Reckson Operating Partnership 10-Q 16 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 16, 2016
Document and Entity Information
Entity Registrant Name	RECKSON OPERATING PARTNERSHIP LP
Entity Central Index Key	930,810
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		0
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Commercial real estate properties, at cost:
Land and land interests	$ 1,877,492	$ 1,877,492
Building and improvements	4,480,647	4,477,073
Building leasehold and improvements	1,073,678	1,073,678
Commercial real estate properties, gross	7,431,817	7,428,243
Less: accumulated depreciation	(1,308,002)	(1,267,598)
Total commercial real estate properties, net	6,123,815	6,160,645
Cash and cash equivalents	62,443	50,026
Restricted cash	38,957	39,433
Tenant and other receivables, net of allowance of $5,256 and $5,593 in 2016 and 2015, respectively	30,977	35,256
Related party receivables	90,000	90,000
Deferred rents receivable, net of allowance of $14,929 and $14,788 in 2016 and 2015, respectively	223,659	217,730
Debt and preferred equity investments, net of discounts and deferred origination fees of $14,935 and $18,759 in 2016 and 2015, respectively	1,378,616	1,670,020
Investments in unconsolidated joint ventures	146,416	100,192
Deferred costs, net of accumulated amortization of $68,876 and $64,812 in 2016 and 2015, respectively	116,919	114,449
Other assets	457,227	355,566
Total assets	8,669,029	8,833,317
Liabilities
Mortgages and other loans payable, net	678,598	745,728
Revolving credit facility, net	766,733	985,055
Term loan and senior unsecured notes, net	1,724,002	1,979,317
Accrued interest payable	10,248	18,396
Other liabilities	194,169	116,088
Accounts payable and accrued expenses	63,862	70,844
Deferred revenue	177,858	180,404
Deferred land leases payable	1,644	1,558
Dividends payable	807	807
Security deposits	38,687	39,007
Total liabilities	$ 3,656,608	$ 4,137,204
Commitments and contingencies
Preferred units	$ 109,161	$ 109,161
Capital
General partner capital	4,517,948	4,201,872
Limited partner capital	0	0
Accumulated other comprehensive loss	(1,996)	(2,216)
Total ROP partner's capital	4,515,952	4,199,656
Noncontrolling interests in other partnerships	387,308	387,296
Total capital	4,903,260	4,586,952
Total liabilities and capital	$ 8,669,029	$ 8,833,317

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Tenant and other receivables, allowance	$ 5,256	$ 5,593
Deferred rents receivable, allowance	14,929	14,788
Preferred equity investments, deferred origination fees and discounts	14,935	18,759
Deferred costs, accumulated amortization	$ 68,876	$ 64,812

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Rental revenue, net	$ 159,618	$ 149,395
Escalation and reimbursement	24,316	22,931
Investment income	55,180	41,622
Other income	550	720
Total revenues	239,664	214,668
Expenses
Operating expenses, including related party expenses of $5,763 and $5,902 in 2016 and 2015, respectively	41,961	42,518
Real estate taxes	37,224	34,524
Ground rent	5,235	5,286
Interest expense, net of interest income	32,201	28,068
Amortization of deferred financing costs	2,140	1,953
Depreciation and amortization	50,798	49,428
Transaction related costs	178	(63)
Marketing, general and administrative	184	103
Total expenses	169,921	161,817
Income from continuing operations before equity in net income from unconsolidated joint ventures and loss on early extinguishment of debt	69,743	52,851
Equity in net income from unconsolidated joint ventures	2,457	2,127
Loss on early extinguishment of debt	0	(49)
Income from continuing operations	72,200	54,929
Net income from discontinued operations	0	0
Net income	72,200	54,929
Net income attributable to noncontrolling interests in other partnerships	(12)	(550)
Preferred units dividend	(955)	0
Net income attributable to ROP common unitholder	$ 71,233	$ 54,379

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Related party expenses included in operating expenses	$ 5,763	$ 5,902

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income attributable to ROP common unitholder	$ 71,233	$ 54,379
Other comprehensive income:
Change in net unrealized gain on derivative instruments	220	181
Comprehensive income attributable to ROP common unitholder	$ 71,453	$ 54,560

Consolidated Statement of Capit

Consolidated Statement of Capital $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Increase (Decrease) in Partners' Capital
Beginning Balance	$ 4,586,952
Contributions	1,750,905
Distributions	(1,506,062)
Net income	71,245
Other comprehensive income	220
Ending Balance	4,903,260
General Partner's Capital Class A Common Units | Class A Common Units
Increase (Decrease) in Partners' Capital
Beginning Balance	4,201,872
Contributions	1,750,905
Distributions	(1,506,062)
Net income	71,233
Ending Balance	4,517,948
Limited Partner's Capital
Increase (Decrease) in Partners' Capital
Beginning Balance	0
Ending Balance	0
Noncontrolling Interests In Other Partnerships
Increase (Decrease) in Partners' Capital
Beginning Balance	387,296
Net income	12
Ending Balance	387,308
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital
Beginning Balance	(2,216)
Other comprehensive income	220
Ending Balance	$ (1,996)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Activities
Net income	$ 72,200	$ 54,929
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52,938	51,381
Equity in net income from unconsolidated joint venture	(2,457)	(2,127)
Distributions of cumulative earnings from unconsolidated joint ventures	2,128	2,127
Loss on early extinguishment of debt	0	49
Deferred rents receivable	(6,070)	(6,117)
Other non-cash adjustments	(8,714)	(12,741)
Changes in operating assets and liabilities:
Restricted cash—operations	(2,022)	1,870
Tenant and other receivables	4,616	3,650
Deferred lease costs	(6,743)	(5,920)
Other assets	(37,394)	(23,517)
Accounts payable, accrued expenses and other liabilities	(6,626)	5,423
Deferred revenue and land leases payable	3,181	5,927
Net cash provided by operating activities	65,037	74,934
Investing Activities
Additions to land, buildings and improvements	(16,157)	(12,845)
Escrowed cash—capital improvements	368	588
Distributions in excess of cumulative earnings from unconsolidated joint ventures	345	0
Net proceeds from disposition of real estate/joint venture interest	22,316	0
Other investments	7,922	(1,718)
Origination of preferred equity investments	(117,119)	(174,420)
Repayments or redemption of preferred equity investments	272,253	26,954
Net cash provided by (used in) investing activities	169,928	(161,441)
Financing Activities
Repayments of mortgages and other loans payable	(67,526)	(220,000)
Proceeds from credit facility and senior unsecured notes	520,000	665,000
Repayments of credit facility and senior unsecured notes	(994,308)	(530,000)
Distributions to noncontrolling interests in other partnerships	0	(39)
Contributions from common unitholder	1,750,905	632,854
Distributions to common and preferred unitholders	(1,507,017)	(465,791)
Other obligations related to loan participations	76,500	25,000
Deferred loan costs and capitalized lease obligation	(1,102)	(4,357)
Net cash (used in) provided by financing activities	(222,548)	102,667
Net increase in cash and cash equivalents	12,417	16,160
Cash and cash equivalents at beginning of period	50,026	34,691
Cash and cash equivalents at end of period	62,443	50,851
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Tenant improvements and capital expenditures payable	8,745	5,845
Deferred leasing payable	79	3,254
Exchange of debt investment for equity in joint venture	68,581	0
Removal of fully depreciated commercial real estate properties	$ 3,799	$ 9,186

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Reckson Operating Partnership, L.P., or ROP, commenced operations on June 2, 1995. The sole general partner of ROP is Wyoming Acquisition GP LLC., or WAGP, a wholly-owned subsidiary of SL Green Operating Partnership, L.P., or the Operating Partnership. The sole limited partner of ROP is the Operating Partnership. The Operating Partnership is 96.16% owned by SL Green Realty Corp., or SL Green, as of March 31, 2016 . SL Green is a self-administered and self-managed real estate investment trust, and is the sole managing general partner of the Operating Partnership. Unless the context requires otherwise, all references to "we," "our," "us" and the "Company" means ROP and all entities owned or controlled by ROP. ROP is engaged in the acquisition, ownership, management and operation of commercial and residential real estate properties, principally office properties, and also owns land for future development, located in New York City, Westchester County, Connecticut and New Jersey, which collectively is also known as the New York Metropolitan area. In 2015, SL Green transferred two properties and SL Green's tenancy in common interest in a fee interest with a total value of $395.0 million to ROP. Additionally, in 2015, SL Green transferred one entity that held debt investments and financing receivables with an aggregate carrying value of $1.7 billion to ROP. These transfers were made to further diversify ROP's portfolio. Under the business combinations guidance (Accounting Standard Codification, or ASC, 805-50), these transfers were determined to be transfers of businesses between the indirect parent company and its wholly-owned subsidiary. As such, the assets and liabilities of the properties were transferred at their carrying values and were recorded as of the beginning of the current reporting period as though the assets and liabilities had been transferred at that date. The financial statements and financial information presented for all prior periods have been retrospectively adjusted to furnish comparative information. As of March 31, 2016 , we owned the following interests in properties in the New York Metropolitan area, primarily in midtown Manhattan. Our investments in the New York Metropolitan area also include investments in Brooklyn, Westchester County, Connecticut and New Jersey, which are collectively known as the Suburban properties: Location Type Number of Properties Approximate Square Feet Weighted Average Occupancy (1) Commercial: Manhattan Office 16 8,463,245 95.0 % Retail (2)(3) 5 352,892 96.2 % Fee Interest 2 197,654 100.0 % 23 9,013,791 95.2 % Suburban Office 19 3,287,800 83.1 % Retail 1 52,000 100.0 % 20 3,339,800 83.4 % Total commercial properties 43 12,353,591 92.0 % Residential: Manhattan Residential (2) — 222,855 95.2 % Total portfolio 43 12,576,446 92.0 % ____________________________________________________________________ (1) The weighted average occupancy for commercial properties represents the total leased square feet divided by total acquisition square footage. The weighted average occupancy for residential properties represents the total occupied units divided by total available units. (2) As of March 31, 2016 , we owned a building that was comprised of approximately 270,132 square feet of retail space and approximately 222,855 square feet of residential space. For the purpose of this report, we have included the building in the retail properties count and have bifurcated the square footage into the retail and residential components. (3) Includes two unconsolidated joint venture retail properties at 131-137 Spring Street comprised of approximately 68,342 square feet. As of March 31, 2016 , we held debt and preferred equity investments with a book value of $1.7 billion , including $0.3 billion of debt and preferred equity investments and other financing receivables that are included in other balance sheet line items. Basis of Quarterly Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, 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 U.S. GAAP 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 at March 31, 2016 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, 2016 . These financial statements should be read in conjunction with the financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2015 . The consolidated balance sheets at December 31, 2015 have been derived from the audited financial statements as of that date but do not include all the information and footnotes required by US GAAP for complete financial statements.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Principles of Consolidation The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method or as debt and preferred equity investments. See Note 5, "Debt and Preferred Equity Investments." ROP's investments in majority-owned and controlled real estate joint ventures are reflected in the financial statements on a consolidated basis with a reduction for the noncontrolling partners' interests. All significant intercompany balances and transactions have been eliminated. We consolidate a variable interest entity, or VIE, in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Included in commercial real estate properties on our consolidated balance sheets as of March 31, 2016 and December 31, 2015 are $1.4 billion and $0.3 billion , respectively, related to our consolidated VIEs. Included in mortgages and other loans payable on our consolidated balance sheets as of March 31, 2016 and December 31, 2015 are $500.0 million and none , respectively, collateralized by the real estate assets of the related consolidated VIEs. A noncontrolling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to us. Noncontrolling interests are required to be presented as a separate component of capital in the consolidated balance sheet and the presentation of net income is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. We assess the accounting treatment for each joint venture and debt and preferred equity investment. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package from us, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. Investment in Commercial Real Estate Properties On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be other than temporarily impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted and without interest charges for consolidated properties) 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 calculated fair value of the property. We also evaluate our real estate properties for potential impairment when a real estate property has been classified as held for sale. Real estate assets held for sale are valued at the lower of either their carrying value or fair value less costs to sell. We do not believe that there were any indicators of impairment at any of our consolidated properties at March 31, 2016 . We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of the above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from three to 40 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 one to 14 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 one to 14 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. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount and capitalization 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. We recognized an increase of $4.0 million and $5.7 million in rental revenue for the three months ended March 31, 2016 and 2015, respectively, for the amortization of aggregate below-market leases in excess of above-market leases and a reduction in lease origination costs, resulting from the allocation of the purchase price of the applicable properties. The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Identified intangible assets (included in other assets): Gross amount $ 306,575 $ 307,824 Accumulated amortization (239,407 ) (235,040 ) Net $ 67,168 $ 72,784 Identified intangible liabilities (included in deferred revenue): Gross amount $ 519,528 $ 523,228 Accumulated amortization (352,585 ) (346,857 ) Net $ 166,943 $ 176,371 Fair Value Measurements See Note 12, "Fair Value Measurements." Investments in Unconsolidated Joint Ventures We assess our investments in unconsolidated joint ventures for recoverability, and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on the joint ventures' projected discounted cash flows. We do not believe that the values of any of our equity investments were impaired at March 31, 2016 . We may originate loans for real estate acquisition, development and construction, where we expect to receive some or all of the residual profit from such projects. When the risk and rewards of these arrangements are essentially the same as an investor or joint venture partner, we account for these arrangements as real estate investments under the equity method of accounting for investments. Otherwise, we account for these arrangements consistent with our loan accounting for our debt and preferred equity investments. Revenue Recognition Rental revenue is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. In order for the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner (the tenant is the owner) of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When management concludes that we are the owner of tenant improvements for accounting purposes, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred costs, net on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets. We establish, on a current basis, an allowance for future potential tenant credit losses, which may occur against this account. The balance reflected on the consolidated balance sheets is net of such allowance. In addition to base rent, our tenants also generally will pay their pro rata share of increases in real estate taxes and operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year. We record a gain on sale of real estate when title is conveyed to the buyer, subject to the buyer's financial commitment being sufficient to provide economic substance to the sale and we have no substantial economic involvement with the buyer. Interest income on debt and preferred equity investments is accrued based on the outstanding principal amount and contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Several of the debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest is ultimately collectible, based on the underlying collateral and operations of the borrower. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as an adjustment to the interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cashflows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield. Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition on any non-accrual debt or preferred equity investment is resumed when such non-accrual debt or preferred equity investment becomes contractually current and performance is demonstrated to be resumed. Interest is recorded as income on impaired loans only to the extent cash is received. We may syndicate a portion of the loans that we originate or sell these loans individually. When a transaction meets the criteria for sale accounting, we derecognize the loan sold and 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 income. 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. Reserve for Possible Credit Losses The expense for possible credit losses in connection with debt and preferred equity investments is the charge to earnings to increase the allowance for possible credit losses to the level that we estimate to be adequate, based on Level 3 data, considering delinquencies, loss experience and collateral quality. Other factors considered relate to geographic trends, product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish the provision for possible credit losses on each individual investment. When it is probable that we will be unable to collect all amounts contractually due, the investment is considered impaired. Where impairment is indicated on an investment that is held to maturity, a valuation allowance is measured based upon the excess of the recorded investment amount over the net fair value of the collateral. Any deficiency between the carrying amount of an asset and the calculated value of the collateral is charged to expense. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If the additional information obtained reflects increased recovery of our investment, we will adjust our reserves accordingly. There were no loan reserves recorded during the three months ended March 31, 2016 and 2015. Debt and preferred equity investments held for sale are carried at the lower of cost or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its net carrying value to debt and preferred equity investments held to maturity. For these reclassified investments, the difference between the current carrying value and the expected cash to be collected at maturity will be accreted into income over the remaining term of the investment. Income Taxes ROP is a partnership and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective income tax returns. No provision has been made for income taxes in the consolidated financial statements since such taxes, if any, are the responsibility of the individual partners. Shares Contributed by Parent Company We present shares of SL Green common stock as a contra equity account in our financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments in excess of insured amounts with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in New York City. See Note 5, "Debt and Preferred Equity Investments." We perform ongoing credit evaluations of our tenants and require most tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting a space. Although the properties in our real estate portfolio are primarily located in Manhattan, we also have properties located in Brooklyn, Westchester County, Connecticut and New Jersey. The tenants located in our buildings operate in various industries. No tenant in the portfolio accounted for more than 5.0% of our share of annualized cash rent, including our share of joint venture annualized cash rent, at March 31, 2016 . Approximately 15.2% , 9.7% , 8.2% , 7.8% , 7.3% , 7.2% , 6.7% and 6.7% of our share of annualized cash rent was attributable to 1185 Avenue of the Americas, 625 Madison Avenue, 919 Third Avenue, 750 Third Avenue, 810 Seventh Avenue, 1350 Avenue of the Americas, 555 West 57 th Street and 125 Park Avenue, respectively, for the three months ended March 31, 2016 . Reclassification Certain prior year balances have been reclassified to conform to our current year presentation. Accounting Standards Updates In March 2016, the FASB issued Accounting Standards Update (ASU) 2016-07, Investments Equity Method and Joint Ventures (Topic 323). The guidance eliminates the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The guidance is effective for all entities for fiscal years beginning after 15 December 2016 and interim periods within those years. Early adoption is permitted in any interim or annual period. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases. The guidance requires lessees to recognize lease assets and lease liabilities for those leases classified as operating leases under the previous standard. The accounting applied by a lessor is largely unchanged from that applied under the previous standard. The Guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01 (ASU825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and to record changes in instruments-specific credit risk for financial liabilities measured under the fair value option in other comprehensive income. The guidance is effective for fiscal years beginning after December 15, 2017, and for interim periods therein. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In April 2015, the FASB issued final guidance to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability (ASU 2015-03). The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The Company adopted the guidance effective January 1, 2016. Accordingly, as of March 31, 2016 and December 31, 2015, $24.4 million and $25.4 million , respectively of deferred debt issuance cost, net of amortization are presented as a direct reduction within Mortgages and other loans payable, Revolving credit facility, Term loan and senior unsecured notes on the Company's consolidated balance sheets. In February 2015, the FASB issued guidance that amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities (ASU 2015-02). Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The Company adopted the guidance effective January 1, 2016. Under the revised guidance, certain entities, now qualify as variable interest entities. The change in designation did not have a material impact on our consolidated financial statements and did not change the consolidation conclusion on these entities. In May 2014, the FASB issued a new comprehensive revenue recognition guidance which requires us to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services (ASU 2014-09). The guidance also requires enhanced disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. In March 2016, the FASB issued implementation guidance which clarifies principal versus agent considerations in reporting revenue gross versus net (ASU 2016-08). In April 2016, the FASB issued implementation guidance which clarifies the identification of performance obligations (ASU 2016-10). These ASUs are effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted, but not before interim and annual reporting periods beginning after December 15, 2016. The new guidance can be applied either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption. The Company has not yet adopted this guidance and is currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

