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SL GREEN REALTY CORP - Quarter Report: 2024 September (Form 10-Q)

Net (loss) income()() ()Net loss attributable to noncontrolling interests:Noncontrolling interests in the Operating Partnership    Noncontrolling interests in other partnerships    
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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,
 2024202320242023
Preferred units distributions()()()()
Net (loss) income attributable to SL Green()() ()
Perpetual preferred stock dividends()()()()
Net loss attributable to SL Green common stockholders$()$()$()$()
Basic loss per share$()$()$()$()
Diluted loss per share$()$()$()$()
Basic weighted average common shares outstanding    
Diluted weighted average common shares and common share equivalents outstanding     
The accompanying notes are an integral part of these consolidated financial statements.
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SL Green Realty Corp.
Consolidated Statements of Comprehensive Loss
(unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Net (loss) income$()$()$ $()
Other comprehensive (loss) income:
(Decrease) increase in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments() () 
(Decrease) increase in unrealized value of marketable securities()() ()
Other comprehensive (loss) income() () 
Comprehensive loss()()()()
Net (income) loss attributable to noncontrolling interests and preferred units distributions() () 
Other comprehensive loss (income) attributable to noncontrolling interests () ()
Comprehensive loss attributable to SL Green$()$()$()$()

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 Income (Loss)		Retained
Deficit		Noncontrolling
Interests		Total
Balance at June 30, 2024$  $ $ $()$ $()$ $ 
Net loss()()()
Other comprehensive loss()()
Perpetual preferred stock dividends()()
DRSPP proceeds    
Conversion of units in the Operating Partnership for common stock  
Reallocation of noncontrolling interest in the Operating Partnership()()
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings   
Cash distributions to noncontrolling interests()()
Cash distributions declared ($ per common share, none of which represented a return of capital for federal income tax purposes)
()()
Balance at September 30, 2024$  $ $ $()$()$()$ $ 
SL Green Realty Corp. Stockholders
Common Stock
Series I
Preferred
Stock		SharesPar
Value		Additional
Paid-
In-Capital		Treasury
Stock		Accumulated
Other
Comprehensive Income		Retained
Earnings		Noncontrolling
Interests		Total
Balance at June 30, 2023$  $ $ $()$ $ $ $ 
Net loss()()()
Other comprehensive income  
Perpetual preferred stock dividends()()
DRSPP proceeds   
Reallocation of noncontrolling interest in the Operating Partnership  
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings   
Contributions to consolidated joint venture interests  
Cash distributions to noncontrolling interests()()
Cash distributions declared ($ per common share, none of which represented a return of capital for federal income tax purposes)
()()
Balance at September 30, 2023$  $ $ $()$ $ $ $ 
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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
Deficit		Noncontrolling
Interests		Total
Balance at December 31, 2023$  $ $ $()$ $()$ $ 
Net income () 
Acquisition of subsidiary interest from noncontrolling interest ()()
Other comprehensive loss()()
Perpetual preferred stock dividends()()
DRSPP proceeds    
Conversion of units in the Operating Partnership for common stock  
Reallocation of noncontrolling interest in the Operating Partnership()()
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings    
Contributions to consolidated joint venture interests  
Consolidation of joint venture interest  
Cash distributions to noncontrolling interests()()
Cash distributions declared ($ per common share, none of which represented a return of capital for federal income tax purposes)
()()
Balance at September 30, 2024$  $ $ $()$()$()$ $ 
SL Green Realty Corp. Stockholders
Common Stock
Series I
Preferred
Stock		SharesPar
Value		Additional
Paid-
In-Capital		Treasury
Stock		Accumulated
Other
Comprehensive Income		Retained
Earnings		Noncontrolling
Interests		Total
Balance at December 31, 2022$  $ $ $()$ $ $ $ 
Net loss()()()
Other comprehensive income  
Perpetual preferred stock dividends()()
DRSPP proceeds   
Reallocation of noncontrolling interest in the Operating Partnership()()
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings   
Contributions to consolidated joint venture interests  
Cash distributions to noncontrolling interests()()
Gain on early extinguishment of debt() 
Deferred rents receivable()()
Non-cash lease expense  
Other non-cash adjustments   
Changes in operating assets and liabilities:
Tenant and other receivables()()
Related party receivables  
Deferred lease costs()()
Other assets()()
Accounts payable, accrued expenses, other liabilities and security deposits() 
Deferred revenue  
Lease liability - operating leases()()
Net cash provided by operating activities  
Investing Activities
Additions to land, buildings and improvements()()
Acquisition deposits and deferred purchase price() 
Investments in unconsolidated joint ventures()()
Distributions in excess of cumulative earnings from unconsolidated joint ventures  
Net proceeds from disposition of real estate/joint venture interest  
Investments in marketable securities() 
Investments in real estate loans held by consolidated securitization vehicles())()
Origination of debt and preferred equity investments()()
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SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)
Nine Months Ended September 30,
20242023
Repayments or redemption of debt and preferred equity investments  
Net cash (used in) provided by investing activities() 
Financing Activities
Proceeds from mortgages and other loans payable  
Repayments of mortgages and other loans payable()()
Proceeds from revolving credit facility, term loans and unsecured notes  
Repayments of revolving credit facility, term loans and unsecured notes()()
Proceeds from stock options exercised and DRSPP issuance  
Redemption of preferred stock ()
Redemption of OP units()()
Distributions to noncontrolling interests in other partnerships()()
Contributions from noncontrolling interests in other partnerships  
Distributions to noncontrolling interests in the Operating Partnership()()
Dividends paid on common and preferred stock()()
Other obligations related to secured borrowing  
Deferred loan costs()()
Net cash used in financing activities()()
Net decrease in cash, cash equivalents, and restricted cash()()
Cash, cash equivalents, and restricted cash at beginning of year  
Cash, cash equivalents, and restricted cash at end of period$ $ 
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Exchange of debt investment for real estate or equity in joint venture$ $ 
Fair value adjustment to noncontrolling interest in the Operating Partnership  
Investment in joint venture  
Deconsolidation of a subsidiary  
Consolidation of a subsidiary  
Consolidation of mortgage loan payable  
Acquisition of subsidiary interest from noncontrolling interest  
Contribution to consolidated joint venture interest  
Extinguishment of debt  
Debt and preferred equity investments  
Removal of fully depreciated commercial real estate properties  
Share repurchase or redemption payable   
Share issuance receivable9,462 — 
Consolidation of securitization vehicle assets  
Consolidation of securitization vehicle liabilities  
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SL Green Realty Corp.
Consolidated Statements of Cash Flows
(unaudited, in thousands, except per share data)
    The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.
Nine Months Ended September 30,
 20242023
Cash and cash equivalents$ $ 
Restricted cash  
Total cash, cash equivalents, and restricted cash$ $ 

The accompanying notes are an integral part of these consolidated financial statements.
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SL Green Operating Partnership, L.P.
Consolidated Balance Sheets
(unaudited, in thousands)

September 30, 2024December 31, 2023
Assets  
Commercial real estate properties, at cost:  
Land and land interests
$ $ 
Building and improvements
  
Building leasehold and improvements
  
  
Less: accumulated depreciation
()()
  
Cash and cash equivalents  
Restricted cash  
Investments in marketable securities  
Tenant and other receivables  
Related party receivables  
Deferred rents receivable  
Debt and preferred equity investments, net of discounts and deferred origination fees of $ and $ and allowances of $ and $ in 2024 and 2023, respectively
  
Investments in unconsolidated joint ventures  
Deferred costs, net  
Right-of-use assets - operating leases  
Real estate loans held by consolidated securitization vehicles (includes $ and $ at fair value as of September 30, 2024 and December 31, 2023, respectively)
  
Other assets  
Total assets (1)
$ $ 
Liabilities 
Mortgages and other loans payable, net$ $ 
Revolving credit facility, net  
Unsecured term loans, net  
Unsecured notes, net  
Accrued interest payable  
Senior obligations of consolidated securitization vehicles (includes $ and $ at fair value as of September 30, 2024 and December 31, 2023, respectively)
  
Other liabilities (includes $ and $ at fair value as of September 30, 2024 and December 31, 2023, respectively)
  
Accounts payable and accrued expenses  
Deferred revenue  
Lease liability - financing leases  
Lease liability - operating leases  
Dividend and distributions payable  
Security deposits  
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities  
Total liabilities (1)
  
Commitments and contingencies and limited partner common units outstanding at September 30, 2024 and December 31, 2023, respectively)  
Preferred units  
Capital   
SLGOP partners' capital:  
Series I Preferred Units, $ liquidation preference, issued and outstanding at both September 30, 2024 and December 31, 2023
  
SL Green partners' capital ( and general partner common units and and limited partner common units outstanding at September 30, 2024 and December 31, 2023, respectively)
  
Accumulated other comprehensive (loss) income() 
Total SLGOP partners' capital  
Noncontrolling interests in other partnerships  
Total capital  
Total liabilities and capital$ $ 
million and $ million of land, $ million and $ million of building and improvements, $ million and $ million of building and leasehold improvements, $ million and $ million of right of use assets, $ million and $ million of accumulated depreciation, $ million and $ million of real estate loans held by consolidated securitization vehicles, $ million and $ million of other assets included in other line items, $ million and $ million of real estate debt, net, $ million and $ million of accrued interest payable, $ million and $ million of lease liabilities, $ million and $ million of senior obligations of consolidated securitization vehicles and $ million and $ million of other liabilities included in other line items as of September 30, 2024 and December 31, 2023, respectively.


The accompanying notes are an integral part of these consolidated financial statements.
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SL Green Operating Partnership, L.P.
Consolidated Statements of Operations
(unaudited, in thousands, except per unit data)

Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Revenues
Rental revenue, net$ $ $ $ 
SUMMIT Operator revenue    
Investment income    
Interest income from real estate loans held by consolidated securitization vehicles    
Other income    
Total revenues    
Expenses
Operating expenses, including related party expenses of $ and $ in 2024, and $ and $ in 2023
    
Real estate taxes    
Operating lease rent    
SUMMIT Operator expenses    
Interest expense, net of interest income    
Amortization of deferred financing costs    
SUMMIT Operator tax (benefit) expense() () 
Interest expense on senior obligations of consolidated securitization vehicles    
Depreciation and amortization    
Loan loss and other investment reserves, net of recoveries    
Transaction related costs    
Marketing, general and administrative    
Total expenses    
Equity in net (loss) income from unconsolidated joint ventures()() ()
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate   ()
Purchase price and other fair value adjustments  ()()
Gain (loss) on sale of real estate, net   ()
Depreciable real estate reserves and impairment  ()()
Gain on early extinguishment of debt    
Net (loss) income()() ()
Net loss attributable to noncontrolling interests:
Noncontrolling interests in other partnerships    
Preferred units distributions()()()()
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SL Green Operating Partnership, L.P.
Consolidated Statements of Operations
(unaudited, in thousands, except per unit data)

Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Net (loss) income attributable to SLGOP()() ()
Perpetual preferred unit dividends()()()()
Net loss attributable to SLGOP common unitholders$()$()$()$()
Basic loss per unit$()$()$()$()
Diluted loss per unit$()$()$()$()
Basic weighted average common units outstanding    
Diluted weighted average common units and common unit equivalents outstanding    
The accompanying notes are an integral part of these consolidated financial statements.
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SL Green Operating Partnership, L.P.
Consolidated Statements of Comprehensive Loss
(unaudited, in thousands)

Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Net (loss) income$()$()$ $()
Other comprehensive (loss) income:
(Decrease) increase in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments() () 
(Decrease) increase in unrealized value of marketable securities()() ()
Other comprehensive (loss) income() () 
Comprehensive loss()()()()
Net loss attributable to noncontrolling interests    
Other comprehensive loss (income) attributable to noncontrolling interests () ()
Comprehensive loss attributable to SLGOP$()$()$()$()


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

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SL Green Operating Partnership, L.P.
Consolidated Statements of Capital
(unaudited, in thousands, except per unit data)

