Corporate Indebtedness (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016 and December 31, 2015, respectively, by scheduled maturity date (dollars in thousands):

Issuance	June 30, 2016 Unpaid Principal Balance		June 30, 2016 Accreted Balance			December 31, 2015 Accreted Balance			Coupon Rate(1)		Effective Rate		Term (in Years)	Maturity Date
October 12, 2010(2)	$	345,000	$	327,489		$	321,130		3.00	%	3.00	%	7	October 2017
August 5, 2011(3)	250,000		249,845			249,810			5.00	%	5.00	%	7	August 2018
March 16, 2010(3)	250,000		250,000			250,000			7.75	%	7.75	%	10	March 2020
November 15, 2012(3)	200,000		200,000			200,000			4.50	%	4.50	%	10	December 2022
December 17, 2015(3)	100,000		100,000			100,000			4.27	%	4.27	%	10	December 2025
March 26, 2007(4)	10,008		10,008			10,008			3.00	%	3.00	%	20	March 2027
March 31, 2006(5)	—		—			255,296
	$	1,155,008	$	1,137,342		$	1,386,244
Deferred financing costs, net			(6,652		)	(7,280		)
	$	1,155,008	$	1,130,690		$	1,378,964

(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 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 12.4998 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. As a result of meeting specified events (as defined in the Indenture Agreement), these notes became exchangeable commencing January 1, 2016 and remained exchangeable through March 31, 2016. 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, 2016, $17.5 million remained to be amortized into the debt balance.

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

(4) 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 current exchange rate is 5.7985 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 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.

(5) Issued by ROP, balance was repaid in March 2016.

Schedule of combined aggregate principal maturities

Combined aggregate principal maturities of mortgages and other loans payable, 2012 credit facility, trust preferred securities, senior unsecured notes and our share of joint venture debt as of June 30, 2016, including as-of-right extension options and put options, were as follows (in thousands):

	Scheduled Amortization		Principal		Revolving Credit Facility		Unsecured Term Loan		Trust Preferred Securities		Senior Unsecured Notes		Total		Joint Venture Debt
Remaining 2016	$	29,859	$	236,194	$	—	$	—	$	—	$	—	$	266,053	$	163,575
2017	63,644		1,094,548		—		—		—		355,008		1,513,200		549,135
2018	64,119		47,039		—		—		—		250,000		361,158		9,293
2019	70,255		—		—		933,000		—		—		1,003,255		554,686
2020	52,799		679,531		285,000		—		—		250,000		1,267,330		30,298
Thereafter	147,604		3,122,974		—		—		100,000		300,000		3,670,578		547,167
	$	428,280	$	5,180,286	$	285,000	$	933,000	$	100,000	$	1,155,008	$	8,081,574	$	1,854,154

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,
	2016			2015			2016			2015
Interest expense	$	95,568		$	84,083		$	197,722		$	169,099
Interest capitalized	(5,433		)	(7,611		)	(12,051		)	(16,169		)
Interest income	(1,046		)	(726		)	(1,910		)	(1,377		)
Interest expense, net	$	89,089		$	75,746		$	183,761		$	151,553