SEC Filing | SL Green Realty Corp.

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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):

January 26, 2017 (January 25, 2017)

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)

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:

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

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

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

[ ] 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 January 25, 2017 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended December 31, 2016, the Company has made available on its website 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 January 25, 2017, the Company issued a press release announcing its results for the quarter ended December 31, 2016.

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 results for the quarter ended December 31, 2016.

99.2 Supplemental package.

Non-GAAP Supplemental Financial Measures

Funds from Operations (FFO)

FFO is a widely recognized measure of REIT performance. The Company computes 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 the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring, sales of properties and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes 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. The Company also uses FFO as one of several criteria to determine performance-based bonuses for members of its 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, 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 the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s 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 the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

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

The Company presents earnings before interest, taxes, depreciation and amortization, or 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 the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) is calculated by adding income taxes, loan loss reserves and the Company’s share of joint venture depreciation and amortization to EBITDA.

Same-Store Net Operating Income, Same-Store Cash Net Operating Income and Related Measures

The Company presents same-store net operating income, same-store cash net operating income, same-store joint venture net operating income, and same-store joint venture cash net operating income because the Company believes that these measures provide investors with useful information regarding the operating performance of properties that are comparable for the periods presented. For properties owned since January 1, 2015 and still owned in the same manner at the end of the current quarter, the Company determines same-store net operating income by subtracting same-store property operating expenses and ground rent from same-store recurring rental and tenant reimbursement revenues. Same-store cash net operating income is derived by deducting same-store straight line and free rent from, and adding same-store tenant credit loss allowance to, same-store net operating income. Same-store joint venture net operating income and same-store joint venture cash net operating income are calculated in the same manner as noted above, but includes just the Company’s pro-rata share of the joint venture net operating income. None of these measures is 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.

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).

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/ Matthew J. DiLiberto
	Matthew J. DiLiberto
	Chief Financial Officer

Date: January 26, 2017

Exhibit

Exhibit 99.1

CONTACT

Matt DiLiberto

Chief Financial Officer

(212) 594-2700

SL GREEN REALTY CORP. REPORTS FOURTH QUARTER

AND FULL YEAR 2016 EPS OF $0.44 AND $2.34 PER SHARE;

AND FFO OF $1.43 AND $8.29 PER SHARE

Financial and Operating Highlights


•	Net income attributable to common stockholders of $0.44 per share for the fourth quarter and $2.34 per share for the full year 2016 compared to $1.01 and $2.70 per share for the same periods in 2015.


•	FFO of $1.43 per share, net of transaction related costs of $0.02 per share for the fourth quarter and $8.29 per share, net of transaction related costs of $0.10 per share for full year 2016 compared to $1.61 per share, net of transaction related costs of $0.01 per share and $6.38 per share net of transaction related costs of $0.11 per share for the same periods in 2015.


•	Combined same-store cash NOI increased 6.0% for the full year as compared to the prior year.


•	Signed 31 Manhattan office leases covering 414,977 square feet during the fourth quarter and 169 Manhattan office leases covering 3,168,231 square feet during the year ended December 31, 2016. The mark-to-market on signed Manhattan office leases was 18.6% higher in the fourth quarter and 27.6% higher for the year over the previously fully escalated rents on the same spaces.


•	Signed a 15-year lease covering seven floors and 69,214 square feet with Nike, Inc. at 650 Fifth Avenue. The lease comprises the building's entire retail component which is held through a joint venture with Jeff Sutton.


•	Signed 20 Suburban office leases covering 81,522 square feet during the fourth quarter and 86 Suburban office leases covering 638,184 square feet during the year ended December 31, 2016 . The mark-to-market on signed Suburban office leases was 10.9% higher in the fourth quarter and 6.1% higher for the year over the previously fully escalated rents on the same spaces.


•	Manhattan same-store occupancy, inclusive of leases signed but not yet commenced, was 97.1% as of December 31, 2016 as compared to 97.2% as of December 31, 2015 and 97.5% as of September 30, 2016.

Investing Highlights


•	Closed on the previously announced sale of a 49% interest in 400 East 57^th Street for a gross asset valuation of $170.0 million. The Company recognized a gain on the sale of $23.9 million.


•	Obtained consent to the modifications to the mortgage on 11 Madison Avenue sought by the Company in conjunction with the sale of a 40% beneficial interest in the property to PGIM Real Estate in August 2016.


•	Originated new debt and preferred equity investments totaling $485.0 million in the fourth quarter, of which $415.0 million was retained at a yield of 9.0%.

Financing Highlights


•	Fitch Ratings upgraded the Rating Outlook for the Company to Positive from Stable and affirmed the Issuer Default Rating (IDR) at 'BBB-'.


•	In January, closed on the refinancing of 315 West 33rd Street, also known as The Olivia. The $250.0 million financing has a 10-year term and carries a fixed interest rate of 4.236%.


•	In January, together with our joint venture partner, closed on a $375.0 million refinancing of 1745 Broadway, of which $345.0 million was funded at closing. The new financing has a 3-year term with two 1-year extension options, carries a floating interest rate of LIBOR + 1.85%, and replaces the previous $340.0 million of indebtedness on the property.


•	In January, closed on a $450.0 million refinancing of 485 Lexington Avenue. The new financing has a 10-year term, carries a fixed effective interest rate of 4.22% and replaces the previous $450.0 million of indebtedness on the property.


•	In December, closed on a $100.0 million 10-year refinancing of 1-7 Landmark Square in Stamford, Connecticut, which bears interest at a fixed effective rate of 4.91%. The new mortgage replaces the previous $77.9 million of indebtedness on the property.


•	In October, together with our joint venture partner, closed on a $40.0 million refinancing of 400 East 58th Street. The new financing has a 10-year term, carries a fixed interest rate of 3.00% for the first 5 years and is prepayable without penalty in year 5. The loan replaces the previous $28.5 million of indebtedness on the property.

Summary

New York, NY, January 25, 2017 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended December 31, 2016 of $44.0 million, or $0.44 per share as compared to net income attributable to common stockholders of $101.3 million, or $1.01 per share for the same quarter in 2015. Net income attributable to common stockholders for the quarter ended December 31, 2016 includes $27.8 million, or $0.26 per share, of net gains recognized from the sale of real estate as compared to $57.3 million, or $0.55 per share, of net gains recognized from the sale of real estate and purchase price fair value adjustments for the same quarter in 2015.

The Company also reported net income attributable to common stockholders for the year ended December 31, 2016 of $234.9 million, or $2.34 per share as compared to net income attributable to common stockholders of $269.1 million, or $2.70 per share for the same period in 2015.

The Company reported funds from operations, or FFO, for the quarter ended December 31, 2016 of $150.8 million, or $1.43 per share, net of transaction related costs of $1.6 million, or $0.02 per share, as compared to FFO for the same period in 2015 of $167.2 million, or $1.61 per share, net of transaction related costs of $1.4 million, or $0.01 per share.

The Company also reported FFO for the year ended December 31, 2016 of $869.9 million, or $8.29 per share, net of transaction related costs of $10.6 million, or $0.10 per share, as compared to FFO for the same period in 2015 of $661.8 million, or $6.38 per share, net of transaction related costs of $11.5 million, or $0.11 per share.

FFO for the current year includes a lease termination fee of $94.0 million, or $0.90 per share, and a write-off of accounting related balances of $75.3 million, of $0.72 per share, related to the early lease termination and sale of 388-390 Greenwich Street to Citigroup, Inc. ("Citi"). FFO for the current year also includes $41.1 million, or $0.39 per share, of additional income related to the recapitalization of a debt investment, as well as promote income of $10.8 million, or $0.10 per share, related to the sale of 33 Beekman Street, offset by $17.4 million, or $0.17 per share, of accounting write-offs related to space previously leased to Aeropostale at 1515 Broadway.

All per share amounts in this press release are presented on a diluted basis.

Operating and Leasing Activity

For the quarter ended December 31, 2016, the Company reported consolidated revenues and operating income of $374.2 million and $199.5 million, respectively, compared to $425.4 million and $259.6 million, respectively, for the same period in 2015. For the year ended December 31, 2016, the Company reported consolidated revenues and operating income of $1.9 billion and $1.2 billion, respectively, compared to $1.7 billion and $1.0 billion, respectively, for the same period in 2015.

Same-store cash NOI on a combined basis increased by 5.5% to $185.3 million for the quarter ended December 31, 2016 as compared to the same period in 2015. For the quarter, consolidated property same-store cash NOI increased by 5.2% to $164.6 million and unconsolidated joint venture property same-store cash NOI increased by 8.0% to $20.6 million in 2016 as compared to the same period in 2015.

Same-store cash NOI on a combined basis increased by 6.0% to $720.0 million for the year ended December 31, 2016 as compared to $679.4 million for the same period in 2015. For the year ended December 31, 2016, consolidated property same-store cash NOI increased by 5.9% to $640.8 million and unconsolidated joint venture property same-store cash NOI increased by 6.7% to $79.2 million, as compared to the same period in 2015.

During the fourth quarter, the Company signed 31 office leases in its Manhattan portfolio totaling 414,977 square feet. Nineteen leases comprising 202,839 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $76.12 per rentable square foot, representing a 18.6% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the fourth quarter was 8.6 years and average tenant concessions were 6.8 months of free rent with a tenant improvement allowance of $64.79 per rentable square foot.

During the year ended December 31, 2016, the Company signed 169 office leases in its Manhattan portfolio totaling 3,168,231 square feet. One hundred twenty-seven leases comprising 2,624,060 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $71.48 per rentable square foot, representing a 27.6% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the year ended December 31, 2016 2016 was 11.9 years and average tenant concessions were 4.5 months of free rent with a tenant improvement allowance of $48.16 per rentable square foot.

Same-store occupancy for the Company's Manhattan portfolio was 97.1% at December 31, 2016, inclusive of 244,337 square feet of leases signed but not yet commenced as compared to 97.2% at December 31, 2015 and 97.5% at September 30, 2016.

During the fourth quarter, the Company signed 20 office leases in its Suburban portfolio totaling 81,522 square feet. Twelve leases comprising the remaining 56,804 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $36.42 per rentable square foot, representing a 10.9% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Suburban office leases signed in the fourth quarter was 5.3 years and average tenant concessions were 3.5 months of free rent with a tenant improvement allowance of $16.76 per rentable square foot.

During the year ended December 31, 2016, the Company signed 86 office leases in its Suburban portfolio totaling 638,184 square feet. Fifty leases comprising the remaining 391,712 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $38.41 per rentable square foot, representing a 6.1% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Suburban office leases signed in the year ended December 31, 2016 was 6.8 years and average tenant concessions were 6 months of free rent with a tenant improvement allowance of $26.11 per rentable square foot.

Same-store occupancy for the Company's Suburban portfolio was 85.1% at December 31, 2016, inclusive of 30,160 square feet of leases signed but not yet commenced, as compared to 83.3% at December 31, 2015 and 85.4% at September 30, 2016.

Significant leases that were signed during the fourth quarter included:


•	New lease on 69,214 square feet with Nike at 650 Fifth Avenue for 15 years;


•	New lease on 66,297 square feet with Nixon Peabody at 55 W. 46th Street, also known as Tower 46, for 15 years;


•	New lease on 56,932 square feet with Antares Capital at 280 Park Avenue for 13.3 years;


•	New lease on 53,490 square feet with PDT Partners at 1745 Broadway for 2.0 years;


•	Renewal on 48,713 square feet with Landmark Worldwide at 315 West 33rd Street, also known as The Olivia, bringing the remaining lease term to 15.3 years;


•	New lease on 45,045 square feet with Comcast Cable Communications at Tower 46 for 10 years;


•	Renewal on 40,334 square feet with Equinox at 420 Lexington Avenue, also known as The Graybar Building, bringing the remaining lease term to 20.0 years;


•	Renewal on 31,556 square feet with Highbridge Capital Management at 1350 Avenue of the Americas bringing the remaining term to 2.5 years;


•	Renewal on 16,708 square feet with New York State United Teachers at 520 White Plains Road in Tarrytown, New York, bringing the remaining lease term to 1.8 years.

Marketing, general and administrative, or MG&A, expenses for the year ended December 31, 2016 were $99.8 million, or 4.7% of total combined revenues and an annualized 53 basis points of total combined assets.

Real Estate Investment Activity

In October, the Company closed on the previously announced sale of a 49% interest in the entity that owns 400 East 57th Street for a gross asset valuation of $170.0 million and recognized a gain on sale of $23.9 million.

In November 2016, the Company obtained consent to the modifications to the mortgage on 11 Madison Avenue sought by the Company in conjunction with the sale of a 40% beneficial interest in the property to PGIM Real Estate. Obtaining these modifications results in the Company achieving sale accounting on the transaction thereby recognizing a gain on sale of $3.6 million, and terminates the right of PGIM Real Estate to require the Company to repurchase the interest they acquired if the modification was not obtained.

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity investment portfolio totaled $1.64 billion at December 31, 2016 at a weighted average current yield of 9.3%, excluding $0.34 billion of debt and preferred equity investments that are included in other balance sheet line items for accounting purposes. During the fourth quarter, the Company originated new debt and preferred equity investments totaling $485.0 million, of which $415.0 million was retained and $332.2 million was funded, at a weighted average current yield of 9.0%. During the fourth quarter, the Company recorded $237.3 million of principal reductions from investments that were repaid and sold/syndicated.

Financing Activity

In December, Fitch Ratings upgraded the Rating Outlook of the Company to Positive from Stable and affirmed the Issuer Default Rating (IDR) at 'BBB-'.

In January, the Company closed on the refinancing of 315 West 33rd Street, also known as The Olivia. The $250.0 million financing has a 10-year term and carries a fixed interest rate of 4.236%.

In January, the Company, along with its joint venture partner, closed on the refinancing of 1745 Broadway. The $375.0 million financing, of which $345.0 million was funded at closing, has a 3-year term with two 1-year extension options, carries a floating interest rate of LIBOR + 1.85%, and replaces the previous $340.0 million of indebtedness on the property.

In January, the Company closed on the refinancing of 485 Lexington Avenue. The $450.0 million financing has a 10-year term, carries a fixed effective interest rate of 4.22% and replaces the previous $450.0 million of indebtedness on the property.

In December, the Company closed on the refinancing of 1-7 Landmark Square in Stamford, Connecticut. The $100.0 million financing has a 10-year term, carries a fixed effective interest rate of 4.91% and replaces the previous $77.9 million of indebtedness on the property.

In October, the Company, along with its joint venture partner, closed on the refinancing of 400 East 58th Street. The $40.0 million financing has a 10-year term, carries a fixed interest rate of 3.00%, and replaces the previous $28.5 million of indebtedness on the property.

Dividends

During the fourth quarter of 2016, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:


•	$0.775 per share of common stock, which was paid on January 17, 2017 to shareholders of record on the close of business on January 3, 2017. The annual dividend of $3.10 per share represents a 7.6 percent increase over the prior year; and


•	$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period October 15, 2016 through and including January 14, 2017, which was paid on January 17, 2017 to shareholders of record on the close of business on January 3, 2017, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.

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 Thursday, January 26, 2017 at 2:00 pm ET to discuss the financial results.

The supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at http://slgreen.com/ under “Financial Reports.”

The live conference call will be webcast in listen-only mode in the Investors section of the SL Green Realty Corp. website at http://slgreen.com/ under “Event Calendar & Webcasts”. The conference may also be accessed by dialing toll-free (877) 312-8765 or international (419) 386-0002, and using passcode 46669272.

A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using pass-code 46669272. A webcast replay will also be available in the Investors section of the SL Green Realty Corp. website at http://slgreen.com/ under “Event Calendar & Webcasts”.

Company Profile

SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of December 31, 2016, SL Green held interests in 127 Manhattan buildings totaling 47.8 million square feet. This included ownership interests in 28.1 million square feet of commercial buildings and debt and preferred equity investments secured by 19.7 million square feet of buildings. In addition, SL Green held ownership interests in 30 suburban buildings totaling 4.8 million square feet in Brooklyn, 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) 594-2700.

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 in this release and in the Company’s Supplemental Package.

Forward-looking Statement

This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance 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, many of which are beyond our control, that 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. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements 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.

SL GREEN REALTY CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share data)



	Three Months Ended						Year Ended
	December 31,						December 31
	2016			2015			2016			2015
Revenues:
Rental revenue, net	$	279,869		$	319,961		$	1,323,767		$	1,245,981
Escalation and reimbursement	49,501			47,882			196,858			178,512
Investment income	38,661			44,540			213,008			181,128
Other income	6,211			13,007			130,348			57,208
Total revenues	374,242			425,390			1,863,981			1,662,829
Expenses:
Operating expenses, including related party expenses of $6,719 and $21,890 in 2016 and $6,477 and $20,071 in 2015.	78,590			76,085			312,859			301,624
Real estate taxes	60,457			59,684			248,388			232,702
Ground rent	8,308			8,308			33,261			32,834
Interest expense, net of interest income	64,873			88,176			321,199			323,870
Amortization of deferred financing costs	4,384			7,621			24,564			27,348
Depreciation and amortization	104,026			106,800			821,041			560,887
Transaction related costs	1,541			1,391			7,528			11,430
Marketing, general and administrative	25,785			22,734			99,759			94,873
Total expenses	347,964			370,799			1,868,599			1,585,568
Income (loss) from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, depreciable real estate reserve, loss on sale of marketable securities and loss on early extinguishment of debt	26,278			54,591			(4,618		)	77,261
Equity in net (loss) income from unconsolidated joint ventures	(95		)	2,377			11,874			13,028
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate	421			(206		)	44,009			15,844
Purchase price fair value adjustment	—			40,078			—			40,078
Gain on sale of real estate, net	27,366			16,270			238,116			175,974
Depreciable real estate reserves	—			—			(10,387		)	(19,226		)
Loss on sale of marketable securities	—			—			(83		)	—
Loss on early extinguishment of debt	—			—			—			(49		)
Income from continuing operations	53,970			113,110			278,911			302,910
Net income from discontinued operations	—			—			—			427
Gain on sale of discontinued operations	—			1,139			—			14,122
Net income	53,970			114,249			278,911			317,459
Net income attributable to noncontrolling interests in the Operating Partnership	(1,966		)	(3,931		)	(10,136		)	(10,565		)
Net income attributable to noncontrolling interests in other partnerships	(1,398		)	(2,626		)	(7,644		)	(15,843		)
Preferred unit distributions	(2,853		)	(2,651		)	(11,235		)	(6,967		)
Net income attributable to SL Green	47,753			105,041			249,896			284,084
Perpetual preferred stock dividends	(3,737		)	(3,738		)	(14,950		)	(14,952		)
Net income attributable to SL Green common stockholders	$	44,016		$	101,303		$	234,946		$	269,132

Earnings Per Share (EPS)
Net income per share (Basic)	$	0.44		$	1.02		$	2.35		$	2.71
Net income per share (Diluted)	$	0.44		$	1.01		$	2.34		$	2.70

Funds From Operations (FFO)
FFO per share (Basic)	$	1.44		$	1.61		$	8.32		$	6.41
FFO per share (Diluted)	$	1.43		$	1.61		$	8.29		$	6.38

Basic ownership interest
Weighted average REIT common shares for net income per share	100,321			99,758			100,186			99,345
Weighted average partnership units held by noncontrolling interests	4,473			3,829			4,322			3,900
Basic weighted average shares and units outstanding	104,794			103,587			104,508			103,245

Diluted ownership interest
Weighted average REIT common share and common share equivalents	100,695			100,226			100,558			99,835
Weighted average partnership units held by noncontrolling interests	4,473			3,829			4,322			3,900
Diluted weighted average shares and units outstanding	105,168			104,055			104,880			103,735

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)



	December 31			December 31,
	2016			2015
Assets	(Unaudited)
Commercial real estate properties, at cost:
Land and land interests	$	3,309,710		$	4,779,159
Building and improvements	7,948,852			10,423,739
Building leasehold and improvements	1,437,325			1,431,259
Properties under capital lease	47,445			47,445
	12,743,332			16,681,602
Less accumulated depreciation	(2,264,694		)	(2,060,706		)
	10,478,638			14,620,896
Assets held for sale	—			34,981
Cash and cash equivalents	279,443			255,399
Restricted cash	90,524			233,578
Investment in marketable securities	85,110			45,138
Tenant and other receivables, net of allowance of $16,592 and $17,618 in 2016 and 2015, respectively	53,772			63,491
Related party receivables	15,856			10,650
Deferred rents receivable, net of allowance of $25,203 and $21,730 in 2016 and 2015, respectively	442,179			498,776
Debt and preferred equity investments, net of discounts and deferred origination fees of $16,705 and $18,759 in 2016 and 2015, respectively	1,640,412			1,670,020
Investments in unconsolidated joint ventures	1,890,186			1,203,858
Deferred costs, net	267,600			239,920
Other assets	614,067			850,939
Total assets	$	15,857,787		$	19,727,646
Liabilities
Mortgages and other loans payable	$	4,140,712		$	6,992,504
Revolving credit facility	—			994,000
Unsecured term loan	1,183,000			1,386,244
Unsecured notes	1,133,957			933,000
Deferred financing costs, net	(82,258		)	(130,295		)
Total debt, net of deferred financing costs	6,375,411			10,175,453
Accrued interest payable	36,052			42,406
Other liabilities	212,493			168,477
Accounts payable and accrued expenses	190,583			196,213
Deferred revenue	217,955			399,102
Capitalized lease obligations	42,132			41,360
Deferred land leases payable	2,583			1,783
Dividend and distributions payable	87,271			79,790
Security deposits	66,504			68,023
Liabilities related to assets held for sale	—			29,000
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities	100,000			100,000
Total liabilities	7,330,984			11,301,607

Commitments and contingencies	—			—
Noncontrolling interest in the Operating Partnership	473,882			424,206
Preferred units	302,010			282,516

Equity
Stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both December 31, 2016 and December 31, 2015	221,932			221,932
Common stock, $0.01 par value 160,000 shares authorized, 101,617 and 100,063 issued and outstanding at December 31, 2016 and December 31, 2015, respectively (including 1,055 and 87 shares held in Treasury at December 31, 2016 and December 31, 2015, respectively)	1,017			1,001
Additional paid-in capital	5,624,545			5,439,735
Treasury stock at cost	(124,049		)	(10,000		)
Accumulated other comprehensive loss	22,137			(8,749		)
Retained earnings	1,578,893			1,643,546
Total SL Green Realty Corp. stockholders’ equity	7,324,475			7,287,465
Noncontrolling interests in other partnerships	426,436			431,852
Total equity	7,750,911			7,719,317
Total liabilities and equity	$	15,857,787		$	19,727,646

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)



	Three Months Ended
	December 31,
	2016		2015
FFO Reconciliation:
Net income attributable to SL Green common stockholders	$	44,016	$	101,303
Add:
Depreciation and amortization	104,026		106,800
Joint venture depreciation and noncontrolling interest adjustments	27,662		10,373
Net income attributable to noncontrolling interests	3,364		6,557
Less:
Gain on sale of real estate and discontinued operations, net	27,366		17,409
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	421		(206		)
Purchase price fair value adjustment	—		40,078
Depreciable real estate reserve	—		—
Depreciation on non-rental real estate assets	522		511
Funds From Operations attributable to SL Green common stockholders and noncontrolling interests	$	150,759	$	167,241



	Consolidated Properties						Unconsolidated Joint Ventures (100%)
	Three Months Ended						Three Months Ended
	December 31,						December 31,
Operating income and Same-store NOI Reconciliation:	2016			2015			2016			2015
Income from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, depreciable real estate reserve, loss on sale of marketable securities and loss on early extinguishment of debt	$	26,278		$	54,591		$	15,831		$	2,109

Equity in net income from unconsolidated joint ventures	(95		)	2,377
Depreciation and amortization	104,026			106,800			66,976			40,001
Interest expense, net of interest income	64,873			88,176			49,865			51,974
Amortization of deferred financing costs	4,384			7,621			7,162			3,766
Loss on early extinguishment of debt	—			—			—			(8		)
Operating income	199,466			259,565			139,834			97,842

Marketing, general and administrative expense	25,785			22,734			—			—
Net operating income from discontinued operations	—			—			—			—
Transaction related costs, net	1,541			1,391			207			—
Non-building revenue	(37,600		)	(57,885		)	(11,383		)	(9,463		)
Equity in net income from unconsolidated joint ventures	95			(2,377		)	—			—
Loss on early extinguishment of debt	—			—			—			(8		)
Net operating income (NOI)	$	189,287		$	223,428		$	128,658		$	88,371


NOI from discontinued operations	—			—			—			—
NOI from other properties/affiliates	(12,677		)	(53,196		)	(105,128		)	(67,503		)
Same-Store NOI	176,610			170,232			23,530			20,868


Ground lease straight-line adjustment	390			472			—			—

Straight-line and free rent	(8,502		)	(10,207		)	(2,525		)	(1,329		)
Rental income - FAS 141	(3,857		)	(4,065		)	(388		)	(450		)
Same-store cash NOI	$	164,641		$	156,432		$	20,617		$	19,089

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)



	Year Ended
	December 31
	2016			2015
FFO Reconciliation:
Net income attributable to SL Green common stockholders	$	234,946		$	269,132
Add:
Depreciation and amortization	821,041			560,887
Joint venture depreciation and noncontrolling interest adjustments	69,853			34,226
Net income attributable to noncontrolling interests	17,780			26,408
Less:
Gain on sale of real estate and discontinued operations, net	238,116			190,096
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	44,009			15,844
Purchase price fair value adjustment	—			40,078
Depreciable real estate reserve	(10,387		)	(19,226		)
Depreciation on non-rental real estate assets	2,027			2,036
Funds From Operations attributable to SL Green common stockholders and noncontrolling interests	$	869,855		$	661,825



	Consolidated Properties						Unconsolidated Joint Ventures (100%)
	Year Ended						Year Ended
	December 31						December 31
Operating income and Same-store NOI Reconciliation:	2016			2015			2016			2015
Loss (income) from continuing operations before equity in net income from unconsolidated joint ventures, equity in net gain on sale of interest in unconsolidated joint venture/real estate, gain on sale of real estate, depreciable real estate reserve, loss on sale of marketable securities and loss on early extinguishment of debt	$	(4,618	)	$	77,261		$	32,032		$	4,257

Equity in net income from unconsolidated joint ventures	11,874			13,028
Depreciation and amortization	821,041			560,887			199,011			149,023
Interest expense, net of interest income	321,199			323,870			197,741			199,126
Amortization of deferred financing costs	24,564			27,348			24,829			13,394
Loss on early extinguishment of debt	—			(49		)	(1,606		)	(1,089		)
Operating income	1,174,060			1,002,345			452,007			364,711

Marketing, general and administrative expense	99,759			94,873			—			—
Net operating income from discontinued operations	—			427			—			—
Transaction related costs, net	7,528			11,430			5,566			615
Non-building revenue	(217,945		)	(195,944		)	(31,914		)	(25,690		)
Equity in net income from unconsolidated joint ventures	(11,874		)	(13,028		)	—			—
Loss on early extinguishment of debt	—			49			1,606			1,089
Net operating income (NOI)	$	1,051,528		$	900,152		$	427,265		$	340,725


NOI from discontinued operations	—			—			—			—
NOI from other properties/affiliates	(381,013		)	(231,392		)	(338,773		)	(258,701		)
Same-Store NOI	670,515			668,760			88,492			82,024


Ground lease straight-line adjustment	1,749			1,887			—			—

Straight-line and free rent	(27,442		)	(48,468		)	(7,697		)	(5,879		)
Rental income - FAS 141	(4,050		)	(17,100		)	(1,557		)	(1,867		)
Same-store cash NOI	$	640,772		$	605,079		$	79,238		$	74,278

SL GREEN REALTY CORP.

