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):

April 17, 2019

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [ ]

Item 2.02. Results of Operations and Financial Condition

Following the issuance of a press release on April 17, 2019 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended March 31, 2019, 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 April 17, 2019, the Company issued a press release announcing its results for the quarter ended March 31, 2019.

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 March 31, 2019.

99.2 Supplemental package.

Non-GAAP Supplemental Financial Measures

Funds from Operations (FFO)

FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by 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 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 real estate related impairment charges, 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, and 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 calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and 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.

FAD 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 for Real Estate (EBITDAre)

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.

The Company presents EBITDAre because the Company believes that EBITDAre, 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. EBITDAre 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.

Net Operating Income (NOI) and Cash NOI

NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and amortization of acquired above and below-market leases, net from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and our reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating our properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. 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.

Coverage Ratios

The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current 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: April 18, 2019

Exhibit

Exhibit 99.1

CONTACT

Matt DiLiberto

Chief Financial Officer

(212) 594-2700

SL GREEN REALTY CORP. REPORTS

FIRST QUARTER 2019 EPS OF $0.52 PER SHARE;

AND FFO OF $1.68 PER SHARE

Financial and Operating Highlights


•	Net income attributable to common stockholders of $0.52 per share for the first quarter as compared to $1.12 per share for the same period in 2018. Net income attributable to common stockholders for the first quarter of 2018 included a non-cash fair value adjustment of $49.3 million, or $0.52 per share, related to the deconsolidation of 919 Third Avenue.


•	Funds from operations, or FFO, of $1.68 per share for the first quarter, net of a non-cash charge of $2.0 million, or $0.02 per share, related to the bankruptcy of Diesel, a tenant at 625 Madison Avenue, as compared to $1.66 per share for the same period in 2018.


•	Same-store cash net operating income, or NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 5.1% for the first quarter excluding lease termination income and free rent given to Viacom at 1515 Broadway, as compared to same period in the prior year.


•	Signed 32 Manhattan office leases covering 407,902 square feet in the first quarter. The mark-to-market on signed Manhattan office leases was 4.5% higher for the first quarter over the previous fully escalated rents on the same spaces.


•	Signed a new 28,024 square foot lease with KPS Capital Partners, LP and, in April, signed a 14,276 square foot expansion with McDermott Will & Emery at One Vanderbilt, bringing the property to 56.9% leased ahead of its planned opening in August 2020.


•	In April, signed First Republic Bank to a 211,521 square foot, 15-year lease at 460 West 34th Street, the 20-Story, 638,000 square foot, Class A office building located directly across from Hudson Yards and Manhattan West along the full block front of Tenth Avenue between 33rd and 34th Streets, which will be undergoing a substantial redevelopment.


•	In April, signed a 10.8 year renewal for 56,239 square feet with Skadden, Arps, Slate, Meagher & Flom LLP at 360 Hamilton Avenue in White Plains, NY.


•	Manhattan same-store occupancy was 95.8% as of March 31, 2019, inclusive of leases signed but not yet commenced.

Investing Highlights


•	In 2019, the Company repurchased 0.4 million shares of common stock under the previously announced $2.5 billion share repurchase plan, at an average price of $86.07 per share. To date, the Company has acquired 18.5 million shares of its common stock and redeemed 0.4 million common units of its Operating Partnership, or OP units, under the program at an average price of $98.48 per share/unit.


•	Together with our joint venture partner, entered into an agreement to sell 521 Fifth Avenue for a sale price of $381.0 million. The transaction is expected to generate net cash proceeds to the Company of approximately $100.0 million and close in the second quarter.


•	Took possession of the retail co-op at 106 Spring Street in Soho. The 5,936 square foot retail space, inclusive of 4,880 square feet on grade, is considered one of the best available retail corners in Soho, at the intersection of Spring Street and Mercer Street, and is surrounded by several newly opened retail flagships including Nike, Alo Yoga, Birkenstock, and Bang & Olufsen.

Financing Highlights


•	Closed on a new $85.0 million financing of the office portion of 609 Fifth Avenue. The new mortgage has a 5-year term and bears interest at a floating rate of 2.40% over LIBOR.

Summary

New York, NY, April 17, 2019 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended March 31, 2019 of $43.8 million, or $0.52 per share, as compared to net income attributable to common stockholders of $101.8 million, or $1.12 per share, for the same quarter in 2018. Net income attributable to common stockholders for the first quarter of 2018 included a non-cash fair value adjustment of $49.3 million, or $0.52 per share, related to the deconsolidation of 919 Third Avenue.

The Company reported FFO for the quarter ended March 31, 2019 of $147.5 million, or $1.68 per share, net of a non-cash charge of $2.0 million, or $0.02 per share, related to the bankruptcy of Diesel, a tenant at 625 Madison Avenue, as compared to FFO for the same period in 2018 of $157.7 million, or $1.66 per share.

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

Operating and Leasing Activity

For the quarter ended March 31, 2019, the Company reported consolidated revenues and operating income of $304.3 million and $160.3 million, respectively, compared to $301.7 million and $168.3 million, respectively, for the same period in 2018.

Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, decreased by 2.9% for the quarter ended March 31, 2019, but increased by 5.1% excluding lease termination income and free rent given to Viacom at 1515 Broadway.

During the first quarter, the Company signed 32 office leases in its Manhattan portfolio totaling 407,902 square feet. Twenty-four leases comprising 234,282 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 $72.16 per rentable square foot, representing a 4.5% increase over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the first quarter was 11.7 years, or 12.2 years including the office leases signed at One Vanderbilt, and average tenant concessions were 3.7 months of free rent with a tenant improvement allowance of $56.29 per rentable square foot.

Occupancy in the Company's Manhattan same-store portfolio was 95.8% as of March 31, 2019, inclusive of 364,834 square feet of leases signed but not yet commenced, as compared 95.5% at March 31, 2018.

During the first quarter, the Company signed 8 office leases in its Suburban portfolio totaling 32,970 square feet. Seven leases comprising 29,851 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 $32.47 per rentable square foot, representing a 0.9% decrease over the previous fully escalated rents on the same office spaces. The average lease term on the Suburban office leases signed in the first quarter was 3.8 years and average tenant concessions were 3.2 months of free rent with a tenant improvement allowance of $6.84 per rentable square foot.

Occupancy in the Company's Suburban same-store portfolio was 91.1% as of March 31, 2019, inclusive of 14,748 square feet of leases signed but not yet commenced, as compared to 92.4% at March 31, 2018.

Significant leases that were signed in the first quarter included:


•	New lease with Young Adult Institute, Inc. for 75,353 square feet at 220 East 42nd Street, for 29.0 years;


•	New lease with 1350 Office Suites LLC for 49,921 square feet at 1350 Avenue of the Americas, for 10.0 years;


•	Expansion with The Carlyle Group for 32,592 square feet at One Vanderbilt Avenue, for 15.8 years;


•	New lease with KPS Capital Partners, LP for 28,024 square feet at One Vanderbilt Avenue, for 15.0 years; and


•	New lease with Newmark & Company Real Estate for 20,966 square feet at 110 East 42nd Street, for 12.3 years.

Marketing, general and administrative, or MG&A, expense for the three months ended March 31, 2019 was $26.0 million, or 5.9% of total combined revenues, inclusive of $2.2 million of additional expense related to the new accounting guidance for leasing costs, which requires the Company to expense certain internal costs that were previously capitalized.

Investment Activity

million common units of its Operating Partnership, or OP units, under the program at an average price of $98.48 per share/unit, allowing the Company to save approximately $64.4 million of common dividends and distributions on an annualized basis.

In April, the Company took possession of the retail co-op at 106 Spring Street in Soho. The 5,936 square foot retail space, inclusive of 4,880 square feet on grade, is considered one of the best available retail corners in Soho, at the intersection of Spring Street and Mercer Street, and is surrounded by several newly opened retail flagships including Nike, Alo Yoga, Birkenstock, and Bang & Olufsen. The property previously served as collateral for a debt and preferred equity investment.

In March, the Company, along with our joint venture partner entered into an agreement to sell 521 Fifth Avenue for a sale price of $381.0 million. The Company acquired the leasehold interest in the 39-story, 460,000-square-foot, office building in March 2006, subsequently took ownership of the fee interest in April 2011 and sold a joint venture interest in the property to an institutional investment partner in the fourth quarter of 2012. The transaction is expected to generate net cash proceeds to the Company of approximately $100.0 million and close in the second quarter, subject to customary closing conditions.

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity investment portfolio increased to $2.30 billion at March 31, 2019, including $2.27 billion of investments at a weighted average current yield of 8.8% that are classified in the debt and preferred equity line item on the balance sheet, and investments aggregating $0.03 billion at a weighted average current yield of 6.6% that are included in other balance sheet line items for accounting purposes.

During the first quarter, the Company originated or acquired new debt and preferred equity investments totaling $419.0 million, all of which was retained and $398.7 million of which was funded. New mortgage investments totaled $147.8 million, all of which was retained and $132.7 million of which was funded, at a weighted average current yield of 8.5%. New subordinate debt and preferred equity investments totaled $271.2 million, all of which was retained and $266.0 million of which was funded, at a weighted average yield of 9.6%.

Financing Activity

In March, the Company closed on a new $85.0 million mortgage financing of the office condominium at 609 Fifth Avenue. The new mortgage has a 2-year term, with three one year extension options and bears interest at a floating rate of 2.40% over LIBOR.

Dividends

In the first quarter of 2019, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:


•	$0.85 per share of common stock, which was paid on April 15, 2019 to shareholders of record on the close of business on March 29, 2019; and


•	$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period January 15, 2019 through and including April 14, 2019, which was paid on April 15, 2019 to shareholders of record on the close of business on March 29, 2019, 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, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, April 18, 2019 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 https://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 https://slgreen.com/ under “Presentations & Webcasts”. The conference may also be accessed by dialing toll-free (877) 312-8765 or international (419) 386-0002, and using passcode 1975306.

A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using passcode 1975306. A webcast replay will also be available in the Investors section of the SL Green Realty Corp. website at https://slgreen.com/ under “Presentations & 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 March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet. This included ownership interests in 27.7 million square feet of Manhattan buildings and 18.7 million square feet of buildings securing debt and preferred equity investments. In addition, SL Green held ownership interests in 7 suburban properties comprised of 15 suburban buildings totaling 2.3 million square feet in Brooklyn, Westchester County, and Connecticut.

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 Statements

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. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, 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
	March 31,
	2019			2018
Revenues:
Rental revenue, net	$	212,639		$	215,369
Escalation and reimbursement	27,479			26,399
Investment income	50,031			45,290
Other income	14,106			14,637
Total revenues	304,255			301,695
Expenses:
Operating expenses, including related party expenses $2,793 in 2019 and $3,834 in 2018	57,698			59,782
Real estate taxes	46,688			45,661
Operating lease rent	8,298			8,308
Interest expense, net of interest income	50,525			47,916
Amortization of deferred financing costs	2,742			3,537
Depreciation and amortization	68,343			69,388
Transaction related costs	55			162
Marketing, general and administrative	25,979			23,528
Total expenses	260,328			258,282

Equity in net (loss) income from unconsolidated joint ventures	(5,234		)	4,036
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate	17,166			(6,440		)
Purchase price and other fair value adjustment	(2,041		)	49,293
(Loss) gain on sale of real estate, net	(1,049		)	23,521
Net income	52,769			113,823
Net income attributable to noncontrolling interests in the Operating Partnership	(2,278		)	(5,272		)
Net income attributable to noncontrolling interests in other partnerships	(237		)	(198		)
Preferred unit distributions	(2,724		)	(2,849		)
Net income attributable to SL Green	47,530			105,504
Perpetual preferred stock dividends	(3,738		)	(3,738		)
Net income attributable to SL Green common stockholders	$	43,792		$	101,766

Earnings Per Share (EPS)
Net income per share (Basic)	$	0.52		$	1.12
Net income per share (Diluted)	$	0.52		$	1.12

Funds From Operations (FFO)
FFO per share (Basic)	$	1.68		$	1.66
FFO per share (Diluted)	$	1.68		$	1.66

Basic ownership interest
Weighted average REIT common shares for net income per share	83,313			90,520
Weighted average partnership units held by noncontrolling interests	4,333			4,683
Basic weighted average shares and units outstanding	87,646			95,203

Diluted ownership interest
Weighted average REIT common share and common share equivalents	83,477			90,573
Weighted average partnership units held by noncontrolling interests	4,333			4,683
Diluted weighted average shares and units outstanding	87,810			95,256

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)



	March 31,			December 31,
	2019			2018
Assets	(Unaudited)
Commercial real estate properties, at cost:
Land and land interests	$	1,775,006		$	1,774,899
Building and improvements	5,294,612			5,268,484
Building leasehold and improvements	1,423,282			1,423,107
Right of use asset - financing leases	47,445			47,445
Right of use asset - operating leases	396,148			—
	8,936,493			8,513,935
Less: accumulated depreciation	(2,154,075		)	(2,099,137		)
	6,782,418			6,414,798
Cash and cash equivalents	144,323			129,475
Restricted cash	151,388			149,638
Investment in marketable securities	29,406			28,638
Tenant and other receivables	47,829			41,589
Related party receivables	29,458			28,033
Deferred rents receivable	337,099			335,985
Debt and preferred equity investments, net of discounts and deferred origination fees of $21,584 and $22,379 and allowances of $1,750 and $5,750 in 2019 and 2018, respectively	2,272,241			2,099,393
Investments in unconsolidated joint ventures	3,055,368			3,019,020
Deferred costs, net	211,615			209,110
Other assets	324,629			295,679
Total assets	$	13,385,774		$	12,751,358

Liabilities
Mortgages and other loans payable	$	2,046,906		$	1,988,160
Revolving credit facility	790,000			500,000
Unsecured term loan	1,500,000			1,500,000
Unsecured notes	1,503,534			1,503,758
Deferred financing costs, net	(50,376		)	(50,218		)
Total debt, net of deferred financing costs	5,790,064			5,441,700
Accrued interest payable	28,930			23,154
Accounts payable and accrued expenses	111,899			147,061
Deferred revenue	102,598			94,453
Lease liability - financing leases	43,823			43,616
Lease liability - operating leases	389,857			3,603
Dividend and distributions payable	80,047			80,430
Security deposits	61,139			64,688
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities	100,000			100,000
Other liabilities	135,448			116,566
Total liabilities	6,843,805			6,115,271

Commitments and contingencies	—			—
Noncontrolling interest in the Operating Partnership	412,361			387,805
Preferred units	285,285			300,427

Equity
Stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2019 and December 31, 2018	221,932			221,932
Common stock, $0.01 par value 160,000 shares authorized, 84,328 and 84,739 issued and outstanding at March 31, 2019 and December 31, 2018, respectively (including 1,055 held in Treasury at both March 31, 2019 and December 31, 2018)	843			847
Additional paid-in capital	4,492,581			4,508,685
Treasury stock at cost	(124,049		)	(124,049		)
Accumulated other comprehensive (loss) income	(4,005		)	15,108
Retained earnings	1,210,497			1,278,998
Total SL Green Realty Corp. stockholders’ equity	5,797,799			5,901,521
Noncontrolling interests in other partnerships	46,524			46,334
Total equity	5,844,323			5,947,855
Total liabilities and equity	$	13,385,774		$	12,751,358

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)



	Three Months Ended
	March 31,
Funds From Operations (FFO) Reconciliation:	2019			2018

Net income attributable to SL Green common stockholders	$	43,792		$	101,766
Add:
Depreciation and amortization	68,343			69,388
Joint venture depreciation and noncontrolling interest adjustments	47,625			48,006
Net income attributable to noncontrolling interests	2,515			5,470
Less:
(Loss) gain on sale of real estate, net	(1,049		)	23,521
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate	17,166			(6,440		)
Purchase price and other fair value adjustments	(2,041		)	49,293
Depreciation on non-rental real estate assets	707			566
FFO attributable to SL Green common stockholders	$	147,492		$	157,690



	Three Months Ended
	March 31,
Operating income and Same-store NOI Reconciliation:	2019			2018

Net income	$	52,769		$	113,823
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate	(17,166		)	6,440
Purchase price and other fair value adjustments	2,041			(49,293		)
Loss (gain) on sale of real estate, net	1,049			(23,521		)
Depreciation and amortization	68,343			69,388
Interest expense, net of interest income	50,525			47,916
Amortization of deferred financing costs	2,742			3,537
Operating income	160,303			168,290

Equity in net (loss) income from unconsolidated joint ventures	5,234			(4,036		)
Marketing, general and administrative expense	25,979			23,528
Transaction related costs, net	55			162
Investment income	(50,031		)	(45,290		)
Non-building revenue	(9,144		)	(4,777		)
Net operating income (NOI)	132,396			137,877

Equity in net (loss) income from unconsolidated joint ventures	(5,234		)	4,036
SLG share of unconsolidated JV depreciation and amortization	48,128			47,619
SLG share of unconsolidated JV interest expense, net of interest income	39,407			35,780
SLG share of unconsolidated JV amortization of deferred financing costs	1,568			1,673
SLG share of unconsolidated JV transaction related costs	—			—
SLG share of unconsolidated JV investment income	(2,227		)	(3,086		)
SLG share of unconsolidated JV non-building revenue	(711		)	(1,000		)
NOI including SLG share of unconsolidated JVs	213,327			222,899

NOI from other properties/affiliates	(6,522		)	(18,494		)
Same-Store NOI	206,805			204,405

Ground lease straight-line adjustment	514			524
Joint Venture ground lease straight-line adjustment	258			258
Straight-line and free rent	(76		)	(2,096		)
Amortization of acquired above and below-market leases, net	(946		)	(1,684		)
Joint Venture straight-line and free rent	(16,111		)	(6,032		)
Joint Venture amortization of acquired above and below-market leases, net	(4,396		)	(3,853		)
Same-store cash NOI	$	186,048		$	191,522

SL GREEN REALTY CORP.

