Reckson Operating Partnership 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 11, 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	Sep. 30, 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	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Commercial real estate properties, at cost:
Land and land interests	$ 1,806,919	$ 1,877,492
Building and improvements	4,592,396	4,477,073
Building leasehold and improvements	1,073,678	1,073,678
Commercial real estate properties, gross	7,472,993	7,428,243
Less: accumulated depreciation	(1,395,371)	(1,267,598)
Total commercial real estate properties, net	6,077,622	6,160,645
Cash and cash equivalents	66,196	50,026
Restricted cash	42,673	39,433
Tenant and other receivables, net of allowance of $5,423 and $5,593 in 2016 and 2015, respectively	32,622	35,256
Related party receivables	0	90,000
Deferred rents receivable, net of allowance of $17,046 and $14,788 in 2016 and 2015, respectively	231,464	217,730
Debt and preferred equity investments, net of discounts and deferred origination fees of $14,631 and $18,759 in 2016 and 2015, respectively	1,453,234	1,670,020
Investments in unconsolidated joint ventures	173,010	100,192
Deferred costs, net of accumulated amortization of $74,736 and $64,812 in 2016 and 2015, respectively	121,890	114,449
Other assets	417,922	355,566
Total assets	8,616,633	8,833,317
Liabilities
Mortgages and other loans payable, net	626,139	745,728
Revolving credit facility, net	0	985,055
Term loan and senior unsecured notes, net	1,974,124	1,979,317
Accrued interest payable	10,968	18,396
Other liabilities	164,509	116,088
Accounts payable and accrued expenses	60,113	70,844
Due to Related Parties, Noncurrent	23,808	0
Deferred revenue	176,586	180,404
Deferred land leases payable	1,772	1,558
Dividends payable	754	807
Security deposits	40,009	39,007
Total liabilities	3,078,782	4,137,204
Commitments and contingencies
Preferred units	109,161	109,161
Capital
General partner capital	5,040,392	4,201,872
Limited partner capital	0	0
Accumulated other comprehensive loss	(1,708)	(2,216)
Total ROP partner's capital	5,038,684	4,199,656
Noncontrolling interests in other partnerships	390,006	387,296
Total capital	5,428,690	4,586,952
Total liabilities and capital	$ 8,616,633	$ 8,833,317

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Tenant and other receivables, allowance	$ 5,423	$ 5,593
Deferred rents receivable, allowance	17,046	14,788
Preferred equity investments, deferred origination fees and discounts	14,631	18,759
Deferred costs, accumulated amortization	$ 74,736	$ 64,812

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Rental revenue, net	$ 166,456	$ 159,381	$ 486,350	$ 461,858
Escalation and reimbursement	28,158	25,870	78,173	72,080
Investment income	75,715	49,660	175,481	136,620
Other income	1,007	2,740	2,754	16,392
Total revenues	271,336	237,651	742,758	686,950
Expenses
Operating expenses, including related party expenses of $1,169 and $5,752 in 2016 and $2,605 and $6,530 in 2015	43,549	41,397	124,319	122,567
Real estate taxes	38,900	37,448	113,426	107,152
Ground rent	5,266	5,236	15,736	15,706
Interest expense, net of interest income	24,723	31,132	83,367	86,856
Amortization of deferred financing costs	2,081	2,418	5,953	5,674
Depreciation and amortization	57,916	51,490	159,365	151,159
Transaction related costs	98	2,887	343	2,842
Marketing, general and administrative	156	102	605	366
Total expenses	172,689	172,110	503,114	492,322
Income from continuing operations before equity in net income from unconsolidated joint ventures, gain (loss) on sale of real estate, unrealized loss on embedded derivatives and loss on early extinguishment of debt	98,647	65,541	239,644	194,628
Equity in net income from unconsolidated joint ventures	4,276	2,296	10,399	6,576
Gain (loss) on sale of real estate	0	101,069	(6,899)	101,069
Depreciable real estate reserves	0	(9,998)	0	(9,998)
Unrealized loss on embedded derivative	0	(1,800)	0	(1,800)
Loss on early extinguishment of debt	0	0	0	(49)
Income from continuing operations	102,923	157,108	243,144	290,426
Net income from discontinued operations	0	0	0	0
Net income	102,923	157,108	243,144	290,426
Net income attributable to noncontrolling interests in other partnerships	(1,279)	(293)	(3,353)	(7,223)
Preferred units dividend	(955)	(743)	(2,865)	(743)
Net income attributable to ROP common unitholder	$ 100,689	$ 156,072	$ 236,926	$ 282,460

Consolidated Statements of Ope5

Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Related party expenses included in operating expenses	$ 1,169	$ 2,605	$ 5,752	$ 6,530

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income attributable to ROP common unitholder	$ 100,689	$ 156,072	$ 236,926	$ 282,460
Other comprehensive income:
Change in net unrealized gain on derivative instruments	90	222	508	626
Comprehensive income attributable to ROP common unitholder	$ 100,779	$ 156,294	$ 237,434	$ 283,086

Consolidated Statement of Capit

Consolidated Statement of Capital (Unaudited) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Increase (Decrease) in Partners' Capital
Beginning Balance	$ 4,586,952
Contributions	4,023,919
Distributions	(3,422,968)
Net income	240,279
Other comprehensive income	508
Ending Balance	5,428,690
General Partner's Capital Class A Common Units | Class A Common Units
Increase (Decrease) in Partners' Capital
Beginning Balance	4,201,872
Contributions	4,023,919
Distributions	(3,422,325)
Net income	236,926
Ending Balance	5,040,392
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
Distributions	(643)
Net income	3,353
Ending Balance	390,006
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Partners' Capital
Beginning Balance	(2,216)
Other comprehensive income	508
Ending Balance	$ (1,708)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating Activities
Net income	$ 243,144	$ 290,426
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	165,318	156,833
Equity in net income from unconsolidated joint venture	(10,399)	(6,576)
Distributions of cumulative earnings from unconsolidated joint ventures	7,286	6,435
Loss (gain) on sale of real estate	6,899	(101,069)
Loss on early extinguishment of debt	0	49
Depreciable real estate reserve	0	9,998
Deferred rents receivable	(15,992)	(14,613)
Other non-cash adjustments	(38,249)	(53,453)
Changes in operating assets and liabilities:
Restricted cash—operations	(10,365)	(987)
Tenant and other receivables	2	(10,246)
Deferred lease costs	(22,447)	(31,986)
Other assets	(26,934)	(26,514)
Accounts payable, accrued expenses and other liabilities	(4,736)	8,561
Deferred revenue and land leases payable	9,956	9,567
Net cash provided by operating activities	303,483	236,425
Investing Activities
Acquisitions of real estate properties	0	(109,633)
Additions to land, buildings and improvements	(82,895)	(58,374)
Escrowed cash—capital improvements	368	388
Investments in unconsolidated joint venture	(24,961)	(988)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	1,028	28,158
Net proceeds from disposition of real estate/joint venture interest	42,316	216,592
Other investments	16,066	(7,177)
Origination of debt and preferred equity investments	(555,089)	(461,257)
Repayments or redemption of preferred equity investments	667,251	372,084
Net cash provided by (used in) investing activities	64,084	(20,207)
Financing Activities
Proceeds from mortgages and other loans payable	383	300,018
Repayments of mortgages and other loans payable	(119,165)	(234,510)
Proceeds from credit facility and senior unsecured notes	1,260,300	2,130,000
Repayments of credit facility and senior unsecured notes	(2,259,608)	(1,466,007)
Distributions to noncontrolling interests in other partnerships	(643)	(1,280)
Contributions from noncontrolling interests in other partnerships	0	9,400
Contributions from common unitholder	4,137,727	2,338,277
Distributions to common and preferred unitholders	(3,425,243)	(3,297,066)
Other obligations related to loan participations	59,150	25,000
Deferred loan costs and capitalized lease obligation	(4,298)	(9,025)
Net cash (used in) provided by financing activities	(351,397)	(205,193)
Net increase in cash and cash equivalents	16,170	11,025
Cash and cash equivalents at beginning of period	50,026	34,691
Cash and cash equivalents at end of period	66,196	45,716
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Tenant improvements and capital expenditures payable	8,973	5,160
Deferred leasing payable	2,949	7,668
Change in fair value of hedge	208	13,909
Transfer to assets held for sale	0	22,494
Transfer to liabilities related to assets held for sale	0	94
Deconsolidation of a subsidiary	0	27,435
Issuance of SL Green common stock to a consolidated joint venture	0	10,000
Contribution of notes receivable from the common unit holder	0	90,000
Issuance of preferred units through a subsidiary	0	109,161
Contributions from a noncontrolling interest in other partnerships	0	22,278
Exchange of debt investment for equity in joint venture	68,581	0
Removal of fully depreciated commercial real estate properties	8,516	0
Settlement of related party receivable with SL Green common stock	90,000	0
Issuance of related party payable for SL Green common stock	$ 23,808	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 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 95.71% owned by SL Green Realty Corp., or SL Green, as of September 30, 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 September 30, 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 Approximate Square Feet (unaudited) Weighted Average (1) (unaudited) Commercial: Manhattan Office 16 8,463,245 96.6 % Retail (2)(3) 5 352,892 97.6 % Fee Interest 2 197,654 100.0 % 23 9,013,791 96.7 % Suburban Office 19 3,287,800 82.6 % Retail 1 52,000 100.0 % 20 3,339,800 82.9 % Total commercial properties 43 12,353,591 93.0 % Residential: Manhattan Residential (2) — 222,855 94.0 % Total portfolio 43 12,576,446 93.0 % (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 September 30, 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 September 30, 2016 , we held debt and preferred equity investments with a book value of $1.8 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 accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the financial position of the Company at September 30, 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 sheet at December 31, 2015 has been derived from the audited financial statements as of that date but do not include all the information and footnotes required by accounting principals generally accepted in the United States for complete financial statements.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 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. 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 September 30, 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 September 30, 2016 and December 31, 2015 are $493.8 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, 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 requiring 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) 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 September 30, 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 $8.1 million and $15.9 million in rental revenue for the three and nine months ended September 30, 2016 , 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. We recognized an increase of $8.3 million , and $20.9 million in rental revenue for the three and nine months ended September 30, 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 September 30, 2016 and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Identified intangible assets (included in other assets): Gross amount $ 311,830 $ 307,824 Accumulated amortization (248,463 ) (235,040 ) Net $ 63,367 $ 72,784 Identified intangible liabilities (included in deferred revenue): Gross amount $ 524,793 $ 523,228 Accumulated amortization (362,197 ) (346,857 ) Net $ 162,596 $ 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 September 30, 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 provided that we have no substantial economic involvement with the buyer. Interest income on debt and preferred equity investments is accrued based on the contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Some 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 debt 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 the 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 operations. Any fees received at the time of sale or syndication are recognized as part of investment income. 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 include geographic trends, product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish a 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 and nine months ended September 30, 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 September 30, 2016 . For the three months ended September 30, 2016 , 13.3% , 12.6% , 8.2% , 6.5% , 6.3% , 5.9% , 5.7% and 5.7% of our share of annualized cash rent was attributable to 919 Third Avenue, 1185 Avenue of the Americas, 625 Madison Avenue, 750 Third Avenue, 810 Seventh Avenue, 1350 Avenue of the Americas, 555 West 57 th Street and 125 Park Avenue respectively. Annualized cash rent for all other consolidated properties was below 5.0%. Reclassification Certain prior year balances have been reclassified to conform to our current year presentation. Accounting Standards Updates In August 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The ASU provides final guidance on eight cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, distributions received from equity method investees, separately identifiable cash flows and application of the predominance principle, and others. The amendments in the ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim 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 June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The guidance changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. The guidance replaces the current ‘incurred loss’ model with an ‘expected loss’ approach. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted after December 2018. 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 March 2016, the FASB issued 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 September 30, 2016 and December 31, 2015, $24.1 million and $25.4 million , respectively of deferred debt issuance costs, 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, including the Operating Partnership, now qualify as variable interest entities while some of our entities originally classified as variable interest entities no longer meet the criteria. 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). In April 2016, the FASB amended its new revenue recognition guidance on identifying performance obligations to allow entities to disregard items that are immaterial and clarify when a good or service is separately identifiable (ASU 2016-10). In May 2016, the FASB issued implementation guidance relating to transition, collectability, noncash consideration and presentation matters (ASU 2016-12). 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	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Property Acquisition	Property Acquisition We did not acquire any properties during the three or nine months ended September 30, 2016 .