SELECTED OPERATING DATA-UNAUDITED



	December 31
	2016			2015
Manhattan Operating Data: ⁽¹⁾
Net rentable area at end of period (in 000’s)	22,613			24,029
Portfolio percentage leased at end of period	94.9		%	94.5		%
Same-Store percentage leased at end of period	95.8		%	96.2		%
Number of properties in operation	31			32

Office square feet where leases commenced during quarter ended (rentable)	171,581			390,771
Average mark-to-market percentage-office	5.1		%	15.3		%
Average starting cash rent per rentable square foot-office	$	70.94		$	65.48

(1)Includes wholly-owned and joint venture properties.

Exhibit

https://cdn.kscope.io/6f98d9ed6288acf6d43f8c41be917aea-supplementalcover16q4.jpg

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 212-594-2700.

Ratings

Ratings are not recommendations to buy, sell or hold the Company’s securities.

SLG Interest

We highlight to investors that 'SLG Interest' is computed by multiplying each financial statement line items by the Company's percentage ownership in the respective joint ventures and may not accurately depict the legal and economic implications of holding a non-controlling interest in the joint ventures.

Forward-looking Statement

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter and year ended December 31, 2016 that will be released on Form 10-K to be filed on or before February 27, 2017.



	2




TABLE OF CONTENTS



Highlights of Current Period Financial Performance

Unaudited Financial Statements
Supplemental Definitions		4
Corporate Profile		5
Highlights		6-12
Comparative Balance Sheets		13-14
Comparative Statements of Operations		15
Comparative Computation of FFO and FAD		16
Consolidated Statement of Equity		17
Joint Venture Statements		18-20

Selected Financial Data		21-24
Debt Summary Schedule		25-27
Summary of Ground Lease Arrangements		28

Debt and Preferred Equity Investments		29-31

Selected Property Data
Composition of Property Portfolio		32-39
Largest Tenants		40
Tenant Diversification		41
Leasing Activity Summary		42-45
Annual Lease Expirations		46-48

Summary of Real Estate Acquisition/Disposition Activity		49-53
Corporate Information		54
Analyst Coverage		55



	3




SUPPLEMENTAL DEFINITIONS

Annualized cash 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.

EBITDA is calculated by adding transaction related costs and losses on early extinguishment of debt to operating income. Adjusted EBITDA is calculated by adding income taxes, loan loss reserves and our share of joint venture depreciation and amortization to EBITDA.

Fixed charge is the total payments for interest, principal amortization, ground leases and preferred stock dividend.

Fixed charge coverage is adjusted EBITDA divided by fixed charge.

Funds available for distribution (FAD) is defined as FFO plus non-real estate depreciation, 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 costs, and recurring building improvements.

Funds from operations (FFO) is defined under the White Paper approved by the Board of Governors of NAREIT in April 2002, as amended, as net income (loss) (computed in accordance with GAAP), sales of properties and real estate related impairment charges, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

Interest coverage is adjusted EBITDA divided by total interest expense.

Junior Mortgage Participations are subordinate interests in first mortgages.

Mezzanine Debt Loans are loans secured by ownership interests.

Percentage leased represents the percentage of leased square feet, including month-to-month leases, to total rentable square feet owned, as of the date reported. Space is considered leased when the tenant has either taken physical or economic occupancy.

Preferred Equity Investments are equity investments entitled to preferential returns that are senior to common equity.

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 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 in the same manner during both the current and prior year, and excludes development properties prior to being stabilized for both the current and prior year.

Second generation TIs and LCs are tenant improvements, lease commissions, and other leasing costs incurred during leasing of second generation 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 at liquidation value. SLG’s share of total debt includes total consolidated debt plus SLG’s pro rata share of the debt of unconsolidated joint ventures. 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 in which SLG has an interest (e.g. joint ventures).



	4




CORPORATE PROFILE

Our core business is the ownership of high-quality commercial properties, and our primary business objective is to maximize the total return to stockholders, through strategically acquiring, redeveloping, and repositioning office properties primarily located in Manhattan, and re-leasing and managing these properties for maximum cash flow. The commercial real estate expertise resulting from owning, operating, investing, and lending in Manhattan for over 34 years has enabled us to invest in a collection of premier office and retail properties, selected multifamily residential assets, and high-quality debt and preferred equity investments.

As of December 31, 2016, the Company held interests in 127 Manhattan buildings totaling 47.8 million square feet. This included ownership interests in 28.1 million square feet of commercial buildings and debt and preferred equity investments secured by 19.7 million square feet of buildings. In addition, the Company held ownership interests in 30 suburban buildings totaling 4.8 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.



	5




FOURTH QUARTER 2016 HIGHLIGHTS Unaudited

Summary

All per share amounts in this press release are presented on a diluted basis.

Operating and Leasing Activity



	6




FOURTH QUARTER 2016 HIGHLIGHTS Unaudited

calculated. Those replacement leases had average starting rents of $71.48 per rentable square foot, representing a 27.6% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the year ended December 31, 2016 2016 was 11.9 years and average tenant concessions were 4.5 months of free rent with a tenant improvement allowance of $48.16 per rentable square foot.

Significant leases that were signed during the fourth quarter included:


•	New lease on 69,214 square feet with Nike at 650 Fifth Avenue for 15 years;


•	New lease on 66,297 square feet with Nixon Peabody at 55 W. 46th Street, also known as Tower 46, for 15 years;


•	New lease on 56,932 square feet with Antares Capital at 280 Park Avenue for 13.3 years;


•	New lease on 53,490 square feet with PDT Partners at 1745 Broadway for 2.0 years;


•	Renewal on 48,713 square feet with Landmark Worldwide at 315 West 33rd Street, also known as The Olivia, bringing the remaining lease term to 15.3 years;


•	New lease on 45,045 square feet with Comcast Cable Communications at Tower 46 for 10 years;


•	Renewal on 40,334 square feet with Equinox at 420 Lexington Avenue, also known as The Graybar Building, bringing the remaining lease term to 20.0 years;


•	Renewal on 31,556 square feet with Highbridge Capital Management at 1350 Avenue of the Americas bringing the remaining term to 2.5 years;


•	Renewal on 16,708 square feet with New York State United Teachers at 520 White Plains Road in Tarrytown, New York, bringing the remaining lease term to 1.8 years.

Real Estate Investment Activity



	7




FOURTH QUARTER 2016 HIGHLIGHTS Unaudited

million, and terminates the right of PGIM Real Estate to require the Company to repurchase the interest they acquired if the modification was not obtained.

Debt and Preferred Equity Investment Activity

Financing Activity

In December, Fitch Ratings upgraded the Rating Outlook of the Company to Positive from Stable and affirmed the Issuer Default Rating (IDR) at 'BBB-'.

In January, the Company closed on the refinancing of 315 West 33rd Street, also known as The Olivia. The $250.0 million financing has a 10-year term and carries a fixed interest rate of 4.236%.

Dividends

During the fourth quarter of 2016, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:


•	$0.775 per share of common stock, which was paid on January 17, 2017 to shareholders of record on the close of business on January 3, 2017. The annual dividend of $3.10 per share represents a 7.6 percent increase over the prior year; and


•	$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period October 15, 2016 through and including January 14, 2017, which was paid on January 17, 2017 to shareholders of record on the close of business on January 3, 2017, and reflects the regular quarterly dividend, which is the equivalent of an annualized dividend of $1.625 per share.

Conference Call and Audio Webcast

The supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at http://slgreen.com/ under “Financial Reports.”



	8




KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share)



	As of or for the three months ended
	12/31/2016			9/30/2016			6/30/2016			3/31/2016			12/31/2015
Earnings Per Share
Net income available to common stockholders - diluted	$	0.44		$	0.34		$	1.33		$	0.23		$	0.96
Funds from operations (FFO) available to common stockholders - diluted	$	1.43		$	1.63		$	3.39		$	1.84		$	1.61

Common Share Price & Dividends
Closing price at the end of the period	$	107.55		$	108.10		$	106.47		$	96.88		$	112.98
Closing high price during period	$	112.89		$	119.20		$	106.72		$	110.92		$	121.80
Closing low price during period	$	94.23		$	102.56		$	95.51		$	80.54		$	108.56
Common dividend per share	$	0.775		$	0.72		$	0.72		$	0.72		$	0.72

FFO payout ratio (trailing 12 months)	35.4		%	34.0		%	32.5		%	39.3		%	39.6		%
Funds available for distribution (FAD) payout ratio (trailing 12 months)	59.4		%	61.9		%	58.5		%	71.0		%	77.5		%

Common Shares & Units
Common shares outstanding	100,562			100,264			100,164			100,081			99,975
Units outstanding	4,364			4,495			4,504			4,001			3,746
Total common shares and units outstanding	104,926			104,759			104,668			104,082			103,721

Weighted average common shares and units outstanding - basic	104,794			104,730			104,476			104,025			103,587
Weighted average common shares and units outstanding - diluted	105,168			105,143			104,792			104,259			104,055

Market Capitalization
Market value of common equity	$	11,284,791		$	11,324,448		$	11,144,002		$	10,083,464		$	11,718,399
Liquidation value of preferred equity/units	532,009			532,309			532,460			534,869			512,516
Consolidated debt ⁽¹⁾	6,290,019			6,237,641			7,796,092			9,796,167			10,434,748
Consolidated market capitalization	$	18,106,819		$	18,094,398		$	19,472,554		$	20,414,500		$	22,665,663
SLG portion of JV debt	2,742,857			2,694,274			1,854,131			1,690,200			1,718,031
Combined market capitalization	$	20,849,676		$	20,788,672		$	21,326,685		$	22,104,700		$	24,383,694

Consolidated debt to market capitalization ⁽²⁾	34.7		%	34.5		%	40.0		%	48.0		%	46.0		%
Combined debt to market capitalization ⁽²⁾	43.3		%	43.0		%	45.2		%	52.0		%	49.8		%

Consolidated debt service coverage (trailing 12 months)	3.39x			3.33x			3.29x			2.88x			2.85x
Consolidated fixed charge coverage (trailing 12 months)	2.91x			2.89x			2.87x			2.52x			2.50x
Combined debt service coverage (trailing 12 months)	2.97x			2.93x			2.90x			2.54x			2.52x
Combined fixed charge coverage (trailing 12 months)	2.58x			2.57x			2.56x			2.25x			2.23x



(1) Includes debt associated with assets held for sale.
(2) Includes the liquidation value of preferred equity/units.



Supplemental Information	9	Fourth Quarter 2016




KEY FINANCIAL DATA Unaudited (Dollars in Thousands Except Per Share)



	As of or for the three months ended
	12/31/2016			9/30/2016			6/30/2016			3/31/2016			12/31/2015
Selected Balance Sheet Data
Real estate assets before depreciation	$	12,743,332		$	12,608,861		$	15,015,226		$	16,550,051		$	16,718,324
Investments in unconsolidated joint ventures	$	1,890,186		$	1,860,912		$	1,126,486		$	1,146,085		$	1,203,858
Debt and preferred equity investments	$	1,640,412		$	1,453,234		$	1,357,181		$	1,378,616		$	1,670,020
Cash and cash equivalents	$	279,443		$	405,896		$	276,226		$	316,205		$	255,399
Investment in marketable securities	$	85,110		$	60,352		$	39,339		$	43,915		$	45,138

Total assets	$	15,857,787		$	15,790,942		$	17,544,223		$	19,585,715		$	19,727,426

Fixed rate & hedged debt	$	5,184,434		$	5,226,651		$	6,344,936		$	6,887,280		$	7,232,254
Variable rate debt ⁽¹⁾	1,105,585			1,010,990			1,451,155			2,908,887			3,173,494
Total consolidated debt	$	6,290,019		$	6,237,641		$	7,796,091		$	9,796,167		$	10,405,748
Deferred financing costs, net of amortization	(82,258		)	(87,591		)	(101,521		)	(105,543		)	(130,515		)
Total consolidated debt, net	$	6,207,761		$	6,150,050		$	7,694,570		$	9,690,624		$	10,275,233

Total liabilities	$	7,330,984		$	7,275,544		$	9,008,192		$	11,178,777		$	11,301,387

Fixed rate & hedged debt - including SLG portion of JV debt	$	6,718,900		$	6,720,214		$	6,998,500		$	7,895,076		$	8,275,130
Variable rate debt - including SLG portion of JV debt ⁽¹⁾	2,313,976			2,211,700			2,651,723			3,591,291			3,848,649
Total combined debt	$	9,032,876		$	8,931,914		$	9,650,223		$	11,486,367		$	12,123,779


Selected Operating Data
Property operating revenues	$	329,370		$	334,612		$	465,425		$	391,218		$	367,843
Property operating expenses	(147,355		)	(151,896		)	(145,755		)	(149,502		)	(144,077		)
Property NOI	$	182,015		$	182,716		$	319,670		$	241,716		$	223,766
SLG share of property NOI from JVs	53,733			41,365			36,306			36,124			33,488
Total property NOI - combined	$	235,748		$	224,081		$	355,976		$	277,840		$	257,254
Investment income	38,661			75,396			44,214			54,737			44,540
Other income	6,211			6,673			107,975			9,489			13,007
Marketing general & administrative expenses	(25,785		)	(25,458		)	(24,484		)	(24,032		)	(22,734		)
SLG share of investment income and other income from JVs	6,962			5,389			3,953			8,547			6,391
EBITDA - combined	$	261,797		$	286,081		$	487,634		$	326,581		$	298,458

(1) Does not reflect $1.3 billion of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.



Supplemental Information	10	Fourth Quarter 2016




KEY FINANCIAL DATA Manhattan Properties ⁽¹⁾ Unaudited (Dollars in Thousands Except Per Share)



	As of or for the three months ended
	12/31/2016		9/30/2016		6/30/2016		3/31/2016		12/31/2015

Selected Operating Data
Property operating revenues	$	297,431	$	301,165	$	432,422	$	361,584	$	338,254
Property operating expenses	124,022		133,725		127,057		131,267		124,302
Property NOI	$	173,409	$	167,440	$	305,365	$	230,317	$	213,952

Other income - consolidated	$	851	$	1,951	$	95,333	$	1,648	$	3,088

SLG share of property NOI from unconsolidated JV	$	53,522	$	44,249	$	36,083	$	40,714	$	36,171

Portfolio Statistics
Consolidated office buildings in service	24		24		25		27		27
Unconsolidated office buildings in service	7		7		6		6		5
	31		31		31		33		32

Consolidated office buildings in service - square footage	16,054,606		16,054,606		18,368,606		21,003,606		21,003,606
Unconsolidated office buildings in service - square footage	6,558,139		6,558,139		4,244,139		4,244,139		3,024,981
	22,612,745		22,612,745		22,612,745		25,247,745		24,028,587

Same-store combined office occupancy (consolidated + JV)	95.8%		96.3%		96.5%		96.2%		96.2%
Same-store combined office occupancy inclusive of leases signed not yet commenced	97.1%		97.5%		97.4%		97.4%		97.2%

Office Leasing Statistics
Total office leases commenced	21		42		50		47		42

Commenced office square footage filling vacancy	17,202		109,247		37,556		643,979		91,396
Commenced office square footage on previously occupied space (M-T-M leasing) ⁽²⁾	154,379		1,085,757		661,197		617,028		299,375
Total office square footage commenced	171,581		1,195,004		698,753		1,261,007		390,771

Average starting cash rent psf - office leases commenced	$70.94		$73.22		$67.55		$70.66		$65.48
Previously escalated cash rent psf - office leases commenced	$67.47		$61.84		$60.41		$48.71		$56.80
Increase in new cash rent over previously escalated cash rent ⁽²⁾	5.1%		18.4%		11.8%		45.1%		15.3%
Average lease term	7.1		10.5		6.8		13.0		9.1
Tenant concession packages psf	$48.53		$40.40		$20.64		$57.64		$23.70
Free rent months	4.9		4.2		2.6		7.5		4.1

(1) Property data includes operating properties, retail, residential, development, redevelopment, and land.
(2) Calculated on space that was occupied within the previous 12 months.



Supplemental Information	11	Fourth Quarter 2016




KEY FINANCIAL DATA Suburban Properties⁽¹⁾ Unaudited (Dollars in Thousands Except Per Share)



	As of or for the three months ended
	12/31/2016		9/30/2016		6/30/2016		3/31/2016		12/31/2015

Selected Operating Data
Property operating revenues	$	27,405	$	28,942	$	28,276	$	27,934	$	29,897
Property operating expenses	15,199		15,211		14,838		14,891		16,247
Property NOI	$	12,206	$	13,731	$	13,438	$	13,043	$	13,650

Other income - consolidated	$	1,047	$	118	$	624	$	759	$	80

SLG share of property NOI from unconsolidated JV	$	211	$	120	$	228	$	647	$	409

Portfolio Statistics
Consolidated office buildings in service	25		25		26		26		26
Unconsolidated office buildings in service	2		2		2		2		3
	27		27		28		28		29

Consolidated office buildings in service - square footage	4,113,800		4,113,800		4,235,300		4,235,300		4,235,300
Unconsolidated office buildings in service - square footage	640,000		640,000		640,000		640,000		705,641
	4,753,800		4,753,800		4,875,300		4,875,300		4,940,941

Same-store combined office occupancy (consolidated + JV)	84.4%		83.7%		82.9%		84.3%		81.4%
Same-store combined office occupancy inclusive of leases signed not yet commenced	85.1%		85.4%		83.9%		84.9%		83.3%

Office Leasing Statistics
Total office leases commenced	24		20		19		34		30

Commenced office square footage filling vacancy	66,425		43,111		63,105		112,469		43,516
Commenced office square footage on previously occupied space (M-T-M leasing) ⁽²⁾	63,040		77,869		104,704		203,690		167,798
Total office square footage commenced	129,465		120,980		167,809		316,159		211,314

Average starting cash rent psf - office leases commenced	$35.86		$35.40		$38.42		$37.66		$32.16
Previously escalated cash rent psf - office leases commenced	$32.29		$34.61		$37.46		$35.84		$31.58
Increase in new cash rent over previously escalated cash rent ⁽²⁾	11.1%		2.3%		2.8%		5.1%		1.8%
Average lease term	7.0		5.5		9.4		6.7		5.9
Tenant concession packages psf	$17.92		$26.04		$36.77		$30.61		$25.56
Free rent months	6.5		3.1		8.8		5.4		3.4

(1) Property data includes operating properties, retail, residential, development, redevelopment, and land.
(2) Calculated on space that was occupied within the previous 12 months.



Supplemental Information	12	Fourth Quarter 2016




COMPARATIVE BALANCE SHEETS Unaudited (In Thousands, Except Per Share Data)





	12/31/2016			9/30/2016			6/30/2016			3/31/2016			12/31/2015
Assets
Commercial real estate properties, at cost:
Land and land interests	$	3,309,710		$	3,347,482		$	4,108,821		$	4,115,982		$	4,779,159
Building and improvements	7,948,852			7,777,647			9,362,614			9,334,385			10,423,739
Building leasehold and improvements	1,437,325			1,436,287			1,435,255			1,431,238			1,431,259
Properties under capital lease	47,445			47,445			47,445			47,445			47,445
	12,743,332			12,608,861			14,954,135			14,929,050			16,681,602
Less: accumulated depreciation	(2,264,694		)	(2,190,142		)	(2,166,059		)	(2,100,109		)	(2,060,706		)
Net real estate	10,478,638			10,418,719			12,788,076			12,828,941			14,620,896

Other real estate investments:
Investment in unconsolidated joint ventures	1,890,186			1,860,912			1,126,486			1,146,085			1,203,858
Debt and preferred equity investments, net ⁽¹⁾	1,640,412			1,453,234			1,357,181			1,378,616			1,670,020

Assets held for sale, net	—			117,159			39,642			1,891,575			34,981
Cash and cash equivalents	279,443			405,896			276,226			316,205			255,399
Restricted cash	90,524			100,195			166,905			179,938			233,578
Investment in marketable securities	85,110			60,352			39,339			43,915			45,138
Tenant and other receivables, net of $16,592 reserve at 12/31/16	53,772			55,976			57,551			55,441			63,491
Related party receivables	15,856			14,840			13,059			15,148			10,650
Deferred rents receivable, net of reserve for
tenant credit loss of $25,203 at 12/31/16	442,179			430,642			443,981			428,334			498,776
Deferred costs, net	267,600			252,179			256,303			246,503			239,920
Other assets	614,067			620,838			979,474			1,055,014			850,719

Total Assets	$	15,857,787		$	15,790,942		$	17,544,223		$	19,585,715		$	19,727,426

(1) Excludes debt and preferred equity investments totaling $339.2 million with a weighted average current yield of 7.90% that are included in other balance sheet line items.



