UNITED STATES

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 (Date of earliest event reported):

April 26, 2010

SL GREEN REALTY CORP.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

MARYLAND

(STATE OF INCORPORATION)

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

(212) 594-2700

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.              Results of Operations and Financial Condition

Following the issuance of a press release on April 26, 2010 announcing the Company’s results for the first quarter ended March 31, 2010, 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.

The information (including exhibits 99.1 and 99.2) being furnished pursuant to this “Item 2.02 Results of Operations and Financial Condition” shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Act, or the Exchange Act regardless of any general incorporation language in such filing.

Item 7.01.              Regulation FD Disclosure

As discussed in Item 2.02 above, on April 26, 2010, the Company issued a press release announcing its results for the first quarter ended March 31, 2010.

The information being furnished pursuant to this “Item 7.01 Regulation FD Disclosure” shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.  This information will not be deemed an admission as to the materiality of such information that is required to be disclosed solely by Regulation FD.

Item 9.01.              Financial Statements and Exhibits

(d)           Exhibits

99.1         Press Release regarding first quarter 2010 earnings.

99.2         Supplemental package.

NON-GAAP Supplemental Financial Measures

Funds from Operations (FFO)

FFO is a widely recognized measure of REIT performance.  We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than we do.  The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002 defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring and sales of properties, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.  We present FFO because we consider it an important supplemental measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITS, particularly those that own and operate commercial office properties.  We also use FFO as one of several criteria to determine performance-based bonuses for members of our senior management.  FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time.  Historically, however, real estate values have risen or fallen with market conditions.  Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year,

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reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, interest costs, providing perspective not immediately apparent from net income.  FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of our financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions.

Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP.  FAD is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company’s ability to fund its dividends.  Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies.   FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of our financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of our liquidity.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

The Company presents earnings before interest, taxes, depreciation and amortization (EBITDA) because the Company believes that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt.  EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of our financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of our liquidity. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) is calculated by adding income taxes, loan loss reserves and our share of joint venture depreciation and amortization to EBITDA.

Same-Store Net Operating Income

The Company presents same-store net operating income on a cash and GAAP basis because the Company believes that it provides investors with useful information regarding the operating performance of properties that are comparable for the periods presented.  For properties owned since January 1, 2009 and still owned at the end of the current quarter, the Company determines GAAP net operating income by subtracting property operating expenses and ground rent from recurring rental and tenant reimbursement revenues. Cash net operating income (Cash NOI) is derived by deducting straight line and free rent from, and adding tenant credit loss allowance to, GAAP net operating income. Same-store net operating income is not an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.

Debt to Market Capitalization Ratio

The Company presents the ratio of debt to market capitalization as a measure of the Company’s leverage position relative to the Company’s estimated market value.  The Company’s estimated market value is based upon the quarter-end trading price of the Company’s common stock multiplied by all common shares and operating partnership units outstanding plus the face value of the Company’s preferred equity. This ratio is presented on a consolidated basis and a combined basis.  The combined debt to market capitalization includes the Company’s pro-rata share of off-balance sheet (unconsolidated) joint venture debt.  The Company believes this ratio may provide investors with another measure of the Company’s current leverage position.  The debt to market capitalization ratio should be used as one measure of the Company’s leverage position, and this measure is commonly used in the REIT sector; however, this may not be comparable to other REITs that do not compute in the same manner.  The debt to market capitalization ratio does not represent the Company’s borrowing capacity and should not be considered an alternative measure to the Company’s current lending arrangements.

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Coverage Ratios

The Company presents fixed charge and interest coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and ground rent from current cash net operating income.  These coverage ratios are provided on both a consolidated and combined basis.  The combined coverage ratios include the Company’s pro-rata share of off-balance sheet (unconsolidated) joint venture fixed charges and cash net operating income.  These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).

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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.