NON-GAAP FINANCIAL MEASURES - DISCLOSURES

Funds from Operations (FFO)

Funds Available for Distribution (FAD)

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

Net Operating Income (NOI) and Cash NOI

Coverage Ratios

SLG EARN

Exhibit

https://cdn.kscope.io/3c9d93b70e02923c0ad7b9e7cb5dcead-a19q1supplementalcover.jpg

SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing.

As of March 31, 2019, the Company held interests in 96 Manhattan buildings totaling 46.4 million square feet. This included ownership interests in 27.7 million square feet of Manhattan buildings and 18.7 million square feet of buildings securing debt and preferred equity investments. In addition, the Company held ownership interests in 7 suburban properties comprised of 15 buildings totaling 2.3 million square feet in Brooklyn, Westchester County, and Connecticut.


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


•	SL Green maintains a website at https://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 website.

•

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 to assist readers of quarterly and annual financial filings and should not be read in replacement of, or superior to, such 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.

Forward-looking Statements

This supplemental reporting package 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 supplement that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, 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 supplemental financial package and related 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.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended March 31, 2019 that will be released on Form 10-Q to be filed on or before May 10, 2019.



Supplemental Information	2	First Quarter 2019




TABLE OF CONTENTS






Supplemental Definitions	4

Highlights	5	-	10

Comparative Balance Sheets	11

Comparative Statements of Operations	13

Comparative Computation of FFO and FAD	14

Consolidated Statement of Equity	15

Joint Venture Statements	16	-	17

Selected Financial Data	18	-	21

Debt Summary Schedule	22	-	23

Lease Liability Schedule	24

Debt and Preferred Equity Investments	25	-	27

Selected Property Data
Composition of Property Portfolio	28	-	33
Largest Tenants	34
Tenant Diversification	35
Leasing Activity Summary	36	-	39
Annual Lease Expirations	40	-	42

Summary of Real Estate Acquisition/Disposition Activity	43	-	47

Corporate Information	48

Non-GAAP Disclosures and Reconciliations	49

Analyst Coverage	52



Supplemental Information	3	First Quarter 2019




SUPPLEMENTAL DEFINITIONS

Annualized cash rent - Monthly base rent and escalations per the lease, as of a certain date, multiplied by 12.

Capitalized Interest - The total of i) interest cost for project specific debt on properties that are under development or redevelopment plus ii) an imputed interest cost for properties that are under development or redevelopment, which is calculated based on the Company’s equity investment in those properties multiplied by the Company’s weighted average corporate borrowing cost. Capitalized Interest is a component of the book basis in a development or redevelopment property.

Debt service coverage - Operating Income plus income taxes, loan loss reserves and our share of joint venture depreciation and amortization, divided by total interest and principal payments.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) - EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.

First generation TIs and LCs - Tenant improvements (TIs), leasing commissions (LCs), and other leasing costs that were taken into consideration when underwriting the acquisition of a property.

Fixed charge - Total payments for interest, loan principal amortization, operating lease rent and preferred stock dividends.

Fixed charge coverage - Operating Income plus income taxes, loan loss reserves and our share of joint venture depreciation and amortization, divided by Fixed Charge.

Funds Available for Distribution (FAD) - FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and 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) - FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by 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 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.

Junior Mortgage Participations - Subordinate interests in first mortgages.

Mezzanine Debt - Loans secured by ownership interests in real estate.

Net Operating Income (NOI) and Cash NOI - NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and amortization of acquired above and below-market leases, net from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

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

Recurring capital expenditures - 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 standards.”

Redevelopment costs - Non-recurring capital expenditures incurred to improve buildings to SLG’s “operating standards.”

Right of Use Assets / Lease Liabilities - Represents the right to control the use of leased property and the corresponding obligation, both measured, at inception, as the present value of the lease payments. The asset and related liability are classified as either operating or financing based on the length and cost of the lease and whether the lease contains a purchase option or a transfer of ownership. Operating leases are expensed through operating lease rent while financing leases are expensed through amortization and interest expense. On our balance sheets, financing leases include the amounts previously captioned "Properties under capital lease."

Same-Store Properties (Same-Store) - Properties owned in the same manner during both the current and prior year, excluding development properties that are not stabilized for both the current and prior year. Changes to Same-Store properties in 2018 were as follows:



Added to Same-Store in 2019:	Removed from Same-Store in 2019:
1515 Broadway	131-137 Spring Street (sold)
Worldwide Plaza
55 West 46th Street - Tower 46

Second generation TIs and LCs - Tenant improvements, leasing commissions, and other leasing costs that do not meet the definition of first generation TIs and LCs. Costs incurred prior to leasing available square feet are not included until such space is leased.

SLG Interest - 'SLG Share' or 'Share of JV' is computed by multiplying the referenced line item 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.

Total square feet owned - The total square footage of properties either owned directly by SLG or in which SLG has a joint venture interest.



Supplemental Information	4	First Quarter 2019




FOURTH QUARTER 2018 HIGHLIGHTS Unaudited

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

Operating and Leasing Activity

During the first quarter, the Company signed 32 office leases in its Manhattan portfolio totaling 407,902 square feet. Twenty-four leases comprising 234,282 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 $72.16 per rentable square foot, representing a 4.5% increase over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the first quarter was 11.7 years, or 12.2 years including the office leases signed at One Vanderbilt, and average tenant concessions were 3.7 months of free rent with a tenant improvement allowance of $56.29 per rentable square foot.

Occupancy in the Company's Manhattan same-store portfolio was 95.8% as of March 31, 2019, inclusive of 364,834 square feet of leases signed but not yet commenced, as compared 95.5% at March 31, 2018.

Significant leases that were signed in the first quarter included:


•	New lease with Young Adult Institute, Inc. for 75,353 square feet at 220 East 42nd Street, for 29.0 years;


•	New lease with 1350 Office Suites LLC for 49,921 square feet at 1350 Avenue of the Americas, for 10.0 years;


•	Expansion with The Carlyle Group for 32,592 square feet at One Vanderbilt Avenue, for 15.8 years;


•	New lease with KPS Capital Partners, LP for 28,024 square feet at One Vanderbilt Avenue, for 15.0 years; and


•	New lease with Newmark & Company Real Estate for 20,966 square feet at 110 East 42nd Street, for 12.3 years.

Investment Activity

In 2019, the Company repurchased 0.4 million shares of common stock under the previously announced $2.5 billion share repurchase plan, at an average price of $86.07 per share. To date, the Company has acquired 18.5 million shares of its common stock and redeemed 0.4 million common units of its Operating Partnership, or OP units, under the program at an average price of $98.48 per share/unit, allowing the Company to save approximately $64.4 million of common dividends and distributions on an annualized basis.

Debt and Preferred Equity Investment Activity



Supplemental Information	5	First Quarter 2019




FOURTH QUARTER 2018 HIGHLIGHTS Unaudited

Financing Activity

Dividends

In the first quarter of 2019, the Company declared quarterly dividends on its outstanding common and preferred stock as follows:


•	$0.85 per share of common stock, which was paid on April 15, 2019 to shareholders of record on the close of business on March 29, 2019; and


•	$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period January 15, 2019 through and including April 14, 2019, which was paid on April 15, 2019 to shareholders of record on the close of business on March 29, 2019, 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 https://slgreen.com/ under “Financial Reports.”



Supplemental Information	6	First Quarter 2019




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



	As of or for the three months ended
	3/31/2019		12/31/2018			9/30/2018		6/30/2018		3/31/2018

Earnings Per Share
Net income (loss) available to common stockholders - diluted	$	0.52	$	(0.73	)	$	1.03	$	1.19	$	1.12
Funds from operations (FFO) available to common stockholders - diluted	$	1.68	$	1.61		$	1.66	$	1.69	$	1.66

Common Share Price & Dividends
Closing price at the end of the period	$	89.92	$	79.08		$	97.53	$	100.53	$	96.83
Closing high price during period	$	93.47	$	96.88		$	105.86	$	101.59	$	100.95
Closing low price during period	$	77.46	$	77.63		$	96.01	$	94.27	$	90.61
Common dividend per share	$	0.8500	$	0.8500		$	0.8125	$	0.8125	$	0.8125

FFO payout ratio (trailing 12 months)	50.1%		49.7%			49.2%		49.9%		48.6%
Funds available for distribution (FAD) payout ratio (trailing 12 months)	83.9%		86.8%			77.0%		82.6%		81.2%

Common Shares & Units
Common shares outstanding	83,272		83,684			85,594		85,725		89,135
Units outstanding	4,261		4,131			4,601		4,700		4,715
Total common shares and units outstanding	87,533		87,815			90,195		90,425		93,850

Weighted average common shares and units outstanding - basic	87,646		88,187			90,209		91,882		95,203
Weighted average common shares and units outstanding - diluted	87,810		88,376			90,428		92,083		95,256

Market Capitalization
Market value of common equity	$	7,870,967	$	6,944,410		$	8,796,718	$	9,090,425	$	9,087,496
Liquidation value of preferred equity/units	515,285		530,427			531,285		531,384		531,584
Consolidated debt	5,940,440		5,591,918			5,633,016		5,902,899		5,460,586
Consolidated market capitalization	$	14,326,692	$	13,066,755		$	14,961,019	$	15,524,708	$	15,079,666
SLG share of unconsolidated JV debt	3,815,230		3,845,901			3,949,528		4,088,628		4,333,451
Market capitalization including SLG share of unconsolidated JVs	$	18,141,922	$	16,912,656		$	18,910,547	$	19,613,336	$	19,413,117

Consolidated debt service coverage (trailing 12 months)	3.10x		3.10x			3.13x		3.09x		3.15x
Consolidated fixed charge coverage (trailing 12 months)	2.57x		2.57x			2.60x		2.59x		2.65x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)	2.30x		2.32x			2.39x		2.43x		2.56x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)	2.00x		2.02x			2.08x		2.12x		2.23x



Supplemental Information	7	First Quarter 2019




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



	As of or for the three months ended
	3/31/2019				12/31/2018			9/30/2018			6/30/2018			3/31/2018

Selected Balance Sheet Data
Real estate assets before depreciation	$	8,936,493			$	8,513,935		$	9,283,952		$	9,294,349		$	8,968,049
Investments in unconsolidated joint ventures	$	3,055,368			$	3,019,020		$	3,070,825		$	3,059,985		$	3,034,596
Debt and preferred equity investments	$	2,272,241			$	2,099,393		$	1,977,057		$	2,168,515		$	2,085,871
Cash and cash equivalents	$	144,323			$	129,475		$	160,248		$	287,240		$	288,808
Investment in marketable securities	$	29,406			$	28,638		$	28,538		$	28,570		$	28,252

Total assets	$	13,385,774			$	12,751,358		$	13,455,002		$	13,713,928		$	13,380,870

Fixed rate & hedged debt	$	3,542,126			$	3,543,476		$	3,506,466		$	3,765,899		$	3,795,560
Variable rate debt	2,398,314			⁽¹⁾	2,048,442			2,126,550			2,137,000			1,665,026
Total consolidated debt	$	5,940,440			$	5,591,918		$	5,633,016		$	5,902,899		$	5,460,586
Deferred financing costs, net of amortization	(50,376		)		(50,218		)	(47,220		)	(45,488		)	(48,152		)
Total consolidated debt, net	$	5,890,064			$	5,541,700		$	5,585,796		$	5,857,411		$	5,412,434

Total liabilities	$	6,843,805			$	6,115,271		$	6,418,799		$	6,683,877		$	6,065,849

Fixed rate & hedged debt, including SLG share of unconsolidated JV debt	$	5,880,322			$	5,884,452		$	6,021,150		$	6,282,993		$	6,314,189
Variable rate debt, including SLG share of unconsolidated JV debt	3,875,348			⁽¹⁾	3,553,367			3,561,394			3,708,534			3,479,848
Total debt, including SLG share of unconsolidated JV debt	$	9,755,670			$	9,437,819		$	9,582,544		$	9,991,527		$	9,794,037


Selected Operating Data
Property operating revenues	$	240,118			$	247,519		$	250,866		$	238,421		$	241,768
Property operating expenses	(112,684		)		(109,343		)	(115,164		)	(110,405		)	(113,751		)
Property NOI	$	127,434			$	138,176		$	135,702		$	128,016		$	128,017
SLG share of unconsolidated JV Property NOI	80,635				79,578			77,389			88,042			84,801
Property NOI, including SLG share of unconsolidated JV Property NOI	$	208,069			$	217,754		$	213,091		$	216,058		$	212,818
Investment income	50,031				57,952			48,977			49,273			45,290
Other income	14,106				11,565			7,702			13,422			14,637
Marketing general & administrative expenses	(25,979		)		(26,030		)	(20,594		)	(22,479		)	(23,528		)
SLG share of investment income and other income from unconsolidated JVs	3,291				3,810			5,642			2,749			4,379
Income taxes	770				964			168			1,092			507
Transaction costs, including SLG share of unconsolidated JVs	(55		)		(426		)	(163		)	(348		)	(162		)
Loan loss and other investment reserves, net of recoveries	—				(5,752		)	(1,087		)	—			—
Loss on early extinguishment of debt	—				(14,889		)	(2,194		)	—			—
EBITDAre	$	250,233			$	244,948		$	251,542		$	259,767		$	253,941

(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	8	First Quarter 2019




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



	As of or for the three months ended
	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018

Selected Operating Data
Property operating revenues	$	222,780	$	229,798	$	234,173	$	220,900	$	220,342
Property operating expenses	98,198		97,272		101,332		95,108		97,578
Property NOI	$	124,582	$	132,526	$	132,841	$	125,792	$	122,764

Other income - consolidated	$	4,572	$	1,453	$	1,333	$	912	$	3,952

SLG share of property NOI from unconsolidated JVs	$	80,636	$	79,580	$	77,393	$	87,860	$	84,757

Portfolio Statistics
Consolidated office buildings in service	20		20		21		21		20
Unconsolidated office buildings in service	11		10		10		10		11
	31		30		31		31		31

Consolidated office buildings in service - square footage	12,387,091		12,387,091		12,756,091		12,756,091		12,387,091
Unconsolidated office buildings in service - square footage	11,676,183		11,329,183		11,491,164		11,491,164		12,165,164
	24,063,274		23,716,274		24,247,255		24,247,255		24,552,255

Same-Store office occupancy (consolidated + JVs)	94.4%		94.5%		94.2%		93.7%		93.5%
Same-Store office occupancy inclusive of leases signed not yet commenced	95.8%		96.0%		96.1%		96.1%		95.5%

Office Leasing Statistics
New leases commenced	25		33		27		45		27
Renewal leases commenced	10		11		11		9		10
Total office leases commenced	35		44		38		54		37

Commenced office square footage filling vacancy	132,241		60,961		412,540		52,599		103,418
Commenced office square footage on previously occupied space (M-T-M leasing) ⁽²⁾	270,602		294,886		137,808		352,935		342,212
Total office square footage commenced	402,843		355,847		550,348		405,534		445,630

Average starting cash rent psf - office leases commenced	$69.38		$78.47		$69.09		$68.97		$72.10
Previous escalated cash rent psf - office leases commenced ⁽³⁾	$67.90		$71.70		$66.03		$62.87		$67.55
Increase in new cash rent over previously escalated cash rent ^{(2) (3)}	2.2%		9.4%		4.6%		9.7%		6.7%
Average lease term	11.0		6.8		21.1		7.4		10.2
Tenant concession packages psf	$67.08		$43.57		$69.64		$37.56		$80.72
Free rent months	5.7		4.9		5.8		2.7		8.3

(1) Property data includes operating office, retail, residential, development, and redevelopment properties.
(2) Calculated on space that was occupied within the previous 12 months.
(3) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.