Supplemental Information	13	Fourth Quarter 2016




COMPARATIVE BALANCE SHEETS Unaudited (In Thousands, Except Per Share Data)





	12/31/2016			9/30/2016			6/30/2016			3/31/2016			12/31/2015
Liabilities
Mortgages and other loans payable	$	4,140,712		$	4,024,896		$	5,608,400		$	5,671,700		$	6,992,504
Unsecured term loan	1,183,000			1,183,000			933,000			933,000			933,000
Unsecured notes	1,133,957			1,130,616			1,137,341			1,134,117			1,386,244
Revolving credit facility	—			—			285,000			775,000			994,000
Deferred financing costs	(82,258		)	(87,591		)	(101,521		)	(105,543		)	(130,515		)
Total debt, net of deferred financing costs	6,375,411			6,250,921			7,862,220			8,408,274			10,175,233
Accrued interest	36,052			30,734			36,378			36,941			42,406
Other liabilities	212,493			218,404			243,011			247,950			168,477
Accounts payable and accrued expenses	190,583			178,946			189,690			168,322			196,213
Deferred revenue	217,955			237,548			384,145			414,686			399,102
Capitalized lease obligations	42,132			41,951			41,751			41,554			41,360
Deferred land lease payable	2,583			2,419			2,236			2,010			1,783
Dividends and distributions payable	87,271			81,392			80,555			80,038			79,790
Security deposits	66,504			67,709			68,199			67,001			68,023
Liabilities related to assets held for sale	—			65,520			7			1,612,001			29,000
Junior subordinated deferrable interest debentures	100,000			100,000			100,000			100,000			100,000
Total liabilities	7,330,984			7,275,544			9,008,192			11,178,777			11,301,387

Noncontrolling interest in operating partnership
(4,364 units outstanding) at 12/31/16	473,882			490,440			486,452			407,046			424,206
Preferred units	302,010			302,310			302,460			304,869			282,516

Equity
Stockholders' Equity:
Series I Perpetual Preferred Shares	221,932			221,932			221,932			221,932			221,932
Common stock, $0.01 par value, 160,000 shares authorized, 101,617
issued and outstanding at 12/31/16, including 1,055 shares held in treasury	1,017			1,013			1,003			1,002			1,001
Additional paid–in capital	5,624,545			5,596,026			5,466,593			5,451,787			5,439,735
Treasury stock	(124,049		)	(124,049		)	(10,000		)	(10,000		)	(10,000		)
Accumulated other comprehensive loss	22,137			(14,074		)	(16,558		)	(17,222		)	(8,749		)
Retained earnings	1,578,893			1,612,707			1,655,320			1,620,669			1,643,546
Total SL Green Realty Corp. stockholders' equity	7,324,475			7,293,555			7,318,290			7,268,168			7,287,465

Noncontrolling interest in other partnerships	426,436			429,093			428,829			426,855			431,852

Total equity	7,750,911			7,722,648			7,747,119			7,695,023			7,719,317

Total Liabilities and Equity	$	15,857,787		$	15,790,942		$	17,544,223		$	19,585,715		$	19,727,426



Supplemental Information	14	Fourth Quarter 2016




COMPARATIVE STATEMENT OF OPERATIONS Unaudited (Dollars in Thousands Except Per Share)



	Three Months Ended						Three Months Ended				Year Ended
	December 31,			December 31,				September 30,			December 31,			December 31,
	2016			2015				2016			2016			2015
Revenues
Rental revenue, net	$	279,869		$	319,961			$	281,482		$	1,323,767		$	1,245,981
Escalation and reimbursement revenues	49,501			47,882				53,130			196,858			178,512
Investment income	38,661			44,540				75,396			213,008			181,128
Other income	6,211			13,007				6,673			130,348			57,208
Total Revenues, net	374,242			425,390				416,681			1,863,981			1,662,829

Equity in net loss (income) from unconsolidated joint ventures	(95		)	2,377				(3,968		)	11,874			13,028
Loss on early extinguishment of debt	—			—				—			—			(49		)

Expenses
Operating expenses	78,590			76,085				79,425			312,859			301,624
Ground rent	8,308			8,308				8,338			33,261			32,834
Real estate taxes	60,457			59,684				64,133			248,388			232,702
Transaction related costs	1,541			1,391				2,593			7,528			11,430
Marketing, general and administrative	25,785			22,734				25,458			99,759			94,873
Total Operating Expenses	174,681			168,202				179,947			701,795			673,463

Operating Income	199,466			259,565				232,766			1,174,060			1,002,345

Interest expense, net of interest income	64,873			88,176				72,565			321,199			323,870
Amortization of deferred financing costs	4,384			7,621				4,815			24,564			27,348
Depreciation and amortization	104,026			106,800				112,665			821,041			560,887
Loss on equity investment in marketable securities	—			—				—			83			—

Income (Loss) from Continuing Operations ⁽¹⁾	26,183			56,968				42,721			7,173			90,240

Income from discontinued operations	—			—				—			—			427
Gain on sale of real estate and discontinued operations	27,366			17,409				397			238,116			190,096
Equity in net gain on sale of joint venture interest / real estate	421			(206		)		225			44,009			15,844
Purchase price fair value adjustment	—			40,078				—			—			40,078
Depreciable real estate reserves	—			—				—			(10,387		)	(19,226		)
Net Income	53,970			114,249				43,343			278,911			317,459

Net income attributable to noncontrolling interests	(3,364		)	(6,557		)		(2,499		)	(17,780		)	(26,408		)
Dividends on preferred units	(2,853		)	(2,651		)		(2,854		)	(11,235		)	(6,967		)

Net Income Attributable to SL Green Realty Corp	47,753			105,041				37,990			249,896			284,084

Dividends on perpetual preferred shares	(3,737		)	(3,738		)		(3,738		)	(14,950		)	(14,952		)

Net Income Attributable to Common Stockholders	$	44,016		$	101,303			$	34,252		$	234,946		$	269,132

Earnings per Share - Net income per share (basic)	$	0.44		$	1.02			$	0.34		$	2.35		$	2.71
Earnings per share - Net income per share (diluted)	$	0.44		$	1.01			$	0.34		$	2.34		$	2.70
(1) Before gains on sale and equity in net gains (losses) shown below.



Supplemental Information	15	Fourth Quarter 2016




COMPARATIVE COMPUTATION OF FFO AND FAD Unaudited (Dollars in Thousands Except Per Share)



		Three Months Ended						Three Months Ended				Year Ended
		December 31,			December 31,				September 30,			December 31,			December 31,
		2016			2015				2016			2016			2015
Funds from Operations
Net Income Attributable to Common Stockholders		$	44,016		$	101,303			$	34,252		$	234,946		$	269,132

	Depreciation and amortization	104,026			106,800				112,665			821,041			560,887
	Joint ventures depreciation and noncontrolling interests adjustments	27,662			10,373				23,349			69,853			34,226
	Net income attributable to noncontrolling interests	3,364			6,557				2,499			17,780			26,408
	Gain on sale of real estate and discontinued operations	(27,366		)	(17,409		)		(397		)	(238,116		)	(190,096		)
	Equity in net loss (gain) on sale of joint venture property / real estate	(421		)	206				(225		)	(44,009		)	(15,844		)
	Purchase price fair value adjustment	—			(40,078		)		—			—			(40,078		)
	Depreciable real estate reserves	—			—				—			10,387			19,226
	Non-real estate depreciation and amortization	(522		)	(511		)		(509		)	(2,027		)	(2,036		)
	Funds From Operations	$	150,759		$	167,241			$	171,634		$	869,855		$	661,825

	Funds From Operations - Basic per Share	$	1.44		$	1.61			$	1.64		$	8.32		$	6.41

	Funds From Operations - Diluted per Share	$	1.43		$	1.61			$	1.63		$	8.29		$	6.38

Funds Available for Distribution
FFO		$	150,759		$	167,241			$	171,634		$	869,855		$	661,825

	Non real estate depreciation and amortization	522			511				509			2,027			2,036
	Amortization of deferred financing costs	4,384			7,621				4,815			24,564			27,348
	Non-cash deferred compensation	18,196			18,387				9,234			51,999			56,859
	FAD adjustment for joint ventures	(10,350		)	(10,573		)		(23,315		)	(45,608		)	(28,041		)
	FAD adjustment for discontinued operations	—			—				—			—			5
	Straight-line rental income and other non cash adjustments	(13,322		)	(38,702		)		(7,393		)	(155,807		)	(160,848		)
	Second cycle tenant improvements	(50,554		)	(87,992		)		(32,536		)	(127,962		)	(135,007		)
	Second cycle leasing commissions	(18,870		)	(5,573		)		(7,697		)	(43,510		)	(27,718		)
	Revenue enhancing recurring CAPEX	(3,561		)	(1,785		)		(630		)	(5,522		)	(4,784		)
	Non-revenue enhancing recurring CAPEX	(23,085		)	(25,991		)		(12,272		)	(52,729		)	(52,873		)
Reported Funds Available for Distribution		$	54,119		$	23,144			$	102,349		$	517,307		$	338,802


	1515 Broadway - Viacom capital contribution	$	10,171		$	7,463			$	11,321		$	30,968		$	27,041

	First cycle tenant improvements	$	2,178		$	27,064			$	4,542		$	19,061		$	70,688
	First cycle leasing commissions	$	692		$	3,369			$	752		$	11,705		$	10,006
	Development costs	$	61,822		$	27,797			$	37,165		$	163,123		$	57,166
	Redevelopment costs	$	9,483		$	26,165			$	6,310		$	30,004		$	42,266
	Capitalized interest	$	5,931		$	7,612			$	6,084		$	24,067		$	31,108



Supplemental Information	16	Fourth Quarter 2016




CONSOLIDATED STATEMENT OF EQUITY Unaudited (Dollars in Thousands)



																			Accumulated
	Series I																		Other
	Preferred			Common			Additional			Treasury			Retained			Noncontrolling			Comprehensive
	Stock			Stock			Paid-In Capital			Stock			Earnings			Interests			Loss			TOTAL

Balance at December 31, 2015	$	221,932		$	1,001		$	5,439,735		$	(10,000	)	$	1,643,546		$	431,852		$	(8,749	)	$	7,719,317

Net Income attributable to SL Green													249,896			7,644						257,540
Acquisition of subsidiary interest from noncontrolling interest																						—
Preferred dividends													(14,950		)							(14,950		)
Cash distributions declared ($2.94 per common share)													(295,377		)							(295,377		)
Cash distributions to noncontrolling interests																(15,419		)				(15,419		)
Other comprehensive income - unrealized loss on derivative instruments																			22,698			22,698
Other comprehensive income - SLG's share of joint venture net unrealized loss on derivative instruments																			4,613			4,613
Other comprehensive income - unrealized loss on marketable securities																			3,575			3,575
Proceeds from stock options exercised				2			14,830															14,832
DRSPP proceeds							277															277
Conversion of units of the Operating Partnership to common stock				3			31,803															31,806
Contributions to consolidated joint venture																2,359						2,359
Reallocation of noncontrolling interests in the Operating Partnership													(4,222		)							(4,222		)
Reallocation of capital account relating to sale																						—
Intercompany issuance of common stock				10			113,999			(114,049		)										(40		)
Deferred compensation plan and stock awards, net				1			(1,989		)													(1,988		)
Amortization of deferred compensation plan							25,890															25,890
Balance at December 31, 2016	$	221,932		$	1,017		$	5,624,545		$	(124,049	)	$	1,578,893		$	426,436		$	22,137		$	7,750,911





RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION


	Common Stock			OP Units			Stock-Based Compensation			Diluted Shares

Share Count at December 31, 2015	99,975,238			3,745,766			—			103,721,004

YTD share activity	587,111			617,950			—			1,205,061
Share Count at December 31, 2016 - Basic	100,562,349			4,363,716			—			104,926,065

Weighting factor	(377,405		)	(40,589		)	372,484			(45,510		)
Weighted Average Share Count at December 31, 2016 - Diluted	100,184,944			4,323,127			372,484			104,880,555



Supplemental Information	17	Fourth Quarter 2016




JOINT VENTURE STATEMENTS Balance Sheet for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands)




	December 31, 2016						September 30, 2016						December 31, 2015

	Total			SLG Interest			Total			SLG Interest			Total			SLG Interest
Assets
Commercial real estate properties, at cost:
Land and land interests	$	2,434,194		$	1,129,515		$	2,370,650		$	1,103,304		$	1,609,720		$	716,021
Building and improvements	7,316,847			3,108,664			7,118,788			3,026,466			5,044,397			2,042,794
Building leasehold and improvements	53,790			26,895			48,406			24,203			32,726			16,363
Properties under capital lease	189,558			94,779			189,558			94,779			189,558			94,779
	9,994,389			4,359,853			9,727,402			4,248,752			6,876,401			2,869,957
Less: accumulated depreciation	(862,672		)	(337,599		)	(800,017		)	(313,182		)	(753,933		)	(307,639		)
Net real estate	9,131,717			4,022,254			8,927,385			3,935,570			6,122,468			2,562,318


Cash and cash equivalents	159,916			63,561			140,768			56,496			164,973			59,701
Restricted cash	168,539			68,228			179,550			73,289			93,591			28,748
Debt and preferred equity investments, net	336,164			229,258			332,506			227,793			145,878			145,878
Tenant and other receivables, net of $6,449 reserve at 12/31/2016, of which $2,977 is SLG's share	16,881			4,520			22,910			6,579			30,059			13,033
Deferred rents receivables, net of $6,964 reserve at 12/31/2016 for tenant credit loss, of which $3,276 is SLG's share	215,897			95,864			205,027			89,605			178,743			79,985
Deferred costs, net	170,243			76,145			137,056			61,500			108,727			47,041
Other assets	513,238			262,195			533,609			269,421			139,747			63,242
Total Assets	$	10,712,595		$	4,822,025		$	10,478,811		$	4,720,253		$	6,984,186		$	2,999,946

Liabilities and Equity
Mortgage loans payable, net of deferred financing costs of $95,408 at 12/31/2016	$	6,453,966		$	2,712,539		$	6,332,506		$	2,662,319		$	4,266,548		$	1,702,057
Accrued interest	12,569			6,149			20,466			6,797			9,804			4,201
Other liabilities	9,407			2,415			29,931			12,075			5,438			4,404
Accounts payable and accrued expenses	147,807			64,176			105,908			41,905			87,736			38,911
Deferred revenue	356,414			186,021			367,873			192,069			209,095			94,110
Capitalized lease obligations	186,050			93,025			185,312			92,656			183,189			91,594
Security deposits	35,667			11,693			32,581			10,541			27,898			8,957
Equity	3,510,715			1,746,007			3,404,234			1,701,891			2,194,478			1,055,712
Total Liabilities and Equity	$	10,712,595		$	4,822,025		$	10,478,811		$	4,720,253		$	6,984,186		$	2,999,946



Supplemental Information	18	Fourth Quarter 2016




JOINT VENTURE STATEMENTS Statement of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands)



	Three Months Ended						Three Months Ended						Three Months Ended
	December 31, 2016						September 30, 2016						December 31, 2015

	Total			SLG Interest			Total			SLG Interest			Total			SLG Interest
Revenues
Rental revenue, net	$	184,102		$	73,492		$	162,193		$	59,654		$	133,959		$	51,281
Escalation and reimbursement revenues	17,885			7,221			12,954			5,133			9,470			4,240
Investment income	7,531			4,550			7,009			4,601			2,993			2,859
Other income	4,862			2,412			2,066			788			7,334			3,532
Total Revenues, net	$	214,380		$	87,675		$	184,222		$	70,176		$	153,756		$	61,912

Loss on early extinguishment of debt	—			—			—			—			(8		)	(2		)
Expenses
Operating expenses	$	37,767		$	13,613		$	34,726		$	11,398		$	27,135		$	10,643
Ground rent	4,255			2,034			3,744			1,872			4,242			2,121
Real estate taxes	32,317			11,333			30,814			10,152			24,529			9,269
Transaction related costs, net of recoveries	207			97			5,359			3,019			—			—
Total Operating Expenses	$	74,546		$	27,077		$	74,643		$	26,441		$	55,906		$	22,033

Operating Income	$	139,834		$	60,598		$	109,579		$	43,735		$	97,842		$	39,877
Cash NOI	$	114,002		$	46,941		$	87,683		$	36,332		$	81,337		$	32,360

Interest expense, net of interest income	$	49,865		$	22,296		$	51,789		$	15,069		$	51,974		$	18,710
Amortization of deferred financing costs	7,162			2,471			7,155			2,406			3,766			1,689
Depreciation and amortization	66,976			30,018			56,890			23,515			40,001			16,552
Net Income	$	15,831		$	5,813		$	(6,255	)	$	2,745		$	2,101		$	2,926

Real estate depreciation	66,916			30,016			56,830			23,514			39,939			16,550
FFO Contribution	$	82,747		$	35,829		$	50,575		$	26,259		$	42,040		$	19,476

FAD Adjustments:
Non real estate depreciation and amortization	$	7,222		$	2,472		$	7,215		$	2,407		$	3,829		$	1,691
Straight-line rental income and other non-cash adjustments	(15,413		)	(8,888		)	(18,671		)	(9,211		)	(14,307		)	(6,520		)
Second cycle tenant improvement	(3,177		)	(1,602		)	(766		)	(396		)	(6,190		)	(3,499		)
Second cycle leasing commissions	(1,220		)	(797		)	(28,253		)	(15,801		)	(1,897		)	(1,158		)
Recurring CAPEX	(3,315		)	(1,535		)	(1,146		)	(556		)	(2,183		)	(1,087		)
Total FAD Adjustments	$	(15,903	)	$	(10,350	)	$	(41,621	)	$	(23,557	)	$	(20,748	)	$	(10,573	)

First cycle tenant improvement	$	31,855		$	15,710		$	11,422		$	5,255		$	10,460		$	5,014
First cycle leasing commissions	$	33,450		$	15,001		$	4,539		$	2,213		$	(1,264	)	$	(1,744	)
Development costs	$	4,197		$	1,303		$	1,630		$	829		$	645		$	613
Redevelopment costs	$	27,724		$	13,920		$	12,035		$	6,463		$	27,591		$	11,163
Capitalized interest	$	5,340		$	2,906		$	4,998		$	2,732		$	5,831		$	3,055



Supplemental Information	19	Fourth Quarter 2016




JOINT VENTURE STATEMENTS Statement of Operations for Unconsolidated Joint Ventures Unaudited (Dollars in Thousands)




	Year Ended December 31, 2016						Year Ended December 31, 2015

	Total			SLG Interest			Total			SLG Interest
Revenues
Rental revenue, net	$	621,869		$	237,063		$	498,475		$	189,884
Escalation and reimbursement revenues	48,248			19,284			37,317			16,319
Investment income	24,735			16,250			—			—
Other income	17,837			8,601			41,053			25,698
Total Revenues, net	$	712,689		$	281,198		$	576,845		$	231,901

Loss on early extinguishment of debt	(1,606		)	(972		)	(1,089		)	(497		)
Expenses
Operating expenses	$	126,913		$	42,958		$	106,613		$	39,550
Ground rent	14,924			7,369			14,083			7,042
Real estate taxes	111,673			38,492			89,734			32,932
Transaction related costs, net of recoveries	5,566			3,116			615			37
Total Operating Expenses	$	259,076		$	91,935		$	211,045		$	79,561

Operating Income	$	452,007		$	188,291		$	364,711		$	151,843
Cash NOI	$	368,001		$	144,892		$	237,302		$	95,976

Interest expense, net of interest income	$	197,741		$	72,015		$	199,126		$	70,018
Amortization of deferred financing costs	24,829			8,309			13,394			5,770
Depreciation and amortization	199,011			83,346			149,023			61,386
Net Income	$	30,426		$	24,621		$	3,168		$	14,669

Real estate depreciation	198,769			83,341			148,762			61,359
FFO Contribution	$	229,195		$	107,962		$	151,930		$	76,028

FAD Adjustments:
Non real estate depreciation and amortization	$	25,071		$	8,314		$	13,656		$	5,799
Straight-line rental income and other non-cash adjustments	(60,065		)	(29,771		)	(42,711		)	(20,475		)
Second cycle tenant improvement	(7,584		)	(3,897		)	(16,079		)	(7,480		)
Second cycle leasing commissions	(31,058		)	(17,284		)	(6,108		)	(3,098		)
Recurring CAPEX	(6,050		)	(2,970		)	(5,391		)	(2,788		)
Total FAD Adjustments	$	(79,686	)	$	(45,608	)	$	(56,633	)	$	(28,042	)

First cycle tenant improvement	$	73,472		$	32,877		$	36,863		$	15,597
First cycle leasing commissions	$	50,981		$	23,567		$	24,481		$	10,585
Development costs	$	7,164		$	3,400		$	2,563		$	2,435
Redevelopment costs	$	60,965		$	29,184		$	109,451		$	47,403
Capitalized interest	$	22,961		$	12,414		$	36,290		$	18,209



Supplemental Information	20	Fourth Quarter 2016




SELECTED FINANCIAL DATA Net Operating Income and Components of Consolidated Debt Service and Fixed Charges Coverage - Unaudited (Dollars in Thousands)



	Three Months Ended						Three Months Ended				Year Ended
	December 31,			December 31,				September 30,			December 31,			December 31,
	2016			2015				2016			2016			2015
Net Operating Income ⁽¹⁾

NOI	$	178,365		$	223,766			$	179,074		$	913,193		$	857,333
NOI from discontinued operations	—			—				—			—			488
Total NOI - consolidated	178,365			223,766				179,074			913,193			857,821
SLG share of property NOI from unconsolidated JVs	54,771			39,879				44,390			171,571			152,377
Combined NOI	$	233,136		$	263,645			$	223,464		$	1,084,764		$	1,010,198
Partners' share of NOI - consolidated JVs	(10,368		)	(9,349		)		(9,479		)	(37,484		)	(35,336		)
NOI - SLG share	$	222,768		$	254,296			$	213,985		$	1,047,280		$	974,862

Combined NOI	$	233,136		$	263,645			$	223,464		$	1,084,764		$	1,010,198
Free rent (net of amortization)	(7,624		)	(22,580		)		(5,410		)	49,556			(94,386		)
Net FAS 141 adjustment	(7,539		)	(6,608		)		(1,850		)	(202,729		)	(40,806		)
Straight-line revenue adjustment	(11,787		)	(21,536		)		(20,134		)	(53,897		)	(62,262		)
Allowance for straight-line tenant credit loss	2,623			316				8,424			13,012			(2,399		)
Ground lease straight-line adjustment	995			947				869			3,592			3,270
Combined Cash NOI	$	209,804		$	214,184			$	205,363		$	894,298		$	813,615
Partners' share of cash NOI - consolidated JVs	(8,214		)	(7,444		)		(7,572		)	(29,930		)	(27,388		)
Cash NOI - SLG share	$	201,590		$	206,740			$	197,791		$	864,368		$	786,227

Components of Consolidated Debt Service and Fixed Charges - Cash Basis

Interest expense	$	64,672		$	93,234			$	72,842		$	322,400		$	345,139
Principal amortization payments	12,269			7,866				12,207			40,380			30,700
Total Consolidated Debt Service	$	76,941		$	101,100			$	85,049		$	362,780		$	375,839

Payments under ground lease arrangements	$	7,777		$	7,695			$	7,774		$	30,949		$	30,657
Dividends on preferred units	2,853			2,651				2,854			11,235			6,967
Dividends on perpetual preferred shares	3,737			3,738				3,738			14,950			14,952
Total Consolidated Fixed Charges	$	91,308		$	115,184			$	99,415		$	419,914		$	428,415

(1) Includes the operating income of SL Green Management Corp. and Eemerge 212. Excludes lease termination income and the activity of 885 Third Avenue, which was sold but did not meet the criteria for sale accounting and remains consolidated. We expect to deconsolidate the property in or before July 2017.



Supplemental Information	21	Fourth Quarter 2016




SELECTED FINANCIAL DATA 2016 Same Store - Consolidated Unaudited (Dollars in Thousands)



		Three Months Ended								Three Months Ended				Year Ended
		December 31,			December 31,						September 30,			December 31,			December 31,
		2016			2015			%			2016			2016			2015			%
Revenues
	Rental revenue, net	$	261,633		$	253,191		3.3	%		$	239,008		$	1,015,271		$	996,169		1.9	%
	Escalation & reimbursement revenues	47,345			42,324			11.9	%		49,661			180,215			165,303			9.0	%
	Other income	1,606			2,917			(44.9	)%		1,763			6,895			22,832			(69.8	)%
	Total Revenues	$	310,584		$	298,432		4.1	%		$	290,432		$	1,202,381		$	1,184,304		1.5	%
Expenses
	Operating expenses	$	67,258		$	64,119		4.9	%		$	69,786		$	265,777		$	263,457		0.9	%
	Ground rent	8,328			8,328			0.0	%		8,358			33,340			33,311			0.1	%
	Real estate taxes	58,144			55,548			4.7	%		59,746			230,931			217,476			6.2	%
		$	133,730		$	127,995		4.5	%		$	137,890		$	530,048		$	514,244		3.1	%

	Operating Income	$	176,854		$	170,437		3.8	%		$	152,542		$	672,333		$	670,060		0.3	%

	Interest expense & amortization of financing costs	$	44,733		$	40,708		9.9	%		$	44,599		$	177,261		$	162,221		9.3	%
	Depreciation & amortization	80,443			78,295			2.7	%		83,431			321,632			309,866			3.8	%

	Income before noncontrolling interest	$	51,678		$	51,434		0.5	%		$	24,512		$	173,440		$	197,973		(12.4	)%
Plus:	Real estate depreciation & amortization	80,374			78,227			2.7	%		83,362			321,356			309,578			3.8	%
	FFO Contribution	$	132,052		$	129,661		1.8	%		$	107,874		$	494,796		$	507,551		(2.5	)%

Less:	Non–building revenue	244			205			19.0	%		481			1,818			1,300			39.8	%

Plus:	Interest expense & amortization of financing costs	44,733			40,708			9.9	%		44,599			177,261			162,221			9.3	%
	Non-real estate depreciation	69			68			1.5	%		69			276			288			(4.2	)%
	NOI	$	176,610		$	170,232		3.7	%		$	152,061		$	670,515		$	668,760		0.3	%

Cash Adjustments
Less:	Free rent (net of amortization)	$	6,849		$	(832	)	(923.2	)%		$	2,707		$	10,909		$	6,502		67.8	%
	Straightline revenue adjustment	3,697			11,356			(67.4	)%		8,515			28,865			40,910			(29.4	)%
	Rental income - FAS 141	3,857			4,065			(5.1	)%		(7,243		)	4,050			17,100			(76.3	)%
Plus:	Ground lease straight-line adjustment	390			472			(17.4	)%		424			1,749			1,887			(7.3	)%
	Allowance for S/L tenant credit loss	2,044			317			544.8	%		8,371			12,332			(1,056		)	(1,268	)%
	Cash NOI	$	164,641		$	156,432		5.2	%		$	156,877		$	640,772		$	605,079		5.9	%

Operating Margins
	NOI to real estate revenue, net	56.9		%	57.1		%				52.4		%	55.9		%	56.5		%
	Cash NOI to real estate revenue, net	53.1		%	52.5		%				54.1		%	53.4		%	51.1		%

	NOI before ground rent/real estate revenue, net	59.6		%	59.9		%				55.3		%	58.6		%	59.3		%
	Cash NOI before ground rent/real estate revenue, net	55.6		%	55.1		%				56.8		%	56.0		%	53.8		%



Supplemental Information	22	Fourth Quarter 2016




SELECTED FINANCIAL DATA 2016 Same Store - Joint Venture Unaudited (Dollars in Thousands)