Property Acquisition

Property Acquisition	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Property Acquisition	Property Acquisition We did not acquire any properties during the three months ended March 31, 2016 .

Property Disposition

Property Disposition	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Property Disposition	Property Disposition We did not sell any properties during the three months ended March 31, 2016.

Debt and Preferred Equity Inves

Debt and Preferred Equity Investments	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Debt, Preferred Equity and Other Investments	Debt and Preferred Equity Investments During the three months ended March 31, 2016 and 2015, our debt and preferred equity investments, net of discounts and deferred origination fees, increased $128.8 million and $166.9 million , respectively, due to originations, purchases, advances under future funding obligations, discount and fee amortization, and paid-in-kind interest, net of premium amortization. We recorded repayments, participations and sales of $420.2 million and $27.0 million during the three months ended March 31, 2016 and 2015, respectively, which offset the increases in debt and preferred equity investments. Certain debt investments that were participated out but for which the transfer did not meet the conditions for sale accounting are included in other assets and other liabilities on the consolidated balance sheets. Debt Investments As of March 31, 2016 and December 31, 2015 , we held the following debt and preferred equity investments, with an aggregate weighted average current yield of approximately 10.47% at March 31, 2016 (in thousands): Loan Type March 31, 2016 March 31, 2016 March 31, 2016 and Deferred Origination Fees (1) December 31, 2015 and Deferred Origination Fees (1) Initial Fixed Rate Investments: Mezzanine Loan (2a) $ — $ 115,000 $ 12,917 $ 24,916 July 2016 Mezzanine Loan — 165,000 72,174 72,102 November 2016 Jr. Mortgage Participation/Mezzanine Loan — 1,109,000 185,266 104,661 March 2017 Mezzanine Loan (2b) — 502,100 41,137 41,115 June 2017 Mezzanine Loan — 539,000 49,715 49,691 July 2018 Mortgage Loan (3) — — 26,275 26,262 February 2019 Mortgage Loan — — 480 513 August 2019 Mezzanine Loan — 15,000 3,500 3,500 September 2021 Mezzanine Loan (2c) — 89,527 19,937 19,936 November 2023 Mezzanine Loan — 95,000 30,000 30,000 January 2025 Jr. Mortgage Participation (4) — — — 49,000 Other (4)(5) — — — 23,510 Other (4)(5) — — — 66,183 Total fixed rate $ — $ 2,629,627 $ 441,401 $ 511,389 Floating Rate Investments: Mortgage/Mezzanine Loan (6) 4,693 — 100,837 94,901 April 2016 Mezzanine Loan (2d) — 160,000 22,639 22,625 June 2016 Mezzanine Loan (7) — 745,215 74,311 74,700 September 2016 Mezzanine Loan — 360,000 99,662 99,530 November 2016 Mezzanine Loan 10,003 136,384 51,217 49,751 December 2016 Mezzanine Loan 281 39,201 13,745 13,731 December 2016 Mortgage/Mezzanine Loan (2e) 47,001 — 133,395 134,264 January 2017 Mezzanine Loan 1,127 118,949 28,754 28,551 January 2017 Mezzanine Loan (2f)(8) — 40,000 15,132 68,977 June 2017 Mortgage/Mezzanine Loan — — 22,896 22,877 July 2017 Mortgage/Mezzanine Loan — — 16,915 16,901 September 2017 Senior Mortgage 4,394 — 19,416 19,282 October 2017 Mezzanine Loan — 60,000 14,916 14,904 November 2017 Mezzanine Loan (2g) — 85,000 14,944 29,505 December 2017 Mezzanine Loan (2h) — 65,000 14,483 28,563 December 2017 Mortgage/Mezzanine Loan (2i) 795 — 14,968 14,942 December 2017 Jr. Participation — 40,000 19,862 19,846 April 2018 Loan Type March 31, 2016 March 31, 2016 March 31, 2016 and Deferred Origination Fees (1) December 31, 2015 and Deferred Origination Fees (1) Initial Mezzanine Loan — 175,000 34,752 34,725 April 2018 Jr. Participation/Mezzanine Loan (2j) — 55,000 10,506 20,510 July 2018 Mezzanine Loan (9) 523 20,523 10,806 31,210 August 2018 Mezzanine Loan — 33,000 26,794 26,777 December 2018 Mezzanine Loan 5,267 156,383 53,953 52,774 December 2018 Mezzanine Loan 26,204 217,202 52,336 49,625 December 2018 Mezzanine Loan — 16,383 5,340 — January 2019 Mezzanine Loan — 38,000 21,855 21,845 March 2019 Mezzanine Loan (10) — — — 66,398 Mortgage/Mezzanine Loan (4) — — — 18,395 Jr. Mortgage Participation/Mezzanine Loan (11) — — — 40,346 Total floating rate $ 100,288 $ 2,561,240 $ 894,434 $ 1,116,455 Total $ 100,288 $ 5,190,867 $ 1,335,835 $ 1,627,844 (1) Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees. (2) Carrying value is net of the following amount that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting: (a) $12.0 million , (b) $41.3 million , (c) $5.0 million , (d) $7.4 million , (e) $36.3 million , (f) $14.5 million , (g) $14.6 million , (h) $14.1 million , (i) $5.1 million and (j) $10.0 million . (3) In September 2014, we acquired a $26.4 million mortgage loan at a $0.2 million discount and a $5.7 million junior mortgage participation at a $5.7 million discount. The junior mortgage participation was a nonperforming loan at acquisition and is currently on non-accrual status. (4) These loans were repaid in March 2016. (5) These loans were collateralized by defeasance securities. (6) In April 2016, the maturity date was extended to October 2016. (7) In March 2016, the maturity date was extended to September 2016. (8) In March 2016, the mortgage was sold. (9) In January 2016, the loan was modified. In March 2016, the mortgage was sold. (10) In March 2016, we contributed the loan for a joint venture interest which is now accounted for under the equity method of accounting. It is included in unconsolidated joint ventures on the combined balance sheets. (11) These loans were repaid in February 2016. Preferred Equity Investments As of March 31, 2016 and December 31, 2015, we held the following preferred equity investments with an aggregate weighted average current yield of 7.79% at March 31, 2016 (in thousands): Type March 31, 2016 Future Funding Obligations March 31, 2016 Senior Financing March 31, 2016 Carrying Value (1) December 31, 2015 (1) Initial Mandatory Redemption Preferred equity $ — $ 71,486 $ 9,971 $ 9,967 March 2018 Preferred equity 5,003 59,966 32,810 32,209 November 2018 $ 5,003 $ 131,452 $ 42,781 $ 42,176 ____________________________________________________________________ (1) Carrying value is net of deferred origination fees. At March 31, 2016 and December 31, 2015, all debt and preferred equity investments were performing in accordance with the terms of the relevant investments, with the exception of a junior mortgage participation acquired in September 2014, which has a carrying value of zero . We have determined that we have one portfolio segment of financing receivables at March 31, 2016 and December 31, 2015 comprising commercial real estate which is primarily recorded in debt and preferred equity investments. Included in other assets is an additional amount of financing receivables totaling $164.8 million and $168.3 million at March 31, 2016 and December 31, 2015, respectively. No financing receivables were 90 days past due at March 31, 2016.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures We have investments in several real estate joint ventures with various partners. The table below provides general information on each of our joint ventures as of March 31, 2016 : Partner Ownership Interest Economic Interest Approximate Square Feet Acquisition Date Acquisition Price (1) (in thousands) 131-137 Spring Street Invesco Real Estate 20.00% 20.00% 68,342 August 2015 $ 277,750 Mezzanine Loan (2) Various 33.33% 36.58% 764,000 March 2016 138,240 ____________________________________________________________________ (1) Acquisition price represents the actual or implied gross purchase price for the joint venture, which is not adjusted for subsequent acquisitions of additional interests. (2) The joint venture owns two mezzanine notes secured by interests in a mixed use development. The difference between our ownership interest and our economic interest results from our right to 50% of the total exit fee while each of our partners is entitled to receive 25% of the total exit fee. Acquisition, Development and Construction Arrangement Based on the characteristics of the following arrangements, which are similar to those of an investment, combined with the expected residual profit of not greater than 50% , we have accounted for these debt and preferred equity investments under the equity method. As of March 31, 2016 and December 31, 2015, the carrying value for acquisition, development and construction arrangements were as follows (in thousands): Loan Type March 31, 2016 December 31, 2015 Maturity Date Mezzanine loan and preferred equity $ 100,000 $ 99,936 March 2017 $ 100,000 $ 99,936 Mortgages and Other Loans Payable We generally finance our joint ventures with non-recourse debt. However, in certain cases we have provided guarantees or master leases for tenant space. These guarantees and master leases terminate upon the satisfaction of specified circumstances or repayment of the underlying loans. The first mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at March 31, 2016 and December 31, 2015 , respectively, are as follows (amounts in thousands): Property Maturity Date Interest Rate (1) March 31, 2016 December 31, 2015 Floating Rate Debt: 131-137 Spring Street August 2020 1.97 % $ 141,000 $ 141,000 Total joint venture mortgages and other loans payable $ 141,000 $ 141,000 Deferred financing costs, net (4,800 ) (5,077 ) Total joint venture mortgages and other loans payable, net $ 136,200 $ 135,923 ____________________________________________________________________ (1) Effective weighted average interest rate for the three months ended March 31, 2016, taking into account interest rate hedges in effect during the period. The combined balance sheets for the unconsolidated joint ventures, at March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, 2016 December 31, 2015 Assets Commercial real estate property, net $ 284,105 $ 285,689 Debt and preferred equity investments, net 238,240 99,936 Other assets 18,515 16,897 Total assets $ 540,860 $ 402,522 Liabilities and members' equity Mortgages and other loans payable, net $ 136,200 $ 135,923 Other liabilities 24,444 25,462 Members' equity 380,216 241,137 Total liabilities and members' equity $ 540,860 $ 402,522 Company's investments in unconsolidated joint ventures $ 146,416 $ 100,192 The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three months ended March 31, 2016 and 2015 , are as follows (in thousands): Three Months Ended March 31, 2016 2015 Total revenues $ 6,937 $ 2,133 Operating expenses 374 — Real estate taxes 283 — Interest expense, net of interest income 698 — Amortization of deferred financing costs 277 — Transaction related costs — 6 Depreciation and amortization 2,101 — Total expenses $ 3,733 $ 6 Net income $ 3,204 $ 2,127 Company's equity in net income from unconsolidated joint ventures $ 2,457 $ 2,127

