,170,579 common stock equivalents from the calculation of diluted shares outstanding for the three months ended March 31, 2020, and the three months ended March 31, 2019, respectively, as they were anti-dilutive.
13. Partners' Capital of the Operating Partnership
The Company is the sole managing general partner of the Operating Partnership and at March 31, 20202021 owned 76,535,43369,353,606 general and limited partnership interests in the Operating Partnership and 9,200,000 Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for 1 share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, one1 share of common stock is generally the economic equivalent of one1 OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units.
Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions.

4347
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

All unit-related references and measurements including the number of units outstanding and earnings per unit have been retroactively adjusted to reflect the reverse stock split effectuated by SL Green’s board of directors in January 2021 for all periods presented in this Quarterly Report on Form 10-Q.
Limited Partner Units
As of March 31, 2020,2021, limited partners other than SL Green owned 5.14%5.65%, or 4,144,5554,156,282 common units, of the Operating Partnership.
Preferred Units
Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.”
Earnings per Unit
The Operating Partnership's earnings per unit for the three months ended March 31, 20202021 and 2019,2020, respectively, are computed as follows (in thousands):
Three Months Ended March 31,
Numerator20212020
Basic Earnings:
Net (loss) income attributable to SLGOP common unitholders$(7,940)$121,003 
Less: distributed earnings allocated to participating securities(371)(113)
Less: undistributed earnings allocated to participating securities0 (464)
Net (loss) income attributable to SLGOP common unitholders (numerator for basic earnings per unit)$(8,311)$120,426 
Add back: dilutive effect of earnings allocated to participating securities371 113 
Add back: undistributed earnings allocated to participating securities0 464 
Net (loss) income attributable to SLGOP common unitholders (numerator for diluted earnings per unit)$(7,940)$121,003 
 Three Months Ended March 31,
Numerator2020
2019
Basic Earnings:   
Income attributable to SLGOP common unitholders$121,003
 $46,070
Less: distributed earnings allocated to participating securities(113) (124)
Less: undistributed earnings allocated to participating securities(448) —
Net Income attributable to SLGOP common unitholders (numerator for basic earnings per unit)$120,442
 $45,946
Add back: dilutive effect of earnings allocated to participating securities113
 124
Add back: undistributed earnings allocated to participating securities448
 —
Income attributable to SLGOP common unitholders (numerator for diluted earnings per unit)$121,003
 $46,070
 Three Months Ended March 31,
Denominator2020
2019
Basic units:   
Weighted average common units outstanding82,084
 87,646
Effect of Dilutive Securities:   
Stock-based compensation plans483
 164
Diluted weighted average common units outstanding82,567
 87,810

Three Months Ended March 31,
Denominator20212020
Basic units:
Weighted average common units outstanding73,158 79,876 
Effect of Dilutive Securities:
Stock-based compensation plans595 476 
Contingently issuable units from special distribution declared December 4, 2020 and issued January 15, 2021317 0 
Diluted weighted average common units outstanding74,070 80,352 
The Operating Partnership has excluded 1,204,736 and 1,211,9431,159,343 common unit equivalents from the diluted units outstanding for the three months ended March 31, 2021 as they were anti-dilutive. The Operating Partnership has excluded 1,170,579 common unit equivalents from the diluted units outstanding for the three months ended March 31, 2020 and the three months ended March 31, 2019, respectively, as they were anti-dilutive.
14. Share-based Compensation
We have share-based employee and director compensation plans. Our employees are compensated through the Operating Partnership. Under each plan, whenever the Company issues common or preferred stock, the Operating Partnership issues an equivalent number of units of limited partnership interest of a corresponding class to the Company.

4448
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

The Fourth Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's board of directors in April 2016 and its stockholders in June 2016 at the Company's annual meeting of stockholders. The 2005 Plan authorizes the issuance of stock options, stock appreciation rights, unrestricted and restricted stock, phantom shares, dividend equivalent rights, cash-based awards and other equity-based awards. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 27,030,000 fungible units may be granted under the 2005 Plan. Currently, different types of awards count against the limit on the number of fungible units differently, with (1) full-value awards (i.e., those that deliver the full value of the award upon vesting, such as restricted stock) counting as 3.74 Fungible Units per share subject to such awards, (2) stock options, stock appreciation rights and other awards that do not deliver full value and expire five years from the date of grant counting as 0.73 fungible units per share subject to such awards, and (3) all other awards (e.g., ten-year10-year stock options) counting as 1.0 fungible units per share subject to such awards. Awards granted under the 2005 Plan prior to the approval of the fourth amendment and restatement in June 2016 continue to count against the fungible unit limit based on the ratios that were in effect at the time such awards were granted, which may be different than the current ratios. As a result, depending on the types of awards issued, the 2005 Plan may result in the issuance of more or less than 27,030,000 shares. If a stock option or other award granted under the 2005 Plan expires or terminates, the common stock subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Shares of our common stock distributed under the 2005 Plan may be treasury shares or authorized but unissued shares. Currently, unless the 2005 Plan has been previously terminated by the Company's board of directors, new awards may be granted under the 2005 Plan until June 2, 2026, which is the tenth anniversary of the date that the 2005 Plan was most recently approved by the Company's stockholders. As of March 31, 2020, 3.12021, 1.9 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP Units.
Stock Options and Class O LTIP Units
Options are granted with an exercise price at the fair market value of the Company's common stock on the date of grant and, subject to employment, generally expire five years or ten years from the date of grant, are not transferable other than on death, and generally vest in one year to five years commencing one year from the date of grant. We have also granted Class O LTIP Units, which are a class of LTIP Units in the Operating Partnership structured to provide economics similar to those of stock options. Class O LTIP Units, once vested, may be converted, at the election of the holder, into a number of common units of the Operating Partnership per Class O LTIP Unit determined by the increase in value of a share of the Company’s common stock at the time of conversion over a participation threshold, which equals the fair market value of a share of the Company’s common stock at the time of grant. Class O LTIP Units are entitled to distributions, subject to vesting, equal per unit to 10% of the per unit distributions paid with respect to the common units of the Operating Partnership. The fair value of each stock option or LTIP Unit granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information.
There were 0 options granted during the three months ended March 31, 20202021 or the year ended December 31, 2019.2020.
A summary of the status of the Company's stock options as of March 31, 20202021 and December 31, 2019,2020, and changes during the three months ended March 31, 20202021 and year ended December 31, 20192020 are as follows:
 March 31, 2020 December 31, 2019
 Options Outstanding 
Weighted Average
Exercise Price
 Options Outstanding 
Weighted Average
Exercise Price
Balance at beginning of period1,037,068
 $102.36
 1,137,017
 $103.54
Granted—
 —
 —
 —
Exercised—
 —
 —
 —
Lapsed or canceled(5,500) 109.90
 (99,949) 115.81
Balance at end of period1,031,568
 $102.32
 1,037,068
 $102.36
Options exercisable at end of period1,029,568
 $102.32
 914,929
 $101.69

March 31, 2021December 31, 2020
Options OutstandingWeighted Average
Exercise Price		Options OutstandingWeighted Average
Exercise Price
Balance at beginning of period784,995 $102.62 1,007,665 $105.35 
Granted0 0 0 0 
Exercised0 0 0 0 
Lapsed or canceled(9,716)86.13 (222,670)114.97 
Balance at end of period775,279 $102.83 784,995 $102.62 
Options exercisable at end of period775,278 $102.83 782,022 $102.62 
The remaining weighted average contractual life of the options outstanding was 2.41.9 years and the remaining average contractual life of the options exercisable was 2.41.9 years.
During the three months ended March 31, 2020, we recognized compensation expense for these options of $0.02 million. During the three months ended March 31, 2019, we recognized compensation expense for these options of $0.6 million.

4549
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

During the three months ended March 31, 2021, we recognized 0 compensation expense related to options. During the three months ended March 31, 2020, we recognized compensation expense related to options of $0.02 million. As of March 31, 2020,2021, there was $0.02 million of total0 unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 0.6 years.options.
Restricted Shares
Shares are granted to certain employees, including our executives, and vesting occurs annually upon the completion of a service period or our meeting established financial performance criteria. Annual vesting occurs at rates ranging from 15% to 35% once performance criteria are reached.
A summary of the Company's restricted stock as of March 31, 20202021 and December 31, 20192020 and chargeschanges during the three months ended March 31, 20202021 and the year ended December 31, 2019,2020, are as follows:
 March 31, 2020 December 31, 2019
Balance at beginning of period3,566,466
 3,452,016
Granted8,320
 126,350
Canceled(13,267) (11,900)
Balance at end of period3,561,519
 3,566,466
Vested during the period131,602
 113,259
Compensation expense recorded$2,929,781
 $12,892,249
Total fair value of restricted stock granted during the period$687,839
 $11,131,181

March 31, 2021December 31, 2020
Balance at beginning of period3,439,674 3,465,347 
Granted145,845 8,959 
Canceled(12,437)(34,632)
Balance at end of period3,573,082 3,439,674 
Vested during the period117,487 128,891 
Compensation expense recorded$2,067,125 $10,895,459 
Total fair value of restricted stock granted during the period$9,214,531 $734,315 
The fair value of restricted stock that vested during the three months ended March 31, 20202021 and the year ended December 31, 20192020 was $12.4$10.9 million and $12.1$12.5 million, respectively. As of March 31, 2020,2021, there was $17.5$14.0 million of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 1.82.0 years.
We granted LTIP Units, which include bonus, time-based and performance-based awards, with a fair value of $34.6$40.3 million and $58.3$37.0 million as of March 31, 20202021 and December 31, 2019,2020, respectively. The grant date fair value of the LTIP Unit awards was calculated in accordance with ASC 718. A third party consultant determined the fair value of the LTIP Units to have a discount from our common stock price. The discount was calculated by considering the inherent uncertainty that the LTIP Units will reach parity with other common partnership units and the illiquidity due to transfer restrictions. As of March 31, 2020,2021, there was $56.7$65.9 million of total unrecognized compensation expense related to the time-based and performance based awards, which is expected to be recognized over a weighted average period of 2.42.0 years.
During the three months ended March 31, 2021, we recorded compensation expense related to bonus, time-based and performance based awards of $9.1 million. During the three months ended March 31, 2020, we recorded compensation expense related to bonus, time-based and performance based awards of $7.3 million. During the three months ended March 31, 2019, we recorded compensation expense related to bonus, time-based and performance based awards of $8.0$3.0 million.
For the three months ended March 31, 2020, $0.62021, $0.5 million was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options. For the three months ended March 31, 2019, $0.52020, $0.6 million was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options.
Deferred Compensation Plan for Directors
Under our Non-Employee Director's Deferral Program, which commenced July 2004, the Company's non-employee directors may elect to defer up to 100% of their annual retainer fee, chairman fees, meeting fees and annual stock grant. Unless otherwise elected by a participant, fees deferred under the program shall be credited in the form of phantom stock units. The program provides that a director's phantom stock units generally will be settled in an equal number of shares of common stock upon the earlier of (i) the January 1 coincident with or the next following such director's termination of service from the Board of Directors or (ii) a change in control by us, as defined by the program. Phantom stock units are credited to each non-employee director quarterly using the closing price of our common stock on the first business day of the respective quarter. Each participating non-employee director is also credited with dividend equivalents or phantom stock units based on the dividend rate for each quarter, which are either paid in cash currently or credited to the director’s account as additional phantom stock units.
During the three months ended March 31, 2020, 11,9662021, 18,290 phantom stock units and 7,99912,064 shares of common stock were issued to our board of directors. We recorded compensation expense of $1.8 million during the three months ended March 31, 2020 related to the Deferred Compensation Plan. We recorded compensation expense of $1.9 million during the three months ended March 31, 2019 related to the Deferred Compensation Plan.