		Three Months Ended								Three Months Ended				Year Ended
		December 31,			December 31,						September 30,			December 31,			December 31,
		2016			2015			%			2016			2016			2015			%
Revenues
	Rental revenue, net	$	29,750		$	27,282		9.0	%		$	28,187		$	114,551		$	108,177		5.9	%
	Escalation & reimbursement revenues	2,715			2,426			11.9	%		2,669			9,846			9,380			5.0	%
	Other income	794			204			289.2	%		207			1,481			412			259.5	%
	Total Revenues	$	33,259		$	29,912		11.2	%		$	31,063		$	125,878		$	117,969		6.7	%
Expenses
	Operating expenses	$	4,763		$	4,774		(0.2	)%		$	4,797		$	18,622		$	18,973		(1.8	)%
	Ground rent	—			—			—	%		—			—			—			—	%
	Real estate taxes	4,840			4,232			14.4	%		4,904			18,482			16,802			10.0	%
		$	9,603		$	9,006		6.6	%		$	9,701		$	37,104		$	35,775		3.7	%

	Operating Income	$	23,656		$	20,906		13.2	%		$	21,362		$	88,774		$	82,194		8.0	%

	Interest expense & amortization of financing costs	$	9,205		$	8,106		13.6	%		$	8,537		$	36,295		$	31,513		15.2	%
	Depreciation & amortization	9,299			9,025			3.0	%		9,696			36,917			35,520			3.9	%

	Income before noncontrolling interest	$	5,152		$	3,775		36.5	%		$	3,129		$	15,562		$	15,161		2.6	%
Plus:	Real estate depreciation & amortization	9,299			9,025			3.0	%		9,696			36,917			35,519			3.9	%
	FFO Contribution	$	14,451		$	12,800		12.9	%		$	12,825		$	52,479		$	50,680		3.5	%

Less:	Non–building revenue	126			38			231.6	%		34			282			170			65.9	%

Plus:	Interest expense & amortization of financing costs	9,205			8,106			13.6	%		8,537			36,295			31,513			15.2	%
	Non-real estate depreciation	—			—			—	%		—			—			1			(100.0	)%
	NOI	$	23,530		$	20,868		12.8	%		$	21,328		$	88,492		$	82,024		7.9	%

Cash Adjustments
Less:	Free rent (net of amortization)	$	31		$	412		(92.5	)%		$	276		$	1,876		$	1,968		(4.7	)%
	Straightline revenue adjustment	2,494			917			172.0	%		1,301			5,821			3,794			53.4	%
	Rental income - FAS 141	388			450			(13.8	)%		388			1,557			1,867			(16.6	)%
Plus:	Ground lease straight-line adjustment	—			—			—	%		—			—			—			—	%
	Allowance for S/L tenant credit loss	—			—			—	%		—			—			(117		)	(100.0	)%
	Cash NOI	$	20,617		$	19,089		8.0	%		$	19,363		$	79,238		$	74,278		6.7	%

Operating Margins
	NOI to real estate revenue, net	71.0		%	69.9		%				68.7		%	70.5		%	69.6		%
	Cash NOI to real estate revenue, net	62.2		%	63.9		%				62.4		%	63.1		%	63.1		%

	NOI before ground rent/real estate revenue, net	71.0		%	69.9		%				68.7		%	70.5		%	69.6		%
	Cash NOI before ground rent/real estate revenue, net	62.2		%	63.9		%				62.4		%	63.1		%	63.1		%



Supplemental Information	23	Fourth Quarter 2016




SELECTED FINANCIAL DATA 2016 Same Store - Combined Unaudited (Dollars in Thousands)



		Three Months Ended								Three Months Ended				Year Ended
		December 31,			December 31,						September 30,			December 31,			December 31,
		2016			2015			%			2016			2016			2015			%
Revenues
	Rental revenue, net	$	291,383		$	280,473		3.9	%		$	267,195		$	1,129,822		$	1,104,346		2.3	%
	Escalation & reimbursement revenues	50,060			44,750			11.9	%		52,330			190,061			174,683			8.8	%
	Other income	2,400			3,121			(23.1	)%		1,970			8,376			23,244			(64.0	)%
	Total Revenues	$	343,843		$	328,344		4.7	%		$	321,495		$	1,328,259		$	1,302,273		2.0	%
Expenses
	Operating expenses	$	72,021		$	68,893		4.5	%		$	74,583		$	284,399		$	282,430		0.7	%
	Ground rent	8,328			8,328			—	%		8,358			33,340			33,311			0.1	%
	Real estate taxes	62,984			59,780			5.4	%		64,650			249,413			234,278			6.5	%
		$	143,333		$	137,001		4.6	%		$	147,591		$	567,152		$	550,019		3.1	%

	Operating Income	$	200,510		$	191,343		4.8	%		$	173,904		$	761,107		$	752,254		1.2	%

	Interest expense & amortization of financing costs	$	53,938		$	48,814		10.5	%		$	53,136		$	213,556		$	193,734		10.2	%
	Depreciation & amortization	89,742			87,320			2.8	%		93,127			358,549			345,386			3.8	%

	Income before noncontrolling interest	$	56,830		$	55,209		2.9	%		$	27,641		$	189,002		$	213,134		(11.3	)%
Plus:	Real estate depreciation & amortization	89,673			87,252			2.8	%		93,058			358,273			345,097			3.8	%
	FFO Contribution	$	146,503		$	142,461		2.8	%		$	120,699		$	547,275		$	558,231		(2.0	)%

Less:	Non–building revenue	370			243			52.3	%		515			2,100			1,470			42.9	%

Plus:	Interest expense & amortization of financing costs	53,938			48,814			10.5	%		53,136			213,556			193,734			10.2	%
	Non-real estate depreciation	69			68			1.5	%		69			276			289			(4.5	)%
	NOI	$	200,140		$	191,100		4.7	%		$	173,389		$	759,007		$	750,784		1.1	%

Cash Adjustments
Less:	Free rent (net of amortization)	$	6,880		$	(420	)	(1,738	)%		$	2,983		$	12,785		$	8,470		50.9	%
	Straightline revenue adjustment	6,191			12,273			(49.6	)%		9,816			34,686			44,704			(22.4	)%
	Rental income - FAS 141	4,245			4,515			(6.0	)%		(6,855		)	5,607			18,967			(70.4	)%
Plus:	Ground lease straight-line adjustment	390			472			(17.4	)%		424			1,749			1,887			(7.3	)%
	Allowance for S/L tenant credit loss	2,044			317			544.8	%		8,371			12,332			(1,173		)	(1,151	)%
	Cash NOI	$	185,258		$	175,521		5.5	%		$	176,240		$	720,010		$	679,357		6.0	%

Operating Margins
	NOI to real estate revenue, net	58.3		%	58.2		%				54.0		%	57.2		%	57.7		%
	Cash NOI to real estate revenue, net	53.9		%	53.5		%				54.9		%	54.3		%	52.2		%

	NOI before ground rent/real estate revenue, net	60.7		%	60.8		%				56.6		%	59.7		%	60.3		%
	Cash NOI before ground rent/real estate revenue, net	56.2		%	55.9		%				57.4		%	56.7		%	54.6		%



Supplemental Information	24	Fourth Quarter 2016




DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands)



				Principal					2017		Initial		Principal		As-Of
			Ownership	Outstanding					Principal		Maturity		Due at		Right	Earliest
Fixed rate debt			Interest (%)	12/31/2016			Coupon (1)		Amortization		Date		Maturity		Extension	Prepayment
Secured fixed rate debt
	FHLB Facility		100.0	$	205,000		0.92	%	$	—	Jan-17	(2)	$	205,000	—	Open
	485 Lexington Avenue		100.0	450,000			5.61	%	—		Feb-17	(3)	450,000		—	Open
	762 Madison Avenue (swapped)		90.0	7,694			3.86	%	15		Feb-17		7,679		—	Open
	1 Madison Avenue		100.0	517,806			5.91	%	31,653		May-20		404,531		—	Nov-19
	100 Church Street		100.0	221,446			4.68	%	3,860		Jul-22		197,784		—	Apr-22
	919 Third Avenue		51.0	500,000			5.12	%	—		Jun-23		500,000		—	Feb-23
	420 Lexington Avenue		100.0	300,000			3.99	%	—		Oct-24		272,749		—	Jul-24
	1515 Broadway		100.0	888,531			3.93	%	16,003		Mar-25		737,436		—	Sep-24
	400 East 58th Street		90.0	40,000			3.00	%	—		Nov-26		37,493		—	Aug-21
	1-6 Landmark Square		100.0	100,000			4.91	%	—		Jan-27		100,000		—	Oct-26
				$	3,230,477		4.55	%	$	51,531			$	2,912,672
Unsecured fixed rate debt
	Convertible notes			$	334,077		3.00	%	$	—	Oct-17		$	345,000	—	Open
	Unsecured loan			16,000			4.81	%	—		Jun-18		16,000		—	Open
	Unsecured notes			249,880			5.00	%	—		Aug-18		250,000		—	Jun-18
	Term loan (swapped)			500,000			2.34	%	—		Jun-19	(4)	500,000		—	Open
	Term loan (swapped)			300,000			2.54	%	—		Jun-19	(4)	300,000		—	Open
	Unsecured notes			250,000			7.75	%	—		Mar-20		250,000		—	Open
	Unsecured notes			200,000			4.50	%	—		Dec-22		200,000		—	Open
	Unsecured notes			100,000			4.27	%	—		Dec-25		100,000		—	Open
	Series J Preferred Units			4,000			3.75	%	—		Apr-51		4,000		—	Open
				$	1,953,957		3.86	%	$	—			$	1,965,000

		Total Fixed Rate Debt/Wtd Avg		$	5,184,434		4.29	%	$	51,531			$	4,877,672
Floating rate debt
Secured floating rate debt
	719 Seventh Avenue (LIBOR + 305 bps)		75.0	$	37,388		3.82	%	$	—	Feb-18		$	37,388	—	Open
	187 Broadway & 5-7 Dey Street (LIBOR + 269.5 bps)		100.0	58,000			3.47	%	—		May-18		58,000		—	Open
	Debt & preferred equity facility (LIBOR + 294 bps)			184,642			3.71	%	—		Jul-18		184,642		Jul-19	Open
	1080 Amsterdam (LIBOR + 375 bps)		92.5	3,525			4.52	%	—		Nov-18		3,525		Sep-20	Open
	220 East 42nd St. (LIBOR + 160 bps)		100.0	275,000			2.37	%	—		Oct-20		275,000		—	Open
	One Vanderbilt (LIBOR + 350 bps)		100.0	64,030			4.27	%	—		Sep-21		64,030		—	Open
				$	622,585		3.17	%	$	—			$	622,585
Unsecured floating rate debt
	Term loan (LIBOR + 140 bps)			$	383,000		2.17	%	$	—	Jun-19		$	383,000	—	Open
	Junior subordinated deferrable interest debentures (LIBOR + 125 bps)			100,000			2.25	%	—		Jul-35		100,000		—	Open
				$	483,000		2.19	%	$	—			$	483,000

		Total Floating Rate Debt/Wtd Avg		$	1,105,585		2.74	%	$	—			$	1,105,585

		Total Debt/Wtd Avg - Consolidated		$	6,290,019		4.02	%	$	51,531			$	5,983,257
		885 Third Avenue (5)		267,650			6.26	%
		Deferred financing costs		(82,258		)
		Total Debt/Wtd Avg - Consolidated, net		$	6,475,411		4.11	%

		Total Debt/Wtd Avg - Joint Venture, net		$	2,712,539		3.64	%

	Total Debt including SLG's share of JV Debt/Wtd Avg			$	9,032,876		3.90	%
	Weighted Average Balance & Interest Rate for the quarter, including SLG's share of JV Debt			$	9,271,075		3.87	%

(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) Repaid in January 2017.
(3) The loan was refinanced in January 2017 with a new $450.0 million mortgage, which has a maturity of February 2027 and bears interest at a fixed effective interest rate of 422 bps.
(4) The interest rate swaps mature in June 2019.
(5) 885 Third Avenue was sold but did not meet the criteria for sale accounting and, therefore, remains consolidated. We expect to deconsolidate the property in or before July 2017.



Supplemental Information	25	Fourth Quarter 2016




DEBT SUMMARY SCHEDULE Unconsolidated Joint Ventures Unaudited (Dollars in Thousands)




				Principal Outstanding										2017			Initial		Principal			As-Of
			Ownership	12/31/2016										Principal Amortization			Maturity		Due at Maturity			Right	Earliest
Fixed rate debt			Interest (%)	Gross Principal				SLG Share			Coupon (1)			(SLG Share)			Date		(SLG Share)			Extension	Prepayment
	1745 Broadway		56.9	$	340,000			$	193,358		5.68	%		$	—		Jan-17	(2)	$	193,358		—	Open
	521 Fifth Avenue (swapped)		50.5	170,000				85,850			3.73	%		—			Nov-19		85,850			—	Open
	717 Fifth Avenue (mortgage)		10.9	300,000				32,748			4.45	%		—			Jul-22		32,748			—	Open
	717 Fifth Avenue (mezzanine)		10.9	355,328				38,788			5.50	%		—			Jul-22		38,788			—	Mar-22
	21 East 66th Street		32.3	12,000				3,874			3.60	%		—			Apr-23		3,874			Apr-28	Open
	3 Columbus Circle		48.9	350,000				171,150			3.61	%		—			Mar-25		171,150			—	Sep-24
	11 Madison Avenue		60.0	1,400,000				840,000			3.84	%		—			Sep-25		840,000			—	Mar-25
	800 Third Avenue (swapped)		60.5	177,000				107,120			3.37	%		—			Feb-26		107,120			—	Feb-17
	400 East 57th Street		41.0	100,000				41,000			3.00	%		—			Nov-26		38,430			—	Aug-21
	Stonehenge Portfolio		Various	362,518			(3)	20,578			4.19	%		410			Various	(3)	18,712			—	Open

	Total Fixed Rate Debt/Wtd Avg			$	3,566,846			$	1,534,466		4.04	%	(4)	$	410				$	1,530,030
Floating rate debt
	10 East 53rd Street (LIBOR + 250 bps)		55.0	$	125,000			$	68,750		3.27	%		$	—		Feb-17		$	68,750		—	Open
	724 Fifth Avenue (LIBOR + 242 bps)		50.0	275,000				137,500			3.20	%		—			Apr-17		137,500			Apr-19	Open
	1552 Broadway (LIBOR + 417 bps)		50.0	185,410				92,705			4.94	%		—			Apr-17		92,705			—	Open
	55 West 46th Street (LIBOR + 230 bps)		25.0	157,322				39,331			3.07	%		—			Oct-17		39,331			—	Open
	175-225 3rd Street (Prime + 100 bps)		95.0	40,000				38,000			4.75	%		—			Dec-17		38,000			—	Open
	Jericho Plaza (LIBOR + 415 bps)		11.7	76,993				8,985			4.92	%		—			Mar-18		8,985			Mar-21	Open
	605 West 42nd Street (Various)		20.0	539,000				107,800			2.96	%		—			Jul-18		107,800			—	Open
	650 Fifth Avenue (LIBOR + 375 bps)		50.0	77,500				38,750			4.52	%		—			Aug-18		38,750			Aug-20	Open
	280 Park Avenue (LIBOR + 200 bps)		50.0	900,000				450,000			2.77	%		—			Jun-19		450,000			—	Open
	121 Greene Street (LIBOR + 150 bps)		50.0	15,000				7,500			2.27	%		—			Nov-19		7,500			—	Open
	131-137 Spring Street (LIBOR + 155 bps)		20.0	141,000				28,200			2.32	%		—			Aug-20		28,200			—	Open
	11 West 34th Street (LIBOR + 145 bps)		30.0	23,000				6,900			2.22	%		—			Jan-21		6,900			Jan-23	Open
	100 Park Avenue (LIBOR + 175 bps)		49.9	360,000				179,640			2.52	%		—			Feb-21		175,859			—	Open
	21 East 66th Street (T 12 mos + 275 bps)		32.3	1,726				557			3.60	%		26			Jun-33		4			—	Open
	Stonehenge Portfolio (Various)		Various	65,577				3,773			6.07	%		16			Various		3,764			—	Open

	Total Floating Rate Debt/Wtd Avg			$	2,982,528			$	1,208,391		3.13	%	(4)	$	42				$	1,204,048

	Total Joint Venture Debt/Wtd Avg			$	6,549,374			$	2,742,857		3.64	%	(4)	$	452				$	2,734,078
		Deferred financing cost		(95,408		)		(30,318		)
	Total Joint Venture Debt/Wtd Avg, net			$	6,453,966			$	2,712,539		3.64	%

(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) The loan was refinanced in January 2017 with a new $375.0 million mortgage, which has a maturity of January 2020 and bears interest at a floating rate of LIBOR + 185 bps.
(3) Amount is comprised of $13.1 million, $34.5 million, $175.2 million, and $139.7 million in fixed-rate mortgages that mature in April 2017, November 2017, June 2019, and August 2019, respectively.
(4) The weighted average coupon is calculated based on SL Green's share of the outstanding debt.



	Covenants												Composition of Debt
	SL GREEN REALTY CORP.												Composition of Debt

	Revolving Credit Facility Covenants													Fixed Rate Debt
			Actual	Required													Consolidated		$	5,184,434
	Total Debt / Total Assets		39.1%	Less than 60%												SLG Share of JV			1,534,466
	Fixed Charge Coverage		2.77x	Greater than 1.5x												Total Fixed Rate Debt			$	6,718,900		74.4%

														Floating Rate Debt
																	Consolidated		$	1,105,585
	Unsecured Notes Covenants															SLG Share of JV			1,208,391
			Actual	Required															2,313,976
	Total Debt / Total Assets		26.7%	Less than 60%									Debt & Preferred Equity and Other Investments						(1,359,744		)
	Secured Debt / Total Assets		16.6%	Less than 40%										Total Floating Rate Debt					$	954,232		10.6%
	Debt Service Coverage		6.00x	Greater than 1.5x
	Unencumbered Assets / Unsecured Debt		782.3%	Greater than 150%													Total Debt		$	9,032,876



Supplemental Information	26	Fourth Quarter 2016




DEBT SUMMARY SCHEDULE Reckson Operating Partnership Unaudited (Dollars in Thousands)






					Principal				2017		Initial		Principal		As-Of
			Ownership		Outstanding				Principal		Maturity		Due at		Right	Earliest
Fixed rate debt			Interest (%)		12/31/2016		Coupon (1)		Amortization		Date		Maturity		Extension	Prepayment
Secured fixed rate debt
	919 Third Avenue		51.0		$	500,000	5.12	%	$	—	Jun-23		$	500,000	—	Feb-23
					$	500,000	5.12	%	$	—			$	500,000
Unsecured fixed rate debt
	Unsecured notes				$	249,880	5.00	%	$	—	Aug-18		$	250,000	—	Jun-18
	Term loan (swapped)				500,000		2.34	%	—		Jun-19	(2)	500,000		—	Open
	Term loan (swapped)				300,000		2.54	%	—		Jun-19	(2)	300,000		—	Open
	Unsecured notes				250,000		7.75	%	—		Mar-20		250,000		—	Open
	Unsecured notes				200,000		4.50	%	—		Dec-22		200,000		—	Open
	Unsecured notes				100,000		4.27	%	—		Dec-25		100,000		—	Open
					$	1,599,880	4.03	%	$	—			$	1,600,000

		Total Fixed Rate Debt/Wtd Avg			$	2,099,880	4.29	%	$	—			$	2,100,000
Floating rate debt
Secured floating rate debt
	Debt & preferred equity facility (LIBOR + 294 bps)				$	184,642	3.71	%	$	—	Jul-18		$	184,642	Jul-19	Open
					$	184,642	3.71	%	$	—			$	184,642
Unsecured floating rate debt
	Term loan (LIBOR + 140 bps)				$	383,000	2.17	%	$	—	Jun-19		$	383,000	—	Open
					$	383,000	2.17	%	$	—			$	383,000

		Total Floating Rate Debt/Wtd Avg			$	567,642	2.67	%	$	—			$	567,642

		Total Debt/Wtd Avg - Consolidated			$	2,667,522	3.94	%	$	—			$	2,667,642


(1) Coupon for floating rate debt determined using the effective LIBOR rate at the end of the quarter. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) The interest rate swaps mature in June 2019.


	Covenants
	RECKSON OPERATING PARTNERSHIP, L.P.

	Revolving Credit Facility Covenants
				Actual	Required
	Total Debt / Total Assets			33.4%	Less than 60%
	Fixed Charge Coverage			5.50x	Greater than 1.5x
	Secured Debt / Total Assets			7.5%	Less than 40%
	Unsecured Debt / Unencumbered Assets			37.6%	Less than 60%



	Unsecured Notes Covenants
				Actual	Required
	Total Debt / Total Assets			26.7%	Less than 60%
	Secured Debt / Total Assets			16.6%	Less than 40%
	Debt Service Coverage			6.00x	Greater than 1.5x
	Unencumbered Assets / Unsecured Debt			782.3%	Greater than 150%



Supplemental Information	27	Fourth Quarter 2016




SUMMARY OF GROUND LEASE ARRANGEMENTS Unaudited (Dollars in Thousands)



													Deferred Land
	2017 Scheduled			2018 Scheduled			2019 Scheduled			2020 Scheduled				Lease		Year of
Property	Cash Payment			Cash Payment			Cash Payment			Cash Payment			Obligations ⁽¹⁾			Maturity

Consolidated Ground Lease Arrangements

Operating Leases
625 Madison Avenue		$	4,613		$	4,613		$	4,613		$	4,613		$	—	2022	(2)
461 Fifth Avenue		2,100			2,100			2,100			2,100			639		2027	(3)
711 Third Avenue		5,500			5,500			5,500			5,500			1,156		2033	(4)
1185 Avenue of the Americas		6,909			6,909			6,909			6,909			—		2043
420 Lexington Avenue		10,899			10,899			10,899			11,174			—		2050	(5)
1055 Washington Blvd, Stamford		615			615			615			615			—		2090
1080 Amsterdam Avenue		209			209			226			314			—		2111
30 East 40th Street		204			204			204			212			788		2114
Total		$	31,049		$	31,049		$	31,066		$	31,437		$	2,583

Capitalized Leases
1080 Amsterdam Avenue		$	291		$	291		$	315		$	436		$	21,575	2111
30 East 40th Street		2,096			2,096			2,096			2,183			20,557		2114
Total		$	2,387		$	2,387		$	2,411		$	2,619		$	42,132

Unconsolidated Joint Venture Ground Lease Arrangement (SLG Share)

Operating Leases
650 Fifth Avenue (Floors 1-3)		$	1,167		$	1,183		$	1,284		$	1,284		$	2,123	2062
650 Fifth Avenue (Floors 4-6)		—			18			1,645			1,645			134		2033
333 East 22nd Street		108			135			217			217			159		2115
Total		$	1,275		$	1,336		$	3,146		$	3,146		$	2,416

Capitalized Leases
650 Fifth Avenue (Floors 1-3)		$	6,086		$	6,169		$	6,695		$	6,695		$	93,025	2062

(1) Per the balance sheet at December 31, 2016.
(2) Subject to renewal at the Company's option through 2054.
(3) The Company has an option to purchase the ground lease for a fixed price on a specific date.
(4) Reflects 50% of the annual ground rent payment as the Company owns 50% of the fee interest.
(5) Subject to two 15-year renewals at the Company's option through 2080.



Supplemental Information	28	Fourth Quarter 2016




DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands)



					Weighted Average Book			Weighted Average	Current
	Book Value ⁽¹⁾				Value During Quarter⁽²⁾			Yield During Quarter	Yield ⁽³⁾

12/31/2015	$	1,670,020				$	1,553,949	10.29%	10.17%

Debt originations/accretion⁽⁴⁾	128,193
Preferred Equity originations/accretion⁽⁴⁾	604
Redemptions/Sales/Syndications/Amortization	(420,201		)
3/31/2016	$	1,378,616				$	1,652,321	10.35%	10.39%

Debt originations/accretion⁽⁴⁾	125,993
Preferred Equity originations/accretion⁽⁴⁾	255
Redemptions/Sales/Syndications/Amortization	(147,683		)
6/30/2016	$	1,357,181				$	1,373,151	9.50%	9.40%

Debt originations/accretion⁽⁴⁾	330,576
Preferred Equity originations/accretion⁽⁴⁾	4,809
Redemptions/Sales/Syndications/Amortization	(239,332		)
9/30/2016	$	1,453,234				$	1,383,096	9.37%	9.23%

Debt originations/accretion⁽⁴⁾	424,414
Preferred Equity originations/accretion⁽⁴⁾	30
Redemptions/Sales/Syndications/Amortization	(237,266		)
12/31/2016	$	1,640,412		⁽⁵⁾		$	1,511,273	9.30%	9.31%


(1) Net of unamortized fees, discounts, and premiums.
(2) Excludes accelerated fee income resulting from early repayment.
(3) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter, excluding accelerated fee income
resulting from early repayment.
(4) Accretion includes amortization of fees and discounts and paid-in-kind investment income.
(5) Excludes debt and preferred equity investments totaling $339.2 million with a weighted average current yield of 7.90% that are included in other balance sheet line items.