Property Disposition

Property Disposition	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Property Disposition	Property Disposition Property Dispositions The following table summarizes the properties sold during the nine months ended September 30, 2016 : Property Disposition Date Property Type Approximate Square Feet Sales Price (1) (in millions) Loss on Sale (in millions) 7 International Drive May 2016 Land 31 Acres 20.0 (6.9 ) (1) Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.

Debt and Preferred Equity Inves

Debt and Preferred Equity Investments	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Debt, Preferred Equity and Other Investments	Debt and Preferred Equity Investments During the nine months ended September 30, 2016 and 2015, our debt and preferred equity investments, net of discounts and deferred origination fees, increased $590.4 million and $464.9 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 $807.2 million and $372.1 million during the nine months ended September 30, 2016 and 2015, respectively, which offset the increases in debt and preferred equity investments. Certain debt investments that were participated out but 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 September 30, 2016 and December 31, 2015 , we held the following debt investments, with an aggregate weighted average current yield of 9.29% at September 30, 2016 (in thousands): Loan Type September 30, 2016 Future Funding Obligations September 30, 2016 Senior Financing September 30, 2016 Carrying Value (1) December 31, 2015 Carrying Value (1) Maturity Date (2) Fixed Rate Investments: Jr. Mortgage Participation/Mezzanine Loan $ — $ 1,109,000 $ 189,250 $ 104,661 March 2017 Mezzanine Loan (3a) 5,000 502,100 61,059 41,115 June 2017 Mortgage Loan (4) — — 26,297 26,262 February 2019 Mortgage Loan — — 414 513 August 2019 Loan Type September 30, 2016 Future Funding Obligations September 30, 2016 Senior Financing September 30, 2016 Carrying Value (1) December 31, 2015 Carrying Value (1) Maturity Date (2) Mezzanine Loan — 15,000 3,500 3,500 September 2021 Mezzanine Loan (3b) — 88,944 12,691 19,936 November 2023 Mezzanine Loan (3c) — 115,000 12,923 24,916 June 2024 Mezzanine Loan — 95,000 30,000 30,000 January 2025 Mezzanine Loan (5) — — — 72,102 Mezzanine Loan (6) — — — 49,691 Jr. Mortgage Participation (7) — — — 49,000 Other (7)(8) — — — 23,510 Other (7)(8) — — — 66,183 Total fixed rate $ 5,000 $ 1,925,044 $ 336,134 $ 511,389 Floating Rate Investments: Mezzanine Loan — 360,000 99,945 99,530 November 2016 Mezzanine Loan 7,939 144,008 53,405 49,751 December 2016 Mezzanine Loan 281 39,201 11,024 13,731 December 2016 Mortgage/Mezzanine Loan (3d) 40,086 — 140,920 134,264 January 2017 Mezzanine Loan 1,127 118,949 28,834 28,551 January 2017 Mezzanine Loan (3e)(9) — 40,000 15,290 68,977 June 2017 Mortgage/Mezzanine Loan — — 32,763 — June 2017 Mortgage/Mezzanine Loan — — 22,939 22,877 July 2017 Mortgage/Mezzanine Loan — — 16,946 16,901 September 2017 Mortgage/Mezzanine Loan 4,038 — 19,834 19,282 October 2017 Mezzanine Loan — 60,000 14,944 14,904 November 2017 Mezzanine Loan (3f) — 85,000 15,075 29,505 December 2017 Mezzanine Loan (3g) — 65,000 14,598 28,563 December 2017 Mortgage/Mezzanine Loan (3h) 795 — 15,024 14,942 December 2017 Jr. Mortgage Participation — 40,000 19,896 19,846 April 2018 Mezzanine Loan — 175,000 34,814 34,725 April 2018 Mortgage/Mezzanine Loan (10) 523 24,818 10,846 31,210 August 2018 Mortgage Loan — — 19,815 — August 2018 Mezzanine Loan — 65,000 14,862 — August 2018 Mezzanine Loan — — 14,599 — September 2018 Mezzanine Loan 2,325 45,025 34,411 — October 2018 Mezzanine Loan — 33,000 26,831 26,777 December 2018 Mezzanine Loan 4,097 156,383 55,264 52,774 December 2018 Mezzanine Loan 18,883 246,758 59,917 49,625 December 2018 Mezzanine Loan 6,383 16,383 5,387 — January 2019 Mezzanine Loan — 38,000 21,880 21,845 March 2019 Mezzanine Loan — 265,000 24,677 — April 2019 Mortgage/Jr. Mortgage Participation Loan 34,500 180,740 64,549 — August 2019 Mezzanine Loan 2,500 187,500 37,307 — September 2019 Mortgage/Mezzanine Loan 87,620 — 107,060 — September 2019 Jr. Mortgage Participation/Mezzanine Loan — 30,000 15,599 — July 2021 Mortgage/Mezzanine Loan (11) — — — 94,901 Loan Type September 30, 2016 Future Funding Obligations September 30, 2016 Senior Financing September 30, 2016 Carrying Value (1) December 31, 2015 Carrying Value (1) Maturity Date (2) Jr. Mortgage Participation/Mezzanine Loan (5) — — — 20,510 Mezzanine Loan (12) — — — 22,625 Mezzanine Loan (13) — — — 74,700 Mezzanine Loan (14) — — — 66,398 Jr. Mortgage Participation/Mezzanine Loan (7) — — — 18,395 Mezzanine Loan (15) — — — 40,346 Total floating rate $ 211,097 $ 2,415,765 $ 1,069,255 $ 1,116,455 Total $ 216,097 $ 4,340,809 $ 1,405,389 $ 1,627,844 (1) Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees. (2) Represents contractual maturity, excluding any unexercised extension options. (3) 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) $41.3 million , (b) $5.0 million , (c) $12.0 million , (d) $36.3 million , (e) $14.5 million , (f) $14.6 million , (g) $14.1 million , and (h) $5.1 million . (4) 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. (5) These loans were repaid in July 2016 (6) In April 2016, we closed on an option to acquire a 20% interest in the underlying asset at a previously agreed upon purchase option valuation, and our mezzanine loan was simultaneously repaid. (7) These loans were repaid in March 2016. (8) These loans were collateralized by defeasance securities. (9) In March 2016, the mortgage was sold. (10) In January 2016, the loans were modified. In March 2016, the mortgage was sold. (11) This loan was repaid in September 2016. (12) This loan was repaid in June 2016. (13) This loan was repaid in May 2016. (14) In March 2016, we contributed our interest in the loan in exchange 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 consolidated balance sheets. (15) This loan was repaid in February 2016. Preferred Equity Investments As of September 30, 2016 and December 31, 2015, we held the following preferred equity investments with an aggregate weighted average current yield of 7.32% at September 30, 2016 (in thousands): Type September 30, 2016 September 30, 2016 September 30, 2016 (1) December 31, 2015 (1) Initial Preferred equity $ — $ 71,486 $ 9,978 $ 9,967 March 2018 Preferred equity — 59,034 37,867 32,209 November 2018 $ — $ 130,520 $ 47,845 $ 42,176 (1) Carrying value is net of deferred origination fees. At September 30, 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 September 30, 2016 and 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 $149.6 million and $168.3 million at September 30, 2016 and December 31, 2015, respectively. No financing receivables were 90 days past due at September 30, 2016 .

