000104097112/312020Q3FALSEFALSE72,569,561000149286912/312020Q3FALSEThe 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: $375.9 million and $205.2 million of land, $1.4 billion 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, $296.3 million and $17.6 million of accumulated depreciation, $322.8 million and $169.5 million of other assets included in other line items, $510.7 million and $457.1 million of real estate debt, net, $1.1 million and $1.2 million of accrued interest payable, $58.4 million and 57.7 million of lease liabilities, and $48.9 million and $43.7 million of other liabilities included in other line items as of September 30, 2020 and December 31, 2019, respectively.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: 375.9 million and $205.2 million of land, $1.4 billion 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, $296.3 million and $17.6 million of accumulated depreciation, $322.8 million and $169.5 million of other assets included in other line items, $510.7 million and $457.1 million of real estate debt, net, $1.1 million and $1.2 million of accrued interest payable, $58.4 million and $57.7 million of lease liabilities, and $48.9 million and $43.7 million of other liabilities included in other line items as of September 30, 2020 and December 31, 2019, respectively.five yearsone yearone yearten 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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 September 30, 2020
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.
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 Lexington AvenueNew YorkNY 10170
(Address of principal executive offices—Zip Code)

(212594-2700
(Registrant's telephone number, including area code)
______________________________________________________________________

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 CompanyEmerging 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 filerAccelerated filer
Non-accelerated filerx
Smaller Reporting CompanyEmerging 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 November 4, 2020, 72,569,561 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of November 4, 2020, 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 September 30, 2020 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 September 30, 2020 the Company owns 94.77% 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 September 30, 2020, noncontrolling investors held, in aggregate, a 5.23% 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.
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.



SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION 
Item 1.FINANCIAL STATEMENTS
FINANCIAL STATEMENTS OF SL GREEN REALTY CORP.
Consolidated Balance Sheets as of September 30, 2020 (unaudited) and December 31, 2019
Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019 (unaudited)
Consolidated Statements of Equity for the three and nine months ended September 30, 2020 and 2019 (unaudited)
Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2020 and 2019 (unaudited)
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P.
Consolidated Balance Sheets as of September 30, 2020 (unaudited) and December 31, 2019
Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019 (unaudited)
Consolidated Statements of Capital for the three and nine months ended September 30, 2020 and 2019 (unaudited)
Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2020 and 2019 (unaudited)
Notes to Consolidated Financial Statements (unaudited)
Management's Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures about Market Risk
Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.)
PART II.OTHER INFORMATION
Legal Proceedings
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Defaults Upon Senior Securities
Mine Safety Disclosures
Other Information
Exhibits
Signatures


Table of Contents


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

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
September 30, 2020December 31, 2019
(unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests
$1,639,118 $1,751,544 
Building and improvements
5,483,155 5,154,990 
Building leasehold and improvements
1,442,251 1,433,793 
Right of use asset - financing leases75,711 47,445 
Right of use asset - operating leases381,255 396,795 
9,021,490 8,784,567 
Less: accumulated depreciation
(2,260,247)(2,060,560)
6,761,243 6,724,007 
Assets held for sale 391,664 
Cash and cash equivalents221,404 166,070 
Restricted cash83,045 75,360 
Investments in marketable securities27,734 29,887 
Tenant and other receivables72,806 43,968 
Related party receivables31,936 21,121 
Deferred rents receivable304,673 283,011 
Debt and preferred equity investments, net of discounts and deferred origination fees of $12,031 and $14,562 and allowances of $19,010 and $1,750 in 2020 and 2019, respectively
1,153,363 1,580,306 
Investments in unconsolidated joint ventures2,946,673 2,912,842 
Deferred costs, net206,289 205,283 
Other assets514,873 332,801 
Total assets (1)
$12,324,039 $12,766,320 
Liabilities
Mortgages and other loans payable, net$2,391,744 $2,183,253 
Revolving credit facility, net184,840 234,013 
Unsecured term loans, net1,494,793 1,494,024 
Unsecured notes, net1,247,795 1,496,847 
Accrued interest payable23,438 22,148 
Other liabilities306,077 177,080 
Accounts payable and accrued expenses152,983 166,905 
Deferred revenue117,615 114,052 
Lease liability - financing leases174,983 44,448 
Lease liability - operating leases358,419 381,671 
Dividend and distributions payable25,486 79,282 
Security deposits56,212 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)
6,634,385 6,555,975 
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SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
September 30, 2020December 31, 2019
(unaudited)
Commitments and contingencies
Noncontrolling interests in Operating Partnership353,480 409,862 
Preferred units202,169 283,285 
Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2020 and December 31, 2019
221,932 221,932 
Common stock, $0.01 par value, 160,000 shares authorized and 74,095 and 80,257 issued and outstanding at September 30, 2020 and December 31, 2019, respectively (including 1,055 and 1,055 shares held in treasury at September 30, 2020 and December 31, 2019, respectively)
741 803 
Additional paid-in-capital3,998,516 4,286,395 
Treasury stock at cost(124,049)(124,049)
Accumulated other comprehensive loss(76,200)(28,485)
Retained earnings1,035,172 1,084,719 
Total SL Green stockholders' equity5,056,112 5,441,315 
Noncontrolling interests in other partnerships77,893 75,883 
Total equity5,134,005 5,517,198 
Total liabilities and equity$12,324,039 $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: $375.9 million and $205.2 million of land, $1.4 billion 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, $296.3 million and $17.6 million of accumulated depreciation, $322.8 million and $169.5 million of other assets included in other line items, $510.7 million and $457.1 million of real estate debt, net, $1.1 million and $1.2 million of accrued interest payable, $58.4 million and $57.7 million of lease liabilities, and $48.9 million and $43.7 million of other liabilities included in other line items as of September 30, 2020 and December 31, 2019, respectively.