Supplemental Information	9	First Quarter 2019




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



	As of or for the three months ended
	3/31/2019		12/31/2018			9/30/2018			6/30/2018		3/31/2018

Selected Operating Data
Property operating revenues	$	17,121	$	17,707		$	17,338		$	19,679	$	20,329
Property operating expenses	8,807		8,153			9,480			11,039		11,173
Property NOI	$	8,314	$	9,554		$	7,858		$	8,640	$	9,156

Other income - consolidated	$	117	$	(588	)	$	(529	)	$	6,271	$	104

SLG share of property NOI from unconsolidated JVs	$	—	$	—		$	—		$	177	$	47

Portfolio Statistics
Consolidated office buildings in service	13		13			13			19		20
Unconsolidated office buildings in service	—		—			—			—		2
	13		13			13			19		22

Consolidated office buildings in service - square footage	2,295,200		2,295,200			2,295,200			2,835,200		3,013,200
Unconsolidated office buildings in service - square footage	—		—			—			—		640,000
	2,295,200		2,295,200			2,295,200			2,835,200		3,653,200

Same-Store office occupancy (consolidated + JVs)	90.4%		91.3%			91.6%			92.0%		91.3%
Same-Store office occupancy inclusive of leases signed not yet commenced	91.1%		91.8%			92.1%			92.2%		92.4%

Office Leasing Statistics
New leases commenced	2		4			3			12		8
Renewal leases commenced	6		4			5			4		8
Total office leases commenced	8		8			8			16		16

Commenced office square footage filling vacancy	1,165		10,348			5,732			12,876		75,615
Commenced office square footage on previously occupied space (M-T-M leasing) ⁽²⁾	31,025		125,609			21,463			48,226		22,544
Total office square footage commenced	32,190		135,957			27,195			61,102		98,159

Average starting cash rent psf - office leases commenced	$32.93		$26.17			$36.77			$35.85		$32.88
Previous escalated cash rent psf - office leases commenced ⁽³⁾	$32.73		$27.79			$36.97			$37.26		$32.41
Increase (decrease) in new cash rent over previously escalated cash rent ^{(2) (3)}	0.6%		(5.8)%			(0.5)%			(3.8)%		1.5%
Average lease term	4.5		7.5			2.5			6.4		6.9
Tenant concession packages psf	$11.72		$24.73			$5.20			$18.87		$25.99
Free rent months	3.5		6.9			1.0			4.2		8.3

(1) Property data includes operating office, retail, and development properties.
(2) Calculated on space that was occupied within the previous 12 months.
(3) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.



Supplemental Information	10	First Quarter 2019




COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



	As of
	3/31/2019				12/31/2018			9/30/2018			6/30/2018			3/31/2018
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,775,006			$	1,774,899		$	1,827,999		$	1,893,047		$	2,098,406
Building and improvements	5,294,612				5,268,484			5,271,442			5,225,431			5,206,982
Building leasehold and improvements	1,423,282				1,423,107			1,427,381			1,423,994			1,420,346
Right of use asset - financing leases	47,445				47,445			47,445			47,445			47,445
Right of use asset - operating leases	396,148				—			—			—			—
	8,936,493				8,513,935			8,574,267			8,589,917			8,773,179
Less: accumulated depreciation	(2,154,075		)		(2,099,137		)	(2,049,338		)	(1,994,696		)	(1,944,629		)
Net real estate	6,782,418				6,414,798			6,524,929			6,595,221			6,828,550

Other real estate investments:
Investment in unconsolidated joint ventures	3,055,368				3,019,020			3,070,825			3,059,985			3,034,596
Debt and preferred equity investments, net	2,272,241			⁽¹⁾	2,099,393			1,977,057			2,168,515			2,085,871

Assets held for sale, net	—				—			696,069			593,995			67,819
Cash and cash equivalents	144,323				129,475			160,248			287,240			288,808
Restricted cash	151,388				149,638			98,344			92,740			89,457
Investment in marketable securities	29,406				28,638			28,538			28,570			28,252
Tenant and other receivables, net of $13,680 of cumulative charge-offs at 3/31/2019	47,829				41,589			44,614			47,482			49,552
Related party receivables	29,458				28,033			21,425			27,854			31,305
Deferred rents receivable, net of $16,700 of cumulative charge-offs at 3/31/2019	337,099				335,985			329,325			322,656			320,547
Deferred costs, net	211,615				209,110			202,500			198,941			195,557
Other assets	324,629				295,679			301,128			290,729			360,556

Total Assets	$	13,385,774			$	12,751,358		$	13,455,002		$	13,713,928		$	13,380,870

(1) Excludes debt and preferred equity investments totaling $34.4 million with a weighted average current yield of 6.58% that are included in other balance sheet line items.



Supplemental Information	11	First Quarter 2019




COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



	As of
	3/31/2019			12/31/2018			9/30/2018			6/30/2018			3/31/2018
Liabilities
Mortgages and other loans payable	$	2,046,906		$	1,988,160		$	2,339,030		$	2,538,696		$	2,456,180
Unsecured term loans	1,500,000			1,500,000			1,500,000			1,500,000			1,500,000
Unsecured notes	1,503,534			1,503,758			1,503,986			1,404,203			1,404,406
Revolving credit facility	790,000			500,000			145,000			360,000			—
Deferred financing costs	(50,376		)	(50,218		)	(47,220		)	(45,488		)	(48,152		)
Total debt, net of deferred financing costs	5,790,064			5,441,700			5,440,796			5,757,411			5,312,434
Accrued interest	28,930			23,154			27,211			26,104			36,808
Accounts payable and accrued expenses	111,899			147,061			141,082			140,739			131,797
Deferred revenue	102,598			94,453			110,283			95,756			177,896
Lease liability - financing leases	43,823			43,616			43,416			43,221			43,029
Lease liability - operating leases	389,857			—			—			—			—
Dividends and distributions payable	80,047			80,430			79,165			79,518			82,337
Security deposits	61,139			64,688			64,501			63,872			64,647
Liabilities related to assets held for sale	—			—			311,049			265,538			42
Junior subordinated deferrable interest debentures	100,000			100,000			100,000			100,000			100,000
Other liabilities	135,448			120,169			101,296			111,718			116,859
Total liabilities	6,843,805			6,115,271			6,418,799			6,683,877			6,065,849

Noncontrolling interest in operating partnership
(4,261 units outstanding) at 3/31/2019	412,361			387,805			467,743			486,610			475,807
Preferred units	285,285			300,427			301,285			301,385			301,585

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, 84,327
issued and outstanding at 3/31/2019, including 1,055 shares held in treasury	843			847			867			868			902
Additional paid–in capital	4,492,581			4,508,685			4,602,650			4,601,608			4,776,594
Treasury stock	(124,049		)	(124,049		)	(124,049		)	(124,049		)	(124,049		)
Accumulated other comprehensive income	(4,005		)	15,108			36,299			32,622			28,573
Retained earnings	1,210,497			1,278,998			1,476,959			1,457,835			1,583,833
Total SL Green Realty Corp. stockholders' equity	5,797,799			5,901,521			6,214,658			6,190,816			6,487,785

Noncontrolling interest in other partnerships	46,524			46,334			52,517			51,240			49,844

Total equity	5,844,323			5,947,855			6,267,175			6,242,056			6,537,629

Total Liabilities and Equity	$	13,385,774		$	12,751,358		$	13,455,002		$	13,713,928		$	13,380,870



Supplemental Information	12	First Quarter 2019




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



	For the three months ended
	March 31,			March 31,			December 31,			September 30,
	2019			2018			2018			2018
Revenues
Rental revenue, net	$	212,639		$	215,369		$	216,477		$	221,763
Escalation and reimbursement revenues	27,479			26,399			31,042			29,103
Investment income	50,031			45,290			57,952			48,977
Other income	14,106			14,637			11,565			7,702
Total Revenues, net	304,255			301,695			317,036			307,545

Equity in net (loss) income from unconsolidated joint ventures	(5,234		)	4,036			(2,398		)	971
Loss on early extinguishment of debt	—			—			(14,889		)	(2,194		)

Expenses
Operating expenses	57,698			59,782			56,476			56,852
Operating lease rent	8,298			8,308			6,304			9,507
Real estate taxes	46,688			45,661			46,563			48,805
Loan loss and other investment reserves, net of recoveries	—			—			5,752			1,087
Transaction related costs	55			162			426			163
Marketing, general and administrative	25,979			23,528			26,030			20,594
Total Operating Expenses	138,718			137,441			141,551			137,008

Operating Income	160,303			168,290			158,198			169,314

Interest expense, net of interest income	50,525			47,916			51,974			55,168
Amortization of deferred financing costs	2,742			3,537			2,695			2,630
Depreciation and amortization	68,343			69,388			71,458			70,747
Income from Continuing Operations ⁽¹⁾	38,693			47,449			32,071			40,769

(Loss) gain on sale of real estate	(1,049		)	23,521			(36,984		)	(2,504		)
Equity in net gain on sale of joint venture interest / real estate	17,166			(6,440		)	167,445			70,937
Purchase price and other fair value adjustments	(2,041		)	49,293			—			(3,057		)
Depreciable real estate reserves	—			—			(220,852		)	(6,691		)
Net Income (Loss)	52,769			113,823			(58,320		)	99,454

Net (income) loss attributable to noncontrolling interests	(2,515		)	(5,470		)	3,680			(4,661		)
Dividends on preferred units	(2,724		)	(2,849		)	(2,842		)	(2,846		)

Net Income (Loss) Attributable to SL Green Realty Corp	47,530			105,504			(57,482		)	91,947

Dividends on perpetual preferred shares	(3,738		)	(3,738		)	(3,737		)	(3,738		)

Net Income (Loss) Attributable to Common Stockholders	$	43,792		$	101,766		$	(61,219	)	$	88,209

Earnings per share - Net income (loss) per share (basic)	$	0.52		$	1.12		$	(0.73	)	$	1.03
Earnings per share - Net income (loss) per share (diluted)	$	0.52		$	1.12		$	(0.73	)	$	1.03
(1) Before gains on sale and equity in net gains and depreciable real estate reserves shown below.



Supplemental Information	13	First Quarter 2019




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



		For the three months ended
		March 31,			March 31,			December 31,			September 30,
		2019			2018			2018			2018
Funds from Operations
Net Income Attributable to Common Stockholders		$	43,792		$	101,766		$	(61,219	)	$	88,209

	Depreciation and amortization	68,343			69,388			71,458			70,747
	Unconsolidated JV depreciation and noncontrolling interests adjustments	47,625			48,006			46,348			45,485
	Net income (loss) attributable to noncontrolling interests	2,515			5,470			(3,680		)	4,661
	Loss (gain) on sale of real estate	1,049			(23,521		)	36,984			2,504
	Equity in net (gain) loss on sale of joint venture property / real estate	(17,166		)	6,440			(167,445		)	(70,937		)
	Purchase price and other fair value adjustments	2,041			(49,293		)	—			3,057
	Depreciable real estate reserves	—			—			220,852			6,691
	Non-real estate depreciation and amortization	(707		)	(566		)	(638		)	(616		)
	Funds From Operations	$	147,492		$	157,690		$	142,660		$	149,801

	Funds From Operations - Basic per Share	$	1.68		$	1.66		$	1.62		$	1.66

	Funds From Operations - Diluted per Share	$	1.68		$	1.66		$	1.61		$	1.66

Funds Available for Distribution
FFO		$	147,492		$	157,690		$	142,660		$	149,801

	Non real estate depreciation and amortization	707			566			638			616
	Amortization of deferred financing costs	2,742			3,537			2,695			2,630
	Non-cash deferred compensation	12,816			11,875			19,022			6,640
	FAD adjustment for joint ventures	(22,765		)	(16,750		)	(24,123		)	(12,573		)
	Straight-line rental income and other non cash adjustments	(4,595		)	(6,930		)	(10,914		)	(9,580		)
	Second cycle tenant improvements	(8,421		)	(5,786		)	(43,550		)	(16,434		)
	Second cycle leasing commissions	(7,010		)	(3,979		)	(11,227		)	(8,892		)
	Revenue enhancing recurring CAPEX	(333		)	(509		)	(2,411		)	(663		)
	Non-revenue enhancing recurring CAPEX	(8,384		)	(6,850		)	(35,338		)	(17,027		)
Reported Funds Available for Distribution		$	112,249		$	132,864		$	37,452		$	94,518

	First cycle tenant improvements	$	360		$	1,262		$	2,676		$	1,325
	First cycle leasing commissions	$	5,069		$	173		$	812		$	337
	Development costs	$	4,655		$	2,976		$	6,496		$	5,050
	Redevelopment costs	$	6,113		$	16,876		$	11,751		$	4,437
	Capitalized interest	$	10,509		$	6,686		$	11,377		$	8,505



Supplemental Information	14	First Quarter 2019




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			Income (Loss)			TOTAL

Balance at December 31, 2018	$	221,932		$	847		$	4,508,685		$	(124,049	)	$	1,278,998		$	46,334		$	15,108		$	5,947,855

Net income													47,530			237						47,767
Preferred dividends													(3,738		)							(3,738		)
Cash distributions declared ($0.85 per common share)													(70,551		)							(70,551		)
Cash distributions to noncontrolling interests																(207		)				(207		)
Other comprehensive loss - unrealized loss on derivative instruments																			(12,394		)	(12,394		)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments																			(7,450		)	(7,450		)
Other comprehensive gain - unrealized gain on marketable securities																			731			731
Proceeds from stock options exercised																						—
DRSPP proceeds							47															47
Repurchases of common stock				(4		)	(21,432		)				(12,807		)							(34,243		)
Conversion of units of the Operating Partnership to common stock							446															446
Contributions to consolidated joint ventures																160						160
Reallocation of noncontrolling interests in the Operating Partnership													(28,935		)							(28,935		)
Deferred compensation plan and stock awards, net							4,835															4,835
Balance at March 31, 2019	$	221,932		$	843		$	4,492,581		$	(124,049	)	$	1,210,497		$	46,524		$	(4,005	)	$	5,844,323





RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION


	Common Stock			OP Units			Stock-Based Compensation			Diluted Shares

Share Count at December 31, 2018	83,683,847			4,130,579			—			87,814,426

YTD share activity	(411,645		)	130,106			—			(281,539		)
Share Count at March 31, 2019 - Basic	83,272,202			4,260,685			—			87,532,887

Weighting factor	40,400			72,347			164,192			276,939
Weighted Average Share Count at March 31, 2019 - Diluted	83,312,602			4,333,032			164,192			87,809,826



Supplemental Information	15	First Quarter 2019




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




	March 31, 2019						December 31, 2018						September 30, 2018

	Total			SLG Share			Total			SLG Share			Total			SLG Share
Assets
Commercial real estate properties, at cost:
Land and land interests	$	4,014,425		$	1,937,418		$	4,280,441		$	2,053,968		$	4,256,073		$	2,035,010
Building and improvements	10,150,482			4,944,693			10,258,232			4,871,446			10,547,555			4,967,709
Building leasehold and improvements	394,722			200,287			394,587			200,220			98,595			49,298
Right of use asset - financing leases	634,663			321,783			420,770			212,697			189,558			94,779
Right of use asset - operating leases	236,519			116,376			—			—			—			—
	15,430,811			7,520,557			15,354,030			7,338,331			15,091,781			7,146,796
Less: accumulated depreciation	(1,067,859		)	(458,371		)	(1,006,357		)	(419,771		)	(1,000,416		)	(419,592		)
Net real estate	14,362,952			7,062,186			14,347,673			6,918,560			14,091,365			6,727,204


Cash and cash equivalents	225,382			117,440			214,934			106,340			174,280			79,830
Restricted cash	145,450			72,082			166,367			81,081			176,522			88,356
Debt and preferred equity investments, net	44,824			44,824			44,357			44,357			189,427			189,427
Tenant and other receivables, net of $8,383 of cumulative charge-offs at 3/31/2019, of which $4,365 is SLG share	56,346			26,345			36,041			13,058			40,143			17,136
Deferred rents receivable, net of $4,000 of cumulative charge-offs at 3/31/2019, of which $1,661 is SLG share	265,350			122,640			237,100			105,895			247,366			111,014
Investment in and advances to affiliates	—			—			—			—			103			53
Deferred costs, net	176,920			96,081			179,368			96,915			174,902			90,362
Other assets	2,014,521			896,875			2,007,798			897,620			2,060,232			922,576
Total Assets	$	17,291,745		$	8,438,473		$	17,233,638		$	8,263,826		$	17,154,340		$	8,225,958

Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of $111,606 at 3/31/19, of which $54,845 is SLG share	$	8,760,333		$	3,760,385		$	8,950,622		$	3,799,798		$	9,164,061		$	3,905,181
Accrued interest	29,839			12,399			27,343			11,594			24,944			10,972
Accounts payable and accrued expenses	265,314			143,048			234,222			127,482			205,752			116,225
Deferred revenue	1,620,437			720,421			1,660,838			732,505			1,851,079			822,826
Lease liability - financing leases	637,199			323,042			637,168			323,032			191,651			95,825
Lease liability - operating leases	264,609			129,706			—			—			—			—
Security deposits	33,820			12,680			34,007			12,190			37,143			13,944
Other liabilities	12,161			6,664			13,572			7,450			14,679			8,053
Equity	5,668,033			3,330,128			5,675,866			3,249,775			5,665,031			3,252,932
Total Liabilities and Equity	$	17,291,745		$	8,438,473		$	17,233,638		$	8,263,826		$	17,154,340		$	8,225,958



Supplemental Information	16	First Quarter 2019




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



	Three Months Ended						Three Months Ended						Three Months Ended
	March 31, 2019						December 31, 2018						March 31, 2018