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 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. As of September 30, 2016 none of our investments in unconsolidated joint ventures are VIEs. The table below provides general information on each of our joint ventures as of September 30, 2016 : Property 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 76 11th Avenue (2) Oxford/Vornado 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 the entity that owns 76 11th Avenue. 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 September 30, 2016 and December 31, 2015 , the carrying value for acquisition, development and construction arrangements were as follows (in thousands): Loan Type September 30, 2016 December 31, 2015 Maturity Date Mezzanine Loan and Preferred Equity $ 100,000 $ 99,936 March 2017 Mezzanine Loan 24,119 — July 2036 (1) $ 124,119 $ 99,936 (1) The Company has the ability to convert this loan into an equity position starting in 2021 and the borrower is able to force this conversion in 2024. Sale of Joint Venture Interest or Property We did not sell any joint venture interest or property during the nine months ended September 30, 2016 . 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 September 30, 2016 and December 31, 2015 , respectively, are as follows (amounts in thousands): Property Maturity Date Interest Rate (1) September 30, 2016 December 31, 2015 Floating Rate Debt: 131-137 Spring Street August 2020 2.04 % $ 141,000 $ 141,000 Total joint venture mortgages and other loans payable $ 141,000 $ 141,000 Deferred financing costs, net (4,247 ) (5,077 ) Total joint venture mortgages and other loans payable, net $ 136,753 $ 135,923 (1) Effective weighted average interest rate for the three months ended September 30, 2016 , taking into account interest rate hedges in effect during the period. The combined balance sheets for the unconsolidated joint ventures, at September 30, 2016 and December 31, 2015 are as follows (in thousands): September 30, 2016 December 31, 2015 Assets Commercial real estate property, net $ 281,014 $ 285,689 Debt and preferred equity investments, net 270,831 99,936 Other assets 17,080 16,897 Total assets $ 568,925 $ 402,522 Liabilities and members' equity Mortgages and other loans payable, net $ 136,753 $ 135,923 Other liabilities 23,080 25,462 Members' equity 409,092 241,137 Total liabilities and members' equity $ 568,925 $ 402,522 Company's investments in unconsolidated joint ventures $ 173,010 $ 100,192 The combined statements of operations for the unconsolidated joint ventures, from acquisition date through the three and nine months ended September 30, 2016 and 2015 , are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total revenues $ 3,707 $ 6,316 $ 27,590 $ 10,608 Operating expenses (175 ) 380 1,003 386 Real estate taxes 33 530 881 530 Interest expense, net of interest income 37 421 2,144 421 Amortization of deferred financing costs — 171 831 171 Transaction related costs — 1,507 — 3,299 Depreciation and amortization — 3,293 6,303 1,507 Total expenses $ (105 ) $ 6,302 $ 11,162 $ 6,314 Net income $ 3,812 $ 14 $ 16,428 $ 4,294 Company's equity in net income from unconsolidated joint ventures 4,276 2,296 10,399 6,576

Mortgages and Other Loans Payab

Mortgages and Other Loans Payable	9 Months Ended
	Sep. 30, 2016
Mortgage Note and Other Loans Payable
Mortgages and Other Loans Payable	Mortgages and Other Loans Payable The first mortgages and other loans payable collateralized by the respective properties and assignment of leases or debt investments at September 30, 2016 and December 31, 2015 , respectively, were as follows (amounts in thousands): Property Maturity Date Interest Rate (1) September 30, 2016 December 31, 2015 Fixed Rate Debt: 919 Third Avenue (2) June 2023 5.12 % $ 500,000 $ 500,000 Floating Rate Debt: Master Repurchase Agreement July 2018 3.01 % 134,642 253,424 Total mortgages and other loans payable $ 634,642 $ 753,424 Deferred financing costs, net of amortization (8,503 ) (7,696 ) Total mortgages and other loans payable, net $ 626,139 $ 745,728 (1) Effective weighted average interest rate for the three months ended September 30, 2016 . (2) We own a 51.0% controlling interest in the joint venture that is the borrower on this loan. Master Repurchase Agreement The Master Repurchase Agreement, 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 225 and 400 basis points over 30-day LIBOR depending on the pledged collateral. 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 September 30, 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, not including assets held for sale, was approximately $1.6 billion and $2.0 billion , respectively.

Corporate Indebtedness

Corporate Indebtedness	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Corporate Indebtedness	Corporate Indebtedness 2012 Credit Facility In August 2016, we entered into an amendment to the credit facility that was originally entered into by the Company in November 2012, referred to as the 2012 credit facility. As of September 30, 2016 , the 2012 credit facility, as amended, consisted of a $1.6 billion revolving credit facility and a $1.2 billion term loan, with a maturity date of March 29, 2019 and June 30, 2019, respectively. The revolving credit facility has an as-of-right extension to March 29, 2020. 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 September 30, 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 September 30, 2016 , the applicable spread was 125 basis points for the revolving credit facility and 140 basis points for the term loan facility. At September 30, 2016 , the effective interest rate was 1.73% for the revolving credit facility and 1.90% 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 September 30, 2016 , the facility fee was 25 basis points. As of September 30, 2016 , we had $56.5 million of outstanding letters of credit, zero drawn under the revolving credit facility and $1.2 billion outstanding under the term loan facility, with total undrawn capacity of $1.5 billion under the 2012 credit facility. At September 30, 2016 and December 31, 2015 , the revolving credit facility had a carrying value of $(6.9) million , representing deferred financing costs presented within other liabilities, and $985.1 million , respectively, net of deferred financing costs. At September 30, 2016 and December 31, 2015 , the term loan facility had a carrying value of $1.2 billion and $929.5 million , respectively, net of 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 September 30, 2016 and December 31, 2015, respectively, by scheduled maturity date (dollars in thousands): Issuance September 30, September 30, December 31, 2015 Accreted Balance Coupon (1) Effective Term Maturity Date August 5, 2011 (2) $ 250,000 $ 249,862 $ 249,810 5.00 % 5.00 % 7 August 2018 March 16, 2010 (2) 250,000 250,000 250,000 7.75 % 7.75 % 10 March 2020 November 15, 2012 (2) 200,000 200,000 200,000 4.50 % 4.50 % 10 December 2022 December 17, 2015 (2) 100,000 100,000 100,000 4.27 % 4.27 % 10 December 2025 March 31, 2006 (3) — — 255,296 $ 800,000 $ 799,862 $ 1,055,106 Deferred financing costs, net (4,942 ) (5,303 ) $ 794,920 $ 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 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 September 30, 2016 and 2015, we were in compliance with all such covenants. Principal Maturities Combined aggregate principal maturities of our mortgages and other loans payable, 2012 credit facility and senior unsecured notes as of September 30, 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 $ — $ — $ — $ — $ — $ — 2017 — — — — — — 2018 — 134,642 — — 250,000 384,642 2019 — — — 1,183,000 — 1,183,000 2020 — — — — 250,000 250,000 Thereafter — 500,000 — — 300,000 800,000 $ — $ 634,642 $ — $ 1,183,000 $ 800,000 $ 2,617,642 Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest expense $ 25,087 $ 31,136 $ 84,175 $ 87,980 Interest capitalized (362 ) — (799 ) (1,107 ) Interest income (2 ) (4 ) (9 ) (17 ) Interest expense, net $ 24,723 $ 31,132 $ 83,367 $ 86,856

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Cleaning/ Security/ Messenger and Restoration Services Alliance Building Services, or Alliance, and its affiliates are partially owned by Gary Green, a son of Stephen L. Green, the chairman of SL Green's board of directors, and provide services to certain properties owned by us. Alliance’s affiliates include First Quality Maintenance, L.P., or First Quality, Classic Security LLC, Bright Star Couriers LLC and Onyx Restoration Works, and provide cleaning, extermination, security, messenger, and restoration services, respectively. 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 and $2.5 million for the three and nine months ended September 30, 2016 and 2015. We also recorded expenses for these services, inclusive of capitalized expenses, of $1.2 million and $6.0 million for the three and nine months ended September 30, 2016 , respectively, (excluding services provided directly to tenants), and $2.7 million and $6.7 million for the three and nine months ended September 30, 2015 , respectively. 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 $2.8 million and $8.2 million , for the three and nine months ended September 30, 2016 , respectively. The amount was $2.4 million and $7.4 million for three and nine months ended September 30, 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 $1.5 million and $4.4 million for the three and nine months ended September 30, 2016 . We incurred insurance expense of approximately $1.7 million and $5.0 million for the three and nine months ended September 30, 2015 .