 SL Green Operating Partnership Unitholders  
  Partners' Interest   
Series I
Preferred
Units		Common
Units		Common
Unitholders		Accumulated
Other
Comprehensive Income (Loss)		Noncontrolling
Interests		Total
Balance at June 30, 2024$  $ $ $ $ 
Net loss()()()
Net income attributable to partnership units  
Other comprehensive loss()()
Perpetual preferred unit dividends()()
DRSPP proceeds   
Conversion of common units   
Reallocation of noncontrolling interest in the Operating Partnership()()
Deferred compensation plan and unit awards, net of forfeitures and tax withholdings   
Cash distributions to noncontrolling interests()()
Cash distributions declared ($ per common unit, none of which represented a return of capital for federal income tax purposes)
()()
Balance at September 30, 2024$  $ $()$ $ 
SL Green Operating Partnership Unitholders
Partners' Interest
Series I
Preferred
Units		Common
Units		Common
Unitholders		Accumulated
Other
Comprehensive Income		Noncontrolling
Interests		Total
Balance at June 30, 2023$  $ $ $ $ 
Net loss()()()
Other comprehensive income  
Perpetual preferred unit dividends()()
DRSPP proceeds   
Reallocation of noncontrolling interest in the Operating Partnership  
Deferred compensation plan and unit awards, net of forfeitures and tax withholdings   
Contributions to consolidated joint venture interests  
Cash distributions to noncontrolling interests()()
Cash distributions declared ($ per common unit, none of which represented a return of capital for federal income tax purposes)
()()
Balance at September 30, 2023$  $ $ $ $ 
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SL Green Operating Partnership, L.P.
Consolidated Statements of Capital
(unaudited, in thousands, except per unit data)
 SL Green Operating Partnership Unitholders  
  Partners' Interest   
Series I
Preferred
Units		Common
Units		Common
Unitholders		Accumulated Other Comprehensive Income (Loss)Noncontrolling
Interests		Total
Balance at December 31, 2023$  $ $ $ $ 
Net income () 
Net income attributable to partnership units  
Acquisition of subsidiary interest from noncontrolling interest ()()
Other comprehensive loss()()
Perpetual preferred unit dividends()()
DRSPP proceeds   
Conversion of common units   
Reallocation of noncontrolling interest in the Operating Partnership()()
Deferred compensation plan and unit awards, net of forfeitures and tax withholdings   
Contributions to consolidated joint venture interests  
Consolidation of joint venture interest  
Cash distributions to noncontrolling interests()()
Cash distributions declared ($ per common unit, none of which represented a return of capital for federal income tax purposes)
()()
Balance at September 30, 2024$  $ $()$ $ 
SL Green Operating Partnership Unitholders
Partners' Interest
Series I
Preferred
Units		Common
Units		Common
Unitholders		Accumulated
Other
Comprehensive Income		Noncontrolling
Interests		Total
Balance at December 31, 2022$  $ $ $ $ 
Net loss()()()
Other comprehensive income  
Perpetual preferred unit dividends()()
DRSPP proceeds   
Reallocation of noncontrolling interest in the Operating Partnership()()
Deferred compensation plan and unit awards, net of forfeitures and tax withholdings   
Contributions to consolidated joint venture interests  
Cash distributions to noncontrolling interests()()
Cash distributions declared ($ per common unit, none of which represented a return of capital for federal income tax purposes)
()()
Balance at September 30, 2023$  $ $ $ $ 


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

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SL Green Operating Partnership, L.P.
Consolidated Statements of Cash Flows
(unaudited, in thousands)

Nine Months Ended September 30,
 20242023
Operating Activities   
Net income (loss)$ $()
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization  
Equity in net (income) loss from unconsolidated joint ventures() 
Distributions of cumulative earnings from unconsolidated joint ventures  
Equity in net (gain) loss on sale of interest in unconsolidated joint venture interest/real estate() 
Purchase price and other fair value adjustments  
Depreciable real estate reserves and impairment  
(Gain) loss on sale of real estate, net() 
Loan loss reserves and other investment reserves, net of recoveries  
Gain on early extinguishment of debt() 
Deferred rents receivable()()
Non-cash lease expense  
Other non-cash adjustments   
Changes in operating assets and liabilities:
Tenant and other receivables()()
Related party receivables  
Deferred lease costs()()
Other assets()()
Accounts payable, accrued expenses, other liabilities and security deposits() 
Deferred revenue  
Lease liability - operating leases()()
Net cash provided by operating activities  
Investing Activities
Additions to land, buildings and improvements()()
Acquisition deposits and deferred purchase price() 
Investments in unconsolidated joint ventures()()
Distributions in excess of cumulative earnings from unconsolidated joint ventures  
Net proceeds from disposition of real estate/joint venture interest  
Investments in marketable securities() 
Investments in real estate loans held by consolidated securitization vehicles() 
Other investments()()
Origination of debt and preferred equity investments()()
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SL Green Operating Partnership, L.P.
Consolidated Statements of Cash Flows
(unaudited, in thousands)

Nine Months Ended September 30,
 20242023
Repayments or redemption of debt and preferred equity investments  
Net cash (used in) provided by investing activities() 
Financing Activities  
Proceeds from mortgages and other loans payable  
Repayments of mortgages and other loans payable()()
Proceeds from revolving credit facility, term loans and unsecured notes  
Repayments of revolving credit facility, term loans and unsecured notes()()
Proceeds from stock options exercised and DRSPP issuance  
Redemption of preferred units ()
Redemption of OP units()()
Distributions to noncontrolling interests in other partnerships()()
Contributions from noncontrolling interests in other partnerships  
Distributions paid on common and preferred units()()
Other obligations related to secured borrowing  
Deferred loan costs()()
Net cash used in financing activities()()
Net decrease in cash, cash equivalents, and restricted cash()()
Cash, cash equivalents, and restricted cash at beginning of year  
Cash, cash equivalents, and restricted cash at end of period$ $ 
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Exchange of debt investment for real estate or equity in joint venture$ $ 
Fair value adjustment to noncontrolling interest in the Operating Partnership  
Investment in joint venture  
Deconsolidation of a subsidiary  
Consolidation of a subsidiary  
Consolidation of mortgage loan payable  
Acquisition of subsidiary interest from noncontrolling interest  
Contribution to consolidated joint venture interest  
Extinguishment of debt  
Debt and preferred equity investments  
Removal of fully depreciated commercial real estate properties  
Share repurchase or redemption payable   
Share issuance receivable9,462 — 
Consolidation of securitization vehicle assets  
Consolidation of securitization vehicle liabilities  
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SL Green Operating Partnership, L.P.
Consolidated Statements of Cash Flows
(unaudited, in thousands)

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.
Nine Months Ended September 30,
 20242023
Cash and cash equivalents$ $ 
Restricted cash  
Total cash, cash equivalents, and restricted cash$ $ 
The accompanying notes are an integral part of these consolidated financial statements.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements
September 30, 2024
(unaudited)
1.
% of the economic interest in the management, leasing and construction companies which are referred to as S.L. Green Management Corp, or the Service Corporation. All of the management, leasing and construction services that are provided to the properties that are wholly-owned by us and that are provided to certain joint ventures are conducted through SL Green Management LLC and S.L. Green Management Corp., respectively, which are % owned by the Operating Partnership. The Company has qualified, and expects to qualify in the current fiscal year, as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, and operates as a self-administered, self-managed REIT. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to minimize the payment of Federal income taxes at the corporate level. Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including the Operating Partnership.
Substantially all of our assets are held by, and all of our operations are conducted through, the Operating Partnership. The Company is the sole managing general partner of the Operating Partnership. As of September 30, 2024, noncontrolling investors held, in the aggregate, a % limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership. The Operating Partnership is considered a variable interest entity, or VIE, in which we are the primary beneficiary. See Note 11, "Noncontrolling Interests on the Company's Consolidated Financial Statements."
       %Retail       %Development/Redevelopment (2)     N/A       %SuburbanOffice       %Total commercial properties       %Residential:ManhattanResidential (2)      %Total core portfolio       %
Alternative Strategy Portfolio (3)
       %
(1)The weighted average leased occupancy for commercial properties represents the total leased square footage divided by the total square footage at acquisition. The weighted average leased occupancy for residential properties represents the total leased units divided by the total available units. Properties under construction are not included in the calculation of weighted average leased occupancy.
(2)As of September 30, 2024, we owned a building at 7 Dey Street / 185 Broadway that was comprised of approximately square feet (unaudited) of residential space and approximately square feet (unaudited) of office and retail space that is under development. For the purpose of this report, we have included this building in the number of residential properties we own. However, we have included only the residential square footage in the residential approximate square footage, and have listed the balance of the square footage as development square footage.
(3)Represents non-core assets.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
office building and retail building owned by third parties encompassing approximately million square feet (unaudited), and held debt and preferred equity investments with a book value of $ million, excluding debt and preferred equity investments and other financing receivables totaling $ million that are included in balance sheet line items other than the Debt and preferred equity investments line item.
Partnership Agreement
In accordance with the partnership agreement of the Operating Partnership, or the Operating Partnership Agreement, we allocate all distributions and profits and losses in proportion to the percentage of ownership interests of the respective partners, subject to the priority distributions with respect to preferred units and special provisions that apply to Long Term Incentive Plan ("LTIP") Units. As the managing general partner of the Operating Partnership, we are required to take such reasonable efforts, as determined by us in our sole discretion, to cause the Operating Partnership to distribute sufficient amounts to enable the payment of sufficient dividends by us to minimize any Federal income or excise tax at the Company level. Under the Operating Partnership Agreement, each limited partner has the right to redeem units of limited partnership interests for cash, or if we so elect, shares of SL Green's common stock on a one-for- basis.
Basis of Quarterly Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company and the Operating Partnership at September 30, 2024 and the results of operations for the periods presented have been included. The operating results for the period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 of the Company and the Operating Partnership.
The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements as of that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
2.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
years to years. We amortize the amount allocated to the above- and below-market leases over the remaining term of the associated lease, which generally range from year to years, and record it as either an increase (in the case of below-market leases) or a decrease (in the case of above-market leases) to rental income. We amortize the amount allocated to the values associated with in-place leases over the expected term of the associated lease, which generally ranges from year to years. If a tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible will be written off. Origination costs are amortized as an expense over the remaining life of the lease and tenant improvements are amortized over the shorter of the remaining life of the lease or useful life of the improvement (or charged against earnings if the lease is terminated prior to its contractual expiration date). When allocating the purchase price of real estate, we assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. To the extent acquired leases contain fixed rate renewal options that are below-market and determined to be material, we amortize such below-market lease value into rental income over the renewal period.
The Company classifies those leases under which the Company is the lessee at lease commencement as finance or operating leases. Leases qualify as finance leases if the lease transfers ownership of the asset at the end of the lease term, the lease grants an option to purchase the asset that we are reasonably certain to exercise, the lease term is for a major part of the remaining economic life of the asset, or the present value of the lease payments equals or exceeds substantially all of the fair value of the underlying asset. Leases that do not qualify as finance leases are deemed to be operating leases. At lease commencement the Company records a lease liability which is measured as the present value of the lease payments and a right of use asset which is measured as the amount of the lease liability and any initial direct costs incurred. The Company applies a discount rate to determine the present value of the lease payments. If the rate implicit in the lease is known, the Company uses that rate. If the rate implicit in the lease is not known, the Company uses a discount rate reflective of the Company’s collateralized borrowing rate given the term of the lease. To determine the discount rate, the Company employs a third-party specialist to develop an analysis based primarily on the observable borrowing rates of the Company, other REITs, and other corporate borrowers with long-term borrowings. On the consolidated statements of operations, operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense. When applicable, the Company combines the consideration for lease and non-lease components in the calculation of the value of the lease obligation and right-of-use asset.
On a quarterly basis, or when events or changes in circumstances arise, we assess whether there are any indications that the value of our real estate consolidated properties may be impaired or that their carrying value may not be recoverable. A consolidated property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted) and terminal value to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the fair value of the property as calculated in accordance with Accounting Standards Codification, or ASC 820. We also evaluate our real estate consolidated properties for impairment when a property has been classified as held for sale. Real estate assets held for sale are valued at the lower of their carrying value or fair value less costs to sell and depreciation expense is no longer recorded.
In April 2024, the Company entered into an agreement to sell the property at 719 Seventh Avenue for $ million. As a result of the pending sale, the Company recorded a $ million charge to reduce the carrying value of its investment to the contracted purchase price for the three months ended March 31, 2024, which is included in Depreciable real estate reserves and impairments in the consolidated statements of operations. The transaction closed during the second quarter of 2024. See Note 4, "Properties Held for Sale and Property Dispositions."
During the nine months ended September 30, 2024, the Company recorded a $ million charge, reflective of $ million of capitalized interest, to reduce the carrying value of the residential condominium units at 760 Madison Avenue, based on the total of the sales contracts that the Company entered into for these units. This charge is included in Depreciable real estate reserves and impairments in the consolidated statements of operations. The transactions are expected to close in the fourth quarter of 2024.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
million) and ($ million), respectively, for the amortization of aggregate above-market leases in excess of below-market leases resulting from the allocation of the purchase price of the applicable properties. For the three months ended September 30, 2023, we recognized a reduction in rental revenue of ($ million) for the amortization of aggregate above-market leases in excess of below-market leases. For the nine months ended September 30, 2023, we recognized additional rental revenue of $ million for the amortization of aggregate below-market leases in excess of above-market leases.
 $ Accumulated amortization()()Net$ $ Identified intangible liabilities (included in deferred revenue):Gross amount$ $ Accumulated amortization()()Net$ $ 
Fair Value Measurements
See Note 16, "Fair Value Measurements."
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 $ 
(1)Includes $ million and $ million of assets and liabilities, respectively, for a loan that is on non-accrual and is accounted for on an amortized cost basis.
(2)Includes $ million of accrued interest income.
(3)The Company is in discussions with the respective borrowers on the resolution of the past maturities.
(4)Includes $ million of accrued interest expense.
We have elected to record the associated interest income and interest expense for these investments as separate line items on our consolidated statements of operations. The amounts recorded in Interest income from real estate loans held by consolidated securitization vehicles on our consolidated statements of operations include the Company's interest income as well as the interest income associated with CMBS positions owned by third parties, which is offset by the amounts recorded in Interest expense on senior obligations of consolidated securitization vehicles on our consolidated statements of operations. As a result, the net impact is limited to the interest income on the CMBS securities we own directly and not the gross consolidated interest income and interest expense.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition is resumed on any debt or preferred equity investment that is on non-accrual status when such debt or preferred equity investment becomes contractually current and performance is demonstrated to be resumed.
We may syndicate a portion of the loans that we originate or sell the loans individually. When a transaction meets the criteria for sale accounting, we recognize gain or loss based on the difference between the sales price and the carrying value of the loan sold. Any related unamortized deferred origination fees, original issue discounts, loan origination costs, discounts or premiums at the time of sale are recognized as an adjustment to the gain or loss on sale, which is included in investment income on the consolidated statement of operations. Any fees received at the time of sale or syndication are recognized as part of investment income.
Asset management fees are recognized on a straight-line basis over the term of the asset management agreement.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 million and $ million, respectively, and is included in Deferred revenue on the consolidated balance sheets.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 million and $ million, respectively, for these entities. During the three and nine months ended September 30, 2023, we recorded Federal, state and local tax provisions totaling $ million and $ million, respectively, for these entities.
SUMMIT is held in a TRS and pays Federal, state and local taxes. During the three and nine months ended September 30, 2024, we recorded Federal, state and local tax benefits for SUMMIT of $ million and $ million, respectively. During the three and nine months ended September 30, 2023, we recorded Federal, state and local tax expense for SUMMIT of $ million and $ million, respectively.
We follow a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that is more-likely-than-not to be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited.
The properties in our real estate portfolio are located in the New York metropolitan area, principally in Manhattan. Our tenants operate in various industries. Other than tenant, Paramount Global (formerly ViacomCBS Inc.), which accounted for % of our share of annualized cash rent as of September 30, 2024, no other tenant in our portfolio accounted for more than % of our share of annualized cash rent, including our share of joint venture annualized cash rent, for the three months ended September 30, 2024.
%11 Madison Avenue%420 Lexington Ave%1515 Broadway%245 Park Avenue%1185 Avenue of the Americas%280 Park Avenue%
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
34
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
3.
acquire any properties from a third party.
Property Consolidations
$ 
(1)In March 2024, the Company entered into an agreement to acquire its partner's % interest in the joint venture for cash consideration of $ million, which is net of all outstanding debt obligations at contract signing. As a result of the contract terms, it was concluded that the joint venture is a VIE in which the Company is the primary beneficiary, and the investment was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value which resulted in the recognition of a fair value adjustment of ($ million), which is included in Purchase price and other fair value adjustments in the consolidated statements of operations. Prior to March 2024, the investment was accounted for under the equity method. See Note 16, "Fair Value Measurements."
4.
 $ $()Palisades Premier Conference CenterJuly 2024Fee Interest  $ 
(1)Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.
(2)The loss on sale is net of $ million of employee compensation accrued in connection with the realization of the investment disposition. The amounts do not include adjustments for expenses recorded in subsequent periods.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
5.
 $ 
Debt investment originations/fundings/accretion (2)
  
