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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                
Commission File Number: 1-13199 (SL Green Realty Corp.)
Commission File Number: 33-167793-02 (SL Green Operating Partnership, L.P.)
______________________________________________________________________
SL GREEN REALTY CORP.
SL GREEN OPERATING PARTNERSHIP, L.P.
(Exact name of registrant as specified in its charter)
______________________________________________________________________
SL Green Realty Corp.Maryland13-3956775
SL Green Operating Partnership, L.P.Delaware13-3960938
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
One Vanderbilt AvenueNew YorkNY 10017
(Address of principal executive offices—Zip Code)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
SL Green Realty Corp.    Yes x    No o            SL Green Operating Partnership, L.P.    Yes x    No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
SL Green Realty Corp.     Yes x    No o            SL Green Operating Partnership, L.P.    Yes x    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
SL Green Realty Corp.
Large accelerated filerxAccelerated filer
Non-accelerated filer
Smaller Reporting CompanyEmerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
SL Green Operating Partnership, L.P.
Large accelerated filerAccelerated filer
Non-accelerated filerx
Smaller Reporting CompanyEmerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). 
SL Green Realty Corp.    Yes     No x            SL Green Operating Partnership, L.P.    Yes     No x
Securities registered pursuant to Section 12(b) of the Act:
RegistrantTrading SymbolTitle of Each ClassName of Each Exchange on Which Registered
SL Green Realty Corp.SLGCommon Stock, $0.01 par valueNew York Stock Exchange
SL Green Realty Corp.SLG.PRI6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par valueNew York Stock Exchange
As of November 3, 2022, 64,316,051 shares of SL Green Realty Corp.'s common stock, par value $0.01 per share, were outstanding. As of November 3, 2022, 306,987 common units of limited partnership interest of SL Green Operating Partnership, L.P. were held by non-affiliates. There is no established trading market for such units.




EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2022 of SL Green Realty Corp. and SL Green Operating Partnership, L.P. Unless stated otherwise or the context otherwise requires, references to "SL Green Realty Corp.," the "Company" or "SL Green" mean SL Green Realty Corp. and its consolidated subsidiaries, including SL Green Operating Partnership, L.P.; and references to "SL Green Operating Partnership, L.P.," the "Operating Partnership" or "SLGOP" mean SL Green Operating Partnership, L.P. and its consolidated subsidiaries. The terms "we," "our" and "us" mean the Company and all the entities owned or controlled by the Company, including the Operating Partnership.
The Company is a Maryland corporation which operates as a self-administered and self-managed real estate investment trust, or REIT, and is the sole managing general partner of the Operating Partnership. As the general partner of the Operating Partnership, the Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership.
As of September 30, 2022, the Company owns 94.48% of the outstanding general and limited partnership interest in the Operating Partnership and owns 9,200,000 Series I Preferred Units of the Operating Partnership. As of September 30, 2022, noncontrolling investors held, in aggregate, a 5.52% limited partnership interest in the Operating Partnership. We refer to these interests as the noncontrolling interests in the Operating Partnership.
The Company and the Operating Partnership are managed and operated as one entity. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.
Noncontrolling interests in the Operating Partnership, stockholders' equity of the Company and partners' capital of the Operating Partnership are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The common limited partnership interests in the Operating Partnership not owned by the Company are accounted as noncontrolling interests, within mezzanine equity, in the Company's and the Operating Partnership's consolidated financial statements.
We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:
Combined reports enhance investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
Combined reports eliminate duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership; and
Combined reports create time and cost efficiencies through the preparation of one combined report instead of two separate reports.
To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:
consolidated financial statements; and
the following notes to the consolidated financial statements:
Note 11, Noncontrolling Interests on the Company’s Consolidated Financial Statements;
Note 12, Stockholders' Equity of the Company; and
Note 13, Partners' Capital of the Operating Partnership.
This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership, respectively, in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Company, in both their capacity as the principal executive officer and principal financial officer of the Company and the principal executive officer and principal financial officer of the general partner of the Operating Partnership, have made the requisite certifications and that the Company and the Operating Partnership are compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, or the Exchange Act.