Preferred Units

Preferred Units	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2016 the carrying amount and fair value of the derivative remained at zero .

Partners' Capital

Partners' Capital	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Debt and preferred equity investments $ 1,453,234 (2) $ 1,670,020 (2) Fixed rate debt $ 2,099,862 $ 2,236,309 $ 1,585,106 $ 1,663,078 Variable rate debt 517,642 529,550 2,150,424 2,164,673 $ 2,617,504 $ 2,765,859 $ 3,735,530 $ 3,827,751 (1) Amounts exclude net deferred financing costs. (2) At September 30, 2016 , debt and preferred equity investments had an estimated fair value ranging between $1.5 billion and $1.6 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 September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2016 , the Company had not designated any interest rate swap agreements on any debt investment. 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 September 30, 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 $1.7 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 $0.4 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 September 30, 2016 and 2015 , respectively (in thousands): Amount of Gain Recognized in Other Comprehensive Loss (Effective Portion) Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Loss 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 September 30, Three Months Ended September 30, Three Months Ended September 30, Derivative 2016 2015 2016 2015 2016 2015 Interest Rate Swap $ — $ (30 ) Interest expense $ 90 $ 252 Interest expense $ — $ 1 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 nine months ended September 30, 2016 and 2015 , respectively (in thousands): Amount of Gain Recognized in Other Comprehensive Loss (Effective Portion) Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Loss 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) Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, Derivative 2016 2015 2016 2015 2016 2015 Interest Rate Swap $ (13 ) $ (125 ) Interest expense $ 521 $ 751 Interest expense $ 3 $ 3

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings As of September 30, 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. 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 September 30, 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 $229.0 million . The Company incurred approximately $4.1 million of costs in conjunction with pledging assets as collateral under the FHLBNY. These costs were reimbursed to the Company by Belmont. Environmental Matters The Company believes that its 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 September 30, 2016 (in thousands): Non-cancellable operating leases Remaining 2016 $ 5,147 2017 20,586 2018 20,586 2019 20,586 2020 20,586 Thereafter 328,088 Total minimum lease payments $ 415,579

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information We are engaged in all aspects of property ownership and management including investment, leasing, operations, capital improvements, development, redevelopment, financing, construction and maintenance in the New York Metropolitan area and have two reportable segments, real estate and debt and preferred equity. 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 and nine months ended September 30, 2016 and 2015, and selected asset information as of September 30, 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: September 30, 2016 $ 191,494 $ 79,842 $ 271,336 September 30, 2015 182,290 55,361 237,651 Six months ended: September 30, 2016 551,788 190,970 742,758 September 30, 2015 536,154 150,796 686,950 Income from continuing operations before gain (loss) on sale of real estate, depreciable real estate reserves, and unrealized loss on embedded derivative: Three months ended: September 30, 2016 $ 96,743 $ 6,180 $ 102,923 September 30, 2015 44,645 23,192 67,837 Six months ended: September 30, 2016 229,179 20,864 250,043 September 30, 2015 159,895 41,309 201,204 Total assets As of: September 30, 2016 $ 6,835,004 $ 1,781,629 $ 8,616,633 December 31, 2015 6,998,477 1,834,840 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 to the debt and preferred equity segment since the use of personnel and resources is dependent on transaction volume between the two segments and varies period over period. For the three and nine months ended September 30, 2016 , marketing, general and administrative expenses totaled $0.2 million and $0.6 million , respectively. For the three and nine months ended September 30, 2015 , marketing, general and administrative expenses totaled $0.1 million and $0.4 million , respectively. 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)	9 Months Ended
	Sep. 30, 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. 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 September 30, 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 September 30, 2016 and December 31, 2015 are $493.8 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, 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 requiring 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) 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 September 30, 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.
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.
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 September 30, 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 provided that we have no substantial economic involvement with the buyer. Interest income on debt and preferred equity investments is accrued based on the contractual terms of the instruments and when, in the opinion of management, it is deemed collectible. Some 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 debt 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 the 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 operations. Any fees received at the time of sale or syndication are recognized as part of investment income.
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 include geographic trends, product diversification, the size of the portfolio and current economic conditions. Based upon these factors, we establish a 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 and nine months ended September 30, 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.
Shares Contributed by Parent Company	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	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	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 August 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The ASU provides final guidance on eight cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, distributions received from equity method investees, separately identifiable cash flows and application of the predominance principle, and others. The amendments in the ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim 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 June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The guidance changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. The guidance replaces the current ‘incurred loss’ model with an ‘expected loss’ approach. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted after December 2018. 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 March 2016, the FASB issued 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 September 30, 2016 and December 31, 2015, $24.1 million and $25.4 million , respectively of deferred debt issuance costs, 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, including the Operating Partnership, now qualify as variable interest entities while some of our entities originally classified as variable interest entities no longer meet the criteria. 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). In April 2016, the FASB amended its new revenue recognition guidance on identifying performance obligations to allow entities to disregard items that are immaterial and clarify when a good or service is separately identifiable (ASU 2016-10). In May 2016, the FASB issued implementation guidance relating to transition, collectability, noncash consideration and presentation matters (ASU 2016-12). 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)	9 Months Ended
	Sep. 30, 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 Approximate Square Feet (unaudited) Weighted Average (1) (unaudited) Commercial: Manhattan Office 16 8,463,245 96.6 % Retail (2)(3) 5 352,892 97.6 % Fee Interest 2 197,654 100.0 % 23 9,013,791 96.7 % Suburban Office 19 3,287,800 82.6 % Retail 1 52,000 100.0 % 20 3,339,800 82.9 % Total commercial properties 43 12,353,591 93.0 % Residential: Manhattan Residential (2) — 222,855 94.0 % Total portfolio 43 12,576,446 93.0 % (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 September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Identified intangible assets (included in other assets): Gross amount $ 311,830 $ 307,824 Accumulated amortization (248,463 ) (235,040 ) Net $ 63,367 $ 72,784 Identified intangible liabilities (included in deferred revenue): Gross amount $ 524,793 $ 523,228 Accumulated amortization (362,197 ) (346,857 ) Net $ 162,596 $ 176,371

Property Disposition (Tables)

Property Disposition (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of properties sold and income from discontinued operations	The following table summarizes the properties sold during the nine months ended September 30, 2016 : Property Disposition Date Property Type Approximate Square Feet Sales Price (1) (in millions) Loss on Sale (in millions) 7 International Drive May 2016 Land 31 Acres 20.0 (6.9 ) (1) Sales price represents the gross sales price for a property or the gross asset valuation for interests in a property.

