SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                                  -------------

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


                        Date of Report: February 7, 2002


                              SL GREEN REALTY CORP.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)




                                    Maryland
                            (STATE OF INCORPORATION)

         1-13199                                     13-3956775
(COMMISSION FILE NUMBER)                             (IRS EMPLOYER ID. NUMBER)


                           420 Lexington Avenue 10170
                          New York, New York (ZIP CODE)
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

                                 (212) 594-2700
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)







ITEM 7.           FINANCIAL STATEMENTS AND EXHIBITS

(c)      EXHIBITS

         99.1     Press Release
         99.2     Supplemental Package

ITEM 9.           REGULATION FD DISCLOSURE

         Following the issuance of a press release on February 5, 2002
announcing the Company's results for the fourth quarter ended December 31, 2001,
the Company intends to make available supplemental information regarding the
Company's operations that is too voluminous for a press release. The Company is
attaching the press release as Exhibit 99.1 and the supplemental package as
Exhibit 99.2 to this Current Report on Form 8-K.

Note: the information in this report (including the exhibits) is furnished
pursuant to Item 9 and shall not be deemed to be "filed" for the purposes of
Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the
liabilities of that section. This report will not be deemed an admission as to
the materiality of any information in the report that is required to be
disclosed solely by Regulation FD.



                                       2



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                              SL GREEN REALTY CORP.





                              /S/ Thomas E. Wirth
                              -------------------------------------------------
                              Thomas E. Wirth
                              Executive Vice President, Chief Financial Officer

Date:  February 7, 2002




                                       3



                                                                    EXHIBIT 99.1

                                 [SL GREEN LOGO]
                    420 Lexington Avenue New York City 10170

CONTACT

Michael W. Reid
Chief Operating Officer
- -or-
Thomas E. Wirth
Chief Financial Officer
(212) 594-2700

FOR IMMEDIATE RELEASE

                  SL GREEN REALTY CORP. REPORTS FOURTH QUARTER
             FFO OF $0.76 PER SHARE AND 2001 FFO OF $3.02 PER SHARE

FOURTH QUARTER HIGHLIGHTS

o     FFO increased to $0.76 per share (diluted) versus $0.70 in the prior year,
      a 9% increase after a $1.1 million ($0.03 per share) technology writeoff
o     6% same store portfolio cash NOI growth
o     Completed 1250 Broadway joint venture with SITQ Immobilier
o     Replaced and upsized a secured credit facility to $75 million
o     Announced 14.2% increase in annual common dividend

ANNUAL 2001 HIGHLIGHTS

o     FFO increased to $3.02 per share (diluted) versus $2.67 in the prior year,
      a 13% increase
o     15% same store portfolio cash NOI growth
o     Operating earnings increased to $1.79 per share (diluted) versus $1.46 in
      the prior year, a 23% increase
o     Funds available for distribution (FAD) before 2GCT gain ($0.17 per share)
      increased to $2.33 per share (diluted) versus $1.88 in the prior year, a
      24% increase.

FINANCIAL RESULTS

NEW YORK, NY, FEBRUARY 5, 2002 - SL Green Realty Corp. (NYSE:SLG) reported a 9%
increase in operating results for the three months ended December 31, 2001.
During this period funds from operations (FFO) before minority interest totaled
$26.3 million, or $0.76 per share (diluted), compared to $20.1 million, or $0.70
per share for the same quarter in 2000.


                                                                               1


Full year results were also strong, reflecting a 13% FFO increase from 2000. FFO
for the year ended December 31, 2001 totaled $94.8 million or $3.02 per share
(diluted) compared to $75.6 million or $2.67 per share in the previous year.
This growth was mainly attributable to strong full-year same store cash NOI
growth of 15%.

Operating earnings for the fourth quarter 2001 totaled $13.8 million, or $0.45
per share (diluted), an increase of 15% as compared to the same quarter in 2000
as operating earnings totaled $9.7 million, or $0.39 per share (diluted).
Operating earnings for the full year 2001 totaled $49.3 million, or $1.79 per
share (diluted), an increase of 23% as compared to $36.1 million, or $1.46 per
share (diluted) for the full year 2000.

Total quarterly revenues increased 7% in the fourth quarter to $62.3 million
compared to $58.2 million last year. The $4.1 million growth in revenue resulted
from the following items:

      o     $1.2 million increase from 2001 same store portfolio
      o     $2.7 million increase from investment and other income
      o     $5.9 million increase from 2001 acquisitions
      o     $5.8 million decrease from properties sold

Same store cash NOI increased $1.4 million, or 6%, to $25.7 million over the
same period in the prior year. Cash NOI margins before ground rent improved year
over year from 60.7% to 62.3%, driven primarily by a $1.8 million net increase
in cash revenue due to:

      o     $1.5 million increase from a 45% increase in replacement rents over
            previously fully-escalated rents
      o     $0.5 million increase from rent steps, reduced free and
            straight-line rent
      o     $0.8 million increase in escalation and reimbursement income
            primarily from increased electric recoveries
      o     $0.8 million decrease from increased reserves and vacancies
      o     $0.2 million decrease in signage and other income

The increase in revenues were partially offset by higher operating expenses
($0.1 million) and an increase in real estate taxes due to higher assessed
values at several properties ($0.2 million).

The Company's EBITDA increased $4.3 million, resulting in increased margins
before ground rent of 72.1% compared to 66.0% for the same period last year and
after ground rent margin improved to 66.5% from 60.2% in the corresponding
period. Margin improvement was driven by each of the Company's real estate
investment themes:

      o     $2.4 million increase from GAAP NOI;
            o     $3.4 million increase from 2001 acquisitions
            o     $1.1 million increase from same store portfolio
            o     $1.7 million increase from income in unconsolidated joint
                  ventures
            o     $3.7 million decrease from properties sold or contributed to a
                  joint venture
      o     $1.7 million increase from investment and preferred income and,
      o     $1.0 million increase in other income from acquisition and asset
            management fees


                                                                               2


These increases in EBITDA were partially offset by increased MG&A ($1.0 million)
primarily due to higher year end compensation and severance costs.

FFO improved $6.2 million primarily as a result of:

      o     $4.3 million increase in EBITDA
      o     $1.2 million increase from unconsolidated joint ventures
      o     $0.8 million increase from reduced interest expense

The $0.8 million decrease in interest expense is primarily associated with: (i)
lower interest rates ($0.8 million), (ii) reduced debt levels from the Company's
third quarter equity offering ($ 0.6 million) and (iii) reduced loan balances
due to previous disposition activity ($1.1 million). These reductions were
partially offset by higher average debt levels associated with new investment
activity ($1.6 million) and the funding of ongoing capital projects and working
capital requirements ($0.1 million).

During the year ended December 31, 2001, the Company recorded extraordinary
losses of $0.4 million due to the early extinguishments of debt associated with
refinancing activity.

At the end of the quarter, consolidated debt totaled $504.8 million, reflecting
a debt to market capitalization ratio of 31.4%.

                            NEW REAL ESTATE ACTIVITY

1250 BROADWAY JOINT VENTURE

On November 1, 2001 the Company entered into a joint venture on 1250 Broadway
with SITQ Immobilier.

Under the terms of the joint venture, SITQ Immobilier purchased a 45% interest
in the property, yielding proceeds of approximately $22.0 million, inclusive of
closing costs and reimbursements and subject to $85.0 million of first mortgage
financing from Salomon Brothers. The transaction enabled the Company to bring in
a long-term partner in a core asset while freeing up capital for additional high
growth opportunities and enhancing its yield on investment through fees earned
in management, leasing and redevelopment of the asset.

                         NEW STRUCTURED FINANCE ACTIVITY

The Company originated $30.0 million of structured finance investments at an
initial yield of 13.4% in October 2001.

As of December 31, 2001 the par value of the Company's mortgage and preferred
equity balances totaled $188.4 million. The weighted balance outstanding over
the quarter is $177.2 million. During the fourth quarter 2001 the weighted
average yield was 12.86%. The quarter end run rate is 12.72%.


                                                                               3


                                      OTHER

DIVIDEND INCREASE

During December, the Company declared a dividend distribution of $0.4425 per
common share for the quarter ending December 31, 2001, an increase of $0.22 or
14.2% per common share on an annualized basis. This distribution reflects the
regular quarterly dividend, which is the equivalent of an annualized
distribution of $1.77 per common share.

As of December 31, 2001, the Company's portfolio consists of interests in 25
properties, aggregating 10.0 million square feet.

SL Green Realty Corp. is a self-administered and self-managed real estate
investment trust ("REIT") that acquires, owns, repositions and manages a
portfolio of Manhattan office properties. The Company is the only publicly held
REIT which specializes exclusively in this niche.

Financial Tables attached.

To receive SL Green's latest news release and other corporate documents,
including the Fourth Quarter Supplemental Data, via FAX at no cost, please
contact the Investor Relations office at 212-216-1601. All releases and
supplemental data can also be downloaded directly from the SL Green website at:
www.slgreen.com

THIS PRESS RELEASE CONTAINS FORWARD-LOOKING INFORMATION BASED UPON THE COMPANY'S
CURRENT BEST JUDGMENT AND EXPECTATIONS. ACTUAL RESULTS COULD VARY FROM THOSE
PRESENTED HEREIN. THE RISKS AND UNCERTAINTIES ASSOCIATED WITH FORWARD-LOOKING
INFORMATION IN THIS RELEASE INCLUDE THE STRENGTH OF THE COMMERCIAL OFFICE REAL
ESTATE MARKETS IN NEW YORK, COMPETITIVE MARKET CONDITIONS, UNANTICIPATED
ADMINISTRATIVE COSTS, TIMING OF LEASING INCOME, GENERAL AND LOCAL ECONOMIC
GROWTH, INTEREST RATES AND CAPITAL MARKET CONDITIONS. FOR FURTHER INFORMATION,
PLEASE REFER TO THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION.


                                                                               4


                              SL GREEN REALTY CORP.
                            STATEMENTS OF OPERATIONS

                  (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

Three Months Ended Twelve Months Ended December 31, December 31, 2001 2000 2001 2000 --------- --------- --------- --------- REVENUE: Rental revenue, net $ 48,284 $ 48,051 $ 204,662 $ 189,048 Escalations & reimbursement revenues 6,872 5,791 31,339 24,732 Signage rent 568 544 1,522 2,137 Investment income 5,113 3,367 17,369 13,271 Other income 1,455 442 2,793 1,135 --------- --------- --------- --------- Total revenues 62,292 58,195 257,685 230,323 --------- --------- --------- --------- EXPENSES: Operating expenses 13,159 12,751 58,141 54,644 Ground rent 3,159 3,155 12,579 12,660 Interest 9,384 10,188 46,238 40,431 Depreciation and amortization 10,380 7,992 38,336 32,511 Real estate taxes 7,373 7,163 30,963 28,850 Marketing, general and administrative 4,044 3,043 15,374 11,561 --------- --------- --------- --------- Total expenses 47,499 44,292 201,631 180,657 --------- --------- --------- --------- Income before minority interests, preferred stock dividends, gain on sales, 14,793 13,903 56,054 49,666 extraordinary item, service corporation and joint venture income Equity in net income (loss) from affiliates (71) (231) (1,054) 378 Equity in net income from unconsolidated joint ventures 2,587 899 8,607 3,108 --------- --------- --------- --------- 17,309 14,571 63,607 53,152 Minority interests (1,104) (2,467) (4,600) (7,430) Extraordinary losses from early extinguishment of debt -- (491) (430) (921) Cumulative effect of accounting change -- -- (532) -- Gain on sale of rental properties/equity investments (207) 16,770 4,956 41,416 Preferred stock dividends and accretion (2,414) (2,407) (9,658) (9,626) --------- --------- --------- --------- Net income available to common shareholders $ 13,584 $ 25,976 $ 53,343 $ 76,591 ========= ========= ========= ========= Basic earnings per share $ 0.45 $ 1.06 $ 1.98 $ 3.14 Diluted earnings per share $ 0.45 $ 0.96 $ 1.94 $ 2.93 FUNDS FROM OPERATIONS (FFO) FFO per share (Basic) $ 0.82 $ 0.75 $ 3.24 $ 2.83 FFO per share (Diluted) $ 0.76 $ 0.70 $ 3.02 $ 2.67 FFO CALCULATION: Income before minority interests, extraordinary items, preferred stock dividends and gains on sales $ 17,309 $ 14,571 $ 63,607 $ 53,152 LESS: Preferred stock dividend (2,300) (2,300) (9,200) (9,200) Amortization of deferred financing costs and depreciation of (1,102) (998) (4,474) (4,102) non-real estate assets ADD: Joint venture FFO adjustment 1,996 788 6,575 3,258 Depreciation and amortization 10,380 7,992 38,336 32,511 --------- --------- --------- --------- FFO - BASIC 26,283 20,053 94,844 75,619 Add: Preferred stock dividends 2,300 2,300 9,200 9,200 --------- --------- --------- --------- FFO - DILUTED $ 28,583 $ 22,353 $ 104,044 $ 84,819 ========= ========= ========= ========= BASIC OWNERSHIP INTERESTS Weighted average REIT common shares 29,971 24,505 26,993 24,373 Weighted average partnership units held by minority interest 2,273 2,308 2,283 2,365 --------- --------- --------- --------- Basic weighted average shares and units outstanding 32,244 26,813 29,276 26,738 ========= ========= ========= ========= DILUTED OWNERSHIP INTEREST Weighted average REIT common and common share equivalent share 30,540 24,992 27,525 24,754 Weighted average partnership units held by minority interests 2,273 2,308 2,283 2,365 Common share equivalents for preferred stock 4,699 4,699 4,699 4,699 --------- --------- --------- --------- Diluted weighted average equivalent shares and units outstanding 37,512 31,999 34,507 31,818 ========= ========= ========= =========
5 SL GREEN REALTY CORP. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except per share data)
December 31, December 31, 2001 2000 ----------- ----------- ASSETS Commercial real estate properties, at cost: Land and land interests ............................................... $ 138,337 $ 125,572 Buildings and improvements ............................................ 689,094 618,637 Building leasehold .................................................... 144,736 139,393 Property under capital lease .......................................... 12,208 12,208 ----------- ----------- 984,375 895,810 Less accumulated depreciation ......................................... (100,776) (78,432) ----------- ----------- 883,599 817,378 Properties held for sale .............................................. -- 10,895 Cash and cash equivalents ............................................. 13,193 10,793 Restricted cash ....................................................... 38,424 86,823 Tenant and other receivables, net of allowance for doubtful accounts of $3,629 and $1,723 reserve in 2001 and 2000, respectively ............ 8,793 7,580 Related party receivables ............................................. 3,498 917 Deferred rents receivable net of allowance for doubtful accounts of $5,264 and $4,860 in 2001 and 2000, respectively ................ 51,855 45,816 Investment in and advances to affiliates .............................. 8,211 6,373 Investment in unconsolidated joint ventures ........................... 123,469 65,031 Mortgage loans and preferred investments .............................. 186,511 51,293 Derivative instruments-fair value ..................................... 3,576 -- Deferred costs, net ................................................... 34,901 40,113 Other assets .......................................................... 16,996 18,142 ----------- ----------- Total assets .......................................................... $ 1,373,026 $ 1,161,154 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Mortgage notes payable ................................................ $ 409,900 $ 414,342 Revolving credit facility ............................................. 94,931 46,374 Derivative instruments-fair value ..................................... 3,205 -- Accrued interest payable .............................................. 1,875 2,349 Accounts payable and accrued expenses ................................. 24,657 27,651 Deferred revenue ...................................................... 1,381 1,112 Capitalized lease obligations ......................................... 15,574 15,303 Deferred land lease payable ........................................... 14,086 13,158 Dividend and distributions payable .................................... 16,570 12,678 Security deposits ..................................................... 18,829 19,014 ----------- ----------- Total liabilities ..................................................... 601,008 551,981 ----------- ----------- Minority interests .................................................... 46,430 43,326 8%Preferred Income Equity Redeemable Stock $0.01 par value, $25.00 mandatory liquidation preference 25,000 shares authorized, 4,600 outstanding in 2001 and 2000 ...................... 111,231 110,774 STOCKHOLDERS' EQUITY Common stock, $.01 par value 100,000 shares authorized, 29,978 and 24,516 issued and outstanding in 2001 and 2000, respectively ............................................. 300 246 Additional paid - in capital .......................................... 583,350 428,698 Deferred compensation plan ............................................ (7,515) (5,037) Accumulated other comprehensive loss .................................. (1,462) -- Distributions in excess of earnings ................................... 39,684 31,166 ----------- ----------- Total stockholders' equity ............................................ 614,357 455,073 ----------- ----------- Total liabilities and stockholders' equity ............................ $ 1,373,026 $ 1,161,154 =========== ===========
6 SL GREEN REALTY CORP. SELECTED OPERATING DATA-UNAUDITED
December 31, 2001 December 31, 2000 ----------------- ----------------- OPERATING DATA: Net rentable area at end of period (in 000's)(1) 10,036 8,655 Portfolio occupancy percentage at end of period 97.7% 98.1% Same Store occupancy percentage at end of period 97.4% 98.4% Number of properties in operation 25 23
(1) Includes wholly-owned and minority owned properties. 7