Supplemental Information	29	Fourth Quarter 2016




DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands, Except Per Square Foot Amounts)



	Book Value							Senior		Weighted Average			Weighted Average		Current
Type of Investment	Floating rate		Fixed rate		Total			Financing		Exposure PSF			Yield During Quarter ⁽¹⁾		Yield ⁽²⁾

Senior Mortgage Debt	$	352,169	$	26,691	$	378,860		$	—		$	436		7.15%	7.42%

Junior Mortgage Participation	73,674		29,815		103,489			1,392,300			$	2,507		9.84%	9.88%

Mezzanine Debt	806,335		303,853		1,110,188			3,926,102			$	1,587		10.06%	9.95%

Preferred Equity	47,875		—		47,875			130,272			$	425		8.05%	8.16%

Balance as of 12/31/16	$	1,280,053	$	360,359	$	1,640,412	⁽³⁾	$	5,448,674		$	1,346		9.30%	9.31%

(1) Excludes accelerated fee income resulting from early repayment.
(2) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter, excluding accelerated fee income resulting from early repayment.
(3) Net of unamortized fees, discounts, and premiums. Excludes debt and preferred equity investments totaling $339.2 million with a weighted average current yield of 7.90% that are included in other balance sheet line items.



		Debt and Preferred Equity Maturity Profile ⁽¹⁾
		2017	2018	2019	2020	2021 & Thereafter
	Floating Rate	343,601	482,446	278,807	159,593	15,606
	Fixed Rate	259,551	—	26,691	—	74,117
	Total	603,152	482,446	305,498	159,593	89,723


(1) The weighted average maturity of the outstanding balance is 1.80 years. Approximately 63.4% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension. The weighted average maturity of the fully extended outstanding balance is 3.00 years.



Supplemental Information	30	Fourth Quarter 2016




10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands, Except Per Square Foot Amounts)



	Book Value⁽¹⁾			Property		Senior				Current
Investment Type		12/31/2016		Type	Location	Financing		Last $ PSF⁽²⁾		Yield⁽³⁾

Jr. Mortgage Participation and Mezzanine Loans		$	193,422	Office	Manhattan	$	1,109,000	$	1,184	9.68%

Mortgage and Mezzanine Loans		145,239		Commercial/Multi-Family Rental Land	Manhattan	—		$	264	9.82%

Mezzanine Loan		125,911		Multi-Family Rental	Manhattan	413,181		$	713	8.43%

Mortgage and Mezzanine Loans		111,819		Retail/Multi-Family Rental	Manhattan	—		$	757	8.82%

Mezzanine Loan		74,476		Multi-Family Rental	Manhattan	335,000		$	751	7.98%

Mezzanine Loan		66,129		Office	Manhattan	502,100		$	529	7.84%

Mortgage and Jr. Mortgage Participation Loans		65,554		Office/Retail	Brooklyn	183,300		$	343	9.13%

Mezzanine Loan		64,504		Office	Manhattan	199,936		$	499	9.77%

Mezzanine Loan		63,137		Office	Manhattan	259,229		$	57	11.58%

Mezzanine Loan		56,114		Office	Manhattan	165,326		$	558	9.24%

Total		$	966,305			$	3,167,072			9.25%


(1) Net of unamortized fees, discounts, and premiums. Excludes debt and preferred equity investments totaling $339.2 million with a weighted average current yield of 7.90% which are included in other balance sheet line
items.
(2) Reflects the last dollar of exposure to the Company's most junior position.
(3) Calculated based on accounting income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter, excluding accelerated fee income
resulting from early repayment.



Supplemental Information	31	Fourth Quarter 2016




SELECTED PROPERTY DATA Manhattan Operating Properties Unaudited (Dollars in Thousands)



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized	Annualized Cash Rent				Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Dec-16		Sep-16		Jun-16		Mar-16		Dec-15		Cash Rent ($'s)	100	%	SLG%		Tenants
CONSOLIDATED PROPERTIES
"Same Store"
100 Church Street	100.0	Downtown	Fee Interest	1	1,047,500	3.8		99.5		99.5		99.5		99.0		99.0		$41,647	4.1		3.1		19
110 East 42nd Street	100.0	Grand Central	Fee Interest	1	215,400	0.8		92.0		99.9		91.8		97.8		98.5		10,024	1.0		0.8		24
125 Park Avenue	100.0	Grand Central	Fee Interest	1	604,245	2.2		99.9		99.9		98.7		98.7		97.8		40,541	4.0		3.1		25
220 East 42nd Street	100.0	Grand Central	Fee Interest	1	1,135,000	4.1		75.8		79.5		88.1		90.8		90.9		41,420	4.1		3.1		28
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	215,000	0.8		100.0		100.0		99.1		83.8		75.7		15,091	1.5		1.1		12
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1	1,188,000	4.3		97.0		98.6		98.1		97.1		98.4		78,307	7.8		5.9		207
461 Fifth Avenue ⁽¹⁾	100.0	Midtown	Leasehold Interest ⁽¹⁾	1	200,000	0.7		99.9		99.9		99.9		99.9		99.9		18,655	1.9		1.4		11
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	921,000	3.4		96.8		96.6		98.1		98.1		100.0		60,636	6.0		4.6		23
555 West 57th Street	100.0	Midtown West	Fee Interest	1	941,000	3.4		99.9		99.9		99.9		99.7		99.9		40,627	4.0		3.1		9
609 Fifth Avenue	100.0	Rockefeller Center	Fee Interest	1	160,000	0.6		76.6		76.6		76.1		76.1		76.1		15,376	1.5		1.2		13
625 Madison Avenue	100.0	Plaza District	Leasehold Interest	1	563,000	2.1		98.8		98.8		98.2		97.2		97.2		59,213	5.9		4.5		25
635 Sixth Avenue	100.0	Midtown South	Fee Interest	1	104,000	0.4		100.0		100.0		100.0		100.0		100.0		8,979	0.9		0.7		2
641 Sixth Avenue	100.0	Midtown South	Fee Interest	1	163,000	0.6		100.0		100.0		100.0		100.0		100.0		13,670	1.4		1.0		7
711 Third Avenue ⁽²⁾	100.0 ⁽²⁾	Grand Central North	Leasehold Interest	1	524,000	2.3		92.2		88.7		68.3		66.4		65.8		32,258	3.2		2.4		18
750 Third Avenue	100.0	Grand Central North	Fee Interest	1	780,000	2.9		99.0		97.5		97.5		96.0		97.5		47,784	4.7		3.6		33
810 Seventh Avenue	100.0	Times Square	Fee Interest	1	692,000	2.5		93.6		94.1		94.1		92.4		93.0		44,996	4.5		3.4		47
919 Third Avenue	51.0	Grand Central North	Fee Interest	1	1,454,000	5.3		100.0		100.0		100.0		100.0		100.0		97,465	—		3.8		8
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1	1,062,000	3.9		99.0		94.3		99.0		99.0		99.0		91,541	9.1		6.9		15
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	562,000	2.1		87.9		98.8		98.5		99.6		99.6		39,529	3.9		3.0		34
1515 Broadway	100.0	Times Square	Fee Interest	1	1,750,000	6.4		97.3		97.3		98.4		98.4		98.4		117,148	11.6		8.8		11
1 Madison Avenue	100.0	Park Avenue South	Fee Interest	1	1,176,900	4.3		100.0		100.0		100.0		100.0		100.0		73,996	7.4		5.6		2

Subtotal / Weighted Average				21	15,458,045	56.5	%	95.9	%	96.3	%	96.6	%	96.3	%	96.5	%	$988,903	88.6	%	71.1	%	573

"Non Same Store"
30 East 40th Street	60.0	Grand Central South	Leasehold Interest	1	69,446	0.3		94.5		96.3		99.2		99.2		100.0		$4,509			0.2		57
110 Greene Street	90.0	Soho	Fee Interest	1	223,600	0.8		69.3		74.7		77.3		80.3		78.1		9,682			0.7		58
600 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	303,515	1.1		85.1		90.2		92.5		95.3		95.5		20,231	2.0		1.5		32

Subtotal / Weighted Average				3	596,561	2.2	%	80.3	%	85.1	%	87.6	%	90.1	%	89.5	%	$34,421	2.0	%	2.4	%	147

Total / Weighted Average Consolidated Properties				24	16,054,606	58.7	%	95.4	%	95.9	%	96.2	%	96.1	%	96.2	%	$1,023,324	90.6	%	73.5	%	720


UNCONSOLIDATED PROPERTIES
"Same Store"
3 Columbus Circle	48.9	Columbus Circle	Fee Interest	1	530,981	1.9		96.8		96.2		96.4		95.5		86.8		$48,622			1.8		34
100 Park Avenue	50.0	Grand Central South	Fee Interest	1	834,000	3.0		92.3		96.4		97.7		96.6		95.5		61,756			2.3		39
521 Fifth Avenue	50.5	Grand Central	Fee Interest	1	460,000	1.7		89.2		89.2		86.8		87.3		91.9		28,059			1.1		42
800 Third Avenue	60.5	Grand Central North	Fee Interest	1	526,000	1.9		97.8		97.1		96.2		95.6		96.1		35,154			1.6		42
1745 Broadway	56.9	Midtown	Fee Interest	1	674,000	2.5		100.0		100.0		100.0		100.0		100.0		43,512			1.9		1

Subtotal / Weighted Average				5	3,024,981	11.1	%	95.3	%	96.2	%	96.0	%	95.6	%	94.5	%	$217,103			8.7	%	158

"Non Same Store"
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	1	2,314,000	8.5		98.0		98.0		98.0		98.0		73		$134,677			6.1		9
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	1,219,158	4.5		82.3		82.3		81.7		81.0		80.7		104,878			4.0		30

Subtotal / Weighted Average				2	3,533,158	12.9	%	92.6	%	92.6	%	92.4	%	92.1	%	75.7	%	$239,555			10.1	%	39

Total / Weighted Average Unconsolidated Properties				7	6,558,139	24.0	%	93.8	%	94.3	%	94.1	%	93.7	%	84.4	%	$456,658			18.7	%	197


Manhattan Operating Properties Grand Total / Weighted Average				31	22,612,745	82.6	%	94.9	%	95.4	%	95.6	%	95.4	%	92.8	%	$1,479,982					917
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent																		$1,220,882			92.2	%
Manhattan Operating Properties Same Store Occupancy %					18,483,026	81.7	%	95.8	%	96.3	%	96.5	%	96.2	%	96.2	%
Manhattan Operating Properties Same Store Leased Occupancy %								97.1	%	97.5	%	97.4	%	97.4	%	97.2	%


(1) The Company has an option to acquire the fee interest for a fixed price on a specific date.
(2) The Company owns 50% of the fee interest.



Supplemental Information	32	Fourth Quarter 2016




SELECTED PROPERTY DATA Suburban Operating Properties Unaudited (Dollars in Thousands)



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized	Annualized Cash Rent				Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Dec-16		Sep-16		Jun-16		Mar-16		Dec-15		Cash Rent ($'s)	100	%	SLG%		Tenants
CONSOLIDATED PROPERTIES
"Same Store" Westchester, New York
1100 King Street - 1 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	1	90,000	0.3		74.8		74.8		74.8		74.8		74.8		$1,865	0.2		0.1		2
1100 King Street - 2 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	1	90,000	0.3		61.3		59.2		59.2		59.2		59.2		1,479	0.1		0.1		4
1100 King Street - 3 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	1	90,000	0.3		52.2		52.2		52.2		52.2		5.8		1,040	0.1		0.1		2
1100 King Street - 4 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	1	90,000	0.3		85.8		85.8		85.8		85.8		85.8		2,149	0.2		0.2		10
1100 King Street - 5 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	1	90,000	0.3		91.3		91.3		88.8		87.7		87.7		1,867	0.2		0.1		10
1100 King Street - 6 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	1	90,000	0.3		56.7		56.7		56.7		56.7		56.7		1,577	0.2		0.1		3
520 White Plains Road	100.0	Tarrytown, New York	Fee Interest	1	180,000	0.7		96.1		96.1		94.4		98.3		98.3		4,355	0.4		0.3		13
115-117 Stevens Avenue	100.0	Valhalla, New York	Fee Interest	1	178,000	0.7		49.5		49.5		49.5		78.7		77.2		1,611	0.2		0.1		10
100 Summit Lake Drive	100.0	Valhalla, New York	Fee Interest	1	250,000	0.9		66.0		52.2		52.2		52.2		47.1		4,248	0.4		0.3		11
200 Summit Lake Drive	100.0	Valhalla, New York	Fee Interest	1	245,000	0.9		95.8		95.8		94.5		94.5		82.7		5,885	0.6		0.4		9
500 Summit Lake Drive	100.0	Valhalla, New York	Fee Interest	1	228,000	0.8		97.8		97.8		97.8		97.8		97.8		5,373	0.5		0.4		7
360 Hamilton Avenue	100.0	White Plains, New York	Fee Interest	1	384,000	1.4		98.4		98.4		97.8		98.4		94.7		14,466	1.4		1.1		21
"Same Store" Westchester, New York Subtotal/Weighted Average				12	2,005,000	8.3	%	81.9	%	80.0	%	79.5	%	82.5	%	77.5	%	$45,916	4.6	%	3.5	%	102

"Same Store" Connecticut
1 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	312,000	1.1		88.7		88.8		88.2		92.5		94.6		$8,853	0.9		0.7		65
2 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	46,000	0.2		75.2		68.4		73.9		73.9		76.5		764	0.1		0.1		7
3 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	130,000	0.5		81.8		76.4		76.4		73.0		69.1		3,551	0.4		0.3		21
4 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	105,000	0.4		92.4		92.4		92.4		92.4		86.5		3,203	0.3		0.2		14
5 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	61,000	0.2		99.0		99.0		99.0		99.0		99.0		1,055	0.1		0.1		10
6 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	172,000	0.6		93.7		93.7		93.7		91.9		86.0		4,076	0.4		0.3		7
7 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	36,800	0.1		100.0		100.0		100.0		100.0		100.0		733	0.1		0.1		2
680 Washington Boulevard	51.0	Stamford, Connecticut	Fee Interest	1	133,000	0.5		87.0		87.0		87.6		87.0		88.9		5,224			0.2		9
750 Washington Boulevard	51.0	Stamford, Connecticut	Fee Interest	1	192,000	0.7		95.0		96.4		96.4		97.9		99.1		7,867			0.3		9
1055 Washington Boulevard	100.0	Stamford, Connecticut	Leasehold Interest	1	182,000	0.7		66.5		76.9		79.6		75.6		74.7		4,555	0.5		0.3		19
1010 Washington Boulevard	100.0	Stamford, Connecticut	Fee Interest	1	143,400	0.5		91.3		88.2		79.3		76.9		75.3		4,325	0.4		0.3		27
"Same Store" Connecticut Subtotal/Weighted Average				11	1,513,200	4.5	%	87.5	%	87.9	%	87.5	%	87.3	%	86.5	%	$44,207	3.1	%	2.9	%	190

"Same Store" New Jersey
125 Chubb Way	100.0	Lyndhurst, New Jersey	Fee Interest	1	278,000	1.0		73.3		73.3		66.2		66.2		66.2		$4,734	0.5		0.4		7
"Same Store" New Jersey Subtotal/Weighted Average				1	278,000	1.0	%	73.3	%	73.3	%	66.2	%	66.2	%	66.2	%	$4,734	0.5	%	0.4	%	7

"Same Store" Brooklyn, New York
16 Court Street	100.0	Brooklyn, New York	Fee Interest	1	317,600	1.2		95.2		95.9		97.3		96.4		95.5		$13,042	1.3		1.0		67
"Same Store" Brooklyn, New York Subtotal/Weighted Average				1	317,600	1.2	%	95.2	%	95.9	%	97.3	%	96.4	%	95.5	%	$13,042	1.3	%	1.0	%	67

Total / Weighted Average Consolidated Properties				25	4,113,800	15.0	%	84.4	%	83.7	%	82.9	%	84.3	%	81.4	%	$107,900	9.4	%	7.7	%	366


UNCONSOLIDATED PROPERTIES
"Non Same Store"
Jericho Plaza	11.7	Jericho, New York	Fee Interest	2	640,000	2.3		71.0		71.0		71.0		71.0		66.9		$15,786			10.0	%	34
"Non Same Store" Subtotal/Weighted Average				2	640,000	2.3	%	71.0	%	71.0	%	71.0	%	71.0	%	66.9	%	$15,786			0.1	%	34

Total / Weighted Average Unconsolidated Properties				2	640,000	2.3	%	71.0	%	71.0	%	71.0	%	71.0	%	68.9	%	$15,786			0.1	%	34


Suburban Operating Properties Grand Total / Weighted Average				27	4,753,800	17.4	%	82.6	%	82.0	%	81.3	%	82.5	%	79.5	%	$123,686					400
Suburban Operating Properties Grand Total - SLG share of Annualized Rent																		$103,327			7.8	%
Suburban Operating Properties Same Store Occupancy %					4,113,800	86.5	%	84.4	%	83.7	%	82.9	%	84.3	%	81.4	%
Suburban Operating Properties Same Store Leased Occupancy %								85.1	%	85.4	%	83.9	%	84.9	%	83.3	%



Supplemental Information	33	Fourth Quarter 2016




SELECTED PROPERTY DATA Retail and Residential Properties Unaudited (Dollars in Thousands)



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized	Annualized		Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Dec-16		Sep-16		Jun-16		Mar-16		Dec-15		Cash Rent ($'s)	Cash Rent (SLG%)		Tenants

"Same Store" Retail
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	1	17,150	2.0		100.0		100.0		100.0		100.0		100.0		$2,648	1.1		1
19-21 East 65th Street ⁽¹⁾	90.0	Plaza District	Fee Interest	2	23,610	3.0		26.6		77.5		77.5		77.5		60.5		492	0.6		10
21 East 66th Street	32.3	Plaza District	Fee Interest	1	13,069	2.0		100.0		100.0		100.0		100.0		100.0		3,728	1.7		1
121 Greene Street	50.0	Soho	Fee Interest	1	7,131	1.0		100.0		100.0		100.0		100.0		100.0		1,459	1.0		2
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest	1	270,132	33.0		100.0		100.0		100.0		100.0		100.0		14,904	20.5		10
717 Fifth Avenue	10.9	Midtown/Plaza District	Fee Interest	1	119,550	15.0		81.1		81.1		81.1		85.0		85.0		43,953	6.6		5
724 Fifth Avenue	50.0	Plaza District	Fee Interest	1	65,010	8.0		97.0		97.0		90.1		83.1		83.1		24,144	16.6		10
752-760 Madison Avenue	100.0	Plaza District	Fee Interest	1	21,124	3.0		100.0		100.0		100.0		100.0		100.0		13,597	18.7		1
762 Madison Avenue ⁽¹⁾	90.0	Plaza District	Fee Interest	1	6,109	1.0		100.0		100.0		100.0		100.0		100.0		1,799	2.2		5
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	1	52,000	6.0		100.0		100.0		100.0		100.0		100.0		1,791	2.5		3
Subtotal/Weighted Average				11	594,885	73.0	%	93.0	%	95.0	%	94.2	%	94.3	%	93.6	%	$108,513	71.6	%	48

"Non Same Store" Retail
183-187 Broadway, 5-7 Dey Street	100.0	Lower Manhattan	Fee Interest	3	82,700	10.0		49.9		54.1		61.1		69.7		76.6		$2,466	3.4		20
102 Greene Street	100.0	Soho	Fee Interest	1	9,200	1.0		54.3		54.3		54.3		—		54.3		600	0.8		1
115 Spring Street	100.0	Soho	Fee Interest	1	5,218	1.0		100.0		100.0		100.0		100.0		100.0		2,800	3.9		1
131-137 Spring Street	20.0	Soho	Fee Interest	2	68,342	8.0		93.9		93.9		93.9		93.9		93.9		12,041	3.3		9
1552-1560 Broadway	50.0	Times Square	Fee Interest	2	57,718	7.0		67.5		67.5		67.5		67.5		67.5		24,699	17		2
Subtotal/Weighted Average				9	223,178	27.0	%	69.3	%	70.8	%	73.4	%	74.4	%	79.3	%	$42,606	28.4	%	33

Total / Weighted Average Retail Properties				20	818,063	100.0	%	86.5	%	88.4	%	88.6	%	88.8	%	89.8	%	$151,119	100.0	%	81



Residential Properties
	Ownership			# of	Useable			Occupancy (%)										Average Monthly ⁽²⁾	Annualized
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Total Units		Dec-16		Sep-16		Jun-16		Mar-16		Dec-15		Rent Per Unit ($'s)	Cash Rent ($'s)

"Same Store" Residential
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest		222,855	333		93.1		94.0		92.8		95.2		89.5		$4,131	$15,320
400 East 57th Street ⁽¹⁾	41.0	Upper East Side	Fee Interest	1	290,482	261		88.1		91.6		93.5		92.7		92.3		3,396	10,319
400 East 58th Street ⁽¹⁾	90.0	Upper East Side	Fee Interest	1	140,000	126		89.7		91.3		92.9		92.8		95.2		3,304	4,984
1080 Amsterdam ⁽¹⁾	92.5	Upper West Side	Leasehold Interest	1	82,250	97		96.9		88.5		91.7		96.9		96.9		3,864	4,596
Subtotal/Weighted Average				3	735,587	817		91.9	%	92.2	%	92.9	%	94.2	%	92.2	%	$3,749	$35,424

"Non Same Store" Residential
Upper East Side Residential	95.1	Upper East Side	Fee Interest	1	27,000	28		39.3		42.9		42.9		42.9		85.7		$1,255	$622
605 West 42nd Street	20.0	Midtown West	Fee Interest	1	927,358	1,175		65.1		55.0		—		N/A		N/A		4,107	37,705
Stonehenge Portfolio	Various		Fee Interest	16	2,029,924	2,189		91.3		92.2		94.6		94.8		94.3		3,892	100,915
Subtotal/Weighted Average				18	2,984,282	3,392		81.8	%	78.9	%	61.4	%	94.1	%	94.2	%	$3,941	$139,241

Total / Weighted Average Residential Properties				21	3,719,869	4,209		83.8	%	81.5	%	67.5	%	94.2	%	93.6	%	$3,900	$174,665


(1) Stonehenge Portfolio Property.
(2) Calculated based on occupied units. Amounts in dollars.



Supplemental Information	34	Fourth Quarter 2016




SELECTED PROPERTY DATA Development / Redevelopment and Land Properties Unaudited (Dollars in Thousands)



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized	Annualized		Total	Gross RE
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Dec-16		Sep-16		Jun-16		Mar-16		Dec-15		Cash Rent ($'s)	Cash Rent (SLG%)		Tenants	Book Value

Development / Redevelopment
One Vanderbilt	100.0	Grand Central	Fee Interest	1	—	—		—		—		—		—		—		—	—		$0	$388,067
10 East 53rd Street	55.0	Plaza District	Fee Interest	1	354,300	44.0		58.3		48.1		46.1		45.9		41.6		19,347	63.1		27	352,416
562 Fifth Avenue	100.0	Plaza District	Fee Interest	1	42,635	5.0		100.0		100.0		100.0		100.0		100.0		2,100	12.5		1	68,754
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	1	69,214	9.0		2.9		4.9		4.9		4.9		4.9		1,240	3.7		1	349,128
719 Seventh Avenue	75.0	Times Square	Fee Interest	1	—	—		—		—		—		—		—		—	—		—	68,053
175-225 Third Street	95.0	Brooklyn, New York	Fee Interest	1	—	—		—		—		—		—		—		—	—		—	79,018
55 West 46th Street	25.0	Midtown	Fee Interest	1	347,000	43.0		50.1		17.1		17.1		8.1		—		13,668	20.3		5	319,080
1640 Flatbush Avenue	100.0	Brooklyn, New York	Fee Interest	1	1,000	—		100.0		100.0		100.0		100.0		100.0		85	0.5		1	6,781
Total / Weighted Average Development / Redevelopment Properties				8	814,149	100.0	%	52.3	%	34.0	%	33.1	%	29.2	%	23.9	%	$36,441	100.0	%	$35	$1,631,297





Land
635 Madison Avenue ⁽¹⁾	100.0	Plaza District	Fee Interest	1	176,530	87.0		100.0		100.0		100.0		100.0		100.0		3,678	100.0
Total / Weighted Average Land				1	176,530	100.0	%	86.8	%	86.8	%	100.0	%	100.0	%	100.0	%	$3,678	100.0	%



(1) Subject to a long-term, third party net operating lease.