Debt and Preferred Equity Inv28

Debt and Preferred Equity Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Summary of debt investments	As of September 30, 2016 and December 31, 2015 , we held the following debt investments, with an aggregate weighted average current yield of 9.29% at September 30, 2016 (in thousands): Loan Type September 30, 2016 Future Funding Obligations September 30, 2016 Senior Financing September 30, 2016 Carrying Value (1) December 31, 2015 Carrying Value (1) Maturity Date (2) Fixed Rate Investments: Jr. Mortgage Participation/Mezzanine Loan $ — $ 1,109,000 $ 189,250 $ 104,661 March 2017 Mezzanine Loan (3a) 5,000 502,100 61,059 41,115 June 2017 Mortgage Loan (4) — — 26,297 26,262 February 2019 Mortgage Loan — — 414 513 August 2019 Loan Type September 30, 2016 Future Funding Obligations September 30, 2016 Senior Financing September 30, 2016 Carrying Value (1) December 31, 2015 Carrying Value (1) Maturity Date (2) Mezzanine Loan — 15,000 3,500 3,500 September 2021 Mezzanine Loan (3b) — 88,944 12,691 19,936 November 2023 Mezzanine Loan (3c) — 115,000 12,923 24,916 June 2024 Mezzanine Loan — 95,000 30,000 30,000 January 2025 Mezzanine Loan (5) — — — 72,102 Mezzanine Loan (6) — — — 49,691 Jr. Mortgage Participation (7) — — — 49,000 Other (7)(8) — — — 23,510 Other (7)(8) — — — 66,183 Total fixed rate $ 5,000 $ 1,925,044 $ 336,134 $ 511,389 Floating Rate Investments: Mezzanine Loan — 360,000 99,945 99,530 November 2016 Mezzanine Loan 7,939 144,008 53,405 49,751 December 2016 Mezzanine Loan 281 39,201 11,024 13,731 December 2016 Mortgage/Mezzanine Loan (3d) 40,086 — 140,920 134,264 January 2017 Mezzanine Loan 1,127 118,949 28,834 28,551 January 2017 Mezzanine Loan (3e)(9) — 40,000 15,290 68,977 June 2017 Mortgage/Mezzanine Loan — — 32,763 — June 2017 Mortgage/Mezzanine Loan — — 22,939 22,877 July 2017 Mortgage/Mezzanine Loan — — 16,946 16,901 September 2017 Mortgage/Mezzanine Loan 4,038 — 19,834 19,282 October 2017 Mezzanine Loan — 60,000 14,944 14,904 November 2017 Mezzanine Loan (3f) — 85,000 15,075 29,505 December 2017 Mezzanine Loan (3g) — 65,000 14,598 28,563 December 2017 Mortgage/Mezzanine Loan (3h) 795 — 15,024 14,942 December 2017 Jr. Mortgage Participation — 40,000 19,896 19,846 April 2018 Mezzanine Loan — 175,000 34,814 34,725 April 2018 Mortgage/Mezzanine Loan (10) 523 24,818 10,846 31,210 August 2018 Mortgage Loan — — 19,815 — August 2018 Mezzanine Loan — 65,000 14,862 — August 2018 Mezzanine Loan — — 14,599 — September 2018 Mezzanine Loan 2,325 45,025 34,411 — October 2018 Mezzanine Loan — 33,000 26,831 26,777 December 2018 Mezzanine Loan 4,097 156,383 55,264 52,774 December 2018 Mezzanine Loan 18,883 246,758 59,917 49,625 December 2018 Mezzanine Loan 6,383 16,383 5,387 — January 2019 Mezzanine Loan — 38,000 21,880 21,845 March 2019 Mezzanine Loan — 265,000 24,677 — April 2019 Mortgage/Jr. Mortgage Participation Loan 34,500 180,740 64,549 — August 2019 Mezzanine Loan 2,500 187,500 37,307 — September 2019 Mortgage/Mezzanine Loan 87,620 — 107,060 — September 2019 Jr. Mortgage Participation/Mezzanine Loan — 30,000 15,599 — July 2021 Mortgage/Mezzanine Loan (11) — — — 94,901 Loan Type September 30, 2016 Future Funding Obligations September 30, 2016 Senior Financing September 30, 2016 Carrying Value (1) December 31, 2015 Carrying Value (1) Maturity Date (2) Jr. Mortgage Participation/Mezzanine Loan (5) — — — 20,510 Mezzanine Loan (12) — — — 22,625 Mezzanine Loan (13) — — — 74,700 Mezzanine Loan (14) — — — 66,398 Jr. Mortgage Participation/Mezzanine Loan (7) — — — 18,395 Mezzanine Loan (15) — — — 40,346 Total floating rate $ 211,097 $ 2,415,765 $ 1,069,255 $ 1,116,455 Total $ 216,097 $ 4,340,809 $ 1,405,389 $ 1,627,844 (1) Carrying value is net of discounts, premiums, original issue discounts and deferred origination fees. (2) Represents contractual maturity, excluding any unexercised extension options. (3) 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) $41.3 million , (b) $5.0 million , (c) $12.0 million , (d) $36.3 million , (e) $14.5 million , (f) $14.6 million , (g) $14.1 million , and (h) $5.1 million . (4) 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. (5) These loans were repaid in July 2016 (6) In April 2016, we closed on an option to acquire a 20% interest in the underlying asset at a previously agreed upon purchase option valuation, and our mezzanine loan was simultaneously repaid. (7) These loans were repaid in March 2016. (8) These loans were collateralized by defeasance securities. (9) In March 2016, the mortgage was sold. (10) In January 2016, the loans were modified. In March 2016, the mortgage was sold. (11) This loan was repaid in September 2016. (12) This loan was repaid in June 2016. (13) This loan was repaid in May 2016. (14) In March 2016, we contributed our interest in the loan in exchange 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 consolidated balance sheets. (15) This loan was repaid in February 2016.
Schedule of preferred equity investments	As of September 30, 2016 and December 31, 2015, we held the following preferred equity investments with an aggregate weighted average current yield of 7.32% at September 30, 2016 (in thousands): Type September 30, 2016 September 30, 2016 September 30, 2016 (1) December 31, 2015 (1) Initial Preferred equity $ — $ 71,486 $ 9,978 $ 9,967 March 2018 Preferred equity — 59,034 37,867 32,209 November 2018 $ — $ 130,520 $ 47,845 $ 42,176 (1) Carrying value is net of deferred origination fees.

Investments in Unconsolidated29

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 : Property 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 76 11th Avenue (2) Oxford/Vornado 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 the entity that owns 76 11th Avenue. 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 September 30, 2016 and December 31, 2015 , the carrying value for acquisition, development and construction arrangements were as follows (in thousands): Loan Type September 30, 2016 December 31, 2015 Maturity Date Mezzanine Loan and Preferred Equity $ 100,000 $ 99,936 March 2017 Mezzanine Loan 24,119 — July 2036 (1) $ 124,119 $ 99,936 (1) The Company has the ability to convert this loan into an equity position starting in 2021 and the borrower is able to force this conversion in 2024.
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 September 30, 2016 and December 31, 2015 , respectively, are as follows (amounts in thousands): Property Maturity Date Interest Rate (1) September 30, 2016 December 31, 2015 Floating Rate Debt: 131-137 Spring Street August 2020 2.04 % $ 141,000 $ 141,000 Total joint venture mortgages and other loans payable $ 141,000 $ 141,000 Deferred financing costs, net (4,247 ) (5,077 ) Total joint venture mortgages and other loans payable, net $ 136,753 $ 135,923 (1) Effective weighted average interest rate for the three months ended September 30, 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 September 30, 2016 and December 31, 2015 are as follows (in thousands): September 30, 2016 December 31, 2015 Assets Commercial real estate property, net $ 281,014 $ 285,689 Debt and preferred equity investments, net 270,831 99,936 Other assets 17,080 16,897 Total assets $ 568,925 $ 402,522 Liabilities and members' equity Mortgages and other loans payable, net $ 136,753 $ 135,923 Other liabilities 23,080 25,462 Members' equity 409,092 241,137 Total liabilities and members' equity $ 568,925 $ 402,522 Company's investments in unconsolidated joint ventures $ 173,010 $ 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 and nine months ended September 30, 2016 and 2015 , are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total revenues $ 3,707 $ 6,316 $ 27,590 $ 10,608 Operating expenses (175 ) 380 1,003 386 Real estate taxes 33 530 881 530 Interest expense, net of interest income 37 421 2,144 421 Amortization of deferred financing costs — 171 831 171 Transaction related costs — 1,507 — 3,299 Depreciation and amortization — 3,293 6,303 1,507 Total expenses $ (105 ) $ 6,302 $ 11,162 $ 6,314 Net income $ 3,812 $ 14 $ 16,428 $ 4,294 Company's equity in net income from unconsolidated joint ventures 4,276 2,296 10,399 6,576

Mortgages and Other Loans Pay30

Mortgages and Other Loans Payable (Tables)	9 Months Ended
	Sep. 30, 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 and other loans payable collateralized by the respective properties and assignment of leases or debt investments at September 30, 2016 and December 31, 2015 , respectively, were as follows (amounts in thousands): Property Maturity Date Interest Rate (1) September 30, 2016 December 31, 2015 Fixed Rate Debt: 919 Third Avenue (2) June 2023 5.12 % $ 500,000 $ 500,000 Floating Rate Debt: Master Repurchase Agreement July 2018 3.01 % 134,642 253,424 Total mortgages and other loans payable $ 634,642 $ 753,424 Deferred financing costs, net of amortization (8,503 ) (7,696 ) Total mortgages and other loans payable, net $ 626,139 $ 745,728 (1) Effective weighted average interest rate for the three months ended September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015, respectively, by scheduled maturity date (dollars in thousands): Issuance September 30, September 30, December 31, 2015 Accreted Balance Coupon (1) Effective Term Maturity Date August 5, 2011 (2) $ 250,000 $ 249,862 $ 249,810 5.00 % 5.00 % 7 August 2018 March 16, 2010 (2) 250,000 250,000 250,000 7.75 % 7.75 % 10 March 2020 November 15, 2012 (2) 200,000 200,000 200,000 4.50 % 4.50 % 10 December 2022 December 17, 2015 (2) 100,000 100,000 100,000 4.27 % 4.27 % 10 December 2025 March 31, 2006 (3) — — 255,296 $ 800,000 $ 799,862 $ 1,055,106 Deferred financing costs, net (4,942 ) (5,303 ) $ 794,920 $ 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 mortgages and other loans payable, 2012 credit facility and senior unsecured notes as of September 30, 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 $ — $ — $ — $ — $ — $ — 2017 — — — — — — 2018 — 134,642 — — 250,000 384,642 2019 — — — 1,183,000 — 1,183,000 2020 — — — — 250,000 250,000 Thereafter — 500,000 — — 300,000 800,000 $ — $ 634,642 $ — $ 1,183,000 $ 800,000 $ 2,617,642
Schedule of Consolidated Interest expense, excluding capitalized interest	Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest expense $ 25,087 $ 31,136 $ 84,175 $ 87,980 Interest capitalized (362 ) — (799 ) (1,107 ) Interest income (2 ) (4 ) (9 ) (17 ) Interest expense, net $ 24,723 $ 31,132 $ 83,367 $ 86,856