	Total			SLG Share			Total			SLG Share			Total			SLG Share
Revenues
Rental revenue, net	$	257,892		$	111,732		$	259,067		$	110,576		$	274,216		$	116,685
Escalation and reimbursement revenues	39,044			18,258			39,824			18,841			39,455			18,295
Investment income	7,651			2,227			2,777			2,751			3,369			3,086
Other income	2,932			1,064			3,131			1,059			3,901			1,293
Total Revenues, net	$	307,519		$	133,281		$	304,799		$	133,227		$	320,941		$	139,359

Expenses
Operating expenses	$	54,124		$	22,856		$	53,007		$	22,206		$	59,773		$	23,960
Operating lease rent	5,901			2,860			5,450			2,634			4,393			2,106
Real estate taxes	54,236			23,639			57,349			24,999			57,027			24,113
Total Operating Expenses	$	114,261		$	49,355		$	115,806		$	49,839		$	121,193		$	50,179

Operating Income	$	193,258		$	83,926		$	188,993		$	83,388		$	199,748		$	89,180

Interest expense, net of interest income	$	96,623		$	39,407		$	93,338		$	37,266		$	89,741		$	35,780
Amortization of deferred financing costs	5,216			1,568			4,722			1,500			5,116			1,673
Depreciation and amortization	104,331			48,128			103,345			46,939			105,080			47,619
Net (Loss) Income	$	(12,912	)	$	(5,177	)	$	(12,412	)	$	(2,317	)	$	(189	)	$	4,108

Real estate depreciation	104,042			48,071			103,057			46,882			104,773			47,561
FFO Contribution	$	91,130		$	42,894		$	90,645		$	44,565		$	104,584		$	51,669

FAD Adjustments:
Non real estate depreciation and amortization	$	289		$	57		$	288		$	57		$	307		$	58
Amortization of deferred financing costs	5,216			1,568			4,722			1,500			5,116			1,673
Straight-line rental income and other non-cash adjustments	(41,466		)	(22,026		)	(22,177		)	(10,616		)	(23,989		)	(12,428		)
Second cycle tenant improvement	(2,290		)	(882		)	(16,070		)	(8,235		)	(14,006		)	(4,928		)
Second cycle leasing commissions	(1,597		)	(724		)	(2,784		)	(1,351		)	(3,550		)	(871		)
Revenue enhancing recurring CAPEX	(232		)	(95		)	(2,186		)	(875		)	(30		)	(6		)
Non-revenue enhancing recurring CAPEX	(1,978		)	(663		)	(8,942		)	(4,603		)	(592		)	(248		)
Total FAD Adjustments	$	(42,058	)	$	(22,765	)	$	(47,149	)	$	(24,123	)	$	(36,744	)	$	(16,750	)

First cycle tenant improvement	$	5,864		$	1,979		$	8,136		$	3,559		$	53,400		$	30,907
First cycle leasing commissions	$	245		$	125		$	7,753		$	3,475		$	860		$	86
Development costs	$	149,049		$	105,840		$	163,492		$	116,096		$	113,259		$	65,175
Redevelopment costs	$	(776	)	$	(624	)	$	6,320		$	3,440		$	7,022		$	4,173
Capitalized interest	$	4,929		$	3,500		$	8,265		$	5,248		$	12,331		$	7,402



Supplemental Information	17	First Quarter 2019




SELECTED FINANCIAL DATA Net Operating Income Unaudited (Dollars in Thousands)



	For the three months ended
	March 31,			March 31,			December 31,			September 30,
	2019			2018			2018			2018

Net Operating Income⁽¹⁾	$	135,506		$	135,065		$	144,968		$	140,223
SLG share of property NOI from unconsolidated JVs	81,706			85,917			80,725			78,497
NOI including SLG share of unconsolidated JVs	$	217,212		$	220,982		$	225,693		$	218,720
Partners' share of NOI - consolidated JVs	(764		)	(647		)	(704		)	(601		)
NOI - SLG share	$	216,448		$	220,335		$	224,989		$	218,119

NOI, including SLG share of unconsolidated JVs	$	217,212		$	220,982		$	225,693		$	218,720
Free rent (net of amortization)	(16,448		)	(6,128		)	(6,092		)	(6,058		)
Amortization of acquired above and below-market leases, net	(5,609		)	(6,373		)	(5,803		)	(5,592		)
Straight-line revenue adjustment	(5,056		)	(4,965		)	(6,878		)	(5,915		)
Straight-line tenant credit loss	2,737			(37		)	(468		)	161
Operating lease straight-line adjustment	972			941			444			1,344
Cash NOI, including SLG share of unconsolidated JVs	$	193,808		$	204,420		$	206,896		$	202,660
Partners' share of cash NOI - consolidated JVs	(703		)	(596		)	(614		)	(529		)
Cash NOI - SLG share	$	193,105		$	203,824		$	206,282		$	202,131


(1) Includes SL Green Management Corp. and Emerge 212. Excludes lease termination income.




NOI Summary by Portfolio ⁽¹⁾ - SLG Share

	Three Months Ended March 31, 2019
	Three Months Ended March 31, 2019
	NOI			Cash NOI

Manhattan Operating Properties	$	182,393		$	161,214
Suburban Operating Properties	7,965			8,128
Retail Operating Properties	13,548			12,210
Residential Operating Properties	8,194			7,988
Development/Redevelopment	1,866			999
Total Operating and Development	213,966			190,539
Property Dispositions	(63		)	(75		)
Other⁽²⁾	2,545			2,641
Total	$	216,448		$	193,105


⁽¹⁾ Portfolio composition consistent with property tables found on pages 28-31
⁽²⁾ Includes SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company



Supplemental Information	18	First Quarter 2019




SELECTED FINANCIAL DATA 2019 Same Store Net Operating Income - Wholly Owned and Consolidated JVs Unaudited (Dollars in Thousands)



		For the three months ended
		March 31,			March 31,					December 31,			September 30,
		2019			2018			%		2018			2018
Revenues
	Rental revenue, net	$	208,542		$	204,642		1.9	%	$	211,980		$	210,702
	Escalation & reimbursement revenues	27,257			26,496			2.9	%	30,154			28,876
	Other income	595			3,902			(84.8	)%	855			1,289
	Total Revenues	$	236,394		$	235,040		0.6	%	$	242,989		$	240,867


Expenses
	Operating expenses	$	51,752		$	52,530		(1.5	)%	$	51,523		$	51,455
	Operating lease rent	8,298			8,308			(0.1	)%	8,015			8,308
	Real estate taxes	46,073			43,903			4.9	%	45,336			46,185
		$	106,123		$	104,741		1.3	%	$	104,874		$	105,948

	Operating Income	$	130,271		$	130,299		0.0	%	$	138,115		$	134,919

	Interest expense & amortization of financing costs	$	18,394		$	26,990		(31.8	)%	$	23,245		$	25,641
	Depreciation & amortization	61,261			61,626			(0.6	)%	65,902			65,319

	Income before noncontrolling interest	$	50,616		$	41,683		21.4	%	$	48,968		$	43,959
Plus:	Real estate depreciation & amortization	61,198			61,558			(0.6	)%	65,839			65,256
	FFO Contribution	$	111,814		$	103,241		8.3	%	$	114,807		$	109,215

Less:	Non–building revenue	83			113			(26.5	)%	(602		)	239

Plus:	Interest expense & amortization of financing costs	18,394			26,990			(31.8	)%	23,245			25,641
	Non-real estate depreciation	63			68			(7.4	)%	63			63
	NOI	$	130,188		$	130,186		—	%	$	138,717		$	134,680

Cash Adjustments
Less:	Free rent (net of amortization)	$	5,623		$	5,658		(0.6	)%	$	7,211		$	6,948
	Straight-line revenue adjustment	(2,673		)	(3,599		)	(25.7	)%	(1,609		)	(1,249		)
	Amortization of acquired above and below-market leases, net	946			1,684			(43.8	)%	1,184			1,320
Plus:	Operating lease straight-line adjustment	514			524			(1.9	)%	231			524
	Straight-line tenant credit loss	2,874			(37		)	(7,867.6	)%	(25		)	158
	Cash NOI	$	129,680		$	126,930		2.2	%	$	132,137		$	128,343

Operating Margins
	NOI to real estate revenue, net	55.1		%	55.4		%			56.9		%	56.0		%
	Cash NOI to real estate revenue, net	54.9		%	54.0		%			54.2		%	53.3		%

	NOI before operating lease rent/real estate revenue, net	58.6		%	59.0		%			60.2		%	59.4		%
	Cash NOI before operating lease rent/real estate revenue, net	58.2		%	57.3		%			57.4		%	56.6		%



Supplemental Information	19	First Quarter 2019




SELECTED FINANCIAL DATA 2019 Same Store Net Operating Income - Unconsolidated JVs Unaudited (Dollars in Thousands, SLG Share)



		For the three months ended
		March 31,			March 31,					December 31,			September 30,
		2019			2018			%		2018			2018
Revenues
	Rental revenue, net	$	104,188		$	102,643		1.5	%	$	103,686		$	101,077
	Escalation & reimbursement revenues	17,973			17,954			0.1	%	18,527			20,201
	Other income	580			515			12.6	%	531			470
	Total Revenues	$	122,741		$	121,112		1.3	%	$	122,744		$	121,748


Expenses
	Operating expenses	$	21,888		$	22,465		(2.6	)%	$	21,133		$	22,814
	Operating lease rent	1,921			1,920			—	%	1,921			1,922
	Real estate taxes	22,101			22,300			(0.9	)%	23,640			23,599
		$	45,910		$	46,685		(1.7	)%	$	46,694		$	48,335

	Operating Income	$	76,831		$	74,427		3.2	%	$	76,050		$	73,413

	Interest expense & amortization of financing costs	$	36,035		$	33,087		8.9	%	$	35,766		$	35,219
	Depreciation & amortization	42,549			42,078			1.1	%	42,939			43,219

	Loss before noncontrolling interest	$	(1,753	)	$	(738	)	137.5	%	$	(2,655	)	$	(5,025	)
Plus:	Real estate depreciation & amortization	42,493			42,022			1.1	%	42,883			43,163
	FFO Contribution	$	40,740		$	41,284		(1.3	)%	$	40,228		$	38,138

Less:	Non–building revenue	214			208			2.9	%	185			182

Plus:	Interest expense & amortization of financing costs	36,035			33,087			8.9	%	35,766			35,219
	Non-real estate depreciation	56			56			—	%	56			56
	NOI	$	76,617		$	74,219		3.2	%	$	75,865		$	73,231

Cash Adjustments
Less:	Free rent (net of amortization)	$	10,851		$	568		1,810.4	%	$	(1,346	)	$	(1,104	)
	Straight-line revenue adjustment	5,123			5,464			(6.2	)%	5,972			4,981
	Amortization of acquired above and below-market leases, net	4,396			3,853			14.1	%	4,344			4,183
Plus:	Operating lease straight-line adjustment	258			258			—	%	258			258
	Straight-line tenant credit loss	(137		)	—			—	%	—			—
	Cash NOI	$	56,368		$	64,592		(12.7	)%	$	67,153		$	65,429

Operating Margins
	NOI to real estate revenue, net	62.5		%	61.4		%			61.9		%	60.2		%
	Cash NOI to real estate revenue, net	46.0		%	53.4		%			54.8		%	53.8		%

	NOI before operating lease rent/real estate revenue, net	64.1		%	63.0		%			63.5		%	61.8		%
	Cash NOI before operating lease rent/real estate revenue, net	47.4		%	54.8		%			56.1		%	55.2		%



Supplemental Information	20	First Quarter 2019




SELECTED FINANCIAL DATA 2019 Same Store Net Operating Income Unaudited (Dollars in Thousands)



		For the three months ended
		March 31,			March 31,					December 31,			September 30,
		2019			2018			%		2018			2018
Revenues
	Rental revenue, net	$	208,542		$	204,642		1.9	%	$	211,980		$	210,702
	Escalation & reimbursement revenues	27,257			26,496			2.9	%	30,154			28,876
	Other income	595			3,902			(84.8	)%	855			1,289
	Total Revenues	$	236,394		$	235,040		0.6	%	$	242,989		$	240,867

	Equity in Net Loss from Unconsolidated Joint Ventures ⁽¹⁾	$	(1,753	)	$	(738	)	137.5	%	$	(2,655	)	$	(5,025	)
Expenses
	Operating expenses	$	51,752		$	52,530		(1.5	)%	$	51,523		$	51,455
	Operating lease rent	8,298			8,308			(0.1	)%	8,015			8,308
	Real estate taxes	46,073			43,903			4.9	%	45,336			46,185
		$	106,123		$	104,741		1.3	%	$	104,874		$	105,948

	Operating Income	$	128,518		$	129,561		(0.8	)%	$	135,460		$	129,894

	Interest expense & amortization of financing costs	$	18,394		$	26,990		(31.8	)%	$	23,245		$	25,641
	Depreciation & amortization	61,261			61,626			(0.6	)%	65,902			65,319

	Income before noncontrolling interest	$	48,863		$	40,945		19.3	%	$	46,313		$	38,934
Plus:	Real estate depreciation & amortization	61,198			61,558			(0.6	)%	65,839			65,256
	Joint Ventures Real estate depreciation & amortization ⁽¹⁾	42,493			42,022			1.1	%	42,883			43,163
	FFO Contribution	$	152,554		$	144,525		5.6	%	$	155,035		$	147,353

Less:	Non–building revenue	$	83		$	113		(26.5	)%	$	(602	)	$	239
	Joint Ventures Non–building revenue ⁽¹⁾	214			208			2.9	%	185			182

Plus:	Interest expense & amortization of financing costs	18,394			26,990			(31.8	)%	23,245			25,641
	Joint Ventures Interest expense & amortization of financing costs ⁽¹⁾	36,035			33,087			8.9	%	35,766			35,219
	Non-real estate depreciation	63			68			(7.4	)%	63			63
	Joint Ventures Non-real estate depreciation ⁽¹⁾	56			56			—	%	56			56
	NOI	$	206,805		$	204,405		1.2	%	$	214,582		$	207,911

Cash Adjustments
	Non-cash adjustments	$	(508	)	$	(3,256	)	(84.4	)%	$	(6,580	)	$	(6,337	)
	Joint Venture non-cash adjustments ⁽¹⁾	(20,249		)	(9,627		)	110.3	%	(8,712		)	(7,802		)
	Cash NOI	$	186,048		$	191,522		(2.9	)%	$	199,290		$	193,772

Operating Margins
	NOI to real estate revenue, net	57.6		%	57.4		%			58.6		%	57.4		%
	Cash NOI to real estate revenue, net	51.8		%	53.8		%			54.4		%	53.5		%

	NOI before operating lease rent/real estate revenue, net	60.5		%	60.3		%			61.3		%	60.2		%
	Cash NOI before operating lease rent/real estate revenue, net	54.5		%	56.5		%			57.0		%	56.1		%

⁽¹⁾ The amount represents the Company's share of same-store unconsolidated joint venture activity. The Company does not control investments in unconsolidated joint ventures.



