Press Release Details

Quarterly Highlights

• Second quarter FFO totaled $1.20 per share (diluted) compared to $1.92 per share (diluted) for the second quarter of 2008. The results for the quarter ended June 30, 2008 include incentive distributions of approximately $31.6 million, or $0.52 per share (diluted).
  
• Net income per share for the second quarter of 2009 totaled $0.18 per share (diluted) compared to $2.29 per share (diluted) in the same period in the prior year. The results for the quarter ended June 30, 2008 include a gain on sale of $1.53 per share (diluted) from the sale of 1250 Broadway and incentive distributions of approximately $31.6 million, or $0.52 per share (diluted).
  
• Raised gross proceeds of approximately $405.7 million from the issuance of 19,550,000 shares of the Company's common stock and ended the quarter with approximately $676.8 million of cash on hand.
  
• Repurchased approximately $305.7 million of the Company's unsecured notes and exchangeable bonds since April 1, 2009, realizing gains on early extinguishment of debt aggregating approximately $30.2 million. Since October 2008, the Company has repurchased approximately $732.3 million of its debt for approximately $532.7 million, which resulted in gains on early extinguishment of approximately $155.2 million.
  
• Maintained Manhattan occupancy rate at 96.2% with increases in occupancy at 100 Park Avenue, 1350 Avenue of the Americas and 485 Lexington Avenue.
  
• Signed 29 Manhattan office leases totaling 328,780 square feet with average starting rents of $51.10 per rentable square foot during the second quarter. Average Manhattan office starting rents increased by 27.3% on these leases over previously fully escalated rents.
  
• Recognized combined same-store GAAP NOI growth of 2.1% for the second quarter, including 2.3% from the consolidated same-store properties and 1.9% from the unconsolidated joint venture same-store properties. For the first six months of 2009, combined same-store GAAP NOI growth was 2.3%, including 2.1% from the consolidated same-store properties and 3.0% from the unconsolidated joint venture same-store properties.
  
• Closed on a $40.0 million upsize to our financing secured by 625 Madison Avenue. The amortizing loan, which is co-terminus with the existing mortgage, resulted in a blended fixed interest rate of 7.22% on the combined $136.4 million loan.
  
• Purchased a sub-leasehold position at 420 Lexington Avenue for approximately $7.7 million.
  
• Generated $58.5 million in net proceeds from the sale of a structured finance investment, reducing total structured finance balances at June 30, 2009 to approximately $608.3 million.
  
• Sold the Company's partnership interests in 55 Corporate Drive, NJ (pad IV) and the Mack-Green joint venture for approximately $5.0 million. This sale resulted in a gain on sale of approximately $4.0 million, the recognition of a deferred incentive fee of approximately $4.8 million in connection with our original Bellemead investment, and the elimination of our share of the joint venture mortgage financing of $49.0 million.
  
• Acquired a $11.7 million controlling interest in a mortgage secured by a New York City property with an expected yield to maturity of 13.0%.

Summary
New York, NY, July 27, 2009 - SL Green Realty Corp. (NYSE: SLG) today reported funds from operations, or FFO, of $83.5 million, or $1.20 per share (diluted), for the quarter ended June 30, 2009, a decrease of 28.7% compared to $117.1 million, or $1.92 per share (diluted), for the same quarter in 2008. The results for the quarter ended June 30, 2008 include incentive distributions of approximately $31.6 million, or $0.52 per share (diluted).

Net income attributable to common stockholders totaled $12.6 million, or $0.18 per share (diluted), for the quarter ended June 30, 2009, compared to $134.2 million, or $2.29 per share (diluted), for the same quarter in 2008. The results for the quarter ended June 30, 2008 include a gain on sale of $1.53 per share (diluted) from the sale of 1250 Broadway and incentive distributions of approximately $31.6 million, or $0.52 per share (diluted).

Operating and Leasing Activity
For the second quarter of 2009, the Company reported revenues and EBITDA of $253.0 million and $138.4 million, respectively, a decrease of $37.8 million, or 13.0%, and $44.4 million, or 24.3%, respectively, compared to the same period in 2008. The decrease is primarily due to the recognition of approximately $31.6 million of incentive distributions in 2008.

