Overview
SL Green Realty Corp. , which is referred to as SL Green or the Company, aMaryland corporation, andSL Green Operating Partnership, L.P. , which is referred to as SLGOP or theOperating Partnership , aDelaware limited partnership, were formed inJune 1997 for the purpose of combining the commercial real estate business ofS.L. Green Properties, Inc. and its affiliated partnerships and entities. The Company is a self-managed real estate investment trust, or REIT, engaged in the acquisition, development, repositioning, ownership, management and operation of commercial and residential real estate properties, principally office properties, located in theNew York metropolitan area, principallyManhattan . Unless the context requires otherwise, all references to "we," "our" and "us" means the Company and all entities owned or controlled by the Company, including theOperating Partnership . The following discussion related to our consolidated financial statements should be read in conjunction with the financial statements appearing in this Quarterly Report on this Form 10-Q and in Item 8 of our Annual Report on Form 10-K for the year endedDecember 31, 2021 .
As of
Consolidated Unconsolidated Total Weighted Average Property Approximate Square Feet Approximate Square Feet Approximate Square Feet Occupancy (1) Location Type Number of Buildings (unaudited) Number of Buildings (unaudited) Number of Buildings (unaudited) (unaudited) Commercial:Manhattan Office 13 9,963,138 12 13,998,381 25 23,961,519 91.4 % Retail 2 (2) 17,888 9 301,996 11 319,884 91.2 % Development/Redevelopment (1) 5 2,091,719 3 2,746,241 8 4,837,960 N/A 20 12,072,745 24 17,046,618 44 29,119,363 91.4 % Suburban Office 7 862,800 - - 7 862,800 80.1 % Total commercial properties 27 12,935,545 24 17,046,618 51 29,982,163 91.0 % Residential:Manhattan Residential 1 (2) 140,382 - - 1 140,382 85.6 % Total portfolio 28 13,075,927 24 17,046,618 52 30,122,545 90.9 % (1)The weighted average occupancy for commercial properties represents the total occupied square footage divided by the total square footage at acquisition. The weighted average occupancy for residential properties represents the total occupied units divided by the total available units. Properties under construction are not included in the calculation of weighted average occupancy. (2)As ofSeptember 30, 2022 , we owned a building at 7 Dey /185 Broadway that was comprised of approximately 50,206 square feet (unaudited) of retail space and approximately 140,382 square feet (unaudited) of residential space. For the purpose of this report, we have included this building in the number of retail properties we own. However, we have included only the retail square footage in the retail approximate square footage, and have listed the balance of the square footage as residential square footage. As ofSeptember 30, 2022 , we also managed one office building owned by a third party encompassing approximately 0.3 million square feet (unaudited), and held debt and preferred equity investments with a book value excluding the impact of credit losses of$670.6 million , excluding approximately$8.5 million of debt and preferred equity investments and other financing receivables that are included in other balance sheet line items other than the Debt and preferred equity investments line item.
Critical Accounting Policies and Estimates
Refer to the 2021 Annual Report on Form 10-K of the Company and theOperating Partnership for a discussion of our critical accounting policies and estimates, which include investment in commercial real estate properties, investment in unconsolidated joint ventures, lease classification, revenue recognition, and debt and preferred equity investments. During the three and nine months endedSeptember 30, 2022 , there were no material changes to these policies. 61
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Table of Contents
Results of Operations
Comparison of the three months ended
The following comparison for the three months endedSeptember 30, 2022 , or 2022, to the three months endedSeptember 30, 2021 , or 2021, makes reference to the effect of the following: i."Same-Store Properties ," which represents all operating properties owned by us atJanuary 1, 2021 and still owned by us in the same manner as ofSeptember 30, 2022 (Same-Store Properties totaled 20 of our 28 consolidated operating buildings), ii."Acquisition Properties ," which represents all properties or interests in properties acquired in 2022 and 2021 and all non-Same-Store Properties , including properties that are under development or redevelopment, iii."Disposed Properties ," which represents all properties or interests in properties sold in 2022 and 2021, and iv."Other," which represents properties where we sold an interest resulting in deconsolidation and corporate level items not allocable to specific properties, as well as the Service Corporation and eEmerge Inc.
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