46
50
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

2021 related to the Deferred Compensation Plan. We recorded compensation expense of $1.8 million during the three months ended March 31, 2020 related to the Deferred Compensation Plan.
As of March 31, 2020,2021, there were 131,989159,066 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program.
Employee Stock Purchase Plan
In 2007, the Company's board of directors adopted the 2008 Employee Stock Purchase Plan, or ESPP, to encourage our employees to make our business more successful by providing equity-based incentives to eligible employees. The ESPP is intended to qualify as an "employee stock purchase plan" under Section 423 of the Code, and has been adopted by the board to enable our eligible employees to purchase the Company's shares of common stock through payroll deductions. The ESPP became effective on January 1, 2008 with a maximum of 500,000 shares of the common stock available for issuance, subject to adjustment upon a merger, reorganization, stock split or other similar corporate change. The Company filed a registration statement on Form S-8 with the SEC with respect to the ESPP. The common stock is offered for purchase through a series of successive offering periods. Each offering period will be three months in duration and will begin on the first day of each calendar quarter, with the first offering period having commenced on January 1, 2008. The ESPP provides for eligible employees to purchase the common stock at a purchase price equal to 85% of the lesser of (1) the market value of the common stock on the first day of the offering period or (2) the market value of the common stock on the last day of the offering period. The ESPP was approved by our stockholders at our 2008 annual meeting of stockholders. As of March 31, 2020, 137,9232021, 157,576 shares of our common stock had been issued under the ESPP.
15. Accumulated Other Comprehensive Loss
The following tables set forth the changes in accumulated other comprehensive loss by component as of March 31, 20202021 (in thousands):
Net unrealized loss on derivative instruments (1)
SL Green’s share
of joint venture
net unrealized loss on derivative
instruments (2)
Net unrealized gain (loss) on marketable securitiesTotal
Balance at December 31, 2020$(57,415)$(10,853)$1,021 $(67,247)
Other comprehensive income before reclassifications9,771 33,024 (247)42,548 
Amounts reclassified from accumulated other comprehensive loss4,196 1,606 0 5,802 
Balance at March 31, 2021$(43,448)$23,777 $774 $(18,897)
 
Net unrealized loss on derivative instruments (1)
 
SL Green’s share
of joint venture
net unrealized loss on derivative
instruments (2)
 Net unrealized gain (loss) on marketable securities Total
Balance at December 31, 2019$(22,780) $(7,982) $2,277
 $(28,485)
Other comprehensive loss before reclassifications(42,728) (6,709) (4,306) (53,743)
Amounts reclassified from accumulated other comprehensive loss687
 673
 —
 1,360
Balance at March 31, 2020$(64,821) $(14,018) $(2,029) $(80,868)
(1)Amount reclassified from accumulated other comprehensive loss is included in interest expense in the respective consolidated statements of operations. As of March 31, 2021 and December 31, 2020, the deferred net gains from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was $(0.6) million and $(0.5) million, respectively.
(1)Amount reclassified from accumulated other comprehensive loss is included in interest expense in the respective consolidated statements of operations. As of March 31, 2020 and December 31, 2019, the deferred net (gains) losses from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized (loss) gain on derivative instrument, was $(0.4) million and $(0.7) million, respectively.
(2)Amount reclassified from accumulated other comprehensive loss is included in equity in net loss from unconsolidated joint ventures in the respective consolidated statements of operations.
(2)Amount reclassified from accumulated other comprehensive loss is included in equity in net loss from unconsolidated joint ventures in the respective consolidated statements of operations.
16. Fair Value Measurements
We are required to disclose fair value information with regard to our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

The following tables set forth the assets and liabilities that we measure at fair value on a recurring and non-recurring basis by their levels in the fair value hierarchy at March 31, 20202021 and December 31, 20192020 (in thousands):
March 31, 2021
TotalLevel 1Level 2Level 3
Assets:
Marketable securities$23,784 $0 $23,784 $0 
Interest rate cap and swap agreements (included in Other assets)$365 $0 $365 $0 
Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)$47,033 $0 $47,033 $0 
 March 31, 2020
 Total Level 1 Level 2 Level 3
Assets:       
Marketable securities$25,353
 $—
 $25,353
 $—
Interest rate cap and swap agreements (included in other assets)$2
 $—
 $2
 $—
Liabilities:       
Interest rate cap and swap agreements (included in other liabilities)$68,722
 $—
 $68,722
 $—
 December 31, 2019
 Total Level 1 Level 2 Level 3
Assets:       
Marketable securities$29,887
 $—
 $29,887
 $—
Interest rate cap and swap agreements (included in other assets)$4,419
 $—
 $4,419
 $—
Liabilities:       
Interest rate cap and swap agreements (included in other liabilities)$29,110
 $—
 $29,110
 $—

December 31, 2020
TotalLevel 1Level 2Level 3
Assets:
Marketable securities$28,570 $0 $28,570 $0 
Interest rate cap and swap agreements (included in Other assets)$28 $0 $28 $0 
Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)$61,217 $0 $61,217 $0 
We evaluate real estate investments and debt and preferred equity investments, including intangibles, for potential impairment primarily utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs.
In January 2021, pursuant to the partnership documents of our 885 Third Avenue investment, certain participating rights of the common member expired. As a result, it was determined that this investment is a VIE of which we are the primary beneficiary, and the investment was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value. This fair value was determined using a third party valuation which primarily utilized cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. All of which are classified as Level 3 inputs.
Marketable securities classified as Level 1 are derived from quoted prices in active markets. The valuation technique used to measure the fair value of marketable securities classified as Level 2 were valued based on quoted market prices or model driven valuations using the significant inputs derived from or corroborated by observable market data. Marketable securities in an unrealized loss position are not considered to be other than temporarily impaired. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.
The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs.
The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short termshort-term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt instrument to their present value using adjusted market interest rates, which is provided by a third-party specialist.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

The following table provides the carrying value and fair value of these financial instruments as of March 31, 20202021 and December 31, 20192020 (in thousands):
March 31, 2021December 31, 2020
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
Debt and preferred equity investments$1,097,202 (2)$1,076,542 (2)
Fixed rate debt$3,932,789 $4,027,789 $3,135,572 $3,237,075 
Variable rate debt1,416,521 1,420,814 1,827,677 1,822,740 
$5,349,310 $5,448,603 $4,963,249 $5,059,815 
 March 31, 2020 December 31, 2019
 
Carrying Value (1)
 Fair Value 
Carrying Value (1)
 Fair Value
        
Debt and preferred equity investments$1,783,336
 
(2) 
 $1,580,306
 
(2) 
        
Fixed rate debt$3,032,513
 $3,117,072
 $3,536,286
 $3,642,770
Variable rate debt3,130,306
 3,125,267
 2,018,434
 2,018,714
 $6,162,819
 $6,242,339
 $5,554,720
 $5,661,484
(1)Amounts exclude net deferred financing costs.
(1)Amounts exclude net deferred financing costs.
(2)At March 31, 2020, debt and preferred equity investments had an estimated fair value ranging between $1.6 billion and $1.8 billion. At December 31, 2019, debt and preferred equity investments had an estimated fair value ranging between $1.6 billion and $1.7 billion.
(2)At March 31, 2021, debt and preferred equity investments had an estimated fair value ranging between $1.0 billion and $1.1 billion. At December 31, 2020, debt and preferred equity investments had an estimated fair value ranging between $1.0 billion and $1.1 billion.

Disclosure about fair value of financial instruments was based on pertinent information available to us as of March 31, 20202021 and December 31, 2019.2020. Such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
17. Financial Instruments: Derivatives and Hedging
In the normal course of business, we use a variety of commonly used derivative instruments, such as interest rate swaps, caps, collar and floors, to manage, or hedge interest rate risk. We hedge our exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings. Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. Currently, all of our designated derivative instruments are effective hedging instruments.
The following table summarizes the notional value at inception and fair value of our consolidated derivative financial instruments at March 31, 20202021 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).
 
Notional
Value
 
Strike
Rate
 
Effective
Date
 
Expiration
Date
 Balance Sheet Location 
Fair
Value
Interest Rate Cap$300,000
 3.750% May 2019 May 2020 Other Assets $—
Interest Rate Swap100,000
 1.928% December 2017 November 2020 Other Liabilities (1,029)
Interest Rate Swap100,000
 1.934% December 2017 November 2020 Other Liabilities (1,033)
Interest Rate Cap111,869
 3.500% December 2019 December 2020 Other Assets —
Interest Rate Cap85,000
 4.000% March 2019 March 2021 Other Assets 2
Interest Rate Swap200,000
 1.131% July 2016 July 2023 Other Liabilities (5,352)
Interest Rate Swap100,000
 1.161% July 2016 July 2023 Other Liabilities (2,774)
Interest Rate Swap150,000
 2.696% January 2019 January 2024 Other Liabilities (13,202)
Interest Rate Swap150,000
 2.721% January 2019 January 2026 Other Liabilities (19,338)
Interest Rate Swap200,000
 2.740% January 2019 January 2026 Other Liabilities (25,994)
           $(68,720)

Notional
Value		Strike
Rate		Effective
Date		Expiration
Date		Balance Sheet LocationFair
Value
Interest Rate Swap$350,000 0.544 %April 2020August 2021Other Liabilities$(472)
Interest Rate Cap111,869 3.500 %December 2020November 2021Other Assets0 
Interest Rate Cap510,000 3.000 %June 2020December 2021Other Assets0 
Interest Rate Swap200,000 0.138 %February 2021February 2022Other Liabilities(3)
Interest Rate Swap100,000 0.136 %February 2021February 2022Other Assets0 
Interest Rate Cap85,000 4.000 %March 2021March 2022Other Assets0 
Interest Rate Swap100,000 0.212 %January 2021January 2023Other Assets95 
Interest Rate Swap400,000 0.160 %February 2021February 2023Other Assets270 
Interest Rate Swap200,000 1.131 %July 2016July 2023Other Liabilities(4,017)
Interest Rate Swap100,000 1.161 %July 2016July 2023Other Liabilities(2,077)
Interest Rate Swap150,000 2.696 %January 2019January 2024Other Liabilities(9,675)
Interest Rate Swap150,000 2.721 %January 2019January 2026Other Liabilities(13,117)
Interest Rate Swap200,000 2.740 %January 2019January 2026Other Liabilities(17,672)
$(46,668)
NaN gains or losses on the changes in the fair values were included in interest expense in the consolidated statements of operations during the three months ended March 31, 20202021 or 2019.2020.
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of March 31,