Preferred equity investment originations/accretion (2) (3)
  Redemptions/sales/syndications/equity ownership/amortization()()Net change in loan loss reserves ()
Balance at end of period (1) (4)
$ $ 
(1)Net of unamortized fees, discounts, and premiums.
(2)Accretion includes amortization of fees and discounts and paid-in-kind investment income.
(3)Excludes a $ million preferred equity investment that is included in Investment in unconsolidated joint ventures in our consolidated balance sheet. See Note 6, "Investments in Unconsolidated Joint Ventures."
(4)Includes investments with a total carrying value of $ million that are included in the Company's alternative strategy portfolio.
 $ 
S + % - %
$ $ 
% - %
$ (3)$ 2024 - 2029
Preferred Equity (4)
    %  2027Balance at end of period$ $ $ $ $ $ 
(1)Floating interest rates are presented with the stated spread over Term SOFR ("S").
(2)Excludes available extension options to the extent they have not been exercised as of the date of this filing.
(3)Includes investments with a total carrying value of $ million that are included in the Company's alternative strategy portfolio.
(4)Excludes a $ million preferred equity investment that is included in Investment in unconsolidated joint ventures in our consolidated balance sheet. See Note 6, "Investments in Unconsolidated Joint Ventures."
 $ Current period provision for loan loss  
Balance at end of period (1)
$ $ 
(1)As of September 30, 2024, all debt and preferred equity investments on non-accrual had an allowance for loan loss except for debt investment with a carrying value of $ million, which is included in the Company's alternative strategy portfolio.

As of September 30, 2024, investments that are in the Company's alternative strategy portfolio and have a total carrying value, net of reserves, of $ million were not performing in accordance with their respective terms. As of December 31, 2023, the same investments with a total carrying value, net of reserves, of $ million were not performing in accordance with their respective terms. This is further discussed in the Debt Investments and Preferred Equity Investments tables below.
other financing receivables were 90 days past due as of September 30, 2024 and December 31, 2023.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 $ 
2 - Watch List Assets - Higher potential for loss (1)
  3 - High Risk Assets - Loss more likely than not  $ $ 
(1)Includes investments with a total carrying value of $ million that are included in the Company's alternative strategy portfolio.
The following table sets forth the carrying value of our consolidated debt and preferred equity investment portfolio by year of origination and risk rating as of September 30, 2024 (dollars in thousands):
As of September 30, 2024
Risk Rating
2024 (1)
2023 (1)
2022 (1)
Prior (1)
Total
1 - Low Risk Assets - Low probability of loss
$ $ $ $ $ 
2 - Watch List Assets - Higher potential for loss
    (2) 
3 - High Risk Assets - Loss more likely than not
     
$ $ $ $ $ 
(1)Year in which the investment was originated or acquired by us or in which a material modification occurred.
(2)Includes investments with a total carrying value of $ million that are included in the Company's alternative strategy portfolio.
We have determined that we have portfolio segment of financing receivables as of September 30, 2024 and December 31, 2023 comprised of commercial real estate which is primarily recorded in debt and preferred equity investments.
Included in Other assets is an additional amount of financing receivables representing loans to joint venture partners totaling $ million and $ million as of September 30, 2024 and December 31, 2023, respectively. The Company recorded provisions for loan losses related to these financing receivables for the nine months ended September 30, 2024 and 2023. All of these loans have a risk rating of 2 and were performing in accordance with their respective terms.
Debt Investments
    % as of September 30, 2024 (dollars in thousands):
 $ $ $ October 2024Mezzanine Loan    January 2025Mezzanine Loan    December 2029Total fixed rate$ $ $ $  Floating Rate Investments:
Mezzanine Loan (5) (6)
$ $ $ $ April 2023Mezzanine Loan    January 2025Mezzanine Loan    January 2026Mezzanine Loan    May 2024Total floating rate$ $ $ $  Allowance for loan loss $— $— $()$()Total$ $ $ $ 
(1)Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees.
(2)Represents contractual maturity, excluding any extension options to the extent they have not been exercised as of the date of this filing.
(3)Carrying value is net of a $ million participation that was sold and did not meet the conditions for sale accounting. That participation is included in Other assets and Other liabilities on the consolidated balance sheets as a result.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
investment income has been recognized subsequent to it being put on non-accrual. In the first quarter of 2023, the Company fully reserved the balance of the investment. Additionally, we determined the borrower entity to be a VIE, in which we are not the primary beneficiary.
(5)This loan went into default and was put on non-accrual in January 2023 and remains on non-accrual as of September 30, 2024. investment income has been recognized subsequent to it being put on non-accrual. The Company is in discussions with the borrower with respect to the loan.
(6)Included in the Company's alternative strategy portfolio.
Preferred Equity Investments
% as of September 30, 2024 (dollars in thousands), excluding a $ million preferred equity investment that is included in Investment in unconsolidated joint ventures in our consolidated balance sheet:
TypeSeptember 30, 2024
Future Funding
Obligations		September 30, 2024 Senior
Financing
September 30, 2024
Carrying Value (1)
December 31, 2023
Carrying Value (1)
Mandatory Redemption (2)
Preferred Equity$ $ $ $ February 2027
Allowance for loan loss $— $— $ $ 
Total$ $ $ $ 
(1)Carrying value is net of deferred origination fees.
(2)Represents contractual redemption, excluding any unexercised extension options.
6.
billion, net of investments with negative book values totaling $ million for which we have an implicit commitment to fund future capital needs.
As of September 30, 2024, 800 Third Avenue and our preferred equity investment in 625 Madison Avenue are VIEs in which we are not the primary beneficiary. As of December 31, 2023, 800 Third Avenue and 625 Madison Avenue were VIEs in which we are not the primary beneficiary. Our net equity investment in these VIEs was $ million and $ million as of September 30, 2024 and December 31, 2023, respectively. Our maximum loss is limited to the amount of our equity investment in these VIEs. See the "Principles of Consolidation" section of Note 2, "Significant Accounting Policies." All other investments below are voting interest entities. As we do not control, but have significant influence over the joint ventures listed below, we account for them under the equity method of accounting.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
%% 800 Third AvenuePrivate Investors%% 919 Third AvenueNew York State Teacher's Retirement System%% 
11 West 34th Street (2)
Private Investor / Wharton Properties%% 280 Park AvenueVornado Realty Trust%% 
1552-1560 Broadway (2) (3)
Wharton Properties%% 
650 Fifth Avenue (2) (4)
Wharton Properties%% 11 Madison AvenuePGIM Real Estate%% One Vanderbilt AvenueNational Pension Service of Korea / Hines Interest LP%% 
Worldwide Plaza (2)
RXR Realty / New York REIT%% 1515 BroadwayAllianz Real Estate of America%% 
2 Herald Square (2) (5)
Israeli Institutional Investor%% 
115 Spring Street (2)
Private Investor%% 
15 Beekman (6)
A fund managed by Meritz Alternative Investment Management%% 85 Fifth AvenueWells Fargo%% 
One Madison Avenue (7)
National Pension Service of Korea / Hines Interest LP / International Investor%% 220 East 42nd StreetA fund managed by Meritz Alternative Investment Management%% 
450 Park Avenue (8)
Korean Institutional Investor / Israeli Institutional Investor
%% 
5 Times Square (2)
RXR Realty led investment group%% 245 Park AvenueU.S. Affiliate of Mori Trust Co., Ltd%% 
625 Madison Avenue (9)
Private Investor%% 
(1)Ownership interest and economic interest represent the Company's interests in the joint venture as of September 30, 2024. Changes in ownership or economic interests within the current year are disclosed in the notes below.
(2)Included in the Company's alternative strategy portfolio.
(3)The joint venture owns a long-term leasehold interest in the retail space and certain other spaces at 1560 Broadway, which is adjacent to 1552 Broadway.
(4)The joint venture owns a long-term leasehold interest in the retail space at 650 Fifth Avenue.
(5)In January 2024, the Company closed on the acquisition of interests in the joint venture that owns the leasehold interest for consideration, which increases the Company's interest in the joint venture to %.
(6)In 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company.
(7)In 2021, the Company admitted an additional partner to the development project with the partner's indirect ownership in the joint venture totaling %. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes and is included in Other liabilities in our consolidated balance sheets at September 30, 2024 and December 31, 2023.
(8)The % ownership interest reflected in this table is comprised of our % economic interest and a % economic interest held by a third-party. The third-party's economic interest is held within a joint venture that we consolidate and recognize in Noncontrolling interests in other partnerships on our consolidated balance sheet. An additional third-party owns the remaining % economic interest in the property.
(9)In connection with the sale of the fee ownership interest, the Company, together with its joint venture partner, originated a $ million preferred equity investment in the property with a mandatory redemption date of December 2026. The Company's share, net of unamortized discounts, is $ million with an aggregate weighted average current yield of % as of September 30, 2024.
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Table of Contents
SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
%January 2024$ $ 
625 Madison Avenue (3)
%May 2024 ()
(1)Represents the Company's share of the gain.
(2)For the nine months ended September 30, 2024, the gain (loss) on sale is net of $ million of employee compensation recognized in connection with the realization of the investment dispositions. Additionally, amounts do not include adjustments for expenses recorded in subsequent periods.
(3)In connection with the sale of the fee ownership interest, the Company, together with its joint venture partner, originated a $ million preferred equity investment in the property with a mandatory redemption date of December 2026. The Company's share, net of unamortized discounts, is $ million with an aggregate weighted average current yield of % as of September 30, 2024. Prior to the completion of the sale, the Company recorded a charge of $ million for capital contributions required during the three months ended March 31, 2024 while the investment was under contract, which is included in Depreciable real estate reserves and impairments in the consolidated statements of operations.