                                                                    EXHIBIT 99.2




                             [SL GREEN GRAPHIC]

                             SL Green Realty Corp.
                             Fourth Quarter 2001
                             Supplemental Data
                             December 31, 2001




================================================================================

                                                    [SL GREEN REALTY CORP. LOGO]
================================================================================

SL Green Realty Corp. is a fully integrated, self-administered and self-managed
Real Estate Investment Trust (REIT) that primarily owns, manages, leases,
acquires and repositions office properties in emerging, high-growth submarkets
of Manhattan.

o  SL Green's common stock and Preferred Income Equity Redeemable Shares
   ("PIERS" SM), are listed on the New York Stock Exchange, and trade under the
   symbols: SLG and SLG PrA respectively.

o  SL Green maintains an internet site at www.slgreen.com at which most key
   investor relations data pertaining to dividend declaration, payout, current
   and historic share price, etc. can be found. Such information is not
   reiterated in this supplemental financial package. This supplemental
   financial package is available through the Company's Internet site.

o  This data is presented to supplement audited and unaudited regulatory filings
   of the Company and should be read in conjunction with those filings. The
   financial data herein is unaudited and is provided from the prospective of
   timeliness to assist readers of quarterly and annual financial filings. As
   such, data otherwise contained in future regulatory filings covering the same
   period may be restated from the data presented herein.

o  Questions pertaining to the information contained herein should be referred
   to Michael W. Reid or Thomas E. Wirth at michael.reid@slgreen.com or
   tom.wirth@slgreen.com or at 212-594-2700.

This report includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. All statements, other than statements of historical facts, included
in this report that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future, including such
matters as future capital expenditures, dividends and acquisitions (including
the amount and nature thereof), expansion and other development trends of the
real estate industry, business strategies, expansion and growth of the Company's
operations and other such matters are forward-looking statements. These
statements are based on certain assumptions and analyses made by the Company in
light of its experience and its perception of historical trends, current
conditions, expected future developments and other factors it believes are
appropriate. Such statements are subject to a number of assumptions, risks and
uncertainties, general economic and business conditions, the business
opportunities that may be presented to and pursued by the Company, changes in
laws or regulations and other factors, many of which are beyond the control of
the Company. Any such statements are not guarantees of future performance and
actual results or developments may differ materially from those anticipated in
the forward-looking statements.

The following discussion related to the consolidated financial statements of the
Company should be read in conjunction with the financial statements for the Year
ended December 31, 2001 that will subsequently be released on Form 10-K to be
filed on or before March 31, 2002.


                                       2


================================================================================================ TABLE OF CONTENTS [SL GREEN REALTY CORP. LOGO] ================================================================================================ Highlights of Current Period Financial Performance Unaudited Financial Statements 4-9 Financial Highlights 10 Balance Sheets 11-12 Statements of Operations 13-14 Joint Venture Statements 15-16 Statement of Stockholders' Equity 17 Funds From Operations 18 Selected Financial Data 19-21 Summary of Debt and Ground Lease Arrangements 22-23 Mortgage Investments and Preferred Equity 24 Property Data Composition of Property Portfolio 25 Top Tenants 26 Leasing Activity Summary 27-30 Lease Expiration Schedule 31-32 Summary of Acquisition/Disposition Activity 33-34 Supplemental Definitions 35 Corporate Information 36
3 ================================================================================ CORPORATE PROFILE [SL GREEN REALTY CORP. LOGO] ================================================================================ SL Green Realty Corporation (the "Company") was formed on August 20, 1997 to continue the commercial real estate business of SL Green Properties Inc. founded in 1980 by Stephen L. Green, our current Chairman and Chief Executive Officer. For more than 20 years SL Green has been engaged in the business of owning, managing, leasing, acquiring and repositioning office properties in Manhattan. The Company's investment focus is to create value through the acquisition, redevelopment and repositioning of Manhattan office properties and releasing and managing these properties for maximum cash flow. Looking forward, SL Green Realty Corp. will continue its opportunistic investment philosophy through 3 established business lines: wholly owned property investments, co-ownership in properties with institutional partners, and structured finance investments. This three-legged investment strategy will allow SL Green to balance the components of its portfolio to take advantage of each stage in the business cycle. Today, the Company is the only fully integrated, self-managed, self-administered Real Estate Investment Trust (REIT) exclusively focused on owning and operating office buildings in Manhattan. SL Green is a pure play for investors to own a piece of New York. 4 ================================================================================ FINANCIAL HIGHLIGHTS FOURTH QUARTER 2001 UNAUDITED [SL GREEN REALTY CORP. LOGO] ================================================================================ EARNINGS PERFORMANCE Fourth quarter Funds From Operations (FFO) were $26.3 million or $0.76 per share (diluted), 9% better than one year ago, when FFO was $20.1 million or $0.70 per share (diluted). For the twelve months ended December 31, 2001, FFO was $94.8 million or $3.02 per share (diluted), a 13% improvement over 2000 when FFO was $75.6 million or $2.67 per share (diluted). The fourth quarter FFO per share results reflect the Company's five million common share issuance in July 2001 which increased the weighted average dilutive shares outstanding from 34.5 million in 2000 to 37.5 million. The $6.2 million growth in fourth quarter FFO reflects contributions from the following: (1) Consolidated GAAP NOI increased $2.4 million: o $3.4 million from 2001 acquisitions of 1370 Broadway and 317 Madison Avenue. o $1.1 million increase from same store properties as GAAP revenue increased $1.0 million, net of change in credit loss. The increase in revenue is attributable to (i) $1.8 million in rental revenue as GAAP replacement rents which were 53% higher than the previously fully escalated rents was partially offset by higher tenant reserves and vacancies ($0.8 million) and (ii) increased escalation and reimbursement income ($0.8 million) related to the increased energy recovery through operating escalations and percentage rent escalations ($0.5 million). The electric recovery rate for the quarter was approximately 95% as compared to 80% the previous year. Revenue gains were partially offset by $0.2 million (4%) of higher real estate taxes due to higher property value assessments, while operating expenses increased less then 1%. o $1.7 million increase from the equity in income from unconsolidated joint ventures primarily due to the contribution of One Park Avenue to a joint venture, the net acquisition of an incremental share in the interest in 1250 Broadway (from 49.9% to 55.0%), and the purchase of 469 Seventh Avenue and 180 Madison Avenue, partially offset by the sale of 90 Broad Street. o $3.7 million decrease from wholly-owned properties sold or partially sold; 17 Battery South, condo unit at 110 East 42nd Street, 1412 Broadway, and 633 Third Ave. (2) Investment and preferred equity income increased $1.7 million primarily due to (i) the $53.5 million preferred 5 ================================================================================ FINANCIAL HIGHLIGHTS CONTINUED FOURTH QUARTER 2001 UNAUDITED [SL GREEN REALTY CORP. LOGO] ================================================================================ equity investment in The News Building ($1.7 million) in September 2001 and (ii) the $30.0 million structured finance investment ($1.0 million) in October 2001. The increase is partially offset by a $1.1 million write off of technology investments primarily representing ENN/Captivate. (3) $1.0 million increase in other income primarily due to an acquisition fee earned on 1250 Broadway ($0.6 million) and asset management fees earned on joint ventures ($0.3 million). (4) Lower interest costs ($0.8 million) associated with (i) reduced loan balances due to previous disposition activity ($1.1 million), (ii) reduced loan balances from July offering proceeds ($0.6 million) and (iii) reduced interest costs on floating rate debt ($0.8 million). These reductions were partially offset by increased costs associated with new investment activity ($1.6 million) and increased costs for working capital reserves ($0.1 million). (5) MG&A increased $1.0 million due to higher personnel costs due to several executive management changes and higher year-end compensation and severance costs. (6) The net loss from affiliates improved to $0.2 million primarily due to higher third party management and construction supervisory fees from our joint ventures. Operating earnings increased 15% to $13.8 million, or $0.45 per share (diluted) as compared to $9.7 million, or $0.39 per share (diluted), for the same period in the previous year. For the twelve months ended December 31, 2001, operating earnings increased 23% to $49.3 million, or $1.79 per share (diluted), as compared to $36.1 million, or $1.46 per share (diluted), for the same period in the previous year. The preferred shares are anti-dilutive based upon adjusted net income described above for the periods presented. QUARTERLY OPERATING MARGINS SAME STORE Same store cash NOI in the 2001 same store portfolio rose $1.4 million (6%) from $24.2 million in 2000 to $25.7 million in 2001, and operating margins before ground rent improved from 60.7% to 62.3%. GAAP NOI increased by $1.1 million (4%) over a year ago, and GAAP operating margins before ground rent improved from 64.9% to 65.3 %. One of the primary drivers increasing same store cash NOI is the $1.3 million increase in total revenue combined with a $0.5 million reduction in free and straight-line rent, resulting in a $1.8 million (3%) increase in cash revenue. The decrease in straight-line rent ($0.4 million) is primarily due to 420 Lexington Avenue ($0.2 million) and 711 Third Avenue ($0.1 million) due to scheduled rent steps in tenant leases. The $1.7 million increase in same store revenue is due to: 6 ================================================================================ FINANCIAL HIGHLIGHTS CONTINUED FOURTH QUARTER 2001 UNAUDITED [SL GREEN REALTY CORP. LOGO] ================================================================================ 1. An increase in cash rental revenue of $1.5 million resulting from higher replacement rents on approximately 363,000 square feet that were 43% greater than previously fully escalated rents. This increase was partially offset by increased vacancy and reserves ($0.8 million). 2. Increased escalation and reimbursement income ($0.8 million), consisting of electric reimbursement ($0.5 million) and increased passthrough of operating costs including porter wage ($0.3 million). CONSOLIDATED The Company's consolidated fourth quarter EBITDA margins before ground rent improved to 72.1% compared to 66.0% for 2000. The EBITDA margin after ground rent improved to 66.5% as compared to 60.2% in the same period of the prior year. These margin improvements are attributable to (i) GAAP NOI growth resulting from leasing due to average improvement in cash replacement rents over this 12 month period of 44% versus previously escalated rents, (ii) income from unconsolidated joint ventures and (iii) increased net investment in structured finance and preferred equity. QUARTERLY LEASING HIGHLIGHTS Vacancy at September 30, 2001 was 390,676 useable square feet net of holdover tenants. During the quarter, 205,080 additional useable office square feet became available at an average escalated cash rent of $29.74 per rentable square foot. Space available before holdovers to lease during the quarter totaled 595,756 useable square feet, or 5.9% of the total portfolio. During the fourth quarter, 45 office leases were signed totaling 160,766 useable square feet with new cash rents averaging $36.87 per rentable square foot (exclusive of storage and retail space). Replacement rents were 49.2% greater than rents on previously occupied space, which had a fully escalated cash rent averaging $24.71 per rentable square foot. Average tenant concessions were one month of free rent and an allowance of $11.37 per rentable square foot. Including early renewals and excluding holdover tenants, the tenant renewal rate was 67%. 16 leases have expired comprising 30,261 useable square feet that are in a holdover status. This results in 350,439 useable square feet (net of holdovers) remaining available as of December 31, 2001. The Company signed 9 leases for 51,117 useable square feet that were for early renewals. The early renewals for space 7 ================================================================================ FINANCIAL HIGHLIGHTS CONTINUED FOURTH QUARTER 2001 UNAUDITED [SL GREEN REALTY CORP. LOGO] ================================================================================ were not scheduled to become available until after the fourth quarter of 2001. The Company was able to renew the current office tenants at an average cash rent of $31.41, representing an increase of 48.6% over the previously fully escalated rents of $21.14. NEW ACTIVITY NEW PROPERTY ACTIVITY During November the Company announced that it has entered into a joint venture on 1250 Broadway with SITQ Immobilier. Under the terms of the joint venture, SITQ Immobilier has purchased a 45% interest in the property, yielding proceeds of approximately $22 million, inclusive of closing costs and reimbursements and subject to $85 million of first mortgage financing from Salomon Brothers. The transaction enables SL Green to bring in a long-term partner in a core asset while freeing up capital for additional high growth opportunities and enhancing its yield on investment through fees earned in management, leasing and redevelopment of the asset. STRUCTURED FINANCE ACTIVITY The Company has completed the following transactions: o The Company originated $30.0 million of structured finance investments, a yield of 13.4% in October 2001. o As of December 31, 2001 the Company's mortgage and preferred equity balances totaled $188.4 million. The weighted balance outstanding over the quarter is $177.2 million. During the fourth quarter 2001 the weighted average yield was 12.86 %. The quarter end run rate is 12.72%. CAPITALIZATION AND LIQUIDITY At the end of the quarter the Company replaced its $60 million one-year Prudential secured credit facility with a new secured line for $75 million led by Fleet Bank and Wachovia. The new secured line has a term of two years with one extension at an interest rate of LIBOR plus 150bp. The Company's dividend payout ratio was 58.1% of FFO and 69.2% of FAD before first cycle leasing costs. During December, the Company declared a dividend distribution of $0.4425 per common share for the quarter ending December 31, 2001, an increase of $0.22 or 14.2% per common share on an annualized basis. This distribution reflects the regular quarterly dividend, which 8 ================================================================================ FINANCIAL HIGHLIGHTS CONTINUED FOURTH QUARTER 2001 UNAUDITED [SL GREEN REALTY CORP. LOGO] ================================================================================ is the equivalent of an annualized distribution of $1.77 per common share. At the close of the fourth quarter 2001, the common share annualized dividend yield was 5.8%. The Company also declared a dividend of $0.50 per share of Preferred Income Equity Redeemable Stock for shareholders of record as of December 31, 2001. Both dividends were paid on January 15, 2002. OTHER Annually, the Company adjusts the same store pool to include all properties owned for a minimum of twelve months (since January 1, 2001). The 2002 same store pool will include the following properties:
2002 SAME STORE 673 First Avenue 1140 Avenue of the Americas 420 Lexington Avenue 470 Park Avenue South 50 West 23rd Street 1466 Broadway 70 West 36th Street 555 West 57th Street 440 Ninth Avenue 1414 Avenue of the Americas 711 Third Avenue 1372 Broadway 292 Madison Avenue 286 Madison Avenue 290 Madison Avenue 17 Battery Place North
9
============================================================================================== FINANCIAL HIGHLIGHTS Fourth Quarter Unaudited [SL GREEN REALTY CORP. LOGO] ============================================================================================== THREE MONTHS ENDED DECEMBER 31 2001 2000 OPERATIONAL INFORMATION - ---------------------------------------------------------------------------------------------- Total Revenues (000's) $ 62,292 $ 58,195 FUNDS FROM OPERATIONS FFO per share- diluted $ 0.76 $ 0.70 FFO Payout 58.1% 55.4% FUNDS AVAILABLE FOR DISTRIBUTION FAD per share- diluted $ 0.56 $ 0.53 FAD Payout 69.2% 73.4% OPERATING EARNINGS per share - diluted $ 0.45 $ 0.39 DIVIDENDS PER SHARE $ 0.4425 $ 0.3875 SAME-STORE CASH NOI INCREASE 6% 27% CAPITALIZATION DATA (000'S) Total Assets $ 1,373,026 $ 1,161,154 Total Debt $ 504,831 $ 460,716 Minority Interest $ 46,430 $ 43,326 Preferred Stock $ 111,231 $ 110,774 Quarter End Closing Price - SLG Common Stock $ 30.71 $ 28.00 Total Market Capitalization $ 1,835,500 $ 1,442,583 RATIOS - ---------------------------------------------------------------------------------------------- Consolidated Debt to Total Market Capitalization 31.35% 34.72% Joint Venture Debt Allocated 39.78% 39.96% PORTFOLIO - ---------------------------------------------------------------------------------------------- TOTAL BUILDINGS Directly Owned 19 19 Joint Ventures 6 4 ----------- --------------- 25 23 Total SF 10,035,800 8,664,800 End of Quarter Occupancy 97.7% 98.1%
10

