XML 48 R29.htm IDEA: XBRL DOCUMENT v3.22.4
Corporate Indebtedness
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Corporate Indebtedness Mortgages and Other Loans Payable
The mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments as of December 31, 2022 and 2021, respectively, were as follows (dollars in thousands):
PropertyCurrent Maturity Date
Final Maturity Date (1)
Interest
Rate (2)
December 31, 2022December 31, 2021
Fixed Rate Debt:
719 Seventh AvenueSeptember 2023September 20234.70%$50,000 $— 
7 Dey / 185 Broadway (3)
November 2023November 20237.59%200,000 — 
420 Lexington AvenueOctober 2024October 20403.99%283,064 288,660 
100 Church StreetJune 2025June 20275.89%370,000 — 
Landmark SquareJanuary 2027January 20274.90%100,000 100,000 
485 Lexington AvenueFebruary 2027February 20274.25%450,000 450,000 
245 Park AvenueJune 2027June 20274.22%1,712,750 — 
100 Church Street— 200,212 
1080 Amsterdam— 34,537 
Total fixed rate debt$3,165,814 $1,073,409 
Floating Rate Debt:
7 Dey / 185 Broadway (3)
November 2023November 2023S+2.85%$10,148 $— 
690 Madison AvenueJuly 2024July 2025L+1.50%60,000 60,000 
719 Seventh Avenue— 50,000 
609 Fifth Avenue— 52,882 
7 Dey / 185 Broadway (3)
— 198,169 
Total floating rate debt$70,148 $361,051 
Total fixed rate and floating rate debt$3,235,962 $1,434,460 
Mortgages reclassed to liabilities related to assets held for sale— (34,537)
Total mortgages and other loans payable$3,235,962 $1,399,923 
Deferred financing costs, net of amortization(8,399)(5,537)
Total mortgages and other loans payable, net$3,227,563 $1,394,386 
(1)Reflects exercise of all available options. The ability to exercise extension options may be subject to certain tests based on the operating performance of the property.
(2)Interest rate as of December 31, 2022, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over the 30-day LIBOR ("L") or Term SOFR ("S"), unless otherwise specified.
(3)This loan is a $225.0 million construction facility, with reductions in interest cost based on meeting certain conditions, and has an initial three year term with two one year extension options. Both extension options were exercised in October 2021 and 2022, respectively. Advances under the loan are subject to incurred costs and funded equity requirements..
As of December 31, 2022 and 2021, the gross book value of the properties collateralizing the mortgages and other loans payable was approximately $3.8 billion and $2.1 billion, respectively.
Federal Home Loan Bank of New York ("FHLB") Facility
As of December 31, 2020, the Company’s wholly-owned subsidiary, Ticonderoga Insurance Company, or Ticonderoga, a Vermont licensed captive insurance company, was a member of the Federal Home Loan Bank of New York, or FHLBNY. As a member, Ticonderoga was able to borrow funds from the FHLBNY in the form of secured advances that bore interest at a floating rate. As a result of a Final Ruling from the Federal Housing Finance Authority, the regulator of the Federal Home Loan Bank system, all captive insurance company memberships were terminated as of February 2021. As such, all advances to Ticonderoga were repaid prior to such termination.
Master Repurchase Agreement
The Company entered into a Master Repurchase Agreement, or MRA, known as the 2017 MRA, which provided us with the ability to sell certain mortgage investments with a simultaneous agreement to repurchase the same at a certain date or on demand. In April 2018, we increased the maximum facility capacity from $300.0 million to $400.0 million. The facility bore interest on a floating rate basis at a spread to 30-day LIBOR based on the pledged collateral and advanced rate. The facility matured in June 2022 and was not extended.
Corporate Indebtedness
2021 Credit Facility
In December 2021, we entered into an amended and restated credit facility, referred to as the 2021 credit facility, that was previously amended by the Company in November 2017, or the 2017 credit facility, and was originally entered into by the Company in November 2012, or the 2012 credit facility. As of December 31, 2022, the 2021 credit facility consisted of a $1.25 billion revolving credit facility, a $1.05 billion term loan (or "Term Loan A"), and a $200.0 million term loan (or "Term Loan B") with maturity dates of May 15, 2026, May 15, 2027, and November 21, 2024, respectively. The revolving credit facility has two six-month as-of-right extension options to May 15, 2027. We also have an option, subject to customary conditions, to increase the capacity of the credit facility to $4.5 billion at any time prior to the maturity dates for the revolving credit facility and term loans without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions.
As of December 31, 2022, the 2021 credit facility bore interest at a spread over adjusted Term SOFR plus 10 basis points with an interest period of one or three months, as we may elect, ranging from (i) 72.5 basis points to 140 basis points for loans under the revolving credit facility, (ii) 80 basis points to 160 basis points for loans under Term Loan A, and (iii) 85 basis points to 165 basis points for loans under Term Loan B, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category.

As of December 31, 2022, the applicable spread over adjusted Term SOFR plus 10 basis points was 105 basis points for the revolving credit facility, 120 basis points for Term Loan A, and 125 basis points for Term Loan B. We are required to pay quarterly in arrears a 12.5 to 30 basis point facility fee on the total commitments under the revolving credit facility based on the credit rating assigned to the senior unsecured long-term indebtedness of the Company. As of December 31, 2022, the facility fee was 25 basis points.