Joint Venture Mortgages and Other Loans Payable
We generally finance our joint ventures with non-recourse debt. In certain cases, we may provide guarantees or master leases, which terminate upon the satisfaction of specified circumstances or repayment of the underlying loans.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 %February 2025July 2025%$ $ $ $ 1515 Broadway %March 2025March 2025%    
115 Spring Street (4)
 %March 2025March 2025%    450 Park Avenue %June 2025June 2027%    11 Madison Avenue %September 2025September 2025%    
One Madison Avenue (5)
 %November 2025November 2026%    15 Beekman %January 2026January 2028%    800 Third Avenue %February 2026February 2026%    919 Third Avenue %April 2026April 2028%    280 Park Avenue %September 2026September 2028%    245 Park Avenue %June 2027June 2027%    
Worldwide Plaza (4)
 %November 2027November 2027%    220 East 42nd Street %December 2027December 2027%    One Vanderbilt Avenue %July 2031July 2031%    
5 Times Square (4)
    625 Madison Avenue    10 East 53rd Street    717 Fifth Avenue    Total fixed rate debt $ $ $ $ Floating Rate Debt:
11 West 34th Street (4)
 %
February 2023 (6)
February 2023 (6)
L+%$ $ $ $ 
1552 Broadway (4)
 %
February 2024 (7)
February 2024 (7)
S+%    
650 Fifth Avenue (4)
 %February 2025July 2025S+%    
5 Times Square (4)
 %
September 2024 (8)
September 2026 (8)
S+%    100 Park Avenue %December 2024December 2025S+%    
One Madison Avenue (5)
 %November 2025November 2026S+%    280 Park Avenue    2 Herald Square    15 Beekman    Total floating rate debt$ $ $ $ Total joint venture mortgages and other loans payable$ $ $ $ Deferred financing costs, net()()()()Total joint venture mortgages and other loans payable, net$ $ $ $ 
(1)Economic interest represents the Company's interests in the joint venture as of September 30, 2024. Changes in ownership or economic interests, if any, within the current year are disclosed in the notes to the investment in unconsolidated joint ventures table above.
(2)Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain conditions, including the operating performance of the property.
(3)Interest rates as of September 30, 2024, taking into account interest rate hedges at the joint venture. Corporate interest rate hedges are not taken into consideration. Floating rate debt is presented with the stated spread over Term SOFR ("S").
(4)Included in the Company's alternative strategy portfolio.
(5)The loan is a $ billion construction facility with an initial term of with , extension option. Advances under the loan are subject to costs incurred. In conjunction with the loan, the Company provided partial guarantees for interest and principal payments, the amounts of which are based on certain construction milestones and operating metrics.
(6)The Company's joint venture partner is in discussions with the lender on resolution of the past maturity.
(7)The Company is in discussions with the lender on resolution of the past maturity.
(8)The joint venture has agreed to cooperate with the lender on the past due maturity.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)

million and $ million from these services, net of our ownership share of the joint ventures, for the three and nine months ended September 30, 2024, respectively. We earned $ million and $ million from these services, net of our ownership share of the joint ventures, for the three and nine months ended September 30, 2023, respectively. In addition, we have the ability to earn incentive fees based on the ultimate financial performance of certain of the joint venture properties. $ Cash and restricted cash  Tenant and other receivables and deferred rents receivable  Debt and preferred equity investments, net  Right-of-use assets  Other assets  Total assets$ $ 
Liabilities and equity (1)
Mortgages and other loans payable, net$ $ Deferred revenue  Lease liabilities  Other liabilities  Equity  Total liabilities and equity$ $ Company's investments in unconsolidated joint ventures$ $ 
(1)At September 30, 2024, $ million of net unamortized basis differences between the carrying value of our investments and our share of equity in net assets of the underlying property will be amortized through equity in net income (loss) from unconsolidated joint ventures over the remaining life of the underlying items having given rise to the differences.
 $ $ $ Operating expenses    Real estate taxes    Operating lease rent    Interest expense, net of interest income    Amortization of deferred financing costs    Depreciation and amortization    Total expenses    Gain on early extinguishment of debt    Net (loss) income before gain (loss) on sale$()$()$ $()Company's equity in net (loss) income from unconsolidated joint ventures$()$()$ $()
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
7.
 $ 
Less: accumulated amortization
()()Deferred costs, net$ $ 
8.
%$ $ 10 East 53rd StreetMay 2025May 2028%  100 Church StreetJune 2025June 2027%  7 Dey / 185 BroadwayNovember 2025November 2026%  Landmark SquareJanuary 2027January 2027%  485 Lexington AvenueFebruary 2027February 2027%  Total fixed rate debt$ $ Floating Rate Debt:
690 Madison Avenue (4)
July 2025July 2025S+%$ $ 719 Seventh Avenue  Total floating rate debt$ $ Total mortgages and other loans payable$ $ Deferred financing costs, net of amortization()()Total mortgages and other loans payable, net$ $ 
(1)Reflects exercise of all available extension options. The ability to exercise extension options may be subject to certain conditions, including the operating performance of the property.
(2)Interest rate as of September 30, 2024, taking into account interest rate hedges in effect during the period. Floating rate debt is presented with the stated spread over Term SOFR ("S"), unless otherwise specified.
(3)In October 2024, the loan was extended through October 2040.
(4)Included in the Company's alternative strategy portfolio.
As of September 30, 2024 and December 31, 2023, the gross book value of the properties collateralizing the mortgages and other loans payable was approximately $ billion and $ billion, respectively.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
9.
billion revolving credit facility, a $ billion term loan (or "Term Loan A"), and a $ 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 , 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 $ 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 September 30, 2024, the 2021 credit facility bore interest at a spread over adjusted Term SOFR plus basis points with an interest period of one or three months, as we may elect, ranging from (i) basis points to basis points for loans under the revolving credit facility, (ii) basis points to basis points for loans under Term Loan A, and (iii) basis points to 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 September 30, 2024, the applicable spread over adjusted Term SOFR plus basis points for the 2021 credit facility was basis points for the revolving credit facility, basis points for Term Loan A, and basis points for Term Loan B. We are required to pay quarterly in arrears a to 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 September 30, 2024, the facility fee was basis points.
As of September 30, 2024, we had $ million of outstanding letters of credit, $ million drawn under the revolving credit facility and $ billion of outstanding term loans, with total undrawn capacity of $ million under the 2021 credit facility. As of September 30, 2024 and December 31, 2023, the revolving credit facility had a carrying value of $ million and $ million, respectively, net of deferred financing costs. As of September 30, 2024 and December 31, 2023, the term loans had a carrying value of $ billion and $ 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).
Senior Unsecured Notes
 $ $  %December 2025$ $ $ Deferred financing costs, net— ()()$ $ $ 
(1)Interest rate as of September 30, 2024.
(2)Issued by the Company and the Operating Partnership as co-obligors in a private placement.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
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 basis points over the three-month Term SOFR. Interest payments may be deferred for a period of up to 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
 $ $ $ $ $ $ $ 2025        2026        2027        2028        Thereafter        $ $ $ $ $ $ $ $  $ $ $ Interest on financing leases    Capitalized interest()()()()Amortization of discount on assumed debt    Interest income()()()()Interest expense, net$ $ $ $ 
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
10.
% and %, respectively, on account of the property and % and %, respectively, on account of SUMMIT One Vanderbilt. The entities had no right to any return of capital. Accordingly, subject to previously disclosed repurchase rights, these interests had no value and these entities were not entitled to any amounts (other than limited distributions to cover tax liabilities incurred) unless and until the Company received distributions from the One Vanderbilt project in excess of the Company's aggregate investment in the project. The entities owned and controlled by Messrs. Holliday and Mathias paid $ million and $ million, respectively, which equaled the fair market value of the interests acquired as of the date the investment agreements were entered into as determined by an independent third party appraisal that we obtained.
Messrs. Holliday and Mathias have the right to tender their interests in the project upon stabilization (% within after stabilization and % or more after stabilization). In addition, the agreement calls for us to repurchase these interests in the event of a sale of One Vanderbilt or a transactional change of control of the Company. We also have the right to repurchase these interests on the seven-year anniversary of the stabilization of the project or upon the occurrence of certain separation events prior to the stabilization of the project relating to each of Messrs. Holliday’s and Mathias’s continued service with us. The price paid upon a tender of the interests will equal the liquidation value of the interests at the time, with the value being based on the project's sale price, if applicable, or fair market value as determined by an independent third party appraiser. In 2022, stabilization of the property (excluding SUMMIT One Vanderbilt) was achieved. Therefore, Messrs. Holiday and Mathias exercised their rights to tender % of their interests in the property (excluding SUMMIT One Vanderbilt) in July 2022. In 2023, stabilization of SUMMIT One Vanderbilt was achieved.
One Vanderbilt Avenue Leases
In November 2018, we entered into a lease agreement with the One Vanderbilt Avenue joint venture covering certain floors at the property. In March 2021, the lease commenced and we relocated our corporate headquarters to the leased space. For the three and nine months ended September 30, 2024, we recorded $ million and $ million, respectively, of rent expense under the lease. For the three and nine months ended September 30, 2023, we recorded $ million and $ million, respectively, of rent expense under the lease.
Additionally, in June 2021, we, through a consolidated subsidiary, entered into a lease agreement with the One Vanderbilt Avenue joint venture for SUMMIT One Vanderbilt, which commenced operations in October 2021. For the three and nine months ended September 30, 2024, we recorded $ million and $ million, respectively, of rent expense under the lease, including percentage rent, of which $ million and $ million, respectively, was recognized as income as a component of Equity in net income (loss) from unconsolidated joint ventures in our consolidated statements of operations. For the three and nine months ended September 30, 2023, we recorded $ million and $ million, respectively, of rent expense under the lease, including percentage rent, of which $ million and $ million, respectively, was recognized as income as a component of Equity in net income (loss) from unconsolidated joint ventures in our consolidated statements of operations.
719 Seventh Avenue
In April 2024, the Company entered into an arrangement to sell the property at 719 Seventh Avenue for $ million to a special purpose entity ("SPE"), of which our former President and current director, Andrew Mathias, is a partner. No amounts from the transaction will be payable to Mr. Mathias. Mr. Mathias is initially expected to own up to % of the equity of the SPE representing an investment by Mr. Mathias of up to approximately $ million in the acquisition of the property. The transaction closed during the second quarter of 2024. See Note 4, "Properties Held for Sale and Property Dispositions."
760 Madison Avenue Condominium Unit
In July 2024, the Company entered into an agreement to sell one of the condominium units located at 760 Madison Avenue to an entity owned by a trust of which the beneficiaries are the family members of our Chairman, CEO and Interim President, Marc Holliday, for $ million. The transaction is expected to close in the fourth quarter of 2024.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 $ Other  Related party receivables$ $ 
11.
%, or units, and %, or units, of the Operating Partnership, respectively. As of September 30, 2024, shares of our common stock were reserved for issuance upon the redemption of units of limited partnership interest of the Operating Partnership.
Noncontrolling interests in the Operating Partnership is recorded at the greater of its cost basis or fair market value based on the closing stock price of our common stock at the end of the reporting period.
 $ Distributions()()Issuance of common units  Redemption and conversion of common units()()Net income (loss)()()Accumulated other comprehensive income (loss) allocation()()Fair value adjustment  Balance at end of period$ $ 
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 %   $ $ $ August 2015Series F %      January 2007Series K %      August 2014Series L %      August 2014Series R %      August 2015Series S %      August 2015
Series V (5)
 %      May 2019
Series W (6)
(6)   (6)(6)(6)January 2020
(1)Dividends are cumulative, subject to certain provisions.
(2)Units are redeemable at any time at par for cash at the option of the unit holder unless otherwise specified.
(3)If applicable, units are convertible into a number of common units of limited partnership interest in the Operating Partnership equal to (i) the liquidation preference plus accumulated and unpaid distributions on the conversion date divided by (ii) the amount shown in the table.
(4)Issued through a consolidated subsidiary. The units are redeemable at any time after December 13, 2024 at par for cash at the option of the unit holder.
(5)The Series V Preferred Units are redeemable at any time after January 1, 2025 at par for cash at the option of the unit holder.
(6)The Series W preferred unit was issued in January 2020 in exchange for the then-outstanding Series O preferred unit. The holder of the Series W preferred unit is entitled to quarterly dividends in an amount calculated as (i) multiplied by (ii) the current distribution per common unit of limited partnership in SL Green Operating Partnership. The holder has the right to require the Operating Partnership to repurchase the Series W unit for cash, or convert the Series W unit for Class B units, in each case at a price that is determined based on the closing price of the Company's common stock at the time such right is exercised. The unit's liquidation preference is the fair market value of the unit plus accrued distributions at the time of a liquidation event.