================================================================================ COMPARATIVE BALANCE SHEETS UNAUDITED (000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================

12/31/2001 12/31/2000 +/- 9/30/2001 +/- ---------- ---------- -------- ---------- -------- ASSETS - -------------------------------------------------------------------------------------------------------------------------------- Commercial real estate properties, at cost: Land & land interests 138,337 125,572 12,765 138,337 -- Buildings & improvements fee interest 689,094 618,637 70,457 679,821 9,273 Buildings & improvements leasehold 144,736 139,393 5,343 143,198 1,538 Buildings & improvements under capital lease 12,208 12,208 -- 12,208 -- ---------- ---------- -------- ---------- -------- 984,375 895,810 88,565 973,564 10,811 Less accumulated depreciation (100,776) (78,432) (22,344) (93,339) (7,437) ---------- ---------- -------- ---------- -------- 883,599 817,378 66,221 880,225 3,374 Other Real Estate Investments: Investment in unconsolidated joint ventures 123,469 65,031 58,438 143,049 (19,580) Mortgage loans receivable 126,298 51,293 75,006 96,411 29,887 Preferred Equity Investments 60,213 -- 60,213 61,491 (1,278) Derivatives - fair value 3,576 -- 3,576 -- 3,576 Properties held for sale -- 10,895 (10,895) -- -- Cash and cash equivalents 13,193 10,793 2,400 5,991 7,202 Restricted cash: Tenant security 19,016 19,479 (463) 19,394 (378) Escrows & other 19,408 67,344 (47,936) 17,710 1,698 Tenant and other receivables, net of $3,629 reserve at 12/31/01 8,793 7,580 1,213 12,229 (3,437) Related party receivables 3,498 917 2,581 1,883 1,615 Deferred rents receivable, net of reserve for tenant credit loss of $5,264 at 12/31/01 51,855 45,816 6,039 50,060 1,795 Investment in and advances to affiliates 8,211 6,373 1,838 8,570 (359) Deferred costs, net 34,901 40,113 (5,212) 36,066 (1,166) Other assets 16,996 18,142 (1,146) 13,093 3,903 ---------- ---------- -------- ---------- -------- TOTAL ASSETS 1,373,026 1,161,154 211,872 1,346,171 26,855 ================================================================================================================================ 6/30/2001 +/- ---------- ------- Assets - --------------------------------------------------------------------------------------- Commercial real estate properties, at cost: Land & land interests 140,657 (2,320) Buildings & improvements fee interest 683,889 5,205 Buildings & improvements leasehold 141,670 3,066 Buildings & improvements under capital lease 12,208 -- ---------- ------- 978,424 5,951 Less accumulated depreciation (86,585) (14,191) ---------- ------- 891,839 (8,240) Other Real Estate Investments: Investment in unconsolidated joint ventures 124,495 (1,026) Mortgage loans receivable 97,832 28,466 Preferred Equity Investments -- 60,213 Derivatives - fair value -- 3,576 Properties held for sale -- -- Cash and cash equivalents 43,742 (30,549) Restricted cash: Tenant security 26,408 (7,392) Escrows & other 11,108 8,300 Tenant and other receivables, net of $3,629 reserve at 12/31/01 7,008 1,785 Related party receivables 955 2,543 Deferred rents receivable, net of reserve for tenant credit loss of $5,264 at 12/31/01 49,354 2,501 Investment in and advances to affiliates 7,932 279 Deferred costs, net 37,446 (2,545) Other assets 21,546 (4,550) ---------- ------- TOTAL ASSETS 1,319,665 53,361 =======================================================================================
SUPPLEMENTAL PACKAGE INFORMATION 11 FOURTH QUARTER 2001 ================================================================================ COMPARATIVE BALANCE SHEETS UNAUDITED (000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================
12/31/2001 12/31/2000 +/- 9/30/2001 +/- 6/30/2001 +/- ---------- ---------- -------- ---------- ------- ---------- -------- LIABILITIES AND STOCKHOLDERS' EQUITY - ---------------------------------------------------------------------------------------------------------------------------------- Mortgage notes payable 409,900 414,342 (4,442) 411,393 (1,493) 325,411 84,489 Revolving credit facilities 94,931 46,374 48,557 72,738 22,193 283,238 (188,307) Derivative Instruments-fair value 3,205 -- 3,205 4,987 (1,782) 2,383 822 Accrued interest payable 1,875 2,349 (474) 1,935 (60) 2,533 (658) Accounts payable and accrued expenses 22,819 24,818 (1,999) 20,828 1,991 20,922 1,897 Deferred compensation awards 1,838 2,833 (995) 1,838 -- 1,838 -- Deferred revenue 1,381 1,112 271 1,363 19 1,587 (206) Capitalized lease obligations 15,574 15,303 271 15,505 69 15,437 137 Deferred land lease payable 14,086 13,158 928 13,926 160 13,866 220 Dividend and distributions payable 16,570 12,678 3,892 14,775 1,795 12,796 3,774 Security deposits 18,829 19,014 (185) 18,903 (74) 20,776 (1,947) ---------- ---------- -------- ---------- ------- ---------- -------- Total Liabilities 601,008 551,981 49,027 578,190 22,818 700,787 (99,779) Minority interest (2,271 units outstanding) 46,430 43,326 3,104 46,474 (44) 43,546 2,884 8% Preferred Income Equity Redeemable Shares $0.01 par value, $25.00 mandatory liquidation preference, 4,600 outstanding 111,231 110,774 457 111,117 114 111,002 229 STOCKHOLDERS' EQUITY - ---------------------------------------------------------------------------------------------------------------------------------- Common stock, $.01 par value 100,000 shares authorized, 29,978 issued and outstanding at 12/31/01 300 246 54 300 0 249 51 Additional paid - in capital 583,350 428,698 154,652 582,874 476 436,262 147,088 Deferred compensation plans & officer loans (7,515) (5,037) (2,478) (8,400) 885 (9,072) 1,557 Accumulated other comprehensive loss (1,462) -- (1,462) (4,500) 3,038 (1,896) 434 Retained earnings 39,684 31,166 8,518 40,116 (432) 38,787 897 ---------- ---------- -------- ---------- ------- ---------- -------- Total Stockholders' Equity 614,357 455,073 159,284 610,390 3,967 464,330 150,027 ---------- ---------- -------- ---------- ------- ---------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 1,373,026 1,161,154 211,872 1,346,171 26,855 1,319,665 53,361 ==================================================================================================================================
SUPPLEMENTAL PACKAGE INFORMATION 12 FOURTH QUARTER 2001 ================================================================================ COMPARATIVE STATEMENTS OF OPERATIONS UNAUDITED (000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================
THREE MONTHS ENDED TWELVE MONTHS ENDED -------------------------------------------------- -------------------- DEC-01 DEC-00 +/- % SEP-01 DEC-01 DEC-00 ------- ------- ------- --- ------- -------- -------- REVENUES - ----------------------------------------------------------------------------------------------------------------------------------- Rental revenue, net 46,859 46,037 822 2% 46,426 196,484 176,929 Free rent 693 781 (88) -13% 877 4,655 7,142 Amortization of free rent (781) (756) (25) 3% (739) (3,174) (3,243) ------- ------- ------- ---- ------- -------- -------- Net free rent (88) 25 (113) 128% 138 1,480 3,899 Straight-line rent 1,956 2,171 (215) -11% 1,783 8,625 9,074 Allowance for S/L tenant credit loss (443) (182) (261) 59% (377) (1,928) (854) Escalation and reimbursement revenues 6,872 5,791 1,081 16% 9,114 31,339 24,732 Signage rent 568 544 24 4% 424 1,522 2,137 Preferred equity investment income 1,931 -- 1,931 630 2,561 Investment income 3,182 3,367 (185) -6% 3,306 14,808 13,271 Other income 1,455 442 1,013 70% 479 2,793 1,135 ------- ------- ------- ---- ------- -------- -------- TOTAL REVENUES, NET 62,292 58,195 4,097 7% 61,924 257,685 230,323 Equity in income/(loss) from affiliates (71) (231) 160 -227% (57) (1,054) 378 Equity in income from unconsolidated joint ventures 2,587 899 1,688 65% 2,752 8,607 3,108 EXPENSES - ----------------------------------------------------------------------------------------------------------------------------------- Operating expenses 13,159 12,751 408 3% 15,076 58,141 54,644 Ground rent 3,159 3,155 4 0% 3,101 12,579 12,660 Real estate taxes 7,373 7,163 210 3% 7,452 30,963 28,850 Marketing, general and administrative 4,044 3,043 1,001 25% 4,116 15,374 11,561 ------- ------- ------- ---- ------- -------- -------- TOTAL OPERATING EXPENSES 27,735 26,112 1,623 6% 29,745 117,057 107,715 EBITDA 37,073 32,751 4,322 12% 34,874 148,181 126,094 Interest 9,384 10,188 (804) -9% 9,785 46,238 40,431 Depreciation and amortization 10,380 7,992 2,388 23% 9,047 38,336 32,511 ------- ------- ------- ---- ------- -------- -------- INCOME BEFORE MINORITY INTEREST 17,309 14,571 2,738 16% 16,042 63,607 53,152 Extraordinary loss- early debt extinguishment -- (491) 491 0% (332) (430) (921) Gain/ (Loss)on sale of properties (207) 16,770 (16,977) 0% 647 4,956 41,416 Cumulative effect of accounting change -- -- -- 0% -- (532) -- Minority interest - OP (1,104) (2,467) 1,363 -124% (1,010) (4,600) (7,430) ------- ------- ------- ---- ------- -------- -------- NET INCOME 15,998 28,383 (12,385) -77% 15,347 63,001 86,217 Dividends on preferred shares 2,300 2,300 -- 0% 2,300 9,200 9,200 Preferred stock accretion 114 107 7 6% 114 458 426 ------- ------- ------- ---- ------- -------- -------- NET INCOME AVAILABLE FOR COMMON SHARES 13,584 25,976 (12,392) -91% 12,933 53,343 76,591 ======= ======= ======= ==== ======= ======== ======== RATIOS - ----------------------------------------------------------------------------------------------------------------------------------- MG&A to Real Estate Revenue, net 7.26% 5.60% 7.16% 6.47% 5.35% MG&A to Total Revenue, net 6.49% 5.23% 6.65% 5.97% 5.02% Operating Expense to Real Estate Revenue, net 23.61% 23.45% 26.21% 24.48% 25.31% EBITDA to Real Estate Revenue, net 66.53% 60.22% 60.64% 62.39% 58.40% EBITDA before Ground Rent to Real Estate Revenue, net 72.20% 66.02% 66.03% 67.68% 64.26%
SUPPLEMENTAL PACKAGE INFORMATION 13 FOURTH QUARTER 2001 ================================================================================ COMPARATIVE STATEMENTS OF OPERATIONS UNAUDITED (000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================
THREE MONTHS ENDED TWELVE MONTHS ENDED ----------------------------------------------- ---------------------- DEC-01 DEC-00 SEP-01 DEC-01 DEC-00 ------- ------- ------- ------- ------- PER SHARE DATA: - -------------------------------------------------------------------------------------------------------------------------------- EARNINGS PER SHARE Net income per share (basic) 0.45 1.06 0.45 1.98 3.14 Net income per share (diluted) 0.45 0.96 0.44 1.94 2.93 OPERATING EARNINGS Net Income Available For Common Shares 13,584 25,976 -48% 12,933 53,343 76,591 Extraordinary loss- early debt extinguishment -- 491 -100% 332 430 921 Cumulative effect of accounting change -- -- 0% -- 532 -- Gain on Sale 207 (16,770) -101% (647) (4,956) (41,416) ------- ------- --- ------- ------- ------- OPERATING EARNINGS 13,791 9,697 42% 12,618 49,348 36,097 OPERATING EARNINGS PER SHARE - BASIC 0.46 0.40 15% 0.44 1.83 1.48 OPERATING EARNINGS PER SHARE - DILUTED 0.45 0.39 15% 0.43 1.79 1.46 TAXABLE INCOME Net Income Available For Common Shares 13,584 25,976 -48% 12,933 53,343 76,591 Book/Tax Depreciation Adjustment 7,255 824 780% (251) 7,111 1,805 Book/Tax Gain Recognition Adjustment 321 (4,617) -107% 1,393 (602) (13,428) Other Operating Adjustments (2,317) (2,156) 7% (2,584) (11,544) (13,091) C-corp Earnings 195 -- 0% 57 1,180 -- ------- ------- --- ------- ------- ------- TAXABLE INCOME 19,038 20,027 -5% 11,548 49,488 51,877 Dividend per share 0.4425 0.3875 14% 0.3875 1.605 1.475 Estimated payout of taxable income 68% 51% 33% 70% 87% 79% Basic weighted average common shares 29,971 24,505 22% 28,511 26,993 24,373 Diluted weighted average common shares and common share equivalents outstanding 32,813 31,999 3% 31,373 29,808 31,818
------------------------------------------------------------------------- PAYOUT OF TAXABLE INCOME ANALYSIS: Estimated taxable income is derived from net income less straightline rent, free rent net of amortization of free rent, plus tax gain on sale of properties, credit loss, straightline ground rent and the difference between tax and GAAP depreciation. The Company has deferred the taxable gain on the sales 29 West 35th Street, 17 Battery Place South, and 1412 Broadway through 1031 exchanges. ------------------------------------------------------------------------- SUPPLEMENTAL PACKAGE INFORMATION 14 FOURTH QUARTER 2001 ================================================================================ JOINT VENTURE STATEMENTS BALANCE SHEET FOR UNCONSOLIDATED JOINT VENTURES UNAUDITED (000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================
DECEMBER 31, 2001 DECEMBER 31, 2000 -------------------------------------------------------------------------------------- SLG PROPERTY SLG PROPERTY TOTAL PROPERTY INTEREST TOTAL PROPERTY INTEREST -------------- ------------ -------------- ------------ Land & land interests 129,471 65,858 71,130 34,632 Buildings & improvements 545,894 277,335 295,492 143,826 -------- -------- -------- -------- 675,365 343,193 366,622 178,458 Less accumulated depreciation (19,683) (9,989) (6,826) (3,348) -------- -------- -------- -------- Net Real Estate 655,682 333,204 359,796 175,110 Cash and cash equivalents 14,415 7,281 3,394 1,603 Restricted cash 24,388 12,404 12,609 6,103 Tenant receivables, net of $98 reserve 2,958 1,540 2,046 980 Deferred rents receivable, net of reserve for tenant credit loss of $379 at 12/31/01 6,865 3,434 3,395 1,646 Deferred costs, net 9,598 4,848 4,187 2,052 Other assets 2,696 1,422 2,392 1,238 -------- -------- -------- -------- TOTAL ASSETS 716,602 364,133 387,819 188,732 ======== ======== ======== ======== Mortgage loan payable 444,784 225,290 references pages 19 & 22 238,650 115,808 Derivative Instruments-fair value (782) (430) -- -- Accrued interest payable (1) 1,696 838 1,582 789 Accounts payable and accrued expenses 12,730 6,543 6,609 3,238 Security deposits 5,495 2,658 5,626 2,744 Contributed Capital (2) 252,678 129,234 references page 11 135,352 66,153 -------- -------- -------- -------- TOTAL LIABILITIES AND EQUITY 716,602 364,133 387,819 188,732 ======== ======== ======== ========