Mortgages and Other Loans Payab

Mortgages and Other Loans Payable	3 Months Ended
	Mar. 31, 2016
Mortgage Note and Other Loans Payable
Mortgages and Other Loans Payable	Mortgages and Other Loans Payable The first mortgages collateralized by the respective properties and assignment of leases or certain debt investments at March 31, 2016 and December 31, 2015 , respectively, were as follows (amounts in thousands): Maturity Date Interest Rate (1) March 31, 2016 December 31, 2015 919 Third Avenue (2) June 2023 5.12 % $ 500,000 $ 500,000 Master Repurchase Agreement June 2016 4.00 % 185,898 253,424 Total mortgages and other loans payable $ 685,898 $ 753,424 Deferred financing costs, net of amortization $ (7,300 ) $ (7,696 ) Total mortgages and other loans payable, net $ 678,598 $ 745,728 ____________________________________________________________________ (1) Effective weighted average interest rate for the three months ended March 31, 2016 . (2) We own a 51.0% controlling interest in the joint venture that is the borrower on this loan. The Master Repurchase Agreement, as amended in December 2013, or MRA, provides us with the ability to sell certain debt investments with a simultaneous agreement to repurchase the same at a certain date or on demand. This MRA has a maximum facility capacity of $300.0 million and bears interest ranging from 250 and 325 basis points over 30-day LIBOR depending on the pledged collateral. In September 2015, we entered into an amendment to the MRA to extend the maturity to June 29, 2016. Further, since December 6, 2015 we have been required to pay monthly in arrears a 25 basis point fee on the excess of $150.0 million over the average daily balance during the period if the average daily balance is less than $150.0 million . We seek to mitigate risks associated with our repurchase agreement by managing the credit quality of our assets, early repayments, interest rate volatility, liquidity, and market value. The margin call provisions under our repurchase facility permit valuation adjustments based on capital markets activity, and are not limited to collateral-specific credit marks. To monitor credit risk associated with our debt investments, our asset management team regularly reviews our investment portfolio and is in contact with our borrowers in order to monitor the collateral and enforce our rights as necessary. The risk associated with potential margin calls is further mitigated by our ability to recollateralize the facility with additional assets from our portfolio of debt investments, our ability to satisfy margin calls with cash or cash equivalents and access to additional liquidity through the 2012 credit facility, as defined below. At March 31, 2016 and December 31, 2015 , the gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable, was approximately $1.8 billion and $ 2.0 billion , respectively.

Corporate Indebtedness

Corporate Indebtedness	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Corporate Indebtedness	Corporate Indebtedness 2012 Credit Facility In July 2015, we entered into the third amendment to the credit facility that was originally entered into by the Company in November 2012, referred to as the 2012 credit facility, which increased our unsecured corporate facility by $500.0 million . The revolving credit facility was increased by $400.0 million to $1.6 billion and the term loan portion of the facility was increased by $100.0 million to $933.0 million . In January 2015, we amended the 2012 credit facility by entering into a second amended and restated credit agreement, which decreased the interest-rate margin and facility fee applicable to the revolving credit facility by 20 basis points and five basis points, respectively, and extended the maturity date of the revolving credit facility to March 29, 2019 with an as-of-right extension through March 29, 2020. In November 2014, we increased the term loan portion of the facility by $50.0 million to $833.0 million . In March 2014, we entered into an amendment to the 2012 credit facility, which among other things, increased the term loan portion of the facility by $383.0 million to $783.0 million , decreased the interest-rate margin applicable to the term loan portion of the facility by 25 basis points and extended the maturity of the term loan portion of the facility from March 30, 2018 to June 30, 2019. As of March 31, 2016 , the 2012 credit facility, as amended, consisted of a $1.6 billion revolving credit facility and a $933.0 million term loan. We also have an option, subject to customary conditions, to increase the capacity under the revolving credit facility to $3.0 billion at any time prior to the maturity date for the revolving credit facility without the consent of existing lenders, by obtaining additional commitments from our existing lenders and other financial institutions. As of March 31, 2016 , the 2012 credit facility bore interest at a spread over LIBOR ranging from (i) 87.5 basis points to 155 basis points for loans under the revolving credit facility and (ii) 95 basis points to 190 basis points for loans under the term loan facility, in each case based on the credit rating assigned to the senior unsecured long term indebtedness of ROP. At March 31, 2016 , the applicable spread was 125 basis points for the revolving credit facility and 140 basis points for the term loan facility. At March 31, 2016 , the effective interest rate was 1.68% for the revolving credit facility and 1.89% for the term loan facility. 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 ROP. As of March 31, 2016 , the facility fee was 25 basis points. As of March 31, 2016 , we had $74.3 million of outstanding letters of credit, $775.0 million drawn under the revolving credit facility and $933.0 million outstanding under the term loan facility, with total undrawn capacity of $750.7 million under the 2012 credit facility. At March 31, 2016 and December 31, 2015 the revolving credit facility had a carrying value of $766.7 million and $985.1 million , respectively, inclusive of net deferred financing costs. At March 31, 2016 and December 31, 2015, the term loan facility had a carrying value of $929.8 million and $929.5 million , respectively, inclusive of net deferred financing costs. We, SL Green and the Operating Partnership are all borrowers jointly and severally obligated under the 2012 credit facility. None of SL Green's other subsidiaries are obligors under the 2012 credit facility. The 2012 credit facility includes certain restrictions and covenants (see Restrictive Covenants below). Senior Unsecured Notes The following table sets forth our senior unsecured notes and other related disclosures as of March 31, 2016 and December 31, 2015, respectively, by scheduled maturity date (dollars in thousands): Issuance March 31, 2016 Unpaid Principal Balance March 31, 2016 Accreted Balance December 31, 2015 Accreted Balance Coupon (1) Effective Term Maturity Date August 5, 2011 (2) $ 250,000 $ 249,827 $ 249,810 5.00 % 5.03 % 7 August 15, 2018 March 16, 2010 (2) 250,000 250,000 250,000 7.75 % 7.75 % 10 March 15, 2020 November 15, 2012 (2) 200,000 200,000 200,000 4.50 % 4.50 % 10 December 1, 2022 December 17, 2015 (2) 100,000 100,000 100,000 4.27 % 4.27 % 10 December 17, 2025 March 31, 2006 (3) — — 255,296 $ 800,000 $ 799,827 $ 1,055,106 Deferred financing costs, net (5,587 ) (5,303 ) $ 794,240 $ 1,049,803 ______________________________________________________________________ (1) Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates. (2) Issued by SL Green, the Operating Partnership and ROP, as co-obligors. (3) This note was repaid in March 2016. ROP also provides a guaranty of the Operating Partnership's obligations under its 3.00% Exchangeable Senior Notes due 2017. Restrictive Covenants The terms of the 2012 credit facility, as amended, and certain of our senior unsecured notes include certain restrictions and covenants which may limit, among other things, SL Green's 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 minimum amount of tangible net worth, a 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 SL Green will not during any time when a default is continuing, make distributions with respect to SL Green's common stock or other equity interests, except to enable SL Green to continue to qualify as a REIT for Federal income tax purposes. As of March 31, 2016 and 2015, we were in compliance with all such covenants. Principal Maturities Combined aggregate principal maturities of our mortgage, 2012 credit facility and senior unsecured notes as of March 31, 2016 , including as-of-right extension options and put options, were as follows (in thousands): Scheduled Principal Revolving Unsecured Term Loan Senior Unsecured Notes Total Remaining 2016 $ 3,566 $ 185,898 $ — $ — $ — 189,464 2017 7,411 — — — — 7,411 2018 7,799 — — — 250,000 257,799 2019 8,207 — — 933,000 — 941,207 2020 8,637 — 775,000 — 250,000 1,033,637 Thereafter 22,786 441,594 — — 300,000 764,380 $ 58,406 $ 627,492 $ 775,000 $ 933,000 $ 800,000 $ 3,193,898 Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): Three Months Ended March 31, 2016 2015 Interest expense $ 32,314 $ 28,861 Interest capitalized (109 ) (786 ) Interest income (4 ) (7 ) Interest expense, net $ 32,201 $ 28,068

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Cleaning/ Security/ Messenger and Restoration Services Through Alliance Building Services, or Alliance, First Quality Maintenance, L.P., or First Quality, provides cleaning, extermination and related services, Classic Security LLC provides security services, Bright Star Couriers LLC provides messenger services, and Onyx Restoration Works provides restoration services with respect to certain properties owned by us. Alliance is partially owned by Gary Green, a son of Stephen L. Green, the chairman of SL Green's board of directors. In addition, First Quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis separately negotiated with any tenant seeking such additional services. An affiliate of ours has entered into an arrangement with Alliance whereby it will receive a profit participation above a certain threshold for services provided by Alliance to certain tenants at certain buildings above the base services specified in their lease agreements. Income earned from profit participation, which is included in other income on the consolidated statements of operations, was $0.8 million for both the three months ended March 31, 2016 and 2015. We also recorded expenses of $1.7 million and $1.9 million for the three months ended March 31, 2016 and 2015, respectively, for these services (excluding services provided directly to tenants). Allocated Expenses from SL Green Property operating expenses include an allocation of salary and other operating costs from SL Green based on square footage of the related properties. Such amount was approximately $2.6 million and $2.4 million for the three months ended March 31, 2016 and 2015, respectively. Insurance We obtained insurance coverage through an insurance program administered by SL Green. In connection with this program, we incurred insurance expense of approximately $1.6 million for both the three months ended March 31, 2016 and 2015.