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Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACT

Gregory F. Hughes

Chief Operating Officer and

Chief Financial Officer

-Or-

Heidi Gillette

Investor Relations

(212) 594-2700

SL GREEN REALTY CORP. REPORTS

FIRST QUARTER 2010 FFO

OF $1.07 PER SHARE AND

EPS OF $0.19 PER SHARE

Highlights

·      First quarter FFO totaled $1.07 per share (diluted) compared to $1.48 per share (diluted) for the first quarter of 2009.

·      Net income for the first quarter of 2010 totaled $0.19 per share (diluted) compared to net income of $0.57 per share (diluted) in the same period in the prior year.  The first quarter of 2009 included $0.27 per share (diluted) relating to gains on sale.

·      Recognized combined same-store GAAP NOI growth of 2.4% for the first quarter compared to the first quarter of 2009, including 2.5% from the consolidated same-store properties and 2.2% from the unconsolidated joint venture same-store properties.

·      Signed 47 Manhattan office leases totaling 501,321 square feet with average starting rents of $45.00 per rentable square foot during the first quarter.  Average Manhattan office starting rents decreased by 5.1% on these leases over previously fully escalated rents.

·      Signed 31 Suburban office leases totaling 214,931 square feet with average starting rents of $28.57 per rentable square foot during the first quarter.

·      Ended the quarter with Manhattan occupancy rate of 94.0%, excluding 100 Church Street, which the Company foreclosed on in January 2010.

·      Entered into an agreement to acquire 600 Lexington Avenue in Manhattan for $193.0 million.  This transaction, which is subject to customary closing conditions, is expected to close during the second quarter of 2010.

·      Originated or purchased five new structured finance investments for approximately $80.7 million, all of which are collateralized by Manhattan real estate.

·      Completed an underwritten public offering of 5,400,000 shares of the Company’s 7.625% Series C Cumulative Redeemable Preferred Stock.  The shares were priced at $23.53 per share including accrued dividends equating

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to a yield of 8.101% and generated gross offering proceeds of approximately $127.1 million.

·      Completed the Company’s initial unsecured note issuance with an offering of $250.0 million aggregate principal amount of 7.75% senior unsecured notes due March 15, 2020 through its wholly-owned subsidiary, Reckson Operating Partnership, L.P. following upgrades to the Company’s ratings outlook from Moody’s, Standard and Poors and Fitch.

·      Completed a tender offer in April 2010 and purchased $115.0 million aggregate principal amount of the Company’s subsidiaries’ outstanding indebtedness comprised of 3.000% Exchangeable Senior Notes due 2027 ($13.0 million), 4.000% Exchangeable Senior Debentures due 2025 ($13.2 million), 5.150% Senior Unsecured Notes due 2011 ($38.8 million) and 5.875% Senior Unsecured Notes due 2014 ($50.0 million).  The tender closed on April 7, 2010.  We also repurchased approximately $21.4 million of the Company’s 4.000% Exchangeable Senior Debentures since January 1, 2010, exclusive of the notes repurchased as part of the tender offer.

·      Extended the maturity date of the 16 Court Street mortgage and construction loans to October 2013. The loans have a one-year extension option. The floating rate loan will carry an interest rate of 250 basis points over the 30-day LIBOR.

Summary

New York, NY, April 26, 2010 — SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, of $85.0 million, or $1.07 per share (diluted), for the quarter ended March 31, 2010, compared to $88.1 million, or $1.48 per share (diluted), for the same quarter in 2009.

Net income attributable to common stockholders totaled $15.1 million, or $0.19 per share (diluted), for the quarter ended March 31, 2010, compared to net income of $32.8 million, or $0.57 per share (diluted), for the same quarter in 2009.  The first quarter of 2009 included $0.27 per share (diluted) relating to gains on sale.

Operating and Leasing Activity

For the first quarter of 2010, the Company reported revenues and EBITDA of $258.6 million and $143.5 million, respectively, compared to $262.4 million and $143.4 million in the same period in 2009.