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Debt and preferred equity investments $ 1,453,234 (2) $ 1,670,020 (2) Fixed rate debt $ 2,099,862 $ 2,236,309 $ 1,585,106 $ 1,663,078 Variable rate debt 517,642 529,550 2,150,424 2,164,673 $ 2,617,504 $ 2,765,859 $ 3,735,530 $ 3,827,751 (1) Amounts exclude net deferred financing costs. (2) At September 30, 2016 , debt and preferred equity investments had an estimated fair value ranging between $1.5 billion and $1.6 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_ Deriva33

Financial Instruments: Derivatives and Hedging (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 September 30, 2016 and 2015 , respectively (in thousands): Amount of Gain Recognized in Other Comprehensive Loss (Effective Portion) Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Loss 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 September 30, Three Months Ended September 30, Three Months Ended September 30, Derivative 2016 2015 2016 2015 2016 2015 Interest Rate Swap $ — $ (30 ) Interest expense $ 90 $ 252 Interest expense $ — $ 1 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 nine months ended September 30, 2016 and 2015 , respectively (in thousands): Amount of Gain Recognized in Other Comprehensive Loss (Effective Portion) Location of Loss Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Loss 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) Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, Derivative 2016 2015 2016 2015 2016 2015 Interest Rate Swap $ (13 ) $ (125 ) Interest expense $ 521 $ 751 Interest expense $ 3 $ 3

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 (in thousands): Non-cancellable operating leases Remaining 2016 $ 5,147 2017 20,586 2018 20,586 2019 20,586 2020 20,586 Thereafter 328,088 Total minimum lease payments $ 415,579

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of Selected results of operations and selected asset information	Selected results of operations for the three and nine months ended September 30, 2016 and 2015, and selected asset information as of September 30, 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: September 30, 2016 $ 191,494 $ 79,842 $ 271,336 September 30, 2015 182,290 55,361 237,651 Six months ended: September 30, 2016 551,788 190,970 742,758 September 30, 2015 536,154 150,796 686,950 Income from continuing operations before gain (loss) on sale of real estate, depreciable real estate reserves, and unrealized loss on embedded derivative: Three months ended: September 30, 2016 $ 96,743 $ 6,180 $ 102,923 September 30, 2015 44,645 23,192 67,837 Six months ended: September 30, 2016 229,179 20,864 250,043 September 30, 2015 159,895 41,309 201,204 Total assets As of: September 30, 2016 $ 6,835,004 $ 1,781,629 $ 8,616,633 December 31, 2015 6,998,477 1,834,840 8,833,317

Organization and Basis of Pre36

Organization and Basis of Presentation (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)ft²property	Dec. 31, 2015USD ($)property
Real estate properties
Percentage of ownership in SL Green Operating Partnership owned by SL Green Realty Corp (as a percent)	95.71%
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 | property	43
Approximate Square Feet (sqft) | ft²	12,576,446
Weighted Average Occupancy (as a percent)	93.00%
Debt and preferred equity investments including investments held by unconsolidated joint ventures | $	$ 1,800
Debt and preferred equity investments and other financing receivables included in other balance sheet items | $	$ 300
Manhattan
Real estate properties
Number of Properties | property	23
Approximate Square Feet (sqft) | ft²	9,013,791
Weighted Average Occupancy (as a percent)	96.70%
Suburban
Real estate properties
Number of Properties | property	20
Approximate Square Feet (sqft) | ft²	3,339,800
Weighted Average Occupancy (as a percent)	82.90%
Office | Manhattan
Real estate properties
Number of Properties | property	16
Approximate Square Feet (sqft) | ft²	8,463,245
Weighted Average Occupancy (as a percent)	96.60%
Office | Suburban
Real estate properties
Number of Properties | property	19
Approximate Square Feet (sqft) | ft²	3,287,800
Weighted Average Occupancy (as a percent)	82.60%
Retail | 131-137 Spring Street
Real estate properties
Approximate Square Feet (sqft) | ft²	68,342
Number of unconsolidated joint venture properties | property	2
Retail | Manhattan
Real estate properties
Number of Properties | property	5
Approximate Square Feet (sqft) | ft²	352,892
Weighted Average Occupancy (as a percent)	97.60%
Retail | Suburban
Real estate properties
Number of Properties | property	1
Approximate Square Feet (sqft) | ft²	52,000
Weighted Average Occupancy (as a percent)	100.00%
Fee Interest | Manhattan
Real estate properties
Number of Properties | property	2
Approximate Square Feet (sqft) | ft²	197,654
Weighted Average Occupancy (as a percent)	100.00%
Commercial
Real estate properties
Number of Properties | property	43
Approximate Square Feet (sqft) | ft²	12,353,591
Weighted Average Occupancy (as a percent)	93.00%
Residential | Manhattan
Real estate properties
Number of Properties | property	0
Approximate Square Feet (sqft) | ft²	222,855
Weighted Average Occupancy (as a percent)	94.00%
Dual property type, retail portion
Real estate properties
Approximate Square Feet (sqft) | ft²	270,132
Dual property type, residential portion
Real estate properties
Approximate Square Feet (sqft) | ft²	222,855

Significant Accounting Polici37

Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Investment in Commercial Real Estate Properties
Commercial real estate properties	$ 6,077,622,000		$ 6,077,622,000		$ 6,160,645,000
Mortgages and other loans payable, net	626,139,000		626,139,000		745,728,000
Increase in rental revenue from amortization of acquired leases	8,100,000	$ 8,300,000	15,900,000	$ 20,900,000
Identified intangible assets (included in other assets):
Gross amount	311,830,000		311,830,000		307,824,000
Accumulated amortization	(248,463,000)		(248,463,000)		(235,040,000)
Net	63,367,000		63,367,000		72,784,000
Identified intangible liabilities (included in deferred revenue):
Gross amount	524,793,000		524,793,000		523,228,000
Accumulated amortization	(362,197,000)		(362,197,000)		(346,857,000)
Net	162,596,000		$ 162,596,000		176,371,000
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	1,400,000,000		$ 1,400,000,000		300,000,000
Mortgages and other loans payable, net	$ 493,800,000		$ 493,800,000		$ 0

Significant Accounting Polici38

Significant Accounting Policies (Revenue Recognition)(Details)	9 Months Ended
	Sep. 30, 2016
Revenue Recognition
Period after which payments become due (days)	90 days

Significant Accounting Polici39

Significant Accounting Policies (Concentrations of Credit Risk/Reclassification)(Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Concentrations of Credit Risk
Deferred debt issuance cost, net of amortization	$ 24.1	$ 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 | 919 Third Avenue
Concentrations of Credit Risk
Percentage of concentration	13.30%
Annualized cash rent | Customer concentration | 1185 Avenue of the Americas
Concentrations of Credit Risk
Percentage of concentration	12.60%
Annualized cash rent | Customer concentration | 625 Madison 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	6.50%
Annualized cash rent | Customer concentration | 810 Seventh Avenue
Concentrations of Credit Risk
Percentage of concentration	6.30%
Annualized cash rent | Customer concentration | 1350 Avenue of the Americas
Concentrations of Credit Risk
Percentage of concentration	5.90%
Annualized cash rent | Customer concentration | 555 W. 57th Street
Concentrations of Credit Risk
Percentage of concentration	5.70%
Annualized cash rent | Customer concentration | 125 Park Avenue
Concentrations of Credit Risk
Percentage of concentration	5.70%

Property Disposition (Details)

Property Disposition (Details) $ in Millions	1 Months Ended
	May 31, 2016USD ($)a	Sep. 30, 2016ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Approximate Square Feet (sqft) | ft²		12,576,446
7 International Drive
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Approximate Square Feet (sqft) | a	31
Sales Price	$ 20
Loss on Sale	$ (6.9)