Preferred Units

Preferred Units	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Preferred Units	Preferred Units Through a consolidated subsidiary, we have authorized up to 109,161 3.5% Series A Preferred Units of limited partnership interest, or the Greene Series A Preferred Units, with a liquidation preference of $1,000.00 per unit. In August 2015, the Company issued 109,161 Greene Series A Preferred Units in conjunction with an acquisition. The Greene Series A Preferred unitholders receive annual dividends of $35.00 per unit paid on a quarterly basis and dividends are cumulative, subject to certain provisions. The Greene Series A Preferred Units can be redeemed at any time, at the option of the unitholder, either for cash or are convertible on a one-for-one basis, into the Series B Preferred Units of limited partnership interest, or the Greene Series B Preferred Units. The Greene Series B Preferred Units can be converted at any time, at the option of the unitholder, into a number of common stock equal to 6.71348 shares of SL Green common stock for each Greene Series B Preferred Unit. As of March 31, 2016 , no Greene Series B Preferred Units have been issued. ASC 815 Derivatives and Hedging requires bifurcation of certain embedded derivative instruments, such as conversion features in convertible equity instruments, and their measurement at fair value for accounting purposes. The conversion feature embedded in the Greene Series A Preferred Units was evaluated, and it was determined that the conversion feature should be bifurcated from its host instrument and accounted for as a freestanding derivative. The derivative is reported as a derivative liability in accrued interest and other liabilities on the accompanying consolidated balance sheet and is adjusted to its fair value at each reporting date, with a corresponding adjustment to interest expense, net of interest income. The embedded derivative for the Greene Series A Preferred Units was initially recorded at a fair value of zero on July 22, 2015, the date of issuance. At December 31, 2015, the carrying amount of the derivative was adjusted to its fair value of zero , with a corresponding adjustment to preferred units and interest expense, net of interest income. At March 31, 2016 the carrying amount and fair value of the derivative remained at zero.

Partners' Capital

Partners' Capital	3 Months Ended
	Mar. 31, 2016
Partners' Capital Notes [Abstract]
Partners' Capital	Partners' Capital Since consummation of the Merger on January 25, 2007, the Operating Partnership has owned all the economic interests in ROP either by direct ownership or by indirect ownership through our general partner, which is its wholly-owned subsidiary. Intercompany transactions between SL Green and ROP are generally recorded as contributions and distributions.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We are required to disclose fair value information with regard to our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We determine other than temporary impairment in real estate investments and debt and preferred equity investments, including intangibles, utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, which are classified as Level 3 inputs. 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 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. The following table provides the carrying value and fair value of these financial instruments as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Debt and preferred equity investments $ 1,378,616 (1) $ 1,670,020 (1) Fixed rate debt $ 1,329,827 $ 1,439,061 $ 1,585,106 $ 1,663,078 Variable rate debt 1,863,898 1,866,381 2,150,424 2,164,673 $ 3,193,725 $ 3,305,442 $ 3,735,530 $ 3,827,751 ______________________________________________________________________ (1) At March 31, 2016 , debt and preferred equity investments had an estimated fair value ranging between $1.4 billion and $1.5 billion . At December 31, 2015, debt and preferred equity investments had an estimated fair value ranging between $1.7 billion and $1.8 billion . Disclosure about fair value of financial instruments was based on pertinent information available to us as of March 31, 2016 and December 31, 2015 . Although we are not aware of any factors that would significantly affect the reasonable fair value amounts, 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.

Financial Instruments_ Derivati

Financial Instruments: Derivatives and Hedging	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments: Derivatives and Hedging	Financial Instruments: Derivatives and Hedging In the normal course of business, we use a variety of commonly used derivative instruments, such as interest rate swaps, caps, collar and floors, to manage, or hedge interest rate risk. We hedge our exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt. We recognize all derivatives on the balance sheets at fair value. Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, 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 hedge asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value will be immediately recognized in earnings. Reported net income and capital may increase or decrease prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows. Currently, all of our designated derivative instruments are effective hedging instruments. As of March 31, 2016 , the Company had designated an interest swap agreement on $30.0 million of the 2012 credit facility. The following table summarizes the notional and fair value of our derivative financial instrument at March 31, 2016 based on Level 2 inputs. The notional value is an indication of the extent of our involvement in that instrument at that time, but does not represent exposure to credit, interest rate or market risks (amounts in thousands). Notional Value Strike Rate Effective Date Expiration Date Balance Sheet Location Fair Value Interest Rate Swap $ 30,000 2.295 % July 2010 June 2016 Other Liabilities $ (109 ) Gains and losses on terminated hedges are included in the accumulated other comprehensive loss, and are recognized into earnings over the term of the related senior unsecured notes. As of March 31, 2016 and December 31, 2015 , the deferred net losses from these terminated hedges, which are included in accumulated other comprehensive loss relating to net unrealized loss on derivative instrument, was approximately $1.9 million and $2.0 million , respectively. Over time, the realized and unrealized gains and losses held in accumulated other comprehensive loss 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 approximately $0.5 million of the current balance held in accumulated other comprehensive loss will be reclassified into interest expense within the next 12 months. The following table presents the effect of our derivative financial instrument that is designated and qualify as a hedging instrument on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 , respectively (in thousands): Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Location of Gain Recognized in Income on Derivative Amount of Gain Recognized into Income (Ineffective Portion) Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, Derivative 2016 2015 2016 2015 2016 2015 (as adjusted) (as adjusted) (as adjusted) Interest Rate Swap $ (12 ) $ (68 ) Interest expense $ 232 $ 249 Interest expense $ 2 $ 1

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings As of March 31, 2016 , we 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 other than routine litigation arising in the ordinary course of business or litigation that is adequately covered by insurance. Guarantees During the year ended December 31, 2015, Belmont Insurance Company, or Belmont, a New York licensed captive insurance company and an affiliate of SL Green, became a member of the Federal Home Loan Bank of New York, or FHLBNY. As a member Belmont may borrow funds from the FHLBNY in the form of secured advances. Belmont’s membership will terminate in February 2017 at which point Belmont will be required to repay all funds borrowed. As of March 31, 2016 certain commercial real estate properties and debt and preferred equity investments of the Company were pledged as collateral to secure advances under the FHLBNY facility. If Belmont or SL Green are unable to repay the advances upon the termination of Belmont’s membership, the maximum potential amount of future payments the Company could be required to make under the secured advances is $250.8 million . The Company incurred approximately $4.6 million of costs in conjunction with pledging assets as collateral under the FHLBNY. These costs were reimbursed to the Company by Belmont. Environmental Matters Our management believes that the properties are in compliance in all material respects with applicable Federal, state and local ordinances and regulations regarding environmental issues. Management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position, results of operations or cash flows. Management is unaware of any instances in which it would incur significant environmental cost if any of our properties were sold. Ground Leases Arrangements The following is a schedule of future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year as of March 31, 2016 (in thousands): Non-cancellable operating leases Remaining 2016 $ 15,356 2017 20,586 2018 20,586 2019 20,586 2020 20,586 Thereafter 328,088 Total minimum lease payments $ 425,788

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information We are engaged in acquiring, owning, managing and leasing commercial properties in Manhattan, Brooklyn, Westchester County, Connecticut and New Jersey and have two reportable segments, real estate and debt and preferred equity investments. We evaluate real estate performance and allocate resources based on earnings contribution to income from continuing operations. The primary sources of revenue are generated from tenant rents and escalations and reimbursement revenue. Real estate property operating expenses consist primarily of security, maintenance, utility costs, real estate taxes and ground rent expense (at certain applicable properties). See Note 5, "Debt and Preferred Equity Investments," for additional details on our debt and preferred equity investments. Selected results of operations for the three months ended March 31, 2016 and 2015, and selected asset information as of March 31, 2016 and December 31, 2015, regarding our operating segments are as follows (in thousands): Real Estate Segment Debt and Preferred Equity Segment Total Company Total revenues: Three months ended: March 31, 2016 $ 184,484 $ 55,180 $ 239,664 March 31, 2015, as adjusted 173,046 41,622 214,668 Income from continuing operations: Three months ended: March 31, 2016 $ 52,197 $ 20,003 $ 72,200 March 31, 2015, as adjusted 46,109 8,820 54,929 Total assets As of: March 31, 2016 $ 7,024,264 $ 1,644,765 $ 8,669,029 December 31, 2015 6,892,079 1,941,238 8,833,317 Income from continuing operations represents total revenues less total expenses for the real estate segment and total investment income less allocated interest expense for the debt and preferred equity segment. Interest costs for the debt and preferred equity segment includes actual costs incurred for investments collateralizing the MRA. Interest is imputed on the remaining investments using our 2012 revolving credit facility and corporate borrowing cost. We also 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 (totaling $0.2 million and $0.1 million for the three months ended March 31, 2016 and 2015, respectively) to the debt and preferred equity segment, since we base performance on the individual segments prior to allocating marketing, general and administrative expenses. All other expenses, except interest, relate entirely to the real estate assets. There were no transactions between the above two segments.