On December 2, 2021, our Board of Directors declared an ordinary dividend of $0.3108 per share and a special dividend of $2.4392 per share (together, "the Total Dividend"). The Total Dividend was paid on January 18, 2022 to shareholders of record at the close of business on December 15, 2021 ("the Record Date"). Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. As a result of the elections made, the cash option was oversubscribed and was prorated. Shareholders who elected to receive cash received, for each share of common stock they owned as of the Record Date, approximately $0.3976 in cash and 0.0295 shares of common stock. Shareholders who elected to receive shares received, for each share of common stock they owned as of the Record Date, approximately 0.0345 shares of common stock. The number of shares issued was calculated based on the volume weighted average trading price of SLG's common stock between January 5-7, 2022 of $79.71 per share.
To mitigate the dilutive impact of the common stock issued in the special dividend, the Board of Directors also authorized a reverse stock split, which was effective after markets closed on January 21, 2022. On January 10, 2022, a committee of the Board of Directors calculated the ratio for the reverse stock split of our issued and outstanding shares of common stock as 1.03060-for-1. After the issuance of the dividend and the completion of the reverse stock split, the number of shares of our common stock outstanding was equivalent to the number of total shares outstanding on the Record Date (not including any issuances or repurchases that occurred following the Record Date, as well as any fractional shares that would have been issued but for which cash-in-lieu was paid). However, on a relative basis, some individual shareholders may have more shares of SLG’s common stock, and some individual shareholders may have fewer shares of our common stock, depending on their individual elections to receive cash or stock and as a result of the cash option being oversubscribed.
All share-related references and measurements including the number of shares outstanding, share prices, number of shares repurchased, earnings per share, dividends per share, and share-based compensation awards, have been retroactively adjusted to reflect the reverse stock split for all periods presented in this Quarterly Report on Form 10-Q.



SL GREEN REALTY CORP. AND SL GREEN OPERATING PARTNERSHIP, L.P.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION 
Item 1.FINANCIAL STATEMENTS
FINANCIAL STATEMENTS OF SL GREEN REALTY CORP.
Consolidated Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021
Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Equity for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (unaudited)
FINANCIAL STATEMENTS OF SL GREEN OPERATING PARTNERSHIP, L.P.
Consolidated Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021
Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Capital for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (unaudited)
Notes to Consolidated Financial Statements (unaudited)
Management's Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures about Market Risk
Controls and Procedures (SL Green Realty Corp. and SL Green Operating Partnership, L.P.)
PART II.OTHER INFORMATION
Legal Proceedings
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Defaults Upon Senior Securities
Mine Safety Disclosures
Other Information
Exhibits
Signatures


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

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

5


SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
September 30, 2022December 31, 2021
(unaudited)
Assets
Commercial real estate properties, at cost:
Land and land interests
$1,715,371 $1,350,701 
Building and improvements
5,028,486 3,671,402 
Building leasehold and improvements
1,676,811 1,645,081 
Right of use asset - operating leases1,041,661 983,723 
9,462,329 7,650,907 
Less: accumulated depreciation
(2,005,922)(1,896,199)
7,456,407 5,754,708 
Assets held for sale 140,855 
Cash and cash equivalents201,267 251,417 
Restricted cash183,811 85,567 
Investments in marketable securities16,535 34,752 
Tenant and other receivables41,334 47,616 
Related party receivables27,287 29,408 
Deferred rents receivable252,555 248,313 
Debt and preferred equity investments, net of discounts and deferred origination fees of $1,994 and $5,057 and allowances of $6,630 and $6,630 in 2022 and 2021, respectively
663,985 1,088,723 
Investments in unconsolidated joint ventures3,185,800 2,997,934 
Deferred costs, net115,952 124,495 
Other assets571,117 262,841 
Total assets (1)
$12,716,050 $11,066,629 
Liabilities
Mortgages and other loans payable, net$3,229,016 $1,394,386 
Revolving credit facility, net442,816 381,334 
Unsecured term loans, net1,242,994 1,242,002 
Unsecured notes, net599,662 899,308 
Accrued interest payable18,705 12,698 
Other liabilities312,564 195,390 
Accounts payable and accrued expenses175,203 157,571 
Deferred revenue280,251 107,275 
Lease liability - financing leases103,888 102,914 
Lease liability - operating leases911,756 851,370 
Dividend and distributions payable24,362 187,372 
Security deposits50,926 52,309 
Liabilities related to assets held for sale 64,120 
Junior subordinated deferrable interest debentures held by trusts that issued trust preferred securities100,000 100,000 
Total liabilities (1)
7,492,143 5,748,049 
6