- -------------------------------------------------------------------------------- As of December 31, 2001 the Company has six joint venture interests representing a 50% interest in 180 Madison Avenue acquired in December 2000, a 55% interest in 1250 Broadway acquired in September 2001, a 50% interest in 100 Park Avenue acquired in February 2000, a 35% interest in 321 West 44th Street contributed May 2000, a 35% interest in 469 Seventh Avenue acquired in January 2001, and a 55% interest in 1 Park Avenue contributed in June 2001. These interests are accounted for on the equity method of accounting and, therefore, are not consolidated into the company's financial statements. Additional detail is available on page 33. (1) This analysis includes a hedge instrument at fair value of $782K placed on the existing mortgage on 1250 Broadway. (2) This analysis excludes certain residual interests in the entity that held 90 Broad Street (sold November 2000). - -------------------------------------------------------------------------------- SUPPLEMENTAL PACKAGE INFORMATION 15 FOURTH QUARTER 2001 ================================================================================ JOINT VENTURE STATEMENTS STATEMENTS OF OPERATIONS FOR UNCONSOLIDATED JOINT VENTURES UNAUDITED (000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================
THREE MONTHS ENDED DECEMBER 31, 2001 --------------------------------------------------- SLG PROPERTY TOTAL PROPERTY INTEREST SLG SUBSIDIARY -------------- ------------ -------------- REVENUES - ---------------------------------------------------------------------------------------------------- Rental Revenue, net 21,646 11,591 Free rent 717 439 Amortization of free rent (103) (56) ------- ------- Net free rent 614 383 Straight-line rent 947 514 Allowance for S/L tenant credit loss (268) (152) Escalation and reimbursement revenues 3,257 1,750 Investment income 193 104 Other income 16 11 ------- ------- TOTAL REVENUES, NET 26,405 14,201 EXPENSES - ---------------------------------------------------------------------------------------------------- Operating expenses 6,790 3,567 Real estate taxes 4,251 2,292 ------- ------- TOTAL OPERATING EXPENSES 11,041 5,859 GAAP NOI 15,632 8,494 CASH NOI 14,071 7,597 Interest 6,506 3,505 Depreciation and amortization 4,190 2,252 ------- ------- NET INCOME 4,668 2,585 references page 13 Plus: Real Estate Depreciation 3,753 1,996 references page 18 Plus: Extraordinary Loss -- -- Plus: Management & Leasing Fees -- -- 234 ------- ------- ----------------- FUNDS FROM OPERATIONS 8,421 4,581 FAD ADJUSTMENTS: - ---------------------------------------------------------------------------------------------------- Plus: Non Real Estate Depreciation 437 253 Plus: 2% Allowance for S/L Tenant Credit Loss 268 152 Less: Free and S/L Rent (1,560) (897) Less: Second Cycle Tenant Improvement, -- -- Leasing Commissions & Recurring Capex (2,145) (1,099) ------- ------- FAD ADJUSTMENT (3,000) (1,591) ======= ======= - ---------------------------------------------------------------------------------------------------- Operating Expense to Real Estate Revenue, net 25.66% 25.05% GAAP NOI to Real Estate Revenue, net 59.07% 59.66% Cash NOI to Real Estate Revenue, net 53.17% 53.35% - ---------------------------------------------------------------------------------------------------- THREE MONTHS ENDED DECEMBER 31, 2000 ------------------------------------------------- SLG PROPERTY TOTAL PROPERTY INTEREST SLG SUBSIDIARY -------------- ------------ -------------- REVENUES - --------------------------------------------------------------------------------------------------------- Rental Revenue, net 12,883 6,160 Free rent 343 153 Amortization of free rent (68) (31) ------- ------ Net free rent 275 122 Straight-line rent 531 252 Allowance for S/L tenant credit loss (99) (50) Escalation and reimbursement revenues 1,852 846 Investment income 159 72 Other income 10 4 ------- ------ TOTAL REVENUES, NET 15,611 7,406 EXPENSES - --------------------------------------------------------------------------------------------------------- Operating expenses 3,994 1,873 Real estate taxes 2,661 1,292 ------- ------ TOTAL OPERATING EXPENSES 6,655 3,165 GAAP NOI 9,055 4,290 CASH NOI 8,249 3,916 Interest 5,218 2,463 Depreciation and amortization 2,028 879 ------- ------ NET INCOME 1,710 899 Plus: Real Estate Depreciation 1,832 788 Plus: Extraordinary Loss -- -- Plus: Management & Leasing Fees -- -- 45 ------- ------ ----------- FUNDS FROM OPERATIONS 3,542 1,687 FAD ADJUSTMENTS: - --------------------------------------------------------------------------------------------------------- Plus: Non Real Estate Depreciation 196 91 Plus: 2% Allowance for S/L Tenant Credit Loss 99 50 Less: Free and S/L Rent (806) (374) Less: Second Cycle Tenant Improvement, -- Leasing Commissions & Recurring Capex (335) (138) ------- ------ FAD ADJUSTMENT (846) (371) ======= ====== - --------------------------------------------------------------------------------------------------------- Operating Expense to Real Estate Revenue, net 25.70% 25.37% GAAP NOI to Real Estate Revenue, net 58.26% 58.13% Cash NOI to Real Estate Revenue, net 53.07% 53.06% - ---------------------------------------------------------------------------------------------------------
SUPPLEMENTAL PACKAGE INFORMATION 16 FOURTH QUARTER 2001 ================================================================================ CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY ($000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================
RETAINED EARNINGS / ADDITIONAL (DISTRIBUTIONS IN COMMON STOCK PAID-IN CAPITAL EXCESS OF EARNINGS) ------------ --------------- ------------------- BALANCE AT DECEMBER 31, 1998 240 416,939 (8,559) BALANCE AT DECEMBER 31, 1999 242 421,958 (9,422) Net Income 86,217 Preferred dividend and accretion (9,626) Deferred compensation plan 253 Exercise of employee stock options 3 4,359 Cash distributions declared ($1.475 per common share) (36,003) Redemption of operating partnership units 1 2,128 Amortization of officers' loan and deferred compensation ---------- ---------- ----------- BALANCE AT DECEMBER 31, 2000 246 428,698 31,166 Net Income 63,001 Cumulative Effect of Accounting Change Preferred Dividend and Accretion (9,658) Proceeds from common stock offering & revaluation of 50 144,558 minority interest ($2,927) Deferred compensation plan 1 4,122 Exercise of employee stock options 3 5,283 Cash distributions declared ($1.605 per common share) (44,826) Redemption of operating partnership units 689 Comprehensive Income - Unrealized loss of derivative instruments Amortization of officers' loan and deferred compensation ---------- ---------- ----------- BALANCE AT DECEMBER 31, 2001 300 583,350 39,684 DEFERRED ACCUMULATED COMPENSATION OTHER PLAN / OFFICERS' COMPREHENSIVE LOAN LOSS TOTAL ---------------- ------------- --------- BALANCE AT DECEMBER 31, 1998 (3,794) 404,826 BALANCE AT DECEMBER 31, 1999 (6,674) -- 406,104 Net Income 86,217 Preferred dividend and accretion (9,626) Deferred compensation plan 6 259 Exercise of employee stock options 4,362 Cash distributions declared ($1.475 per common share) (36,003) Redemption of operating partnership units 2,129 Amortization of officers' loan and deferred compensation 1,631 1,631 ---------- -------- ----------- BALANCE AT DECEMBER 31, 2000 (5,037) -- 455,073 Net Income 63,001 Cumulative Effect of Accounting Change (811) (811) Preferred Dividend and Accretion (9,658) Proceeds from common stock offering & revaluation of 144,608 minority interest ($2,927) - Deferred compensation plan (4,105) 18 Exercise of employee stock options 5,286 Cash distributions declared ($1.605 per common share) (44,826) Redemption of operating partnership units 689 Comprehensive Income - Unrealized loss of derivative instruments (651) (651) Amortization of officers' loan and deferred compensation 1,627 1,627 ---------- -------- ----------- BALANCE AT DECEMBER 31, 2001 (7,515) (1,462) 614,357
================================================================================ RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION [LOGO] SL GREEN REALTY CORP. ================================================================================
COMMON STOCK OP UNITS STOCK OPTIONS SUB-TOTAL PREFERRED STOCK DILUTED SHARES ------------- ----------- ------------- ------------ --------------- -------------- BALANCE AT DECEMBER 31, 1998 23,951,826 2,428,056 26,379,882 26,379,882 BALANCE AT DECEMBER 31, 1999 24,184,217 2,428,056 26,612,273 26,612,273 BALANCE AT DECEMBER 31, 2000 24,516,003 2,307,515 26,823,518 26,823,518 Option/OP Units Converted 296,201 (36,111) 260,090 260,090 Deferred Compensation Program 166,100 166,100 166,100 Common Stock Offering 5,000,000 5,000,000 5,000,000 ------------- ----------- ---------- ------------ ----------- ------------- BALANCE AT DECEMBER 31, 2001 - BASIC 29,978,304 2,271,404 -- 32,249,708 -- 32,249,708 Dilution Factor (2,984,900) 11,497 531,597 (2,441,806) 4,698,900 2,257,094 ------------- ----------- ---------- ------------ ----------- ------------- BALANCE AT DECEMBER 31, 2001 - DILUTED 26,993,404 2,282,901 531,597 29,807,902 4,698,900 34,506,802
SUPPLEMENTAL PACKAGE INFORMATION 17 FOURTH QUARTER 2001 ================================================================================ COMPARATIVE COMPUTATION OF FFO AND FAD UNAUDITED (000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================
THREE MONTHS THREE MONTHS ENDED DEC 31 ENDED SEPT 30 ------------------------------- ------------------- 2001 2000 % CHANGE 2001 % CHANGE ---- ---- -------- ---- -------- FUNDS FROM OPERATIONS - ----------------------------------------------------------------------------------------------------------------------------------- Net Income before Minority Interests 17,309 14,571 19% 16,042 8% Add: Depreciation and Amortization 10,380 7,992 30% 9,047 15% FFO adjustment for Joint Ventures 1,996 788 153% 2,225 -10% Less: Dividends on Preferred Shares 2,300 2,300 0% 2,300 0% Non Real Estate Depreciation/Amortization of Finance Costs 1,102 998 10% 1,059 4% ------- ------- ------- FUNDS FROM OPERATIONS - BASIC 26,283 20,053 31% 23,955 10% FUNDS FROM OPERATIONS - BASIC PER SHARE 0.82 0.75 9% 0.78 5% Add: Dividends on Preferred Shares 2,300 2,300 0% 2,300 0% ------- ------- ------- FUNDS FROM OPERATIONS - DILUTED 28,583 22,353 28% 26,255 9% FUNDS FROM OPERATIONS - DILUTED PER SHARE 0.76 0.70 9% 0.73 5% FUNDS AVAILABLE FOR DISTRIBUTION - ----------------------------------------------------------------------------------------------------------------------------------- FFO (1) 28,583 22,353 28% 26,255 9% Add: Non Real Estate Depreciation 1,102 998 10% 1,059 4% 2% Allowance for S/L Tenant Credit Loss 443 182 144% 377 18% Straight-line Ground Rent 160 354 -55% 60 167% Non-cash Deferred Compensation 349 903 -61% 349 0% FAD adjustment for Joint Ventures & Emerge (1,540) (371) 315% (2,922) -47% Less: Straight-line Rental Income 1,956 2,171 -10% 1,783 10% Free Rent - Occupied (Net of Amortization, incl. First Cycle) (88) 25 -453% 138 -164% Amortization of Mortgage Investment Discount 175 1,119 -84% 177 -1% Second Cycle Tenant Improvement & Leasing Commission on Existing Space 5,397 3,315 63% 2,449 120% Recurring Building Improvements 1,411 905 56% 431 227% ------- ------- ------- FUNDS AVAILABLE FOR DISTRIBUTION 20,246 16,884 20% 20,201 0% Diluted per Share 0.54 0.53 2% 0.56 -4% First Cycle Leasing Costs Tenant Improvement & Leasing Commissions 74 439 -83% 7 957% ------- ------- ------- FUNDS AVAILABLE FOR DISTRIBUTION AFTER FIRST CYCLE LEASING COSTS 20,172 16,445 23% 20,194 0% Funds Available for Distribution per Diluted Weighted Average Unit and Common Share 0.63 0.61 2% 0.64 -3% Redevelopment Costs 4,708 6,995 -33% 4,147 14% - ----------------------------------------------------------------------------------------------------------------------------------- PAYOUT RATIO OF FUNDS FROM OPERATIONS 58.07% 55.36% 53.24% PAYOUT RATIO OF FUNDS AVAILABLE FOR DISTRIBUTION BEFORE FIRST CYCLE 81.99% 73.44% 69.20% - ----------------------------------------------------------------------------------------------------------------------------------- TWELVE MONTHS ENDED DEC 31 -------------------------------- 2001 2000 % CHANGE ---- ---- -------- FUNDS FROM OPERATIONS - ------------------------------------------------------------------------- ---------------------------------- Net Income before Minority Interests 63,607 53,152 20% Add: Depreciation and Amortization 38,336 32,511 18% FFO adjustment for Joint Ventures 6,575 3,258 102% Less: Dividends on Preferred Shares 9,200 9,200 0% Non Real Estate Depreciation/Amortization of Finance Costs 4,474 4,102 9% -------- ------- FUNDS FROM OPERATIONS - BASIC 94,844 75,619 25% FUNDS FROM OPERATIONS - BASIC PER SHARE 3.24 2.83 Add: Dividends on Preferred Shares 9,200 9,200 0% -------- ------- FUNDS FROM OPERATIONS - DILUTED 104,044 84,819 23% FUNDS FROM OPERATIONS - DILUTED PER SHARE 3.02 2.67 13% FUNDS AVAILABLE FOR DISTRIBUTION - ------------------------------------------------------------------------- ---------------------------------- FFO (1) 104,044 84,819 23% Add: Non Real Estate Depreciation 4,474 4,102 9% 2% Allowance for S/L Tenant Credit Loss 1,928 854 126% Straight-line Ground Rent 928 1,548 -40% Non-cash Deferred Compensation 1,396 2,015 -31% FAD adjustment for Joint Ventures & Emerge (8,141) (2,360) 245% Less: Straight-line Rental Income 8,625 9,074 -5% Free Rent - Occupied (Net of Amortization, incl. First Cycle) 1,480 3,899 -62% Amortization of Mortgage Investment Discount (4,497) 3,345 -234% Second Cycle Tenant Improvement & Leasing Commission on Existing Space 9,918 12,534 -21% Recurring Building Improvements 2,956 2,401 23% -------- ------- FUNDS AVAILABLE FOR DISTRIBUTION 86,147 59,726 44% Diluted per Share 2.50 1.88 33% First Cycle Leasing Costs Tenant Improvement & Leasing Commissions 254 14,026 -98% -------- ------- FUNDS AVAILABLE FOR DISTRIBUTION AFTER FIRST CYCLE LEASING COSTS 85,893 45,699 88% Funds Available for Distribution per Diluted Weighted Average Unit and Common Share 2.93 1.71 72% Redevelopment Costs 13,791 17,261 -20% - ------------------------------------------------------------------------- ---------------------------------- PAYOUT RATIO OF FUNDS FROM OPERATIONS 58.70% 55.33% PAYOUT RATIO OF FUNDS AVAILABLE FOR DISTRIBUTION BEFORE FIRST CYCLE 70.90% 66.97% - ------------------------------------------------------------------------- ----------------------------------
(1) For the calculation of funds available for distribution, the FFO Diluted was used for 2Q01 and 3Q01. SUPPLEMENTAL PACKAGE INFORMATION 18 FOURTH QUARTER 2001 ================================================================================ SELECTED FINANCIAL DATA CAPITALIZATION ANALYSIS UNAUDITED (000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================
