Corporate Indebtedness (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017 and December 31, 2016, respectively, by scheduled maturity date (dollars in thousands):

Issuance	June 30, 2017 Unpaid Principal Balance		June 30, 2017 Accreted Balance			December 31, 2016 Accreted Balance			Coupon Rate (1)		Effective Rate		Initial Term (in Years)	Maturity Date
October 12, 2010 (2)	$	294,967	$	291,416		$	334,077		3.00	%	3.00	%	7	October 2017
August 5, 2011 (3)	250,000		249,916			249,880			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
	$	1,094,967	$	1,091,332		$	1,133,957
Deferred financing costs, net			(4,396		)	(5,642		)
	$	1,094,967	$	1,086,936		$	1,128,315

(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 12.8093 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 July 1, 2017 and will remain exchangeable through September 29, 2017. 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, 2017, $3.6 million remained to be amortized into the debt balance.

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

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, 2017, 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 2017	$	25,659	$	—	$	—	$	—	$	—	$	294,967	$	320,626	$	78,752
2018	54,938		299,360		—		—		—		250,000		604,298		285,924
2019	59,618		—		—		1,183,000		—		—		1,242,618		555,574
2020	41,427		679,531		200,000		—		—		250,000		1,170,958		320,914
2021	30,418		—		—		—		—		—		30,418		332,892
Thereafter	90,533		2,575,937		—		—		100,000		300,000		3,066,470		1,350,672
	$	302,593	$	3,554,828	$	200,000	$	1,183,000	$	100,000	$	1,094,967	$	6,435,388	$	2,924,728

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,
	2017			2016			2017			2016
Interest expense before capitalized interest	$	71,992		$	95,568		$	144,414		$	197,722
Interest capitalized	(6,743		)	(5,433		)	(13,022		)	(12,051		)
Interest income	(393		)	(1,046		)	(914		)	(1,910		)
Interest expense, net	$	64,856		$	89,089		$	130,478		$	183,761