Same-store GAAP NOI on a combined basis increased by 2.1% for the second quarter when compared to the same quarter in 2008, with the consolidated properties increasing 2.3% to $130.0 million and the unconsolidated joint venture properties increasing 1.9% to $53.0 million. For the first six months of 2009, combined same-store GAAP NOI growth was 2.3%, including 2.1% from the consolidated same-store properties and 3.0% from the unconsolidated joint venture same-store properties.

Occupancy for the Manhattan portfolio at June 30, 2009 was 96.2%, the same as at March 31, 2009. During the quarter, the Company signed or commenced 34 leases in the Manhattan portfolio totaling 336,989 square feet, of which 29 leases and 328,780 square feet represented office leases. Average starting Manhattan office rents of $51.10 per rentable square foot on the 328,780 square feet of leases signed or commenced during the second quarter represented a 27.3% increase over the previously fully escalated rents. The average lease term was 10.9 years and average tenant concessions were 4.0 months of free rent with a tenant improvement allowance of $53.68 per rentable square foot.

Average starting Suburban office rents of $31.34 per rentable square foot for the second quarter represented a 0.8% increase over the previously fully escalated rents. Occupancy for the Suburban portfolio was 90.3% at June 30, 2009 compared to 90.4% at March 31, 2009. During the quarter, the Company signed 24 leases in the Suburban portfolio totaling 164,008 square feet, of which 22 leases and 160,975 square feet represented office leases.

During the quarter, the Company had solid leasing activity at 100 Park Avenue, 485 Lexington Avenue, 750 Third Avenue, all in New York City, and 360 Hamilton Avenue and 1 and 2 Jericho Plaza in the suburbs.

Significant leasing activities during the second quarter included:

• New lease with The Segal Company for approximately 144,296 square feet at 333 West 34th Street.
  
• New lease with Aetna Life Insurance Company for approximately 40,139 square feet at 100 Park Avenue.
  
• New lease with Fox Interactive Media Inc. for approximately 38,756 square feet at 485 Lexington Avenue.
  
• New lease with Eisner LLP for approximately 33,981 square feet at 750 Third Avenue.
  
• New lease with Wells Fargo Trade Capital Services for approximately 12,293 square feet at 100 Park Avenue.
  
• Early renewal with AboveNet.com for approximately 31,718 square feet at 360 Hamilton Avenue.

Marketing, general and administrative, or MG&A, expenses for the quarter ended June 30, 2009 was approximately $17.9 million, which is consistent with the first quarter's results. The Company is on pace to realize a 30.0% MG&A savings in 2009 when compared to 2008.

Real Estate Investment Activity
In April 2009, the Company sold its partnership interests in 55 Corporate Drive, NJ (pad IV) and the Mack-Green joint venture to Mack-Cali Realty Corporation (NYSE: CLI) for $5.0 million. This sale resulted in a gain on sale of approximately $4.0 million, the recognition of a deferred incentive fee of approximately $4.8 million in connection with our original Bellemead investment, and the elimination of our share of joint venture mortgage financing of $49.0 million.

Financing and Capital Activity
In May 2009, the Company completed a public offering of 19,550,000 shares of its common stock at $20.75 per share. Proceeds from this offering, net of underwriting discounts and commissions, (approximately $387.3 million) will be used for general corporate and/or working capital purposes which may include investment opportunities, purchases of the indebtedness of our subsidiaries in the open market from time to time, and the repayment of indebtedness at the applicable maturity or put date.

The Company repurchased approximately $305.7 million of its debt since April 1, 2009, including approximately $290.6 million of exchangeable bonds, realizing gains on early extinguishment of debt aggregating approximately $30.2 million. Approximately $8.0 million face amount of these repurchases occurred during July 2009 and, accordingly, approximately $0.8 million of these gains will be recognized during the third quarter of 2009.