DECEMBER 31, DECEMBER 31, SEPTEMBER 30, JUNE 30, 2001 2000 2001 2001 ------------ ------------ ------------- -------- MARKET CAPITALIZATION - ---------------------------------------------------------------------------------------------------------------------------------- Common Equity: Common Shares Outstanding 29,978 24,516 29,945 24,859 OP Units Outstanding 2,271 2,308 2,278 2,281 --------- --------- --------- --------- TOTAL COMMON EQUITY (SHARES AND UNITS) 32,249 26,824 32,223 27,140 Share Price at (End of Period) 30.71 28.00 31.52 30.31 --------- --------- --------- --------- Equity Market Value 990,379 751,059 1,015,669 822,621 Preferred Equity at Liquidation Value: 115,000 115,000 115,000 115,000 REAL ESTATE DEBT - ---------------------------------------------------------------------------------------------------------------------------------- Property Level Mortgage Debt 409,900 414,342 411,393 325,411 Company's portion of Joint Venture Mortgages 225,290 115,808 263,478 213,452 Outstanding Balance on - Secured Credit Line 34,931 23,374 19,738 45,238 Outstanding Balance on - Unsecured Credit Line 60,000 23,000 53,000 238,000 --------- --------- --------- --------- TOTAL COMBINED DEBT 730,121 576,524 747,609 822,102 TOTAL MARKET CAP (DEBT & EQUITY) 1,835,500 1,442,583 1,878,278 1,759,723 LINES OF CREDIT AVAILABILITY - ---------------------------------------------------------------------------------------------------------------------------------- Senior Unsecured Line of Credit Maximum Line Available 300,000 250,000 300,000 300,000 Letters of Credit issued 5,000 21,000 5,000 5,000 Outstanding Balance 60,000 23,000 53,000 238,000 --------- --------- --------- --------- Net Line Availability 235,000 206,000 242,000 57,000 --------- --------- --------- --------- Secured Line of Credit Maximum Line Available 75,000 60,000 60,000 60,000 Outstanding Balance 34,931 23,374 19,738 45,238 --------- --------- --------- --------- Net Line Availability 40,069 36,626 40,262 14,762 --------- --------- --------- --------- TOTAL AVAILABILITY UNDER LINES OF CREDIT 275,069 242,626 282,262 71,762 --------- --------- --------- --------- RATIO ANALYSIS - ---------------------------------------------------------------------------------------------------------------------------------- Consolidated Basis Debt to Market Cap Ratio 31.35% 34.72% 29.98% 39.36% Debt to Gross Real Estate Book Ratio (1) 48.34% 48.89% 48.31% 58.31% Secured Real Estate Debt to Secured Assets Gross Book (1) 77.68% 66.06% 67.51% 68.37% Unsecured Debt to Unencumbered Assets-Gross Book Value (1) 15.92% 8.65% 15.67% 62.74% Secured Line of Credit to Structured Finance Assets (1) 18.73% 45.57% 12.50% 41.95% Joint Ventures Allocated Combined Debt to Market Cap Ratio 39.78% 39.96% 39.80% 46.72% Debt to Gross Real Estate Book Ratio (1) 53.24% 51.58% 53.77% 60.10% Secured Debt to Secured Assets Gross Book (1) 51.31% 65.85% 67.38% 67.15% Unsecured Debt to Unencumbered Assets-Gross Book Value (1) 15.92% 8.65% 15.67% 62.74% Secured Line of Credit to Structured Finance Assets (1) 18.73% 45.57% 12.50% 41.95%
(1) Excludes property under capital lease SUPPLEMENTAL PACKAGE INFORMATION 19 FOURTH QUARTER 2001 ================================================================================ SELECTED FINANCIAL DATA PROPERTY NOI AND COVERAGE RATIOS UNAUDITED (000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================
THREE MONTHS ENDED DECEMBER 31 THREE MONTHS ENDED SEPTEMBER 30 ---------------------------------------- ------------------------------- 2001 2000 +/- % CHANGE 2001 +/- % CHANGE ---- ---- --- -------- ---- --- -------- FUNDS FROM OPERATIONS 26,283 20,053 6,230 31% 23,955 2,328 10% - ----------------------------------------------------------------------------------------------------------------------------------- Less: Non - Building Revenue(1) 8,458 4,063 4,395 108% 6,355 2,103 33% Plus: 2% Reserve for Tenant Credit Loss 443 182 261 144% 377 66 18% Interest Expense (incl. Capital Lease Int.) 9,384 10,188 (804) -8% 9,785 (401) -4% Non Real Estate Depreciation 1,102 998 104 10% 1,059 43 4% MG&A Expense 4,044 3,043 1,001 33% 4,116 (72) -2% Preferred Dividend 2,300 2,300 -- 0% 2,300 -- 0% ------ ------ ------ ------ ------ GAAP NOI 35,098 32,701 2,397 7% 35,237 (139) 0% CASH ADJUSTMENTS - ----------------------------------------------------------------------------------------------------------------------------------- Less: Free Rent (Net of Amortization) 295 25 270 1081% 138 157 114% Straightline Revenue Adjustment 2,470 2,171 299 14% 1,783 687 39% Plus: Ground Lease Straight-line Adjustment 160 354 (194) -55% 60 100 167% ------ ------ ------ ------ ------ CASH NOI 32,493 30,859 1,634 5% 33,376 (883) -3% Real Estate Revenue, net 56,167 54,568 1,599 3% 57,886 (1,719) -3% OPERATING MARGINS - ----------------------------------------------------------------------------------------------------------------------------------- GAAP NOI/Real Estate Revenue, net 62.49% 59.93% 60.87% Cash NOI/Real Estate Revenue, net 57.85% 56.55% 57.66% GAAP NOI before Ground Rent/Real Estate Revenue, net 68.11% 65.71% 66.23% Cash NOI before Ground Rent/Real Estate Revenue, net 63.19% 61.68% 62.91% COMPONENTS OF DEBT AND FIXED CHARGES - ----------------------------------------------------------------------------------------------------------------------------------- Interest on Fixed Rate Loans 5,762 7,010 (1,248) -18% 5,705 57 1% Interest on Floating Rate Loans 3,622 3,178 444 14% 4,080 (458) -11% Fixed Amortization Principal Payments 1,493 1,009 484 48% 1,196 297 25% ------ ------ ------ ------ ------ TOTAL DEBT SERVICE 10,877 11,197 (320) -3% 10,981 (104) -1% Payments under Ground Lease Arrangements 2,999 2,802 197 7% 3,041 (42) -1% Preferred Stock Dividend 2,300 2,300 -- 0% 2,300 -- 0% ------ ------ ------ ------ ------ TOTAL FIXED CHARGES 16,176 16,299 (123) -1% 16,322 (146) -1% - ----------------------------------------------------------------------------------------------------------------------------------- Adjusted EBITDA 39,906 35,582 39,005 Interest Coverage Ratio 4.25 3.49 3.99 Debt Service Coverage ratio 3.67 3.18 3.55 Fixed Charge Coverage ratio 2.47 2.18 2.39 - -----------------------------------------------------------------------------------------------------------------------------------
(1) Non Building revenue for 3Q01 was adjusted for income received for preferred equity investment income. SUPPLEMENTAL PACKAGE INFORMATION 20 FOURTH QUARTER 2001 ================================================================================ SELECTED FINANCIAL DATA 2001 SAME STORE UNAUDITED (000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================
THREE MONTHS ENDED DECEMBER 31 THREE MONTHS ENDED SEPTEMBER 30, --------------------------------------------- -------------------------------- 2001 2000 +/- % CHANGE 2001 +/- % CHANGE ---- ---- --- -------- ---- --- -------- REVENUES - ------------------------------------------------------------------------------------------------------------------------------------ Rental Revenue 40,119 39,360 759 2% 39,760 359 1% Credit Loss (374) (121) (253) 210% (279) (95) 34% Signage Rent 433 544 (111) -20% 372 61 16% Escalation & Reimbursement Revenues 5,420 4,633 787 17% 7,170 (1,750) -24% Investment & Other Income 154 294 (140) -47% 390 (236) -60% ------- ------- ------ ------- ------ TOTAL REVENUES 45,752 44,710 1,042 2% 47,413 (1,661) -4% EXPENSES - ------------------------------------------------------------------------------------------------------------------------------------ Operating Expense 9,886 9,834 52 1% 11,667 (1,781) -15% Ground Rent 3,159 3,155 4 0% 3,100 59 0% Real Estate Taxes 6,076 5,825 251 4% 6,111 (35) -1% ------- ------- ------ ------- ------ TOTAL OPERATING EXPENSES 19,121 18,814 307 2% 20,878 (1,757) -8% EBITDA 26,631 25,896 735 3% 26,535 96 0% Interest 6,837 7,522 (685) -9% 6,862 (25) 0% Depreciation & Amortization 7,566 5,946 1,621 27% 6,622 944 14% Income Before Minority Interest 12,228 12,427 (201) -2% 13,051 (823) -6% Plus: Real Estate Depreciation & Amortization 7,345 5,652 1,693 30% 6,403 942 15% ------- ------- ------ ------- ------ FFO 19,573 18,079 1,494 8% 19,454 119 1% Less: Non - Building Revenue 124 263 (139) -53% 175 (51) -29% Plus: 2% Reserve for Tenant Credit Loss 374 121 253 210% 279 95 34% Interest Expense 6,837 7,522 (685) -9% 6,862 (25) 0% Non Real Estate Depreciation 220 294 (74) -25% 220 -- 0% ------- ------- ------ ------- ------ GAAP NOI 26,880 25,754 1,127 4% 26,640 240 1% CASH ADJUSTMENTS - ------------------------------------------------------------------------------------------------------------------------------------ Less: Free Rent (Net of Amortization) (31) 65 (96) -147% (127) 96 -75% Straightline Revenue Adjustment 1,413 1,810 (397) -22% 1,250 163 13% Plus: Ground Lease Straight-line Adjustment 160 354 (194) -55% 121 39 0% ------- ------- ------ ------- ------ CASH NOI 25,658 24,232 1,426 6% 25,638 20 0% OPERATING MARGINS - ------------------------------------------------------------------------------------------------------------------------------------ GAAP NOI to Real Estate Revenue, net 58.43% 57.79% 56.06% Cash NOI to Real Estate Revenue, net 55.77% 54.37% 53.96% GAAP NOI before Ground Rent/Real Estate Revenue, net 65.30% 64.87% 62.59% Cash NOI before Ground Rent/Real Estate Revenue, net 62.29% 60.66% 60.22% - ------------------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL PACKAGE INFORMATION 21 FOURTH QUARTER 2001 ================================================================================ DEBT SUMMARY SCHEDULE UNAUDITED (000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================
2002 PRINCIPAL O/S ANNUAL 12/31/2001 COUPON PAYMENT ---------- ------ ------- FIXED RATE SECURED DEBT - ------------------------------------------------------------------------------------------------------------------------------------ Property 673 First Avenue 8,977 9.00% 5,459 470 Park Avenue South 9,356 8.25% 1,203 50 West 23rd Street 21,000 7.33% 1,539 CIBC (against 1414 Ave. of Americas and 70 W. 36th St.) 26,023 7.90% 2,402 711 Third Avenue 48,824 8.13% 4,383 555 West 57th Street (Libor collar of 6.10% - 6.58% + 200bps) 68,930 8.10% -- 420 Lexington Avenue 124,745 8.44% 12,385 317 Madison (Libor Cap of 4.01% + 180bps) 65,000 5.81% 3,829 875 Bridgeport Avenue, CT (1031 exchange asset) 14,867 8.32% 1,273 ------- ---- ------ TOTAL FIXED RATE SECURED DEBT 387,722 7.81% WTD AVG 32,473 FLOATING RATE DEBT - ------------------------------------------------------------------------------------------------------------------------------------ SECURED FLOATING RATE DEBT Structured Finance Loan (Libor + 100bp) 22,178 3.67% Fleet Secured Line of Credit (Libor + 150bps) 34,931 3.60% ------- ----- TOTAL FLOATING RATE SECURED DEBT 57,109 3.92% WTD AVG UNSECURED FLOATING RATE DEBT Senior Unsecured Line of Credit (Libor + 150 bps) 60,000 3.94% ------- ----- TOTAL FLOATING RATE UNSECURED DEBT 60,000 3.94% WTD AVG TOTAL FLOATING RATE DEBT OUTSTANDING 117,109 3.93% WTD AVG TOTAL DEBT 504,831 6.91% WTD AVG - -------------------------------------------------------------------------------------------------------------- WEIGHTED AVERAGE BALANCE & INTEREST RATE 491,987 6.91% - -------------------------------------------------------------------------------------------------------------- ==================================================================================================================================== SUMMARY OF JOINT VENTURE DEBT ==================================================================================================================================== PRINCIPAL O/S ---------------------------------- GROSS PRINCIPAL SLG SHARE JOINT VENTURE DEBT - ------------------------------------------------------------------------------------------------------------------------------------ 180 Madison JV 32,000 15,968 7.81% 2,765 1250 Broadway (Libor Swap of 4.03% + 250bp) (1) 85,000 46,750 5.48% 5,551 469 Seventh Avenue (Libor + 225 bp) 36,000 12,600 4.33% -- 321 W 44th JV (Libor + 250bps) 22,000 7,700 4.87% -- 1 Park Avenue (Libor + 150 bps) 150,000 82,500 4.20% -- 100 Park Avenue JV 119,784 59,772 8.00% 10,617 -------- ------- ----- ------- TOTAL JOINT VENTURE DEBT 444,784 225,290 5.76% 18,932 - -------------------------------------------------------------------------------------------------------------- WEIGHTED AVERAGE BALANCE & INTEREST RATE WITH SLG JV DEBT 717,349 6.55% - -------------------------------------------------------------------------------------------------------------- 2002 PRINCIPAL MATURITY DUE AT EARLIEST CONTRACTUAL REPAYMENT DATE MATURITY PREPAYMENT DATE --------- ---- -------- --------------- FIXED RATE SECURED DEBT - ---------------------------------------------------------------------------------------------------------------------------------- Property 673 First Avenue 3,301 12/13/2003 2,000 Open 470 Park Avenue South 452 4/1/2004 8,285 Open 50 West 23rd Street -- 8/1/2007 19,234 Aug-01 CIBC (against 1414 Ave. of Americas and 70 W. 36th St.) 336 5/1/2009 12,196 Apr-03 711 Third Avenue 373 9/10/2005 22,825 Jun-04 555 West 57th Street (Libor collar of 6.10% - 6.58% + 200bps) 676 11/4/2004 66,959 Open 420 Lexington Avenue 1,693 11/1/2010 104,406 Open 317 Madison (Libor Cap of 4.01% + 180bps) -- 8/20/2004 65,000 Open 875 Bridgeport Avenue, CT (1031 exchange asset) 37 5/10/2025 5,466 Open --------- TOTAL FIXED RATE SECURED DEBT 6,867 FLOATING RATE DEBT - ---------------------------------------------------------------------------------------------------------------------------------- SECURED FLOATING RATE DEBT Structured Finance Loan (Libor + 100bp) -- 11/1/2002 22,178 Nov-02 Fleet Secured Line of Credit (Libor + 150bps) -- 12/22/2001 34,931 Open TOTAL FLOATING RATE SECURED DEBT UNSECURED FLOATING RATE DEBT Senior Unsecured Line of Credit (Libor + 150 bps) -- 6/27/2003 60,000 Open TOTAL FLOATING RATE UNSECURED DEBT TOTAL FLOATING RATE DEBT OUTSTANDING TOTAL DEBT - ---------------------------------------------------------------------- WEIGHTED AVERAGE BALANCE & INTEREST RATE - ---------------------------------------------------------------------- ================================================================================================================================== SUMMARY OF JOINT VENTURE DEBT ================================================================================================================================== JOINT VENTURE DEBT - ---------------------------------------------------------------------------------------------------------------------------------- 180 Madison JV 278 12/1/2005 30,778 Open 1250 Broadway (Libor Swap of 4.03% + 250bp) (1) -- 10/1/2004 85,000 Open 469 Seventh Avenue (Libor + 225 bp) -- 2/1/2003 12,600 Open 321 W 44th JV (Libor + 250bps) -- 4/30/2003 7,700 Open 1 Park Avenue (Libor + 150 bps) -- 1/10/2004 82,500 Open 100 Park Avenue JV 883 9/1/2010 107,488 Open --------- TOTAL JOINT VENTURE DEBT 1,161 - -------------------------------------------------------------- WEIGHTED AVERAGE BALANCE & INTEREST RATE WITH SLG JV DEBT - --------------------------------------------------------------