SL Green Realty Corp.
Consolidated Balance Sheets
(in thousands)
September 30, 2022December 31, 2021
(unaudited)
Commitments and contingencies
Noncontrolling interests in Operating Partnership293,743 344,252 
Preferred units177,943 196,075 
Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2022 and December 31, 2021
221,932 221,932 
Common stock, $0.01 par value, 160,000 shares authorized and 65,376 and 65,132 issued and outstanding at September 30, 2022 and December 31, 2021, respectively (including 1,060 and 1,027 shares held in treasury at September 30, 2022 and December 31, 2021, respectively)
655 672 
Additional paid-in-capital3,780,286 3,739,409 
Treasury stock at cost(128,655)(126,160)
Accumulated other comprehensive income (loss)57,574 (46,758)
Retained earnings755,862 975,781 
Total SL Green stockholders' equity4,687,654 4,764,876 
Noncontrolling interests in other partnerships64,567 13,377 
Total equity4,752,221 4,778,253 
Total liabilities and equity$12,716,050 $11,066,629 
(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $179.6 million and $193.4 million of land, $321.0 million and $336.9 million of building and improvements, $ million and $ million of building and leasehold improvements, $15.4 million and $15.4 million of right of use assets, $13.5 million and $11.7 million of accumulated depreciation, $615.0 million and $574.4 million of other assets included in other line items, $326.4 million and $418.9 million of real estate debt, net, $0.1 million and $0.8 million of accrued interest payable, $15.3 million and $15.3 million of lease liabilities, and $152.0 million and $145.2 million of other liabilities included in other line items as of September 30, 2022 and December 31, 2021, respectively.


The accompanying notes are an integral part of these consolidated financial statements.
7


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,
 2022202120222021
Revenues
Rental revenue, net$162,952 $155,363 $474,215 $528,063 
Investment income29,513 20,072 69,808 59,452 
Other income19,991 29,766 57,842 61,895 
Total revenues212,456 205,201 601,865 649,410 
Expenses
Operating expenses, including related party expenses of $ and $5,695 in 2022, and $3,563 and $8,827 in 2021
45,011 40,684 127,151 126,851 
Real estate taxes35,111 32,139 96,677 121,318 
Operating lease rent7,388 6,557 20,429 20,003 
Interest expense, net of interest income21,824 14,807 51,854 57,155 
Amortization of deferred financing costs2,043 2,345 5,908 9,505 
Depreciation and amortization48,462 49,277 142,359 169,534 
Transaction related costs292 190 321 215 
Marketing, general and administrative21,276 23,477 69,574 68,426 
Total expenses181,407 169,476 514,273 573,007 
Equity in net loss from unconsolidated joint ventures(21,997)(15,487)(31,262)(31,321)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate (1,280)(131)(5,438)
Purchase price and other fair value adjustments(1,117)208,810 (7,348)209,527 
Gain (loss) on sale of real estate, net4,276 187,766 (61,104)285,338 
Depreciable real estate reserves and impairment   (5,696)
Net income (loss)12,211 415,534 (12,253)528,813 
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership(491)(22,683)1,831 (28,489)
Noncontrolling interests in other partnerships993 915 (2,269)2,454 
Preferred units distributions(1,598)(1,823)(4,844)(5,492)
Net income (loss) attributable to SL Green11,115 391,943 (17,535)497,286 
Perpetual preferred stock dividends(3,738)(3,738)(11,213)(11,213)
Net income (loss) attributable to SL Green common stockholders$7,377 $388,205 $(28,748)$486,073 
Basic earnings (loss) per share$0.11 $5.95 $(0.47)$7.29 
Diluted earnings (loss) per share$0.11 $5.91 $(0.47)$7.24 
Basic weighted average common shares outstanding63,949 64,856 63,971 66,248 
Diluted weighted average common shares and common share equivalents outstanding 68,897 69,496 69,249 71,049 
    
The accompanying notes are an integral part of these consolidated financial statements.
8