Debt and Preferred Equity Inv41

Debt and Preferred Equity Investments (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)segment	Dec. 31, 2015USD ($)	Apr. 30, 2016	Sep. 30, 2014USD ($)
Debt and preferred equity investments
Increase in debt and preferred equity investments	$ 590,400,000	$ 464,900,000
Repayments, participations and sales	$ 807,200,000	$ 372,100,000
Interest rate (as a percent)	9.29%		7.32%
Debt Investments Held [Abstract]
Future Funding Obligations	$ 216,097,000
Senior Financing	4,340,809,000
Carrying Value, Net of Discounts and Deferred Origination Fees	$ 1,405,389,000		$ 1,627,844,000
Number of portfolio segments | segment	1	1
Amount of financing receivables included in other assets	$ 149,600,000		168,300,000
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 2024
Debt Investments Held [Abstract]
Amount participated out	12,000,000
Mezzanine Loan Repaid in April 2016
Debt Investments Held [Abstract]
Ownership Interest (as a percent)				20.00%
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
Preferred Equity Investments in Mortgage Loans
Debt and preferred equity investments
Interest rate (as a percent)	7.32%
Debt Investments Held [Abstract]
Future Funding Obligations	$ 0
Senior Financing	130,520,000
Carrying Value, Net of Discounts and Deferred Origination Fees	47,845,000		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	9,978,000		9,967,000
Preferred Equity, November 2018
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	59,034,000
Carrying Value, Net of Discounts and Deferred Origination Fees	37,867,000		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	5,000,000
Senior Financing	1,925,044,000
Carrying Value, Net of Discounts and Deferred Origination Fees	336,134,000		511,389,000
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	189,250,000		104,661,000
Fixed Rate Investments | Mezzanine Loan, June 2017
Debt Investments Held [Abstract]
Future Funding Obligations	5,000,000
Senior Financing	502,100,000
Carrying Value, Net of Discounts and Deferred Origination Fees	61,059,000		41,115,000
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	26,297,000		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	414,000		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	88,944,000
Carrying Value, Net of Discounts and Deferred Origination Fees	12,691,000		19,936,000
Fixed Rate Investments | Mezzanine Loan, June 2024
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	115,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	12,923,000		24,916,000
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 | Mezzanine Loan Repaid in July 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	0		72,102,000
Fixed Rate Investments | Mezzanine Loan Repaid in April 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	0		49,691,000
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
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	211,097,000
Senior Financing	2,415,765,000
Carrying Value, Net of Discounts and Deferred Origination Fees	1,069,255,000		1,116,455,000
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	99,945,000		99,530,000
Floating Rate Investments | Mezzanine Loan, December 2016
Debt Investments Held [Abstract]
Future Funding Obligations	7,939,000
Senior Financing	144,008,000
Carrying Value, Net of Discounts and Deferred Origination Fees	53,405,000		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	11,024,000		13,731,000
Floating Rate Investments | Mortgage/Mezzanine Loan, January 2017
Debt Investments Held [Abstract]
Future Funding Obligations	40,086,000
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	140,920,000		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	28,834,000		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	15,290,000		68,977,000
Floating Rate Investments | Mezzanine Loan, June 2017
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	32,763,000		0
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	22,939,000		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	16,946,000		16,901,000
Floating Rate Investments | Mortgage/Mezzanine Loan, October 2017
Debt Investments Held [Abstract]
Future Funding Obligations	4,038,000
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	19,834,000		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	14,944,000		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	15,075,000		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	14,598,000		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	15,024,000		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	19,896,000		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	34,814,000		34,725,000
Floating Rate Investments | Mezzanine Loan, August 2018
Debt Investments Held [Abstract]
Future Funding Obligations	523,000
Senior Financing	24,818,000
Carrying Value, Net of Discounts and Deferred Origination Fees	10,846,000		31,210,000
Floating Rate Investments | Mortgage Loan, August 2018
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	19,815,000		0
Floating Rate Investments | Mezzanine Loan, August 2018
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	65,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	14,862,000		0
Floating Rate Investments | Mezzanine Loan, September 2018
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	14,599,000		0
Floating Rate Investments | Mezzanine Loan, October 2018
Debt Investments Held [Abstract]
Future Funding Obligations	2,325,000
Senior Financing	45,025,000
Carrying Value, Net of Discounts and Deferred Origination Fees	34,411,000		0
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	26,831,000		26,777,000
Floating Rate Investments | Mezzanine Loan, December 2018
Debt Investments Held [Abstract]
Future Funding Obligations	4,097,000
Senior Financing	156,383,000
Carrying Value, Net of Discounts and Deferred Origination Fees	55,264,000		52,774,000
Floating Rate Investments | Mezzanine Loan, December 2018
Debt Investments Held [Abstract]
Future Funding Obligations	18,883,000
Senior Financing	246,758,000
Carrying Value, Net of Discounts and Deferred Origination Fees	59,917,000		49,625,000
Floating Rate Investments | Mezzanine Loan, January 2019
Debt Investments Held [Abstract]
Future Funding Obligations	6,383,000
Senior Financing	16,383,000
Carrying Value, Net of Discounts and Deferred Origination Fees	5,387,000		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	21,880,000		21,845,000
Floating Rate Investments | Mezzanine Loan, April 2019
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	265,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	24,677,000		0
Floating Rate Investments | Mortgage/Jr Mortgage Participate Loan, August 2019
Debt Investments Held [Abstract]
Future Funding Obligations	34,500,000
Senior Financing	180,740,000
Carrying Value, Net of Discounts and Deferred Origination Fees	64,549,000		0
Floating Rate Investments | Mezzanine Loan, September 2019
Debt Investments Held [Abstract]
Future Funding Obligations	2,500,000
Senior Financing	187,500,000
Carrying Value, Net of Discounts and Deferred Origination Fees	37,307,000		0
Floating Rate Investments | Mortgage/Mezzanine Loan, September 2019
Debt Investments Held [Abstract]
Future Funding Obligations	87,620,000
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	107,060,000		0
Floating Rate Investments | Jr Mortgage Participation/Mezzanine Loan, July 2021
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	30,000,000
Carrying Value, Net of Discounts and Deferred Origination Fees	15,599,000		0
Floating Rate Investments | Mortgage/Mezzanine Loan Repaid in September 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	0		94,901,000
Floating Rate Investments | Jr Mortgage Participation/Mezzanine Loan Repaid in July 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	0		20,510,000
Floating Rate Investments | Mezzanine Loan Repaid in June 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	0		22,625,000
Floating Rate Investments | Mezzanine Loan Repaid in May 2016
Debt Investments Held [Abstract]
Future Funding Obligations	0
Senior Financing	0
Carrying Value, Net of Discounts and Deferred Origination Fees	0		74,700,000
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 | Jr. Mortgage Participation/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 | 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 Unconsolidated42

Investments in Unconsolidated Joint Ventures (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)ft²note	Dec. 31, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Approximate Square Feet (sqft) | ft²	12,576,446
Acquisition, development and construction arrangements, carrying value	$ 124,119	$ 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
Mezzanine Loan Due July 2036
Schedule of Equity Method Investments [Line Items]
Acquisition, development and construction arrangements, carrying value	$ 24,119	$ 0
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
76 11th Avenue
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
76 11th Avenue | Joint Venture
Schedule of Equity Method Investments [Line Items]
Exit fee, percentage owned	50.00%
Partners' Interest | 76 11th Avenue | Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of mezzanine notes secured | note	2
Exit fee, percentage owned	25.00%

Investments in Unconsolidated43

Investments in Unconsolidated Joint Ventures (Mortgages and Other Loans Payable) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Deferred financing costs, net	$ (24,100)	$ (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	(4,247)	(5,077)
Total joint venture mortgages and other loans payable, net	136,753	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)	2.04%

Investments in Unconsolidated44

Investments in Unconsolidated Joint Ventures (Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Assets
Commercial real estate property, net	$ 6,077,622		$ 6,077,622		$ 6,160,645
Debt and preferred equity investments, net	1,453,234		1,453,234		1,670,020
Other assets	417,922		417,922		355,566
Liabilities and members' equity
Mortgages and other loans payable, net	626,139		626,139		745,728
Other liabilities	164,509		164,509		116,088
Company's investments in unconsolidated joint ventures	173,010		173,010		100,192
Combined statements of income for the unconsolidated joint ventures
Operating expenses	43,549	$ 41,397	124,319	$ 122,567
Real estate taxes	38,900	37,448	113,426	107,152
Amortization of deferred financing costs	2,081	2,418	5,953	5,674
Depreciation and amortization	57,916	51,490	159,365	151,159
Total expenses	172,689	172,110	503,114	492,322
Company's equity in net income from unconsolidated joint ventures	4,276	2,296	10,399	6,576
Joint Venture
Assets
Commercial real estate property, net	281,014		281,014		285,689
Debt and preferred equity investments, net	270,831		270,831		99,936
Other assets	17,080		17,080		16,897
Total assets	568,925		568,925		402,522
Liabilities and members' equity
Mortgages and other loans payable, net	136,753		136,753		135,923
Other liabilities	23,080		23,080		25,462
Members' equity	409,092		409,092		241,137
Total liabilities and members' equity	568,925		568,925		$ 402,522
Combined statements of income for the unconsolidated joint ventures
Total revenues	3,707	6,316	27,590	10,608
Operating expenses	(175)	380	1,003	386
Real estate taxes	33	530	881	530
Interest expense, net of interest income	37	421	2,144	421
Amortization of deferred financing costs	0	171	831	171
Transaction related costs	0	1,507	0	3,299
Depreciation and amortization	0	3,293	6,303	1,507
Total expenses	(105)	6,302	11,162	6,314
Net income	3,812	14	16,428	4,294
Company's equity in net income from unconsolidated joint ventures	$ 4,276	$ 2,296	$ 10,399	$ 6,576