Supplemental Information	21	First Quarter 2019




DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands)



				Principal					2019		Initial		Principal		As-Of
			Ownership	Outstanding					Principal		Maturity		Due at		Right	Earliest
Fixed rate debt			Interest (%)	3/31/2019			Coupon (1)		Amortization		Date		Maturity		Extension	Prepayment (2)
Secured fixed rate debt
	762 Madison Avenue		90.0	$	771		5.00%		—		Feb-22		771		—	Open
	100 Church Street		100.0	212,463			4.68%		3,885		Jul-22		197,816		—	Apr-22
	420 Lexington Avenue		100.0	300,000			3.99%		835		Oct-24		272,749		—	Jul-24
	400 East 58th Street		90.0	39,724			3.00%		837		Nov-26		33,840		—	Open
	Landmark Square		100.0	100,000			4.90%		—		Jan-27		100,000		—	Oct-26
	485 Lexington Avenue		100.0	450,000			4.25%		—		Feb-27		450,000		—	Oct-26
	1080 Amsterdam		92.5	35,634			3.59%		684		Feb-27		29,527		—	Open
	315 West 33rd Street - The Olivia		100.0	250,000			4.17%		—		Feb-27		250,000		—	Open
				$	1,388,592		4.24%		$	6,241			$	1,334,703
Unsecured fixed rate debt
	Unsecured notes			$	250,000		7.75%		$	—	Mar-20		$	250,000	—	Open
	Unsecured notes			499,616			3.25%		—		Oct-22		500,000		—	Open
	Unsecured notes			303,918			4.50%		—		Dec-22		300,000		—	Open
	Term loan (swapped)			1,000,000			3.19%	(3)	—		Mar-23	(3)	1,000,000		—	Open
	Unsecured notes			100,000			4.27%		—		Dec-25		100,000		—	Open
				$	2,153,534		3.97%		$	—			$	2,150,000

		Total Fixed Rate Debt		$	3,542,126		4.07%		$	6,241			$	3,484,703
Floating rate debt
Secured floating rate debt
	FHLB Facility (LIBOR + 27 bps)			$	13,000		2.77%		—		May-19		13,000		—	Open
	Debt & preferred equity facility (LIBOR + 234 bps)			300,000			4.83%	(4)	—		Jun-19		300,000		Jun-20	Open
	FHLB Facility (LIBOR + 18 bps)			14,500			2.68%		—		Dec-19		14,500		—	Open
	FHLB Facility (LIBOR + 26 bps)			10,000			2.76%		—		Jan-20		10,000		—	Open
	133 Greene Street (LIBOR + 200 bps)		100.0	15,523			4.50%		—		Aug-20		15,523		—	Open
	609 Fifth Avenue (LIBOR + 240 bps)		100.0	49,872			4.90%		—		Mar-21		49,872		Mar-22	Open
	185 Broadway (LIBOR + 285 bps)		100.0	111,869			5.35%		—		Nov-21		111,869		—	Open
	712 Madison Avenue (LIBOR + 250 bps)		100.0	28,000			5.00%		—		Dec-21		28,000		—	Open
	115 Spring Street (LIBOR + 340 bps)		100.0	65,550			5.90%		—		Sep-23		65,550		—	Open
	719 Seventh Avenue (LIBOR + 120 bps)		75.0	50,000			3.70%		—		Sep-23		50,000		—	Open
				$	658,314		4.82%		$	—			$	658,314
Unsecured floating rate debt
	Unsecured notes (3mo. LIBOR + 98 bps)			$	350,000		3.58%		$	—	Aug-21		$	350,000	—	Aug-19
	Revolving credit facility (LIBOR + 100 bps)			790,000			3.50%		—		Mar-22		790,000		Mar-23	Open
	Term loan (LIBOR + 110 bps)			300,000			3.60%		—		Mar-23		300,000		—	Open
	Term loan (LIBOR + 165 bps)			200,000			4.15%		—		Nov-24		200,000		—	Open
	Junior subordinated deferrable interest debentures (3mo. LIBOR + 125 bps)			100,000			3.85%		—		Jul-35		100,000		—	Open
				$	1,740,000		3.62%		$	—			$	1,740,000

		Total Floating Rate Debt		$	2,398,314		3.95%		$	—			$	2,398,314

		Total Debt - Consolidated		$	5,940,440		4.03%		$	6,241			$	5,883,017

		Deferred financing costs		(50,376		)
		Total Debt - Consolidated, net		$	5,890,064		4.03%

		Total Debt - Joint Venture, net		$	3,760,385		4.23%

	Total Debt including SLG share of unconsolidated JV Debt			$	9,755,670		4.10%
	Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt			$	9,765,248		4.12%

(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 2.49% or the 3-month LIBOR rate at the end of the quarter of 2.60%. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) Loans noted as "open" may be subject to certain fees, premiums or penalties.
(3) Represents a blended fixed rate inclusive of the effect of the following swaps: $200 million @ 1.93% maturing November 2020, $200 million @ 1.13% and $100 million @ 1.16% maturing July 2023, $150 million @ 2.70% maturing January 2024, $200 million @ 2.74% and $150 million @ 2.72% maturing January 2026.
(4) The debt and preferred equity facility bears interest on a floating rate basis at a spread to 1-month LIBOR based on the pledged collateral and advance rate.



Supplemental Information	22	First Quarter 2019




DEBT SUMMARY SCHEDULE Unconsolidated JVs Unaudited (Dollars in Thousands)



				Principal Outstanding									2019			Initial		Principal			As-Of
			Ownership	3/31/19									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 (2)
	521 Fifth Avenue (swapped)		50.5	$	170,000			$	85,850		3.73%		$	—		Nov-19	(3)	$	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
	650 Fifth Avenue (mortgage)		50.0	210,000				105,000			4.46%		—			Oct-22		105,000			—	Open
	650 Fifth Avenue (mezzanine)		50.0	65,000				32,500			5.45%		—			Oct-22		32,500			—	Open
	21 East 66th Street		32.3	12,000				3,874			3.60%		—			Apr-23		3,874			—	Open
	919 Third Avenue		51.0	500,000				255,000			5.12%		—			Jun-23		255,000			—	Feb-23
	1515 Broadway		56.9	851,492				484,235			3.93%		9,855			Mar-25		419,372			—	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			—	Open
	400 East 57th Street		41.0	99,311				40,718			3.00%		858			Nov-26		35,889			—	Open
	Worldwide Plaza		24.4	1,200,000				292,200			3.98%		—			Nov-27		292,200			—	Jul-27
	Stonehenge Portfolio		Various	320,047			(4)	20,163			4.20%		196			Various	(4)	18,792			—	Open
	Total Fixed Rate Debt			$	5,660,178			$	2,338,196		4.06%	(5)	$	10,909				$	2,267,133
Floating rate debt
	280 Park Avenue (LIBOR + 173 bps)		50.0	$	1,200,000			$	600,000		4.23%		$	—		Sep-19		$	600,000		Sep-24	Open
	121 Greene Street (LIBOR + 150 bps)		50.0	15,000				7,500			4.00%		—			Nov-19		7,500			—	Open
	10 East 53rd Street (LIBOR + 225 bps)		55.0	170,000				93,500			4.75%		—			Feb-20		93,500			—	Open
	1552 Broadway (LIBOR + 265 bps)		50.0	195,000				97,500			5.15%		—			Oct-20		97,500			—	Open
	55 West 46th Street - Tower 46 (LIBOR + 212.5 bps)		25.0	188,939				47,235			4.62%		—			Nov-20		47,235			—	Open
	11 West 34th Street (LIBOR + 145 bps)		30.0	23,000				6,900			3.95%		—			Jan-21		6,900			Jan-23	Open
	100 Park Avenue (LIBOR + 175 bps)		49.9	359,705				179,493			4.25%		1,512			Feb-21		175,858			—	Open
	One Vanderbilt (LIBOR + 275 bps)		71.0	375,000				266,288			5.25%		—			Sep-21		266,288			—	Open
	2 Herald Square (LIBOR + 144 bps)		51.0	133,565				68,118			4.05%		—			Nov-21		68,118			—	Open
	605 West 42nd Street - Sky (LIBOR + 144 bps)		20.0	550,000				110,000			3.94%		—			Aug-27		110,000			—	Open
	21 East 66th Street (T 12 mos + 275 bps)		32.3	1,552				500			5.15%		28			Jun-33		4			—	Open
	Total Floating Rate Debt			$	3,211,761			$	1,477,034		4.49%	(5)	$	1,540				$	1,472,903
	Total unconsolidated JV Debt			$	8,871,939			$	3,815,230		4.23%	(5)	$	12,449				$	3,740,036
		Deferred financing costs		(111,606		)		(54,845		)
	Total unconsolidated JV Debt, net			$	8,760,333			$	3,760,385		4.23%

(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 2.49%. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) Loans noted as "open" may be subject to certain fees, premiums or penalties.
(3) The interest rate swaps mature in November 2019.
(4) Amount is comprised of $133.6 million, $53.8 million, and $132.6 million in fixed-rate mortgages that mature in August 2019, June 2024, and April 2028, respectively.
(5) The weighted average coupon is calculated based on SL Green's share of the outstanding debt.

	SL GREEN REALTY CORP.											Composition of Debt

	Revolving Credit Facility Covenants												Fixed Rate Debt
			Actual	Required												Consolidated		$	3,542,126
	Total Debt / Total Assets		39.5%	Less than 60%											SLG Share of JV			2,338,196
	Fixed Charge Coverage		2.37x	Greater than 1.4x											Total Fixed Rate Debt			$	5,880,322		60.3%
	Maximum Secured Indebtedness		14.0%	Less than 50%
	Maximum Unencumbered Leverage Ratio		45.0%	Less than 60%									Floating Rate Debt
																Consolidated		$	2,398,314
	Unsecured Notes Covenants														SLG Share of JV			1,477,034
			Actual	Required														3,875,348
	Total Debt / Total Assets		38.9%	Less than 60%								Debt & Preferred Equity and Other Investments						(1,326,824		)
	Secured Debt / Total Assets		20.2%	Less than 40%									Total Floating Rate Debt					$	2,548,524		26.1%
	Debt Service Coverage		2.80x	Greater than 1.5x
	Unencumbered Assets / Unsecured Debt		280.3%	Greater than 150%												Total Debt		$	9,755,670



Supplemental Information	23	First Quarter 2019




SUMMARY OF GROUND LEASE ARRANGEMENTS Unaudited (Dollars in Thousands)




	2019 Scheduled			2020 Scheduled			2021 Scheduled			2022 Scheduled				Lease		Year of
Property	Cash Payment			Cash Payment			Cash Payment			Cash Payment			Liabilities ⁽¹⁾			Expiration

Consolidated Ground Lease Arrangements

Operating Leases
625 Madison Avenue		$	4,613		$	4,613		$	4,613		$	2,306		$	14,078	2022	(2)
461 Fifth Avenue		2,100			2,100			2,250			2,400			16,048		2027	(3)
711 Third Avenue		5,500			5,500			5,500			5,500			57,734		2033	(4)
1185 Avenue of the Americas		6,909			6,909			6,909			6,909			97,277		2043
420 Lexington Avenue		10,899			11,174			11,199			11,199			182,267		2050	(5)
1055 Washington Blvd, Stamford		615			615			615			615			10,097		2090
1080 Amsterdam Avenue		226			314			314			314			7,111		2111
30 East 40th Street		204			212			229			229			5,245		2114
Total		$	31,066		$	31,437		$	31,629		$	29,472		$	389,857

Financing Leases
1080 Amsterdam Avenue		$	315		$	436		$	436		$	436		$	22,159	2111
30 East 40th Street		2,096			2,183			2,358			2,358			21,664		2114
Total		$	2,411		$	2,619		$	2,794		$	2,794		$	43,823

Unconsolidated Joint Venture Ground Lease Arrangements (SLG Share)

Operating Leases
650 Fifth Avenue (Floors b-3)		$	1,284		$	1,284		$	1,284		$	1,283		$	27,299	2062
650 Fifth Avenue (Floors 4-6)		1,645			1,645			1,659			1,790			19,170		2033
1560 Broadway		6,491			6,811			6,861			6,861			78,041		2054
333 East 22nd Street		217			217			222			238			5,196		2115
Total		$	9,637		$	9,957		$	10,026		$	10,172		$	129,706

Financing Leases
2 Herald Square		$	6,778		$	6,948		$	7,122		$	7,300		$	226,579	2027	(3)
650 Fifth Avenue (Floors b-3)		6,695			6,695			6,695			6,695			96,463		2062
Total		$	13,473		$	13,643		$	13,817		$	13,995		$	323,042

(1) Per the balance sheet at March 31, 2019.
(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	24	First Quarter 2019




DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands)



						Weighted Average Book			Weighted Average			Weighted Average Yield
	Book Value ⁽¹⁾					Value During Quarter			Yield During Quarter ⁽²⁾			At End Of Quarter ⁽³⁾

3/31/2018		$	2,085,871				$	2,049,512		9.21%	⁽⁵⁾		9.01%	⁽⁵⁾

Debt investment originations/fundings/accretion⁽⁴⁾		378,316
Preferred Equity investment originations/accretion⁽⁴⁾		2,103
Redemptions/Sales/Syndications/Amortization		(297,775		)
6/30/2018		$	2,168,515				$	2,211,777		8.80%	⁽⁵⁾		8.84%	⁽⁵⁾

Debt investment originations/fundings/accretion⁽⁴⁾		53,275
Preferred Equity investment originations/accretion⁽⁴⁾		2,128
Redemptions/Sales/Syndications/Amortization		(246,861		)
9/30/2018		$	1,977,057				$	2,072,310		8.70%			8.68%

Debt investment originations/fundings/accretion⁽⁴⁾		171,832
Preferred Equity investment originations/accretion⁽⁴⁾		145,399
Redemptions/Sales/Syndications/Amortization		(194,895		)
12/31/2018		$	2,099,393				$	2,053,913		8.88%			9.01%

Debt investment originations/fundings/accretion⁽⁴⁾		436,819
Preferred Equity investment originations/accretion⁽⁴⁾		3,416
Redemptions/Sales/Syndications/Amortization		(267,387		)
3/31/2019		$	2,272,241		⁽⁶⁾		$	2,239,180		8.76%			8.78%


(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) Includes funded future funding obligations, amortization of fees and discounts and paid-in-kind investment income.
(5) Excludes loans secured by the leasehold interest in 2 Herald Square which were in maturity default at the time of acquisition in April and May 2017. The loans were put on non-accrual in August 2017 when one of the investors in the borrower did not repay the loan notwithstanding the approval to do so rendered by a court in a litigation separate from the foreclosure. No impairment was recorded as the Company believed that the fair value of the property exceeded the carrying amount of the loans. On May 10, 2018, the Company was the successful bidder at the foreclosure of the asset, at which time the loans were credited to our equity investment in the property.
(6) Excludes debt and preferred equity investments totaling $34.4 million with a weighted average current yield of 6.58% that are included in other balance sheet line items.



Supplemental Information	25	First Quarter 2019




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



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

Senior Mortgage Debt	$	720,264	$	29,528	$	749,792		$	—		$	574		7.25%		7.46%

Junior Mortgage Participation	86,337		—		86,337			336,424			$	2,802		11.86%		11.81%

Mezzanine Debt	520,223		678,267		1,198,490			6,364,843			$	1,293		9.51%		9.40%

Preferred Equity	—		237,622		237,622			272,000			$	809		9.12%		8.74%

Balance as of 3/31/19	$	1,326,824	$	945,417	$	2,272,241	⁽³⁾	$	6,973,267		$	1,062		8.76%		8.78%

(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 $34.4 million with a weighted average current yield of 6.58% that are included in other balance sheet line items.



	Debt and Preferred Equity Principal Maturity Profile ⁽¹⁾
	2019	2020	2021	2022	2023 & Thereafter
Floating Rate	381,532	835,501	109,791	—	—
Fixed Rate	—	442,184	3,500	206,659	293,074
Sub-total	381,532	1,277,685	113,291	206,659	293,074


(1) The weighted average maturity of the outstanding balance is 1.77 years. Approximately 71.8% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension. The weighted average fully extended maturity of the outstanding balance is 2.89 years.



Supplemental Information	26	First Quarter 2019




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



	Book Value ⁽¹⁾			Property		Senior					Yield At End
Investment Type		3/31/2019		Type	Location	Financing		Last $ PSF ⁽²⁾			Of Quarter ⁽³⁾

Mortgage and Mezzanine Loans		$	230,879	Residential	Manhattan	$	—		$	843	7.68%

Mezzanine Loan		215,512		Office	Manhattan	1,160,000			$	1,198	9.33%

Mezzanine Loan		202,184		Fee	Manhattan	318,078			$	892	8.58%

Mezzanine Loan and Preferred Equity		149,862		Office	Manhattan	1,768,000			$	1,043	11.01%

Preferred Equity		143,009		Office	Manhattan	272,000			$	654	5.80%

Mortgage and Mezzanine Loans		128,560		Residential	Manhattan	—			$	1,336	9.06%

Mortgage and Mezzanine Loans		112,886		Residential	Manhattan	51,825			$	858	10.35%

Mortgage and Mezzanine Loans		101,028		Office	Manhattan	—			$	468	6.35%

Mezzanine Loan		94,118		Multi-Family Rental	Manhattan	576,313			$	941	10.00%

Mezzanine Loan		92,055		Office	Manhattan	375,459			$	82	12.89%

Total		$	1,470,093			$	4,521,675				8.91%


(1) Net of unamortized fees, discounts, and premiums.
(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	27	First Quarter 2019




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		Mar-19		Dec-18		Sep-18		Jun-18		Mar-18		Cash Rent ($'s)		100%	SLG%	Tenants
CONSOLIDATED PROPERTIES
"Same Store"
30 East 40th Street	60.0	Grand Central South	Leasehold Interest	1	69,446	0.3		94.9		94.3		92.9		91.6		91.6			$5,153		0.2	56
100 Church Street	100.0	Downtown	Fee Interest	1	1,047,500	4.0		99.6		99.6		99.6		98.8		98.8		46,193		5.3	3.6	17
110 East 42nd Street	100.0	Grand Central	Fee Interest	1	215,400	0.8		85.4		79.2		77.5		77.1		75.3		11,081		1.3	0.9	28
110 Greene Street	90.0	Soho	Fee Interest	1	223,600	0.8		90.3		77.3		83.0		83.5		83.4		14,953			1.0	60
125 Park Avenue	100.0	Grand Central	Fee Interest	1	604,245	2.3		94.5		99.5		99.6		99.6		99.6		41,570		4.8	3.2	25
220 East 42nd Street	100.0	Grand Central	Fee Interest	1	1,135,000	4.3		90.9		88.8		89.3		62.5		61.3		63,972		7.4	4.9	36
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	215,000	0.8		97.8		100.0		91.9		100.0		100.0		16,435		1.9	1.3	10
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1	1,188,000	4.5		93.1		95.7		95.4		96.8		95.0		82,365		9.5	6.3	194
461 Fifth Avenue	100.0	Midtown	Leasehold Interest ⁽¹⁾	1	200,000	0.8		79.0		79.0		79.0		79.0		75.8		14,739		1.7	1.1	10
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	921,000	3.5		84.2		81.0		81.0		76.4		76.4		56,809		6.6	4.4	29
555 West 57th Street	100.0	Midtown West	Fee Interest	1	941,000	3.6		99.9		99.9		99.9		99.9		99.9		44,707		5.2	3.4	9
625 Madison Avenue	100.0	Plaza District	Leasehold Interest	1	563,000	2.1		98.0		98.8		98.8		98.8		98.8		63,177		7.3	4.9	24
635 Sixth Avenue	100.0	Midtown South	Fee Interest	1	104,000	0.4		100.0		100.0		100.0		100.0		100.0		9,800		1.1	0.8	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		15,027		1.7	1.2	6
711 Third Avenue	100.0 ⁽²⁾	Grand Central North	Leasehold Interest ⁽²⁾	1	524,000	2.0		97.0		93.7		90.3		89.3		89.3		35,437		4.1	2.7	22
750 Third Avenue	100.0	Grand Central North	Fee Interest	1	780,000	3.0		93.3		98.0		96.5		98.9		98.9		46,369		5.4	3.6	29
810 Seventh Avenue	100.0	Times Square	Fee Interest	1	692,000	2.6		97.6		97.6		94.2		95.8		95.2		48,973		5.7	3.8	51
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1	1,062,000	4.0		85.6		85.5		82.2		96.7		98.1		87,413		10.1	6.7	13
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	562,000	2.1		89.5		89.8		88.5		88.5		90.5		41,228		4.8	3.2	37
1 Madison Avenue	100.0	Park Avenue South	Fee Interest	1	1,176,900	4.5		100.0		100.0		100.0		100.0		100.0		74,941		8.7	5.8	2