Supplemental Information	35	Fourth Quarter 2016




SELECTED PROPERTY DATA Retail Properties Unaudited (Dollars in Thousands)



	Ownership			# of	Useable	% of Total		Occupancy (%)										Annualized Retail	Annualized Retail Cash Rent				Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Dec-16		Sep-16		Jun-16		Mar-16		Dec-15		Cash Rent ($'s)	100%		SLG		Tenants

HIGH STREET RETAIL - Consolidated Properties
5-7 Dey Street, 183 & 187 Broadway	100.0	Lower Manhattan	Fee Interest	3	82,700	4.0		49.9		54.1		61.1		69.7		76.6		$2,466	0.8		1.3		20
19-21 East 65th Street	90.0	Plaza District	Fee Interest	2	23,610	1.1		26.6		77.5		77.5		77.5		60.5		492	0.2		0.2		10
102 Greene Street	100.0	Soho	Fee Interest	1	9,200	0.4		54.3		54.3		54.3		—		54.3		600	0.2		0.3		1
115 Spring Street	100.0	Soho	Fee Interest	1	5,218	0.3		100.0		100.0		100.0		100.0		100.0		2,800	0.9		1.4		1
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest	1	217,519	10.5		100.0		100.0		100.0		100.0		100.0		12,083	4.0		6.2		9
719 Seventh Avenue	75.0	Times Square	Fee Interest	1	—	—		—		—		—		—		—		—	—		—		—
752-760 Madison Avenue	100.0	Plaza District	Fee Interest	1	21,124	1.0		100.0		100.0		100.0		100.0		100.0		13,597	4.5		7.0		1
762 Madison Avenue	90.0	Plaza District	Fee Interest	1	6,109	0.3		100.0		100.0		100.0		100.0		100.0		1,799	0.6		0.8		5
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	1	52,000	2.5		100.0		100.0		100.0		100.0		100.0		1,791	0.6		0.9		3
1640 Flatbush Avenue	100.0	Brooklyn, New York	Fee Interest	1	1,000	—		100.0		100.0		100.0		100.0		100.0		85	—		—		1

Subtotal / Weighted Average				13	418,480	20.2	%	85.0	%	88.6	%	90.0	%	90.5	%	92.5	%	$35,713	11.7	%	18.2	%	51

HIGH STREET RETAIL - Unconsolidated Properties
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	1	17,150	0.8		100.0		100.0		100.0		100.0		100.0		$2,648	0.9		0.4		1
21 East 66th Street	32.3	Plaza District	Fee Interest	1	13,069	0.6		100.0		100.0		100.0		100.0		100.0		3,728	1.2		0.6		1
121 Greene Street	50.0	Soho	Fee Interest	1	7,131	0.3		100.0		100.0		100.0		100.0		100.0		1,459	0.5		0.4		2
131-137 Spring Street	20.0	Soho	Fee Interest	2	68,342	3.3		93.9		93.9		93.9		93.9		93.9		12,041	4.0		1.2		9
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	1	69,214	3.3		2.9		4.9		4.9		4.9		4.9		1,240	0.4		0.3		1
717 Fifth Avenue	10.9	Midtown/Plaza District	Fee Interest	1	119,550	5.8		81.1		81.1		81.1		85.0		85.0		43,953	14.4		2.5		5
724 Fifth Avenue	50.0	Plaza District	Fee Interest	1	65,010	3.1		97.0		97.0		90.1		83.1		83.1		24,144	7.9		6.2		10
1552-1560 Broadway	50.0	Times Square	Fee Interest	2	57,718	2.8		67.5		67.5		67.5		67.5		67.5		24,699	8.1		6.3		2

Subtotal / Weighted Average				10	417,184	20.1	%	72.5	%	72.9	%	71.8	%	71.8	%	71.8	%	$113,911	37.4	%	17.9	%	31

Total / Weighted Average Prime Retail				23	835,664	40.4	%	78.7	%	80.8	%	80.9	%	81.2	%	82.0	%	$149,624	49.1	%	36.0	%	82


OTHER RETAIL - Consolidated Properties
100 Church Street	100.0	Downtown	Fee Interest	1	49,992	2.4		100.0		100.0		100.0		100.0		100.0		$2,817	0.9		1.4		6
110 Greene Street	90.0	Soho	Fee Interest	1	16,121	0.8		100.0		100.0		100.0		100.0		100.0		2,897	1.0		1.3		5
125 Park Avenue	100.0	Grand Central	Fee Interest	1	32,124	1.6		100.0		100.0		100.0		100.0		68.4		4,706	1.5		2.4		6
220 East 42nd Street	100.0	Grand Central	Fee Interest	1	35,332	1.7		59.0		59.0		77.6		84.3		96.5		1,720	0.6		0.9		3
Upper East Side Residential	95.1	Upper East Side	Fee Interest	1	4,150	0.2		88.0		88.0		88.0		88.0		88.0		456	0.1		0.2		4
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	25,330	1.2		100.0		100.0		87.0		87.0		87.0		3,319	1.1		1.7		6
400 East 57th Street	41.0	Upper East Side	Fee Interest	1	13,772	0.7		34.1		49.2		49.2		55.4		55.4		1,027	0.3		0.2		7
400 East 58th Street	90.0	Upper East Side	Fee Interest	1	3,156	0.2		100.0		100.0		100.0		100.0		100.0		543	0.2		0.3		5
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1	49,375	2.4		86.0		96.8		100.0		100.0		100.0		3,198	1.1		1.6		4
461 Fifth Avenue	100.0	Midtown	Leasehold Interest	1	16,248	0.8		100.0		100.0		100.0		100.0		100.0		2,207	0.7		1.1		2
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	45,394	2.2		65.5		62.1		62.1		62.1		100.0		3,752	1.2		1.9		5
555 West 57th Street	100.0	Midtown West	Fee Interest	1	60,389	2.9		100.0		100.0		100.0		100.0		100.0		1,880	0.6		1.0		2
600 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	4,264	0.2		100.0		100.0		100.0		100.0		100.0		830	0.3		0.4		2
609 Fifth Avenue	100.0	Rockefeller Center	Fee Interest	1	46,019	2.2		100.0		100.0		100.0		100.0		100.0		9,545	3.1		4.9		1
625 Madison Avenue	100.0	Plaza District	Leasehold Interest	1	74,937	3.6		100.0		100.0		97.8		90.6		89.3		22,113	7.3		11.3		18
635 Sixth Avenue	100.0	Midtown South	Fee Interest	1	23,250	1.1		100.0		100.0		100.0		100.0		100.0		3,119	1.0		1.6		1
641 Sixth Avenue	100.0	Midtown South	Fee Interest	1	28,500	1.4		100.0		100.0		100.0		100.0		100.0		3,388	1.1		1.7		2
711 Third Avenue	100.0	Grand Central North	Leasehold Interest	1	25,639	1.2		100.0		100.0		100.0		100.0		100.0		2,884	0.9		1.5		3
750 Third Avenue	100.0	Grand Central North	Fee Interest	1	24,827	1.2		100.0		100.0		100.0		100.0		100.0		2,643	0.9		1.4		7
810 Seventh Avenue	100.0	Times Square	Fee Interest	1	13,470	0.7		100.0		100.0		100.0		100.0		100.0		3,782	1.2		1.9		4
919 Third Avenue	51.0	Grand Central North	Fee Interest	1	31,004	1.5		100.0		100.0		100.0		100.0		100.0		3,424	1.1		0.9		5
1080 Amsterdam	92.5	Upper West Side	Leasehold Interest	1	1,800	0.1		100.0		100.0		100.0		100.0		100.0		284	0.1		0.1		1
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1	37,326	1.8		100.0		100.0		100.0		100.0		100.0		6,438	2.1		3.3		5
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	17,797	0.9		100.0		65.7		100.0		100.0		100.0		2,752	0.9		1.4		6
1515 Broadway	100.0	Times Square	Fee Interest	1	185,333	8.9		89.5		89.5		100.0		100.0		100.0		18,258	6.0		9.3		6

Subtotal / Weighted Average				25	865,549	41.8	%	92.4	%	92.3	%	95.7	%	95.4	%	96.6	%	$107,982	35.5	%	53.9	%	116



Supplemental Information	36	Fourth Quarter 2016




SELECTED PROPERTY DATA - CONTINUED Retail Properties Unaudited (Dollars in Thousands)



	Ownership			# of	Useable	% of Total		Occupancy (%)										Annualized Retail	Annualized Retail Cash Rent				Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Dec-16		Sep-16		Jun-16		Mar-16		Dec-15		Cash Rent ($'s)	100%		SLG		Tenants

OTHER RETAIL - Unconsolidated Properties
3 Columbus Circle	48.9	Columbus Circle	Fee Interest	1	75,165	3.6		100.0		100.0		100.0		100.0		87.2		$19,321	6.3		4.8		6
10 East 53rd Street	55.0	Plaza District	Fee Interest	1	39,340	1.9		100.0		100.0		100.0		100.0		100.0		3,359	1.1		0.9		3
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	1	38,800	1.9		97.7		97.7		97.7		97.7		90.2		3,534	1.2		1.1		5
30 East 40th Street	60.0	Grand Central South	Leasehold Interest	1	4,461	0.2		100.0		100.0		100.0		100.0		100.0		462	0.2		0.1		5
55 West 46th Street	25.0	Midtown	Leasehold Interest	1	1,191	0.1		100.0		100.0		100.0		100.0		—		210	0.1		—		1
100 Park Avenue	50.0	Grand Central South	Fee Interest	1	40,022	1.9		100.0		100.0		100.0		100.0		100.0		3,371	1.1		0.9		9
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	18,545	0.9		18.9		18.9		18.9		18.9		18.9		838	0.3		0.2		2
521 Fifth Avenue	50.5	Grand Central	Fee Interest	1	53,157	2.6		100.0		100.0		100.0		100.0		100.0		4,990	1.6		1.3		3
800 Third Avenue	60.5	Grand Central North	Fee Interest	1	9,900	0.5		100.0		100.0		100.0		100.0		100.0		1,924	0.6		0.6		2
Stonehenge Portfolio	Various		Fee Interest	10	88,984	4.3		78.2		82.7		82.7		80.3		80.3		8,878	2.9		0.1		32

Subtotal / Weighted Average				19	369,565	17.8	%	90.5	%	91.5	%	91.5	%	90.9	%	87.2	%	$46,888	15.4	%	10.1	%	68

Total / Weighted Average Other Retail				44	1,235,114	59.6	%	91.8	%	92.1	%	94.1	%	94.1	%	93.8	%	$154,870	50.9	%	64.0	%	184


Retail Grand Total / Weighted Average				67	2,070,778	100.0	%	86.5	%	87.5	%	89.0	%	88.9	%	89.0	%	$304,494	100.0	%			266
Retail Grand Total - SLG share of Annualized Rent																		$195,483			100.0	%



Supplemental Information	37	Fourth Quarter 2016




SELECTED PROPERTY DATA Reckson Operating Portfolio - Consolidated Properties Unaudited (Dollars in Thousands)



	Ownership			Useable	% of Total		Occupancy (%)										Annualized Cash Rent ($'s)	Annualized Cash Rent				Total
Properties	Interest (%)	SubMarket	Ownership	Sq. Feet	Sq. Feet		Dec-16		Sep-16		Jun-16		Mar-16		Dec-15		Annualized Cash Rent ($'s)	100	%	SLG%		Tenants
Manhattan Operating Properties - Reckson Portfolio
"Same Store"
110 East 42nd Street	100.0	Grand Central	Fee Interest	215,400	1.8		92.0		99.9		91.8		97.8		98.5		$10,024	1.8		1.6		24
125 Park Avenue	100.0	Grand Central	Fee Interest	604,245	5.1		99.9		99.9		98.7		98.7		97.8		40,541	7.3		6.6		25
304 Park Avenue South	100.0	Midtown South	Fee Interest	215,000	1.8		100.0		100.0		99.1		83.8		75.7		15,091	2.7		2.4		12
461 Fifth Avenue	100.0	Midtown	Leasehold Interest ⁽¹⁾	200,000	1.7		99.9		99.9		99.9		99.9		99.9		18,655	3.4		3.0		11
555 West 57th Street	100.0	Midtown West	Fee Interest	941,000	8.0		99.9		99.9		99.9		99.7		99.9		40,627	7.4		6.6		9
609 Fifth Avenue	100.0	Rockefeller Center	Fee Interest	160,000	1.4		76.6		76.6		76.1		76.1		76.1		15,376	2.8		2.5		13
625 Madison Avenue	100.0	Plaza District	Leasehold Interest	563,000	4.8		98.8		98.8		98.2		97.2		97.2		59,213	10.7		9.6		25
635 Sixth Avenue	100.0	Midtown South	Fee Interest	104,000	0.9		100.0		100.0		100.0		100.0		100.0		8,979	1.6		1.5		2
641 Sixth Avenue	100.0	Midtown South	Fee Interest	163,000	1.4		100.0		100.0		100.0		100.0		100.0		13,670	2.5		2.2		7
711 Third Avenue	100.0 ⁽²⁾	Grand Central North	Leasehold Interest	524,000	4.5		92.2		88.7		68.3		66.4		65.8		32,258	5.8		5.2		18
750 Third Avenue	100.0	Grand Central North	Fee Interest	780,000	6.6		99.0		97.5		97.5		96.0		97.5		47,784	8.7		7.7		33
810 Seventh Avenue	100.0	Times Square	Fee Interest	692,000	5.9		93.6		94.1		94.1		92.4		93.0		44,996	8.2		7.3		47
919 Third Avenue	51.0	Grand Central North	Fee Interest	1,454,000	12.4		100.0		100.0		100.0		100.0		100.0		97,465			8.1		8
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1,062,000	9.0		99.0		94.3		99.0		99.0		99.0		91,541	16.6		14.8		15
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	562,000	4.8		87.9		98.8		98.5		99.6		99.6		39,529	7.2		6.4		34
Subtotal / Weighted Average				8,239,645	70.1	%	97.1	%	97.2	%	96.1	%	95.4	%	95.3	%	$575,750	86.7	%	85.6	%	283

"Non Same Store"
110 Greene Street	90.0	Soho	Fee Interest	223,600	1.9		69.3		74.7		77.3		80.3		78.1		$9,682			1.4		58
Subtotal / Weighted Average				223,600	1.9	%	69.3	%	74.7	%	77.3	%	80.3	%	78.1	%	$9,682			1.4	%	58

Total / Weighted Average Manhattan Consolidated Properties				8,463,245	72.0	%	96.4	%	96.6	%	95.6	%	95.0	%	94.9	%	$585,432	86.7	%			341
Total Manhattan Consolidated Properties - SLG share of Annualized Rent																	$536,706			87.0	%

Suburban Operating Properties
"Same Store" Westchester, New York
1100 King Street - 1 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	90,000	0.8		74.8		74.8		74.8		74.8		74.8		$1,865	0.3		0.3		2
1100 King Street - 2 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	90,000	0.8		61.3		59.2		59.2		59.2		59.2		1,479	0.3		0.2		4
1100 King Street - 3 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	90,000	0.8		52.2		52.2		52.2		52.2		5.8		1,040	0.2		0.2		2
1100 King Street - 4 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	90,000	0.8		85.8		85.8		85.8		85.8		85.8		2,149	0.4		0.3		10
1100 King Street - 5 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	90,000	0.8		91.3		91.3		88.8		87.7		87.7		1,867	0.3		0.3		10
1100 King Street - 6 Int'l Drive	100.0	Rye Brook, New York	Fee Interest	90,000	0.8		56.7		56.7		56.7		56.7		56.7		1,577	0.3		0.3		3
520 White Plains Road	100.0	Tarrytown, New York	Fee Interest	180,000	1.5		96.1		96.1		94.4		98.3		98.3		4,355	0.8		0.7		13
115-117 Stevens Avenue	100.0	Valhalla, New York	Fee Interest	178,000	1.5		49.5		49.5		49.5		78.7		77.2		1,611	0.3		0.3		10
100 Summit Lake Drive	100.0	Valhalla, New York	Fee Interest	250,000	2.1		66.0		52.2		52.2		52.2		47.1		4,248	0.8		0.7		11
200 Summit Lake Drive	100.0	Valhalla, New York	Fee Interest	245,000	2.1		95.8		95.8		94.5		94.5		82.7		5,885	1.1		1.0		9
500 Summit Lake Drive	100.0	Valhalla, New York	Fee Interest	228,000	1.9		97.8		97.8		97.8		97.8		97.8		5,373	1.0		0.9		7
360 Hamilton Avenue	100.0	White Plains, New York	Fee Interest	384,000	3.3		98.4		98.4		97.8		98.4		94.7		14,466	2.6		2.3		21
Westchester, New York Subtotal / Weighted Average				2,005,000	17.1	%	81.9	%	80.0	%	79.5	%	82.5	%	77.5	%	$45,916	8.3	%	7.4	%	102

"Same Store" Connecticut
7 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	36,800	0.3		100.0		100.0		100.0		100.0		100.0		$733	0.1		0.1		2
680 Washington Boulevard	51.0	Stamford, Connecticut	Fee Interest	133,000	1.1		87.0		87.0		87.6		87.0		88.9		5,224			0.4		9
750 Washington Boulevard	51.0	Stamford, Connecticut	Fee Interest	192,000	1.6		95.0		96.4		96.4		97.9		99.1		7,867			0.7		9
1055 Washington Boulevard	100.0	Stamford, Connecticut	Leasehold Interest	182,000	1.5		66.5		76.9		79.6		75.6		74.7		4,555	0.8		0.7		19
1010 Washington Boulevard	100.0	Stamford, Connecticut	Fee Interest	143,400	1.2		91.3		88.2		79.3		76.9		75.3		4,325	0.8		0.7		27
Connecticut Subtotal/Weighted Average				687,200	5.8	%	85.4	%	87.9	%	86.9	%	85.6	%	85.8	%	$22,705	1.7	%	2.6	%	66

"Same Store" New Jersey
125 Chubb Way	100.0	Lyndhurst, New Jersey	Fee Interest	278,000	2.4		73.3		73.3		66.2		66.2		66.2		$4,734	0.9		0.8		7
New Jersey Subtotal / Weighted Average				278,000	2.4	%	73.3	%	73.3	%	66.2	%	66.2	%	66.2	%	$4,734	0.9	%	0.8	%	7

"Same Store" Brooklyn, New York
16 Court Street	100.0	Brooklyn, New York	Fee Interest	317,600	2.7		95.2		95.9		97.3		96.4		95.5		$13,042	2.4		2.1		67
Brooklyn, New York Subtotal / Weighted Average				317,600	2.7	%	95.2	%	95.9	%	97.3	%	96.4	%	95.5	%	$13,042	2.4	%	2.1	%	67

Total / Weighted Average Suburban Consolidated Properties				3,287,800	28.0	%	82.6	%	81.6	%	83.1	%	80.0	%	81.5	%	$86,084	13.4	%			241
Total Suburban Consolidated Properties - SLG share of Annualized Rent																	$79,624			13.1	%

Reckson Operating Properties Grand Total / Weighted Average				11,751,045	100.0	%	92.7	%	92.7	%	91.7	%	91.7	%	90.7	%	$671,830	100.0	%			583
Reckson Operating Properties Grand Total - SLG Share of Annualized Rent																	$616,689			100.0	%
Reckson Operating Properties Same Store Occupancy %				11,527,445	98.1	%	93.2	%	93.0	%	92.0	%	91.9	%	91.0	%
(1) The Company has an option to acquire the fee interest for a fixed price on a specific date.				(2) The Company owns 50% of the fee interest.



Supplemental Information	38	Fourth Quarter 2016




SELECTED PROPERTY DATA Reckson Operating Portfolio - Retail, Land, and Residential Properties Unaudited (Dollars in Thousands)



	Ownership			Useable	% of Total		Occupancy (%)										Annualized	Annualized		Total
Properties	Interest (%)	SubMarket	Ownership	Sq. Feet	Sq. Feet		Dec-16		Sep-16		Jun-16		Mar-16		Dec-15		Cash Rent ($'s)	Cash Rent (SLG%)		Tenants

Retail
102 Greene Street	100.0	Soho	Fee Interest	9,200	2.0		54.3		54.3		54.3		—		54.3		$600	1.7		1
115 Spring Street	100.0	Soho	Fee Interest	5,218	1.0		100.0		100.0		100.0		100.0		100.0		2,800	7.8		1
131-137 Spring Street	20.0	Soho	Fee Interest	68,342	16.0		93.9		93.9		93.9		93.9		93.9		12,041	6.7		9
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest	270,132	63.0		100.0		100.0		100.0		100.0		100.0		14,904	41.3		10
752-760 Madison Avenue	100.0	Plaza District	Fee Interest	21,124	5.0		100.0		100.0		100.0		100.0		100.0		13,597	37.7		1
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	52,000	12.0		100.0		100.0		100.0		100.0		100.0		1,791	5.0		3
Total Retail Properties				426,016	100.0	%	98.0	%	98.0	%	98.0	%	96.9	%	98.0	%	$45,733	100.0	%	25

Land
635 Madison Avenue	100.0	Plaza District	Fee Interest	176,530	100.0		100.0		100.0		100.0		100.0		100.0		$3,678	100.0
Total Land Properties				176,530	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	$3,678	100.0	%



Residential Properties
	Ownership			Useable			Occupancy (%)										Annualized	Average Monthly		Total
Properties	Interest (%)	SubMarket	Ownership	Sq. Feet	Total Units		Dec-16		Sep-16		Jun-16		Mar-16		Dec-15		Cash Rent ($'s)	Rent Per Unit ($'s) ⁽¹⁾		Tenants
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest	222,855	333		93.1		94.0		92.8		95.2		89.5		$15,320	$4,131		310
Total Residential Properties				222,855	333		93.1	%	94.0	%	92.8	%	95.2	%	89.5	%	$15,320	$4,131		310

(1) Calculated based on occupied units



Supplemental Information	39	Fourth Quarter 2016




LARGEST TENANTS BY SQUARE FEET LEASED Manhattan and Suburban Properties Unaudited (Dollars in Thousands Except Per SF)



								% of
						% of	SLG Share of	SLG Share of
		Lease	Total	Annualized	Rent PSF	Annualized	Annualized	Annualized	Credit
Tenant Name	Property	Expiration	Square Feet	Cash Rent ($)	Annualized	Cash Rent	Cash Rent ($)	Cash Rent	Rating ⁽¹⁾


Credit Suisse Securities (USA), Inc.	1 Madison Avenue, 11 Madison Avenue & 1055 Washington Blvd	2017, 2019, 2020 & 2037	2,401,307	$131,588 ⁽²⁾	$54.80 ⁽²⁾	8.2%	$107,770	8.1%	A
Viacom International, Inc.	1515 Broadway	2031	1,330,735	89,080	$66.94	5.6%	89,080	6.7%	BBB-
Penguin Random House, Inc.	1745 Broadway	2020 & 2033	644,598	43,512	$67.50	2.7%	24,745	1.9%	BBB+
Sony Corporation	11 Madison Avenue	2031	578,791	42,857	$74.05	2.7%	25,714	1.9%	BBB-
Debevoise & Plimpton, LLP	919 Third Avenue	2021	576,867	46,499	$80.61	2.9%	23,714	1.8%
The City of New York	16 Court Street, 100 Church Street & 420 Lexington Avenue	2017, 2020, 2030 & 2034	554,694	19,765	$35.63	1.2%	19,765	1.5%	Aa2
Omnicom Group, Inc., Cardinia Real Estate	220 East 42nd Street	2017 & 2032	391,593	17,028	$43.48	1.1%	17,028	1.3%	BBB+
Citigroup, N.A.	485 Lexington Avenue, 750 Third Avenue, 800 Third Avenue & 750 Washington Blvd	2017, 2019 & 2027	388,753	21,575	$55.50	1.3%	20,198	1.5%	BBB+
Ralph Lauren Corporation	625 Madison Avenue	2019	385,325	28,916	$75.04	1.8%	28,916	2.2%	A
Advance Magazine Group, Fairchild Publications	750 Third Avenue & 485 Lexington Avenue	2021	339,195	17,800	$52.48	1.1%	17,800	1.3%
C.B.S. Broadcasting, Inc.	555 West 57th Street	2023	338,527	15,024	$44.38	0.9%	15,024	1.1%	BBB
Metro-North Commuter Railroad Company	110 East 42nd Street & 420 Lexington Avenue	2021 & 2034	328,957	17,371	$52.80	1.1%	17,371	1.3%	Aa2
Schulte, Roth & Zabel LLP	919 Third Avenue	2036	263,186	18,773	$71.33	1.2%	9,574	0.7%
Bloomberg LP	919 Third Avenue	2029	256,107	14,213	$55.50	0.9%	7,249	0.5%
HF Management Services LLC	100 Church Street	2032	230,394	7,802	$33.86	0.5%	7,802	0.6%
BMW of Manhattan	555 West 57th Street	2022	227,782	6,964	$30.57	0.4%	6,964	0.5%	A+
The City University of New York - CUNY	555 West 57th Street & 16 Court Street	2020, 2024 & 2030	227,622	9,579	$42.08	0.6%	9,579	0.7%	Aa2
WME IMG, LLC	11 Madison Avenue & 304 Park Avenue	2028 & 2030	214,707	16,396	$76.36	1.0%	12,870	1.0%
Bloomingdales, Inc.	919 Third Avenue	2024	205,821	11,879	$57.72	0.7%	6,058	0.5%	BBB
Amerada Hess Corp.	1185 Avenue of the Americas	2027	181,569	14,566	$80.22	0.9%	14,566	1.1%	BBB-
The Travelers Indemnity Company	485 Lexington Avenue	2021	176,838	11,306	$63.94	0.7%	11,306	0.9%	AA
Newmark & Company Real Estate Inc.	125 Park Avenue, 110 East 42nd Street & 680 Washington Blvd	2026 & 2031	173,438	9,662	$55.71	0.6%	9,453	0.7%	BBB-
United Nations	220 East 42nd Street	2017, 2021 & 2022	171,091	8,581	$50.16	0.5%	8,581	0.6%
RSM McGladrey, Inc.	1185 Avenue of the Americas	2018	164,771	11,061	$67.13	0.7%	11,061	0.8%
Verizon	1100 King Street Bldg 1, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive	2018, 2019 & 2026	162,409	4,517	$27.81	0.3%	4,517	0.3%	BBB+
News America Incorporated	1185 Avenue of the Americas	2020	161,722	15,958	$98.68	1.0%	15,958	1.2%	BBB+
King & Spalding	1185 Avenue of the Americas	2025	159,943	14,832	$92.73	0.9%	14,832	1.1%
Young & Rubicam, Inc.	3 Columbus Circle	2033	159,394	10,031	$62.94	0.6%	4,905	0.4%	BBB
Yelp, Inc.	11 Madison Avenue	2025	152,232	12,974	$85.22	0.8%	7,784	0.6%
National Hockey League	1185 Avenue of the Americas	2022	148,217	13,750	$92.77	0.9%	13,750	1.0%

Total			11,696,585	$703,857 ⁽²⁾	$60.18 ⁽²⁾	43.9%	$583,935	44.1%

(1) Corporate or bond rating from S&P or Moody's.
(2) Reflects the net rent for the 1 Madison Avenue lease. If this lease were included on a gross basis, Credit Suisse's total PSF annualized rent would be $62.97 and total PSF annualized rent for the largest tenants would be $61.85.