Below is a summary of the activity relating to the preferred units in the Operating Partnership for the nine months ended September 30, 2024 and the twelve months ended December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
Balance at beginning of period$ $ 
Issuance of preferred units  
Redemption of preferred units ()
Dividends paid on preferred units()()
Accrued dividends on preferred units  
Balance at end of period$ $ 
12.
shares, $ par value per share, consisting of shares of common stock, $ par value per share, shares of excess stock, at $ par value per share, and shares of preferred stock, par value $ per share. As of September 30, 2024, shares of common stock and shares of excess stock were issued and outstanding.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 billion share repurchase program under which we can buy shares of our common stock.
As of September 30, 2024, shares have been repurchased under the program, excluding the redemption of OP units. We did repurchase any shares under the program during the nine months ended September 30, 2024.
Perpetual Preferred Stock
We have shares of our % Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $ per share. The Series I Preferred stockholders receive annual dividends of $ per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at any time, in whole or from time to time in part, at par for cash. In August 2012, we received $ million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for units of % Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units.
Dividend Reinvestment and Stock Purchase Plan ("DRSPP")
In February 2024, the Company filed a new registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001.
    Dividend reinvestments/stock purchases under the DRSPP$ $ $ $ 
Earnings per Share
We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
)$()$()$()Less: distributed earnings allocated to participating securities()()()()Net loss attributable to SL Green common stockholders (numerator for basic earnings per share)$()$()$()$()Add back: dilutive effect of earnings allocated to participating securities and contingently issuable shares    Add back: effect of dilutive securities (redemption of units to common shares) () ()Net loss attributable to SL Green common stockholders (numerator for diluted earnings per share)$()$()$()$()
Three Months Ended September 30,Nine Months Ended September 30,
Denominator2024202320242023
Basic Shares:
Weighted average common stock outstanding    
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares    
Diluted weighted average common stock outstanding    
The Company has excluded and common stock equivalents from the calculation of diluted shares outstanding for the three and nine months ended September 30, 2024, respectively, as they were anti-dilutive. The Company has excluded and common stock equivalents from the calculation of diluted shares outstanding for the three and nine months ended September 30, 2023, respectively, as they were anti-dilutive.
13.
general and limited partnership interests in the Operating Partnership and Series I Preferred Units. Partnership interests in the Operating Partnership are denominated as “common units of limited partnership interest” (also referred to as “OP Units”) or “preferred units of limited partnership interest” (also referred to as “Preferred Units”). All references to OP Units and Preferred Units outstanding exclude such units held by the Company. A holder of an OP Unit may present such OP Unit to the Operating Partnership for redemption at any time (subject to restrictions agreed upon at the issuance of OP Units to particular holders that may restrict such right for a period of time, generally from issuance). Upon presentation of an OP Unit for redemption, the Operating Partnership must redeem such OP Unit in exchange for the cash equal to the then value of a share of common stock of the Company, except that the Company may, at its election, in lieu of cash redemption, acquire such OP Unit for share of common stock. Because the number of shares of common stock outstanding at all times equals the number of OP Units that the Company owns, share of common stock is generally the economic equivalent of OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of common stock. Each series of Preferred Units makes a distribution that is set in accordance with an amendment to the partnership agreement of the Operating Partnership. Preferred Units may also be convertible into OP Units at the election of the holder thereof or the Company, subject to the terms of such Preferred Units.
Net income (loss) allocated to the preferred unitholders and common unitholders reflects their pro rata share of net income (loss) and distributions.
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Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
%, or common units, of the Operating Partnership.
Preferred Units
Preferred units not owned by SL Green are further described in Note 11, “Noncontrolling Interests on the Company’s Consolidated Financial Statements - Preferred Units of Limited Partnership Interest in the Operating Partnership.”
Earnings per Unit
)$()$()$()Less: distributed earnings allocated to participating securities()()()()Net loss attributable to SLGOP common unitholders (numerator for basic earnings per unit)$()$()$()$()Net loss attributable to SLGOP common unitholders (numerator for diluted earnings per unit)$()$()$()$()

Three Months Ended September 30,Nine Months Ended September 30,
Denominator2024202320242023
Basic units:
Weighted average common units outstanding    
Diluted weighted average common units outstanding    
The Operating Partnership has excluded and common unit equivalents from the diluted units outstanding for the three and nine months ended September 30, 2024, respectively, as they were anti-dilutive. The Operating Partnership has excluded and common unit equivalents from the diluted units outstanding for the three and nine months ended September 30, 2023, respectively, as they were anti-dilutive.
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Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
14.
fungible units may be granted under the 2005 Plan. Currently, different types of awards count against the limit on the number of fungible units differently, with (1) full-value awards (i.e., those that deliver the full value of the award upon vesting, such as restricted stock) counting as Fungible Units per share subject to such awards, (2) stock options, stock appreciation rights and other awards that do not deliver full value and expire from the date of grant counting as fungible units per share subject to such awards, and (3) all other awards (e.g., -year stock options) counting as fungible units per share subject to such awards. Awards granted under the 2005 Plan prior to the approval of the fifth amendment and restatement in June 2022 continue to count against the fungible unit limit based on the ratios that were in effect at the time such awards were granted, which may be different than the current ratios. As a result, depending on the types of awards issued, the 2005 Plan may result in the issuance of more or less than shares. If a stock option or other award granted under the 2005 Plan expires or terminates, the common stock subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Shares of our common stock distributed under the 2005 Plan may be treasury shares or authorized but unissued shares. Currently, unless the 2005 Plan has been previously terminated by the Company's Board of Directors, new awards may be granted under the 2005 Plan until June 1, 2032, which is the tenth anniversary of the date that the 2005 Plan was most recently approved by the Company's stockholders. As of September 30, 2024, million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP Units.
Stock Options and Class O LTIP Units
Options are granted with an exercise price at the fair market value of the Company's common stock on the date of grant and, subject to employment, generally expire or from the date of grant, are not transferable other than on death, and generally vest in to commencing from the date of grant. We have also granted Class O LTIP Units, which are a class of LTIP Units in the Operating Partnership structured to provide economics similar to those of stock options. Class O LTIP Units, once vested, may be converted, at the election of the holder, into a number of common units of the Operating Partnership per Class O LTIP Unit determined by the increase in value of a share of the Company’s common stock at the time of conversion over a participation threshold, which equals the fair market value of a share of the Company’s common stock at the time of grant. Class O LTIP Units are entitled to distributions, subject to vesting, equal per unit to % of the per unit distributions paid with respect to the common units of the Operating Partnership.
The fair value of each stock option or LTIP Unit granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information. There were options granted during the nine months ended September 30, 2024 or the year ended December 31, 2023.
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Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 $  $ Exercised    Lapsed or canceled  () Balance at end of period $  $ Options exercisable at end of period $  $ 
The fair value of restricted stock that vested during the nine months ended September 30, 2024 and the year ended December 31, 2023 was $ million and $ million, respectively. As of September 30, 2024, there was $ million of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of years.
We granted LTIP Units, which include bonus, time-based and performance-based awards, with a fair value of $ million and $ million as of September 30, 2024 and December 31, 2023, respectively. The grant date fair value of the LTIP Unit awards was calculated in accordance with ASC 718. A third-party consultant determined that the fair value of the LTIP Units has a discount to our common stock price. The discount was calculated by considering the inherent uncertainty that the LTIP Units will reach parity with other common partnership units and the illiquidity due to transfer restrictions. As of September 30, 2024, there was $ million of total unrecognized compensation expense related to the time-based and performance-based awards, which is expected to be recognized over a weighted average period of years.
During the three and nine months ended September 30, 2024, we recorded compensation expense related to bonus, time-based and performance-based awards of $ million and $ million. During the three and nine months ended September 30, 2023, we recorded compensation expense related to bonus, time-based and performance-based awards of $ million and $ million, respectively.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
million and $ million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options. For the three and nine months ended September 30, 2023, $ million and $ million, respectively, was capitalized to assets associated with compensation expense related to our long-term compensation plans, restricted stock and stock options.
Deferred Compensation Plan for Directors
Under our Non-Employee Director's Deferral Program, which commenced July 2004, the Company's non-employee directors may elect to defer up to % of their annual retainer fee, chairman fees, meeting fees and annual stock grant. Unless otherwise elected by a participant, fees deferred under the program shall be credited in the form of phantom stock units. The program provides that a director's phantom stock units generally will be settled in an equal number of shares of common stock upon the earlier of (i) the January 1 coincident with or the next following such director's termination of service from the Board of Directors or (ii) a change in control by us, as defined by the program. Phantom stock units are credited to each non-employee director quarterly using the closing price of our common stock on the first business day of the respective quarter. Each participating non-employee director is also credited with dividend equivalents or phantom stock units based on the dividend rate for each quarter, which are either paid in cash currently or credited to the director’s account as additional phantom stock units.
During the nine months ended September 30, 2024, phantom stock units and shares of common stock were issued to our Board of Directors. We recorded compensation expense of $ million and $ million during the three and nine months ended September 30, 2024, respectively, related to the Deferred Compensation Plan. We recorded compensation expense of $ million and $ million during the three and nine months ended September 30, 2023, respectively, related to the Deferred Compensation Plan.
As of September 30, 2024, there were phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program.
Employee Stock Purchase Plan
shares of the common stock available for issuance, subject to adjustment upon a merger, reorganization, stock split or other similar corporate change. The Company filed a registration statement on Form S-8 with the SEC with respect to the ESPP. The common stock is offered for purchase through a series of successive offering periods. Each offering period will be in duration and will begin on the first day of each calendar quarter, with the first offering period having commenced on January 1, 2008. The ESPP provides for eligible employees to purchase the common stock at a purchase price equal to % of the lesser of (1) the market value of the common stock on the first day of the offering period or (2) the market value of the common stock on the last day of the offering period. The ESPP was approved by our stockholders at our 2008 annual meeting of stockholders. As of September 30, 2024, shares of our common stock had been issued under the ESPP.
15.
 $()$()$ Other comprehensive (loss) income before reclassifications () ()Amounts reclassified from accumulated other comprehensive (loss) income()() ()Balance at September 30, 2024$ $()$()$()
(1)Amount reclassified from accumulated other comprehensive (loss) income is included in interest expense in the respective consolidated statements of operations. As of September 30, 2024 and December 31, 2023, the deferred net gains from these terminated hedges, which is included in accumulated other comprehensive (loss) income relating to net unrealized gain (loss) on derivative instruments, was ($ million) and ($ million), respectively.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
16.
 $ $ $ Interest rate cap and swap agreements (included in Other assets)    Real estate loans held by consolidated securitization vehicles    Liabilities:Interest rate cap and swap agreements (included in Other liabilities)$ $ $ $ Senior obligations of consolidated securitization vehicles    
Secured borrowing (1)
    
(1)The Company admitted an additional partner to the One Madison Avenue development project with the partner's indirect ownership in the joint venture totaling %. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes and is included in Other liabilities in our consolidated balance sheets.
December 31, 2023
TotalLevel 1Level 2Level 3
Assets:
Marketable securities available-for-sale$ $ $ $ 
Interest rate cap and swap agreements (included in Other assets)    
Liabilities:
Interest rate cap and swap agreements (included in Other liabilities)$ $ $ $ 
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
% interest in the 10 East 53rd Street joint venture. As a result of the contract terms, it was concluded that the joint venture is a VIE in which the Company is the primary beneficiary, and the investment was consolidated in our financial statements. Upon consolidating the entity, the assets and liabilities of the entity were recorded at fair value which resulted in the recognition of a fair value adjustment of ($ million), which is included in Purchase price and other fair value adjustments in the consolidated statements of operations. This fair value was determined using a third-party valuation which primarily utilized cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as the sales comparison approach, which utilizes comparable sales, listings, and sales contracts. All of which are classified as Level 3 inputs.
Marketable securities classified as Level 1 are derived from quoted prices in active markets. The valuation technique used to measure the fair value of marketable securities classified as Level 2 were valued based on quoted market prices or model driven valuations using the significant inputs derived from or corroborated by observable market data. We do not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.
The fair value of derivative instruments is based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well-recognized financial principles and reasonable estimates about relevant future market conditions, which are classified as Level 2 inputs.
The senior obligations of consolidated securitization vehicles represent CMBS that are not owned by the Company. A majority of these securities are either traded in the marketplace or are similar to other securities that are traded in the marketplace. As the valuation of these amounts are based upon quoted prices for similar instruments in active markets, we generally utilize third party pricing service providers to determine the fair value. The Company evaluates and assesses the third party pricing by referring to recent trades of similar securities, ratings, subordination levels, current market data and credit issues. The Company maximizes the use of observable inputs over unobservable inputs and uses the value of the senior obligations of consolidated securitization vehicles as an indicator of the fair value of the real estate loans held by consolidated securitization vehicles. Depending on the significance of the fair value inputs used in determining the fair value, these securities are classified in either Level 2 or Level 3 of the fair value hierarchy. As such, these investments may move between Level 2 and Level 3 of the fair value hierarchy if the significant fair value inputs used to price the CMBS become or cease to be observable.
The fair value of our secured borrowing is determined by projecting future cash flows, which takes into consideration various factors including discount rate and exit capitalization rate, as well as related asset performance and local or macro real estate performance. The inputs used in determining the Company's secured borrowing are considered Level 3.
The financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, debt and preferred equity investments, mortgages and other loans payable and other secured and unsecured debt. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses reported in our consolidated balance sheets approximates fair value due to the short-term nature of these instruments. The fair value of debt and preferred equity investments, which is classified as Level 3, is estimated by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings. The fair value of borrowings, which is classified as Level 3, is estimated by discounting the contractual cash flows of each debt instrument to their present value using adjusted market interest rates, which is provided by a third-party specialist.
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Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 
(2)
$ 
(2)
Fixed rate debt$ $ $ $ 
Variable rate debt (3)
    $ $ $ $ 
(1)Amounts exclude net deferred financing costs.
(2)As of September 30, 2024, debt and preferred equity investments had an estimated fair value of approximately $ billion. As of December 31, 2023, debt and preferred equity investments had an estimated fair value of approximately $ billion.
 million and fair value of $ million is included in the Company's alternative strategy portfolio.