Subtotal / Weighted Average				20	12,387,091	47.0	%	93.7	%	93.7	%	92.8	%	91.7	%	91.5	%		$820,342	92.4%	62.9%	660

Total / Weighted Average Consolidated Properties				20	12,387,091	47.0	%	93.7	%	93.7	%	92.8	%	91.7	%	91.5	%		$820,342	92.4%	62.9%	660


UNCONSOLIDATED PROPERTIES
"Same Store"
10 East 53rd Street	55.0	Plaza District	Fee Interest	1	354,300	1.3		95.4		83.7		83.7		83.7		81.1			$33,007		1.4	40
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	1	2,314,000	8.8		100.0		100.0		100.0		100.0		100.0		160,050			7.4	11
100 Park Avenue	50.0	Grand Central South	Fee Interest	1	834,000	3.2		79.0		90.0		91.2		92.0		92.3		55,418			2.1	32
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	1,219,158	4.6		89.5		89.5		92.8		92.8		92.8		113,967			4.4	37
521 Fifth Avenue	50.5	Grand Central	Fee Interest	1	460,000	1.7		96.3		94.7		91.7		94.2		90.2		32,293			1.3	44
800 Third Avenue	60.5	Grand Central North	Fee Interest	1	526,000	2.0		93.1		93.1		92.4		96.4		94.6		36,492			1.7	43
919 Third Avenue	51.0	Grand Central North	Fee Interest	1	1,454,000	5.5		100.0		100.0		100.0		100.0		100.0		98,507			3.9	9
Added to Same Store in 2019
55 West 46th Street - Tower 46	25.0	Midtown	Fee Interest	1	347,000	1.3		73.5		72.1		62.4		58.2		58.2		21,062			0.4	12
1515 Broadway	57.0	Times Square	Fee Interest	1	1,750,000	6.6		98.5		98.5		98.5		98.5		98.5		135,734			6.0	13
Worldwide Plaza	24.4	Westside	Fee Interest	1	2,048,725	7.8		96.9		96.9		98.5		98.5		98.5		136,239			2.6	25

Subtotal / Weighted Average				10	11,307,183	42.9	%	95.1	%	95.4	%	95.7	%	95.9	%	95.6	%		$822,769		31.0%	266

"Non Same Store"
2 Herald Square	51.0	Herald Square	Leasehold Interest	1	369,000	1.4		73.6		73.4		81.6		81.6		N/A			$26,926		1.1	4

Subtotal / Weighted Average				1	369,000	1.4	%	73.6	%	73.4	%	81.6	%	81.6	%	—	%		$26,926		1.1%	4

Total / Weighted Average Unconsolidated Properties				11	11,676,183	44.3	%	94.4	%	94.7	%	95.3	%	95.5	%	95.6	%		$849,695		32.1%	270


Manhattan Operating Properties Grand Total / Weighted Average				31	24,063,274	91.3	%	94.0	%	94.2	%	94.0	%	93.5	%	93.5	%		$1,670,037			930
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent																			$1,233,828		94.9%
Manhattan Operating Properties Same Store Occupancy %					23,694,274	98.5	%	94.4	%	94.5	%	94.2	%	93.7	%	93.5	%
Manhattan Operating Properties Same Store Leased Occupancy %								95.8	%	96.0	%	96.1	%	96.1	%	95.5	%


(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	28	First Quarter 2019




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		Mar-19		Dec-18		Sep-18		Jun-18		Mar-18		Cash Rent ($'s)		100%		SLG%		Tenants
CONSOLIDATED PROPERTIES
"Same Store" Westchester, New York
100 Summit Lake Drive	100.0	Valhalla, New York	Fee Interest	1	250,000	0.9		97.5		97.5		92.9		92.9		86.8			$6,394	0.7		0.5		15
200 Summit Lake Drive	100.0	Valhalla, New York	Fee Interest	1	245,000	0.9		86.1		86.1		87.3		87.3		87.3		5,479		0.6		0.4		7
500 Summit Lake Drive	100.0	Valhalla, New York	Fee Interest	1	228,000	0.9		99.9		99.9		100.0		100.0		100.0		6,300		0.7		0.5		8
360 Hamilton Avenue	100.0	White Plains, New York	Fee Interest	1	384,000	1.5		97.3		100.0		100.0		100.0		100.0		15,322		1.8		1.2		22
"Same Store" Westchester, New York Subtotal/Weighted Average				4	1,107,000	4.2	%	95.4	%	96.3	%	95.6	%	95.6	%	94.2	%		$33,495	3.9	%	2.6	%	52

"Same Store" Connecticut
1 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	312,000	1.2		85.9		88.4		87.7		87.4		85.5			$9,096	1.1		0.7		57
2 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	46,000	0.2		99.5		99.5		97.0		97.0		94.6		1,181		0.1		0.1		9
3 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	130,000	0.5		57.8		58.0		70.9		75.4		76.9		2,652		0.3		0.2		17
4 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	105,000	0.4		88.0		85.3		85.3		92.4		92.4		3,143		0.4		0.2		14
5 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	61,000	0.2		98.6		98.6		98.6		98.6		98.6		1,014		0.1		0.1		9
6 Landmark Square	100.0	Stamford, Connecticut	Fee Interest	1	172,000	0.7		93.7		93.7		93.7		93.7		93.7		4,256		0.5		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		766		0.1		0.1		2
1055 Washington Boulevard	100.0	Stamford, Connecticut	Leasehold Interest	1	182,000	0.7		85.5		85.5		85.5		84.7		80.5		5,864		0.7		0.5		24
1010 Washington Boulevard	100.0	Stamford, Connecticut	Fee Interest	1	143,400	0.5		87.0		89.7		90.4		90.4		97.4		4,260		0.5		0.3		25
"Same Store" Connecticut Subtotal/Weighted Average				9	1,188,200	4.5	%	85.8	%	86.6	%	87.8	%	88.7	%	88.5	%		$32,231	3.7	%	2.5	%	164

Total / Weighted Average Consolidated Properties				13	2,295,200	8.7	%	90.4	%	91.3	%	91.6	%	92.0	%	91.3	%		$65,726	7.6	%	5.1	%	216


Suburban Operating Properties Grand Total / Weighted Average				13	2,295,200	8.7	%	90.4	%	91.3	%	91.6	%	92.0	%	91.3	%		$65,726					216
Suburban Operating Properties Grand Total - SLG share of Annualized Rent																			$65,726			5.1	%
Suburban Operating Properties Same Store Occupancy %					2,295,200	100.0	%	90.4	%	91.3	%	91.6	%	92.0	%	91.3	%
Suburban Operating Properties Same Store Leased Occupancy %								91.1	%	91.8	%	92.1	%	92.2	%	92.4	%



Supplemental Information	29	First Quarter 2019




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



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized		Annualized			Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Mar-19		Dec-18		Sep-18		Jun-18		Mar-18		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	2.6		100.0		100.0		100.0		100.0		100.0			$2,946	1.0			1
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		3,587		1.3			1
115 Spring Street	100.0	Soho	Fee Interest	1	5,218	0.8		100.0		100.0		100.0		100.0		100.0		3,406		3.9			1
121 Greene Street	50.0	Soho	Fee Interest	1	7,131	1.1		100.0		100.0		100.0		100.0		100.0		1,639		0.9			2
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest	1	270,132	40.8		100.0		100.0		99.4		99.4		99.4		17,610		20.4			10
717 Fifth Avenue	10.9	Midtown/Plaza District	Fee Interest	1	119,550	18.1		100.0		100.0		100.0		100.0		100.0		50,785		6.4			6
752-760 Madison Avenue	100.0	Plaza District	Fee Interest	1	21,124	3.2		100.0		100.0		100.0		100.0		100.0		15,312		17.7			1
762 Madison Avenue	90.0	Plaza District	Fee Interest	1	6,109	0.9		100.0		100.0		100.0		100.0		100.0		1,942		2.0			5
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	1	52,000	7.9		100.0		100.0		100.0		100.0		100.0		1,801		2.1			3
1552-1560 Broadway	50.0	Times Square	Fee Interest	2	57,718	8.6		88.3		88.3		88.3		67.5		67.5		27,892		16.2			3
Subtotal/Weighted Average				11	569,201	86.0	%	98.8	%	98.8	%	98.5	%	96.4	%	96.4	%		$126,920	72.1		%	33

"Non Same Store" Retail
133 Greene Street	100.0	Soho	Fee Interest	1	6,425	1.0		100.0		100.0		N/A		N/A		N/A			$590	0.7			1
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	1	69,214	10.5		100.0		100.0		100.0		100.0		100.0		34,186		19.8			1
712 Madison Avenue	100.0	Plaza District	Fee Interest	1	6,600	1.0		100.0		100.0		N/A		N/A		N/A		3,392		3.9			1
719 Seventh Avenue	75.0	Times Square	Fee Interest	1	10,040	1.5		100.0		100.0		100.0		—		—		4,000		3.5			1
Subtotal/Weighted Average				4	92,279	14.0	%	100.0	%	100.0	%	100.0	%	87.3	%	87.3	%		$42,168	27.9		%	4

Total / Weighted Average Retail Properties				15	661,480	100.0	%	99.0	%	99.0	%	98.7	%	95.3	%	95.3	%		$169,088	100.0		%	37



Residential Properties
	Ownership			# of	Useable	Total		Occupancy (%)										Average Monthly ⁽¹⁾		Annualized
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Units		Mar-19		Dec-18		Sep-18		Jun-18		Mar-18		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		96.1		96.1		95.8		95.5		95.5			$4,263		$16,319
400 East 57th Street	41.0	Upper East Side	Fee Interest	1	290,482	263		95.4		92.8		91.6		90.8		92.3		3,747		12,961
400 East 58th Street	90.0	Upper East Side	Fee Interest	1	140,000	126		96.8		95.2		95.2		95.2		98.4		3,661		5,900
1080 Amsterdam	92.5	Upper West Side	Leasehold Interest	1	82,250	97		90.6		94.8		99.0		95.8		94.8		4,116		4,622
Stonehenge Portfolio	Various		Fee Interest	7	858,056	1,017		94.5		95.0		95.4		95.9		96.7		4,031		53,748
605 West 42nd Street - Sky	20.0	Westside	Fee Interest	1	927,358	1,175		90.9		86.0		88.9		82.9		79.4		3,688		52,580
Subtotal/Weighted Average				11	2,521,001	3,011		93.3	%	91.4	%	92.7	%	90.3	%	89.4	%		$3,889		$146,130

Total / Weighted Average Residential Properties				11	2,521,001	3,011		93.3	%	91.4	%	92.7	%	90.3	%	89.4	%		$3,889	$146,131


(1) Calculated based on occupied units. Amounts in dollars.



Supplemental Information	30	First Quarter 2019




SELECTED PROPERTY DATA Development / Redevelopment and Construction in Progress Unaudited (Dollars in Thousands)



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized		Annualized		Gross R/E		Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Mar-19		Dec-18		Sep-18		Jun-18		Mar-18		Cash Rent ($'s)		Cash Rent (SLG%)		Book Value		Tenants

Development / Redevelopment
19-21 East 65th Street	100.0	Plaza District	Fee Interest	2	23,610	4.8		3.6		18.0		17.0		17.0		17.0			$31	0.1			$8,995	1
185 Broadway	100.0	Lower Manhattan	Fee Interest	1	259,856	53.3		—		—		—		—		—		—		—		73,494		—
562 Fifth Avenue ⁽¹⁾	100.0	Plaza District	Fee Interest	1	42,635	8.8		100.0		100.0		100.0		100.0		100.0		4,500		18.3		68,753		1
609 Fifth Avenue	100.0	Rockefeller Center	Fee Interest	1	160,000	32.8		96.0		96.0		—		3.0		5.2		20,124		81.6		240,612		2
1640 Flatbush Avenue	100.0	Brooklyn, New York	Fee Interest	1	1,000	0.3		—		—		—		—		—		—		—		7,197		—
Total / Weighted Average Development / Redevelopment Properties				6	487,101	100.0	%	40.5	%	41.2	%	9.6	%	10.6	%	11.3	%		$24,655	100.0	%		$399,051	4


(1) Subject to a long-term, third party net operating lease. The lease contains a property purchase option for $100.0 million with annual escalations in the purchase price starting in December 2018.

Construction in Progress

Future Equity

Land Contributed

Equity Contributed

Contributions

Financing

Total

Building

Gross

Ownership

Estimated

Percentage

Market

Development

Address

Sq. Feet

Interest (%)

Occupancy

Leased

Cost

Value Adj

Company

Partners

Company

Partners

Drawn

Available

Budget ⁽¹⁾

One Vanderbilt

1,730,989

71.0

Q3 2020

56.9

$331,490

$235,946

$529,741

$430,271

$10,310

$22,242

$375,000

$1,375,000

$3,310,000

Total Construction In Progress

$331,490

$235,946

$529,741

$430,271

$10,310

$22,242

$375,000

$1,375,000

$3,310,000

(1) Includes joint venture fees paid to the Company, including development and financing fees, direct personnel expense and leasing commissions, $61.2 million of which have been funded as of March 31, 2019. Also includes up to $50.0 million of additional discretionary owner contingencies.



Supplemental Information	31	First Quarter 2019




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



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized Retail		Annualized Retail Cash Rent				Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Mar-19		Dec-18		Sep-18		Jun-18		Mar-18		Cash Rent ($'s)		100%		SLG		Tenants

HIGH STREET RETAIL - Consolidated Properties
115 Spring Street	100.0	Soho	Fee Interest	1	5,218	0.3		100.0		100.0		100.0		100.0		100.0			$3,406	1.0		1.6		1
133 Greene Street	100.0	Soho	Fee Interest	1	6,425	0.4		100.0		100.0		N/A		N/A		N/A		590		0.2		0.3		1
315 West 33rd Street - "The Olivia"	100.0	Penn Station	Fee Interest	1	217,519	12.1		100.0		100.0		99.4		99.4		99.4		14,080		4.2		6.6		9
712 Madison Avenue	100.0	Plaza District	Fee Interest	1	6,600	0.4		100.0		100.0		N/A		N/A		N/A		3,392		1.0		1.6		1
719 Seventh Avenue	75.0	Times Square	Fee Interest	1	10,040	0.6		100.0		100.0		100.0		—		—		4,000		1.2		1.4		1
752-760 Madison Avenue	100.0	Plaza District	Fee Interest	1	21,124	1.2		100.0		100.0		100.0		100.0		100.0		15,312		4.6		7.1		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		1,942		0.6		0.8		5
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	1	52,000	2.9		100.0		100.0		100.0		100.0		100.0		1,801		0.5		0.8		3
1640 Flatbush Avenue ⁽¹⁾	100.0	Brooklyn, New York	Fee Interest	1	1,000	0.1		—		—		—		—		—		—		—		—		—

Subtotal / Weighted Average				9	326,035	18.1	%	99.7	%	99.7	%	99.3	%	96.1	%	96.1	%		$44,523	13.3	%	20.2	%	22

HIGH STREET RETAIL - Unconsolidated Properties
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	1	17,150	1.0		100.0		100.0		100.0		100.0		100.0			$2,946	0.9		0.4		1
21 East 66th Street	32.3	Plaza District	Fee Interest	1	13,069	0.7		100.0		100.0		100.0		100.0		100.0		3,587		1.1		0.5		1
121 Greene Street	50.0	Soho	Fee Interest	1	7,131	0.4		100.0		100.0		100.0		100.0		100.0		1,639		0.5		0.4		2
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	1	69,214	3.8		100.0		100.0		100.0		100.0		100.0		34,186		10.2		8.0		1
717 Fifth Avenue	10.9	Midtown/Plaza District	Fee Interest	1	119,550	6.6		100.0		100.0		100.0		100.0		100.0		50,785		15.1		2.6		6
1552-1560 Broadway	50.0	Times Square	Fee Interest	2	57,718	3.2		88.3		88.3		88.3		67.5		67.5		27,892		8.3		6.5		3