(1) Swap on 1250 mortgage executed on SLG portion only through January 11, 2005. SUPPLEMENTAL PACKAGE INFORMATION 22 FOURTH QUARTER 2001 ================================================================================ SUMMARY OF GROUND LEASE ARRANGEMENTS CONSOLIDATED STATEMENT (REIT) ($000's OMITTED) [LOGO] SL GREEN REALTY CORP. ================================================================================
2002 SCHEDULED 2003 SCHEDULED 2004 SCHEDULED 2005 SCHEDULED DEFERRED LAND YEAR OF PROPERTY CASH PAYMENT CASH PAYMENT CASH PAYMENT CASH PAYMENT LEASE OBLIGATION(1) MATURITY -------- ------------ ------------ ------------ ------------ ---------------------------- OPERATING LEASES - ----------------------------------------------------------------------------------------------------------------------------------- 673 1st Avenue 3,010 3,010 3,010 3108 12,387 2037 1140 Avenue of Americas (2) 348 348 348 348 -- 2016 (3) 420 Lexington (2) 7,074 7,074 7,074 7,074 -- 2008 (4) 711 3rd Avenue (2) (5) 1,550 1,550 1,550 1,550 1,699 2032 ------ ------ ------ ------ ------ TOTAL 11,982 11,982 11,982 12,080 14,086 ====== ====== ====== ====== ====== CAPITALIZED LEASE - -------------------------------------------------------------------------------------------------------------------------------- 673 1st Avenue 1,290 1,290 1,290 1,322 15,574 2037 ====== ====== ====== ====== ======
- ------------------------------------------------------------------------------- (1) Per the balance sheet at December 31, 2001. (2) These ground leases are classified as operating leases and, therefore, do not appear on the balance sheet as an obligation. (3) The Company has a unilateral option to extend the ground lease for an additional 50 years, to 2066. (4) Subject to renewal at the Company's option through 2029. (5) Excludes portion payable to SL Green as owner of 50% leasehold. - -------------------------------------------------------------------------------- Supplemental Package Information 23 Fourth Quarter 2001 ============================================================================== MORTGAGE INVESTMENT AND PREFERRED EQUITY ($000's OMITTED) [LOGO] SL GREEN REALTY CORP. ==============================================================================
ASSETS WTD AVERAGE WTD AVERAGE RUN RATE LIBOR OUTSTANDING AT PAR ASSETS DURING QUARTER YIELD DURING QUARTER YIELD RATE ------------------ --------------------- -------------------- ----- ---- 12/31/2000 51,293 50,598 22.10% 22.30% 6.82% Originations/Accretion* 41,689 Redemptions 0 ------- 3/31/2001 92,982 56,527 19.92% 15.87% 5.75% Originations/Accretion* 60,651 Redemptions (55,802) ------- 6/30/2001 97,832 70,607 15.04% 13.65% 4.52% Originations/Accretion* 28,457 Preferred Equity 53,500 Redemptions (21,888) ------- 9/30/2001 157,901 114,248 16.50% 14.88% 3.73% Originations/Accretion* 30,468 Preferred Equity 0 Redemptions 0 ------- 12/31/2001 188,369 178,248 12.86% 12.72% 2.09%
* Accretion includes original issue discounts and compounding investment income. ** At quarter end $116.5mm of assets have fixed floor yields based on a weighted average floor libor of 4.19%. ** Run rate yield, net of seller financing, based on current outstanding balance at December 31, 2001 is 11.75%. CURRENT MATURITY PROFILE Structured Finance Maturity Profile [BAR CHART OMITTED] Supplemental Package Information 24 Fourth Quarter 2001 =============================================================================== SELECTED PROPERTY DATA [LOGO] SL GREEN REALTY CORP. ===============================================================================
PERCENT OCCUPIED --------------------- RENTABLE % OF TOTAL PROPERTIES SUBMARKET OWNERSHIP SQ. FEET SQ. FEET 12/31/2001 9/30/2001 - ---------- --------- --------- ----------- -------- ---------- --------- PROPERTIES 100% OWNED "SAME STORE" - ----------------------------------------------------------------------------------------------------------------------------------- 673 First Avenue Grand Central South Leasehold Interest 422,000 4 99.8 99.9 470 Park Avenue South Park Avenue South/ Flatitron Fee Interest 260,000 3 99.4 99.4 70 W. 36th Street Garment Fee Interest 151,000 2 98.5 96.3 1414 Avenue of the America Rockefeller Center Fee Interest 111,000 1 96.2 97.6 1372 Broadway Garment Fee Interest 508,000 5 99.3 100.0 1140 A of A Rockefeller Center Leasehold Interest 191,000 2 95.5 100.0 50 W. 23rd Street Chelsea Fee Interest 333,000 3 99.2 99.2 1466 Broadway Times Square Fee Interest 289,000 3 88.9 81.2 420 Lexington Ave (Graybar) Grand Central North Operating Sublease 1,188,000 12 94.8 97.1 440 Ninth Avenue Garment Fee Interest 339,000 3 91.1 91.1 711 Third Avenue Grand Central North Operating Sublease (1) 524,000 5 100.0 100.0 555 West 57th Midtown West Fee Interest 941,000 9 100.0 99.9 286 Madison Avenue Grand Central South Fee Interest 112,000 1 100.0 98.7 290 Madison Avenue Grand Central South Fee Interest 36,800 1 100.0 100.0 292 Madison Avenue Grand Central South Fee Interest 187,000 2 100.0 100.0 ----------- ---- -------- -------- SUBTOTAL / WEIGHTED AVERAGE 5,592,800 56 97.4 97.6 2001 ACQUISITIONS - ----------------------------------------------------------------------------------------------------------------------------------- 317 Madison Grand Central Fee Interest 450,000 4 94.6 95.7 1370 Broadway Garment Fee Interest 255,000 3 97.3 99.0 ----------- ---- -------- -------- SUBTOTAL / WEIGHTED AVERAGE 705,000 7 95.6 96.9 2001 ADJUSTMENTS - ----------------------------------------------------------------------------------------------------------------------------------- 110 East 42nd Street Grand Central Fee Interest 181,000 2 99.9 99.9 17 Battery Place - North World Trade/ Battery Fee Interest 419,000 4 100.0 100.0 ----------- ---- -------- -------- SUBTOTAL / WEIGHTED AVERAGE 600,000 6 100.0 100.0 TOTAL/ WEIGHTED AVERAGE PROPERTIES 100% OWNED 6,897,800 69 97.4 97.7 PROPERTIES 100% OWNED UNCONSOLIDATED - ----------------------------------------------------------------------------------------------------------------------------------- 180 Madison Avenue - 50% Grand Central South Fee Interest 265,000 3 92.8 89.5 1 Park Avenue - 55% Grand Central South Various Interests 913,000 9 98.3 97.7 1250 Broadway -55% Penn Station Fee Interest 670,000 7 99.5 99.5 469 Seventh Avenue - 35% Penn Station Fee Interest 253,000 2 96.8 96.1 100 Park Avenue - 50% Grand Central South Fee Interest 834,000 8 100.0 97.2 321 West 44th Street -35% Times Square Fee Interest 203,000 2 97.2 97.5 ---- -------- -------- SUBTOTAL / WEIGHTED AVERAGE 3,138,000 31 98.4 97.1 - ----------------------------------------------------------------------------------------------------------------------------------- GRAND TOTAL/ WEIGHTED AVERAGE 10,035,800 100 97.7 97.5 GRAND TOTAL - SLG SHARE OF ANNUALIZED RENT - ----------------------------------------------------------------------------------------------------------------------------------- Annualized ---------------------------- Annualized Rentas % of Rent as % of Number of PROPERTIES 6/30/2001 3/31/2001 Rent ($'s) Wholly Owned SLG Interests Tenants - ---------- ----------- ------------ ------------- ------- PROPERTIES 100% OWNED "SAME STORE" - --------------------------------------------------------------------------------- ------------------------------------------- 673 First Avenue 99.8 99.8 12,834,062 7 5 14 470 Park Avenue South 99.4 99.0 7,056,505 4 3 26 70 W. 36th Street 96.3 98.0 3,688,304 2 2 30 1414 Avenue of the America 97.6 97.0 3,905,970 2 2 28 1372 Broadway 99.3 99.0 13,857,209 7 6 27 1140 A of A 100.0 100.0 6,802,510 4 3 25 50 W. 23rd Street 99.2 99.0 7,800,699 4 3 18 1466 Broadway 80.9 83.0 8,502,171 4 4 93 420 Lexington Ave (Graybar) 99.4 99.0 39,472,740 20 16 249 440 Ninth Avenue 98.8 98.0 7,935,202 4 3 15 711 Third Avenue 100.0 100.0 18,362,410 9 8 21 555 West 57th 100.0 100.0 18,724,322 10 8 23 286 Madison Avenue 100.0 98.0 3,372,594 2 1 42 290 Madison Avenue 100.0 100.0 1,322,244 1 1 4 292 Madison Avenue 100.0 100.0 6,267,750 3 3 19 ----------- ----------- ----------- ----------- ----------- ----------- SUBTOTAL / WEIGHTED AVERAGE 98.5 98.4 159,904,692 82 66 634 2001 ACQUISITIONS - ----------------------------------------------------------------------------------------------------------------------------- 317 Madison 95.7 0.0 12,063,472 6 5 105 1370 Broadway 99.4 99.0 6,835,576 4 3 30 ----------- ----------- ----------- ----------- ----------- ----------- SUBTOTAL / WEIGHTED AVERAGE 97.0 99.0 18,899,048 10 8 135 2001 ADJUSTMENTS - ----------------------------------------------------------------------------------------------------------------------------- 110 East 42nd Street 99.9 100.0 5,849,915 3 2 29 17 Battery Place - North 100.0 100.0 9,326,210 5 4 7 ----------- ----------- ----------- ----------- ----------- ----------- SUBTOTAL / WEIGHTED AVERAGE 100.0 100.0 15,176,125 8 6 36 TOTAL/ WEIGHTED AVERAGE PROPERTIES 100% OWNED 98.5 98.6 193,979,865 100 80 805 PROPERTIES 100% OWNED UNCONSOLIDATED - ----------------------------------------------------------------------------------------------------------------------------- 180 Madison Avenue - 50% 89.5 89.0 6,302,821 1 53 1 Park Avenue - 55% 97.0 97.0 32,522,146 7 17 1250 Broadway - 55% 99.5 99.6 17,041,892 4 28 469 Seventh Avenue - 35% 90.0 90.0 6,505,933 1 21 100 Park Avenue - 50% 100.0 100.0 28,529,204 6 37 321 West 44th Street - 35% 95.5 96.0 4,021,547 1 25 ----------- ----------- ----------- ----------- ----------- ----------- SUBTOTAL / WEIGHTED AVERAGE 97.0 97.0 94,923,543 20 181 - ----------------------------------------------------------------------------------------------------------------------------- GRAND TOTAL/ WEIGHTED AVERAGE 98.0 98.1 288,903,408 986 GRAND TOTAL - SLG SHARE OF ANNUALIZED RENT 242,305,884 100
(1) Including Ownership of 50% in Building Fee Supplemental Package Information 25 Fourth Quarter 2001 ============================================================================== LARGEST TENANTS BY SQUARE FEET LEASED [LOGO] SL GREEN REALTY CORP. ==============================================================================
WHOLLY OWNED PORTFOLIO + ALLOCATED JV PROPERTIES TOTAL LEASE LEASED ANNUALIZED PSF TENANT PROPERTY EXPIRATION SQUARE FEET RENT ($) ANNUALIZED - ------ -------- ---------- ------------ --------- ---------- - ----------------------------------------------------------------------------------------------------------------------------------- The City of New York 17 Battery Place & 1250 Broadway 2007 & 2012 317,867 $6,348,480 $19.97 BMW of Manhattan, Inc. 555 West 57th Street 2012 227,782 $2,806,224 $12.32 Visting Nurse Services 1250 Broadway 2002, 2006 & 2011 171,078 $4,382,280 $25.62 Philip Morris Managament Corp 100 Park Avenue 2007 175,887 $6,445,140 $36.64 J&W Seligman & Co., Inc. 100 Park Avenue 2009 168,390 $5,133,144 $30.48 City University of New York -CUNY 555 West 57th Street 2010, 2011, & 2015 168,014 $3,972,312 $23.64 Segal Company 1 Park Avenue 2009 157,944 $5,508,612 $34.88 Loews Corp 1 Park Avenue 2002 155,765 $6,910,344 $44.36 Metro North Commuter Railroad Co. 420 Lexington Avenue 2008 & 2016 134,687 $3,838,836 $28.50 St. Luke's Roosevelt Hospital 555 West 57th Street 2014 133,700 $2,993,196 $22.39 C.B.S., Inc. 555 West 57th Street 2003 & 2010 127,320 $2,402,580 $18.87 Ross Stores 1372 Broadway 2010 101,741 $2,605,176 $25.61 Ketchum, Inc. 711 Third Avenue 2015 100,876 $3,984,780 $39.50 CHF Industries 1 Park Avenue 2005 100,000 $3,370,272 $33.70 Coty Inc. 1 Park Avenue 2015 100,000 $3,542,028 $35.42 New York Presbyterian Hospital 555 West 57th Street & 2006 & 2009 99,650 $2,595,660 $26.05 673 First Avenue Ann Taylor Inc. 1372 Broadway 2010 93,020 $2,357,496 $25.34 Crain Communications Inc. 711 Third Avenue 2009 90,531 $3,263,172 $36.04 Information Builders Inc 1250 Broadway 2003 88,571 $2,115,708 $23.89 Advanstar Communications 1 Park Avenue 2010 85,284 $2,893,488 $33.93 MCI INTERNATIONAL 17 Battery Place 2004 & 2006 83,751 $3,072,744 $36.69 & 100 Park Avenue Parade Publications, Inc. 711 Third Avenue 2010 82,444 $2,011,872 $24.40 UNICEF 673 First Avenue 2003 & 2012 81,100 $2,655,264 $32.74 Kallir, Phillips, Ross Inc. 673 First Avenue 2004 80,000 $2,443,572 $30.54 Mt. Sinai Hospital 1 Park Avenue 2010 80,000 $2,824,968 $35.31 ---------- ------------ ------- TOTAL 3,205,402 $90,477,348 $28.23 WHOLLY OWNED PORTFOLIO + ALLOCATED JV PROPERTIES 10,035,800 $288,903,408 $28.79 % OF % OF WHOLLY OWNED PORTFOLIO + ALLOCATED JV PROPERTIES OWNED SLG SHARE OF SLG SHARE OF ANNUALIZED ANNUALIZED ANNUALIZED TENANT PROPERTY RENT RENT($) RENT - ------ -------- ----- ------- ---- - -------------------------------------------------------------------------------------------------------------------- The City of New York 17 Battery Place & 1250 Broadway 2.2% $5,857,442 2.4% BMW of Manhattan, Inc. 555 West 57th Street 1.0% $2,806,224 1.2% Visting Nurse Services 1250 Broadway 1.5% $2,410,254 1.0% Philip Morris Managament Corp 100 Park Avenue 2.2% $3,216,125 1.3% J&W Seligman & Co., Inc. 100 Park Avenue 1.8% $2,561,439 1.1% City University of New York -CUNY 555 West 57th Street 1.4% $3,972,312 1.6% Segal Company 1 Park Avenue 1.9% $3,029,737 1.3% Loews Corp 1 Park Avenue 2.4% $3,800,689 1.6% Metro North Commuter Railroad Co. 420 Lexington Avenue 1.3% $3,838,836 1.6% St. Luke's Roosevelt Hospital 555 West 57th Street 1.0% $2,993,196 1.2% C.B.S., Inc. 555 West 57th Street 0.8% $2,402,580 1.0% Ross Stores 1372 Broadway 0.9% $2,605,176 1.1% Ketchum, Inc. 711 Third Avenue 1.4% $3,984,780 1.6% CHF Industries 1 Park Avenue 1.2% $1,853,650 0.8% Coty Inc. 1 Park Avenue 1.2% $1,948,115 0.8% New York Presbyterian Hospital 555 West 57th Street & 0.9% $2,595,660 1.1% 673 First Avenue Ann Taylor Inc. 1372 Broadway 0.8% $2,357,496 1.0% Crain Communications Inc. 711 Third Avenue 1.1% $3,263,172 1.3% Information Builders Inc 1250 Broadway 0.7% $1,163,639 0.5% Advanstar Communications 1 Park Avenue 1.0% $1,591,418 0.7% MCI INTERNATIONAL 17 Battery Place 1.1% $2,146,625 0.9% & 100 Park Avenue Parade Publications, Inc. 711 Third Avenue 0.7% $2,011,872 0.8% UNICEF 673 First Avenue 0.9% $2,655,264 1.1% Kallir, Phillips, Ross Inc. 673 First Avenue 0.8% $2,443,572 1.0% Mt. Sinai Hospital 1 Park Avenue 1.0% $1,553,732 0.6% ---- ---------- ---- TOTAL 31.3% $69,063,006 28.5% WHOLLY OWNED PORTFOLIO + ALLOCATED JV PROPERTIES $242,305,884
