Corporate Indebtedness (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Schedule of senior unsecured notes and other related disclosures by scheduled maturity date

The following table sets forth our senior unsecured notes and other related disclosures as of June 30, 2014 and December 31, 2013 by scheduled maturity date (amounts in thousands):

Issuance	June 30, 2014 Unpaid Principal Balance		June 30, 2014 Accreted Balance		December 31, 2013 Accreted Balance		Coupon Rate(1)		Effective Rate		Term (in Years)	Maturity Date
August 13, 2004(2)	$	75,898	$	75,898	$	75,898	5.88	%	5.88	%	10	August 15, 2014
March 31, 2006(2)	255,308		255,227		255,206		6.00	%	6.00	%	10	March 31, 2016
October 12, 2010(3)	345,000		303,354		297,837		3.00	%	3.00	%	7	October 15, 2017
August 5, 2011(4)	250,000		249,712		249,681		5.00	%	5.00	%	7	August 15, 2018
March 16, 2010(4)	250,000		250,000		250,000		7.75	%	7.75	%	10	March 15, 2020
November 15, 2012(4)	200,000		200,000		200,000		4.50	%	4.50	%	10	December 1, 2022
June 27, 2005(2)(5)	7		7		7		4.00	%	4.00	%	20	June 15, 2025
March 26, 2007(6)	10,008		10,008		10,701		3.00	%	3.00	%	20	March 30, 2027
	$	1,386,221	$	1,344,206	$	1,339,330

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(1) Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates.

(2) Issued by ROP.

(3) Issued by the Operating Partnership. Interest on these exchangeable notes is payable semi-annually on April 15 and October 15. The notes had an initial exchange rate representing an exchange price that was set at a 30.0% premium to the last reported sale price of SL Green's common stock on October 6, 2010, or $85.81. The initial exchange rate is subject to adjustment under certain circumstances. The current exchange rate is 11.7153 shares of SL Green's common stock per $1,000 principal amount of these notes. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of SL Green's common stock, if any, at our option. The notes are guaranteed by ROP. On the issuance date, $78.3 million of the debt balance was recorded in equity. As of June 30, 2014, $41.6 million remained to be amortized into the debt balance.

(4) Issued by the Company, the Operating Partnership and ROP, as co-obligors.

(5) Exchangeable senior debentures which are currently callable at par. In addition, the debentures can be put to ROP, at the option of the holder at par plus accrued and unpaid interest, on June 15, 2015 and 2020 and upon the occurrence of certain change of control transactions. As a result of the acquisition of all outstanding shares of common stock of Reckson, or the Reckson Merger, the adjusted exchange rate for the debentures is 7.7461 shares of SL Green's common stock per $1,000 of principal amount of debentures and the adjusted reference dividend for the debentures is $1.3491. 

(6) Issued by the Operating Partnership. Interest on these remaining exchangeable notes is payable semi-annually on March 30 and September 30. The notes have an initial exchange rate representing an exchange price that was set at a 25.0% premium to the last reported sale price of the Company's common stock on March 20, 2007, or $173.30. The initial exchange rate is subject to adjustment under certain circumstances. The notes are senior unsecured obligations of the Operating Partnership and are exchangeable upon the occurrence of specified events and during the period beginning on the twenty-second scheduled trading day prior to the maturity date and ending on the second business day prior to the maturity date, into cash or a combination of cash and shares of SL Green's common stock, if any, at our option. The notes are currently redeemable at the Operating Partnership’s option. The Operating Partnership may be required to repurchase the notes on March 30, 2017 and 2022, and upon the occurrence of certain designated events.

Schedule of combined aggregate principal maturities

Combined aggregate principal maturities of mortgages and other loans payable, the 2012 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of June 30, 2014, including as-of-right extension options, were as follows (in thousands):

	Scheduled Amortization		Principal Repayments			Trust Preferred Securities		Term Loan and Senior Unsecured Notes		Total		Joint Venture Debt
Remaining 2014	$	23,163	$	146,250		$	—	$	75,898	$	245,311	$	27,651
2015	47,480		229,537			—		7		277,024		44,260
2016	55,946		514,311			—		255,308		825,565		561,736
2017	61,063		1,086,579		(1)	—		355,008		1,502,650		442,584
2018	64,462		—			—		250,000		314,462		28
Thereafter	246,979		3,654,656			100,000		1,233,000		5,234,635		353,580
	$	499,093	$	5,631,333	(1)	$	100,000	$	2,169,221	$	8,399,647	$	1,429,839

Schedule of consolidated interest expense, excluding capitalized interest

Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Interest expense	$	79,163		$	80,009		$	157,414		$	158,758
Interest income	(552		)	(458		)	(1,084		)	(898		)
Interest expense, net	$	78,611		$	79,551		$	156,330		$	157,860
Interest capitalized	$	6,862		$	3,301		$	11,003		$	6,363