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

2020, 2021, the fair value of derivatives in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk related to these agreements, was $69.2$48.3 million. As of March 31, 2020,2021, the Company hashad not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $70.6$49.0 million at March 31, 2020.2021.
Gains and losses on terminated hedges are included in accumulated other comprehensive income (loss), and are recognized into earnings over the term of the related mortgage obligation. Over time, the realized and unrealized gains and losses held in accumulated other comprehensive loss will be reclassified into earnings as an adjustment to interest expense in the same periods in which the hedged interest payments affect earnings. We estimate that $16.7$16.6 million of the current balance held in accumulated other comprehensive loss will be reclassified into interest expense and $5.8$2.2 million of the portion related to
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
our share of joint venture accumulated other comprehensive loss will be reclassified into equity in net incomeloss from unconsolidated joint ventures within the next 12 months.
The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of operations for the three months ended March 31, 20202021 and 2019,2020, respectively (in thousands):
 Amount of Gain (Loss)
Recognized in
Other Comprehensive
Income (Loss)		Location of Loss Reclassified from Accumulated Other Comprehensive Loss into IncomeAmount of Loss Reclassified from
Accumulated Other
Comprehensive Loss into Income
Three Months Ended March 31,Three Months Ended March 31,
Derivative2021202020212020
Interest Rate Swaps/Caps$10,220 $(45,082)Interest expense$(4,388)$(725)
Share of unconsolidated joint ventures' derivative instruments34,955 (7,089)Equity in net loss from unconsolidated joint ventures(1,700)(711)
$45,175 $(52,171)$(6,088)$(1,436)
 
Amount of Loss
Recognized in
Other Comprehensive
Loss
Location of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Income
Amount of (Loss) Gain Reclassified from
Accumulated Other
Comprehensive Loss into Income


Three Months Ended March 31,

Three Months Ended March 31,
Derivative
2020
2019

2020
2019
Interest Rate Swaps/Caps
$(45,082) $(11,963)
Interest expense
$(725) $535
Share of unconsolidated joint ventures' derivative instruments
(7,089) (5,369)
Equity in net loss from unconsolidated joint ventures
(711) 368


$(52,171)
$(17,332)


$(1,436)
$903
The following table summarizes the notional value at inception and fair value of our joint ventures' derivative financial instruments at March 31, 2021 based on Level 2 information. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands).
Notional
Value		Strike
Rate		Effective
Date		Expiration
Date		ClassificationFair
Value
Interest Rate Swap$177,000 1.669 %March 2016February 2026Liability$(6,459)
Interest Rate Cap375,000 2.600 %August 2018September 2021Asset0 
Interest Rate Cap20,026 2.600 %April 2019September 2021Asset0 
Interest Rate Cap198,000 4.000 %August 2019August 2022Asset2 
Interest Rate Cap220,000 4.000 %February 2020February 2022Asset0 
Interest Rate Cap550,000 3.750 %August 2020September 2023Asset138 
Interest Rate Cap1,075,000 3.750 %September 2020September 2021Asset0 
Interest Rate Cap125,000 3.750 %September 2020September 2021Asset0 
Interest Rate Cap1,250,000 1.250 %November 2020October 2024Asset5,764 
Interest Rate Cap23,000 4.750 %January 2021January 2023Asset1 
Interest Rate Swap2,250,000 1.611 %June 2021June 2031Asset42,635 
$42,081 
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
18. RentalLease Income
The Operating Partnership is the lessor and the sublessor to tenants under operating and sales-type leases. The minimum rental amounts due under the leases are generally subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs.
The components of lease revenuesincome from operating leases during the quarters ended March 31, 2021 and 2020 were as follows (in thousands):
Three Months Ended March 31,
20212020
Fixed lease payments$164,679 $194,224 
Variable lease payments25,279 27,168 
Total lease payments (1)
$189,958 $221,392 
Amortization of acquired above and below-market leases(1,869)1,239 
Total rental revenue$188,089 $222,631 
  Three Months Ended  
 March 31, 2020		 Three Months Ended  
 March 31, 2019
Fixed lease payments $194,224
 $211,430
Variable lease payments 27,168
 27,479
Total lease payments $221,392
 $238,909
Amortization of acquired above and below-market leases 1,239
 1,209
Total rental revenue $222,631
 $240,118

(1)Amounts include $65.8 million and $66.3 million of sublease income during the three months ended March 31, 2021 and 2020, respectively.
The components of lease income from sales-type leases during the quarters ended March 31, 2021 and 2020 were as follows (in thousands):
Three Months Ended March 31,
20212020
Interest income (1)
$1,101 $0 
(1)These amounts are included in Other income in our consolidated statements of operations.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
19. Commitments and Contingencies
Legal Proceedings
As of March 31, 2020,2021, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

Environmental Matters
Our management believes that the properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold.
Ground Lease Arrangements
We are a tenant under ground leases for certain properties.properties, including ground leases. These leases have expirations from 2022 to 2114,2119, or 2043 to 21142119 as fully extended. Certain leases offer extension options which we assess against relevant economic factors to determine whether we are reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably certain will be exercised, if any, are included in the measurement of the corresponding lease liability and right of use asset.
Certain of our ground leases are subject to rent resets, generally based on a percentage of the then fair market value, a fixed amount, or a percentage of the preceding rent at specified future dates. Rent resets will be recognized in the periods in which they are incurred.
The table below summarizes our current ground lease arrangements as of March 31, 2020:2021:
Property (1)
Year of Current Expiration
Year of Final Expiration (2)
1185 Avenue of the Americas20432043
SL Green Headquarters at One Vanderbilt (3)
20432048
625 Madison Avenue20222054
420 Lexington Avenue20502080
885 Third Avenue20802080
711 Third Avenue (4)
20332083
461 Fifth Avenue (5)
20272084
1080 Amsterdam Avenue (6)
21112111
15 Beekman (7)(8)
21192119
(1)All leases are classified as operating leases unless otherwise specified.
(2)Reflects exercise of all available extension options.
(3)In March 2021, the Company's lease for its corporate headquarters at One Vanderbilt commenced. See note 10, "Related Party Transactions."
(4)The Company owns 50% of the fee interest.
(5)In April 2021, the Company exercised its option to acquire the fee interest in the property. The transaction is expected to close in the second quarter of 2021. The lease is classified as a financing lease.
(6)A portion of the lease is classified as a financing lease.
(7)The Company has an option to purchase the ground lease for a fixed price on a specific date. The lease is classified as a financing lease.
(8)In August 2020, the Company entered into a long-term sublease with an unconsolidated joint venture as part of the capitalization of the 15 Beekman development project. See Note 6, "Investments in Unconsolidated Joint Ventures."
57
Property (1)
Year of Current Expiration
Year of Final Expiration (2)
1185 Avenue of the Americas20432043
625 Madison Avenue20222054
420 Lexington Avenue20502080
711 Third Avenue (3)
20332083
461 Fifth Avenue (4)
20272084
1055 Washington Blvd, Stamford, Connecticut20902090
1080 Amsterdam Avenue (5)
21112111
30 East 40th Street (5)
21142114
126 Nassau Street (4)
21192119
OtherVariousVarious
(1)All leases are classified as operating leases unless otherwise specified.
(2)Reflects exercise of all available renewal options.
(3)The Company owns 50% of the fee interest.
(4)The Company has an option to purchase the ground lease for a fixed price on a specific date. The lease is classified as a financing lease.
(5)A portion of the lease is classified as a financing lease.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 20202021
(unaudited)

The following is a schedule of future minimum lease payments as evaluated in accordance with ASC 842 for our financing leases and operating leases with initial terms in excess of one year as of March 31, 20202021 (in thousands):
Financing leasesOperating leases
Remaining 2021$31,136 $31,954 
20223,522 29,386 
20233,570 29,502 
20243,641 30,545 
20253,810 30,772 
20263,858 30,911 
Thereafter256,692 631,532 
Total minimum lease payments$306,229 $814,602 
Amount representing interest(153,607)
Amount discounted using incremental borrowing rate(359,217)
Lease liabilities$152,622 $455,385 
 Financing leases 
Operating leases (1)
Remaining 2020$5,812
 $22,077
202134,885
 29,452
20225,881
 27,148
20235,927
 24,844
20245,999
 24,863
20256,266
 24,962
Thereafter1,018,013
 618,326
Total minimum lease payments$1,082,783
 $771,672
Amount representing interest(920,484)  
Amount discounted using incremental borrowing rate  (407,682)
Lease liabilities$162,299
 $363,990

(1)As of March 31, 2020, the total minimum sublease rentals to be received in the future under non-cancelable subleases is $1.6 billion.
DuringThe following table provides lease cost information for the Company's operating leases for the three months ended March 31, 2021 or 2020 we recognized $2.0 million of financing lease costs, of which $1.7 million represented interest and $0.3 million represented amortization of the right-of-use assets. During the three months ended March 31, 2019, we recognized $1.1 million of financing lease costs, of which $0.8 million represented interest and $0.3 million represented amortization of the right-of-use assets. These amounts are included in interest expense, net of interest income and depreciation and amortization in our consolidated statements of operations, respectively.(in thousands):
During the three months ended March 31, 2020 and 2019, we recognized $7.4 million and $8.3 million of operating lease costs, respectively, which is calculated on a straight-line basis over the remaining lease terms.
Three Months Ended March 31,
Operating Lease Costs20212020
Operating lease costs before capitalized operating lease costs$7,567 $8,113 
Operating lease costs capitalized(828)(746)
Operating lease costs, net (1)
$6,739 $7,367 
(1)This amount is included in operating lease rent in our consolidated statements of operations.
The following table provides lease cost information for the Company's financing leases for the three months ended March 31, 2021 or 2020 (in thousands):
Three Months Ended March 31,
Financing Lease Costs20212020
Interest on financing leases before capitalized interest$1,492 $1,663 
Interest on financing leases capitalized0 (747)
Interest on financing leases, net (1)
1,492 916 
Amortization of right-of-use assets (2)
180 305 
Financing lease costs, net$1,672 $1,221 
(1)These amounts are included in interest expense, net of interest income in our consolidated statements of operations.
(2)These amounts are included in depreciation and amortization in our consolidated statements of operations.
As of March 31, 2020,2021, the weighted-average discount rate used to calculate the lease liabilities was 8.01%4.52%. As of March 31, 2020,2021, the weighted-average remaining lease term was 70 years.27 years, inclusive of purchase options expected to be exercised.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2021
(unaudited)
20. Segment Information
The Company has 2 reportable segments, real estate and debt and preferred equity investments. We evaluate real estate performance and allocate resources based on earnings contributions.
The primary sources of revenue are generated from tenant rents and escalations and reimbursement revenue. Real estate property operating expenses consist primarily of security, maintenance, utility costs, insurance, real estate taxes and ground rent expense (at certain applicable properties). See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments.
Selected consolidated results of operations for the three months ended March 31, 20202021 and 2019,2020, and selected asset information as of March 31, 20202021 and December 31, 2019,2020, regarding our operating segments are as follows (in thousands):

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
March 31, 2020
(unaudited)

  Real Estate Segment Debt and Preferred Equity Segment Total Company
Total revenues      
Three months ended:      
March 31, 2020 $275,770
 $38,533
 $314,303
March 31, 2019 254,224
 50,031
 304,255
Net income     

Three months ended:     

March 31, 2020 $111,233
 $15,881
 $127,114
March 31, 2019 21,572
 31,197
 52,769
Total assets     

As of:     

March 31, 2020 $11,345,239
 $1,875,368
 $13,220,607
December 31, 2019 11,063,155
 1,703,165
 12,766,320

Real Estate SegmentDebt and Preferred Equity SegmentTotal Company
Total revenues
Three months ended:
March 31, 2021$206,829 $19,273 $226,102 
March 31, 2020275,770 38,533 314,303 
Net (loss) income
Three months ended:
March 31, 2021$(20,027)$16,172 $(3,855)
March 31, 2020111,233 15,881 127,114 
Total assets
As of:
March 31, 2021$10,896,203 $1,147,842 $12,044,045 
December 31, 202010,579,899 1,127,668 11,707,567 
Interest costs for the debt and preferred equity segment include actual costs incurred for borrowings on the 2017 MRA and the FHLB Facility. Interest is imputed on the investments that do not collateralize the 2017 MRA and the FHLB Facility using our weighted average corporate borrowing cost. We also allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. We do not allocate marketing, general and administrative expenses to the debt and preferred equity segment because the use of personnel and resources is dependent on transaction volume between the two segments and varies period over period.between periods. In addition, we base performance on the individual segments prior to allocating marketing, general and administrative expenses. For the three months ended March 31, 20202021, marketing, general and 2019,administrative expenses totaled $22.9 million. For the three months ended March 31, 2020, marketing, general and administrative expenses totaled $19.6 million and $26.0 million, respectively.million. All other expenses, except interest, relate entirely to the real estate assets.
There were no transactions between the above two segments.