In July 2009, the Company closed on a $40.0 million upsize to our financing secured by 625 Madison Avenue. The amortizing loan, which is co-terminus with the existing mortgage, resulted in a blended fixed interest rate of 7.22% on the combined $136.4 million loan.

Structured Finance Activity
The Company's structured finance investments totaled approximately $534.5 million at June 30, 2009 (excluding approximately $73.8 million of structured finance investments which were classified as held for sale at June 30, 2009), a decrease of approximately $145.3 million from the balance at December 31, 2008. During the second quarter, the Company acquired a $11.7 million controlling interest in a mortgage secured by a New York City property with an expected yield to maturity of approximately 13.0%. During the second quarter, the Company sold approximately $96.8 million of structured finance investments, which generated approximately $58.5 million in net proceeds to the Company. During the second quarter of 2009, the Company recorded approximately $45.6 million in additional loan loss reserves, inclusive of a $38.5 million charge off, against its structured finance investments. The structured finance investments currently have a weighted average maturity of 4.0 years and a weighted average yield for the quarter ended June 30, 2009 of 9.7%, exclusive of loans totaling $96.1 million which are on non-accrual status.

Dividends
During the second quarter of 2009, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

• $0.10 per share of common stock. Dividends were paid on July 15, 2009 to stockholders of record on the close of business on June 30, 2009.
  
• $0.4766 and $0.4922 per share on the Company's Series C and D Preferred Stock, respectively, for the period April 15, 2009 through and including July 14, 2009. Dividends were paid on July 15, 2009 to stockholders of record on the close of business on June 30, 2009, and reflect regular quarterly dividends, which are the equivalent of annualized dividend of $1.90625 and $1.96875, respectively.

Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chief Executive Officer, will host a conference call and audio web cast on Tuesday, July 28, 2009 at 2:00 pm ET to discuss the financial results. The Supplemental Package will be available prior to the quarterly conference call on the Company's website, www.slgreen.com, under "financial reports" in the investors section.

The live conference will be webcast in listen-only mode on the Company's website under "event calendar & webcasts" in the investors' section of the website and on Thomson's StreetEvents Network. The conference call may also be accessed by dialing 866.383.8009 Domestic or 617.597.5342 International, using pass-code "SL Green."

A replay of the call will be available through August 4, 2009 by dialing 888.286.8010 Domestic or 617.801.6888 International, using pass-code 61611632.

Supplemental Information
The Supplemental Package outlining the Company's second quarter 2009 financial results will be available prior to the quarterly conference call on the Company's website.

Company Profile
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of June 30, 2009, the Company owned interests in 29 New York City office properties totaling approximately 23,211,200 square feet, making it New York's largest office landlord. In addition, at June 30, 2009, SL Green held investment interests in, among other things, eight retail properties encompassing approximately 400,212 square feet, three development properties encompassing approximately 399,800 square feet and two land interests, along with ownership interests in 32 suburban assets totaling 6,949,700 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.

To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.

Disclaimers
Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found on page 9 of this release and in the Company's Supplemental Package.

Forward-looking Statement
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the Manhattan, Westchester County, Connecticut, Long Island and New Jersey office markets, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate.

Forward-looking statements are not guarantees of future performance and actual results or developments may materially differ, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. These risks and uncertainties include the effect of the credit crisis on general economic, business and financial conditions, and on the New York Metro real estate market in particular; dependence upon certain geographic markets; risks of real estate acquisitions, dispositions and developments, including the cost of construction delays and cost overruns; risks relating to structured finance investments; availability and creditworthiness of prospective tenants and borrowers; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space; availability of capital (debt and equity); unanticipated increases in financing and other costs, including a rise in interest rates; our ability to comply with financial covenants in our debt instruments; our ability to maintain our status as a REIT; risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations; the continuing threat of terrorist attacks, in particular in the New York Metro area and on our tenants; our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination; and legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business, including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.

Other factors and risks to our business, many of which are beyond our control, are described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

CONTACT
Gregory F. Hughes
Chief Operating Officer and
Chief Financial Officer
-Or-
Heidi Gillette
Investor Relations
(212) 594-2700