Supplemental Information	40	Fourth Quarter 2016




TENANT DIVERSIFICATION Based on SLG Share of Annualized Cash Rent Unaudited



Category		Manhattan Properties			Suburban Properties

Arts, Ent. & Recreation			4.4	%		0.2	%
Business Services			2.6	%		3.0	%
Financial Services			32.5	%		30.7	%
Government / Non Profit			3.5	%		5.1	%
Legal			7.5	%		13.4	%
Manufacturing			2.3	%		5.7	%
Medical			2.5	%		1.8	%
Other			7.3	%		3.1	%
Professional Services			6.7	%		13.3	%
Retail			7.0	%		3.2	%

TAMI
	Technology		1.7	%		6.7	%
	Advertising		4.5	%		1.0	%
	Media		17.1	%		12.9	%
	Information		0.4	%		0.0%

Total			100.0	%		100.0	%



Supplemental Information	41	Fourth Quarter 2016




LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Available Space Unaudited



Activity	Building Address	# of Leases	Useable SF	Rentable SF	Escalated Rent/Rentable SF ($'s)(1)

Available Space at 9/30/16			1,031,603

Space which became available during the Quarter (2):
Office
	30 East 40th Street	3	2,558	2,558	$62.86
	100 Park Avenue	1	34,129	36,223	72.96
	110 East 42nd Street	2	17,195	17,195	61.66
	110 Greene Street	6	24,662	21,263	66.41
	220 East 42nd Street	1	41,575	44,034	44.28
	420 Lexington Avenue	7	23,525	29,745	54.89
	600 Lexington Avenue	2	15,548	15,779	62.91
	800 Third Avenue	1	2,973	2,973	64.41
	810 Seventh Avenue	1	3,766	4,028	68.19
	1350 Avenue of the Americas	2	67,888	67,427	72.99
	Total/Weighted Average	26	233,819	241,225	$63.17

Retail
	3 Columbus Circle	1	3,449	3,449	$481.67
	420 Lexington Avenue	1	3,317	5,372	133.22
	625 Madison Avenue	1	1,564	1,564	1,022.97
	Total/Weighted Average	3	8,330	10,385	$382.94

Storage
	220 East 42nd Street	1	818	818	$23.46
	420 Lexington Avenue	1	65	112	$30.69
	Total/Weighted Average	2	883	930	$24.33


	Total Space which became available during the quarter
	Office	26	233,819	241,225	$63.17
	Retail	3	8,330	10,385	$382.94
	Storage	2	883	930	$24.33
		31	243,032	252,540	$76.18

	Total Available Space		1,274,635

(1) Escalated rent is calculated as total annual lease related income excluding electric charges.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.



Supplemental Information	42	Fourth Quarter 2016




LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Commenced Leasing Unaudited



Activity	Building Address	# of Leases	Term (Yrs)	Useable SF	Rentable SF	New Cash Rent / Rentable SF(1)	Prev. Escalated Rent/ Rentable SF(2)	TI / Rentable SF	Free Rent # of Months

Available Space				1,274,635

Office
	3 Columbus Circle	2	5.2	6,241	6,126	$71.56	$61.19	—	2.0
	30 East 40th Street	1	3.0	1,250	1,495	$62.00	$50.90	—	1.0
	110 Greene Street	4	4.1	12,443	12,494	$74.89	$58.65	$5.02	1.1
	420 Lexington Avenue	3	5.8	8,268	11,738	$60.35	$54.89	$9.83	1.2
	711 Third Avenue	1	11.6	18,305	23,679	$63.00	$44.67	$99.22	1.0
	750 Third Avenue	1	5.2	11,465	11,779	$65.00	$62.55	$102.62	2.0
	800 Third Avenue	1	8.2	6,487	7,200	$60.00	—	$75.00	4.0
	1185 Avenue of the Americas	2	10.0	50,000	55,272	$60.00	$64.75	$70.00	12.0
	Total/Weighted Average	15	8.5	114,459	129,783	$63.03	$58.85	$62.76	6.0

Retail
	485 Lexington Avenue	1	15.4	1,571	1,612	$310.17	$50.86	—	5.0
	625 Madison Avenue	1	2.5	1,564	1,509	$1,100.00	$1,060.26	—	—
	1350 Avenue of the Americas	1	15.5	6,652	6,652	$75.17	$119.05	$27.81	6.0
	Total/Weighted Average	3	13.5	9,787	9,773	$272.17	$253.13	$18.93	4.9

Storage
	220 East 42nd Street	1	5.0	818	818	$25.50	$23.46	—	—
	Total/Weighted Average	1	5.0	818	818	$25.50	$23.46	—	—
Leased Space
	Office (3)	15	8.5	114,459	129,783	$63.03	$58.85	$62.76	6.0
	Retail	3	13.5	9,787	9,773	$272.17	$253.13	$18.93	4.9
	Storage	1	5.0	818	818	$25.50	$23.46	—	—
	Total	19	8.8	125,064	140,374	$77.38	$74.03	$59.34	5.9


Total Available Space as of 12/31/16				1,149,571

Early Renewals
Office
	420 Lexington Avenue	1	5.2	317	536	$65.00	$63.64	$46.4	1.5
	521 Fifth Avenue	1	5.3	5,822	6,580	$65.00	$68.20	$15.0	3.0
	609 Fifth Avenue	1	1.0	2,020	2,151	$74.01	$74.01	—	—
	625 Madison Avenue	1	5.0	600	975	$233.85	$207.14	—	—
	1350 Avenue of the Americas	2	2.5	30,714	31,556	$94.76	$93.41	$1.81	1.4
	Total/Weighted Average	6	2.9	39,473	41,798	$91.87	$90.71	$4.32	1.6

Retail
	420 Lexington Avenue	1	20.0	25,082	40,334	$68.00	$40.59	$24.8	—
	461 Fifth Avenue	1	10.3	15,442	14,398	$114.60	$100.55	—	2.0
	Total/Weighted Average	2	17.5	40,524	54,732	$80.26	$56.37	$18.27	0.5
Renewals
	Early Renewals Office	6	2.9	39,473	41,798	$91.87	$90.71	$4.32	1.6
	Early Renewals Retail	2	17.5	40,524	54,732	$80.26	$56.37	$18.3	0.5
	Total	8	11.2	79,997	96,530	$85.29	$71.24	$12.23	1.0


(1) Annual initial base rent.
(2) Escalated rent is calculated as total annual lease related income excluding electric charges.
(3) Average starting office rent excluding new tenants replacing vacancies is $63.17/rsf for 112,581 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $70.94/rsf for 154,379 rentable SF.



Supplemental Information	43	Fourth Quarter 2016




LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES Available Space Unaudited



Activity	Building Address	# of Leases	Useable SF	Rentable SF	Escalated Rent/Rentable SF ($'s)⁽¹⁾

Available Space at 9/30/16			991,847

Space which became available during the Quarter ⁽²⁾:
Office
	1100 King Street - 5 Int'l Drive, Rye Brook, New York	2	4,957	5,504	$25.58
	1 Landmark Square, Stamford, Connecticut	4	21,647	21,774	36.56
	750 Washington Boulevard, Stamford, Connecticut	1	5,940	6,250	42.15
	1055 Washington Boulevard, Stamford, Connecticut	2	26,140	26,140	36.62
	16 Court Street, Brooklyn, New York	2	3,920	3,972	41.84
	Total/Weighted Average	11	62,604	63,640	$36.51

Storage
	1055 Washington Boulevard, Stamford, Connecticut	2	600	628	$15.00
	Total/Weighted Average	2	600	628	$15.00


	Total Space which became available during the Quarter
	Office	11	62,604	63,640	$36.51
	Storage	2	600	628	$15.00
		13	63,204	64,268	$36.30

	Total Available Space		1,055,051

(1) Escalated rent is calculated as total annual lease related income excluding electric charges.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.



Supplemental Information	44	Fourth Quarter 2016




LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES Commenced Leasing Unaudited



Activity	Building Address	# of Leases	Term (Yrs)	Useable SF	Rentable SF	New Cash Rent / Rentable SF(1)	Prev. Escalated Rent/ Rentable SF(2)	TI / Rentable SF	Free Rent # of Months

Available Space				1,055,051

Office
	1100 King Street - 2 Int'l Drive, Rye Brook, New York	1	5.3	1,868	1,868	$25.00	—	$42.00	4.0
	1100 King Street - 5 Int'l Drive, Rye Brook, New York	2	10.8	4,957	5,504	$26.00	$25.56	$42.50	10.0
	100 Summit Lake Drive, Valhalla, New York	1	11.0	34,119	34,119	$23.50	—	$13.44	14.0
	1 Landmark Square, Stamford, Connecticut	4	8.3	21,558	21,658	$35.07	$38.18	$15.29	7.6
	2 Landmark Square, Stamford, Connecticut	1	5.4	3,158	3,158	$34.00	—	$51.54	5.0
	3 Landmark Square, Stamford, Connecticut	1	6.0	7,084	7,084	$33.00	—	$0.00	4.0
	750 Washington Boulevard, Stamford, Connecticut	1	5.2	3,192	3,361	$43.00	$42.15	$12.30	2.0
	1010 Washington Boulevard, Stamford, Connecticut	2	5.1	4,472	4,472	$20.51	—	$30.96	5.4
	1055 Washington Boulevard, Stamford, Connecticut	2	4.8	7,708	7,708	$36.54	—	$34.81	5.0
	16 Court Street, Brooklyn, New York	2	4.3	1,640	2,128	$55.03	42.01	$5.55	—
	Total/Weighted Average	17	8.5	89,756	91,060	$29.95	$36.23	$18.94	9.0

Storage
	100 Summit Lake Drive, Valhalla, New York	1	11.0	274	274	$12.00	—	—	—
	Total/Weighted Average	1	11.0	274	274	$12.00	$0.00	—	—

Leased Space
	Office (3)	17	8.5	89,756	91,060	$29.95	$36.23	$18.94	9.0
	Storage	1	11.0	274	274	$12.00	—	—	—
	Total	18	8.5	90,030	91,334	$29.90	$36.23	$18.88	9.0

Total Available Space as of 12/31/16				965,021

Early Renewals
Office
	520 White Plains Road, Tarrytown, New York	2	1.8	16,708	16,708	$30.95	$28.25	$5.00	—
	115-117 Stevens Avenue, Valhalla, New York	3	1.0	10,434	10,434	$28.33	$22.25	—	—
	1055 Washington Boulevard, Stamford, Connecticut	1	3.3	3,360	3,360	$35.00	$36.53	$5.00	4.0
	16 Court Street, Brooklyn, New York	1	10.0	7,200	7,903	$51.00	$39.95	$13.59	1.0
	Total/Weighted Average	7	3.4	37,702	38,405	$34.72	$29.75	$5.41	0.6
Retail
	16 Court Street, Brooklyn, New York	1	7.0	3,100	3,134	$225.00	$185.76	—	1.0
	Total/Weighted Average	1	7.0	3,100	3,134	$225.00	$185.76	—	1.0

Renewals
	Early Renewals Office	7	3.4	37,702	38,405	$34.72	$29.75	$5.41	0.6
	Early Renewals Retail	1	7.0	3,100	3,134	$225.00	$185.76	—	1.0
	Total	8	3.7	40,802	41,539	$49.07	$41.52	$5.00	0.6

(1) Annual initial base rent.
(2) Escalated rent is calculated as total annual lease related income excluding electric charges.
(3) Average starting office rent excluding new tenants replacing vacancies is $37.65/rsf for 24,635 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $35.86/rsf for 63,040 rentable SF.



Supplemental Information	45	Fourth Quarter 2016




ANNUAL LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES Office, Retail and Storage Leases Unaudited



		Consolidated Properties							Joint Venture Properties
Year of Lease Expiration		Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Cash Rent of Expiring Leases	Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3)	Current Weighted Average Asking Rent $/psf (4)	Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Cash Rent of Expiring Leases	Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3)	Current Weighted Average Asking Rent $/psf (4)


2016 ⁽¹⁾		10	27,470	0.17	%	$1,527,766	$55.62	$60.22	1	291	—	%	$6,600	$22.68	$25.00

1st Quarter 2017		13	305,633	1.93	%	$19,749,708	$64.62	$72.03	3	42,683	0.68	%	$4,813,691	$112.78	$104.13
2nd Quarter 2017		34	287,267	1.82	%	17,497,065	60.91	63.97	4	58,225	0.93	%	2,984,030	51.25	80.60
3rd Quarter 2017		20	89,852	0.57	%	3,498,797	38.94	43.41	2	11,627	0.19	%	842,589	72.47	73.58
4th Quarter 2017		26	124,280	0.79	%	10,106,739	81.32	79.86	5	56,039	0.90	%	4,299,917	76.73	82.71

Total 2017		93	807,032	5.11	%	$50,852,309	$63.01	$67.18	14	168,574	2.70	%	$12,940,227	$76.76	$86.77

2018		81	578,443	3.66	%	$46,786,194	$80.88	$99.19	25	184,000	2.95	%	$19,563,327	$106.32	$82.36
2019		83	1,094,850	6.92	%	76,803,121	70.15	74.66	24	394,517	6.32	%	31,689,930	80.33	84.89
2020		91	2,324,895	14.70	%	151,005,604	64.95	70.03	22	305,721	4.89	%	19,001,451	62.15	72.47
2021		96	1,780,793	11.26	%	113,833,575	63.92	66.64	19	295,237	4.73	%	17,890,405	60.60	69.69
2022		61	1,000,636	6.33	%	68,373,629	68.33	78.91	18	182,971	2.93	%	12,982,175	70.95	76.23
2023		39	788,591	4.98	%	45,931,872	58.25	65.36	13	468,116	7.50	%	35,661,293	76.18	74.44
2024		27	263,374	1.66	%	18,531,973	70.36	74.14	16	358,900	5.75	%	32,611,877	90.87	88.96
2025		35	683,690	4.32	%	59,803,192	87.47	87.69	13	404,759	6.48	%	33,761,284	83.41	86.07
Thereafter		119	6,470,098	40.90	%	385,199,730	59.54	67.37	33	3,482,533	55.76	%	240,549,525	69.07	82.79
		735	15,819,872	100.00	%	$1,018,648,965	$64.39	$70.94	198	6,245,619	100.00	%	$456,658,094	$73.12	$81.64


	NOTE: Data excludes space currently occupied by SL Green's corporate offices
	(1) Includes month to month holdover tenants that expired prior to December 31, 2016.
	(2) Tenants may have multiple leases.
	(3) Represents in place annualized rent allocated by year of expiration.
	(4) Management's estimate of current average asking rents for currently occupied space as of December 31, 2016. Taking rents are typically lower than asking rents and may vary from property to property.



Supplemental Information	46	Fourth Quarter 2016




ANNUAL LEASE EXPIRATIONS - SUBURBAN OPERATING PROPERTIES Office, Retail and Storage Leases Unaudited



		Consolidated Properties							Joint Venture Properties
Year of Lease Expiration		Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Cash Rent of Expiring Leases	Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3)	Current Weighted Average Asking Rent $/psf (4)	Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Cash Rent of Expiring Leases	Annualized Cash Rent Per Square Foot of Expiring Leases $/psf (3)	Current Weighted Average Asking Rent $/psf (4)


2016 ⁽¹⁾		21	66,467	2.03	%	$2,356,325	$35.45	$38.03	2	4,060	0.91	%	$116,797	$28.77	$36.00

1st Quarter 2017		10	55,811	1.71	%	$1,789,439	$32.06	$29.94	—	—	—	%	$0	$0.00	$0.00
2nd Quarter 2017		16	54,319	1.66	%	2,002,699.00	36.87	39.47	1	8,887	1.99	%	313,711.00	35.30	35.27
3rd Quarter 2017		7	38,611	1.18	%	1,510,243	39.11	38.93	2	19,124	4.28	%	688,908.00	36.02	35.60
4th Quarter 2017		6	38,700	1.18	%	1,747,404	45.15	45.06	3	15,006	3.36	%	483,633.00	32.23	32.70

Total 2017		39	187,441	5.73	%	$7,049,785	$37.61	$37.68	6	43,017	9.63	%	$1,486,252	$34.55	$34.52

2018		55	291,529	8.91	%	10,024,149	34.38	36.62	2	22,538	5.05	%	925,624	41.07	36.00
2019		53	476,105	14.55	%	13,908,934	29.21	29.82	6	31,879	7.14	%	1,075,837	33.75	36.00
2020		37	304,384	9.30	%	11,368,742	37.35	40.32	3	38,562	8.64	%	1,496,230	38.80	36.00
2021		42	467,193	14.27	%	14,739,151	31.55	30.93	5	104,296	23.37	%	3,882,572	37.23	36.00
2022		31	149,124	4.56	%	5,753,446	38.58	42.15	1	16,383	3.67	%	585,204	35.72	36.00
2023		20	174,333	5.33	%	5,751,636	32.99	34.88	2	42,334	9.48	%	1,422,001	33.59	36.00
2024		15	212,802	6.50	%	7,222,120	33.94	42.63	2	52,707	11.81	%	1,813,260	34.40	36.00
2025		16	167,698	5.12	%	5,503,511	32.82	34.39	1	1,729	0.39	%	57,600	33.31	36.00
Thereafter		37	776,078	23.71	%	24,222,082	31.21	33.47	4	88,854	19.91	%	2,924,754	32.92	35.96
		366	3,273,154	100.00	%	$107,899,881	$32.97	$34.94	34	446,359	100.00	%	$15,786,131	$35.37	$35.85


	(1) Includes month to month holdover tenants that expired prior to December 31, 2016.
	(2) Tenants may have multiple leases.
	(3) Represents in place annualized rent allocated by year of expiration.
	(4) Management's estimate of current average asking rents for currently occupied space as of December 31, 2016. Taking rents are typically lower than asking rents and may vary from property to property.



Supplemental Information	47	Fourth Quarter 2016




ANNUAL LEASE EXPIRATIONS Retail Leases Excluding Suburban Properties Unaudited



		Consolidated Properties							Joint Venture Properties
Year of Lease Expiration		Number of Expiring Leases ⁽²⁾	Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Cash Rent of Expiring Leases	Annualized Cash Rent Per Square Foot of Expiring Leases $/psf ⁽³⁾	Current Weighted Average Asking Rent $/psf ⁽⁴⁾	Number of Expiring Leases ⁽²⁾	Rentable Square Footage of Expiring Leases	Percentage of Total Sq. Ft.		Annualized Cash Rent of Expiring Leases	Annualized Cash Rent Per Square Foot of Expiring Leases $/psf ⁽³⁾	Current Weighted Average Asking Rent $/psf ⁽⁴⁾

High Street Retail
2016 ⁽¹⁾		4	3,272	0.94	%	$419,797	$128.3	$123.49	—	—	—	%	$0	$0.00	$0.00
2017		16	22,954	6.59	%	1,940,486	84.54	532.84	8	28,451	9.13	%	2,747,628	96.57	101.19
2018		8	14,449	4.15	%	828,956	57.37	74.53	2	26,171	8.40	%	1,848,552	70.63	78.27
2019		4	5,350	1.53	%	574,016	107.29	108.78	—	—	—	%	—	—	—
2020		3	8,107	2.33	%	1,164,880	143.69	469.3	3	25,424	8.16	%	5,300,558	208.49	277.01
2021		1	108,148	31.03	%	6,740,732	62.33	70.00	3	21,411	6.87	%	4,211,325	196.69	249.06
2022		1	1,366	0.39	%	218,176	159.72	299.00	2	50,808	16.31	%	21,778,494	428.64	501.10
2023		2	8,776	2.52	%	723,210	82.41	99.84	2	7,131	2.29	%	1,458,648	204.55	350.00
2024		5	76,039	21.82	%	16,275,555	214.04	221.22	1	7,793	2.50	%	4,882,620	626.54	898.00
2025		3	33,944	9.74	%	818,978	24.13	23.84	3	16,143	5.18	%	1,127,446	69.84	68.69
Thereafter		4	66,141	18.98	%	6,008,465	90.84	121.03	7	128,270	41.16	%	70,555,364	550.05	566.18
		51	348,546	100.00	%	$35,713,251	$102.46	$150.88	31	311,602	100.00	%	$113,910,635	$365.56	$404.33
Vacancy ⁽⁵⁾			14,612					313.98		89,991					402.65
			363,158					$157.44		401,593					$403.95

Other Retail
2016 ⁽¹⁾		—	—	—	%	$0	$0.00	$0.00	1	120	0.04	%	$21,000	$175.00	$175.00
2017		6	11,188	1.39	%	1,592,309	142.32	272.67	3	3,123	0.93	%	462,296	148.03	151.69
2018		8	62,051	7.72	%	11,885,077	191.54	348.35	7	13,587	4.05	%	2,034,250	149.72	159.83
2019		6	56,522	7.03	%	4,994,974	88.37	209.62	2	7,400	2.20	%	1,207,625	163.19	195.41
2020		9	26,481	3.29	%	5,582,397	210.81	301.99	3	32,800	9.77	%	1,513,530	46.14	54.77
2021		11	26,753	3.33	%	2,832,921	105.89	146.16	2	5,992	1.78	%	636,484	106.22	103.52
2022		14	130,693	16.26	%	16,442,845	125.81	158.93	6	12,603	3.75	%	1,670,149	132.52	175.49
2023		5	38,875	4.84	%	5,262,738	135.38	146.93	4	15,009	4.47	%	1,398,868	93.20	94.67
2024		7	28,143	3.50	%	4,810,348	170.93	163.24	11	30,774	9.16	%	3,438,605	111.74	150.11
2025		12	36,345	4.52	%	12,878,588	354.34	393.19	4	3,147	0.94	%	664,060	211.01	207.62
Thereafter		38	386,842	48.12	%	41,700,151	107.80	120.12	25	211,295	62.91	%	33,840,810	160.16	182.79
		116	803,893	100.00	%	$107,982,348	$134.32	$174.47	68	335,850	99.98	%	$46,887,677	$139.61	$160.96
Vacancy ⁽⁵⁾			61,548					372.08		43,648					88.06
			865,441					$188.53		379,498					$152.57

	(1) Includes month to month holdover tenants that expired prior to December 31, 2016.
	(2) Tenants may have multiple leases.
	(3) Represents in place annualized rent allocated by year of expiration.
	(4) Management's estimate of average asking rents for currently occupied space as of December 31, 2016. Taking rents are typically lower than asking rents and may vary from property to property.
	(5) Includes square footage on leases signed but not yet commenced.