Subtotal / Weighted Average				7	283,832	15.7	%	97.6	%	97.6	%	97.6	%	93.4	%	93.4	%		$121,035	36.1	%	18.4	%	14

Total / Weighted Average Prime Retail				16	609,867	33.8	%	98.7	%	98.7	%	98.5	%	94.8	%	94.8	%		$165,558	49.3	%	38.5	%	36


OTHER RETAIL - Consolidated Properties
30 East 40th Street	60.0	Grand Central South	Leasehold Interest	1	4,461	0.2		81.1		81.1		100.0		100.0		100.0			$453	0.1		0.1		4
100 Church Street	100.0	Downtown	Fee Interest	1	61,708	3.4		100.0		100.0		100.0		100.0		100.0		3,370		1.0		1.6		7
110 Greene Street	90.0	Soho	Fee Interest	1	16,121	0.9		86.8		98.7		98.7		98.7		86.8		2,657		0.8		1.1		3
125 Park Avenue	100.0	Grand Central	Fee Interest	1	32,124	1.8		79.9		100.0		100.0		100.0		100.0		4,065		1.2		1.9		5
220 East 42nd Street	100.0	Grand Central	Fee Interest	1	35,332	2.0		85.6		85.6		85.6		85.6		85.6		2,890		0.9		1.3		5
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	25,330	1.4		100.0		100.0		100.0		100.0		100.0		3,545		1.1		1.7		6
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		584		0.2		0.2		5
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1	45,263	2.5		100.0		100.0		100.0		100.0		100.0		4,822		1.4		2.2		6
461 Fifth Avenue	100.0	Midtown	Leasehold Interest	1	16,248	0.9		100.0		100.0		100.0		100.0		100.0		2,362		0.7		1.1		2
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	41,701	2.3		100.0		100.0		100.0		100.0		100.0		5,836		1.7		2.7		8
555 West 57th Street	100.0	Midtown West	Fee Interest	1	60,389	3.3		100.0		100.0		100.0		100.0		100.0		2,087		0.6		1.0		2
609 Fifth Avenue ⁽¹⁾	100.0	Rockefeller Center	Fee Interest	1	34,836	1.9		68.7		68.7		—		—		—		8,900		2.7		4.1		1
625 Madison Avenue	100.0	Plaza District	Leasehold Interest	1	74,937	4.2		100.0		100.0		100.0		100.0		100.0		23,454		7.0		10.9		20
635 Sixth Avenue	100.0	Midtown South	Fee Interest	1	23,250	1.3		100.0		100.0		100.0		100.0		100.0		3,434		1.0		1.6		1
641 Sixth Avenue	100.0	Midtown South	Fee Interest	1	28,500	1.6		100.0		100.0		100.0		100.0		100.0		3,767		1.1		1.8		2
711 Third Avenue	100.0	Grand Central North	Leasehold Interest	1	25,639	1.4		100.0		100.0		100.0		100.0		100.0		3,115		0.9		1.5		3
750 Third Avenue	100.0	Grand Central North	Fee Interest	1	24,827	1.4		72.3		72.3		72.3		100.0		100.0		2,574		0.8		1.2		6
810 Seventh Avenue	100.0	Times Square	Fee Interest	1	18,207	1.0		100.0		100.0		100.0		100.0		100.0		4,320		1.3		2.0		4
1080 Amsterdam	92.5	Upper West Side	Leasehold Interest	1	1,800	0.1		100.0		100.0		100.0		100.0		100.0		292		0.1		0.1		1
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1	37,326	2.1		100.0		100.0		100.0		100.0		100.0		6,774		2.0		3.2		5
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	17,797	1.0		100.0		100.0		100.0		100.0		100.0		2,847		0.8		1.3		6

Subtotal / Weighted Average				21	628,952	34.9	%	94.9	%	96.2	%	92.5	%	93.6	%	93.3	%		$92,148	27.5	%	42.7	%	102


(1) Development / Redevelopment properties.



Supplemental Information	32	First Quarter 2019




SELECTED PROPERTY DATA - CONTINUED Retail Operating and Development / Redevelopment Properties Unaudited (Dollars in Thousands)



	Ownership			# of	Usable		% of Total		Occupancy (%)										Annualized Retail		Annualized Retail Cash Rent				Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet		Sq. Feet		Mar-19		Dec-18		Sep-18		Jun-18		Mar-18		Cash Rent ($'s)		100%		SLG		Tenants

OTHER RETAIL - Unconsolidated Properties
2 Herald Square	51.0	Herald Square	Leasehold Interest	1	94,531		5.2		60.6		59.9		59.9		59.9		N/A			$14,544	4.3		3.5		2
10 East 53rd Street	55.0	Plaza District	Fee Interest	1	39,340		2.2		100.0		100.0		100.0		100.0		100.0		3,764		1.1		1.0		3
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	1	38,800		2.2		98.7		98.7		98.7		98.7		96.6		3,823		1.1		1.1		6
55 West 46th Street	25.0	Midtown	Leasehold Interest	1	1,191		0.1		100.0		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		2.2		100.0		100.0		100.0		100.0		100.0		3,862		1.2		0.9		9
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	27,896		1.5		100.0		100.0		100.0		100.0		100.0		2,181		0.6		0.5		3
400 East 57th Street	41.0	Upper East Side	Fee Interest	1	9,717		0.5		75.4		75.4		75.4		75.4		75.4		1,719		0.5		0.3		9
521 Fifth Avenue	50.5	Grand Central	Fee Interest	1	53,157		2.9		100.0		100.0		100.0		100.0		100.0		5,445		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		1,926		0.6		0.5		2
919 Third Avenue	51.0	Grand Central North	Fee Interest	1	31,004		1.7		100.0		100.0		100.0		100.0		100.0		3,607		1.1		0.9		5
1515 Broadway	57.0	Times Square	Fee Interest	1	185,956		10.3		100.0		100.0		100.0		100.0		100.0		32,713		9.7		8.7		9
Worldwide Plaza	24.4	Westside	Fee Interest	1	10,592	⁽¹⁾	0.6		97.2		97.2		97.2		100.0		100.0		1,327		0.4		0.2		7
Stonehenge Portfolio	Various		Fee Interest	3	22,551		1.3		88.9		88.9		83.1		83.1		88.9		2,860		0.9		0.1		10

Subtotal / Weighted Average				15	564,657		31.3	%	92.4	%	92.3	%	92.1	%	92.1	%	98.7	%		$77,980	23.2	%	19.0	%	69

Total / Weighted Average Other Retail				36	1,193,609		66.2	%	93.7	%	94.3	%	92.3	%	92.9	%	95.6	%		$170,131	50.7	%	61.5	%	171


Retail Grand Total / Weighted Average				52	1,803,476		100.0	%	95.4	%	95.8	%	94.4	%	93.5	%	95.3	%		$335,689	100.0	%			207
Retail Grand Total - SLG share of Annualized Rent																				$214,802			100.0	%


(1) Excludes the theatre, parking garage, fitness gym and other amenity space totaling 241,371 square feet.



Supplemental Information	33	First Quarter 2019




LARGEST TENANTS BY SLG SHARE OF ANNUALIZED CASH RENT Manhattan and Suburban Properties Unaudited (Dollars in Thousands Except Per SF)



		Lease	Total Rentable	Annualized		SLG Share of		% of SLG Share of	Annualized	Credit
Tenant Name	Property	Expiration	Square Feet	Cash Rent		Annualized Cash Rent ($)		Annualized Cash Rent ⁽²⁾	Rent PSF	Rating ⁽¹⁾


Credit Suisse Securities (USA), Inc.	1 Madison Avenue	Dec 2020	1,146,881		$72,570		$72,570	5.0%	$63.28
	11 Madison Avenue	May 2037	1,265,841	78,147		46,888		3.2%	61.74
	1055 Washington Blvd	Jan 2022	2,525	100		100		—%	39.60
			2,415,247	$150,817		$119,558		8.2%	$62.44	A

Viacom International, Inc.	1515 Broadway	Jun 2031	1,470,284	92,674		52,824		3.6%	$63.03
		Mar 2028	9,106	1,924		1,097		0.1%	211.30
			1,479,390	$94,598		$53,921		3.7%	$63.94	BBB-

Ralph Lauren Corporation	625 Madison Avenue	Dec 2019	386,785	31,251		31,251		2.1%	$80.80	A-
Sony Corporation	11 Madison Avenue	Jan 2031	578,791	44,372		26,623		1.8%	$76.66	BBB+
Debevoise & Plimpton, LLP	919 Third Avenue	June 2022	577,438	46,709		23,822		1.6%	$80.89
King & Spalding	1185 Avenue of the Americas	Oct 2025	218,275	20,350		20,350		1.4%	$93.23
Visiting Nurse Service of New York	220 East 42nd Street	Sep 2048	308,115	18,933		18,933		1.3%	$61.45

The City of New York	100 Church Street	Mar 2034	509,068	18,528		18,528		1.3%	$36.40
	420 Lexington Avenue	Oct 2030	4,077	279		279		0.1%	68.48
			513,145	$18,807		$18,807		1.4%	$36.65	Aa1

Advance Magazine Group, Fairchild Publications	750 Third Avenue	Feb 2021	286,622	14,727		14,727		1.0%	$51.38
	485 Lexington Avenue	Feb 2021	52,573	3,654		3,654		0.3%	69.50
			339,195	$18,381		$18,381		1.3%	$54.19

Metro-North Commuter Railroad Company	420 Lexington Avenue	Nov 2034	334,654	17,922		17,922		1.2%	$53.55
	110 East 42nd Street	Oct 2021	1,840	115		115		—%	62.64
			336,494	$18,037		$18,037		1.2%	$53.60	Aa2

Giorgio Armani Corporation	752-760 Madison Avenue	Dec 2024	21,124	15,312		15,312		1.1%	$724.87
	717 Fifth Avenue	Sep 2022	46,940	22,027		2,401		0.2%	469.26
	762 Madison Avenue	Dec 2024	1,264	245		221		—%	194.20
			69,328	$37,584		$17,934		1.3%	$542.13

News America Incorporated	1185 Avenue of the Americas	Nov 2020	165,086	17,407		17,407		1.2%	$105.44	A
Nike Retail Services, Inc.	650 Fifth Avenue	Jan 2033	69,214	34,186		17,093		1.2%	$493.91	AA-

C.B.S. Broadcasting, Inc.	555 West 57th Street	Dec 2023	338,527	16,443		16,443		1.1%	$48.57
	Worldwide Plaza	Jan 2027	32,598	2,128		518		0.1%	65.28
			371,125	$18,571		$16,961		1.2%	$50.04	BBB

Omnicom Group, Inc., Cardinia Real Estate	220 East 42nd Street	Apr 2032	231,114	14,750		14,750		1.0%	$63.82
	1055 Washington Blvd.	Oct 2028	23,800	863		863		0.1%	36.25
			254,914	$15,613		$15,613		1.1%	$61.25	BBB+

National Hockey League	1185 Avenue of the Americas	Nov 2022	148,217	15,345		15,345		1.1%	$103.35
Cravath, Swaine & Moore LLP	Worldwide Plaza	Aug 2024	617,135	62,225		15,152		1.0%	$100.83

WME IMG, LLC	304 Park Avenue	Apr 2028	129,313	9,426		9,426		0.6%	$72.89
	11 Madison Avenue	Sep 2030	103,426	9,103		5,462		0.4%	88.01
			232,739	$18,529		$14,888		1.0%	$79.61

WeWork	609 Fifth Avenue	Apr 2035	138,563	11,224		11,224		0.8%	$81.00
	2 Herald Sqaure	Feb 2036	123,633	6,852		3,494		0.2%	55.42
			262,196	$18,076		$14,718		1.0%	$68.94

Amerada Hess Corp.	1185 Avenue of the Americas	Dec 2027	167,169	$14,584		$14,584		1.0%	$87.24	BBB-

Total			9,509,998	$714,375		$509,378		35.1%	$75.12

(1) Corporate or bond rating from S&P or Moody's.
(2) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential, and Development / Redevelopment properties.



Supplemental Information	34	First Quarter 2019




TENANT DIVERSIFICATION Based on SLG Share of Annualized Cash Rent Unaudited



Category		Manhattan Properties			Suburban Properties

Arts, Ent. & Recreation			4.7	%		—	%
Business Services			2.5	%		—	%
Financial Services			32.0	%		31.2	%
Government / Non Profit			3.3	%		1.1	%
Legal			8.5	%		15.1	%
Manufacturing			2.4	%		9.6	%
Medical			2.8	%		0.2	%
Other			5.5	%		6.4	%
Professional Services			6.9	%		11.9	%
Retail			11.9	%		1.0	%

TAMI
	Technology		1.7	%		7.6	%
	Advertising		3.9	%		—	%
	Media		13.7	%		15.9	%
	Information		0.2	%		—	%

Total			100.0	%		100.0	%



Supplemental Information	35	First Quarter 2019




LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Available Space Unaudited



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

Available Space at 12/31/18			1,306,846

Add: Property no longer in redevelopment	55 West 46th Street - Tower 46		96,857

Space which became available during the Quarter (2):
Office
	30 East 40th Street	1	632	632		$74.90
	100 Park Avenue	3	92,536	100,454	87.53
	110 East 42nd Street	1	4,154	4,249	63.59
	125 Park Avenue	3	64,848	70,018	63.63
	220 East 42nd Street	1	3,082	3,082	54.43
	304 Park Avenue South	1	4,783	5,162	76.04
	420 Lexington Avenue	11	49,914	62,102	61.61
	521 Fifth Avenue	1	5,822	6,580	97.78
	625 Madison Avenue	1	4,000	4,000	88.94
	750 Third Avenue	1	36,667	40,361	71.77
	1185 Avenue of the Americas	1	25,000	25,000	84.28
	1350 Avenue of the Americas	1	2,075	3,243	77.53
	Total/Weighted Average	26	293,513	324,883		$74.51

Retail
	125 Park Avenue	1	5,500	5,500		$128.94
	Total/Weighted Average	1	5,500	5,500		$128.94

Storage
	100 Park Avenue	6	3,430	3,161		$36.24
	125 Park Avenue	1	25	964	6.22
	420 Lexington Avenue	1	118	300	35.44
	625 Madison Avenue	1	612	612	26.00
	Total/Weighted Average	9	4,185	5,037		$29.20


	Total Space which became available during the quarter
	Office	26	293,513	324,883		$74.51
	Retail	1	5,500	5,500		$128.94
	Storage	9	4,185	5,037		$29.20
		36	303,198	335,420		$74.72

	Total Available Space		1,706,901

(1) Escalated rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.



Supplemental Information	36	First Quarter 2019




LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Commenced Leasing Unaudited



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

Available Space				1,706,901

Office
	10 East 53rd Street	4	9.9	41,164	49,104	$73.10			$—		$106.73	10.3
	30 East 40th Street	1	15.0	1,040	1,270	62.00		58.20		—		6.0
	55 West 46th Street - Tower 46	1	2.9	5,028	5,028	79.00		—		8.69		2.0
	100 Park Avenue	1	5.3	4,450	5,043	81.00		—		118.15		3.0
	110 East 42nd Street	4	8.4	17,527	18,023	61.86		46.51		93.27		2.6
	110 Greene Street	2	10.1	28,980	19,779	70.17		60.84		58.56		9.0
	125 Park Avenue	2	18.9	40,224	43,819	66.00		62.51		87.00		12.0
	220 East 42nd Street	1	29.6	26,725	29,400	57.00		—		100.50		15.0
	420 Lexington Avenue	7	8.4	18,706	26,182	65.81		59.67		53.77		1.9
	485 Lexington Avenue	1	15.7	28,907	29,698	65.00		—		105.00		3.0
	521 Fifth Avenue	2	9.6	13,188	14,416	65.00		70.16		102.94		3.9
	711 Third Avenue	1	12.1	17,392	19,025	60.00		59.12		127.43		7.0
	1185 Avenue of the Americas	1	10.4	26,500	27,508	71.00		69.53		70.00		5.0
	Total/Weighted Average	28	13.6	269,831	288,295		$66.70		$62.81		$89.65	7.6

Retail
	2 Herald Square	1	10.4	630	630		$695.24		$—		$125.00	5.0
	Total/Weighted Average	1	10.4	630	630		$695.24		$—		$125.00	5.0

Storage
	220 East 42nd Street	1	29.6	1,315	1,315		$28.50		$—		$—	15.0
	Total/Weighted Average	1	29.6	1,315	1,315		$28.50		$—		$—	15.0

Leased Space
	Office (3)	28	13.6	269,831	288,295		$66.70		$62.81	$89.65		7.6
	Retail	1	10.4	630	630		$695.24		$—		$125.00	5.0
	Storage	1	29.6	1,315	1,315		$28.50		$—		$—	15.0
	Total	30	13.7	271,776	290,240		$67.89		$62.81	$89.32		7.6


Total Available Space as of 3/31/19				1,435,125

Early Renewals
Office
	420 Lexington Avenue	1	5.0	1,922	2,309	$62.00		$60.22			$—	—
	485 Lexington Avenue	1	1.0	12,449	12,790	77.50		77.50		—		—
	711 Third Avenue	1	10.3	15,000	19,025	65.00		61.81		60.12		4.0
	800 Third Avenue	2	1.4	17,912	17,912	84.60		85.60		1.69		—
	1350 Avenue of the Americas	2	3.8	61,248	62,512	72.90		75.72		—		0.1
	Total/Weighted Average	7	4.2	108,531	114,548		$73.71		$74.84	$10.25		0.7

Retail
	800 Third Avenue	1	3.0	7,100	7,100	$157.96		$162.27			$—	—
	Total/Weighted Average	1	3.0	7,100	7,100		$157.96		$162.27		$—	—

Storage
	800 Third Avenue	1	2.3	180	950		$25.00		$25.00		$—	—
	Total/Weighted Average	1	2.3	180	950		$25.00		$25.00		$—	—

Renewals
	Early Renewals Office	7	4.2	108,531	114,548		$73.71		$74.84	$10.25		0.7
	Early Renewals Retail	1	3.0	7,100	7,100		$157.96		$162.27		$—	—
	Early Renewals Storage	1	2.3	180	950		$25.00		$25.00		$—	—
	Total	9	4.1	115,811	122,598		$78.21		$79.52	$9.58		0.7

(1) Annual initial base rent.
(2) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
(3) Average starting office rent excluding new tenants replacing vacancies is $66.21/rsf for 156,054 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $69.38/rsf for 270,602 rentable SF.