Same-store GAAP NOI on a combined basis increased by 2.4% for the first quarter when compared to the same quarter in 2009, with the consolidated properties increasing 2.5% to $130.6 million and the unconsolidated joint venture properties increasing 2.2% to $54.2 million.

Occupancy for the Manhattan portfolio at March 31, 2010 was 94.0% when excluding 100 Church Street, which the Company foreclosed on in January 2010.  Including 100 Church Street, occupancy for the Manhattan portfolio was 91.9% at March 31, 2010.  During the quarter, the Company signed or commenced 58 leases in the Manhattan portfolio totaling 536,221 square feet, of which 47 leases and 501,321 square feet represented office leases.  Average starting Manhattan office rents of $45.00 per rentable square foot on the 501,321 square feet of office leases signed or commenced during the

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first quarter represented a 5.1% decrease over the previously fully escalated rents.  The average lease term was 9.1 years and average tenant concessions were 5.5 months of free rent with a tenant improvement allowance of $28.31 per rentable square foot.

Occupancy for the Suburban portfolio was 88.1% at March 31, 2010.  During the quarter, the Company signed 37 leases in the Suburban portfolio totaling 240,172 square feet, of which 31 leases and 214,931 square feet represented office leases.  Average starting Suburban office rents of $28.57 per rentable square foot for the first quarter represented a 10.9% decrease over the previously fully escalated rents.

Significant leases that were signed or commenced during the first quarter included:

·      Early renewal with New York Life Insurance Co. for approximately 87,944 square feet at 420 Lexington Avenue.

·      New lease with Jones Day for approximately 44,034 square feet at 220 East 42nd Street.

·      New lease with Kobre & Kim, LLP for approximately 40,020 square feet at 800 Third Avenue.

·      New lease with Levy Phillips & Kingsberg, LLP for approximately 37,746 square feet at 800 Third Avenue.

·      Early renewal with Stancorp Financial Group for approximately 33,771 square feet at 360 Hamilton Avenue, Westchester.

·      Early renewal with Kaufman Borgeest & Ryan for approximately 24,743 square feet at 200 Summit Lake Drive, Westchester.

Marketing, general and administrative, or MG&A, expenses for the quarter ended March 31, 2010 were approximately $19.4 million, compared to approximately $17.9 million for the same quarter ended March 31, 2009.  MG&A for the quarter included a non-recurring expense of approximately $1.1 million for non-recoverable costs incurred in connection with the pursuit of a redevelopment project.

Real Estate Investment Activity

The Company became the sole owner of 100 Church Street, a 1.05 million-square-foot office tower located in downtown Manhattan, following the successful foreclosure of the senior mezzanine loan at the property in January 2010.  The Company’s initial investment totaled $40.9 million which was comprised of a 50% interest in the senior mezzanine loan and two other mezzanine loans at 100 Church Street, which it acquired from Gramercy Capital Corp. (NYSE: GKK), or Gramercy, in the summer of 2007. As part of a consensual arrangement reached with the then-current owners in August 2009, SL Green, on behalf of the mezzanine lender, obtained management and leasing control of the property.  At completion of the foreclosure, the Company funded an additional $15.0 million of capital into the project as part of its agreement with Wachovia Bank, N.A. to extend and restructure the existing financing.  The restructured $139.7 million mortgage carries an interest rate of 250 basis points over the 30-day LIBOR.  The mortgage matures in January 2013 and has a one-year extension option.  Gramercy declined to fund its share of this capital and instead entered into a transaction whereby it transferred its interests in the investment to SL Green at closing, subject to certain future contingent payments.

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In April 2010, the Company entered into an agreement to acquire the 303,515 square foot property located at 600 Lexington Avenue in Manhattan for $193.0 million. This transaction, which is subject to customary closing conditions, is expected to close during the second quarter of 2010. In connection with the acquisition, SL Green will assume $49.85 million of in-place financing. The 5.74% interest-only loan matures in March 2014.

