Debt and Preferred Equity Investments (Tables)

6 Months Ended

Jun. 30, 2012

Debt and Preferred Equity Investments

Summary of debt investments

Loan
Type

June 30,
2012
Senior
Financing

June 30, 2012
Carrying Value,
Net of Discounts

December 31,
2011
Carrying Value,
Net of Discounts

Initial
Maturity
Date

Other Loan

15,000

3,500

3,500

September 2021

Mortgage/Mezzanine Loan(1)

1,109,000

108,549

108,817

March 2017

Mezzanine Loan

165,000

70,864

40,375

November 2016

Junior Participation

133,000

49,000

49,000

June 2016

Mortgage/ Mezzanine Loan

170,397

46,452

46,416

May 2016

Mezzanine Loan

177,000

16,500

17,112

May 2016

Mezzanine Loan

205,000

65,095

64,973

February 2016

Junior Participation(2)(4)

—

8,725

—

Junior Participation(3)(4)

—

11,000

—

Total fixed rate

1,974,397

359,960

349,918

Mezzanine Loan(5)

81,000

34,940

34,940

October 2016

Mezzanine Loan

55,000

35,000

35,000

July 2016

Mortgage/ Mezzanine Loan

—

36,700

—

February 2015

Mezzanine Loan

45,000

10,000

10,000

January 2015

Mezzanine Loan

170,000

60,000

60,000

August 2014

Mezzanine Loan

62,500

37,500

—

July 2014

Mezzanine Loan(6)

75,000

7,650

7,650

July 2013

Junior Participation(4)

60,250

10,875

10,875

June 2013

Mortgage(7)

28,500

3,000

3,000

February 2013

Mezzanine Loan(8)

796,693

8,392

8,392

August 2012

Mezzanine Loan(9)

467,000

49,900

30,747

July 2012

Mortgage(10)

—

86,339

June 2012

Other Loan

—

3,196

—

Total floating rate

1,840,943

293,957

290,139

Total

3,815,340

653,917

640,057

Loan loss reserve(4)

—

(7,000

)

(19,125

)

—

3,815,340

646,917

620,932

Summary of preferred equity investments

Type

June 30,
2012
Senior
Financing

June 30,
2012
Carrying
Value, Net of
Discounts

December 31,
2011
Carrying
Value, Net of
Discounts

Initial
Mandatory
Redemption

Preferred equity(1)

926,260

206,931

203,080

July 2016

Preferred equity(1)(2)

56,935

16,042

—

April 2016

Preferred equity(1)(3)(4)

480,000

95,653

141,980

July 2014

Preferred equity(1)(5)

974,673

50,716

51,000

August 2012

Loan loss reserve(6)

—

(34,050

)

(31,050

)

—

2,437,868

335,292

365,010

Rollforward of total loan loss reserves

	June 30, 2012			December 31, 2011
Balance at beginning of year	$	50,175		$	61,361
Expensed	3,000			10,875
Recoveries	(2,436		)	(4,370		)
Charge-offs	(9,689		)	(17,691		)
Balance at end of period	$	41,050		$	50,175

Summary of impaired loans, including non-accrual loans

	June 30, 2012						December 31, 2011
	Unpaid Principal Balance		Recorded Investment		Allowance Allocated		Unpaid Principal Balance		Recorded Investment		Allowance Allocated
With no related allowance recorded:
Commercial real estate	$	—	$	—	$	—	$	106,623	$	83,378	$	—
With an allowance recorded:
Commercial real estate	66,112		61,466		41,050		86,121		81,475		50,175

Total	$	66,112	$	61,466	$	41,050	$	192,744	$	164,853	$	50,175

Summary of average recorded investment in impaired loans, including non-accrual loans and the related investment and preferred equity income recognized

	Three Months Ended June 30, 2012		Three Months Ended June 30, 2011		Six Months Ended June 30, 2012		Six Months Ended June 30, 2011

Average recorded investment in impaired loans	$	69,932	$	201,991	$	74,935	$	223,376

Investment and preferred equity income recognized	2,333		1,551		3,895		6,361

SL GREEN OPERATING PARTNERSHIP, L.P. 10-Q