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ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
SL Green Realty Corp., which is referred to as SL Green or the Company, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Company is a self-managed real estate investment trust, or REIT, engaged in the acquisition, development, ownership, management and operation of commercial and residential real estate properties, principally office properties, located in the New York metropolitan area. Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including the Operating Partnership.
The following discussion related to our consolidated financial statements should be read in conjunction with the financial statements appearing in this Quarterly Report on this Form 10-Q and in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2019.2020.
As of March 31, 2020,2021, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan. Our investments located outside of Manhattan are referred to as the Suburban properties:
ConsolidatedUnconsolidatedTotal
LocationProperty
Type		Number of BuildingsApproximate Square Feet (unaudited)Number of BuildingsApproximate Square Feet (unaudited)Number of BuildingsApproximate Square Feet (unaudited)
Weighted Average Occupancy(1) (unaudited)
Commercial:
ManhattanOffice18 10,526,345 9 10,869,183 27 21,395,528 93.4 %
Retail1 10,040 9 301,996 10 312,036 94.6 %
Development/Redevelopment(1)9 1,890,614 3 2,927,782 12 4,818,396 N/A
28 12,426,999 21 14,098,961 49 26,525,960 93.5 %
SuburbanOffice7 862,800 — — 7 862,800 81.6 %
Total commercial properties35 13,289,799 21 14,098,961 56 27,388,760 93.0 %
Residential:
ManhattanResidential1 82,250 8 1,663,774 9 1,746,024 79.1 %
Total portfolio36 13,372,049 29 15,762,735 65 29,134,784 92.2 %
    Consolidated Unconsolidated Total  
Location Property
Type		 Number of Properties Approximate Square Feet (unaudited) Number of Properties Approximate Square Feet (unaudited) Number of Properties Approximate Square Feet (unaudited) 
Weighted Average Occupancy(1) (unaudited)
Commercial:              
Manhattan Office 18

10,647,191
 10
 11,216,183
 28
 21,863,374
 93.7%
  Retail 4
 44,189
 8
 289,050
 12
 333,239
 98.0%
  Development/Redevelopment 11
 3,028,211
 1
 1,657,198
 12
 4,685,409
 N/A
  Fee Interest —
 —
 1
 —
 1
 —
 —%
    33
 13,719,591
 20
 13,162,431
 53
 26,882,022
 93.8%
Suburban Office 8
 1,044,800
 —
 —
 8
 1,044,800
 85.5%
  Retail 1
 52,000
 —
 —
 1
 52,000
 100.0%
  Development/Redevelopment —
 —
 —
 —
 —
 —
 —%
    9
 1,096,800
 —
 —
 9
 1,096,800
 86.2%
Total commercial properties 42
 14,816,391
 20
 13,162,431
 62
 27,978,822
 93.4%
Residential:                
Manhattan Residential 2
 222,250
 8
 1,663,774
 10
 1,886,024
 96.7%
Total residential properties 2
 222,250
 8
 1,663,774
 10
 1,886,024
 96.7%
Total portfolio 44
 15,038,641
 28
 14,826,205
 72
 29,864,846
 93.6%
(1)The weighted average occupancy for commercial properties represents the total occupied square footage divided by the total square footage at acquisition. The weighted average occupancy for residential properties represents the total occupied units divided by the total available units. Properties under construction are not included in the calculation of weighted average occupancy.
(1)The weighted average occupancy for commercial properties represents the total occupied square footage divided by the total square footage at acquisition. The weighted average occupancy for residential properties represents the total occupied units divided by the total available units. Properties under construction are not included in the calculation of weighted average occupancy.
As of March 31, 2020,2021, we also managed two office buildings owned by third parties encompassing approximately 2.1 million square feet (unaudited), and held debt and preferred equity investments with a book value of $1.9$1.1 billion, includingexcluding $0.1 billion of debt and preferred equity investments and other financing receivables that are included in other balance sheet line items other than the Debt and Preferred Equity Investmentspreferred equity investments line item.
Critical Accounting Policies
Refer to the 20192020 Annual Report on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting policies, which include investment in commercial real estate properties, investment in unconsolidated joint ventures, lease classification, revenue recognition, reserve for possible credit losses and derivative instruments.debt and preferred equity investments. During the three months ended March 31, 2020,2021, there were no material changes to these policies, other than the adoption of the Accounting Standards Codification Topic 326, Financial Instruments - Credit Losses, described in Note 2 - Significant Accounting Policies and Note 5 - Debt and Preferred Equity Investments to the unaudited consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q.

policies.
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Results of Operations
Beginning in late 2019, a novel strain of Coronavirus (“COVID-19”) began to spread throughout the world, including the United States, ultimately being declared a pandemic by the World Health Organization. Over the past several months theThe COVID-19 pandemic has caused, and continues to cause, severe disruptions with wide ranging impacts to the global economy and everyday life. We expect that ourOur business, results of operations, liquidity, cash flows, prospects, and our ability to achieve forward-looking targets and expectations could be materially and adversely affected for at least the duration of the COVID-19 pandemic and possiblylikely longer. This could also cause significant volatility in the trading prices of our securities. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration, severity and spread of the pandemic, health and safety actions taken to contain its spread any possible resurgence that may occur after the initial outbreak subsidesincluding vaccination efforts, and how quickly and to what extent normal economic and operating conditions can resume. Additionally, the COVID-19 pandemic could increase the magnitude of many of the other risks described in our latest Annual Report on Form 10-K and our other SEC filings and may have other adverse effects on our operations that we are not currently able to predict.
Comparison of the three months ended March 31, 20202021 to the three months ended March 31, 20192020
The following comparison for the three months ended March 31, 2020,2021, or 2020,2021, to the three months ended March 31, 2019,2020, or 2019,2020, makes reference to the effect of the following:
i.“Same-Store Properties,” which represents all operating properties owned by us at January 1, 2019 and still owned by us in the same manner at March 31, 2020 (Same-Store Properties totaled 31 of our 44 consolidated operating properties),
ii.“Acquisition Properties,” which represents all properties or interests in properties acquired in 2020 and 2019 and all non-Same-Store Properties, including properties that are under development or redevelopment,
iii."Disposed Properties," which represents all properties or interests in properties sold in 2020 and 2019, and
iv.“Other,” which represents properties where we sold an interest resulting in deconsolidation and corporate level items not allocable to specific properties, as well as the Service Corporation and eEmerge Inc.
i.“Same-Store Properties,” which represents all operating properties owned by us at January 1, 2020 and still owned by us in the same manner at March 31, 2021 (Same-Store Properties totaled 25 of our 36 consolidated operating buildings),
  Same-Store Disposed Other Consolidated
(in millions) 2020 2019 
$
Change
 
%
Change
 2020 2019 2020 2019 2020 2019 
$
Change
 
%
Change
Rental revenue $194.1
 $189.8
 $4.3
 2.3 % $8.3
 $18.5
 $20.2
 $31.8
 $222.6
 $240.1
 $(17.5) (7.3)%
Investment income —
 —
 —
 — % —
 —
 38.5
 50.0
 38.5
 50.0
 (11.5) (23.0)%
Other income 0.4
 0.6
 (0.2) (33.3)% —
 4.2
 52.8
 9.3
 53.2
 14.1
 39.1
 277.3 %
Total revenues 194.5
 190.4
 4.1
 2.2 % 8.3
 22.7
 111.5
 91.1
 314.3
 304.2
 10.1
 3.3 %
                         
Property operating expenses 91.4
 89.5
 1.9
 2.1 % 4.5
 9.0
 11.9
 14.2
 107.8
 112.7
 (4.9) (4.3)%
Transaction related costs —
 —
 —
 — % —
 —
 0.1
 0.1
 0.1
 0.1
 —
 — %
Marketing, general and administrative —
 —
 —
 — % —
 —
 19.6
 26.0
 19.6
 26.0
 (6.4) (24.6)%
  91.4
 89.5
 1.9
 2.1 % 4.5
 9.0
 31.6
 40.3
 127.5
 138.8
 (11.3) (8.1)%
                         
Other income (expenses):                        
Interest expense and amortization of deferred financing costs, net of interest income                 (40.0) (53.3) 13.3
 (25.0)%
Depreciation and amortization         

       (68.3) (68.3) —
 — %
Equity in net loss from unconsolidated joint ventures                 (12.8) (5.2) (7.6) 146.2 %
Equity in net gain on sale of interest in unconsolidated joint venture/real estate                 —
 17.2
 (17.2) (100.0)%
Purchase price and other fair value adjustments     

           —
 (2.0) 2.0
 (100.0)%
Gain (loss) on sale of real estate, net     

           72.6
 (1.0) 73.6
 (7,360)%
Loan loss and other investment reserves, net of recoveries                 (11.2) —
 (11.2) 100.0 %
Net income                 $127.1
 $52.8
 $74.3
 140.7 %
ii.“Acquisition Properties,” which represents all properties or interests in properties acquired in 2021 and 2020 and all non-Same-Store Properties, including properties that are under development or redevelopment,

iii."Disposed Properties," which represents all properties or interests in properties sold in 2021 and 2020, and
iv.“Other,” which represents properties where we sold an interest resulting in deconsolidation and corporate level items not allocable to specific properties, as well as the Service Corporation and eEmerge Inc.
 Same-StoreDisposedOtherConsolidated
(in millions)20212020$
Change		%
Change		202120202021202020212020$
Change		%
Change
Rental revenue$161.7 $173.7 $(12.0)(6.9)%$0.4 $16.1 $26.0 $32.8 $188.1 $222.6 $(34.5)(15.5)%
Investment income— — — — %— — 19.3 38.5 19.3 38.5 (19.2)(49.9)%
Other income— 0.4 (0.4)(100.0)%— — 18.7 52.7 18.7 53.1 (34.4)(64.8)%
Total revenues161.7 174.1 (12.4)(7.1)%0.4 16.1 64.0 124.0 226.1 314.2 (88.1)(28.0)%
Property operating expenses76.1 81.5 (5.4)(6.6)%0.1 7.6 18.2 18.8 94.4 107.9 (13.5)(12.5)%
Marketing, general and administrative— — — — %— — 22.9 19.6 22.9 19.6 3.3 16.8 %
76.1 81.5 (5.4)(6.6)%0.1 7.6 41.1 38.5 117.4 127.4 (10.3)(8.1)%
Other income (expenses):
Interest expense and amortization of deferred financing costs, net of interest income(27.2)(40.0)12.8 (32.0)%
Depreciation and amortization(63.0)(68.3)5.3 (7.8)%
Equity in net loss from unconsolidated joint ventures(2.9)(12.8)9.9 (77.3)%
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(12.6)— (12.6)100.0 %
Purchase price and other fair value adjustments2.7 — 2.7 100.0 %
(Loss) gain on sale of real estate, net(1.4)72.6 (74.0)(101.9)%
Depreciable real estate reserves and impairment(8.2)— (8.2)100.0 %
Loan loss and other investment reserves, net of recoveries— (11.2)11.2 (100.0)%
Net (loss) income$(3.9)$127.1 $(131.0)(103.1)%
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Rental Revenue
Rental revenues decreased primarily due to Credit Suisse vacating its space ata) our Disposed Properties ($15.7 million), b) One Madison Avenue being vacated in Januarythe first quarter of 2020 pursuant to an agreement to terminate its leasethe property's redevelopment ($10.65.0 million), and c) lower revenuecontribution from our Disposed Properties ($10.2 million). This was partially offset by increased revenue at our Same-Store properties ($4.312.0 million) driven by increased vacancy at 1185 Avenue of the Americas ($4.1 million) and 485 Lexington Avenue ($2.6 million).
The following table presents a summary of the commenced leasing activity for the three months ended March 31, 20202021 in our Manhattan portfolio:
 Usable
SF		Rentable
SF
New Cash Rent (per rentable SF) (1)
Prev.
Escalated
Rent (per
rentable
SF) (2)
TI/LC
per
rentable
SF		Free
Rent (in
months)		Average
Lease
Term (in
years)
Manhattan       
Space available at beginning of the period1,717,735      
Sold Vacancies(28,174)
Properties in redevelopment(257,789)
Space which became available during the period (3)
     