Disclosures regarding fair value of financial instruments was based on pertinent information available to us as of September 30, 2024 and December 31, 2023. Such amounts have not been comprehensively revalued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
17.
  %February 2024February 2025Other Assets$ Interest Rate Cap  %June 2024June 2025Other Assets Interest Rate Cap  %June 2024June 2025Other Liabilities()Interest Rate Cap  %August 2024July 2025Other Liabilities()Interest Rate Swap  %December 2021January 2026Other Assets Interest Rate Swap  %December 2021January 2026Other Assets Interest Rate Swap  %August 2024December 2026Other Liabilities()Interest Rate Swap  %August 2024December 2026Other Liabilities()Interest Rate Swap  %February 2023February 2027Other Assets Interest Rate Swap  %February 2023February 2027Other Assets Interest Rate Swap  %February 2023February 2027Other Assets Interest Rate Swap  %February 2023February 2027Other Assets Interest Rate Swap  %July 2023May 2027Other Assets Interest Rate Swap  %January 2024May 2027Other Liabilities()Interest Rate Swap  %November 2022June 2027Other Liabilities()Interest Rate Swap  %August 2024June 2027Other Liabilities()Interest Rate Swap  %November 2024November 2027Other Liabilities()Interest Rate Swap  %January 2023January 2028Other Liabilities()Interest Rate Swap  %February 2025May 2028Other Liabilities()$()

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 million and $ million, respectively, based on the changes in the fair value of forward-starting interest rate swaps, which is included in Purchase price and other fair value adjustments in the consolidated statements of operations. During the three and nine months ended September 30, 2023, we recorded a loss of $ and $ million, respectively, based on the changes in the fair value of an interest rate cap we sold, which is included in Purchase price and other fair value adjustments in the consolidated statements of operations. During the three and nine months ended September 30, 2024, we recorded a gain of $ million and $ million, respectively, on the changes in fair value, which is included in interest expense in the consolidated statements of operations. During the three and nine months ended September 30, 2023, we recorded a loss of $ and $ million, respectively, on the changes in fair value, which is included in interest expense in the consolidated statements of operations.
Certain agreements the Company has with each of its derivative counterparties contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of September 30, 2024, the fair value of derivatives in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk related to these agreements, was ($ million). As of September 30, 2024, the Company was not required to post any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value of $ million as of September 30, 2024.
Gains and losses on terminated hedges are included in accumulated other comprehensive income, and are recognized into earnings over the term of the related obligation. Over time, the realized and unrealized gains and losses held in accumulated other comprehensive income will be reclassified into earnings as an adjustment to interest expense in the same periods in which the hedged interest payments affect earnings. We estimate that ($ million) of the current balance held in accumulated other comprehensive income will be reclassified into interest expense and $ million of the portion related to our share of joint venture accumulated other comprehensive income will be reclassified into equity in net loss from unconsolidated joint ventures within the next 12 months.
)$ Interest expense$ $ Share of unconsolidated joint ventures' derivative instruments() Equity in net (loss) income from unconsolidated joint ventures  $()$ $ $ 
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 $ Interest expense$ $ Share of unconsolidated joint ventures' derivative instruments() Equity in net (loss) income from unconsolidated joint ventures  $()$ $ $   %May 2024November 2024Asset$ Interest Rate Cap  %May 2024November 2024Asset Interest Rate Cap  %August 2024July 2025Asset Interest Rate Swap  %April 2023February 2026Liability()Interest Rate Swap  %April 2023February 2026Liability()Interest Rate Swap  %December 2022February 2026Asset Interest Rate Swap  %July 2024September 2028Liability()Interest Rate Swap  %July 2024September 2028Liability()Interest Rate Swap  %July 2024September 2028Liability()$()
18.
 $ $ $ Variable lease payments    
Total lease payments (1)
$ $ $ $ Amortization of acquired above and below-market leases()()() Total rental revenue$ $ $ $ 
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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
 million and $ million of sublease income during the three and nine months ended September 30, 2024, respectively, and $ million and $ million of sublease income during the three and nine months ended September 30, 2023, respectively. $ $ $ 
(1)These amounts are included in Interest expense, net of interest income in our consolidated statements of operations.

19.

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SL Green Realty Corp. and SL Green Operating Partnership, L.P.
Notes to Consolidated Financial Statements (cont.)
September 30, 2024
(unaudited)
20.
reportable segments, real estate, debt and preferred equity investments, and SUMMIT. In the fourth quarter of 2023, due to quantitative thresholds, SUMMIT was identified as a reportable segment. As such, prior period segment data has been restated to reflect SUMMIT as a reportable segment for comparative purposes.
We evaluate real estate performance and allocate resources based on earnings contributions.
The primary sources of revenue are generated from tenant rents, escalations and reimbursement revenue. Real estate property operating expenses consist primarily of security, maintenance, utility costs, insurance, real estate taxes and, at certain properties, ground rent expense. See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments. SUMMIT currently operates one location at One Vanderbilt Avenue in midtown Manhattan with the primary source of revenue generated from ticket sales.
 $ $ $ September 30, 2023$ $ $ $ Nine months ended:September 30, 2024$ $ $ $ September 30, 2023$ $ $ $ Net income (loss)Three months ended:September 30, 2024$()$()$ $()September 30, 2023$()$()$ $()Nine months ended:September 30, 2024$()$ $ $ September 30, 2023$()$()$ $()Total assetsAs of:September 30, 2024$ $ $ $ December 31, 2023$ $ $ $     
We allocate loan loss reserves, net of recoveries, and transaction related costs to the debt and preferred equity segment. We do not allocate marketing, general and administrative expenses to the debt and preferred equity segment because that segment does not have dedicated personnel and the use of personnel and resources is dependent on transaction volume between the segments, which varies between periods. In addition, we base performance on the individual segments prior to allocating marketing, general and administrative expenses. SUMMIT segment incurs its own marketing, general and administrative expenses for its dedicated personnel, which are included in SUMMIT Operator expenses in the consolidated statement of operations. For the three and nine months ended September 30, 2024, marketing, general and administrative expenses totaled $ million and $ million, respectively. For the three and nine months ended September 30, 2023, marketing, general and administrative expenses totaled $ million and $ million, respectively. All other expenses, except interest and SUMMIT operator expenses, relate entirely to the real estate assets.
There were no transactions between the above segments other than the SUMMIT lease with our One Vanderbilt Avenue joint venture, which is part of the real estate segment. See Note 10, "Related Party Transactions."
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
SL Green Realty Corp., which is referred to as SL Green or the Company, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Company is a self-managed real estate investment trust, or REIT, engaged in the ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of commercial real estate properties, principally office properties, located in the New York metropolitan area, principally Manhattan. Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including the Operating Partnership.
The following discussion related to our consolidated financial statements should be read in conjunction with the financial statements appearing in this Quarterly Report on this Form 10-Q and in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023.
As of September 30, 2024, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan. Our investments located outside of Manhattan are referred to as the Suburban properties:
ConsolidatedUnconsolidatedTotal
LocationProperty
Type		Number of BuildingsApproximate Square Feet (unaudited)Number of BuildingsApproximate Square Feet (unaudited)Number of BuildingsApproximate Square Feet (unaudited)
Weighted Average Leased Occupancy (1) (unaudited)
Commercial:
ManhattanOffice14 8,753,441 10 13,009,149 24 21,762,590 89.9 %
Retail1 22,648 1 12,946 2 35,594 100.0 %
Development/Redevelopment2 (2)880,771 1 1,385,484 3 2,266,255 N/A
17 9,656,860 12 14,407,579 29 24,064,439 89.9 %
SuburbanOffice7 862,800 — — 7 862,800 73.6 %
Total commercial properties24 10,519,660 12 14,407,579 36 24,927,239 89.3 %
Residential:
ManhattanResidential1 (2)140,382 1 221,884 2 362,266 99.0 %
Total core portfolio25 10,660,042 13 14,629,463 38 25,289,505 89.4 %
Alternative Strategy Portfolio (3)
1 7,848 8 3,694,956 9 3,702,804 49.4 %
(1)The weighted average leased occupancy for commercial properties represents the total leased square footage divided by the total square footage at acquisition.  The weighted average leased occupancy for residential properties represents the total leased units divided by the total available units. Properties under construction are not included in the calculation of weighted average leased occupancy.
(2)As of September 30, 2024, we owned a building at 7 Dey Street / 185 Broadway that was comprised of approximately 140,382 square feet (unaudited) of residential space and approximately 50,206 square feet (unaudited) of office and retail space that is under development. For the purpose of this report, we have included this building in the number of residential properties we own. However, we have included only the residential square footage in the residential approximate square footage, and have listed the balance of the square footage as development square footage.
(3)Represents non-core assets.
As of September 30, 2024, we also managed one office building and one retail building owned by third parties encompassing approximately 0.4 million square feet (unaudited), and held debt and preferred equity investments with a book value excluding the impact of credit losses of $293.9 million, excluding approximately $9.3 million of debt and preferred equity investments and other financing receivables that are included in other balance sheet line items other than the Debt and preferred equity investments line item.
Critical Accounting Policies and Estimates
Refer to the 2023 Annual Report on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting policies and estimates, which include investment in commercial real estate properties, investment in unconsolidated joint ventures, lease classification, revenue recognition, and debt and preferred equity investments. During the three and nine months ended September 30, 2024, there were no material changes to these policies.
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Results of Operations
Comparison of the three months ended September 30, 2024 to the three months ended September 30, 2023
The following comparison for the three months ended September 30, 2024, or 2024, to the three months ended September 30, 2023, or 2023, makes reference to the effect of the following:
i.“Same-Store Properties,” which represents all operating properties owned by us at January 1, 2023 and still owned by us in the same manner as of September 30, 2024 (Same-Store Properties totaled 21 of our 26 consolidated operating buildings),
ii.“Acquisition Properties,” which represents all properties or interests in properties acquired in 2024 and 2023 and all non-Same-Store Properties, including properties that are under development or redevelopment,
iii."Disposed Properties," which represents all properties or interests in properties sold in 2024 and 2023,
iv."Alternative Strategy Portfolio," which represents non-core assets, and
v.“Other,” which represents properties where we sold an interest resulting in deconsolidation and corporate level items not allocable to specific properties, as well as the Service Corporation and eEmerge Inc.
 Same-StoreDisposedOtherConsolidated
(in millions)20242023$
Change		%
Change		202420232024202320242023$
Change		%
Change
Rental revenue$144.7 $139.8 $4.9 3.5 %$0.2 $0.2 $12.0 $11.0 $156.9 $151.0 $5.9 3.9 %
SUMMIT Operator revenue— — — — %— — $36.4 $35.1 36.4 35.1 1.3 3.7 %
Investment income— — — — %— — 5.3 9.7 5.3 9.7 (4.4)(45.4)%
Interest income from real estate loans held by consolidated securitization vehicles— — — — %— — 4.8 — 4.8 — 4.8 100.0 %
Other income2.1 2.2 (0.1)(4.5)%— — 24.1 12.2 26.2 14.4 11.8 81.9 %
Total revenues146.8 142.0 4.8 3.4 %0.2 0.2 82.6 68.0 229.6 210.2 19.4 9.2 %
Property operating expenses76.2 73.6 2.6 3.5 %0.1 0.5 10.4 14.0 86.7 88.1 (1.4)(1.6)%
SUMMIT Operator expenses— — — — %— — 37.9 32.8 37.9 32.8 5.1 15.5 %
Transaction related costs— — — — %— — 0.2 0.2 0.2 0.2 — — %
Marketing, general and administrative— — — — %— — 21.0 22.9 21.0 22.9 (1.9)(8.3)%
76.2 73.6 2.6 3.5 %0.1 0.5 69.5 69.9 145.8 144.0 1.8 1.3 %
Other income (expenses):
Interest expense and amortization of deferred financing costs, net of interest(43.8)(29.6)(14.2)48.0 %
SUMMIT Operator tax benefit (expense)1.8 (3.7)5.5 (148.6)%
Interest expense on senior obligations of consolidated securitization vehicles(3.3)— (3.3)100.0 %
Depreciation and amortization(53.2)(50.6)(2.6)5.1 %
Equity in net loss from unconsolidated joint ventures(15.4)(15.1)(0.3)2.0 %
Equity in net loss on sale of interest in unconsolidated joint venture/real estate0.4 — 0.4 100.0 %
Purchase price and other fair value adjustments12.9 10.2 2.7 26.5 %
Gain on sale of real estate, net7.5 0.5 7.0 1,400.0 %
Depreciable real estate reserves and impairment— 0.4 (0.4)(100.0)%
Net income (loss)$(9.3)$(21.7)$12.4 (57.1)%
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Rental Revenue
Rental revenues increased due primarily to the consolidation of 10 East 53rd Street ($8.4 million) as a result of the agreement to acquire the partner's interest in the joint venture during the first quarter of 2024, partially offset by a lower contribution from our Same-Store Properties due primarily to increased vacancy at 555 West 57th Street ($2.5 million).
The following table presents a summary of the commenced leasing activity for the three months ended September 30, 2024 in our Manhattan portfolio:
 Usable
SF		Rentable
SF
New Cash Rent (per rentable SF) (1)
Prev.
Escalated
Rent (per
rentable
SF) (2)
TI/LC
per
rentable
SF		Free
Rent (in
months)		Average
Lease
Term (in
years)
Manhattan       
Space available at beginning of the period3,073,203      
Space which became available during the period (3)
     
•       Office
85,215       
•       Retail
79,121       
 164,336       
Total space available3,237,539       
Leased space commenced during the period:       
•       Office(4)
288,790 294,840 $97.01 $108.38 $109.71 12.3 10.9 
•       Retail
93,494 86,195 $31.64 $19.90 $27.28 2.3 5.0 
Total leased space commenced382,284 381,035 $82.22 $76.16 $91.06 10.1 9.6 
Total available space at end of period2,855,255       
Early renewals      
•       Office397,818 424,648 $105.79 $91.92 $98.97 10.9 10.2 
Total early renewals397,818 424,648 $105.79 $91.92 $98.97 10.9 10.2 
Total commenced leases, including replaced previous vacancy  
•       Office719,488 $102.19 $95.44 $103.37 11.5 10.5
•       Retail 86,195 $31.64 $19.90 $27.28 2.3 5.0
Total commenced leases 805,683 $94.65 $87.19 $95.67 10.5 9.9 
(1)Annual initial base rent.
(2)Escalated rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
(3)Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants held over.
(4)Average starting office rent excluding new tenants replacing vacancies was $110.32 per rentable square feet for 115,640 rentable square feet. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) was $106.76 per rentable square feet for 540,288 rentable square feet.