Significant Accounting Polici24

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method or as debt and preferred equity investments. See Note 5, "Debt and Preferred Equity Investments." ROP's investments in majority-owned and controlled real estate joint ventures are reflected in the financial statements on a consolidated basis with a reduction for the noncontrolling partners' interests. All significant intercompany balances and transactions have been eliminated. We consolidate a variable interest entity, or VIE, in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Included in commercial real estate properties on our consolidated balance sheets as of March 31, 2016 and December 31, 2015 are $1.4 billion and $0.3 billion , respectively, related to our consolidated VIEs. Included in mortgages and other loans payable on our consolidated balance sheets as of March 31, 2016 and December 31, 2015 are $500.0 million and none , respectively, collateralized by the real estate assets of the related consolidated VIEs. A noncontrolling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to us. Noncontrolling interests are required to be presented as a separate component of capital in the consolidated balance sheet and the presentation of net income is modified to present earnings and other comprehensive income attributed to controlling and noncontrolling interests. We assess the accounting treatment for each joint venture and debt and preferred equity investment. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package from us, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan.
Investment in Commercial Real Estate Properties	Investment in Commercial Real Estate Properties On a periodic basis, we assess whether there are any indications that the value of our real estate properties may be other than temporarily impaired or that their carrying value may not be recoverable. A property's value is considered impaired if management's estimate of the aggregate future cash flows (undiscounted and without interest charges for consolidated properties) 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 calculated fair value of the property. We also evaluate our real estate properties for potential impairment when a real estate property has been classified as held for sale. Real estate assets held for sale are valued at the lower of either their carrying value or fair value less costs to sell. We do not believe that there were any indicators of impairment at any of our consolidated properties at March 31, 2016 . We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of the above- and below-market leases and origination costs associated with the in-place leases. We depreciate the amount allocated to building (inclusive of tenant improvements) over their estimated useful lives, which generally range from three to 40 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 one to 14 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 one to 14 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. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value of the leases based on estimated cash flow projections that utilize appropriate discount and capitalization 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.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures We assess our investments in unconsolidated joint ventures for recoverability, and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on the joint ventures' projected discounted cash flows. We do not believe that the values of any of our equity investments were impaired at March 31, 2016 . We may originate loans for real estate acquisition, development and construction, where we expect to receive some or all of the residual profit from such projects. When the risk and rewards of these arrangements are essentially the same as an investor or joint venture partner, we account for these arrangements as real estate investments under the equity method of accounting for investments. Otherwise, we account for these arrangements consistent with our loan accounting for our debt and preferred equity investments.
Revenue Recognition	Revenue Recognition Rental revenue is recognized on a straight-line basis over the term of the lease. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. In order for the tenant to take possession, the leased space must be substantially ready for its intended use. To determine whether the leased space is substantially ready for its intended use, management evaluates whether we are or the tenant is the owner of tenant improvements for accounting purposes. When management concludes that we are the owner of tenant improvements, rental revenue recognition begins when the tenant takes possession of the finished space, which is when such tenant improvements are substantially complete. In certain instances, when management concludes that we are not the owner (the tenant is the owner) of tenant improvements, rental revenue recognition begins when the tenant takes possession of or controls the space. When management concludes that we are the owner of tenant improvements for accounting purposes, we record amounts funded to construct the tenant improvements as a capital asset. For these tenant improvements, we record amounts reimbursed by tenants as a reduction of the capital asset. When management concludes that the tenant is the owner of tenant improvements for accounting purposes, we record our contribution towards those improvements as a lease incentive, which is included in deferred costs, net on our consolidated balance sheets and amortized as a reduction to rental revenue on a straight-line basis over the term of the lease. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable on the consolidated balance sheets. We establish, on a current basis, an allowance for future potential tenant credit losses, which may occur against this account. The balance reflected on the consolidated balance sheets is net of such allowance. In addition to base rent, our tenants also generally will pay their pro rata share of increases in real estate taxes and operating expenses for the building over a base year. In some leases, in lieu of paying additional rent based upon increases in building operating expenses, the tenant will pay additional rent based upon increases in the wage rate paid to porters over the porters' wage rate in effect during a base year or increases in the consumer price index over the index value in effect during a base year. In addition, many of our leases contain fixed percentage increases over the base rent to cover escalations. Electricity is most often supplied by the landlord either on a sub-metered basis, or rent inclusion basis (i.e., a fixed fee is included in the rent for electricity, which amount may increase based upon increases in electricity rates or increases in electrical usage by the tenant). Base building services other than electricity (such as heat, air conditioning and freight elevator service during business hours, and base building cleaning) are typically provided at no additional cost, with the tenant paying additional rent only for services which exceed base building services or for services which are provided outside normal business hours. These escalations are based on actual expenses incurred in the prior calendar year. If the expenses in the current year are different from those in the prior year, then during the current year, the escalations will be adjusted to reflect the actual expenses for the current year. We record a gain on sale of real estate when title is conveyed to the buyer, subject to the buyer's financial commitment being sufficient to provide economic substance to the sale and we have no substantial economic involvement with the buyer. Interest income on debt and preferred equity investments is accrued based on the outstanding principal amount and contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Several of the debt and preferred equity investments provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest is ultimately collectible, based on the underlying collateral and operations of the borrower. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. Deferred origination fees, original issue discounts and loan origination costs, if any, are recognized as an adjustment to the interest income over the terms of the related investments using the effective interest method. Fees received in connection with loan commitments are also deferred until the loan is funded and are then recognized over the term of the loan as an adjustment to yield. Discounts or premiums associated with the purchase of loans are amortized or accreted into interest income as a yield adjustment on the effective interest method based on expected cashflows through the expected maturity date of the related investment. If we purchase a debt or preferred equity investment at a discount, intend to hold it until maturity and expect to recover the full value of the investment, we accrete the discount into income as an adjustment to yield over the term of the investment. If we purchase a debt or preferred equity investment at a discount with the intention of foreclosing on the collateral, we do not accrete the discount. For investments acquired at a discount for credit quality, the difference between contractual cash flows and expected cash flows at acquisition is not accreted. Anticipated exit fees, the collection of which is expected, are also recognized over the term of the loan as an adjustment to yield. Debt and preferred equity investments are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition on any non-accrual debt or preferred equity investment is resumed when such non-accrual debt or preferred equity investment becomes contractually current and performance is demonstrated to be resumed. Interest is recorded as income on impaired loans only to the extent cash is received. We may syndicate a portion of the loans that we originate or sell these loans individually. When a transaction meets the criteria for sale accounting, we derecognize the loan sold and 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 income. 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.
Reserve for Possible Credit Losses	Reserve for Possible Credit Losses The expense for possible credit losses in connection with debt and preferred equity investments is the charge to earnings to increase the allowance for possible credit losses to the level that we estimate to be adequate, based on Level 3 data, considering delinquencies, loss experience and collateral quality. Other factors considered relate to geographic trends, product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish the provision for possible credit losses on each individual investment. When it is probable that we will be unable to collect all amounts contractually due, the investment is considered impaired. Where impairment is indicated on an investment that is held to maturity, a valuation allowance is measured based upon the excess of the recorded investment amount over the net fair value of the collateral. Any deficiency between the carrying amount of an asset and the calculated value of the collateral is charged to expense. We continue to assess or adjust our estimates based on circumstances of a loan and the underlying collateral. If the additional information obtained reflects increased recovery of our investment, we will adjust our reserves accordingly. There were no loan reserves recorded during the three months ended March 31, 2016 and 2015. Debt and preferred equity investments held for sale are carried at the lower of cost or fair market value using available market information obtained through consultation with dealers or other originators of such investments as well as discounted cash flow models based on Level 3 data pursuant to ASC 820-10. As circumstances change, management may conclude not to sell an investment designated as held for sale. In such situations, the investment will be reclassified at its net carrying value to debt and preferred equity investments held to maturity. For these reclassified investments, the difference between the current carrying value and the expected cash to be collected at maturity will be accreted into income over the remaining term of the investment.
Income Taxes	Income Taxes ROP is a partnership and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective income tax returns. No provision has been made for income taxes in the consolidated financial statements since such taxes, if any, are the responsibility of the individual partners.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements We are required to disclose fair value information with regard to our financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The FASB guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. We measure and/or disclose the estimated fair value of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; Level 2 - inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 - unobservable inputs for the asset or liability that are used when little or no market data is available. We follow this hierarchy for our assets and liabilities measured at fair value on a recurring and nonrecurring basis. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of the particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We determine other than temporary impairment in real estate investments and debt and preferred equity investments, including intangibles, utilizing cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, which are classified as Level 3 inputs. 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 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.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, debt and preferred equity investments and accounts receivable. We place our cash investments in excess of insured amounts with high quality financial institutions. The collateral securing our debt and preferred equity investments is located in New York City. See Note 5, "Debt and Preferred Equity Investments." We perform ongoing credit evaluations of our tenants and require most tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant's lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting a space. Although the properties in our real estate portfolio are primarily located in Manhattan, we also have properties located in Brooklyn, Westchester County, Connecticut and New Jersey. The tenants located in our buildings operate in various industries.
Reclassification	Reclassification Certain prior year balances have been reclassified to conform to our current year presentation.
Accounting Standards Updates	Accounting Standards Updates In March 2016, the FASB issued Accounting Standards Update (ASU) 2016-07, Investments Equity Method and Joint Ventures (Topic 323). The guidance eliminates the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The guidance is effective for all entities for fiscal years beginning after 15 December 2016 and interim periods within those years. Early adoption is permitted in any interim or annual period. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases. The guidance requires lessees to recognize lease assets and lease liabilities for those leases classified as operating leases under the previous standard. The accounting applied by a lessor is largely unchanged from that applied under the previous standard. The Guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01 (ASU825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and to record changes in instruments-specific credit risk for financial liabilities measured under the fair value option in other comprehensive income. The guidance is effective for fiscal years beginning after December 15, 2017, and for interim periods therein. The Company has not yet adopted this new guidance and is currently evaluating the impact of adopting this new accounting standard on the Company’s consolidated financial statements. In April 2015, the FASB issued final guidance to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability (ASU 2015-03). The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The Company adopted the guidance effective January 1, 2016. Accordingly, as of March 31, 2016 and December 31, 2015, $24.4 million and $25.4 million , respectively of deferred debt issuance cost, net of amortization are presented as a direct reduction within Mortgages and other loans payable, Revolving credit facility, Term loan and senior unsecured notes on the Company's consolidated balance sheets. In February 2015, the FASB issued guidance that amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities (ASU 2015-02). Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The Company adopted the guidance effective January 1, 2016. Under the revised guidance, certain entities, now qualify as variable interest entities. The change in designation did not have a material impact on our consolidated financial statements and did not change the consolidation conclusion on these entities. In May 2014, the FASB issued a new comprehensive revenue recognition guidance which requires us to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services (ASU 2014-09). The guidance also requires enhanced disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. In March 2016, the FASB issued implementation guidance which clarifies principal versus agent considerations in reporting revenue gross versus net (ASU 2016-08). In April 2016, the FASB issued implementation guidance which clarifies the identification of performance obligations (ASU 2016-10). These ASUs are effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted, but not before interim and annual reporting periods beginning after December 15, 2016. The new guidance can be applied either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption. The Company has not yet adopted this guidance and is currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

Organization and Basis of Pre25

Organization and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of commercial office properties	Our investments in the New York Metropolitan area also include investments in Brooklyn, Westchester County, Connecticut and New Jersey, which are collectively known as the Suburban properties: Location Type Number of Properties Approximate Square Feet Weighted Average Occupancy (1) Commercial: Manhattan Office 16 8,463,245 95.0 % Retail (2)(3) 5 352,892 96.2 % Fee Interest 2 197,654 100.0 % 23 9,013,791 95.2 % Suburban Office 19 3,287,800 83.1 % Retail 1 52,000 100.0 % 20 3,339,800 83.4 % Total commercial properties 43 12,353,591 92.0 % Residential: Manhattan Residential (2) — 222,855 95.2 % Total portfolio 43 12,576,446 92.0 % ____________________________________________________________________ (1) The weighted average occupancy for commercial properties represents the total leased square feet divided by total acquisition square footage. The weighted average occupancy for residential properties represents the total occupied units divided by total available units. (2) As of March 31, 2016 , we owned a building that was comprised of approximately 270,132 square feet of retail space and approximately 222,855 square feet of residential space. For the purpose of this report, we have included the building in the retail properties count and have bifurcated the square footage into the retail and residential components. (3) Includes two unconsolidated joint venture retail properties at 131-137 Spring Street comprised of approximately 68,342 square feet.

Significant Accounting Polici26

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases)	The following summarizes our identified intangible assets (acquired above-market leases and in-place leases) and intangible liabilities (acquired below-market leases) as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Identified intangible assets (included in other assets): Gross amount $ 306,575 $ 307,824 Accumulated amortization (239,407 ) (235,040 ) Net $ 67,168 $ 72,784 Identified intangible liabilities (included in deferred revenue): Gross amount $ 519,528 $ 523,228 Accumulated amortization (352,585 ) (346,857 ) Net $ 166,943 $ 176,371

Debt and Preferred Equity Inv27

Debt and Preferred Equity Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Summary of debt investments	As of March 31, 2016 and December 31, 2015 , we held the following debt and preferred equity investments, with an aggregate weighted average current yield of approximately 10.47% at March 31, 2016 (in thousands): Loan Type March 31, 2016 March 31, 2016 March 31, 2016 and Deferred Origination Fees (1) December 31, 2015 and Deferred Origination Fees (1) Initial Fixed Rate Investments: Mezzanine Loan (2a) $ — $ 115,000 $ 12,917 $ 24,916 July 2016 Mezzanine Loan — 165,000 72,174 72,102 November 2016 Jr. Mortgage Participation/Mezzanine Loan — 1,109,000 185,266 104,661 March 2017 Mezzanine Loan (2b) — 502,100 41,137 41,115 June 2017 Mezzanine Loan — 539,000 49,715 49,691 July 2018 Mortgage Loan (3) — — 26,275 26,262 February 2019 Mortgage Loan — — 480 513 August 2019 Mezzanine Loan — 15,000 3,500 3,500 September 2021 Mezzanine Loan (2c) — 89,527 19,937 19,936 November 2023 Mezzanine Loan — 95,000 30,000 30,000 January 2025 Jr. Mortgage Participation (4) — — — 49,000 Other (4)(5) — — — 23,510 Other (4)(5) — — — 66,183 Total fixed rate $ — $ 2,629,627 $ 441,401 $ 511,389 Floating Rate Investments: Mortgage/Mezzanine Loan (6) 4,693 — 100,837 94,901 April 2016 Mezzanine Loan (2d) — 160,000 22,639 22,625 June 2016 Mezzanine Loan (7) — 745,215 74,311 74,700 September 2016 Mezzanine Loan — 360,000 99,662 99,530 November 2016 Mezzanine Loan 10,003 136,384 51,217 49,751 December 2016 Mezzanine Loan 281 39,201 13,745 13,731 December 2016 Mortgage/Mezzanine Loan (2e) 47,001 — 133,395 134,264 January 2017 Mezzanine Loan 1,127 118,949 28,754 28,551 January 2017 Mezzanine Loan (2f)(8) — 40,000 15,132 68,977 June 2017 Mortgage/Mezzanine Loan — — 22,896 22,877 July 2017 Mortgage/Mezzanine Loan — — 16,915 16,901 September 2017 Senior Mortgage 4,394 — 19,416 19,282 October 2017 Mezzanine Loan — 60,000 14,916 14,904 November 2017 Mezzanine Loan (2g) — 85,000 14,944 29,505 December 2017 Mezzanine Loan (2h) — 65,000 14,483 28,563 December 2017 Mortgage/Mezzanine Loan (2i) 795 — 14,968 14,942 December 2017 Jr. Participation — 40,000 19,862 19,846 April 2018 Loan Type March 31, 2016 March 31, 2016 March 31, 2016 and Deferred Origination Fees (1) December 31, 2015 and Deferred Origination Fees (1) Initial Mezzanine Loan — 175,000 34,752 34,725 April 2018 Jr. Participation/Mezzanine Loan (2j) — 55,000 10,506 20,510 July 2018 Mezzanine Loan (9) 523 20,523 10,806 31,210 August 2018 Mezzanine Loan — 33,000 26,794 26,777 December 2018 Mezzanine Loan 5,267 156,383 53,953 52,774 December 2018 Mezzanine Loan 26,204 217,202 52,336 49,625 December 2018 Mezzanine Loan — 16,383 5,340 — January 2019 Mezzanine Loan — 38,000 21,855 21,845 March 2019 Mezzanine Loan (10) — — — 66,398 Mortgage/Mezzanine Loan (4) — — — 18,395 Jr. Mortgage Participation/Mezzanine Loan (11) — — — 40,346 Total floating rate $ 100,288 $ 2,561,240 $ 894,434 $ 1,116,455 Total $ 100,288 $ 5,190,867 $ 1,335,835 $ 1,627,844 (1) Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees. (2) Carrying value is net of the following amount that was participated out, which is included in other assets and other liabilities on the consolidated balance sheets as a result of the transfer not meeting the conditions for sale accounting: (a) $12.0 million , (b) $41.3 million , (c) $5.0 million , (d) $7.4 million , (e) $36.3 million , (f) $14.5 million , (g) $14.6 million , (h) $14.1 million , (i) $5.1 million and (j) $10.0 million . (3) In September 2014, we acquired a $26.4 million mortgage loan at a $0.2 million discount and a $5.7 million junior mortgage participation at a $5.7 million discount. The junior mortgage participation was a nonperforming loan at acquisition and is currently on non-accrual status. (4) These loans were repaid in March 2016. (5) These loans were collateralized by defeasance securities. (6) In April 2016, the maturity date was extended to October 2016. (7) In March 2016, the maturity date was extended to September 2016. (8) In March 2016, the mortgage was sold. (9) In January 2016, the loan was modified. In March 2016, the mortgage was sold. (10) In March 2016, we contributed the loan for a joint venture interest which is now accounted for under the equity method of accounting. It is included in unconsolidated joint ventures on the combined balance sheets. (11) These loans were repaid in February 2016.
Schedule of preferred equity investments	As of March 31, 2016 and December 31, 2015, we held the following preferred equity investments with an aggregate weighted average current yield of 7.79% at March 31, 2016 (in thousands): Type March 31, 2016 Future Funding Obligations March 31, 2016 Senior Financing March 31, 2016 Carrying Value (1) December 31, 2015 (1) Initial Mandatory Redemption Preferred equity $ — $ 71,486 $ 9,971 $ 9,967 March 2018 Preferred equity 5,003 59,966 32,810 32,209 November 2018 $ 5,003 $ 131,452 $ 42,781 $ 42,176 ____________________________________________________________________ (1) Carrying value is net of deferred origination fees.