•       Office344,790       
•       Retail44,808       
 389,598       
Total space available1,821,370       
Leased space commenced during the period:       
•       Office(4)
367,579 387,375 $69.12 $66.37 $91.94 7.6 10.4 
•       Retail39,251 38,063 $38.51 $68.42 $— — 10.2 
Total leased space commenced406,830 425,438 $66.38 $66.75 $83.71 6.9 10.3 
Total available space at end of period1,414,540       
Early renewals      
•       Office121,026 121,432 $53.72 $51.82 $0.18 1.0 1.0 
•       Retail36,649 63,679 $92.63 $80.66 $— 0.6 4.9 
Total early renewals157,675 185,111 $67.11 $61.74 $0.12 0.9 2.4 
Total commenced leases, including replaced previous vacancy  
•       Office508,807 $65.44 $60.33 $70.04 6.0 8.1
•       Retail 101,742 $72.39 $76.08 $— 0.4 6.9
Total commenced leases 610,549 $66.60 $64.40 $58.37 2.5 7.9 
 
Usable
SF
 
Rentable
SF
 
New
Cash
Rent (per
rentable
SF) (1)
 
Prev.
Escalated
Rent (per
rentable
SF) (2)
 
TI/LC
per
rentable
SF
 
Free
Rent (in
months)
 
Average
Lease
Term (in
years)
Manhattan 
  
  
  
  
  
  
Space available at beginning of the period1,306,757
  
    
  
  
  
Properties in redevelopment(10,695)            
Space which became available during the period (3)
   
    
  
  
  
•       Office272,044
  
  
  
  
  
  
•       Retail51,211
  
  
  
  
  
  
•       Storage1,422
  
  
  
  
  
  
 324,677
  
  
  
  
  
  
Total space available1,620,739
  
  
  
  
  
  
Leased space commenced during the period: 
  
  
  
  
  
  
•       Office(4)
154,666
 163,700
 $69.23
 $73.68
 $60.97
 6.1
 11.5
•       Retail81,378
 77,498
 $148.29
 $79.61
 $86.46
 10.2
 14.9
•       Storage422
 422
 $58.58
 $56.87
 $—
 —
 1.0
Total leased space commenced236,466
 241,620
 $94.57
 $75.38
 $69.04
 7.4
 12.5
              
Total available space at end of period1,384,273
  
  
  
  
  
  
              
Early renewals 
    
  
  
  
  
•       Office2,462
 2,761
 $65.46
 $65.98
 $20.72
 0.5
 3.2
•       Retail2,812
 2,740
 $121.84
 $125.53
 $—
 —
 1.0
•       Storage2,280
 2,434
 $35.00
 $46.71
 $—
 4.0
 12.6
Total early renewals7,554
 7,935
 $75.59
 $80.63
 $7.21
 1.4
 5.3
              
Total commenced leases, including replaced previous vacancy 
  
          
•       Office  166,461
 $69.16
 $73.52
 $60.30
 6.0
 11.3
•       Retail 
 80,238
 $147.39
 $81.76
 $83.50
 9.9
 14.4
•       Storage 
 2,856
 $38.48
 $48.21
 $—
 3.4
 10.9
Total commenced leases 
 249,555
 $93.96
 $75.60
 $67.07
 7.2
 12.3
(1)Annual initial base rent.
(2)Escalated rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
(3)Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants held over.
(4)Average starting office rent excluding new tenants replacing vacancies was $68.39 per rentable square feet for 133,762 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $68.33 per rentable square feet for 136,523 rentable square feet.

(1)Annual initial base rent.

(2)Escalated rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
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Table of Contents(3)Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants held over.

(4)Average starting office rent excluding new tenants replacing vacancies was $58.70 per rentable square feet for 171,193 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $56.64 per rentable square feet for 292,625 rentable square feet.

Investment Income
For the three months ended March 31, 2020,2021, investment income decreased primarily as a result of a decrease in the weighted average balance and weighted average yield of our debt and preferred equity investments. For the three months ended March 31, 2021 and 2020, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $1.1 billion and 6.8% compared to $1.8 billion and 8.3%, respectively, compared to $2.2 billion and 8.8%, respectively, for the same period in 2019.respectively.
Other Income
Other income increaseddecreased primarily due to the receipt of a lease termination paymentincremental income from Credit Suisse at One Madison Avenue in the first quarter of 2020 ($51.145.2 million), compared to a lease settlement payment at 180 Maiden Lanetermination income in the first quarter of 20192021 ($4.19.9 million) and lower asset management fee revenue in the first quarter.
62

Property Operating Expenses
Property operating expenses decreased primarily due to a reduction in variable operating expenses, such as utilities, cleaning, and security, at our Same-Store properties ($6.5 million) as a result of lower physical occupancy at the properties during the first quarter of 2021 related to COVID-19 and decreased operating expenses and real estate taxes at our Disposed properties ($3.23.6 million and $1.4$3.7 million, respectively), partially offset by increased real estate taxes at our Same-Store properties ($2.4 million).
Marketing, General and Administrative Expenses
Marketing, general and administrative expenses decreasedincreased to $19.6$22.9 million for the three months ended March 31, 2020,2021, compared to $26.0$19.6 million for the same period in 20192020 due primarily to reduced stock basedan increase in share-based compensation expense for the Company's executives.as a result of stock price volatility.
Interest Expense and Amortization of Deferred Financing Costs, Net of Interest Income
Interest expense and amortization of deferred financing costs, net of interest income, decreased primarily as a result of the interest capitalization in connection with properties that are under development ($4.8 million) and lower interest expense from the 2017 master repurchase agreementsenior unsecured notes ($2.35.4 million), the 2017 revolving credit facility ($2.04.5 million), senior unsecured notes ($1.6 million), and term loans ($1.33.4 million) resulting from a decrease in the average LIBOR ratesrate during the three months ended March 31, 20202021 compared to the three months ended March 31, 2019.2020. The weighted average consolidated debt balance outstanding was $5.4 billion for the three months ended March 31, 2021, compared to $6.1 billion for the three months ended March 31, 2020, compared to $5.9 billion2020. The consolidated weighted average interest rate was 2.88% for the three months ended March 31, 2019. The consolidated weighted average interest rate was2021, as compared to 3.62% for the three months ended March 31, 2020, as compared to 4.04% for the three months ended March 31, 2019.2020.
Depreciation and Amortization
Depreciation and amortization was unchangeddecreased due to increased depreciation and amortization at our Same Store properties ($8.46.7 million) and Disposed properties ($2.7 million), partially offset by decreasedthe increased depreciation and amortization at our Acquired properties ($5.1 million) and Disposed properties ($3.75.0 million).
Equity in Net Loss infrom Unconsolidated Joint Ventures
Equity in net loss from unconsolidated joint ventures increaseddecreased primarily as a result of lower depreciation expense at ourcertain unconsolidated joint venture properties ($7.86.7 million).
Equity in net gainloss on sale of interest in unconsolidated joint venture/real estate
During the three months ended March 31, 2021, we recognized a loss on sale related to our interests in 55 West 46th Street ($15.2 million). During the three months ended March 31, 2020, we did not sell any joint venture interests or properties. During the three months ended March 31, 2019, we recognized a gain on sale related to our interests in 131-137 Spring Street ($17.7 million).
Purchase price and other fair value adjustments
During the three months ended March 31, 2021, we recorded $2.7 million of purchase price and other fair value adjustments related to One Madison Avenue. During the three months ended March 31, 2020, we did not recognizerecord any purchase price and other fair value adjustments. During the three months ended March 31, 2019, we recorded a purchase price and other fair value adjustment related to our investment in 2 Herald Square ($2.0 million).
Gain (loss)(Loss) gain on sale of real estate, net
During the three months ended March 31, 2021, we recognized a loss on sale related to our interest in 712 Madison Avenue ($1.4 million). During the three months ended March 31, 2020, we recognized a gain on sale related to our interest in 315 West 33rd Street ("The Olivia") ($72.3 million).
Depreciable real estate reserves and impairment
During the three months ended March 31, 2021, we recognized depreciable real estate reserves and impairments related to a) 400 East 57th Street ($5.7 million), and b) 106 Spring Street ($2.7 million), as offset by c) 133 Greene Street ($0.2 million). During the three months ended March 31, 2020, we did not record any recognize any depreciable real estate reserves.
Loan loss and other investment reserves, net of recoveries
During the three months ended March 31, 2021 we did not recognize any loan loss and other investment reserves. During the three months ended March 31, 2020, we recorded $11.2 million of loan loss and other investment reserves in conjunction with recording Debtdebt and Preferred Equity Investmentspreferred equity investments and other financing receivables at the net amount expected to be collected.