Supplemental Information	48	Fourth Quarter 2016




SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Manhattan Unaudited (Dollars in Thousands)



					Occupancy (%)		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable SF	at acquisition	12/31/2016	Price ($'s) (1)
1998 - 2016 Acquisitions
Mar-98	420 Lexington Avenue	Operating Sublease	Grand Central	1,188,000	83.0	97.0	$	78,000
May-98	711 3rd Avenue	Operating Sublease	Grand Central	524,000	79.0	92.2	65,600
Jun-98	440 9th Avenue	Fee Interest	Penn Station	339,000	76.0	N/A	32,000
Jan-99	420 Lexington Leasehold	Sub-leasehold	Grand Central	—	—	—	27,300
Jan-99	555 West 57th Street - 65% JV	Fee Interest	Midtown West	941,000	100.0	99.9	66,700
Aug-99	1250 Broadway - 50% JV	Fee Interest	Penn Station	670,000	96.5	N/A	93,000
Nov-99	555 West 57th Street - remaining 35%	Fee Interest	Midtown West	—	—	99.9	34,100
Feb-00	100 Park Avenue - 50% JV	Fee Interest	Grand Central	834,000	96.5	92.3	192,000
Jun-01	317 Madison Avenue	Fee Interest	Grand Central	450,000	95.0	N/A	105,600
Sep-01	1250 Broadway - 49.9% JV ⁽²⁾	Fee Interest	Penn Station	670,000	97.7	N/A	126,500
May-02	1515 Broadway - 55% JV	Fee Interest	Times Square	1,750,000	98.0	97.3	483,500
Feb-03	220 East 42nd Street	Fee Interest	Grand Central	1,135,000	91.9	75.8	265,000
Mar-03	125 Broad Street	Fee Interest	Downtown	525,000	100.0	N/A	92,000
Oct-03	461 Fifth Avenue	Leasehold Interest	Midtown	200,000	93.9	99.9	60,900
Dec-03	1221 Avenue of the Americas - 45% JV	Fee Interest	Rockefeller Center	2,550,000	98.8	N/A	1,000,000
Mar-04	19 West 44th Street - 35% JV	Fee Interest	Midtown	292,000	86.0	N/A	67,000
Jul-04	750 Third Avenue	Fee Interest	Grand Central	779,000	100.0	99.0	255,000
Jul-04	485 Lexington Avenue - 30% JV	Fee Interest	Grand Central	921,000	100.0	96.8	225,000
Oct-04	625 Madison Avenue	Leasehold Interest	Plaza District	563,000	68.0	98.8	231,500
Feb-05	28 West 44th Street	Fee Interest	Midtown	359,000	87.0	N/A	105,000
Apr-05	1 Madison Avenue - 55% JV	Fee Interest	Park Avenue South	1,177,000	96.0	100.0	803,000
Apr-05	5 Madison Avenue Clock Tower	Fee Interest	Park Avenue South	267,000	N/A	N/A	115,000
Jun-05	19 West 44th Street - remaining 65%	Fee Interest	Midtown	—	—	N/A	91,200
Mar-06	521 Fifth Avenue	Leasehold Interest	Midtown	460,000	97.0	89.2	210,000
Jun-06	609 Fifth Avenue	Fee Interest	Midtown	160,000	98.5	76.6	182,000
Dec-06	485 Lexington Avenue - remaining 70%	Fee Interest	Grand Central	—	—	96.8	578,000
Dec-06	800 Third Avenue - 42.95% JV	Fee Interest	Grand Central North	526,000	96.9	97.8	285,000
Jan-07	Reckson - NYC Portfolio	Fee Interests / Leasehold Interest	Various	5,612,000	98.3	96.7	3,679,530
Apr-07	331 Madison Avenue	Fee Interest	Grand Central	114,900	97.6	N/A	73,000
Apr-07	1745 Broadway - 32.3% JV	Fee Interest	Midtown	674,000	100.0	100.0	520,000
Jun-07	333 West 34th Street	Fee Interest	Penn Station	345,400	100.0	N/A	183,000
Aug-07	1 Madison Avenue - remaining 45%	Fee Interest	Park Avenue South	1,177,000	99.8	100.0	1,000,000
Dec-07	388 & 390 Greenwich Street - 50.6% JV	Fee Interest	Downtown	2,635,000	100.0	N/A	1,575,000
Jan-10	100 Church Street	Fee Interest	Downtown	1,047,500	41.3	99.5	181,600
May-10	600 Lexington Avenue - 55% JV	Fee Interest	Grand Central North	303,515	93.6	85.1	193,000
Aug-10	125 Park Avenue	Fee Interest	Grand Central	604,245	99.1	99.9	330,000
Jan-11	521 Fifth Avenue - remaining 49.9%	Leasehold Interest	Midtown	460,000	80.7	89.2	245,700
Apr-11	1515 Broadway - remaining 45%	Fee Interest	Times Square	1,750,000	98.5	97.3	1,210,000
May-11	110 East 42nd Street	Fee Interest	Grand Central	205,000	72.6	92.0	85,570
May-11	280 Park Avenue - 49.5% JV	Fee Interest	Park Avenue	1,219,158	78.2	82.3	1,110,000
Nov-11	180 Maiden Lane - 49.9% JV	Fee Interest	Financial East	1,090,000	97.7	N/A	425,680
Nov-11	51 East 42nd Street	Fee Interest	Grand Central	142,000	95.5	N/A	80,000
Feb-12	10 East 53rd Street - 55% JV	Fee Interest	Plaza District	354,300	91.9	58.3	252,500
Jun-12	304 Park Avenue South	Fee Interest	Midtown South	215,000	95.8	100.0	135,000
Sep-12	641 Sixth Avenue	Fee Interest	Midtown South	163,000	92.1	100.0	90,000
Dec-12	315 West 36th Street - 35.5% JV	Fee Interest	Times Square South	147,619	99.2	N/A	46,000
May-14	388 & 390 Greenwich Street - remaining 49.4%	Fee Interest	Downtown	2,635,000	100.0	N/A	1,585,000
Jul-15	110 Greene Street - 90% JV	Fee Interest	Soho	223,600	84.0	69.3	255,000
Aug-15	30 East 40th Street - 60% JV	Leasehold Interest	Grand Central South	69,446	100.0	94.5	4,650
Aug-15	11 Madison Avenue	Fee Interest	Park Avenue South	2,314,000	71.6	98.0	2,285,000
Dec-15	600 Lexington Avenue - remaining 45%	Fee Interest	Grand Central North	303,515	95.5	85.1	284,000
				41,085,198			$	21,699,130
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
(2) Ownership interest from November 2001 - May 2008 was 55%. (From 9/1/01-10/31/01 the Company owned 99.8% of this property.)



Supplemental Information	49	Fourth Quarter 2016




SUMMARY OF REAL ESTATE SALES ACTIVITY Manhattan Unaudited (Dollars in Thousands)



						Sales			Sales
	Property	Type of Ownership	Submarket	Net Rentable SF		Price ($'s)			Price ($'s/SF)
2000 - 2015 Sales
Feb-00	29 West 35th Street	Fee Interest	Penn Station		78,000		$	11,700		$	150
Mar-00	36 West 44th Street	Fee Interest	Grand Central		178,000		31,500			177
May-00	321 West 44th Street - 35% JV	Fee Interest	Times Square		203,000		28,400			140
Nov-00	90 Broad Street	Fee Interest	Financial		339,000		60,000			177
Dec-00	17 Battery South	Fee Interest	Financial		392,000		53,000			135
Jan-01	633 Third Ave	Fee Interest	Grand Central North		40,623		13,250			326
May-01	1 Park Ave - 45% JV	Fee Interest	Grand Central South		913,000		233,900			256
Jun-01	1412 Broadway	Fee Interest	Times Square South		389,000		90,700			233
Jul-01	110 East 42nd Street	Fee Interest	Grand Central		69,700		14,500			208
Sep-01	1250 Broadway ⁽¹⁾	Fee Interest	Penn Station		670,000		126,500			189
Jun-02	469 Seventh Avenue	Fee Interest	Penn Station		253,000		53,100			210
Mar-03	50 West 23rd Street	Fee Interest	Chelsea		333,000		66,000			198
Jul-03	1370 Broadway	Fee Interest	Times Square South		255,000		58,500			229
Dec-03	321 West 44th Street	Fee Interest	Times Square		203,000		35,000			172
May-04	1 Park Avenue ⁽²⁾	Fee Interest	Grand Central South		913,000		318,500			349
Oct-04	17 Battery Place North	Fee Interest	Financial		419,000		70,000			167
Nov-04	1466 Broadway	Fee Interest	Times Square		289,000		160,000			554
Apr-05	1414 Avenue of the Americas	Fee Interest	Plaza District		111,000		60,500			545
Aug-05	180 Madison Avenue	Fee Interest	Grand Central		265,000		92,700			350
Jul-06	286 & 290 Madison Avenue	Fee Interest	Grand Central		149,000		63,000			423
Aug-06	1140 Avenue of the Americas	Leasehold Interest	Rockefeller Center		191,000		97,500			510
Dec-06	521 Fifth Avenue ⁽³⁾	Leasehold Interest	Midtown		460,000		240,000			522
Mar-07	1 Park Avenue	Fee Interest	Grand Central South		913,000		550,000			602
Mar-07	70 West 36th Street	Fee Interest	Garment		151,000		61,500			407
Jun-07	110 East 42nd Street	Fee Interest	Grand Central North		181,000		111,500			616
Jun-07	125 Broad Street	Fee Interest	Downtown		525,000		273,000			520
Jun-07	5 Madison Clock Tower	Fee Interest	Park Avenue South		267,000		200,000			749
Jul-07	292 Madison Avenue	Fee Interest	Grand Central South		187,000		140,000			749
Jul-07	1372 Broadway ⁽⁴⁾	Fee Interest	Penn Station/Garment		508,000		335,000			659
Nov-07	470 Park Avenue South	Fee Interest	Park Avenue South/Flatiron		260,000		157,000			604
Jan-08	440 Ninth Avenue	Fee Interest	Penn Station		339,000		160,000			472
May-08	1250 Broadway	Fee Interest	Penn Station		670,000		310,000			463
Oct-08	1372 Broadway ⁽⁵⁾	Fee Interest	Penn Station/Garment		508,000		274,000			539
May-10	1221 Avenue of the Americas ⁽⁶⁾	Fee Interest	Rockefeller Center		2,550,000		1,280,000			502
Sep-10	19 West 44th Street	Fee Interest	Midtown		292,000		123,150			422
May-11	28 West 44th Street	Fee Interest	Midtown		359,000		161,000			448
Aug-13	333 West 34th Street	Fee Interest	Penn Station		345,400		220,250			638
May-14	673 First Avenue	Leasehold Interest	Grand Central South		422,000		145,000			344
Sep-15	120 West 45th Street	Fee Interest	Midtown		440,000		365,000			830
Sep-15	315 West 36th Street	Fee Interest	Times Square South		148,000		115,000			777
					16,178,723		$	6,959,650		$	430

2016 Sales
Jun-16	388 & 390 Greenwich Street	Fee Interest	Downtown		2,635,000		$	2,000,000		$	759
Aug-16	11 Madison Avenue ⁽⁷⁾	Fee Interest	Park Avenue South		2,314,000		2,600,000			1,124
					4,949,000		$	4,600,000		$	929
(1) Company sold a 45% JV interest in the property at an implied $126.5 million gross asset valuation.
(2) Company sold a 75% JV interest in the property at an implied $318.5 million gross asset valuation.
(3) Company sold a 50% JV interest in the property at an implied $240.0 million gross asset valuation.
(4) Company sold a 85% JV interest in the property at an implied $335.0 million gross asset valuation.
(5) Company sold a 15% JV interest in the property at an implied $274.0 million gross asset valuation.
(6) Company sold a 45% JV interest in the property at an implied $1.28 billion gross asset valuation.
(7) Company sold a 40% JV interest in the property at an implied $2.6 billion gross asset valuation, inclusive of the cost associated with lease stipulated improvements to the property.



Supplemental Information	50	Fourth Quarter 2016




SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Suburban Unaudited (Dollars in Thousands)



						Occupancy (%)		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable SF		at acquisition	12/31/2016	Price ($'s) ⁽¹⁾
2007 - 2016 Acquisitions
Jan-07	300 Main Street	Fee Interest	Stamford, Connecticut		130,000	92.5	N/A	$	15,000
Jan-07	399 Knollwood Road	Fee Interest	White Plains, New York		145,000	96.6	N/A	31,600
Jan-07	Reckson - Connecticut Portfolio	Fee Interests / Leasehold Interest	Stamford, Connecticut		1,369,800	88.9	87.1	490,750
Jan-07	Reckson - Westchester Portfolio	Fee Interests / Leasehold Interest	Westchester		2,346,100	90.6	81.9	570,190
Apr-07	Jericho Plazas - 20.26% JV	Fee Interest	Jericho, New York		640,000	98.4	71.0	210,000
Jun-07	1010 Washington Boulevard	Fee Interest	Stamford, Connecticut		143,400	95.6	91.3	38,000
Jun-07	500 West Putnam Avenue	Fee Interest	Greenwich, Connecticut		121,500	94.4	N/A	56,000
Jul-07	16 Court Street - 35% JV	Fee Interest	Brooklyn, New York		317,600	80.6	95.2	107,500
Aug-07	150 Grand Street	Fee Interest	White Plains, New York		85,000	52.9	N/A	6,700
Sep-07	The Meadows - 25% JV	Fee Interest	Rutherford, New Jersey		582,100	81.3	N/A	111,500
Apr-13	16 Court Street - additional JV interest	Fee Interest	Brooklyn, New York		317,600	84.9	95.2	96,200
					6,198,100			$1,733,440




SUMMARY OF REAL ESTATE SALES ACTIVITY Suburban Unaudited (Dollars in Thousands)


	Property	Type of Ownership	Submarket	Net Rentable SF		Price ($'s)			Price ($'s/SF)
2008 - 2015 Sales
Oct-08	100 & 120 White Plains Road	Fee Interest	Tarrytown, New York		211,000		$	48,000		$	227
Jan-09	55 Corporate Drive	Fee Interest	Bridgewater, New Jersey		670,000		230,000			343
Aug-09	399 Knollwood Road	Fee Interest	White Plains, New York		145,000		20,767			143
Jul-12	One Court Square	Fee Interest	Long Island City, New York		1,402,000		481,100			343
Sep-13	300 Main Street	Fee Interest	Stamford, Connecticut		130,000		13,500			104
Aug-15	The Meadows	Fee Interest	Rutherford, New Jersey		582,100		121,100			208
Dec-15	140 Grand Street	Fee Interest	White Plains, New York		130,100		22,400			172
Dec-15	150 Grand Street	Fee Interest	White Plains, New York		85,000		9,600			113
					3,355,200		$	946,467		$	282
2016 Sales
Mar-16	7 Renaissance Square	Fee Interest	White Plains, New York		65,641		$	21,000		$	320
Jul-16	500 West Putnam Avenue	Fee Interest	Greenwich, Connecticut		121,500		41,000			337
					187,141		$	62,000		$	331
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.



Supplemental Information	51	Fourth Quarter 2016




SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY Retail, Residential, Development / Redevelopment & Land Unaudited (Dollars in Thousands)



						Occupancy (%)		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable SF		at acquisition	12/31/2016	Price ($'s) ⁽¹⁾
2005 - 2015 Acquisitions
Jul-05	1551-1555 Broadway - 10% JV	Fee Interest	Times Square		25,600	N/A	N/A	$	85,000
Jul-05	21 West 34th Street - 50% JV	Fee Interest	Herald Square		30,100	N/A	N/A	17,500
Sep-05	141 Fifth Avenue - 50% JV	Fee Interest	Flatiron		21,500	N/A	N/A	13,250
Nov-05	1604 Broadway - 63% JV	Leasehold Interest	Times Square		29,876	17.2	N/A	4,400
Dec-05	379 West Broadway - 45% JV	Leasehold Interest	Lower Manhattan		62,006	100.0	N/A	19,750
Jan-06	25-29 West 34th Street - 50% JV	Fee Interest	Herald Square/Penn Station		41,000	55.8	N/A	30,000
Sep-06	717 Fifth Avenue - 32.75% JV	Fee Interest	Midtown/Plaza District		119,550	63.1	81.1	251,900
Aug-07	180 Broadway - 50% JV	Fee Interest	Lower Manahattan		24,300	85.2	N/A	13,600
Apr-07	Two Herald Square - 55% JV	Fee Interest	Herald Square		N/A	N/A	N/A	225,000
Jul-07	885 Third Avenue - 55% JV	Fee Interest	Midtown / Plaza District		N/A	N/A	N/A	317,000
Jan-08	125 Chubb Way	Fee Interest	Lyndhurst, New Jersey		278,000	—	73.3	29,364
Feb-08	182 Broadway - 50% JV	Fee Interest	Lower Manhattan		46,280	83.8	N/A	30,000
Nov-10	Williamsburg Terrace	Fee Interest	Brooklyn, New York		52,000	100.0	100.0	18,000
Dec-10	11 West 34th Street - 30% JV	Fee Interest	Herald Square/Penn Station		17,150	100.0	100.0	10,800
Dec-10	7 Renaissance Square - 50% JV	Fee Interest	White Plains, New York		65,641	—	N/A	4,000
Dec-10	Two Herald Square - 45% ⁽²⁾	Fee Interest	Herald Square		354,400	100.0	N/A	247,500
Dec-10	885 Third Avenue - 45% ⁽²⁾	Fee Interest	Midtown / Plaza District		607,000	100.0	N/A	352,000
Dec-10	292 Madison Avenue	Fee Interest	Grand Central South		203,800	N/A	N/A	78,300
Jan-11	3 Columbus Circle - 48.9%	Fee Interest	Columbus Circle		741,500	20.1	96.8	500,000
Aug-11	1552-1560 Broadway - 50%	Fee Interest	Times Square		35,897	59.7	67.5	136,550
Sep-11	747 Madison Avenue - 33.33%	Fee Interest	Plaza District		10,000	100.0	N/A	66,250
Jan-12	DFR Residential and Retail Portfolio - 80%	Fee Interests / Leasehold Interest	Plaza District, Upper East Side		489,882	95.1	86.2	193,000
Jan-12	724 Fifth Avenue - 50%	Fee Interest	Plaza District		65,010	92.9	97.0	223,000
Jul-12	West Coast Office Portfolio - 27.63%	Fee Interest	—		4,473,603	76.3	N/A	880,104
Aug-12	33 Beekman Street - 45.9%	Fee Interest	Downtown		163,500	—	N/A	31,160
Sep-12	635 Sixth Avenue	Fee Interest	Midtown South		104,000	—	100.0	83,000
Oct-12	1080 Amsterdam - 87.5%	Leasehold Interest	Upper West Side		82,250	2.2	96.9	—
Dec-12	21 East 66th Street - 32.28%	Fee Interest	Plaza District		16,736	100.0	100.0	75,000
Dec-12	985-987 Third Avenue	Fee Interest	Upper East Side		13,678	—	N/A	18,000
Dec-12	131-137 Spring Street	Fee Interest	Soho		68,342	100.0	93.9	122,300
Mar-13	248-252 Bedford Avenue - 90%	Fee Interest	Brooklyn, New York		66,611	—	N/A	54,900
Nov-13	650 Fifth Avenue - 50%	Leasehold Interest	Plaza District		32,324	63.6	2.9	—
Nov-13	315 West 33rd Street - The Olivia	Fee Interest	Penn Station		492,987	96.6	96.3	386,775
Nov-13	562, 570 & 574 Fifth Avenue	Fee Interest	Plaza District		66,962	74.6	N/A	146,222
Jul-14	719 Seventh Avenue - 75%	Fee Interest	Times Square		6,000	100.0	—	41,149
Jul-14	115 Spring Street	Fee Interest	Soho		5,218	100.0	100.0	52,000
Jul-14	752 Madison Avenue	Fee Interest	Plaza District		21,124	100.0	100.0	282,415
Sep-14	121 Greene Street - 50%	Fee Interest	Soho		7,131	100.0	100.0	27,400
Sep-14	635 Madison Avenue ⁽²⁾	Fee Interest	Plaza District		176,530	100.0	100.0	145,000
Oct-14	102 Greene Street	Fee Interest	Soho		9,200	100.0	54.3	32,250
Oct-14	175-225 Third Street - 95%	Fee Interest	Brooklyn, New York		—	—	—	72,500
Nov-14	55 West 46th Street	Fee Interest	Midtown		347,000	—	50.1	295,000
Feb-15	Stonehenge Portfolio	Fee Interest	—		2,589,184	96.5	91.3	40,000
Mar-15	1640 Flatbush Avenue	Fee Interest	Brooklyn, New York		1,000	100.0	100.0	6,799
Jun-15	Upper East Side Residential - 90%	Fee Interest	Upper East Side Residential		27,000	96.4	39.3	50,074
Aug-15	187 Broadway & 5-7 Dey Street	Fee Interest	Lower Manhattan		73,600	90.5	49.9	63,690
					12,164,472			$	5,771,902
2016 Acquisitions
Mar-16	183 Broadway	Fee Interest	Lower Manhattan		9,100	58.3	—	$	28,500
Apr-16	605 West 42nd Street - 20%	Fee Interest	Midtown West		927,358	—	65.1	759,046
					936,458			$	787,546
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
(2) Subject to long-term, third party net operating leases.



Supplemental Information	52	Fourth Quarter 2016




SUMMARY OF REAL ESTATE SALES ACTIVITY Retail, Residential, Development / Redevelopment and Land Unaudited (Dollars in Thousands)



						Sales			Sales
	Property	Type of Ownership	Submarket	Net Rentable SF		Price ($'s)			Price ($'s/SF)
2011 - 2015 Sales
Sep-11	1551-1555 Broadway ⁽¹⁾	Fee Interest	Times Square		25,600		$	276,757		$	10,811
Feb-12	141 Fifth Avenue ⁽²⁾	Fee Interest	Flatiron		13,000		46,000			3,538
Feb-12	292 Madison Avenue	Fee Interest	Grand Central South		203,800		85,000			417
Apr-12	379 West Broadway	Leasehold Interest	Lower Manhattan		62,006		48,500			782
Jun-12	717 Fifth Avenue ⁽³⁾	Fee Interest	Midtown/Plaza District		119,550		617,584			5,166
Sep-12	3 Columbus Circle ⁽⁴⁾	Fee Interest	Columbus Circle		214,372		143,600			670
Feb-13	44 West 55th Street	Fee Interest	Plaza District		8,557		6,250			730
Jun-13	West Coast Office Portfolio	Fee Interest	Los Angeles, California		406,740		111,925			275
Aug-13	West Coast Office Portfolio	Fee Interest	Fountain Valley, California		302,037		66,994			222
Sep-13	West Coast Office Portfolio	Fee Interest	San Diego, California		110,511		45,400			411
Dec-13	27-29 West 34th Street	Fee Interest	Herald Square/Penn Station		15,600		70,052			4,491
Jan-14	21-25 West 34th Street	Fee Interest	Herald Square/Penn Station		30,100		114,948			3,819
Mar-14	West Coast Office Portfolio	Fee Interest			3,654,315		756,000			207
May-14	747 Madison Avenue	Fee Interest	Plaza District		10,000		160,000			16,000
Jul-14	985-987 Third Avenue	Fee Interest	Upper East Side		13,678		68,700			5,023
Sep-14	180-182 Broadway	Fee Interest	Lower Manhattan		156,086		222,500			1,425
Nov-14	2 Herald Square	Fee Interest	Herald Square/Penn Station		354,400		365,000			1,030
Jan-15	180 Maiden Lane	Fee Interest	Financial East		1,090,000		470,000			431
Dec-15	570 & 574 Fifth Avenue	Fee Interest	Plaza District		24,327		125,400			5,155
					6,814,679		$	3,800,610		$	558
2016 Sales
Feb-16	248-252 Bedford Avenue - 90%	Fee Interest	Brooklyn, New York		66,611		$	55,000		$	826
Feb-16	885 Third Avenue	Fee Interest	Midtown / Plaza District		607,000		453,000			746
May-16	33 Beekman Street	Fee Interest	Downtown		163,500		196,000			1,199
Oct-16	400 East 57th Street ⁽⁵⁾	Fee Interest	Upper East Side		290,482		170,000			585
					1,127,593		$	874,000		$	775
(1) Company sold our remaining 10% JV interest in the property at an implied $276.8 million sales price.
(2) Inclusive of the fee position which was acquired simultaneously with the sale pursuant to an option.
(3) Company sold 50% of its remaining interest after a promote. The Company retained a 10.92% interest in the property.
(4) The joint venture sold a 29% condominium interest in the property.
(5) Company sold a 49% JV interest in the property at an implied $170.0 million gross asset valuation.



Supplemental Information	53	Fourth Quarter 2016




EXECUTIVE AND SENIOR MANAGEMENT



Stephen L. Green	Edward V. Piccinich
Chairman of the Board	Executive Vice President, Property
	Management and Construction
Marc Holliday
Chief Executive Officer	Neil H. Kessner
	Executive Vice President, General
Andrew Mathias	Counsel - Real Property
President
	David M. Schonbraun
Matthew J. DiLiberto	Co-Chief Investment Officer
Chief Financial Officer
	Isaac Zion
Andrew S. Levine	Co-Chief Investment Officer
Chief Legal Officer
	Maggie Hui
Steven M. Durels	Chief Accounting Officer
Executive Vice President, Director of
Leasing and Real Property



	54




SELL-SIDE ANALYST COVERAGE



EQUITY COVERAGE

Firm	Analyst	Phone	Email
Bank of America - Merrill Lynch	James C. Feldman	(646) 855-5808	james.feldman@baml.com
Barclays Capital	Ross Smotrich	(212) 526-2306	ross.smotrich@barcap.com
BMO Capital Markets Corp.	John P. Kim	(212) 885-4115	jp.kim@bmo.com
BTIG	James Sullivan	(212) 738-6139	jsullivan@btig.com
Citigroup	Michael Bilerman	(212) 816-1383	michael.bilerman@citigroup.com
Deutsche Bank	Vin Chao	(212) 250-6799	vincent.chao@db.com
Goldman Sachs & Co.	Brad Burke	(917) 343-2082	brad.burke@gs.com
Green Street Advisors	Jed Reagan	(949) 640-8780	jreagan@greenstreetadvisors.com
Evercore ISI	Steve Sakwa	(212) 446-9462	ssakwa@isigrp.com
Jefferies & Company	Tayo Okusanya	(212) 336-7076	tokusanya@jefferies.com
JMP Securities	Mitchell Germain	(212) 906-3546	mgermain@jmpsecurities.com
JP Morgan Securities, Inc.	Anthony Paolone	(212) 622-6682	anthony.paolone@jpmorgan.com
KeyBanc Capital Markets	Craig Mailman	(917) 368-2316	cmailman@key.com
Morgan Stanley	Vikram Malhotra	(212) 761-7064	vikram.malhotra@morganstanley.com
RW Baird	David Rodgers	(216) 737-7341	drodgers@rwbaird.com
Sandler O'Neill + Partners, L.P.	Alexander D. Goldfarb	(212) 466-7937	agoldfarb@sandleroneill.com
Stifel Nicolaus	John Guinee	(443) 224-1307	jwguinee@stifel.com
SunTrust Robinson Humphrey	Michael Lewis	(404) 926-5000	michael.lewis@suntrust.com
UBS Securities LLC	Nicholas Yulico	(212) 713-3402	nick.yulico@ubs.com
Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com



FIXED INCOME COVERAGE

Firm	Analyst	Phone	Email
Citigroup	Thomas Cook	(212) 723-1112	thomas.n.cook@citi.com
Goldman Sachs & Co.	Louise Pitt	(212) 902-3644	louise.pitt@gs.com
JP Morgan Securities, Inc.	Mark Streeter	(212) 834-6601	mark.streeter@jpmorgan.com
Wells Fargo Securities, LLC	Thierry B. Perrein	(704) 715-8455	thierry.perrein@wellsfargo.com



SL Green Realty Corp. is followed by the analysts 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.



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