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SUMMIT Operator revenue
SUMMIT Operator revenues were higher for the three months ended September 30, 2024 as compared to the same period in 2023 primarily due to increased attendance.
Investment Income
Investment income decreased due to a lower weighted average debt and preferred equity investment balance for the three months ended September 30, 2024 as compared to the same period in 2023. For the three months ended September 30, 2024, the weighted average debt and preferred equity investment balance outstanding and weighted average yield were $306.2 million and 6.4%, respectively, as compared to $608.7 million and 6.2%, respectively, for the three months ended September 30, 2023.
Interest income from real estate loans held by consolidated securitization vehicles
During the three months ended September 30, 2024, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts recorded include our interest income as well as the interest income associated with CMBS positions owned by third parties, which is offset by the amounts recorded in Interest expense on senior obligations of consolidated securitization vehicles. As a result, the net impact is limited to the interest income on the CMBS securities we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the three months ended September 30, 2023.
Other Income
Other income increased primarily due to higher management, leasing, and construction management fee income ($10.2 million) and increased special servicing fees ($1.2 million) during the three months ended September 30, 2024 as compared to the same period in 2023.
Property Operating Expenses
Property operating expenses decreased due primarily to the termination of the leasehold interest at 625 Madison Avenue upon conversion of the previous mezzanine debt investment in the fee interest at the property to an unconsolidated joint venture in the second quarter of 2023 ($3.8 million), partially offset by increased variable expenses ($1.3 million) and real estate taxes ($1.3 million) at our Same-Store Properties.
SUMMIT Operator expenses
SUMMIT Operator expenses were higher for the three months ended September 30, 2024 as compared to the same period in 2023 due to increased variable expenses, including percentage rent, as a result of increased attendance.
Marketing, General and Administrative Expenses
Marketing, general and administrative expenses decreased to $21.0 million for the three months ended September 30, 2024, as compared to $22.9 million for the same period in 2023 due to lower compensation related expenses.
Interest Expense and Amortization of Deferred Financing Costs, Net of Interest Income
Interest expense and amortization of deferred financing costs, net of interest income, increased primarily due to a decrease in interest capitalization in connection with properties that are under development or redevelopment ($15.4 million), and higher interest expense from the revolving credit facility ($3.0 million) due to an increase in the outstanding balance during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. These decreases were offset by the repayment of unsecured corporate term loans ($5.8 million) in the third quarter of 2023.
SUMMIT Operator tax benefit (expense)
The decrease in SUMMIT Operator tax expense for the three months ended September 30, 2024 as compared to the same period in 2023 was the result of an adjustment made in the third quarter of 2024 related to 2023 projected tax expense being more than 2023 actual tax expense.
Interest expense on senior obligations of consolidated securitization vehicles
During the three months ended September 30, 2024, we acquired securities in CMBS securitization trusts that resulted in consolidation of the trusts on our financial statements. The amounts include the interest expense associated with CMBS positions owned by third parties, which is an offset to the third party interest income recognized in Interest income from real estate loans held by consolidated securitization vehicles. As a result, the impact is limited to interest income on the CMBS securities we own directly and not the consolidated interest income and interest expense. We did not hold any investments in CMBS securitization trusts that resulted in consolidation during the three months ended September 30, 2023.
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Depreciation and Amortization
Depreciation and amortization increased during the three months ended September 30, 2024 due primarily to the consolidation of 10 East 53rd Street ($3.7 million) as a result of the agreement to acquire the partner's interest in the joint venture during the first quarter of 2024.
Equity in net loss from unconsolidated joint ventures
Equity in net loss from unconsolidated joint ventures increased primarily due to increased vacancy at 280 Park Avenue ($3.2 million) and the disposition of our interest in 717 Fifth Avenue ($2.1 million) during the first quarter of 2024. These increases in loss were partially offset by a decrease in interest expense across our joint venture portfolio ($4.2 million).
Purchase price and other fair value adjustments
During the three months ended September 30, 2024, we recorded a $21.9 million positive fair value adjustment for the secured borrowing related to the previous sale of an interest at One Madison Avenue. This gain was offset by a $9.0 million fair value adjustment related to derivatives that are not designated as hedges for accounting purposes. During the three months ended September 30, 2023, we recorded a $10.2 million purchase price adjustment related to a previous transaction.
Gain on sale of real estate, net
During the three months ended September 30, 2024, we recognized a gain on the sale of Palisades Premier Conference Center ($7.3 million). During the three months ended September 30, 2023, we did not dispose of any properties.