Financing and Capital Activity

In March 2010, Reckson, the Company and SL Green OP, as co-obligors, completed an offering (the “Offering”) of $250.0 million aggregate principal amount of 7.75% senior unsecured notes due March 15, 2020. The Company used the net proceeds from the Offering to fund the tender offer described below, which it announced simultaneously, for certain outstanding notes of Reckson and SL Green OP, with the remaining proceeds being used for general corporate purposes and/or working capital purposes.

Simultaneous with the Offering, the Company commenced a cash tender offer (the “Tender Offer”) to purchase up to $250.0 million aggregate principal amount of the outstanding 3.000% Exchangeable Senior Notes due 2027, 4.000% Exchangeable Senior Debentures due 2025, 5.150% Senior Unsecured Notes due 2011 and 5.875% Senior Unsecured Notes due 2014.

In April 2010, the Company completed the Tender Offer and purchased $13.0 million of the 3.000% Exchangeable Senior Notes due 2027, $13.2 million of the 4.000% Exchangeable Senior Debentures due 2025, $38.8 million of the 5.150% Senior Unsecured Notes due 2011 and $50.0 million of the 5.875% Senior Unsecured Notes due 2014.

The Company repurchased approximately $21.4 million of its 4.000% Exchangeable Senior Debentures since January 1, 2010, exclusive of the notes repurchased as part of the tender offer.

In February 2010, the Company, along with the City Investment Fund, its joint venture partner, extended the maturity date of the 16 Court Street mortgage and construction loans to October 2013. The loans have a one-year extension option. The floating rate loans will carry an interest rate of 250 basis points over the 30-day LIBOR.

In January 2010, the Company completed an underwritten public offering of 5,400,000 shares of its 7.625% Series C Cumulative Redeemable Preferred Stock.  With the completion of this offering, the Company has 11,700,000 shares of 7.625% Series C Cumulative Redeemable Preferred Stock outstanding.  The shares of Series C preferred stock have a liquidation preference of $25.00 per share and are redeemable at par, plus accrued and unpaid dividends, at any time at the option of the Company. The shares were priced at $23.53 per share including accrued dividends equating to a yield of 8.101%.  The Company used the estimated net offering proceeds of $122.2 million for general corporate and/or working capital purposes, which may include investment opportunities, purchases of the indebtedness of its subsidiaries in the open market from time to time and the repayment of indebtedness at the applicable maturity or put date.

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Structured Finance Activity

The Company’s structured finance investments totaled approximately $786.1 million at March 31, 2010 (excluding approximately $1.0 million of structured finance investments which were classified as held for sale at March 31, 2010), an increase of approximately $1.5 million from the balance at December 31, 2009.  The increase resulted from new investments exceeding positions sold, reserved or foreclosed.  This included the Company obtaining a senior position in an existing structured finance investment in exchange for a mezzanine loan on which the Company had previously taken a loan loss reserve.  The Company recognized a gain of approximately $2.5 million on the exchange.  During the first quarter, the Company also recorded approximately $6.0 million in additional reserves against its structured finance investments.  The structured finance investments currently have a weighted average maturity of 2.7 years and had a weighted average yield for the quarter ended March 31, 2010 of 8.5%, exclusive of loans totaling $88.4 million which are on non-accrual status.

Dividends

During the first quarter of 2010, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:

·      $0.10 per share of common stock. Dividends were paid on April 16, 2010 to stockholders of record on the close of business on March 31, 2010.

·      $0.4766 and $0.4922 per share on the Company’s Series C and D Preferred Stock, respectively, for the period January 15, 2010 through and including April 14, 2010.  Dividends were paid on April 15, 2010 to stockholders of record on the close of business on March 31, 2010, and reflect regular quarterly dividends, which are the equivalent of annualized dividend of $1.9064 and $1.9688, respectively.

Conference Call and Audio Webcast

The Company’s executive management team, led by Marc Holliday, Chief Executive Officer, will host a conference call and audio webcast on Tuesday, April 27, 2010 at 2:00 pm ET to discuss the financial results. The Supplemental Package will be available prior to the quarterly conference call on the Company’s website, www.slgreen.com, under “financial reports” in the investors section.