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Liquidity and Capital Resources
We currently expect that our principal sources of funds to meet our short-term and long-term liquidity requirements for working capital, acquisitions, development or redevelopment of properties, tenant improvements, leasing costs, share repurchases, dividends to shareholders, distributions to unitholders, repurchases or repayments of outstanding indebtedness and for debt and preferred equity investments will include:
(1)Cash flow from operations;
(2)Cash on hand;
(3)Net proceeds from divestitures of properties and redemptions, participations and dispositions of debt and preferred equity investments;
(4)Borrowings under the revolving credit facility;
(5)Other forms of secured or unsecured financing; and
(6)Proceeds from common or preferred equity or debt offerings by the Company or the Operating Partnership (including issuances of units of limited partnership interest in the Operating Partnership and Trust preferred securities).
63

(1)Cash flow from operations;
(2)Cash on hand;
(3)Net proceeds from divestitures of properties and redemptions, participations, dispositions and repayments of debt and preferred equity investments;
(4)Borrowings under the revolving credit facility;
(5)Other forms of secured or unsecured financing; and
(6)Proceeds from common or preferred equity or debt offerings by the Company or the Operating Partnership (including issuances of units of limited partnership interest in the Operating Partnership and Trust preferred securities).
Cash flow from operations is primarily dependent upon the collectability of rent, the occupancy level of our portfolio, the net effective rental rates achieved on our leases, the collectability of rent, operating escalations and recoveries from our tenants and the level of operating and other costs. Additionally, we believe that our debt and preferred equity investment program will continue to serve as a source of operating cash flow.
As of the date of this filing, we have collected approximately 87.8% of rent duegross tenant billings for the monthfirst quarter of April 2020 from all tenants,2021 of 96.9% overall, including 93.4%98.9% from office tenants and 63.4%90.9% from retail tenants.
The combined aggregate principal maturities of our property mortgages and other loans payable, Master Repurchase Agreement ("MRA") and Federal Home Loan Bank of New York ("FHLB") facilities,, corporate obligations and our share of joint venture debt, including as-of-right extension options, as of March 31, 20202021 were as follows (in thousands):
Remaining 2020 2021 2022 2023 2024 Thereafter TotalRemaining 20212022202320242025ThereafterTotal
Property mortgages and other loans$23,874
 $208,453
 $613,209
 $57,301
 $278,781
 $616,625
 $1,798,243
Property mortgages and other loans$176,901 $264,200 $566,594 $278,029 $823 $581,116 $1,867,663 
MRA and FHLB facilities39,500
 35,000
 137,473
 —
 —
 —
 211,973
MRAMRA— — — — — — — 
Corporate obligations—
 350,000
 800,000
 2,600,000
 200,000
 200,000
 4,150,000
Corporate obligations350,000 800,000 1,930,000 200,000 100,000 100,000 3,480,000 
Joint venture debt-our share114,897
 884,953
 268,952
 311,436
 617,022
 1,934,823
 4,132,083
Joint venture debt-our share1,126,896 227,701 491,066 620,843 1,403,266 552,813 4,422,585 
Total$178,271
 $1,478,406
 $1,819,634
 $2,968,737
 $1,095,803
 $2,751,448
 $10,292,299
Total$1,653,797 $1,291,901 $2,987,660 $1,098,872 $1,504,089 $1,233,929 $9,770,248 
As of March 31, 2020,2021, we had liquidity of $0.8$1.2 billion, comprised of $0.2$0.9 billion of availability under our revolving credit facility and $579.5 million$0.3 billion of consolidated cash on hand, inclusive of $25.4$23.8 million of marketable securities and excluding $112.7securities. This liquidity excludes $96.2 million representing our share of cash at unconsolidated joint venture properties. We expect to generate positive cash flow from operations for the foreseeable future. We may also seek to divest of properties, interests in properties or debt and preferred equity investments or access private and public debt and equity capital when the opportunity presents itself, although there is no guarantee that this capital will be made available to us at efficient levels or at all. Management believes that these sources of liquidity, if we are able to access them, along with potential refinancing opportunities for secured and unsecured debt, will allow us to satisfy our debt obligations, as described above, upon maturity, if not before.
We also have investments in several real estate joint ventures with various partners who we consider to be financially stable and who have the ability to fund a capital call when needed. Most of our joint ventures are financed with non-recourse debt. We believe that property level cash flows along with unfunded committed indebtedness and proceeds from the refinancing of outstanding secured indebtedness will be sufficient to fund the capital needs of our joint venture properties.
Cash Flows
The following summary discussion of our cash flows is based on our consolidated statements of cash flows in "Item 1. Financial Statements" and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below.

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Cash, restricted cash, and cash equivalents were $621.0$401.6 million and $295.7$621.0 million at March 31, 20202021 and 2019,2020, respectively, representing an increasea decrease of $325.3$219.4 million. The increasedecrease was a result of the following changes in cash flows (in thousands):
 Three Months Ended March 31,
 2020 2019 Change
Net cash provided by operating activities$42,026
 $62,313
 $(20,287)
Net cash used in investing activities$(129,418) $(291,843) $162,425
Net cash provided by financing activities$466,984
 $246,128
 $220,856
Three Months Ended March 31,
20212020Change
Net cash provided by operating activities$18,602 $42,026 $(23,424)
Net cash provided by (used in) investing activities$20,181 $(129,418)$149,599 
Net cash (used in) provided by financing activities$(9,971)$466,984 $(476,955)
Our principal sources of operating cash flow are the properties in our consolidated and joint venture portfolios and our debt and preferred equity portfolio. These sources generate a relatively consistent stream of cash flow that provides us with resources to pay operating expenses, debt service and fund dividend and distribution requirements.
Cash is used in investing activities to fund acquisitions, development or redevelopment projects and recurring and nonrecurring capital expenditures. We selectively invest in new projects that enable us to take advantage of our development, leasing, financing and property management skills and invest in existing buildings that meet our investment criteria. During the three months ended March 31, 2020,2021, when compared to the three months ended March 31, 2019,2020, we used cash primarily for the following investing activities (in thousands):
Acquisitions of real estate$(86,846)
Capital expenditures and capitalized interest(62,202)
Escrow cash-capital improvements/acquisition deposits/deferred purchase price4,910
Joint venture investments64,445
Distributions from joint ventures29,852
Proceeds from sales of real estate/partial interest in property76,667
Debt and preferred equity and other investments135,599
Increase in net cash provided by investing activities$162,425
Acquisitions of real estate$86,846 
Capital expenditures and capitalized interest52,398 
Joint venture investments(12,121)
Distributions from joint ventures(33,824)
Proceeds from sales of real estate/partial interest in property(28,356)
Debt and preferred equity and other investments75,181 
Increase in net cash provided by investing activities$140,124 
Funds spent on capital expenditures, which are comprised of building and tenant improvements, increaseddecreased from $39.5 million for the three months ended March 31, 2019 to $101.7 million for the three months ended March 31, 2020.2020 to $49.3 million for the three months ended March 31, 2021 due to decreased spending on development and redevelopment projects.
We generally fund our investment activity through the sale of real estate, the sale of debt and preferred equity investments, property-level financing, our credit facilities, our MRA facility, our FHLB facility, senior unsecured notes, and construction loans. From time to time, the Company may issue common or preferred stock, or the Operating Partnership may issue common or preferred units of limited partnership interest.
During the three months ended March 31, 2020,2021, when compared to the three months ended March 31, 2019,2020, we used cash for the following financing activities (in thousands):
Proceeds from our debt obligations$(685,712)
Repayments of our debt obligations45,235 
Net distribution to noncontrolling interests(6,125)
Other financing activities6,788 
Proceeds from stock options exercised and DRSPP issuance185 
Repurchase of common stock135,487 
Redemption of preferred stock15,761 
Acquisition of subsidiary interest from noncontrolling interest1,536 
Dividends and distributions paid9,890 
Decrease in net cash provided by financing activities$(476,955)
Proceeds from our debt obligations$596,231
Repayments of our debt obligations(186,650)
Net distribution to noncontrolling interests5,728
Other financing activities(1,190)
Proceeds from stock options exercised and DRSPP issuance119
Repurchase of common stock(185,333)
Redemption of preferred stock(4,250)
Acquisition of subsidiary interest from noncontrolling interest(1,536)
Dividends and distributions paid(2,263)
Increase in net cash provided by financing activities$220,856
Capitalization
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, $0.01 par value per share. As of March 31, 2020, 76,535,4332021, 69,353,606 shares of common stock and no shares of excess stock were issued and outstanding.

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On December 4, 2020 our Board of Directors declared an ordinary dividend and a special dividend (together, "the Total Dividend"). The Total Dividend was paid on January 15, 2021 to shareholders of record at the close of business on December 15, 2020 ("the Record Date"). Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. Shareholders who elected to receive cash received, for each share of common stock they owned as of the Record Date, approximately $0.3735 in cash and 0.0279 shares of common stock. Shareholders who elected to receive shares received, for each share of common stock they owned as of the Record Date, approximately 0.0343 shares of common stock. The number of shares issued was calculated based on the volume weighted average trading price of SLG's common stock between January 5-7, 2021, of $58.15 per share.
To mitigate the dilutive impact of the common stock issued in the special dividend, the board of directors also authorized a reverse stock split, which was effective after markets closed on January 20, 2021. On January 8, 2021, a committee of the Board of Directors calculated the ratio for the reverse stock split of our issued and outstanding shares of common stock as 1.02918-for-1. After the issuance of the dividend and the completion of the reverse stock split, the number of shares of our common stock outstanding was equivalent to the number of total shares outstanding on the Record Date (not including any issuances or repurchases that occurred following the Record Date, as well as any fractional shares that would have been issued but for which cash-in-lieu was paid). However, on a relative basis, some individual shareholders may have more shares of SLG’s common stock, and some individual shareholders may have fewer shares of our common stock, depending on their individual elections to receive cash or stock and as a result of the cash option being oversubscribed.
All share-related references and measurements including the number of shares outstanding, share prices, number of shares repurchased, earnings per share, dividends per share, and share-based compensation awards, have been retroactively adjusted to reflect the reverse stock split for all periods presented in this Quarterly Report on Form 10-Q.
Share Repurchase Program
In August 2016, our Board of Directors approved a $1.0 billion share repurchase program under which we can repurchase up to $1.0 billion ofbuy shares of our common stock. The Board of Directors has since authorized fourfive separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, fourth quarter of 2018, fourth quarter of 2019, and fourth quarter of 20192020 bringing the total program size to $3.0$3.5 billion.
At March 31, 2020,2021, share repurchases, excluding the redemption of OP units, executed under the program were as follows:
PeriodShares repurchasedAverage price paid per shareCumulative number of shares repurchased as part of the repurchase plan or programs
Year ended 20178,105,881$104.618,105,881
Year ended 20189,468,617$99.0317,574,498
Year ended 20194,465,857$86.0622,040,355
Year Ended 20208,529,279$62.3930,569,634
Three Months Ended March 31, 20211,306,460$61.4631,876,094

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PeriodShares repurchasedAverage price paid per shareCumulative number of shares repurchased as part of the repurchase plan or programs
Year ended 20178,342,411$101.648,342,411
Year ended 20189,744,911$96.2218,087,322
Year ended 20194,596,171$83.6222,683,493
First quarter 20202,637,099$83.2525,320,592
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Dividend Reinvestment and Stock Purchase Plan ("DRSPP")
The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three months ended March 31, 20202021 and 2019,2020, respectively (dollars in thousands):
Three Months Ended March 31,Three Months Ended March 31,
2020 201920212020
Shares of common stock issued1,777
 540
Shares of common stock issued5,483 1,727 
Dividend reinvestments/stock purchases under the DRSPP$166
 $47
Dividend reinvestments/stock purchases under the DRSPP$351 $166 
Fourth Amended and Restated 2005 Stock Option and Incentive Plan
The Fourth Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's board of directors in April 2016 and its stockholders in June 2016 at the Company's annual meeting of stockholders. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 27,030,000 fungible units may be granted as options, restricted stock, phantom shares, dividend equivalent rights and other equity-based awards under the 2005 Plan. As of March 31, 2020, 3.12021, 1.9 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP Units.
Deferred Compensation Plan for Directors
During the three months ended March 31, 2020, 11,9662021, 18,290 phantom stock units and 7,99912,064 shares of common stock were issued to our board of directors. We recorded compensation expense of $1.8 million during the three months ended March 31, 20202021 related to the Deferred Compensation Plan. We recorded compensation expense of $1.9$1.8 million during the three months ended March 31, 20192020 related to the Deferred Compensation Plan.
As of March 31, 2020,2021, there were 131,989159,066 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program.