Supplemental Package Information 26 Fourth Quarter 2001 =============================================================================== FOURTH QUARTER 2001 - LEASING ACTIVITY AVAILABLE SPACE [LOGO] SL GREEN REALTY CORP. ===============================================================================
ACTIVITY TYPE BUILDING ADDRESS # OF LEASES USABLE SF RENTABLE SF RENT/RENTABLE SF* ($'S) - ------------- ---------------- ----------- --------- ----------- ----------------------- VACANCY AT 9/30/01 345,645 ACQUIRED VACANCIES - ------------------------------------------------------------------------------------------------------------------------------------ -- -- -- -- EXPIRING SPACE - ------------------------------------------------------------------------------------------------------------------------------------ Office 317 Madison Avenue 6 11,290 11,290 26.05 1370 Broadway 2 7,861 7,861 24.20 180 Madison Avenue 4 5,298 5,298 26.00 292 Madison Avenue 1 3,615 5,652 21.64 1414 6th Avenue 4 9,176 9,176 35.87 70 West 36th Street 3 5,471 7,212 27.02 470 Park Ave South 1 7,432 9,735 21.76 1140 Sixth Avenue 2 8,644 9,640 22.82 17 Battery Place 3 37,241 40,167 17.21 711 Third Avenue 2 7,296 7,296 27.19 1466 Broadway 5 4,058 5,322 49.72 420 Lexington Avenue 14 20,562 22,543 30.69 ------- ------- ------- ------- TOTAL/WEIGHTED AVERAGE 47 127,944 141,192 25.12 Retail 286 Madison Avenue 1 350 350 36.07 1372 Broadway 1 768 935 50.47 ------- ------- ------- ------- TOTAL/WEIGHTED AVERAGE 2 1,118 1,285 46.55 MOVE OUTS - ------------------------------------------------------------------------------------------------------------------------------------ Office 1250 Broadway 2 13,456 17,501 29.20 555 West 57th Street 1 2,238 2,800 21.10 420 Lexington Avenue 5 41,798 43,572 40.90 ------- ------- ------- ------- TOTAL/WEIGHTED AVERAGE 8 57,492 63,873 36.88 Retail 1 Park Avenue 1 516 516 43.60 420 Lexington Avenue 1 2,012 2,012 101.33 ------- ------- ------- ------- TOTAL/WEIGHTED AVERAGE 2 2,528 2,528 89.55 EVICTED TENANTS - ------------------------------------------------------------------------------------------------------------------------------------ Office 317 Madison Avenue 2 6,264 6,264 28.41 292 Madison Avenue 2 2,649 3,390 26.27 420 Lexington Avenue 2 7,085 9,364 34.82 ------- ------- ------- ------- TOTAL/WEIGHTED AVERAGE 4 15,998 19,018 31.18 -- -- -- -- Retail ------- ------- ------- ------- TOTAL/WEIGHTED AVERAGE -- -- -- -- RELOCATING TENANTS - ------------------------------------------------------------------------------------------------------------------------------------ -- -- -- -- ------- ------- ------- ------- TOTAL/WEIGHTED AVERAGE -- -- -- -- Available Space - ------------------------------------------------------------------------------------------------------------------------------------ OFFICE 59 201,434 224,083 29.00 RETAIL 4 3,646 3,813 75.06 ------- ------- ------- ------- TOTAL 63 205,080 227,896 29.74 AVAILABLE SPACE 550,725
* Escalated Rent is calculated as Total Annual Income less Electric Charges. Supplemental Package Information 27 Fourth Quarter 2001 =============================================================================== FOURTH QUARTER - 2001 LEASING ACTIVITY LEASED SPACE [LOGO] SL GREEN REALTY CORP. ===============================================================================
RENT / PREV. ESCALATED RENT/ ACTIVITY TYPE BUILDING ADDRESS # OF LEASES USABLE SF RENTABLE SF RENTABLE SF RENTABLE SF - ------------- ---------------- ----------- --------- ----------- ----------- ----------- AVAILABLE SPACE AS 12/31/01 550,725 RENEWING TENANTS - -------------------------------------------------------------------------------------------------------------------- Office 70 West 36th Street 2 4,055 5,796 33.24 27.62 17 Battery Place 3 37,241 40,167 30.48 17.21 1466 Broadway 1 374 715 46.00 45.00 420 Lexington 3 3,779 4,972 42.50 24.46 ------- ------- ----- ----- TOTAL/WEIGHTED AVERAGE 9 45,449 51,650 32.16 19.46 Retail 1372 Broadway 1 768 935 48.00 48.00 -- ------- ------- ----- ----- TOTAL/WEIGHTED AVERAGE 1 768 935 48.00 48.00 RELOCATING TENANTS - -------------------------------------------------------------------------------------------------------------------- Office -- -- -- -- -- -- ------- ------- ----- ----- TOTAL/WEIGHTED AVERAGE -- -- -- -- -- EXPANSION TENANTS - -------------------------------------------------------------------------------------------------------------------- Office 555 West 57th Street 1 2,238 3,154 39.00 21.10 70 West 36th Street 1 784 1,120 34.00 17.00 -- ------- ------- ----- ----- TOTAL/WEIGHTED AVERAGE 2 3,022 4,274 37.69 20.03 NEW TENANTS REPLACING OLD TENANTS - -------------------------------------------------------------------------------------------------------------------- Office 317 Madison Avenue 3 4,663 6,147 20.91 31.40 180 Madison Avenue 2 2,637 3,895 32.04 24.48 1250 Broadway 2 13,456 17,501 32.90 29.20 286 Madison Avenue 1 1,635 2,359 38.00 25.00 292 Madison Avenue 1 2,649 3,440 40.00 26.27 70 West 36th Street 2 4,977 7,326 31.00 19.61 470 Park Ave South 1 7,432 9,735 46.00 21.76 711 Third Avenue 1 2,321 2,325 45.00 31.32 1466 Broadway 2 4,089 5,050 38.28 27.44 420 Lexington Avenue 9 33,975 48,980 41.98 28.86 -- ------- ------- ----- ----- TOTAL/WEIGHTED AVERAGE 24 77,834 106,758 39.44 27.44 Storage 317 Madison Avenue 1 66 92 20.00 10.00 -- ------- ------- ----- ----- TOTAL/WEIGHTED AVERAGE 1 66 92 20.00 10.00 TOTAL/WEIGHTED AVERAGE 37 127,139 163,709 37.07 24.70 T.I / FREE RENT ACTIVITY TYPE BUILDING ADDRESS RENTABLE SF # OF MONTHS - ------------- ---------------- ----------- ----------- AVAILABLE SPACE AS 12/31/01 RENEWING TENANTS - ------------------------------------------------------------------------ Office 70 West 36th Street -- 1 17 Battery Place -- -- 1466 Broadway -- -- 420 Lexington 2.92 -- ----- --- TOTAL/WEIGHTED AVERAGE 0.28 0.1 Retail 1372 Broadway -- -- ----- --- TOTAL/WEIGHTED AVERAGE -- -- RELOCATING TENANTS - ------------------------------------------------------------------------ Office -- -- ---- --- TOTAL/WEIGHTED AVERAGE -- -- EXPANSION TENANTS - ------------------------------------------------------------------------ Office 555 West 57th Street 11.00 2.0 70 West 36th Street 10.00 3.0 ----- --- TOTAL/WEIGHTED AVERAGE 10.74 2.5 NEW TENANTS REPLACING OLD TENANTS - ------------------------------------------------------------------------- Office 317 Madison Avenue 1.54 2.0 180 Madison Avenue 2.28 5.5 1250 Broadway 0.96 3.0 286 Madison Avenue 11.64 ---- 292 Madison Avenue 7.41 2.0 70 West 36th Street 5.00 2.0 470 Park Ave South 70.00 ---- 711 Third Avenue 10.00 2.0 1466 Broadway 1.02 3.0 420 Lexington Avenue 17.60 17.0 ----- ---- TOTAL/WEIGHTED AVERAGE 15.89 1.5 Storage 317 Madison Avenue -- -- ----- ---- TOTAL/WEIGHTED AVERAGE -- -- TOTAL/WEIGHTED AVERAGE 10.80 0.9
Supplemental Package Information 28 Fourth Quarter 2001 ================================================================================ FOURTH QUARTER - 2001 LEASING ACTIVITY LEASED SPACE [LOGO] SL GREEN REALTY CORP. ================================================================================
RENT / PREV. ESCALATED RENT/ ACTIVITY TYPE BUILDING ADDRESS # OF LEASES USABLE SF RENTABLE SF RENTABLE SF RENTABLE SF - ------------- ---------------- ----------- --------- ----------- ----------- ----------- NEW TENANTS REPLACING VACANCIES - -------------------------------------------------------------------------------------------------------------------- Office 317 Madison Avenue 2 3,629 5,185 40.56 -- 469 Seventh Avenue 1 1,922 2,746 37.00 -- 180 Madison Avenue 1 8,182 10,576 38.00 -- 70 West 36th Street 1 1,117 1,596 33.00 -- 1466 Broadway 5 9,611 24,824 34.47 -- --- -------- ------- ----- ----- TOTAL/WEIGHTED AVERAGE 10 34,461 44,927 36.11 -- Retail 180 Madison Avenue 1 2,635 2,635 77.42 -- --- -------- ------- ----- ----- TOTAL/WEIGHTED AVERAGE 1 2,635 2,635 77.42 -- Storage 1 Park Avenue 2 5,791 7,811 28.60 -- --- -------- ------- ----- ----- TOTAL/WEIGHTED AVERAGE 2 5,791 7,811 23.49 -- LEASED SPACE - ------------------------------------------------------------------------------------------------------------------ OFFICE 45 160,766 207,609 36.87 24.71 RETAIL 2 3,403 3,570 69.71 48.00 STORAGE 3 5,857 7,903 28.50 10.00 --- -------- ------- ----- ----- TOTAL 50 170,026 219,082 37.10 23.35 TOTAL MINUS RELOS -- -- -- -- -- SOLD VACANCIES -- -- SUB-TOTAL AVAILABLE SPACE @ 12/31/01 380,699 HOLDOVER TENANTS - ----------------------------------------------------------------------------------------------------------------- 317 Madison Avenue 2 2,619 2,619 24.56 24.56 1370 Broadway 1 2,498 2,498 23.27 23.27 180 Madison Avenue 1 494 494 27.01 27.01 286 Madison Avenue 1 350 350 36.07 36.07 292 Madison Avenue 1 3,615 5,652 21.64 21.64 1414 Ave of Americas 3 7,576 7,576 37.21 37.21 711 Third Avenue 1 4,975 4,975 25.26 25.26 1466 Broadway 2 2,040 2,545 52.26 52.26 420 Lexington Avenue 4 6,094 6,937 32.40 32.40 --- -------- -------- ----- ----- 16 30,261 33,646 30.79 30.79 TOTAL AVAILABLE SPACE @ 12/31/01 350,438 T.I / FREE RENT ACTIVITY TYPE BUILDING ADDRESS RENTABLE SF # OF MONTHS - ------------- ---------------- ----------- ----------- NEW TENANTS REPLACING VACANCIES - ----------------------------------------------------------------------- Office 317 Madison Avenue 19 2.0 469 Seventh Avenue 10 1.0 180 Madison Avenue 4 4.0 70 West 36th Street -- 2.0 1466 Broadway 16.63 7.0 ----- --- TOTAL/WEIGHTED AVERAGE 12.94 1.6 Retail 180 Madison Avenue 19.48 4.0 ----- --- TOTAL/WEIGHTED AVERAGE 19.48 4.0 Storage 1 Park Avenue 12.93 -- ----- --- TOTAL/WEIGHTED AVERAGE 12.93 -- LEASED SPACE - ----------------------------------------------------------------------- OFFICE 11.27 1.0 RETAIL 14.38 2.0 STORAGE 12.78 -- ----- --- TOTAL 11.37 1.0 TOTAL MINUS RELOS -- -- SOLD VACANCIES SUB-TOTAL AVAILABLE SPACE @ 12/31/01 HOLDOVER TENANTS - ----------------------------------------------------------------------- 317 Madison Avenue -- -- 1370 Broadway -- -- 180 Madison Avenue -- -- 286 Madison Avenue -- -- 292 Madison Avenue -- -- 1414 Ave of Americas -- -- 711 Third Avenue -- -- 1466 Broadway -- -- 420 Lexington Avenue -- -- ---- --- -- -- TOTAL AVAILABLE SPACE @ 12/31/01
Supplemental Package Information 29 Fourth Quarter 2001 ================================================================================ FOURTH QUARTER - 2001 LEASING ACTIVITY LEASED SPACE [LOGO] SL GREEN REALTY CORP. ================================================================================
RENT / PREV. ESCALATED RENT/ ACTIVITY TYPE BUILDING ADDRESS # OF LEASES USABLE SF RENTABLE SF RENTABLE SF RENTABLE SF - ------------- ---------------- ----------- --------- ----------- ----------- ----------- EARLY RENEWALS - -------------------------------------------------------------------------------------------------------------------- Office 317 Madison Avenue 1 3,555 4,153 42.84 22.72 1 Park Avenue 1 26,976 26,976 26.00 17.00 180 Madison Avenue 1 8,918 11,434 29.00 21.00 100 Park Avenue 1 902 1,189 55.00 36.00 110 East 42nd Street 2 5,718 8,679 46.77 34.51 321 West 44th Street 2 4,464 5,560 22.64 13.93 420 Lexington Avenue 1 584 867 47.00 36.45 --- ------ ------- ----- ----- 9 51,117 58,858 31.41 21.14 RENEWALS - -------------------------------------------------------------------------------------------------------------------- Expired/Renewed Office 9 45,449 51,650 32.16 19.46 Expired/Renewed Retail 1 768 935 48.00 48.00 Early Renewals Office 9 51,117 58,858 31.41 21.14 --- ------ ------- ----- ----- TOTAL 19 97,334 111,443 31.90 20.59 T.I / FREE RENT ACTIVITY TYPE BUILDING ADDRESS RENTABLE SF # OF MONTHS - ------------- ---------------- ----------- ----------- EARLY RENEWALS - ----------------------------------------------------------------------- Office 317 Madison Avenue -- -- 1 Park Avenue 8.00 -- 180 Madison Avenue -- -- 100 Park Avenue -- -- 110 East 42nd Street -- -- 321 West 44th Street -- -- 420 Lexington Avenue -- -- ---- --- 3.67 -- --- RENEWALS - ----------------------------------------------------------------------- Expired/Renewed Office 0.28 0.1 Expired/Renewed Retail -- 0.0 Early Renewals Office 3.67 -- ---- --- TOTAL 2.07 0.1
* Annual Base Rent ** Escalated Rent is calculated as Total Annual Income less Electric Charges. Supplemental Package Information 30 Fourth Quarter 2001 ================================================================================ ANNUAL LEASE EXPIRATIONS CONSOLIDATED PROPERTIES [LOGO] SL GREEN REALTY CORP. ===============================================================================
ANNUALIZED RENT PER YEAR 2002 NUMBER OF SQUAR FOOTAGE PERCENTAGE OF ANNUALIZED RENT OF LEASED SQUARE FOOT WEIGHTED YEAR OF YLEASE EXPIRING OF EXPIRING TOTAL LEASED EXPIRING LEASES OF EXPIRING LEASES AVERAGE ASKING EXPRATION LEASES** LEASES SQ. FT. ($'S) $/PSF*** RENT $/PSF -------------------------------------------------------------------------------------------------------- In 1st Quarter 2002 * 58 149,616 2.20% 4,245,720 28.38 39.64 In 2nd Quarter 2002 33 112,788 1.66% 2,581,500 22.89 37.97 In 3rd Quarter 2002 30 83,343 1.23% 2,179,332 26.15 41.99 In 4th Quarter 2002 29 102,367 1.51% 3,198,120 31.24 40.51 --------------------------------------------------------------------------------------------------------- TOTAL 2002 150 448,114 6.59% 12,204,672 27.24 39.86 2003 132 567,419 8.35% 16,041,396 28.27 38.69 2004 131 625,952 9.21% 19,116,156 30.54 36.66 2005 104 585,272 8.61% 18,044,328 30.83 37.46 2006 66 486,043 7.15% 14,448,392 29.73 37.09 2007 46 306,664 4.51% 8,251,140 26.91 40.90 2008 42 398,856 5.87% 12,499,008 31.34 37.20 2009 35 550,710 8.10% 16,413,252 29.80 38.04 2010 42 1,050,848 15.46% 29,586,460 28.15 38.07 2011 28 352,236 5.18% 12,123,972 34.42 41.55 THEREAFTER 32 1,425,973 20.98% 35,251,089 24.72 35.17 --------------------------------------------------------------------------------------------------------- 808 6,798,087 100.00% 193,979,865 28.53 37.63 =========================================================================================================
- ------------------------------------------------------------------------------- * Includes month to month holdover tenants that expired prior to 12/31/01. ** Tenants may have multiple leases. ** Represents current in place annualized rent allocated by year of maturity. Supplemental Package Information 31 Fourth Quarter 2001 =============================================================================== ANNUAL LEASE EXPIRATIONS JOINT VENTURE PROPERTIES [LOGO] SL GREEN REALTY CORP. ===============================================================================