Investments in Unconsolidated28

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule of general information on joint ventures	The table below provides general information on each of our joint ventures as of March 31, 2016 : Partner Ownership Interest Economic Interest Approximate Square Feet Acquisition Date Acquisition Price (1) (in thousands) 131-137 Spring Street Invesco Real Estate 20.00% 20.00% 68,342 August 2015 $ 277,750 Mezzanine Loan (2) Various 33.33% 36.58% 764,000 March 2016 138,240 ____________________________________________________________________ (1) Acquisition price represents the actual or implied gross purchase price for the joint venture, which is not adjusted for subsequent acquisitions of additional interests. (2) The joint venture owns two mezzanine notes secured by interests in a mixed use development. The difference between our ownership interest and our economic interest results from our right to 50% of the total exit fee while each of our partners is entitled to receive 25% of the total exit fee. As of March 31, 2016 and December 31, 2015, the carrying value for acquisition, development and construction arrangements were as follows (in thousands): Loan Type March 31, 2016 December 31, 2015 Maturity Date Mezzanine loan and preferred equity $ 100,000 $ 99,936 March 2017 $ 100,000 $ 99,936
Schedule of first mortgage notes payable collateralized by the respective joint venture properties and assignment of leases	The first mortgage notes and other loans payable collateralized by the respective joint venture properties and assignment of leases at March 31, 2016 and December 31, 2015 , respectively, are as follows (amounts in thousands): Property Maturity Date Interest Rate (1) March 31, 2016 December 31, 2015 Floating Rate Debt: 131-137 Spring Street August 2020 1.97 % $ 141,000 $ 141,000 Total joint venture mortgages and other loans payable $ 141,000 $ 141,000 Deferred financing costs, net (4,800 ) (5,077 ) Total joint venture mortgages and other loans payable, net $ 136,200 $ 135,923 ____________________________________________________________________ (1) Effective weighted average interest rate for the three months ended March 31, 2016, taking into account interest rate hedges in effect during the period.
Schedule of combined balance sheets for the unconsolidated joint ventures	The combined balance sheets for the unconsolidated joint ventures, at March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, 2016 December 31, 2015 Assets Commercial real estate property, net $ 284,105 $ 285,689 Debt and preferred equity investments, net 238,240 99,936 Other assets 18,515 16,897 Total assets $ 540,860 $ 402,522 Liabilities and members' equity Mortgages and other loans payable, net $ 136,200 $ 135,923 Other liabilities 24,444 25,462 Members' equity 380,216 241,137 Total liabilities and members' equity $ 540,860 $ 402,522 Company's investments in unconsolidated joint ventures $ 146,416 $ 100,192
Schedule of combined statements of operations for the unconsolidated joint ventures	The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three months ended March 31, 2016 and 2015 , are as follows (in thousands): Three Months Ended March 31, 2016 2015 Total revenues $ 6,937 $ 2,133 Operating expenses 374 — Real estate taxes 283 — Interest expense, net of interest income 698 — Amortization of deferred financing costs 277 — Transaction related costs — 6 Depreciation and amortization 2,101 — Total expenses $ 3,733 $ 6 Net income $ 3,204 $ 2,127 Company's equity in net income from unconsolidated joint ventures $ 2,457 $ 2,127

Mortgages and Other Loans Pay29

Mortgages and Other Loans Payable (Tables)	3 Months Ended
	Mar. 31, 2016
Mortgage Note and Other Loans Payable
Schedule of the first mortgage note and other loans payable collateralized by the property, assignment of leases and investment	The first mortgages collateralized by the respective properties and assignment of leases or certain debt investments at March 31, 2016 and December 31, 2015 , respectively, were as follows (amounts in thousands): Maturity Date Interest Rate (1) March 31, 2016 December 31, 2015 919 Third Avenue (2) June 2023 5.12 % $ 500,000 $ 500,000 Master Repurchase Agreement June 2016 4.00 % 185,898 253,424 Total mortgages and other loans payable $ 685,898 $ 753,424 Deferred financing costs, net of amortization $ (7,300 ) $ (7,696 ) Total mortgages and other loans payable, net $ 678,598 $ 745,728 ____________________________________________________________________ (1) Effective weighted average interest rate for the three months ended March 31, 2016 . (2) We own a 51.0% controlling interest in the joint venture that is the borrower on this loan.

Corporate Indebtedness (Tables)

Corporate Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of senior unsecured notes and other related disclosures by scheduled maturity date	The following table sets forth our senior unsecured notes and other related disclosures as of March 31, 2016 and December 31, 2015, respectively, by scheduled maturity date (dollars in thousands): Issuance March 31, 2016 Unpaid Principal Balance March 31, 2016 Accreted Balance December 31, 2015 Accreted Balance Coupon (1) Effective Term Maturity Date August 5, 2011 (2) $ 250,000 $ 249,827 $ 249,810 5.00 % 5.03 % 7 August 15, 2018 March 16, 2010 (2) 250,000 250,000 250,000 7.75 % 7.75 % 10 March 15, 2020 November 15, 2012 (2) 200,000 200,000 200,000 4.50 % 4.50 % 10 December 1, 2022 December 17, 2015 (2) 100,000 100,000 100,000 4.27 % 4.27 % 10 December 17, 2025 March 31, 2006 (3) — — 255,296 $ 800,000 $ 799,827 $ 1,055,106 Deferred financing costs, net (5,587 ) (5,303 ) $ 794,240 $ 1,049,803 ______________________________________________________________________ (1) Interest on the senior unsecured notes is payable semi-annually with principal and unpaid interest due on the scheduled maturity dates. (2) Issued by SL Green, the Operating Partnership and ROP, as co-obligors. (3) This note was repaid in March 2016.
Schedule of Combined aggregate principal maturities of mortgage and other loans payable, 2012 credit facility and senior unsecured notes, including as-of-right extension options	Combined aggregate principal maturities of our mortgage, 2012 credit facility and senior unsecured notes as of March 31, 2016 , including as-of-right extension options and put options, were as follows (in thousands): Scheduled Principal Revolving Unsecured Term Loan Senior Unsecured Notes Total Remaining 2016 $ 3,566 $ 185,898 $ — $ — $ — 189,464 2017 7,411 — — — — 7,411 2018 7,799 — — — 250,000 257,799 2019 8,207 — — 933,000 — 941,207 2020 8,637 — 775,000 — 250,000 1,033,637 Thereafter 22,786 441,594 — — 300,000 764,380 $ 58,406 $ 627,492 $ 775,000 $ 933,000 $ 800,000 $ 3,193,898
Schedule of Consolidated Interest expense, excluding capitalized interest	Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): Three Months Ended March 31, 2016 2015 Interest expense $ 32,314 $ 28,861 Interest capitalized (109 ) (786 ) Interest income (4 ) (7 ) Interest expense, net $ 32,201 $ 28,068

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The following table provides the carrying value and fair value of these financial instruments as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Debt and preferred equity investments $ 1,378,616 (1) $ 1,670,020 (1) Fixed rate debt $ 1,329,827 $ 1,439,061 $ 1,585,106 $ 1,663,078 Variable rate debt 1,863,898 1,866,381 2,150,424 2,164,673 $ 3,193,725 $ 3,305,442 $ 3,735,530 $ 3,827,751 ______________________________________________________________________ (1) At March 31, 2016 , debt and preferred equity investments had an estimated fair value ranging between $1.4 billion and $1.5 billion . At December 31, 2015, debt and preferred equity investments had an estimated fair value ranging between $1.7 billion and $1.8 billion .

Financial Instruments_ Deriva32

Financial Instruments: Derivatives and Hedging (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of notional and fair value of derivative financial instruments and foreign currency hedges	The following table summarizes the notional and fair value of our derivative financial instrument at March 31, 2016 based on Level 2 inputs. The notional value is an indication of the extent of our involvement in that instrument at that time, but does not represent exposure to credit, interest rate or market risks (amounts in thousands). Notional Value Strike Rate Effective Date Expiration Date Balance Sheet Location Fair Value Interest Rate Swap $ 30,000 2.295 % July 2010 June 2016 Other Liabilities $ (109 )
Schedule of effect of derivative financial instruments on consolidated statements of income	The following table presents the effect of our derivative financial instrument that is designated and qualify as a hedging instrument on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 , respectively (in thousands): Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Location of Gain Recognized in Income on Derivative Amount of Gain Recognized into Income (Ineffective Portion) Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, Derivative 2016 2015 2016 2015 2016 2015 (as adjusted) (as adjusted) (as adjusted) Interest Rate Swap $ (12 ) $ (68 ) Interest expense $ 232 $ 249 Interest expense $ 2 $ 1

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease payments under capital leases and noncancellable operating leases	The following is a schedule of future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year as of March 31, 2016 (in thousands): Non-cancellable operating leases Remaining 2016 $ 15,356 2017 20,586 2018 20,586 2019 20,586 2020 20,586 Thereafter 328,088 Total minimum lease payments $ 425,788

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Selected results of operations and selected asset information	Selected results of operations for the three months ended March 31, 2016 and 2015, and selected asset information as of March 31, 2016 and December 31, 2015, regarding our operating segments are as follows (in thousands): Real Estate Segment Debt and Preferred Equity Segment Total Company Total revenues: Three months ended: March 31, 2016 $ 184,484 $ 55,180 $ 239,664 March 31, 2015, as adjusted 173,046 41,622 214,668 Income from continuing operations: Three months ended: March 31, 2016 $ 52,197 $ 20,003 $ 72,200 March 31, 2015, as adjusted 46,109 8,820 54,929 Total assets As of: March 31, 2016 $ 7,024,264 $ 1,644,765 $ 8,669,029 December 31, 2015 6,892,079 1,941,238 8,833,317

Organization and Basis of Pre35

Organization and Basis of Presentation (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)ft²building	Dec. 31, 2015USD ($)ft²property
Real estate properties
Percentage of ownership in SL Green Operating Partnership owned by SL Green Realty Corp (as a percent)	96.16%
Number of Properties Transferred by Parent Company | property		2
Carrying value of properties transferred by SL Green | $		$ 395
Number of Entities Transferred by Parent Company | property		1
Carrying Value of Entities Transferred by Parent Company | $		$ 1,700
Number of Properties | building	43
Approximate Square Feet (sqft)	12,576,446
Weighted Average Occupancy (as a percent)	92.00%
Debt and preferred equity investments including investments held by unconsolidated joint ventures | $	$ 1,700
Debt and preferred equity investments and other financing receivables included in other balance sheet items | $	$ 300
Manhattan
Real estate properties
Number of Properties | building	23
Approximate Square Feet (sqft)	9,013,791
Weighted Average Occupancy (as a percent)	95.20%
Suburban
Real estate properties
Number of Properties | building	20
Approximate Square Feet (sqft)	3,339,800
Weighted Average Occupancy (as a percent)	83.40%
Office | Manhattan
Real estate properties
Number of Properties | building	16
Approximate Square Feet (sqft)	8,463,245
Weighted Average Occupancy (as a percent)	95.00%
Office | Suburban
Real estate properties
Number of Properties | building	19
Approximate Square Feet (sqft)	3,287,800
Weighted Average Occupancy (as a percent)	83.10%
Retail | 131-137 Spring Street
Real estate properties
Approximate Square Feet (sqft)		68,342
Number of unconsolidated joint venture properties | property		2
Retail | Manhattan
Real estate properties
Number of Properties | building	5
Approximate Square Feet (sqft)	352,892
Weighted Average Occupancy (as a percent)	96.20%
Retail | Suburban
Real estate properties
Number of Properties | building	1
Approximate Square Feet (sqft)	52,000
Weighted Average Occupancy (as a percent)	100.00%
Fee Interest | Manhattan
Real estate properties
Number of Properties | building	2
Approximate Square Feet (sqft)	197,654
Weighted Average Occupancy (as a percent)	100.00%
Commercial
Real estate properties
Approximate Square Feet (sqft)	12,353,591
Weighted Average Occupancy (as a percent)	92.00%
Residential | Manhattan
Real estate properties
Number of Properties | building	0
Approximate Square Feet (sqft)	222,855
Weighted Average Occupancy (as a percent)	95.20%
Dual property type, retail portion
Real estate properties
Approximate Square Feet (sqft)	270,132
Dual property type, residential portion
Real estate properties
Approximate Square Feet (sqft)	222,855