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Indebtedness
The table below summarizes our consolidated mortgages and other loans payable, 2017 credit facility, senior unsecured notes and trust preferred securities outstanding at March 31, 20202021 and December 31, 2019,2020, (amounts in thousands).
Debt Summary:March 31, 2021December 31, 2020
Balance
Fixed rate$1,982,789 $1,985,572 
Variable rate—hedged1,950,000 1,150,000 
Total fixed rate3,932,789 3,135,572 
Total variable rate1,416,521 1,827,677 
Total debt$5,349,310 $4,963,249 
Debt, preferred equity, and other investments subject to variable rate352,650 345,877 
Net exposure to variable rate debt1,063,871 1,481,800 
Percent of Total Debt:
Fixed rate73.5 %63.2 %
Variable rate (1)
26.5 %36.8 %
Total100.0 %100.0 %
Effective Interest Rate for the Year:
Fixed rate3.09 %3.65 %
Variable rate2.18 %2.30 %
Effective interest rate2.88 %2.91 %
Debt Summary:March 31, 2020 December 31, 2019
Balance   
Fixed rate$2,032,513
 $2,536,286
Variable rate—hedged1,000,000
 1,000,000
Total fixed rate3,032,513
 3,536,286
Total variable rate3,130,306
 2,018,434
Total debt$6,162,819
 $5,554,720
    
Debt, preferred equity, and other investments subject to variable rate823,603
 618,885
Net exposure to variable rate debt2,306,703
 1,399,549
 
  
Percent of Total Debt:
   
Fixed rate49.2% 63.7%
Variable rate (1)
50.8% 36.3%
Total100.0% 100.0%
Effective Interest Rate for the Year:   
Fixed rate4.01% 4.05%
Variable rate3.09% 3.93%
Effective interest rate3.62% 3.85%
(1)    Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rate, the percent of total debt of our net exposure to variable rate debt was 21.3% and 32.1% as of March 31, 2021 and December 31, 2020, respectively.
(1)Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rate, the percent of total debt of our net exposure to variable rate debt was 43.2% and 28.4% as of March 31, 2020 and December 31, 2019, respectively.
The variable rate debt shown above generally bears interest at an interest rate based on 30-day LIBOR (0.98%(0.11% and 1.76%0.14% at March 31, 20202021 and December 31, 2019,2020, respectively). Our consolidated debt at March 31, 20202021 had a weighted average term to maturity of 3.212.54 years.
Certain of our debt and equity investments and other investments, with carrying values of $0.8$0.4 billion at March 31, 20202021 and $0.6$0.3 billion at December 31, 2019,2020, are variable rate investments which mitigate our exposure to interest rate changes on our unhedged variable rate debt. Inclusive of the mitigating effect of these investments, the net percent of our variable rate debt to total debt was 43.2%21.3% and 28.4% 32.1%, respectively.
2017 Credit Facility
In November 2017, we entered into an amendment to the credit facility, referred to as the 2017 credit facility, that was originally entered into by the Company in November 2012, or the 2012 credit facility. As of March 31, 2020,2021, the 2017 credit facility consisted of a $1.5 billion revolving credit facility, a $1.3 billion term loan (or "Term Loan A"), and a $200.0 million term loan (or "Term Loan B") with maturity dates of March 31, 2022, March 31, 2023, and November 21, 2024, respectively. The revolving credit facility has two six-month as-of-right extension options to March 31, 2023. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions.
As of March 31, 2020,2021, the 2017 credit facility bore interest at a spread over 30-day LIBOR ranging from (i) 82.5 basis points to 155 basis points for loans under the revolving credit facility, (ii) 90 basis points to 175 basis points for loans under Term Loan A, and (iii) 85 basis points to 165 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category.
At March 31, 2020,2021, the applicable spread was 100 basis points for the revolving credit facility, 110 basis points for Term Loan A, and 100 basis points for Term Loan B. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee
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on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. As of March 31, 2020,2021, the facility fee was 20 basis points.

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As of March 31, 2020,2021, we had $11.8$16.5 million of outstanding letters of credit, $1.3 billion$630.0 million drawn under the revolving credit facility and $1.5 billion outstanding under the term loan facilities, with total undrawn capacity of $0.2$0.9 billion under the 2017 credit facility. At March 31, 20202021 and December 31, 2019,2020, the revolving credit facility had a carrying value of $1.3 billion$625.8 million and $0.2 billion,$105.3 million, respectively, net of deferred financing costs. At March 31, 20202021 and December 31, 2019,2020, the term loan facilities had a carrying value of $1.5 billion and $1.5 billion, respectively, net of deferred financing costs.
The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2017 credit facility.
The 2017 credit facility includes certain restrictions and covenants (see Restrictive Covenants below).
Restrictive Covenants
The terms of the 2017 credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that, we will not during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of March 31, 20202021 and December 31, 2019,2020, we were in compliance with all such covenants.
Interest Rate Risk
We are exposed to changes in interest rates primarily from our variable rate debt. Our exposure to interest rate fluctuations are managed through either the use of interest rate derivative instruments and/or through our variable rate debt and preferred equity investments. Based on the debt outstanding as of March 31, 2020,2021, a hypothetical 100 basis point increase in the floating rate interest rate curve would increase our consolidated annual interest cost, net of interest income from variable rate debt and preferred equity investments, by $21.9$10.0 million and would increase our share of joint venture annual interest cost by $18.0$20.8 million. At March 31, 2020, 46.2%2021, 32.1% of our $1.8$1.1 billion debt and preferred equity portfolio is indexed to LIBOR.
We recognize most derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value through income. If a derivative is considered a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings.
Our long-term debt of $3.0$3.9 billion bears interest at fixed rates, and therefore the fair value of these instruments is affected by changes in the market interest rates. Our variable rate debt and variable rate joint venture debt as of March 31, 20202021 bore interest based on a spread of LIBOR plus 17100 basis points to LIBOR plus 340 basis points.
Contractual Obligations
Refer to our 20192020 Annual Report on Form 10-K for a discussion of our contractual obligations. There have been no material changes, outside the ordinary course of business, to these contractual obligations during the three months ended March 31, 2020.2021.
Off-Balance Sheet Arrangements
We have off-balance sheet investments, including joint ventures and debt and preferred equity investments. These investments all have varying ownership structures. Substantially allA majority of our joint venture arrangements are accounted for under the equity method of accounting as we have the ability to exercise significant influence, but not control, over the operating and financial decisions of these joint venture arrangements. Our off-balance sheet arrangements are discussed in Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures" in the accompanying consolidated financial statements.
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Capital Expenditures
We estimate that for the remainder of the year ending December 31, 2020,2021, we expect to incur $80.5$75.0 million of recurring capital expenditures on existing consolidated properties and $138.8$174.6 million of development or redevelopment expenditures on existing consolidated properties, of which $114.6$56.0 million will be funded by construction financing facilities. We expect our share of capital expenditures at our joint venture properties will be $361.0$220.0 million, of which $307.8$185.9 million will be funded by construction financing facilities. We expect to fund capital expenditures from operating cash flow, existing liquidity, and borrowings from construction financing facilities. Future property acquisitions may require substantial capital investments for refurbishment and leasing costs. We expect our capital needs over the next twelve months and thereafter will be met through a combination of cash on hand, net cash provided by operations, potential asset sales, or additional borrowings.

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Dividends/Distributions
We expect to pay cash dividends to our stockholders based on the distributions we receive from our Operating Partnership, which are generated by the collection of property revenues, net of operating expenses, and interest on our debt and preferred equity portfolio.
To maintain our qualification as a REIT, we must pay annual dividends to our stockholders of at least 90% of our REIT taxable income, determined before taking into consideration the dividends paid deduction and net capital gains.
Any dividend we pay may be in the form of cash, stock or a combination thereof.thereof, subject to IRS limitations on the use of stock for dividends. Additionally, if our REIT taxable income in a particular year exceeds the amount of cash dividends we pay in that year, we may pay stock dividends in order to maintain our REIT status and avoid certain REIT-level taxes.
Before we pay any cash dividend, whether for Federal income tax purposes or otherwise, which would only be paid out of available cash to the extent permitted under the 2017 credit facility and senior unsecured notes, we must first meet both our operating requirements and scheduled debt service on our mortgages and loans payable.
Insurance
We maintain “all-risk” property and rental value coverage (including coverage regarding the perils of flood, earthquake and terrorism, excluding nuclear, biological, chemical, and radiological terrorism ("NBCR")), within three property insurance programs and liability insurance. Separate property and liability coverage may be purchased on a stand-alone basis for certain assets, such as the development of One Vanderbilt.projects. Additionally, one of our captive insurance companies, Belmont Insurance Company, or Belmont, provides coverage for NBCR terrorist acts above a specified trigger. Belmont's retention is reinsured by our other captive insurance company, Ticonderoga Insurance Company ("Ticonderoga"). If Belmont or Ticonderoga are required to pay a claim under our insurance policies, we would ultimately record the loss to the extent of required payments. However, there is no assurance that in the future we will be able to procure coverage at a reasonable cost. Further, if we experience losses that are uninsured or that exceed policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties. Additionally, our debt instruments contain customary covenants requiring us to maintain insurance and we could default under our debt instruments if the cost and/or availability of certain types of insurance make it impractical or impossible to comply with such covenants relating to insurance. Belmont and Ticonderoga provide coverage solely on properties owned by the Company or its affiliates.
Furthermore, with respect to certain of our properties, including properties held by joint ventures or subject to triple net leases, insurance coverage is obtained by a third-party and we do not control the coverage. While we may have agreements with such third parties to maintain adequate coverage and we monitor these policies, such coverage ultimately may not be maintained or adequately cover our risk of loss.
Funds from Operations
FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
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The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including our ability to make cash distributions.

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FFO for the three months ended March 31, 20202021 and 20192020 are as follows (in thousands):
Three Months Ended March 31,
20212020
Net (loss) income attributable to SL Green common stockholders$(7,464)$114,801 
Add:
Depreciation and amortization62,996 68,279 
Joint venture depreciation and noncontrolling interest adjustments55,702 56,318 
Net (loss) income attributable to noncontrolling interests(1,975)5,909 
Less:
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(12,629)— 
Depreciable real estate reserves and impairment(8,241)— 
(Loss) gain on sale of real estate, net(1,388)72,636 
Purchase price and other fair value adjustments2,664 — 
Depreciation on non-rental real estate assets527 650 
Funds from Operations attributable to SL Green common stockholders$128,326 $172,021 
Cash flows provided by operating activities$18,602 $42,026 
Cash flows provided by (used in) investing activities$20,181 $(129,418)
Cash flows (used in) provided by financing activities$(9,971)$466,984 
 Three Months Ended March 31,
 2020 2019
Net income attributable to SL Green common stockholders$114,801
 $43,792
Add:   
Depreciation and amortization68,279
 68,343
Joint venture depreciation and noncontrolling interest adjustments56,318
 47,625
Net income attributable to noncontrolling interests5,909
 2,515
Less:   
Equity in net gain on sale of interest in unconsolidated joint venture/real estate—
 17,166
Gain (loss) on sale of real estate, net72,636
 (1,049)
Purchase price and other fair value adjustments—
 (2,041)
Depreciation on non-rental real estate assets650
 707
Funds from Operations attributable to SL Green common stockholders$172,021
 $147,492
Cash flows used in operating activities$(175,889) $(183,899)
Cash flows provided by (used in) investing activities$336,986
 $(559,907)
Cash flows provided by financing activities$256,461
 $630,450
Inflation
Substantially all of our office leases provide for separate real estate tax and operating expense escalations as well as operating expense recoveries based on increases in the Consumer Price IndexCPI or other measures such as porters' wage. In addition, many of the leases provide for fixed base rent increases. We believe that inflationary increases will be at least partially offset by the contractual rent increases and expense escalations described above.
Accounting Standards Updates
The Accounting Standards Updates are discussed in Note 2, "Significant Accounting Policies-Accounting Standards Updates" in the accompanying consolidated financial statements.
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Forward-Looking Information
This report includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this report that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate.
Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this report are subject to a number of risks and uncertainties that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. These risks and uncertainties include:
•the effect of general economic, business and financial conditions, and their effect on the New York City real estate market in particular;
•the effect of the on-going COVID-19 pandemic and the duration of the impact it will have on our business and the industry as a wholewhole;
•dependence upon certain geographic markets;
•risks of real estate acquisitions, dispositions, development and redevelopment, including the cost of construction delays and cost overruns;