ANNUALIZED RENT PER YEAR 2002 NUMBER OF SQUAR FOOTAGE PERCENTAGE OF ANNUALIZED REND OF LEASED SQUARE FOOT WEIGHTED YEAR OF LEASE EXPIRING OF EXPIRING TOTAL LEASED EXPIRING LEASES OF EXPIRING LEASES AVERAGE ASKING EXPRATION LEASES** LEASES SQ. FT. ($'S) $/PSF*** RENT $/PSF -------------------------------------------------------------------------------------------------------- In 1st Quarter 2002 * 10 22,909 0.75% 615,276 26.86 40.00 In 2nd Quarter 2002 9 30,930 1.02% 900,000 29.10 39.44 In 3rd Quarter 2002 12 79,656 2.62% 1,811,664 22.74 35.43 In 4th Quarter 2002 8 236,085 7.77% 10,109,388 42.82 43.28 -------------------------------------------------------------------------------------------------------- TOTAL 2002 39 369,580 12.16% 13,436,328 22.38 41.06 2003 18 230,252 7.58% 5,860,200 25.45 38.13 2004 24 176,496 5.81% 5,592,156 31.68 42.16 2005 17 288,422 9.49% 9,122,100 31.63 44.01 2006 24 319,215 10.51% 8,927,712 27.97 39.86 2007 11 298,696 9.83% 10,057,140 33.67 46.51 2008 14 170,690 5.62% 4,925,772 28.86 42.13 2009 18 570,327 18.77% 18,350,172 32.17 43.91 2010 14 299,746 9.86% 10,677,696 35.62 44.70 2011 6 67,912 2.24% 1,351,680 19.90 36.32 THEREAFTER 10 247,181 8.13% 6,622,587 26.79 41.55 -------------------------------------------------------------------------------------------------------- 195 3,038,517 100.00% 94,923,543 31.24 42.48 ========================================================================================================
- -------------------------------------------------------------------------------- * Includes month to month holdover tenants that expired prior to 12/31/01 ** Tenants may have multiple leases. *** Represents in place annualized rent allocated by year of maturity. - -------------------------------------------------------------------------------- Supplemental Package Information 32 Fourth Quarter 2001 ================================================================================ SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 [LOGO] SL GREEN REALTY CORP. ================================================================================
NET RENTABLE % LEASED PROPERTY TYPE OF OWNERSHIP SUBMARKET S.F. AT ACQUISITION -------- ----------------- --------- ---- -------------- 1998 ACQUISITIONS - ------------------------------------------------------------------------------------------------------------------------------ Mar-98 420 Lexington Operating Sublease Grand Central North 1,188,000 83 Mar-98 1466 Broadway Fee Interest Times Square 289,000 87 Mar-98 321 West 44th Fee Interest Times Square 203,000 96 May-98 711 3rd Avenue Operating Sublease Grand Central North 524,000 79 Jun-98 440 9th Avenue Fee Interest Garment 339,000 76 Aug-98 1412 Broadway Fee Interest Times Square South 389,000 90 --------- 2,932,000 1999 ACQUISITIONS - ------------------------------------------------------------------------------------------------------------------------------ Jan-99 420 Lexington Leasehold Sub-leasehold Grand Central North Jan-99 555 West 57th - 65% JV Fee Interest Midtown West 941,000 100 May-99 90 Broad Street - 35% JV Fee Interest Financial 339,000 82 May-99 THE MADISON PROPERTIES: Fee Interest Grand Central South ----------------------- 286 Madison Avenue 112,000 99 290 Madison Avenue 36,800 86 292 Madison Avenue 187,000 97 Aug-99 1250 Broadway - 50% JV Fee Interest Penn Station 670,000 97 Nov-99 555 West 57th - remaining 35% Fee Interest Midtown West -- --------- 2,285,800 2000 ACQUISITIONS - ------------------------------------------------------------------------------------------------------------------------------ Feb-00 100 Park Avenue Fee Interest Grand Central South 834,000 97 Dec-00 180 Madison Avenue Fee Interest Grand Central South 265,000 90 CONTRIBUTION TO JV May-00 321 West 44th Fee Interest Times Square 203,000 98 --------- 1,302,000 2001 ACQUISITIONS - ------------------------------------------------------------------------------------------------------------------------------ Jan-01 1370 Broadway Fee Interest Garment 255,000 97 Jan-01 1 Park Avenue Various Interests Grand Central South 913,000 97 Jan-01 469 7th Avenue - 35% JV Fee Interest Penn Station 253,000 98 Jun-01 317 Madison Fee Interest Grand Central 450,000 95 ACQUISITION OF JV INTEREST Sep-01 1250 Broadway - 49.9% JV (3) Fee Interest Penn Station 670,000 98 --------- 2,541,000 % LEASED ACQUISITION PROPERTY 12/31/2001 PRICE ($'S) -------- ---------- ----------- 1998 Acquisitions - ---------------------------------------------------------------------------------------- Mar-98 420 Lexington 97 $78,000,000 Mar-98 1466 Broadway 81 $64,000,000 Mar-98 321 West 44th 97 $17,000,000 May-98 711 3rd Avenue 100 $65,600,000 Jun-98 440 9th Avenue 91 $32,000,000 Aug-98 1412 Broadway N/A $82,000,000 ------------ $338,600,000 1999 Acquisitions - ---------------------------------------------------------------------------------------- Jan-99 420 Lexington Leasehold $27,300,000 Jan-99 555 West 57th - 65% JV 100 $66,700,000 May-99 90 Broad Street - 35% JV N/A $34,500,000 May-99 THE MADISON PROPERTIES: $50,000,000 ----------------------- 286 Madison Avenue 100 290 Madison Avenue 100 292 Madison Avenue 100 Aug-99 1250 Broadway - 50% JV 100 $93,000,000 Nov-99 555 West 57th - remaining 35% $34,100,000 ----------- $305,600,000 2000 Acquisitions - ---------------------------------------------------------------------------------------- Feb-00 100 Park Avenue 100 $192,000,000 Dec-00 180 Madison Avenue 93 $41,250,000 CONTRIBUTION TO JV May-00 321 West 44th 97 $28,400,000 ----------- $261,650,000 2001 Acquisitions - ---------------------------------------------------------------------------------------- Jan-01 1370 Broadway 97 $50,500,000 Jan-01 1 Park Avenue 98 $233,900,000 Jan-01 469 7th Avenue - 35% JV 97 $45,700,000 Jun-01 317 Madison 95 $105,600,000 ACQUISITION OF JV INTEREST Sep-01 1250 Broadway - 49.9% JV (3) 100 $126,500,000 ------------ $435,700,000
(1) This includes the issuance of 44,772 OP units (valued at $1mm) and $20mm for a 50% interest in the Building Fee (purchased 7/98). (2) This includes the assumption of mortgage debt for $28.6mm (65% of $44mm). (3) Current ownership interest is 55%. (From 9/1/01-10/31/01 the company owned 99.8% of this property.) Supplemental Package Information 33 Fourth Quarter 2001 ================================================================================ SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1999 [LOGO] SL GREEN REALTY CORP. ================================================================================
NET RENTABLE SALES SALES PROPERTY TYPE OF OWNERSHIP SUBMARKET S.F. PRICE ($'S) PRICE ($'S/SF) -------- ----------------- --------- ---- ----------- -------------- 2000 SALES - ------------------------------------------------------------------------------------------------------------------------------------ Feb-00 29 West 35th Street Fee Structure Garment 78,000 $11,700,000 $150 Mar-00 36 West 44th Street Fee Structure Grand Central 178,000 $31,500,000 $177 May-00 321 West 44th Street - 35% JV Fee Structure Times Square 203,000 $28,400,000 $140 Nov-00 90 Broad Street Fee Structure Financial 339,000 $60,000,000 $177 Dec-00 17 Battery South Fee Structure Financial 392,000 $53,000,000 $135 --------- ------------ ---- 1,190,000 $184,600,000 $156 2001 SALES - ------------------------------------------------------------------------------------------------------------------------------------ Jan-01 633 Third Ave Fee Structure Grand Central North 40,623 $13,250,000 $326 May-01 1 Park Ave - 45% JV Fee Structure Times Square 913,000 $233,900,000 $256 Jun-01 1412 Broadway Fee Structure Times Square South 389,000 $90,700,000 $233 Jul-01 110 E. 42nd Street Fee Structure Grand Central North 69,700 $14,500,000 $208 Sep-01 1250 Broadway (1) Fee Structure Penn Station 670,000 $126,500,000 $189 --------- ------------ ---- 2,082,323 $478,850,000 $242
(1) Company sold a 45% JV interest in the property at an implied $126.5mm sales price. Supplemental Package Information 34 Fourth Quarter 2001 ================================================================================ SUPPLEMENTAL DEFINITIONS [SL GREEN REALTY CORP. LOGO] ================================================================================ ANNUALIZED RENT is calculated as monthly base rent and escalations per the lease, as of a certain date, multiplied by 12. DEBT SERVICE COVERAGE is adjusted EBITDA divided by total interest and principal payments EQUITY INCOME/(LOSS) FROM AFFILIATES are generally accounted for on a cost basis and realized gains and losses are included in current earnings. For its investments in private companies, the Company periodically reviews its investments and management determines if the value of such investments have been permanently impaired. Permanent impairment losses for investments in public and private companies are included in current earnings. FIXED CHARGE is adjusted EBITDA divided by the total payments for ground leases and preferred stock. FIXED CHARGE COVERAGE is adjusted EBITDA divided by total interest expense (including capitalized interest and debt premium amortization, but excluding finance cost amortization) plus preferred dividends and distributions. FUNDS AVAILABLE FOR DISTRIBUTION (FAD) is defined as FFO plus non-real estate depreciation, 2% allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, a pro-rata adjustment for FAD for SLG's unconsolidated JV; less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing cost, and recurring building improvements. FUNDS FROM OPERATIONS (FFO) is defined as income from operations before minority interests, gains or losses from sales of real estate and extraordinary items plus real estate depreciation, an adjustment to derive SLG's pro rata share of the FFO of unconsolidated joint ventures, and perpetual preferred stock dividends. In accordance with NAREIT White Paper on FFO, SLG includes the effects of straight-line rents in FFO. INTEREST COVERAGE is adjusted EBITDA divided by total interest expense. OPERATING EARNINGS PER SHARE reflects income before minority interests and gains (losses) from dispositions of real estate and impairment services on assets held for sale and operating properties less minority interests' share of income and preferred stock dividends if anti-dilutive. PERCENTAGE LEASED represents the total percentage of total rentable square feet owned, which is leased, including month-to-month leases, as of the date reported. Space is considered leased when the tenant has either taken physical or economic occupancy. RECURRING CAPITAL EXPENDITURES represents non-incremental building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include immediate building improvements that were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to "operating standard." REDEVELOPMENT COSTS are non-recurring capital expenditures incurred in order to improve buildings to SLG's "operating standards." These building costs are taken into consideration during the underwriting for a given property's acquisition. SAME STORE NOI GROWTH is the change in the NOI (excluding straight-line rents) of the same store properties from the prior year reporting period to the current year reporting period. SAME STORE PROPERTIES include all properties that were owned during both the current and prior year reporting periods and excludes development properties prior to being stabilized for both the current and prior reporting period. SECOND GENERATION TI'S AND LC'S are tenant improvements, lease commissions, and other leasing costs incurred during leasing of second generations space. Costs incurred prior to leasing available square feet are not included until such space is leased. Second generation space excludes square footage vacant at acquisition. SLG'S SHARE OF TOTAL DEBT TO MARKET CAPITALIZATION is calculated as SLG's share of total debt divided by the sum of total debt plus market equity and preferred stock equity income redeemable shares. SLG's share of total debt includes total consolidated debt plus SLG's pro rata share of the debt of unconsolidated joint ventures less than JV partners' share of debt. Market equity assumes conversion of all OP units into common stock. TOTAL SQUARE FEET OWNED represents 100% of the square footage of properties either owned directly by SLG or which SLG has a controlling interest in (e.g. consolidated joint ventures). 35 ================================================================================ CORPORATE GOVERNANCE [SL GREEN REALTY CORP. LOGO] ================================================================================ STEPHEN L. GREEN TOM WIRTH Chairman of the Board and CEO Chief Financial Officer MARC HOLLIDAY GERARD NOCERA President and Chief Investment Officer Executive Vice President, Leasing MICHAEL REID ANDREW S. LEVINE Chief Operating Officer General Counsel and Secretary
================================================================================================================================ ANALYST COVERAGE ================================================================================================================================ FIRM ANALYST PHONE EMAIL CIBC Oppenheimer Corp. Anthony Paolone (212)-667-8116 anthony.paolone@us.cibc.com Corinthian Partners, LLC Claus Hirsch (212) 287-1565 cwhirsch@rcn.com Credit Suisse First Boston Larry Raiman (212) 538-2380 lawrence.raiman@csfb.com Deutsche Banc Alex. Brown Louis W. Taylor (212) 469-4912 louis.taylor@db.com Goldman Sachs James H. Kammert, CFA (212) 855-0670 james.kammert@gs.com Matthew D. Lentz (212) 357-4225 matthew.lentz@gs.com Legg Mason Wood Walker, Inc. David Fick (410) 454-5018 dmfick@leggmason.com Lehman Brothers, Inc. David Shulman (212) 526-3413 dshulman@lehman.com McDonald & Company Anatole Pevnev (216) 263-4783 apevnev@mcdinvest.com Prudential Securities James W. Sullivan (212) 778-2515 jim_sullivan@prusec.com Raymond James & Associates Paul Puryear (727) 573-8607 ppuryear@ecm.rjf.com Salomon Smith Barney Jonathan Litt (212) 816-0231 jonathan.litt@ssmb.com Wachovia Securities Christopher Haley (443) 263-6773 christopher.haley@wachovia.com
SL GREEN REALTY CORP. IS FOLLOWED BY THE ANALYST(S) LISTED ABOVE. PLEASE NOTE THAT ANY OPINIONS, ESTIMATES OR FORECASTS REGARDING SL GREEN REALTY CORP.'S PERFORMANCE MADE BY THESE ANALYSTS ARE THEIRS ALONE AND DO NOT REPRESENT OPINIONS, FORECASTS OR PREDICTIONS OF SL GREEN REALTY CORP. OR ITS MANAGEMENT. SL GREEN REALTY CORP. DOES NOT BY ITS REFERENCE ABOVE OR DISTRIBUTION IMPLY ITS ENDORSEMENT OF OR CONCURRENCE WITH SUCH INFORMATION, CONCLUSIONS OR RECOMMENDATIONS. 36