As of December 31, 2022, we had $2.0 million of outstanding letters of credit, $450.0 million drawn under the revolving credit facility and $1.25 billion outstanding under the term loan facilities, with total undrawn capacity of $800.0 million under the 2021 credit facility. As of December 31, 2022 and December 31, 2021, the revolving credit facility had a carrying value of $443.2 million and $381.3 million, respectively, net of deferred financing costs. As of December 31, 2022 and December 31, 2021, the term loan facilities had a carrying value of $1.2 billion and $1.2 billion, respectively, net of deferred financing costs.
The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2021 credit facility.
The 2021 credit facility includes certain restrictions and covenants (see Restrictive Covenants below).
2022 Term Loan
In October 2022, we entered into a term loan agreement, referred to as the 2022 term loan. As of December 31, 2022, the 2022 term loan consisted of a $400.0 million term loan with a maturity date of October 6, 2023. The 2022 term loan has one six-month as-of-right extension option to April 6, 2024. We also have an option, subject to customary conditions, to increase the capacity of the 2022 term loan to $500.0 million on or before January 7, 2023 without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions. In January 2023, the 2022 term loan was increased by $25.0 million to $425.0 million.
As of December 31, 2022, the 2022 term loan bore interest at a spread over adjusted Term SOFR plus 10 basis points, ranging from 100 basis points to 180 basis points, in each case based on the credit rating assigned to the senior unsecured long-term indebtedness of the Company. In instances where there are either only two ratings available or where there are more than two and the difference between them is one rating category, the applicable rating shall be the highest rating. In instances where there are more than two ratings and the difference between the highest and the lowest is two or more rating categories, then the applicable rating used is the average of the highest two, rounded down if the average is not a recognized category. As of December 31, 2022, the applicable spread over adjusted Term SOFR plus 10 basis points was 140 basis points. As of December 31, 2022, the 2022 term loan had a carrying value of $398.2 million, net of deferred financing costs.
The Company and the Operating Partnership are borrowers jointly and severally obligated under the 2022 term loan.
The 2022 term loan includes certain restrictions and covenants (see Restrictive Covenants below).
Senior Unsecured Notes
The following table sets forth our senior unsecured notes and other related disclosures as of December 31, 2022 and 2021, respectively, by scheduled maturity date (dollars in thousands):
IssuanceDecember 31,
2022
Unpaid
Principal
Balance		December 31,
2022
Accreted
Balance		December 31,
2021
Accreted
Balance
Interest Rate (1)
Initial Term
(in Years)		Maturity Date
December 17, 2015 (2)
$100,000 $100,000 $100,000 4.27 %10December 2025
October 5, 2017 (3)
— — 499,913 3.25 %5October 2022
November 15, 2012— — 301,002 4.50 %10December 2022
$100,000 $100,000 $900,915 
Deferred financing costs, net(308)(1,607)
$100,000 $99,692 $899,308 
(1)Interest rate as of December 31, 2022, taking into account interest rate hedges in effect during the period.
(2)Issued by the Company and the Operating Partnership as co-obligors.
(3)Issued by the Operating Partnership with the Company as the guarantor.
Restrictive Covenants
The terms of the 2021 credit facility, 2022 term loan and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, our ability to pay dividends, make certain types of investments, incur additional indebtedness, incur liens and enter into negative pledge agreements and dispose of assets, and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value. The dividend restriction referred to above provides that, we will not during any time when a default is continuing, make distributions with respect to common stock or other equity interests, except to enable the Company to continue to qualify as a REIT for Federal income tax purposes. As of December 31, 2022 and 2021, we were in compliance with all such covenants.
Junior Subordinated Deferrable Interest Debentures
In June 2005, the Company and the Operating Partnership issued $100.0 million in unsecured trust preferred securities through a newly formed trust, SL Green Capital Trust I, or the Trust, which is a wholly-owned subsidiary of the Operating Partnership. The securities mature in 2035 and bear interest at a floating rate of 125 basis points over the three-month LIBOR. Interest payments may be deferred for a period of up to eight consecutive quarters if the Operating Partnership exercises its right to defer such payments. The Trust preferred securities are redeemable at the option of the Operating Partnership, in whole or in part, with no prepayment premium. We do not consolidate the Trust even though it is a variable interest entity as we are not the primary beneficiary. Because the Trust is not consolidated, we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense.
Principal Maturities
Combined aggregate principal maturities of mortgages and other loans payable, the 2021 credit facility, the 2022 term loan, trust preferred securities, senior unsecured notes and our share of joint venture debt as of December 31, 2022, including as-of-right extension options, were as follows (in thousands):
Scheduled
Amortization		PrincipalRevolving
Credit
Facility		Unsecured Term LoansTrust
Preferred
Securities		Senior
Unsecured
Notes		TotalJoint
Venture
Debt
2023$5,827 $260,148 $— $— $— $— $265,975 $1,155,465 
20244,488 332,749 — 600,000 — — 937,237 894,655 
2025— 370,000 — — — 100,000 470,000 1,466,750 
2026— — — — — — — 226,224 
2027— 2,262,750 450,000 1,000,000 — — 3,712,750 299,417 
Thereafter— — — 50,000 100,000 — 150,000 2,130,404 
$10,315 $3,225,647 $450,000 $1,650,000 $100,000 $100,000 $5,535,962 $6,172,915 
Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands):
Year Ended December 31,
202220212020
Interest expense before capitalized interest$166,493 $145,197 $185,934 
Interest on financing leases 4,555 5,448 8,091 
Interest capitalized(82,444)(78,365)(75,167)
Amortization of discount on assumed debt1,855 — — 
Interest income(986)(1,389)(2,179)
Interest expense, net$89,473 $70,891 $116,679