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Comparison of the nine months ended September 30, 2024 to the nine months ended September 30, 2023
The following comparison for the nine months ended September 30, 2024, or 2024, to the nine months ended September 30, 2023, or 2023, makes reference to the effect of the following:
i.“Same-Store Properties,” which represents all operating properties owned by us at January 1, 2023 and still owned by us in the same manner as of September 30, 2024 (Same-Store Properties totaled 21 of our 26 consolidated operating properties),
ii.“Acquisition Properties,” which represents all properties or interests in properties acquired in 2024 and 2023 and all non-Same-Store Properties, including properties that are under development, redevelopment or were deconsolidated during the period,
iii."Disposed Properties," which represents all properties or interests in properties sold or partially sold in 2024 and 2023,
iv."Alternative Strategy Portfolio," which represents non-core assets, and
v.“Other,” which represents properties that were partially sold resulting in deconsolidation and corporate level items not allocable to specific properties, as well as the Service Corporation and eEmerge Inc.
 Same-StoreDisposedOtherConsolidated
(in millions)20242023$
Change		%
Change		202420232024202320242023$
Change		%
Change
Rental revenue$418.9 $421.5 $(2.6)(0.6)%$0.9 $0.9 $29.3 $109.6 $449.1 $532.0 $(82.9)(15.6)%
SUMMIT Operator revenue— — — — %— — 94.6 83.0 94.6 83.0 11.6 14.0 %
Investment income— — — — %— — 18.9 27.8 18.9 27.8 (8.9)(32.0)%
Interest income from real estate loans held by consolidated securitization vehicles— — — — %— — 4.8 — 4.8 — 4.8 100.0 %
Other income4.7 3.0 1.7 56.7 %— — 68.3 56.1 73.0 59.1 13.9 23.5 %
Total revenues423.6 424.5 (0.9)(0.2)%0.9 0.9 215.9 276.5 640.4 701.9 (61.5)(8.8)%
Property operating expenses218.9 214.0 4.9 2.3 %0.7 1.5 33.5 65.7 253.1 281.2 (28.1)(10.0)%
SUMMIT Operator expenses— — — — %— — 82.9 76.3 82.9 76.3 6.6 8.7 %
Transaction related costs— — — — %— — 0.3 1.1 0.3 1.1 (0.8)(72.7)%
Marketing, general and administrative— — — — %— — 62.4 69.1 62.4 69.1 (6.7)(9.7)%
218.9 214.0 4.9 2.3 %0.7 1.5 179.1 212.2 398.7 427.7 (29.0)(6.8)%
Other income (expenses):
Interest expense and amortization of deferred financing costs, net of interest(114.0)(116.0)2.0 (1.7)%
SUMMIT Operator tax benefit (expense)1.2 (6.9)8.1 (117.4)%
Interest expense on senior obligations of consolidated securitization vehicles(3.3)— (3.3)100.0 %
Depreciation and amortization(154.0)(198.8)44.8 (22.5)%
Equity in net income (loss) from unconsolidated joint ventures100.1 (44.5)144.6 (324.9)%
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate19.0 (0.1)19.1 (19,100.0)%
Purchase price and other fair value adjustments(36.3)(7.0)(29.3)418.6 %
Gain (loss) on sale of real estate, net4.7 (27.8)32.5 (116.9)%
Depreciable real estate reserves and impairment(65.8)(305.5)239.7 (78.5)%
Gain on early extinguishment of debt17.8 — 17.8 100.0 %
Loan loss and other investment reserves, net of recoveries— (6.9)6.9 (100.0)%
Net income (loss)$11.1 $(439.3)$450.4 (102.5)%
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Rental Revenue
Rental revenues decreased due primarily to the deconsolidation of 245 Park Avenue ($77.0 million) as a result of the sale of a joint venture interest during the second quarter of 2023 and a lower contribution from our Same-Store Properties due primarily to increased vacancy at 555 West 57th Street ($8.3 million), 1350 Avenue of the Americas ($4.0 million), and 885 Third Avenue ($2.9 million). These decreases were partially offset by the consolidation of 10 East 53rd Street ($17.0 million) as a result of the agreement to acquire the partner's interest in the joint venture during the first quarter of 2024.
The following table presents a summary of the commenced leasing activity for the nine months ended September 30, 2024 in our Manhattan and Suburban portfolio:
 Usable
SF		Rentable
SF
New
Cash
Rent (per
rentable
SF) (1)
Prev.
Escalated
Rent (per
rentable
SF) (2)
TI/LC
per
rentable
SF		Free
Rent (in
months)		Average
Lease
Term (in
years)
Manhattan       
Space available at beginning of the period2,906,493      
Debt and preferred equity and other investments3,771 
Increase in net cash (used in) provided by investing activities$(309,159)
Funds spent on capital expenditures, which are comprised of building and tenant improvements, decreased from $194.0 million for the nine months ended September 30, 2023 to $162.7 million for the nine months ended September 30, 2024 due to decreased spending on development and redevelopment properties.
We generally fund our investment activity through the sale of real estate, the sale or repayment of debt and preferred equity investments, property-level financing, our corporate credit facilities, or construction facilities. From time to time, the Company may issue common or preferred stock or equity-linked securities, or the Operating Partnership may issue common or preferred units of limited partnership interest.
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During the nine months ended September 30, 2024, when compared to the nine months ended September 30, 2023, we used cash for the following financing activities (in thousands):
Proceeds from our debt obligations$562,900 
Repayments of our debt obligations30,852 
Net distribution to noncontrolling interests(4,030)
Other financing activities(151,993)
Proceeds from stock options exercised and DRSPP issuance13,852 
Redemption of preferred stock11,700 
Dividends and distributions paid10,133 
Increase in net cash used in financing activities$473,414 
Capitalization
Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, $0.01 par value per share. As of September 30, 2024, 65,235,013 shares of common stock and no shares of excess stock were issued and outstanding.
Share Repurchase Program
Our Board of Directors has approved a $3.5 billion share repurchase program under which we can buy shares of our common stock.
As of September 30, 2024, 36,107,719 shares have been repurchased under the program, excluding the redemption of OP units. We did not repurchase any shares under the program during the nine months ended September 30, 2024.
Dividend Reinvestment and Stock Purchase Plan ("DRSPP")
In February 2024, the Company filed a new registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001.
The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three and nine months ended September 30, 2024 and 2023, respectively (dollars in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Shares of common stock issued338,704 2,695 341,180 14,736 
Dividend reinvestments/stock purchases under the DRSPP$23,633 $97 $23,754 $439 
Fifth Amended and Restated 2005 Stock Option and Incentive Plan
The Fifth Amended and Restated 2005 Stock Option and Incentive Plan, or the 2005 Plan, was approved by the Company's Board of Directors in April 2022 and its stockholders in June 2022 at the Company's annual meeting of stockholders. Subject to adjustments upon certain corporate transactions or events, awards with respect to up to a maximum of 32,210,000 fungible units may be granted as options, restricted stock, phantom shares, dividend equivalent rights and other equity-based awards under the 2005 Plan. As of September 30, 2024, 3.5 million fungible units were available for issuance under the 2005 Plan after reserving for shares underlying outstanding restricted stock units, and phantom stock units granted pursuant to our Non-Employee Directors' Deferral Program and LTIP Units.
Deferred Compensation Plan for Directors
During the nine months ended September 30, 2024, 15,945 phantom stock units and 25,590 shares of common stock were issued to our Board of Directors. We recorded compensation expense of $0.2 million and $2.6 million during the three and nine months ended September 30, 2024, respectively, related to the Deferred Compensation Plan. We recorded compensation expense of $0.2 million and $2.5 million during the three and nine months ended September 30, 2023, respectively, related to the Deferred Compensation Plan.
As of September 30, 2024, there were 125,654 phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program.
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Indebtedness
The table below summarizes our consolidated mortgages and other loans payable, 2021 credit facility, 2022 term loan, senior unsecured notes and trust preferred securities outstanding as of September 30, 2024 and December 31, 2023, (amounts in thousands).
Debt Summary:September 30, 2024December 31, 2023
Balance
Fixed rate$1,112,898 $1,117,386 
Variable rate—hedged2,175,000 2,120,000 
Total fixed rate3,287,898 3,237,386 
Total variable rate545,900 270,000 
Total debt$3,833,798 $3,507,386 
Debt, preferred equity, and other investments subject to variable rate$109,450 $168,745 
Net exposure to variable rate debt436,450 101,255 
Percent of Total Debt:
Fixed rate85.8 %92.3 %
Variable rate (1)
14.2 %7.7 %
Total100.0 %100.0 %
Effective Interest Rate for the Year:
Fixed rate5.13 %4.68 %
Variable rate5.51 %6.11 %
Effective interest rate5.15 %4.71 %
(1)    Inclusive of the mitigating effect of our debt, preferred equity, and other investments subject to variable rates, the percent of total debt of our net exposure to variable rate debt was 11.7% and 3.0% as of September 30, 2024 and December 31, 2023, respectively.
The variable rate debt shown above generally bears interest at an interest rate based on adjusted Term SOFR (4.85% and 5.35% as of September 30, 2024 and December 31, 2023, respectively). Our consolidated debt as of September 30, 2024 had a weighted average term to maturity of 1.88 years.
Certain of our debt and equity investments and other investments, with carrying values of $109.5 million as of September 30, 2024 and $168.7 million as of December 31, 2023, are variable rate investments which mitigate our exposure to interest rate changes on our unhedged variable rate debt. Inclusive of the mitigating effect of these investments, the net ratio of our consolidated variable rate debt to total debt was 11.7% and 3.0% as of September 30, 2024 and December 31, 2023, respectively.
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, and was originally entered into by the Company in November 2012. As of September 30, 2024, 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 September 30, 2024, 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
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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 September 30, 2024, the applicable spread over adjusted Term SOFR plus 10 basis points for the 2021 credit facility was 140 basis points for the revolving credit facility, 160 basis points for Term Loan A, and 165 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 September 30, 2024, the facility fee was 30 basis points.
As of September 30, 2024, we had $7.5 million of outstanding letters of credit, $735.0 million drawn under the revolving credit facility and $1.25 billion of outstanding term loans, with total undrawn capacity of $507.5 million under the 2021 credit facility. As of September 30, 2024 and December 31, 2023, the revolving credit facility had a carrying value of $730.9 million and $554.8 million, respectively, net of deferred financing costs. As of September 30, 2024 and December 31, 2023, the term loans 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).
Restrictive Covenants
The terms of the 2021 credit facility and 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 September 30, 2024 and December 31, 2023, we were in compliance with all such covenants.
Interest Rate Risk
We are exposed to changes in interest rates primarily from our variable rate debt. Our exposure to interest rate fluctuations are managed through the use of interest rate derivative instruments and through our variable rate debt and preferred equity investments. As of September 30, 2024, $3.3 billion of our consolidated long-term debt and $6.1 billion of our share of joint venture long-term debt bears interest at fixed rates. Our variable rate debt and variable rate joint venture debt as of September 30, 2024 bore interest based on a spread to LIBOR of 145 basis points and Term SOFR of 50 basis points to 677 basis points. Based on the debt outstanding as of September 30, 2024, a hypothetical 100 basis point increase in the applicable floating interest rate curve would increase our consolidated annual interest cost, net of interest income from variable rate debt and preferred equity investments, by $4.1 million and would increase our share of joint venture annual interest cost by $15.1 million. As of September 30, 2024, $0.1 billion of our debt and preferred equity portfolio was indexed to SOFR.
We recognize most derivatives on the balance sheet at fair value. Derivatives that are not hedges for accounting purposes are adjusted to fair value through income. If a derivative is considered a hedge for accounting purposes, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings.
Off-Balance Sheet Arrangements
We have off-balance sheet investments, including joint ventures and debt and preferred equity investments. These investments all have varying ownership structures. A majority of our joint venture arrangements are accounted for under the equity method of accounting as we have the ability to exercise significant influence, but not control, over the operating and financial decisions of these joint venture arrangements. Our off-balance sheet arrangements are discussed in Note 5, "Debt and Preferred Equity Investments" and Note 6, "Investments in Unconsolidated Joint Ventures" in the accompanying consolidated financial statements.
Dividends/Distributions
We expect to pay dividends to our stockholders based on the distributions we receive from our Operating Partnership.
To maintain our qualification as a REIT, we must pay annual dividends to our stockholders of at least 90% of our REIT taxable income, determined before taking into consideration the dividends paid deduction and net capital gains.
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Any dividend we pay may be in the form of cash, stock or a combination thereof, subject to IRS limitations on the use of stock for dividends. Additionally, if our REIT taxable income in a particular year exceeds the amount of cash dividends we pay in that year, we may pay stock dividends in order to maintain our REIT status and avoid certain REIT-level taxes.
Before we pay any cash dividend, whether for Federal income tax purposes or otherwise, which would only be paid out of available cash to the extent permitted under the 2021 credit facility and senior unsecured notes, we must first meet both our operating requirements and scheduled debt service on our mortgages and loans payable.
Insurance
We maintain “all-risk” property and rental value coverage (including coverage regarding the perils of flood, earthquake and terrorism, excluding nuclear, biological, chemical, and radiological terrorism ("NBCR")), within two property insurance programs and liability insurance. Separate property and liability coverage may be purchased on a stand-alone basis for certain assets, such as development projects. Additionally, one of our captive insurance companies, Belmont Insurance Company, or Belmont, provides coverage for NBCR terrorist acts above a specified trigger. Belmont's retention is reinsured by our other captive insurance company, Ticonderoga Insurance Company ("Ticonderoga"). If Belmont or Ticonderoga are required to pay a claim under our insurance policies, we would ultimately record the loss to the extent of required payments. However, there is no assurance that in the future we will be able to procure coverage at a reasonable cost. Further, if we experience losses that are uninsured or that exceed policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties. Additionally, our debt instruments contain customary covenants requiring us to maintain insurance and we could default under our debt instruments if the cost and/or availability of certain types of insurance make it impractical or impossible to comply with such covenants relating to insurance. Belmont and Ticonderoga provide coverage solely on properties owned by the Company or its affiliates.
Furthermore, with respect to certain of our properties, including properties held by joint ventures or subject to triple net leases, insurance coverage is obtained by a third-party and we do not control the coverage. While we may have agreements with such third parties to maintain adequate coverage and we monitor these policies, such coverage ultimately may not be maintained or adequately cover our risk of loss.
Funds from Operations
FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including our ability to make cash distributions.
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FFO for the three and nine months ended September 30, 2024 and 2023 are as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net loss attributable to SL Green common stockholders$(13,279)$(23,967)$(2,298)$(423,892)
Add:
Depreciation and amortization53,176 50,642 154,007 198,760 
Joint venture depreciation and noncontrolling interest adjustments71,539 76,539 218,035 211,222 
Net loss attributable to noncontrolling interests(1,899)(3,368)(4,316)(31,952)
Less:
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate371 — 19,006 (79)
Purchase price and other fair value adjustments21,937 10,200 (33,765)(6,813)
Gain (loss) on sale of real estate, net7,471 516 4,730 (27,813)
Depreciable real estate reserves and impairment— 389 (65,839)(305,527)
Depreciation on non-rental real estate assets1,204 1,002 3,357 2,722 
Funds from Operations attributable to SL Green common stockholders and unit holders
$78,554 $87,739 $437,939 $291,648 
Cash flows provided by operating activities$16,723 $77,346 $71,420 $181,338 
Cash flows (used in) provided by investing activities(159,277)310,552 (37,475)271,684 
Cash flows provided by (used in) financing activities141,868 (389,634)(54,339)(527,753)
Seasonality
Our business at SUMMIT is subject to tourism trends and weather conditions, resulting in some seasonal fluctuation. In 2023 and 2022, approximately 14.0% to 16.0% of our annual SUMMIT revenue was realized in the first quarter, 24.0% to 26.0% was realized in the second quarter, 28.0% to 30.0% was realized in the third quarter, and 29.0% to 31.0% was realized in the fourth quarter. We do not consider any other components of our business to be subject to material seasonal fluctuations.
Accounting Standards Updates
The Accounting Standards Updates are discussed in Note 2, "Significant Accounting Policies-Accounting Standards Updates" in the accompanying consolidated financial statements.
Forward-Looking Information
This report includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this report that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate.
Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this report are subject to a number of risks and uncertainties that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. These risks and uncertainties include:
•the effect of general economic, business and financial conditions, and their effect on the New York City real estate market in particular;
•dependence upon the New York City real estate market;
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•risks of real estate acquisitions, dispositions, development and redevelopment, including the cost of construction delays and cost overruns;
•risks relating to debt and preferred equity investments;
•availability and creditworthiness of prospective tenants and borrowers;
•bankruptcy or insolvency of a major tenant or a significant number of smaller tenants or borrowers;
•adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space;
•availability of debt and equity capital for our operational needs and investment strategy;
•unanticipated increases in financing and other costs, including a rise in interest rates;
•our ability to comply with financial covenants in our debt instruments;
•our ability to maintain our status as a REIT;
•risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations;
•the threat of terrorist attacks;
•our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination; and
•legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.
Other factors and risks to our business, many of which are beyond our control, are described in other sections of this report and in our other filings with the SEC. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For quantitative and qualitative disclosures about market risk, see Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operation - Interest Rate Risk" in this Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2024 for the Company and the Operating Partnership and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Interest Rate Risk" in the Annual Report on Form 10-K for the year ended December 31, 2023 for the Company and the Operating Partnership. Our exposures to market risk have not changed materially since December 31, 2023.
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ITEM 4. CONTROLS AND PROCEDURES
SL GREEN REALTY CORP.
Evaluation of Disclosure Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of "disclosure controls and procedures" in Rule 13a-15(e) of the Exchange Act. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in our periodic reports. Also, the Company has investments in certain unconsolidated entities. As the Company does not control these entities, its disclosure controls and procedures with respect to such entities are necessarily substantially more limited than those the Company maintains with respect to its consolidated subsidiaries.
As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation as of the end of the period covered by this report, the Company's Chief Executive Officer and Chief Financial Officer concluded that its disclosure controls and procedures were effective to give reasonable assurances to the timely collection, evaluation and disclosure of information relating to the Company that would potentially be subject to disclosure under the Exchange Act and the rules and regulations promulgated thereunder.
Changes in Internal Control over Financial Reporting
There have been no significant changes in the Company's internal control over financial reporting during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
SL GREEN OPERATING PARTNERSHIP, L.P.
Evaluation of Disclosure Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of "disclosure controls and procedures" in Rule 13a-15(e) of the Exchange Act. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in our periodic reports. Also, the Company has investments in certain unconsolidated entities. As the Company does not control these entities, its disclosure controls and procedures with respect to such entities are necessarily substantially more limited than those the Company maintains with respect to its consolidated subsidiaries.
As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation as of the end of the period covered by this report, the Company's Chief Executive Officer and Chief Financial Officer concluded that its disclosure controls and procedures were effective to give reasonable assurances to the timely collection, evaluation and disclosure of information relating to the Company that would potentially be subject to disclosure under the Exchange Act and the rules and regulations promulgated thereunder.
Changes in Internal Control over Financial Reporting
There have been no significant changes in the Operating Partnership's internal control over financial reporting during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As of September 30, 2024, the Company and the Operating Partnership were not involved in any material litigation nor, to management's knowledge, was any material litigation threatened against us or our portfolio which if adversely determined could have a material adverse impact on us.
ITEM 1A. RISK FACTORS
As of September 30, 2024, there have been no material changes to the Risk Factors disclosed in "Part I. Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Our Board of Directors has approved a $3.5 billion share repurchase program under which we can buy shares of our common stock.
The following table summarizes share repurchases executed under the program, excluding the redemption of OP units, during the three months ended September 30, 2024:
Period
Total number of shares repurchased
Average price paid per share
Total number of shares repurchased as part of the repurchase plan or programs
July 1-31
—$—36,107,719
August 1-31—$—36,107,719
September 1-30—$—36,107,719
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ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
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ITEM 4. MINE SAFETY DISCLOSURES
Not Applicable.
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ITEM 5. OTHER INFORMATION
None.
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ITEM 6. EXHIBITS
Exhibits required by Item 601 of Regulation S-K are filed herewith or incorporated herein by reference and are listed in the attached Exhibit Index.
Exhibit No.Description
31.1
Certification by the Chairman and Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.2
Certification by the Chief Financial Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.3
Certification by the Chairman and Chief Executive Officer of the Company, the sole general partner of the Operating Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.4
Certification by the Chief Financial Officer of the Company, the sole general partner of the Operating Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.1
Certification by the Chairman and Chief Executive Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
32.2
Certification by the Chief Financial Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
32.3
Certification by the Chairman and Chief Executive Officer of the Company, the sole general partner of the Operating Partnership pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
32.4
Certification by the Chief Financial Officer of the Company, the sole general partner of the Operating Partnership pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
101 The following financial statements from SL Green Realty Corp. and SL Green Operating Partnership L.P.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Comprehensive Loss (unaudited), (iv) Consolidated Statements of Equity (unaudited), (v) Consolidated Statements of Capital (unaudited) (vi) Consolidated Statements of Cash Flows (unaudited), and (vii) Notes to Consolidated Financial Statements (unaudited), detail tagged and filed herewith.
104 Cover Page Interactive Data File (formatted as Inline XBRL in Exhibit 101)
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SL GREEN REALTY CORP.
  By: SL Green Realty Corp.
/s/ Matthew J. DiLiberto
Dated: October 31, 2024 By: 
Matthew J. DiLiberto
Chief Financial Officer
(Principal Financial and Accounting Officer)
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
  SL GREEN OPERATING PARTNERSHIP, L.P.
By:/s/ Matthew J. DiLiberto
Dated: October 31, 2024  Matthew J. DiLiberto
Chief Financial Officer of SL Green, the sole general partner of the Operating Partnership (Principal Financial and Accounting Officer)

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