Significant Accounting Polici36

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Investment in Commercial Real Estate Properties
Commercial real estate properties	$ 6,123,815		$ 6,160,645
Mortgages and other loans payable, net	678,598		745,728
Increase in rental revenue from amortization of acquired leases	4,000	$ 5,700
Identified intangible assets (included in other assets):
Gross amount	306,575		307,824
Accumulated amortization	(239,407)		(235,040)
Net	67,168		72,784
Identified intangible liabilities (included in deferred revenue):
Gross amount	519,528		523,228
Accumulated amortization	(352,585)		(346,857)
Net	$ 166,943		176,371
Above-market leases | Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets (years)	1 year
Above-market leases | Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets (years)	14 years
Below-market leases | Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets (years)	1 year
Below-market leases | Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets (years)	14 years
In-place leases | Minimum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets (years)	1 year
In-place leases | Maximum
Investment in Commercial Real Estate Properties
Estimated useful life of intangible assets (years)	14 years
Building | Minimum
Investment in Commercial Real Estate Properties
Estimated useful life (years)	3 years
Building | Maximum
Investment in Commercial Real Estate Properties
Estimated useful life (years)	40 years
Variable Interest Entity, Primary Beneficiary
Investment in Commercial Real Estate Properties
Commercial real estate properties	$ 1,400,000		300,000
Mortgages and other loans payable, net	$ 500,000		$ 0

Significant Accounting Polici37

Significant Accounting Policies (Revenue Recognition)(Details)	3 Months Ended
	Mar. 31, 2016
Revenue Recognition
Period after which payments become due (days)	90 days

Significant Accounting Polici38

Significant Accounting Policies (Concentrations of Credit Risk/Reclassification)(Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Concentrations of Credit Risk
Deferred debt issuance cost, net of amortization	$ 24.4	$ 25.4
Annualized cash rent | Customer concentration
Concentrations of Credit Risk
Maximum percentage of annualized cash rent for any one tenant not individually disclosed (more than)	5.00%
Annualized cash rent | Customer concentration | 1185 Avenue of the Americas
Concentrations of Credit Risk
Percentage of concentration	15.20%
Annualized cash rent | Customer concentration | 625 Madison Avenue
Concentrations of Credit Risk
Percentage of concentration	9.70%
Annualized cash rent | Customer concentration | 919 Third Avenue
Concentrations of Credit Risk
Percentage of concentration	8.20%
Annualized cash rent | Customer concentration | 750 Third Avenue
Concentrations of Credit Risk
Percentage of concentration	7.80%
Annualized cash rent | Customer concentration | 810 Seventh Avenue
Concentrations of Credit Risk
Percentage of concentration	7.30%
Annualized cash rent | Customer concentration | 1350 Avenue of the Americas
Concentrations of Credit Risk
Percentage of concentration	7.20%
Annualized cash rent | Customer concentration | 555 W. 57th Street
Concentrations of Credit Risk
Percentage of concentration	6.70%
Annualized cash rent | Customer concentration | 125 Park Avenue
Concentrations of Credit Risk
Percentage of concentration	6.70%

Debt and Preferred Equity Inv39

Debt and Preferred Equity Investments (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)segment	Sep. 30, 2014USD ($)
Debt and preferred equity investments
Increase in debt and preferred equity investments	$ 128,800,000	$ 166,900,000
Repayments, participations and sales	$ 420,200,000	27,000,000
Interest rate (as a percent)	10.47%
Debt Investments Held [Abstract]
Number of portfolio segments | segment	1		1
Amount of financing receivables included in other assets	$ 164,800,000	$ 168,300,000
Mezzanine Loan, July 2016
Debt Investments Held [Abstract]
Amount participated out	12,000,000
Mezzanine Loan, June 2017
Debt Investments Held [Abstract]
Amount participated out	41,300,000
Mezzanine Loan, November 2023
Debt Investments Held [Abstract]
Amount participated out	5,000,000
Mezzanine Loan, June 2016
Debt Investments Held [Abstract]
Amount participated out	7,400,000
Mortgage/Mezzanine Loan, January 2017
Debt Investments Held [Abstract]
Amount participated out	36,300,000
Mezzanine Loan, June 2017
Debt Investments Held [Abstract]
Amount participated out	14,500,000
Mezzanine Loan, December 2017
Debt Investments Held [Abstract]
Amount participated out	14,600,000
Mezzanine Loan, December 2017
Debt Investments Held [Abstract]
Amount participated out	14,100,000
Mortgage/Mezzanine Loan, December 2017
Debt Investments Held [Abstract]
Amount participated out	5,100,000
Junior Participation/Mezzanine Loan, July 2018
Debt Investments Held [Abstract]
Amount participated out	10,000,000
Debt Investments in Mortgage Loans
Debt Investments Held [Abstract]
Future Funding Obligations	100,288,000
Senior Financing	5,190,867,000
Carrying Value, Net of Discounts and Deferred Origination Fees	$ 1,335,835,000		$ 1,627,844,000
Preferred Equity Investments in Mortgage Loans
Debt and preferred equity investments
Interest rate (as a percent)	7.79%
Debt Investments Held [Abstract]
Future Funding Obligations	$ 5,003,000
Senior Financing	131,452,000
Carrying Value, Net of Discounts and Deferred Origination Fees	42,781,000		42,176,000
Preferred Equity, March 2018
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	71,486,000
Carrying Value, Net of Discounts and Deferred Origination Fees	9,971,000		9,967,000
Preferred Equity, November 2018
Debt Investments Held [Abstract]
Future Funding Obligations	5,003,000
Senior Financing	59,966,000
Carrying Value, Net of Discounts and Deferred Origination Fees	32,810,000		32,209,000
Junior Mortgage Participation Acquired in September 2014
Debt Investments Held [Abstract]
Carrying Value, Net of Discounts and Deferred Origination Fees	0		0
Fixed Rate Investments
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	2,629,627,000
Carrying Value, Net of Discounts and Deferred Origination Fees	441,401,000		511,389,000
Fixed Rate Investments | Mezzanine Loan, July 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	115,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	12,917,000		24,916,000
Fixed Rate Investments | Mezzanine Loan, November 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	165,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	72,174,000		72,102,000
Fixed Rate Investments | Junior Mortgage Participation/Mezzanine Loan, March 2017
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	1,109,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	185,266,000		104,661,000
Fixed Rate Investments | Mezzanine Loan, June 2017
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	502,100,000
Carrying Value, Net of Discounts and Deferred Origination Fees	41,137,000		41,115,000
Fixed Rate Investments | Mezzanine Loan, July 2018
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	539,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	49,715,000		49,691,000
Fixed Rate Investments | Mortgage Loan, February 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	26,275,000		26,262,000
Loan acquired				$ 26,400,000
Discount on loan acquired				200,000
Fixed Rate Investments | Mortgage Loan, August 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	480,000		513,000
Fixed Rate Investments | Mezzanine Loan, September 2021
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	15,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	3,500,000		3,500,000
Fixed Rate Investments | Mezzanine Loan, November 2023
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	89,527,000
Carrying Value, Net of Discounts and Deferred Origination Fees	19,937,000		19,936,000
Fixed Rate Investments | Mezzanine Loan, January 2025
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	95,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	30,000,000		30,000,000
Fixed Rate Investments | Junior Mortgage Participation Loan Repaid in March 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	0		49,000,000
Fixed Rate Investments | Loan Collateralized by Defeasance Securities Repaid in March 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	0		23,510,000
Fixed Rate Investments | Loan Collateralized by Defeasance Securities Repaid in March 2016, 2
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	0		66,183,000
Fixed Rate Investments | Junior Mortgage Participation, Related To Mortgage Loan, February 2019
Debt Investments Held [Abstract]
Loan acquired				5,700,000
Discount on loan acquired				$ 5,700,000
Floating Rate Investments
Debt Investments Held [Abstract]
Future Funding Obligations	100,288,000
Senior Financing	2,561,240,000
Carrying Value, Net of Discounts and Deferred Origination Fees	894,434,000		1,116,455,000
Floating Rate Investments | Mortgage/Mezzanine Loan, April 2016
Debt Investments Held [Abstract]
Future Funding Obligations	4,693,000
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	100,837,000		94,901,000
Floating Rate Investments | Mezzanine Loan, June 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	160,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	22,639,000		22,625,000
Floating Rate Investments | Mezzanine Loan, September 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	745,215,000
Carrying Value, Net of Discounts and Deferred Origination Fees	74,311,000		74,700,000
Floating Rate Investments | Mezzanine Loan, November 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	360,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	99,662,000		99,530,000
Floating Rate Investments | Mezzanine Loan, December 2016
Debt Investments Held [Abstract]
Future Funding Obligations	10,003,000
Senior Financing	136,384,000
Carrying Value, Net of Discounts and Deferred Origination Fees	51,217,000		49,751,000
Floating Rate Investments | Mezzanine Loan, December 2016
Debt Investments Held [Abstract]
Future Funding Obligations	281,000
Senior Financing	39,201,000
Carrying Value, Net of Discounts and Deferred Origination Fees	13,745,000		13,731,000
Floating Rate Investments | Mortgage/Mezzanine Loan, January 2017
Debt Investments Held [Abstract]
Future Funding Obligations	47,001,000
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	133,395,000		134,264,000
Floating Rate Investments | Mezzanine Loan, January 2017
Debt Investments Held [Abstract]
Future Funding Obligations	1,127,000
Senior Financing	118,949,000
Carrying Value, Net of Discounts and Deferred Origination Fees	28,754,000		28,551,000
Floating Rate Investments | Mezzanine Loan, June 2017
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	40,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	15,132,000		68,977,000
Floating Rate Investments | Mortgage/Mezzanine Loan, July 2017
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	22,896,000		22,877,000
Floating Rate Investments | Mortgage/Mezzanine Loan, September 2017
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	16,915,000		16,901,000
Floating Rate Investments | Senior Mortgage Loan, October 2017
Debt Investments Held [Abstract]
Future Funding Obligations	4,394,000
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	19,416,000		19,282,000
Floating Rate Investments | Mezzanine Loan, November 2017
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	60,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	14,916,000		14,904,000
Floating Rate Investments | Mezzanine Loan, December 2017
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	85,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	14,944,000		29,505,000
Floating Rate Investments | Mezzanine Loan, December 2017
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	65,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	14,483,000		28,563,000
Floating Rate Investments | Mortgage/Mezzanine Loan, December 2017
Debt Investments Held [Abstract]
Future Funding Obligations	795,000
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	14,968,000		14,942,000
Floating Rate Investments | Junior Participation Loan, April 2018
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	40,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	19,862,000		19,846,000
Floating Rate Investments | Mezzanine Loan, April 2018
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	175,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	34,752,000		34,725,000
Floating Rate Investments | Junior Participation/Mezzanine Loan, July 2018
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	55,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	10,506,000		20,510,000
Floating Rate Investments | Mezzanine Loan, August 2018
Debt Investments Held [Abstract]
Future Funding Obligations	523,000
Senior Financing	20,523,000
Carrying Value, Net of Discounts and Deferred Origination Fees	10,806,000		31,210,000
Floating Rate Investments | Mezzanine Loan, December 2018
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	33,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	26,794,000		26,777,000
Floating Rate Investments | Mezzanine Loan, December 2018
Debt Investments Held [Abstract]
Future Funding Obligations	5,267,000
Senior Financing	156,383,000
Carrying Value, Net of Discounts and Deferred Origination Fees	53,953,000		52,774,000
Floating Rate Investments | Mezzanine Loan, December 2018
Debt Investments Held [Abstract]
Future Funding Obligations	26,204,000
Senior Financing	217,202,000
Carrying Value, Net of Discounts and Deferred Origination Fees	52,336,000		49,625,000
Floating Rate Investments | Mezzanine Loan, January 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	16,383,000
Carrying Value, Net of Discounts and Deferred Origination Fees	5,340,000		0
Floating Rate Investments | Mezzanine Loan, March 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	38,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	21,855,000		21,845,000
Floating Rate Investments | Mezzanine Loan Contributed for a Joint Venture Interest
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	0		66,398,000
Floating Rate Investments | Mortgage/Mezzanine Loan Repaid in March 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	0		18,395,000
Floating Rate Investments | Junior Mortgage Participation/Mezzanine Loan Repaid in February 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	$ 0		$ 40,346,000

Investments in Unconsolidated40

Investments in Unconsolidated Joint Ventures (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)ft²note	Dec. 31, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Approximate Square Feet (sqft) | ft²	12,576,446
Number of mezzanine notes secured | note	2
Exit fee, percentage owned	50.00%
Acquisition, development and construction arrangements, carrying value	$ 100,000	$ 99,936
Participating Financing Due March 2017
Schedule of Equity Method Investments [Line Items]
Acquisition, development and construction arrangements, carrying value	$ 100,000	$ 99,936
Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Interest (as a percent)	33.33%
Economic Interest (as a percent)	36.58%
Approximate Square Feet (sqft) | ft²	764,000
Acquisition Price	$ 138,240
Exit fee, percentage owned	25.00%
131-137 Spring Street
Schedule of Equity Method Investments [Line Items]
Ownership Interest (as a percent)	20.00%
Economic Interest (as a percent)	20.00%
Approximate Square Feet (sqft) | ft²	68,342
Acquisition Price	$ 277,750