The live conference will be webcast in listen-only mode on the Company’s website under “event calendar & webcasts” in the investors section and on Thomson’s StreetEvents Network. The conference may also be accessed by dialing 866.783.2139 Domestic or 857.350.1598 International, using pass-code “SL Green.”

A replay of the call will be available through May 4, 2010 by dialing 888.286.8010 Domestic or 617.801.6888 International, using pass-code 55783658.

Supplemental Information

The Supplemental Package outlining the Company’s first quarter 2010 financial results will be available prior to the quarterly conference call on the Company’s website.

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Company Profile

SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of March 31, 2010, the Company owned interests in 30 New York City office properties totaling approximately 24,258,700 square feet, making it New York’s largest office landlord. In addition, at March 31, 2010, SL Green held investment interests in, among other things, eight retail properties encompassing approximately 374,812 square feet, three development properties encompassing approximately 399,800 square feet and two land interests, along with ownership interests in 31 suburban assets totaling 6,804,700 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.

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

Disclaimers

Non-GAAP Financial Measures

During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found on page 10 of this release and in the Company’s Supplemental Package.

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Forward-looking Statement

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

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

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

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

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SL GREEN REALTY CORP.

STATEMENTS OF OPERATIONS-UNAUDITED

(Amounts in thousands, except per share data)

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SL GREEN REALTY CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except per share data)

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SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share data)

SL GREEN REALTY CORP.

SELECTED OPERATING DATA-UNAUDITED

(1)  Includes wholly owned and joint venture properties.

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Exhibit 99.2

SL Green Realty Corp.

First Quarter

Supplemental Data

March 31, 2010

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

·                  SL Green’s common stock is listed on the New York Stock Exchange, and trades under the symbol SLG.

·                  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 incorporated into this supplemental financial package.  This supplemental financial package is available through the Company’s internet site.

·                  This data is furnished 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 perspective 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 restate the data presented herein.

Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com or at 212-216-1601.

Forward-looking Statement

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

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

Forward-looking statements contained in this report are subject to a number of risks and uncertainties which may cause our actual results, performance or achievements to be materially different from future results, performance or

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

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

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended March 31, 2010 that will be released on Form 10-Q to be filed on or before May 10, 2010.

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SL Green Realty Corp., or the Company, is New York City’s largest commercial office landlord and is the only fully integrated, self-managed, self-administered Real Estate Investment Trust, or REIT, primarily focused on owning and operating office buildings in Manhattan.

The Company was formed on August 20, 1997 to continue the commercial real estate business of S.L. Green Properties Inc., a company that was founded in 1980 by Stephen L. Green, our current Chairman.  For more than 25 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 strategically acquiring, redeveloping and repositioning office properties primarily located in Manhattan, and re-leasing and managing these properties for maximum cash flow.

In 2007, SL Green acquired Reckson Associates Realty Corp. and added over 9 million square feet to its portfolio. Included in this total is over 3 million square feet of Class A office space located in Westchester, New York and Stamford, Connecticut.  These suburban portfolios serve as natural extensions of SL Green’s core ownership in the Grand Central submarket of Midtown Manhattan. The Company has since made selective additions and dispositions to the holdings in these areas.

Looking forward, SL Green will continue its opportunistic investment philosophy through three established business lines: investment in long-term core properties, investment in opportunistic assets, and structured finance investments.  This three-legged investment strategy allows SL Green to balance the components of its portfolio to take advantage of each stage in the business cycle.

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FINANCIAL RESULTS

New York, NY, April 26, 2010 - SL Green Realty Corp. (NYSE:  SLG) today reported funds from operations, or FFO, of $85.0 million, or $1.07 per share (diluted), for the quarter ended March 31, 2010, compared to $88.1 million, or $1.48 per share (diluted), for the same quarter in 2009.