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risks relating to debt and preferred equity investments;
•availability and creditworthiness of prospective tenants and borrowers;
•bankruptcy or insolvency of a major tenant or a significant number of smaller tenants or borrowers;
•adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space;
•availability of capital (debt and equity);
•unanticipated increases in financing and other costs, including a rise in interest rates;
•our ability to comply with financial covenants in our debt instruments;
•our ability to maintain our status as a REIT;
•risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations;
•the threat of terrorist attacks;
•our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination; and
•legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.
Other factors and risks to our business, many of which are beyond our control, are described in other sections of this report and in our other filings with the SEC. WeExcept to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
For quantitative and qualitative disclosure about market risk, see Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operation - Market Risk" in this Quarterly Report on Form 10-Q for the three months ended March 31, 20202021 for the Company and the Operating Partnership and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Market Rate Risk" in the Annual Report on Form 10-K for the year ended December 31, 20192020 for the Company and the Operating Partnership. Our exposures to market risk have not changed materially since December 31, 2019.

2020.
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ITEM 4.    CONTROLS AND PROCEDURES
SL GREEN REALTY CORP.
Evaluation of Disclosure Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of "disclosure controls and procedures" in Rule 13a-15(e) of the Exchange Act. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in our periodic reports. Also, the Company has investments in certain unconsolidated entities. As the Company does not control these entities, its disclosure controls and procedures with respect to such entities are necessarily substantially more limited than those the Company maintains with respect to its consolidated subsidiaries.
As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation as of the end of the period covered by this report, the Company's Chief Executive Officer and Chief Financial Officer concluded that its disclosure controls and procedures were effective to give reasonable assurances to the timely collection, evaluation and disclosure of information relating to the Company that would potentially be subject to disclosure under the Exchange Act and the rules and regulations promulgated thereunder.
Changes in Internal Control over Financial Reporting
There have been no significant changes in the Company's internal control over financial reporting during the quarter ended March 31, 20202021 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
SL GREEN OPERATING PARTNERSHIP, L.P.
Evaluation of Disclosure Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of "disclosure controls and procedures" in Rule 13a-15(e) of the Exchange Act. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in our periodic reports. Also, the Company has investments in certain unconsolidated entities. As the Company does not control these entities, its disclosure controls and procedures with respect to such entities are necessarily substantially more limited than those the Company maintains with respect to its consolidated subsidiaries.
As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation as of the end of the period covered by this report, the Company's Chief Executive Officer and Chief Financial Officer concluded that its disclosure controls and procedures were effective to give reasonable assurances to the timely collection, evaluation and disclosure of information relating to the Company that would potentially be subject to disclosure under the Exchange Act and the rules and regulations promulgated thereunder.
Changes in Internal Control over Financial Reporting
There have been no significant changes in the Operating Partnership's internal control over financial reporting during the quarter ended March 31, 20202021 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

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PART II. OTHER INFORMATION
ITEM 1.    LEGAL PROCEEDINGS
As of March 31, 2020,2021, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us.
ITEM 1A.    RISK FACTORS
As of March 31, 20202021 there have been no material changes to the Risk Factors disclosed in "Part I. Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, other than the addition of the following risk factor:
The COVID-19 pandemic and health and safety measures intended to reduce its spread could adversely affect our business, results of operations, and financial condition.
Beginning in late 2019, a novel strain of Coronavirus (“COVID-19”) began to spread throughout the world, including the United States, ultimately being declared a pandemic by the World Health Organization. Over the past several months the pandemic has caused, and continues to cause, severe disruptions with wide ranging impacts to the global economy and everyday life. We expect that our business, results of operations, liquidity, cash flows, prospects, and our ability to achieve forward-looking targets and expectations could be materially and adversely affected for at least the duration of the COVID-19 pandemic and possibly longer. This could also cause significant volatility in the trading prices of our securities. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration, severity and spread of the pandemic, health and safety actions taken to contain its spread, any possible resurgence that may occur after the initial outbreak subsides and how quickly and to what extent normal economic and operating conditions can resume. Additionally, the COVID-19 pandemic could increase the magnitude of many of the other risks described in our latest Annual Report on Form 10-K and other SEC filings and may have other adverse effects on our operations that we are not currently able to predict.
The scale and magnitude of adverse impacts could depend on, among other factors:
the financial condition of our tenants and their ability or willingness to pay rent in full on a timely basis;
the impact on rents and demand for office and retail space;
the impact of new regulations or norms on physical space needs and expectations;
the financial condition of the borrowers and sponsors of our debt and preferred equity investments and their ability or willingness to make interest and principal payments;
the effectiveness of governmental measures aimed at slowing and containing the spread;
the effect of changes in laws and regulation;
the extent and terms associated with governmental relief programs;
the ability of debt and equity markets to function and provide liquidity;
the ability to avoid delays or cost increases associated with building materials or construction services necessary for development, redevelopment and tenant improvements; and
our tenants’ ability to ensure business continuity in the event a continuity of operations plan is not effective or improperly implemented.


2020.
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ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During the three months ended March 31, 2020 the Operating Partnership issued 2,742 units of limited partnership interest in connection with anacquisition. SL Green may satisfy redemption requests for the units issued in the transaction described above with shares of SL Green’s common stock pursuant to the Operating Partnership agreement. The units were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended.
In August 2016, our Board of Directors approved a $1.0 billion share repurchase program under which we can buy up to $1.0 billion of shares of our common stock. The Board of Directors has since authorized fourfive separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, fourth quarter of 2018, fourth quarter of 2019, and fourth quarter of 20192020 bringing the total program size to $3.0$3.5 billion.
At March 31, 2020,2021, share repurchases, excluding the redemption of OP units, executed under the program were as follows:
Period
Shares repurchased 1
Average price paid per share 1
Total number of shares repurchased as part of the repurchase plan or programs 1
Year ended 20178,105,881$104.618,105,881
Year ended 20189,468,617$99.0317,574,498
Year ended 20194,465,857$86.0622,040,355
Year Ended 20208,529,279$62.3930,569,634
Three months ended March 31, 20211,306,460$61.4631,876,094
(1)Retroactively adjusted to reflect the reverse stock split completed in January 2021.
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PeriodShares repurchasedAverage price paid per shareTotal number of shares repurchased as part of the repurchase plan or programs
Year ended 20178,342,411$101.648,342,411
Year ended 20189,744,911$96.2218,087,322
Year ended 20194,596,171$83.6222,683,493
First quarter 20202,637,099$83.2525,320,592

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
None.

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ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.

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ITEM 5. OTHER INFORMATION
None.

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ITEM 6.   EXHIBITS
31.1

Certification by the Chairman and Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.2

Certification by the Chief Financial Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.3

Certification by the Chairman and Chief Executive Officer of the Company, the sole general partner of the Operating Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.4

Certification by the Chief Financial Officer of the Company, the sole general partner of the Operating Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.1

Certification by the Chairman and Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.2

Certification by the Chief Financial Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.3

Certification by the Chairman and Chief Executive Officer of the Company, the sole general partner of the Operating Partnership pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.4

Certification by the Chief Financial Officer of the Company, the sole general partner of the Operating Partnership pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
101.INS101 
The instance document does not appearfollowing financial statements from SL Green Realty Corp. and SL Green Operating Partnership L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted in the interactive data file because its XBRL tags are embedded within the inline XBRL documentInline XBRL: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Comprehensive Income (unaudited), (iv) Consolidated Statements of Equity (unaudited), (v) Consolidated Statements of Capital (unaudited) (vi) Consolidated Statements of Cash Flows (unaudited), and (vii) Notes to Consolidated Financial Statements (unaudited), detail tagged and filed herewith.
101.SCH104 
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
XBRL Taxonomy Extension Label Linkbase Document
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File formatted(formatted as Inline XBRL in Inline XBRLExhibit 101)

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SL GREEN REALTY CORP.
By: SL Green Realty Corp.
/s/ Matthew J. DiLiberto
Dated: May 11, 202010, 2021By:
Matthew J. DiLiberto
 Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:
SignaturesTitleDate
SignaturesTitleDate
/s/ Marc HollidayChairman of the Board of Directors and Chief Executive Officer and Director of SL Green, the sole general partner of the Operating Partnership (Principal Executive Officer)May 11, 202010, 2021
Marc Holliday
/s/ Andrew W. MathiasPresident and Director of SL Green, the sole general partner of the Operating PartnershipMay 11, 202010, 2021
Andrew W. Mathias
/s/ Matthew J. DiLiberto
Chief Financial Officer of

SL Green, the sole general partner of

the Operating Partnership (Principal Financial and Accounting Officer)
May 11, 202010, 2021
Matthew J. DiLiberto
/s/ Stephen L. Green
Director of SL Green, the sole general
partner of the Operating Partnership
May 11, 2020
Stephen L. Green
/s/ John H. Alschuler, Jr.
Director of SL Green, the sole general
partner of the Operating Partnership
May 11, 2020
John H. Alschuler, Jr.
/s/ Edwin T. Burton, III
Director of SL Green, the sole general
partner of the Operating Partnership
May 11, 2020
Edwin T. Burton, III
/s/ John S. Levy
Director of SL Green, the sole general
partner of the Operating Partnership
May 11, 2020
John S. Levy
/s/ Craig M. Hatkoff
Director of SL Green, the sole general
partner of the Operating Partnership
May 11, 2020
Craig M. Hatkoff
/s/ Betsy S. AtkinsDirector of SL Green, the sole general
partner of the Operating Partnership		May 11, 202010, 2021
Betsy S. AtkinsStephen L. Green
/s/ Lauren B. DillardJohn H. Alschuler, Jr.Director of SL Green, the sole general
partner of the Operating Partnership		May 11, 202010, 2021
John H. Alschuler, Jr.
/s/ Edwin T. Burton, IIIDirector of SL Green, the sole general
partner of the Operating Partnership		May 10, 2021
Edwin T. Burton, III
/s/ John S. LevyDirector of SL Green, the sole general
partner of the Operating Partnership		May 10, 2021
John S. Levy
/s/ Craig M. HatkoffDirector of SL Green, the sole general
partner of the Operating Partnership		May 10, 2021
Craig M. Hatkoff
/s/ Betsy S. AtkinsDirector of SL Green, the sole general
partner of the Operating Partnership		May 10, 2021
Betsy S. Atkins
/s/ Lauren B. DillardDirector of SL Green, the sole general
partner of the Operating Partnership		May 10, 2021
Lauren B. Dillard

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SL GREEN OPERATING PARTNERSHIP, L.P.
By:/s/ Matthew J. DiLiberto
Dated: May 11, 202010, 2021
Matthew J. DiLiberto
 Chief Financial Officer


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