Mortgages and Other Loans Pay45

Mortgages and Other Loans Payable (Details) - USD ($)	Dec. 06, 2015	Sep. 30, 2016	Dec. 31, 2015
Mortgage note and other loan payable
Total mortgages and other loans payable		$ 634,642,000	$ 753,424,000
Deferred financing costs, net of amortization		(8,503,000)	(7,696,000)
Total mortgages and other loans payable, net		626,139,000	745,728,000
Gross book value of the property and investment collateralizing the mortgage note and other loan payable		1,600,000,000	2,000,000,000
Master Repurchase Agreement
Mortgage note and other loan payable
Floating rate debt		134,642,000	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)		3.01%
Master Repurchase Agreement | Minimum | LIBOR
Mortgage note and other loan payable
Credit facility, interest rate (as a percent)		2.25%
Master Repurchase Agreement | Maximum | LIBOR
Mortgage note and other loan payable
Credit facility, interest rate (as a percent)		4.00%
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 ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Corporate Indebtedness
Revolving credit facility, net	$ 0		$ 0		$ 985,055,000
Carrying value	2,617,642,000		2,617,642,000
Debt disclosures by scheduled maturity date
Accreted Balance	1,974,124,000		1,974,124,000		1,979,317,000
Deferred financing costs, net	(24,100,000)		(24,100,000)		(25,400,000)
Scheduled amortization and principal repayments
Remaining 2,016	0		0
2,017	0		0
2,018	384,642,000		384,642,000
2,019	1,183,000,000		1,183,000,000
2,020	250,000,000		250,000,000
Thereafter	800,000,000		800,000,000
Total amortization of debt and principal repayments	2,617,642,000		2,617,642,000
Interest expense
Interest expense	25,087,000	$ 31,136,000	84,175,000	$ 87,980,000
Interest capitalized	(362,000)	0	(799,000)	(1,107,000)
Interest income	(2,000)	(4,000)	(9,000)	(17,000)
Interest expense, net	24,723,000	$ 31,132,000	83,367,000	$ 86,856,000
Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Unpaid Principal Balance	800,000,000		800,000,000
Accreted Balance	799,862,000		799,862,000		1,055,106,000
Deferred financing costs, net	(4,942,000)		(4,942,000)		(5,303,000)
Total	794,920,000		794,920,000		1,049,803,000
Revolving credit facility
Corporate Indebtedness
Maximum borrowing capacity	1,600,000,000		1,600,000,000
Maximum borrowing capacity, optional expansion	3,000,000,000		$ 3,000,000,000
Facility fee on total commitments, payable quarterly in arrears (as a percent)			0.25%
Revolving credit facility, net	0		$ 0
Carrying value	$ 0		$ 0
Debt disclosures by scheduled maturity date
Effective Rate (as a percent)	1.73%		1.73%
Scheduled amortization and principal repayments
Remaining 2,016	$ 0		$ 0
2,017	0		0
2,018	0		0
2,019	0		0
2,020	0		0
Thereafter	0		0
Total amortization of debt and principal repayments	0		$ 0
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
Maximum borrowing capacity	1,183,000,000		$ 1,183,000,000
Carrying value	$ 1,183,000,000		$ 1,183,000,000
Debt disclosures by scheduled maturity date
Effective Rate (as a percent)	1.90%		1.90%
Scheduled amortization and principal repayments
Remaining 2,016	$ 0		$ 0
2,017	0		0
2,018	0		0
2,019	1,183,000,000		1,183,000,000
2,020	0		0
Thereafter	0		0
Total amortization of debt and principal repayments	1,183,000,000		1,183,000,000
Term loan | Line of Credit
Corporate Indebtedness
Carrying value	1,200,000,000		1,200,000,000		929,500,000
Scheduled amortization and principal repayments
Total amortization of debt and principal repayments	1,200,000,000		$ 1,200,000,000		929,500,000
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	56,500,000		$ 56,500,000
Ability to borrow under line of credit facility	1,500,000,000		1,500,000,000
Credit Facility 2012 | Line of Credit
Corporate Indebtedness
Carrying value	(6,900,000)		(6,900,000)		985,100,000
Scheduled amortization and principal repayments
Total amortization of debt and principal repayments	(6,900,000)		(6,900,000)		985,100,000
5.00% senior unsecured notes maturing on August 15, 2018 | Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Unpaid Principal Balance	250,000,000		250,000,000
Accreted Balance	$ 249,862,000		$ 249,862,000		249,810,000
Coupon Rate (as a percent)	5.00%		5.00%
Effective Rate (as a percent)	5.00%		5.00%
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	$ 250,000,000		$ 250,000,000
Accreted Balance	$ 250,000,000		$ 250,000,000		250,000,000
Coupon Rate (as a percent)	7.75%		7.75%
Effective Rate (as a percent)	7.75%		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	$ 200,000,000		$ 200,000,000
Accreted Balance	$ 200,000,000		$ 200,000,000		200,000,000
Coupon Rate (as a percent)	4.50%		4.50%
Effective Rate (as a percent)	4.50%		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	$ 100,000,000		$ 100,000,000
Accreted Balance	$ 100,000,000		$ 100,000,000		100,000,000
Coupon Rate (as a percent)	4.27%		4.27%
Effective Rate (as a percent)	4.27%		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		$ 0
Accreted Balance	$ 0		$ 0		$ 255,296,000
Exchangeable Senior Notes Due 2017 | Senior Unsecured Notes
Debt disclosures by scheduled maturity date
Coupon Rate (as a percent)	3.00%		3.00%
Mortgage and Other Loans Payable
Scheduled Amortization
Remaining 2,016	$ 0		$ 0
2,017	0		0
2,018	0		0
2,019	0		0
2,020	0		0
Thereafter	0		0
Total amortization of debt	0		0
Principal Repayments
Remaining 2,016	0		0
2,017	0		0
2,018	134,642,000		134,642,000
2,019	0		0
2,020	0		0
Thereafter	500,000,000		500,000,000
Total principal repayments	634,642,000		634,642,000
Senior Unsecured Notes
Corporate Indebtedness
Carrying value	800,000,000		800,000,000
Scheduled amortization and principal repayments
Remaining 2,016	0		0
2,017	0		0
2,018	250,000,000		250,000,000
2,019	0		0
2,020	250,000,000		250,000,000
Thereafter	300,000,000		300,000,000
Total amortization of debt and principal repayments	$ 800,000,000		$ 800,000,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Affiliate
Related Party Transactions
Profit participation received by related party	$ 0.8		$ 2.5
Alliance Building Services
Related Party Transactions
Payments made for services	1.2	$ 2.7	6	$ 6.7
SL Green
Related Party Transactions
Allocation of salary and other operating costs from related party	2.8	2.4	8.2	7.4
Insurance expense incurred	$ 1.5	$ 1.7	$ 4.4	$ 5

Preferred Units (Details)

Preferred Units (Details)	9 Months Ended
	Sep. 30, 2016USD ($)$ / 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		$ 0
Partnership Interest | Series A Preferred Units
Class of Stock [Line Items]
Number of units authorized (in shares) | 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) | shares			109,161
Annual dividends on preferred units (in usd per share) | $ / shares	$ 35

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value
Fair Value of Financial Instruments
Estimated fair value of debt and preferred equity investments, low end of range	$ 1,500,000	$ 1,700,000
Estimated fair value of debt and preferred equity investments, high end of range	1,600,000	1,800,000
Level 3 | Carrying Value (1)
Fair Value of Financial Instruments
Debt and preferred equity investments	1,453,234	1,670,020
Fixed rate debt	2,099,862	1,585,106
Variable rate debt	517,642	2,150,424
Total	2,617,504	3,735,530
Level 3 | Fair Value
Fair Value of Financial Instruments
Fixed rate debt	2,236,309	1,663,078
Variable rate debt	529,550	2,164,673
Total	$ 2,765,859	$ 3,827,751

Financial Instruments_ Deriva50

Financial Instruments: Derivatives and Hedging (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Derivative [Line Items]
Deferred net losses from terminated hedges			$ 1,700		$ 2,000
Estimated current balance held in accumulated other comprehensive loss to be reclassified into earnings within the next 12 months			400
Interest Rate Swap
Derivative [Line Items]
Amount of Gain Recognized in Other Comprehensive Loss (Effective Portion)	$ 0	$ (30)	(13)	$ (125)
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)	90	252	521	751
Amount of Gain Recognized into Income (Ineffective Portion)	$ 0	$ 1	$ 3	$ 3

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - Federal Home Loan Bank of New York (FHLBNY) - Secured Debt $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Line of Credit Facility [Line Items]
Maximum liability under secured advances	$ 229
Costs in conjunction with pledging property as collateral	$ 4.1

Commitments and Contingencies52

Commitments and Contingencies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum initial term of noncancellable operating leases (in years)	1 year
Non-cancellable operating leases
Remaining 2,016	$ 5,147
2,017	20,586
2,018	20,586
2,019	20,586
2,020	20,586
Thereafter	328,088
Total minimum lease payments	$ 415,579

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment information
Number of reportable segments | segment			2
Total revenues	$ 271,336	$ 237,651	$ 742,758	$ 686,950
Income from continuing operations before loss on sale of real estate	102,923	67,837	250,043	201,204
Total assets	8,616,633		8,616,633		$ 8,833,317
Marketing, general and administrative	156	102	605	366
Real Estate Segment
Segment information
Total revenues	191,494	182,290	551,788	536,154
Income from continuing operations before loss on sale of real estate	96,743	44,645	229,179	159,895
Total assets	6,835,004		6,835,004		6,998,477
Debt and Preferred Equity Segment
Segment information
Total revenues	79,842	55,361	190,970	150,796
Income from continuing operations before loss on sale of real estate	6,180	$ 23,192	20,864	$ 41,309
Total assets	$ 1,781,629		$ 1,781,629		$ 1,834,840