Net income attributable to common stockholders totaled $15.1 million, or $0.19 per share (diluted) for the quarter ended March 31, 2010, compared to net income of $32.8 million, or $0.57 per share (diluted), for the same quarter in 2009.  The first quarter of 2009 included $0.27 per share (diluted) relating to gains on sale.

Funds available for distribution, or FAD, for the first quarter of 2010 was $0.67 per share (diluted) compared to $0.92 per share (diluted) in the prior year, a 27.2% decrease.

The Company’s dividend payout ratio for the first quarter of 2010 was 9.4% of FFO and 14.8% of FAD before first cycle leasing costs.

All per share amounts are presented on a diluted basis.

CONSOLIDATED RESULTS

Total quarterly revenues totaled $258.6 million in the first quarter compared to $262.4 million in the prior year.  The $3.8 million decrease in revenue resulted primarily from the following items:

·                  $3.2 million increase from same-store properties,

·                  $3.5 million increase in preferred equity and investment income,

·                  $10.3 million decrease in other income, and

·                  $0.2 million decrease from properties that were non-same-store properties and other entities.

The Company’s earnings before interest, taxes, depreciation and amortization, or EBITDA, totaled $143.5 million compared to $143.4 million in the prior year.  The following items drove the $0.1 million increase in EBITDA:

·                  $3.1 million increase from same-store properties,

·                  $1.4 million decrease from properties that were non same-store-properties,

·                  $3.5 million increase in preferred equity and investment income primarily due to the gain on sale of a structured finance investment in 2010.  The weighted-average structured finance investment balance for the quarter was $786.1 million compared to $689.0 million in the prior year first quarter.  The weighted-average yield for the quarter was 7.4% compared to 8.5% in the prior year,

·                  $2.3 million increase from increased contributions to equity in net income from unconsolidated joint ventures primarily from Jericho Plaza ($0.6 million), 800 Third Avenue ($0.3 million), 100 Park Avenue ($0.9 million), 29 West 34th Street ($0.9 million), 1221 Avenue of the Americas ($0.7 million) and Gramercy ($3.5 million).  This was partially

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offset by reductions in contributions to equity in net income primarily from 521 Fifth Avenue ($0.8 million), 1515 Broadway ($0.4 million) and 1604 Broadway ($0.4 million),

·                  $56.0 million increase from lower loan loss reserves and other write-offs,

·                  $1.5 million decrease from higher MG&A expense, and

·                  $61.9 million decrease in non-real estate revenues, net of expenses, inclusive of net gains on early extinguishment of debt ($47.8 million).

SAME-STORE RESULTS

Consolidated Properties

Same-store first quarter 2010 GAAP NOI increased $3.1 million (2.5%) to $130.6 million compared to the prior year.  Operating margins before ground rent increased from 60.2% to 60.7%.

The $3.1 million increase in GAAP NOI was primarily due to:

·                  $3.1 million (1.6%) increase in rental revenue,

·                  $2.0 million (6.0%) decrease in escalation and reimbursement revenue due to lower operating expenses,

·                  $2.1 million (457.1%) increase in investment and other income primarily due to higher lease buy-out income,

·                  $0.6 million (1.1%) decrease in operating expenses, primarily driven by reductions in utilities, which were offset by increases in payroll costs, repairs and maintenance and insurance costs,

·                  $0.3 million (3.6%) decrease in ground rent expense, and

·                  $1.0 million (2.6%) increase in real estate taxes.

Joint Venture Properties

The Joint Venture same-store properties first quarter 2010 GAAP NOI increased $1.2 million (2.2%) to $54.2 million compared to the prior year.  Operating margins before ground rent increased from 68.0% to 68.5%.

The $1.2 million increase in GAAP NOI was primarily due to:

·                  $1.4 million (2.0%) decrease in rental revenue,

·                  $0.1 million (1.2%) decrease in escalation and reimbursement revenues,

·                  $2.9 million (1,017.9%) increase in other income primarily due to higher lease buy-out income,

·                  $0.1 million (0.5%) decrease in operating expenses primarily driven by reductions in utilities and repairs and maintenance, which was offset by increases in payroll costs, and

·                  $0.3 million (2.4%) increase in real estate taxes.