Investments in Unconsolidated41

Investments in Unconsolidated Joint Ventures (Mortgages and Other Loans Payable) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Deferred financing costs, net	$ (24,400)	$ (25,400)
Joint Venture
Schedule of Equity Method Investments [Line Items]
Total joint venture mortgages and other loans payable	141,000	141,000
Deferred financing costs, net	(4,800)	(5,077)
Total joint venture mortgages and other loans payable, net	136,200	135,923
131-137 Spring Street | Joint Venture
Schedule of Equity Method Investments [Line Items]
Floating rate debt	$ 141,000	$ 141,000
Weighted Average | 131-137 Spring Street | Joint Venture
Schedule of Equity Method Investments [Line Items]
Interest rate (as a percent)	1.97%

Investments in Unconsolidated42

Investments in Unconsolidated Joint Ventures (Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Assets
Commercial real estate property, net	$ 6,123,815		$ 6,160,645
Debt and preferred equity investments, net	1,378,616		1,670,020
Other assets	457,227		355,566
Liabilities and members' equity
Mortgages and other loans payable, net	678,598		745,728
Other liabilities	194,169		116,088
Company's investments in unconsolidated joint ventures	146,416		100,192
Combined statements of income for the unconsolidated joint ventures
Operating expenses	41,961	$ 42,518
Real estate taxes	37,224	34,524
Amortization of deferred financing costs	2,140	1,953
Depreciation and amortization	50,798	49,428
Total expenses	169,921	161,817
Company's equity in net income from unconsolidated joint ventures	2,457	2,127
Joint Venture
Assets
Commercial real estate property, net	284,105		285,689
Debt and preferred equity investments, net	238,240		99,936
Other assets	18,515		16,897
Total assets	540,860		402,522
Liabilities and members' equity
Mortgages and other loans payable, net	136,200		135,923
Other liabilities	24,444		25,462
Members' equity	380,216		241,137
Total liabilities and members' equity	540,860		$ 402,522
Combined statements of income for the unconsolidated joint ventures
Total revenues	6,937	2,133
Operating expenses	374	0
Real estate taxes	283	0
Interest expense, net of interest income	698	0
Amortization of deferred financing costs	277	0
Transaction related costs	0	6
Depreciation and amortization	2,101	0
Total expenses	3,733	6
Net income	3,204	2,127
Company's equity in net income from unconsolidated joint ventures	$ 2,457	$ 2,127

Mortgages and Other Loans Pay43

Mortgages and Other Loans Payable (Details) - USD ($)	Dec. 06, 2015	Mar. 31, 2016	Dec. 31, 2015
Mortgage note and other loan payable
Total mortgages and other loans payable		$ 685,898,000	$ 753,424,000
Deferred financing costs, net of amortization		(7,300,000)	(7,696,000)
Total mortgages and other loans payable, net		678,598,000	745,728,000
Gross book value of the property and investment collateralizing the mortgage note and other loan payable		1,800,000,000	2,000,000,000
Master Repurchase Agreement
Mortgage note and other loan payable
Floating rate debt		185,898,000	253,424,000
Maximum borrowing capacity		$ 300,000,000
Basis point fee (as a percent)	0.25%
Threshold amount for basis point fee to be applicable (less than)	$ 150,000,000
Master Repurchase Agreement | Weighted Average
Mortgage note and other loan payable
Interest rate (as a percent)		4.00%
Master Repurchase Agreement | Minimum | LIBOR
Mortgage note and other loan payable
Credit facility, interest rate (as a percent)		2.50%
Master Repurchase Agreement | Maximum | LIBOR
Mortgage note and other loan payable
Credit facility, interest rate (as a percent)		3.25%
919 Third Avenue
Mortgage note and other loan payable
Fixed rate debt		$ 500,000,000	$ 500,000,000
Controlling interest in the joint venture (as a percent)		51.00%
919 Third Avenue | Weighted Average
Mortgage note and other loan payable
Interest rate (as a percent)		5.12%

Corporate Indebtedness (Details

Corporate Indebtedness (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended
	Jul. 31, 2015	Jan. 31, 2015	Nov. 30, 2014	Mar. 31, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Corporate Indebtedness
Increase in credit facility	$ 500,000
Revolving credit facility, net					$ 766,733		$ 985,055
Debt disclosures by scheduled maturity date
Accreted Balance					1,724,002		1,979,317
Deferred financing costs, net					(24,400)		(25,400)
Scheduled amortization and principal repayments
Remaining 2,016					189,464
2,017					7,411
2,018					257,799
2,019					941,207
2,020					1,033,637
Thereafter					764,380
Total amortization of debt and principal repayments					3,193,898
Interest expense
Interest expense					32,314	$ 28,861
Interest capitalized					(109)	(786)
Interest income					(4)	(7)
Interest expense, net					32,201	$ 28,068
Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Unpaid Principal Balance					800,000
Accreted Balance					799,827		1,055,106
Deferred financing costs, net					(5,587)		(5,303)
Total					794,240		1,049,803
Revolving credit facility
Corporate Indebtedness
Increase in credit facility	400,000
Maximum borrowing capacity	1,600,000				1,600,000
Maximum borrowing capacity, optional expansion					$ 3,000,000
Facility fee on total commitments, payable quarterly in arrears (as a percent)					0.25%
Revolving credit facility, net					$ 775,000
Debt disclosures by scheduled maturity date
Effective Rate (as a percent)					1.68%
Scheduled amortization and principal repayments
Remaining 2,016					$ 0
2,017					0
2,018					0
2,019					0
2,020					775,000
Thereafter					0
Total amortization of debt and principal repayments					$ 775,000
Revolving credit facility | Minimum
Corporate Indebtedness
Facility fee on total commitments, payable quarterly in arrears (as a percent)					0.125%
Revolving credit facility | Maximum
Corporate Indebtedness
Facility fee on total commitments, payable quarterly in arrears (as a percent)					0.30%
Revolving credit facility | LIBOR
Corporate Indebtedness
Interest rate added to base rate (as a percent)					1.25%
Revolving credit facility | LIBOR | Minimum
Corporate Indebtedness
Interest rate added to base rate (as a percent)					0.875%
Revolving credit facility | LIBOR | Maximum
Corporate Indebtedness
Interest rate added to base rate (as a percent)					1.55%
Term loan
Corporate Indebtedness
Increase in credit facility	100,000		$ 50,000	$ 383,000
Maximum borrowing capacity	$ 933,000		$ 833,000	$ 783,000	$ 933,000
Decrease in interest-rate margin (as a percent)		0.20%		0.25%
Decrease in facility fee (as a percent)		0.05%
Debt disclosures by scheduled maturity date
Effective Rate (as a percent)					1.89%
Scheduled amortization and principal repayments
Remaining 2,016					$ 0
2,017					0
2,018					0
2,019					933,000
2,020					0
Thereafter					0
Total amortization of debt and principal repayments					933,000
Term loan | Line of Credit
Scheduled amortization and principal repayments
Total amortization of debt and principal repayments					$ 929,800		929,500
Term loan | LIBOR
Corporate Indebtedness
Interest rate added to base rate (as a percent)					1.40%
Term loan | LIBOR | Minimum
Corporate Indebtedness
Interest rate added to base rate (as a percent)					0.95%
Term loan | LIBOR | Maximum
Corporate Indebtedness
Interest rate added to base rate (as a percent)					1.90%
Credit Facility 2012
Corporate Indebtedness
Letters of credit					$ 74,300
Ability to borrow under line of credit facility					750,700
Credit Facility 2012 | Line of Credit
Scheduled amortization and principal repayments
Total amortization of debt and principal repayments					766,700		985,100
5.00% senior unsecured notes maturing on August 15, 2018 | Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Unpaid Principal Balance					250,000
Accreted Balance					$ 249,827		249,810
Coupon Rate (as a percent)					5.00%
Effective Rate (as a percent)					5.03%
Term (in Years)					7 years
7.75% senior unsecured notes maturing on March 15, 2020 | Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Unpaid Principal Balance					$ 250,000
Accreted Balance					$ 250,000		250,000
Coupon Rate (as a percent)					7.75%
Effective Rate (as a percent)					7.75%
Term (in Years)					10 years
4.50% senior unsecured notes maturing on December 01, 2022 | Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Unpaid Principal Balance					$ 200,000
Accreted Balance					$ 200,000		200,000
Coupon Rate (as a percent)					4.50%
Effective Rate (as a percent)					4.50%
Term (in Years)					10 years
4.27% senior unsecured notes maturing December 17, 2025 | Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Unpaid Principal Balance					$ 100,000
Accreted Balance					$ 100,000		100,000
Coupon Rate (as a percent)					4.27%
Effective Rate (as a percent)					4.27%
Term (in Years)					10 years
Senior unsecured notes repaid in March 2016 | Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Unpaid Principal Balance					$ 0
Accreted Balance					$ 0		$ 255,296
Exchangeable Senior Notes Due 2017 | Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Coupon Rate (as a percent)					3.00%
Mortgage and Other Loans Payable
Scheduled Amortization
Remaining 2,016					$ 3,566
2,017					7,411
2,018					7,799
2,019					8,207
2,020					8,637
Thereafter					22,786
Total amortization of debt					58,406
Principal Repayments
Remaining 2,016					185,898
2,017					0
2,018					0
2,019					0
2,020					0
Thereafter					441,594
Total principal repayments					627,492
Senior Unsecured Notes
Scheduled amortization and principal repayments
Remaining 2,016					0
2,017					0
2,018					250,000
2,019					0
2,020					250,000
Thereafter					300,000
Total amortization of debt and principal repayments					$ 800,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Affiliate
Related Party Transactions
Profit participation received by related party	$ 0.8	$ 0.8
Alliance Building Services
Related Party Transactions
Payments made for services	1.7	1.9
SL Green
Related Party Transactions
Allocation of salary and other operating costs from related party	2.6	2.4
Insurance expense incurred	$ 1.6	$ 1.6

Preferred Units (Details)

Preferred Units (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2015$ / sharesshares	Dec. 31, 2015USD ($)	Aug. 31, 2015shares	Jul. 22, 2015USD ($)
Class of Stock [Line Items]
Number of company common stock issued on conversion of Series B preferred units	6.71348
Series A Preferred Units
Class of Stock [Line Items]
Fair value of embedded derivative | $		$ 0		$ 0
Partnership Interest | Series A Preferred Units
Class of Stock [Line Items]
Number of units authorized (in shares)	109,161
Dividend rate, preferred units (as a percent)	3.50%
Liquidation preference of preferred units (in usd per share) | $ / shares	$ 1,000
Number of units issued (in shares)			109,161
Annual dividends on preferred units (in usd per share) | $ / shares	$ 35
Partnership Interest | Series B Preferred Units
Class of Stock [Line Items]
Number of units issued (in shares)	0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value
Fair Value of Financial Instruments
Estimated fair value of debt and preferred equity investments, low end of range	$ 1,400,000	$ 1,700,000
Estimated fair value of debt and preferred equity investments, high end of range	1,500,000	1,800,000
Level 3 | Carrying Value
Fair Value of Financial Instruments
Debt and preferred equity investments	1,378,616	1,670,020
Fixed rate debt	1,329,827	1,585,106
Variable rate debt	1,863,898	2,150,424
Total	3,193,725	3,735,530
Level 3 | Fair Value
Fair Value of Financial Instruments
Fixed rate debt	1,439,061	1,663,078
Variable rate debt	1,866,381	2,164,673
Total	$ 3,305,442	$ 3,827,751

Financial Instruments_ Deriva48

Financial Instruments: Derivatives and Hedging (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivative [Line Items]
Deferred net losses from terminated hedges	$ 1,900		$ 2,000
Estimated current balance held in accumulated other comprehensive loss to be reclassified into earnings within the next 12 months	500
Interest Rate Swap Expiring in June 2016
Derivative [Line Items]
Notional Value	$ 30,000
Strike Rate (percent)	2.295%
Fair Value	$ (109)
Interest Rate Swap
Derivative [Line Items]
Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion)	(12)	$ (68)
Amount of Gain Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)	232	249
Amount of Gain Recognized into Income (Ineffective Portion)	$ 2	$ 1

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - Federal Home Loan Bank of New York (FHLBNY) - Secured Debt $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Maximum liability under secured advances	$ 250.8
Costs in conjunction with pledging property as collateral	$ 4.6

Commitments and Contingencies50

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum initial term of noncancellable operating leases (in years)	1 year
Non-cancellable operating leases
Remaining 2,016	$ 15,356
2,017	20,586
2,018	20,586
2,019	20,586
2,020	20,586
Thereafter	328,088
Total minimum lease payments	$ 425,788

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment information
Number of reportable segments | segment	2
Total revenues	$ 239,664	$ 214,668
Income from continuing operations	72,200	54,929
Total assets	8,669,029		$ 8,833,317
Marketing, general and administrative	184	103
Operating Segments | Real Estate Segment
Segment information
Total revenues	184,484	173,046
Income from continuing operations	52,197	46,109
Total assets	7,024,264		6,892,079
Operating Segments | Debt and Preferred Equity Segment
Segment information
Total revenues	55,180	41,622
Income from continuing operations	20,003	$ 8,820
Total assets	$ 1,644,765		$ 1,941,238