Corporate Indebtedness (Tables)

9 Months Ended

Sep. 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 September 30, 2017 and December 31, 2016, respectively, by scheduled maturity date (dollars in thousands):

Issuance	September 30, 2017 Unpaid Principal Balance		September 30, 2017 Accreted Balance			December 31, 2016 Accreted Balance			Coupon Rate (1)		Effective Rate		Initial Term (in Years)	Maturity Date
October 12, 2010 (2)	$	269,000	$	268,628		$	334,077		3.00	%	3.00	%	7	October 2017
August 5, 2011 (3)	250,000		249,934			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
	$	1,069,000	$	1,068,562		$	1,133,957
Deferred financing costs, net			(4,018		)	(5,642		)
	$	1,069,000	$	1,064,544		$	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. The notes were senior unsecured obligations of the Operating Partnership and exchangeable at a calculated exchange rate 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. In accordance with the terms of the indenture, the notes became exchangeable commencing September 14, 2017 and the Operating Partnership elected to settle exchanges in cash. In October 2017, all note holders elected to exchange the notes and the notes were repaid for $350.8 million, excluding accrued interest based on the applicable exchange rate.

(3) Issued by the Company, the Operating Partnership and ROP, as co-obligors. In October 2017, the Company, the Operating Partnership and ROP, as co-obligors issued an additional $100.0 million of the 4.50% senior unsecured bonds due December 2022. The additional notes priced at 105.334% plus accrued interest from June 1, 2017, with a yield to maturity of 3.298%.

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 September 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	$	12,846	$	—	$	—	$	—	$	—	$	269,000	(1)	$	281,846	$	79,787
2018	54,937		299,813		—		—		—		250,000			604,750		242,799
2019	59,618		—		—		1,183,000		—		—			1,242,618		705,574
2020	41,427		679,531		280,000		—		—		250,000			1,250,958		320,914
2021	30,418		—		—		—		—		—			30,418		376,765
Thereafter	90,532		2,575,939		—		—		100,000		300,000			3,066,471		1,465,371
	$	289,778	$	3,555,283	$	280,000	$	1,183,000	$	100,000	$	1,069,000		$	6,477,061	$	3,191,210

Schedule of consolidated interest expense, excluding capitalized interest

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Interest expense before capitalized interest	$	72,859		$	78,715		$	217,273		$	276,437
Interest capitalized	(6,869		)	(6,084		)	(19,892		)	(18,135		)
Interest income	(356		)	(66		)	(1,269		)	(1,976		)
Interest expense, net	$	65,634		$	72,565		$	196,112		$	256,326