STRUCTURED FINANCE ACTIVITY

The Company’s structured finance investments totaled approximately $786.1 million at March 31, 2010 (excluding approximately $1.0 million of structured finance investments which were classified as held for sale at March 31, 2010), an increase of approximately $1.5 million from the balance at

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December 31, 2009.  The increase resulted from new investments exceeding positions sold, reserved or foreclosed.  This included the Company obtaining a senior position in an existing structured finance investment in exchange for a mezzanine loan on which the Company had previously taken a loan loss reserve.  The Company recognized a gain of approximately $2.5 million on the exchange.  During the first quarter, the Company also recorded approximately $6.0 million in additional reserves against its structured finance investments.  The structured finance investments currently have a weighted average maturity of 2.7 years and had a weighted average yield for the quarter ended March 31, 2010 of 8.5%, exclusive of loans totaling $88.4 million which are on non-accrual status.

QUARTERLY LEASING HIGHLIGHTS

Manhattan vacancy at December 31, 2009 was 1,159,892 useable square feet net of holdover tenants.  During the quarter, 566,865 additional useable office, retail and storage square feet became available at an average escalated cash rent of $55.73 per rentable square foot.  The Company acquired 614,518 of available usable square feet in connection with the closing of the 100 Church Street transaction.  Space available to lease during the quarter totaled 2,341,275 useable square feet, or 9.7% of the total Manhattan portfolio.

During the first quarter, 47 Manhattan office leases, including early renewals, were signed totaling 501,321 rentable square feet.  New cash rents averaged $45.00 per rentable square foot.  Replacement rents were 5.1% lower than rents on previously occupied space, which had fully escalated cash rents averaging $47.39 per rentable square foot.  The average lease term was 9.1 years and average tenant concessions were 5.5 months of free rent with a tenant improvement allowance of $28.31 per rentable square foot.

Suburban vacancy at December 31, 2009 was 804,841 usable square feet net of holdover tenants.  During the quarter, 164,443 additional useable office and storage square feet became available at an average escalated cash rent of $28.92 per rentable square foot.  Space available to lease during the quarter totaled 969,284 useable square feet, or 14.2% of the total Suburban portfolio.

During the first quarter, 31 Suburban office leases, including early renewals, were signed totaling 214,931 rentable square feet.  New cash rents averaged $28.57 per rentable square foot.  Replacement rents were 10.9% lower than rents on previously occupied space, which had fully escalated cash rents averaging $32.06 per rentable square foot.  The average lease term was 7.0 years and average tenant concessions were 3.4 months of free rent with a tenant improvement allowance of $11.24 per rentable square foot.

The Company also signed a total of 17 retail and storage leases, including early renewals, for 60,141 rentable square feet.  The average lease term was 13.7 years and tenant concessions were 12.6 months of free rent with a tenant improvement allowance of $14.67 per rentable square foot.

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REAL ESTATE ACTIVITY

The Company became the sole owner of 100 Church Street, a 1.05 million-square-foot office tower located in downtown Manhattan, following the successful foreclosure of the senior mezzanine loan at the property in January 2010.  The Company’s initial investment totaled $40.9 million which was comprised of a 50% interest in the senior mezzanine loan and two other mezzanine loans at 100 Church Street, which it acquired from Gramercy Capital Corp. (NYSE: GKK), or Gramercy, in the summer of 2007. As part of a consensual arrangement reached with the then-current owners in August 2009, SL Green, on behalf of the mezzanine lender, obtained management and leasing control of the property.  At completion of the foreclosure, the Company funded an additional $15.0 million of capital into the project as part of its agreement with Wachovia Bank, N.A. to extend and restructure the existing financing.  The restructured $139.7 million mortgage carries an interest rate of 250 basis points over the 30-day LIBOR.  The mortgage matures in January 2013 and has a one-year extension option.  Gramercy declined to fund its share of this capital and instead entered into a transaction whereby it transferred its interests in the investment to SL Green at closing, subject to certain future contingent payments.