The accompanying notes are an integral part of these consolidated financial statements.
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SL Green Realty Corp.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)

Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Revenues
Rental revenue, net$195,515 $248,028 $614,032 $733,105 
Investment income22,988 51,518 101,464 153,167 
Other income31,341 14,088 102,350 44,641 
Total revenues249,844 313,634 817,846 930,913 
Expenses
Operating expenses, including related party expenses of $2,801 and $9,289 in 2020 and $5,460 and $13,575 in 2019
45,910 59,847 140,673 175,862 
Real estate taxes43,522 49,626 131,805 143,008 
Operating lease rent6,973 8,295 22,171 24,891 
Interest expense, net of interest income23,536 48,112 91,100 145,797 
Amortization of deferred financing costs3,151 3,112 8,312 8,566 
Depreciation and amortization92,516 70,464 256,736 208,268 
Loan loss and other investment reserves, net of recoveries8,957  27,018  
Transaction related costs45 44 483 360 
Marketing, general and administrative23,602 23,841 66,682 75,300 
Total expenses248,212 263,341 744,980 782,052 
Equity in net loss from unconsolidated joint ventures(432)(9,864)(15,445)(22,644)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate   76,181 
Purchase price and other fair value adjustments 3,799  69,389 
Gain on sale of real estate, net26,104 3,541 163,624 2,492 
Depreciable real estate reserves and impairment(6,627)(7,047)(6,627)(7,047)
Net income20,677 40,722 214,418 267,232 
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership(802)(1,719)(10,073)(12,306)
Noncontrolling interests in other partnerships(414)624 (1,145)2,524 
Preferred units distributions(1,864)(2,732)(6,883)(8,185)
Net income attributable to SL Green17,597 36,895 196,317 249,265 
Perpetual preferred stock dividends(3,738)(3,738)(11,213)(11,213)
Net income attributable to SL Green common stockholders$13,859 $33,157 $185,104 $238,052 
Basic earnings per share$0.19 $0.40 $2.44 $2.87 
Diluted earnings per share$0.19 $0.40 $2.44 $2.87 
Basic weighted average common shares outstanding73,020 82,292 75,521 82,855 
Diluted weighted average common shares and common share equivalents outstanding 77,491 86,714 80,085 87,309 
The accompanying notes are an integral part of these consolidated financial statements.
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SL Green Realty Corp.
Consolidated Statements of Comprehensive Income
(unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Net income $20,677 $40,722 $214,418 $267,232 
Other comprehensive income (loss):
Increase (decrease) in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments6,099 (12,574)(48,227)(59,680)
Increase (decrease) in unrealized value of marketable securities389 230 (2,152)1,571 
Other comprehensive income (loss)6,488 (12,344)(50,379)(58,109)
Comprehensive income27,165 28,378 164,039 209,123 
Net income attributable to noncontrolling interests and preferred units distributions(3,080)(3,827)(18,101)(17,967)
Other comprehensive (income) loss attributable to noncontrolling interests(317)607 2,664 2,869 
Comprehensive income attributable to SL Green$23,768 $25,158 $148,602 $194,025 


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

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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 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)178,720 731 179,451 
Acquisition of subsidiary interest from noncontrolling interest(3,123)1,587 (1,536)
Other comprehensive loss(53,886)(53,886)
Preferred dividends (7,475)(7,475)
DRSPP proceeds6 364 364 
Conversion of units in the Operating Partnership for common stock101 1 8,743 8,744 
Reallocation of noncontrolling interest in the Operating Partnership31,144 31,144 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings(33)13,493 13,493 
Repurchases of common stock(5,601)(56)(283,981)(76,831)(360,868)
Contributions to consolidated joint venture interests8,185 8,185 
Cash distributions to noncontrolling interests(596)(596)
Cash distributions declared ($1.180 per common share, none of which represented a return of capital for federal income tax purposes)
(89,272)(89,272)
Balance at June 30, 2020$221,932 73,675 $748 $4,021,891 $(124,049)$(82,371)$1,081,821 $85,790 $5,205,762 
Net income17,597 414 18,011 
Acquisition of subsidiary interest from noncontrolling interest   
Other comprehensive income6,171 6,171 
Preferred dividends (3,738)(3,738)
DRSPP proceeds4 202 202 
Conversion of units in the Operating Partnership for common stock    
Reallocation of noncontrolling interest in the Operating Partnership4,109 4,109 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings3  7,543 7,543 
Repurchases of common stock(642)(7)(31,120) (31,127)
Contributions to consolidated joint venture interests4,219 4,219 
Cash distributions to noncontrolling interests(12,530)(12,530)
Cash distributions declared ($0.885 per common share, none of which represented a return of capital for federal income tax purposes)
(64,617)(64,617)
Balance at September 30, 2020$221,932 73,040 $741 $3,998,516 $(124,049)$(76,200)$1,035,172 $77,893 $5,134,005 
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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 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 income212,370 (1,900)210,470 
Acquisition of subsidiary interest from noncontrolling interest(515)(25,276)(25,791)
Other comprehensive loss(43,503)(43,503)
Preferred dividends (7,475)(7,475)
DRSPP proceeds3 263 263 
Conversion of units in the Operating Partnership for common stock5 446 446 
Reallocation of noncontrolling interest in the Operating Partnership(14,028)(14,028)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings(17)10,533 10,533 
Repurchases of common stock(1,265)(12)(68,203)(41,098)(109,313)
Contributions to consolidated joint venture interests50,692 50,692