SL Green Realty Corp.
Consolidated Statements of Comprehensive Income
(unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net income (loss)$12,211 $415,534 $(12,253)$528,813 
Other comprehensive income:
Increase in unrealized value of derivative instruments, including SL Green's share of joint venture derivative instruments50,488 6,615 111,378 6,565 
Increase (decrease) in unrealized value of marketable securities1,605 66 (642)314 
Other comprehensive income52,093 6,681 110,736 6,879 
Comprehensive income64,304 422,215 98,483 535,692 
Net income attributable to noncontrolling interests and preferred units distributions(1,096)(23,591)(5,282)(31,527)
Other comprehensive income attributable to noncontrolling interests(3,114)(415)(6,404)(229)
Comprehensive income attributable to SL Green$60,094 $398,209 $86,797 $503,936 


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

9


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
Retained
Earnings
Noncontrolling
Interests
Total
Balance at June 30, 2022$221,932 64,302 $655 $3,801,272 $(128,655)$8,595 $779,999 $64,966 $4,748,764 
Net income11,115 (993)10,122 
Acquisition of subsidiary interest from noncontrolling interest(29,742)(75)(29,817)
Other comprehensive income48,979 48,979 
Preferred dividends (3,738)(3,738)
DRSPP proceeds3 140 140 
Reallocation of noncontrolling interest in the Operating Partnership28,624 28,624 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings11 8,616 8,616 
Contributions to consolidated joint venture interests817 817 
Cash distributions to noncontrolling interests(148)(148)
Cash distributions declared ($0.932 per common share, none of which represented a return of capital for federal income tax purposes)
(60,138)(60,138)
Balance at September 30, 2022$221,932 64,316 $655 $3,780,286 $(128,655)$57,574 $755,862 $64,567 $4,752,221 
SL Green Realty Corp. Stockholders
Common Stock
Series I
Preferred
Stock
SharesPar
Value
Additional
Paid-
In-Capital
Treasury
Stock
Accumulated
Other
Comprehensive Loss
Retained
Earnings
Noncontrolling
Interests
Total
Balance at June 30, 2021$221,932 65,866 $690 $3,823,290 $(124,049)$(66,863)$934,132 $24,625 $4,813,757 
Net income391,943 (915)391,028 
Other comprehensive income6,266 6,266 
Preferred dividends (3,738)(3,738)
DRSPP proceeds2 146 146 
Reallocation of noncontrolling interest in the Operating Partnership15,230 15,230 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings(1)7,932 7,932 
Repurchases of common stock(986)(10)(57,249)(20,698)(77,957)
Contributions to consolidated joint venture interests5 5 
Sale of interest in partially owned entity(4,476)(4,476)
Cash distributions to noncontrolling interests(5,230)(5,230)
Issuance of special dividend paid primarily in stock(2,111)2,111  
Cash distributions declared ($0.938 per common share, none of which represented a return of capital for federal income tax purposes)
(60,748)(60,748)
Balance at September 30, 2021$221,932 64,881 $680 $3,774,119 $(126,160)$(60,597)$1,258,232 $14,009 $5,082,215 

10


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
Retained
Earnings
Noncontrolling
Interests
Total
Balance at December 31, 2021$221,932 64,105 $672 $3,739,409 $(126,160)$(46,758)$975,781 $13,377 $4,778,253 
Net loss(17,535)2,269 (15,266)
Acquisition of subsidiary interest from noncontrolling interest(29,742)(75)(29,817)
Other comprehensive income104,332 104,332 
Preferred dividends (11,213)(11,213)
DRSPP proceeds6 339 339 
Reallocation of noncontrolling interest in the Operating Partnership23,539 23,539 
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings215 3 22,144 22,147 
Repurchases of common stock(1,971)(20)(114,979)(36,198)(151,197)
Contributions to consolidated joint venture interests52,164 52,164 
Cash distributions to noncontrolling interests(3,168)(3,168)
Issuance of special dividend paid primarily in stock1,961 163,115 (2,495)160,620 
Cash distributions declared ($2.797 per common share, none of which represented a return of capital for federal income tax purposes)
(178,512)(178,512)
Balance at September 30, 2022$221,932 64,316 $655 $3,780,286 $(128,655)$57,574 $755,862 $64,567 $4,752,221 
SL Green Realty Corp. Stockholders
Common Stock
Series I
Preferred
Stock
SharesPar
Value
Additional
Paid-
In-Capital
Treasury
Stock
Accumulated
Other
Comprehensive Loss
Retained
Earnings
Noncontrolling
Interests
Total
Balance at December 31, 2020$221,932 66,474 $716 $3,862,949 $(