In April 2010, the Company entered into an agreement to acquire the 303,515 square foot property located at 600 Lexington Avenue in Manhattan for $193.0 million. This transaction, which is subject to customary closing conditions, is expected to close during the second quarter of 2010. In connection with the acquisition, SL Green will assume $49.85 million of in-place financing. The 5.74% interest-only loan matures in March 2014.

FINANCING/ CAPITAL ACTIVITY

In March 2010, Reckson, the Company and SL Green OP, as co-obligors, completed an offering (the “Offering”) of $250.0 million aggregate principal amount of 7.75% senior unsecured notes due March 15, 2020. The Company used the net proceeds from the Offering to fund the tender offer described below, which it announced simultaneously, for certain outstanding notes of Reckson and SL Green OP, with the remaining proceeds being used for general corporate purposes and/or working capital purposes.

Simultaneous with the Offering, the Company commenced a cash tender offer (the “Tender Offer”) to purchase up to $250.0 million aggregate principal amount of the 3.000% Exchangeable Senior Notes due 2027, 4.000% Exchangeable Senior Debentures due 2025, 5.150% Senior Unsecured Notes due 2011 and 5.875% Senior Unsecured Notes due 2014.

In April 2010, the Company completed the Tender Offer and purchased $13.0 million of the 3.000% Exchangeable Senior Notes due 2027, $13.2 million of the 4.000% Exchangeable Senior Debentures due 2025, $38.8 million of the 5.150% Senior Unsecured Notes due 2011 and $50.0 million of the 5.875% Senior Unsecured Notes due 2014.

The Company repurchased approximately $21.4 million of its 4.000% Exchangeable Senior Debentures since January 1,

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2010, exclusive of the notes repurchased as part of the tender offer.

In February 2010, the Company, along with the City Investment Fund, its joint venture partner, extended the maturity date of the 16 Court Street mortgage and construction loans to October 2013. The loans have a one-year extension option. The floating rate loans will carry an interest rate of 250 basis points over the 30-day LIBOR.

In January 2010, the Company completed an underwritten public offering of 5,400,000 shares of its 7.625% Series C Cumulative Redeemable Preferred Stock.  With the completion of this offering, the Company has 11,700,000 shares of 7.625% Series C Cumulative Redeemable Preferred Stock outstanding.  The shares of Series C preferred stock have a liquidation preference of $25.00 per share and are redeemable at par, plus accrued and unpaid dividends, at any time at the option of the Company. The shares were priced at $23.53 per share including accrued dividends equating to a yield of 8.101%.  The Company used the estimated net offering proceeds of $122.2 million for general corporate and/or working capital purposes, which may include investment opportunities, purchases of the indebtedness of its subsidiaries in the open market from time to time and the repayment of indebtedness at the applicable maturity or put date.

Dividends

In March 2010, the Company declared a dividend of $0.10 per share of common stock for the first quarter of 2010.  The dividend was payable April 16, 2010 to stockholders of record on the close of business on March 31, 2010.  This distribution reflects the regular quarterly dividend, which is the equivalent of an annualized distribution of $0.40 per common share.

In March 2010, the Company also declared a dividend on its Series C preferred stock for the period January 15, 2010 through and including April 14, 2010, of $0.4766 per share, payable April 15, 2010 to stockholders of record on the close of business on March 31, 2010.  The dividend reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.9064 per share of Series C preferred stock.

In March 2010, the Company also declared a dividend on its Series D preferred stock for the period January 15, 2010 through and including April 14, 2010, of $0.4922 per share, payable April 15, 2010 to stockholders of record on the close of business on March 31, 2010. The dividend reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.9688 per share of Series D preferred stock.

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(1) Excludes 100 Church Street, which the Company took ownership of by foreclosure in January 2010.

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