Supplemental Information	37	First Quarter 2019




LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES Available Space Unaudited



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

Available Space at 12/31/18			202,480

Space which became available during the Quarter ⁽²⁾:
Office
	200 Summit Lake Drive, Valhalla, New York	1	2,512	2,512	$25.25
	360 Hamilton Avenue, White Plains, New York	1	13,075	13,075	35.13
	1 Landmark Square, Stamford, Connecticut	3	7,780	7,780	37.61
	3 Landmark Square, Stamford, Connecticut	1	5,170	5,170	40.00
	1010 Washington Boulevard, Stamford, Connecticut	1	3,858	3,858	35.41
	Total/Weighted Average	7	32,395	32,395		$35.67

Retail
	3 Landmark Square, Stamford, Connecticut	1	170	170	$22.00
		1	170	170		$22.00

Storage
	360 Hamilton Avenue, White Plains, New York	1	626	626	$7.00
	5 Landmark Square, Stamford, Connecticut	2	400	1,026	14.03
	Total/Weighted Average	3	1,026	1,652	$11.36

	Total Space which became available during the Quarter
	Office	7	32,395	32,395		$35.67
	Retail	1	170	170		$22.00
	Storage	3	1,026	1,652		$11.36
		11	33,591	34,217		$34.43

	Total Available Space		236,071

(1) Escalated rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.



Supplemental Information	38	First Quarter 2019




LEASING ACTIVITY - SUBURBAN OPERATING PROPERTIES Commenced Leasing Unaudited



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

Available Space				236,071

Office
	200 Summit Lake Drive, Valhalla, New York	1	1.0	2,512	2,512	$25.25		$25.25			$—	—
	360 Hamilton Avenue, White Plains, New York	1	7.4	3,268	3,268	41.00		35.01		55.00		5.0
	3 Landmark Square, Stamford, Connecticut	1	0.8	5,170	5,170	40.00		40.00		—		—
	4 Landmark Square, Stamford, Connecticut	2	7.4	2,840	2,915	32.60		33.00		11.50		5.0
	Total/Weighted Average	5	3.8	13,790	13,865		$36.01		$34.83		$15.38	2.2

Storage
	1 Landmark Square, Stamford, Connecticut	1	5.8	200	826	$15.00			$15.00		$—	—
	Total/Weighted Average	1	5.8	200	826		$15.00		$15.00		$—	—

Leased Space
	Office (3)	5	3.8	13,790	13,865		$36.01		$34.83		$15.38	2.2
	Storage	1	5.8	200	826		$15.00		$15.00		$—	—
	Total	6	3.9	13,990	14,691		$34.83		$33.62		$14.52	2.1

Total Available Space as of 3/31/19				222,081

Early Renewals
Office
	500 Summit Lake Drive, Valhalla, New York	1	1.1	6,476	6,476	$28.35		$28.35			$—	1.0
	3 Landmark Square, Stamford, Connecticut	1	1.0	4,349	4,349	33.00		33.00		—		—
	1010 Washington Boulevard, Stamford, Connecticut	1	10.8	8,200	7,500	31.00		32.80		21.85		10.0
	Total/Weighted Average	3	5.1	19,025	18,325		$30.54		$31.27		$8.94	4.4

Renewals
	Early Renewals Office	3	5.1	19,025	18,325		$30.54		$31.27		$8.94	4.4
	Total	3	5.1	19,025	18,325		$30.54		$31.27		$8.94	4.4

(1) Annual initial base rent.
(2) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
(3) Average starting office rent excluding new tenants replacing vacancies is $36.38/rsf for 12,700 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $32.93/rsf for 31,025 rentable SF.



Supplemental Information	39	First Quarter 2019




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)

1st Quarter 2019⁽¹⁾		8	17,667	0.14	%	$1,085,119			$61.42		$61.83	5	109,257	0.97	%		$8,890,499		$81.37		$93.21
2nd Quarter 2019		18	65,824	0.54	%	5,723,563		86.95		91.82		8	47,697	0.42	%	4,127,938		86.55		80.26
3rd Quarter 2019		7	26,970	0.22	%	1,683,637		62.43		64.86		6	63,876	0.56	%	4,032,440		63.13		81.57
4th Quarter 2019		29	611,779	5.01	%	47,632,761		77.86		69.18		4	24,998	0.22	%	1,842,345		73.70		84.60

Total 2019		62	722,240	5.91	%	$56,125,080			$77.71		$70.90	23	245,828	2.17	%		$18,893,222		$76.86		$86.80

2020		92	2,246,980	18.41	%		$150,327,737		$66.90		$70.28	23	255,360	2.26	%		$18,297,808		$71.65		$75.26
2021		103	1,192,030	9.77	%	72,149,363		60.53		67.55		32	367,192	3.25	%	26,466,583		72.08		76.30
2022		89	1,030,560	8.44	%	71,278,570		69.16		76.83		37	971,541	8.59	%	87,211,422		89.77		92.61
2023		73	906,063	7.42	%	57,860,162		63.86		66.34		18	459,849	4.07	%	38,808,608		84.39		80.28
2024		41	318,388	2.61	%	22,517,778		70.72		73.65		29	1,057,061	9.35	%	104,317,901		98.69		85.99
2025		36	554,525	4.54	%	53,899,057		97.20		91.74		12	497,458	4.40	%	39,943,188		80.29		84.14
2026		29	698,280	5.72	%	47,842,101		68.51		68.65		18	503,811	4.46	%	51,901,809		103.02		108.89
2027		39	606,977	4.97	%	46,964,367		77.37		73.67		18	355,212	3.14	%	31,047,124		87.40		93.18
2028		36	557,622	4.57	%	41,086,191		73.68		75.95		20	222,462	1.97	%	23,189,255		104.24		101.15
Thereafter		65	3,371,361	27.64	%	194,120,142		57.58		65.81		44	6,371,997	56.34	%	409,618,779		64.28		81.32
		665	12,205,026	100.00	%	$814,170,548			$66.71		$70.47	274	11,307,771	100.00	%		$849,695,699		$75.14		$84.62


	NOTE: Data excludes space currently occupied by SL Green's corporate offices
	(1) Includes month to month holdover tenants that expired prior to March 31, 2019.
	(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 March 31, 2019. Taking rents are typically lower than asking rents and may vary from property to property.



Supplemental Information	40	First Quarter 2019




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)

1st Quarter 2019		9	59,030	3.03	%		$2,277,400		$38.58		$38.67	—	—	—	%		$—		$—		$—
2nd Quarter 2019		6	14,734	0.76	%	526,918		35.76		37.36		—	—	—	%	—		—		—
3rd Quarter 2019		7	20,037	1.03	%	664,304		33.15		40.57		—	—	—	%	—		—		—
4th Quarter 2019		7	177,412	9.11	%	5,467,389		30.82		28.10		—	—	—	%	—		—		—

Total 2019		29	271,213	13.93	%		$8,936,011		$32.95		$31.83	—	—	—	%		$—		$—		$—

2020		39	260,031	13.35	%		$9,531,587		$36.66		$37.20	—	—	—	%		$—		$—		$—
2021		37	272,508	13.99	%	10,174,303		37.34		37.22		—	—	—	%	—		—		—
2022		28	126,582	6.50	%	4,944,159		39.06		39.81		—	—	—	%	—		—		—
2023		24	159,669	8.20	%	5,650,465		35.39		35.30		—	—	—	%	—		—		—
2024		11	52,262	2.68	%	1,723,313		32.97		31.77		—	—	—	%	—		—		—
2025		10	99,911	5.13	%	3,375,410		33.78		35.41		—	—	—	%	—		—		—
2026		15	248,975	12.79	%	9,205,989		36.98		37.07		—	—	—	%	—		—		—
2027		6	205,858	10.57	%	5,117,001		24.86		27.73		—	—	—	%	—		—		—
2028		4	131,230	6.74	%	3,822,097		29.13		29.71		—	—	—	%	—		—		—
Thereafter		13	119,006	6.12	%	3,245,759		27.27		27.70		—	—	—	%	—		—		—
		216	1,947,245	100.00	%		$65,726,094		$33.75		$34.13	—	—	—	%		$—		$—		$—


	(1) Includes month to month holdover tenants that expired prior to March 31, 2019.
	(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 March 31, 2019. Taking rents are typically lower than asking rents and may vary from property to property.



Supplemental Information	41	First Quarter 2019




ANNUAL LEASE EXPIRATIONS Retail Operating and Development / Redevelopment 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)

High Street Retail
2019 ⁽¹⁾		2	9,900	3.02	%		$3,982,165		$402.24		$330.76	2	5,805	2.20	%		$290,917		$50.11		$163.38
2020		2	6,601	2.02	%	861,976		130.58		226.58		—	—	—	%	—		—		—
2021		1	108,148	33.02	%	7,461,568		68.99		70.00		1	11,432	4.33	%	4,003,809		350.23		159.06
2022		1	1,165	0.36	%	209,556		179.88		299.00		2	50,808	19.23	%	25,567,590		503.22		510.78
2023		3	9,825	3.00	%	1,174,236		119.52		138.76		2	7,131	2.70	%	1,639,404		229.90		350.00
2024		4	74,286	22.68	%	17,965,132		241.84		245.75		1	7,793	2.95	%	4,950,360		635.23		898.00
2025		3	33,944	10.36	%	952,586		28.06		24.15		—	—	—	%	—		—		—
2026		1	5,218	1.59	%	3,405,952		652.73		537.00		3	69,206	26.20	%	26,762,526		386.71		372.53
2027		1	1,358	0.41	%	129,084		95.05		96.00		1	3,655	1.38	%	692,879		189.57		158.00
2028		1	10,040	3.07	%	4,000,000		398.41		398.41		—	—	—	%	—		—		—
Thereafter		3	67,043	20.47	%	4,380,944		65.35		88.33		3	108,328	41.01	%	57,127,663		527.36		532.79
		22	327,528	100.00	%		$44,523,199		$135.94		$140.39	15	264,158	100.00	%		$121,035,148		$458.19		$462.93
Vacancy ⁽⁵⁾			—							—			—							—
			327,528								$140.39		264,158								$462.93

Other Retail
2019 ⁽¹⁾		3	2,789	0.46	%		$2,008,156		$720.03		$724.02	1	43,787	8.39	%		$2,528,301		$57.74		$86.78
2020		7	19,892	3.29	%	5,060,874		254.42		362.74		3	6,383	1.22	%	677,934		106.21		136.44
2021		10	22,769	3.77	%	2,800,908		123.01		160.08		5	5,995	1.15	%	569,340		94.97		118.81
2022		10	121,564	20.11	%	14,023,036		115.36		153.74		10	85,094	16.31	%	20,994,587		246.72		276.40
2023		8	35,519	5.88	%	5,543,007		156.06		154.68		5	24,753	4.74	%	3,166,345		127.92		140.05
2024		6	27,730	4.59	%	4,952,490		178.60		158.17		6	15,829	3.03	%	3,502,407		221.27		210.72
2025		9	33,244	5.50	%	11,855,907		356.63		387.68		2	946	0.18	%	223,165		235.90		213.60
2026		5	12,677	2.10	%	1,601,298		126.32		120.24		6	47,240	9.05	%	13,873,397		293.68		294.68
2027		10	42,585	7.05	%	6,281,770		147.51		161.98		7	19,358	3.71	%	10,980,146		567.21		615.01
2028		9	36,611	6.06	%	4,902,186		133.90		152.17		8	20,155	3.86	%	4,070,422		201.96		195.68
Thereafter		25	249,054	41.19	%	33,120,551		132.99		136.50		16	252,213	48.36	%	17,394,273		68.97		70.50
		102	604,434	100.00	%		$92,150,183		$152.46		$169.29	69	521,753	100.00	%		$77,980,317		$149.46		$159.96
Vacancy ⁽⁵⁾			26,570							197.26			42,635							233.33
			631,004								$170.47		564,388								$165.50

	(1) Includes month to month holdover tenants that expired prior to March 31, 2019.
	(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 March 31, 2019. Taking rents are typically lower than asking rents and may vary from property to property.
	(5) Includes square footage of leases signed but not yet commenced.



Supplemental Information	42	First Quarter 2019




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



						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s) ⁽¹⁾		at acquisition	3/31/2019
1998 - 2017 Acquisitions
Mar-98	420 Lexington Avenue	Grand Central	100.0%	Operating Sublease	1,188,000	$	78,000	83.0	93.1
May-98	711 3rd Avenue	Grand Central	100.0	Operating Sublease	524,000	65,600		79.0	97.0
Jun-98	440 9th Avenue	Penn Station	100.0	Fee Interest	339,000	32,000		76.0	N/A
Jan-99	420 Lexington Leasehold	Grand Central	100.0	Sub-leasehold	—	27,300		—	—
Jan-99	555 West 57th Street	Midtown West	65.0	Fee Interest	941,000	66,700		100.0	99.9
Aug-99	1250 Broadway	Penn Station	50.0	Fee Interest	670,000	93,000		96.5	N/A
Nov-99	555 West 57th Street	Midtown West	35.0	Fee Interest	—	34,100			99.9
Feb-00	100 Park Avenue	Grand Central	50.0	Fee Interest	834,000	192,000		96.5	79.0
Jun-01	317 Madison Avenue	Grand Central	100.0	Fee Interest	450,000	105,600		95.0	N/A
Sep-01	1250 Broadway	Penn Station	49.9	Fee Interest	670,000	126,500		97.7	N/A
May-02	1515 Broadway	Times Square	55.0	Fee Interest	1,750,000	483,500		98.0	98.5
Feb-03	220 East 42nd Street	Grand Central	100.0	Fee Interest	1,135,000	265,000		91.9	90.9
Mar-03	125 Broad Street	Downtown	100.0	Fee Interest	525,000	92,000		100.0	N/A
Oct-03	461 Fifth Avenue	Midtown	100.0	Leasehold Interest	200,000	60,900		93.9	79.0
Dec-03	1221 Avenue of the Americas	Rockefeller Center	45.0	Fee Interest	2,550,000	1,000,000		98.8	N/A
Mar-04	19 West 44th Street	Midtown	35.0	Fee Interest	292,000	67,000		86.0	N/A
Jul-04	750 Third Avenue	Grand Central	100.0	Fee Interest	779,000	255,000		100.0	93.3
Jul-04	485 Lexington Avenue	Grand Central	30.0	Fee Interest	921,000	225,000		100.0	84.2
Oct-04	625 Madison Avenue	Plaza District	100.0	Leasehold Interest	563,000	231,500		68.0	98.0
Feb-05	28 West 44th Street	Midtown	100.0	Fee Interest	359,000	105,000		87.0	N/A
Apr-05	1 Madison Avenue	Park Avenue South	55.0	Fee Interest	1,177,000	803,000		96.0	100.0
Apr-05	5 Madison Avenue Clock Tower	Park Avenue South	100.0	Fee Interest	267,000	115,000		N/A	N/A
Jun-05	19 West 44th Street	Midtown	65.0	Fee Interest	—	91,200			N/A
Mar-06	521 Fifth Avenue	Midtown	100.0	Leasehold Interest	460,000	210,000		97.0	96.3
Jun-06	609 Fifth Avenue	Midtown	100.0	Fee Interest	160,000	182,000		98.5	96.0
Dec-06	485 Lexington Avenue	Grand Central	70.0	Fee Interest	—	578,000			84.2
Dec-06	800 Third Avenue	Grand Central North	43.0	Fee Interest	526,000	285,000		96.9	93.1
Jan-07	Reckson - NYC Portfolio	Various	100.0	Fee Interests / Leasehold Interest	5,612,000	3,679,530		98.3	93.9
Apr-07	331 Madison Avenue	Grand Central	100.0	Fee Interest	114,900	73,000		97.6	N/A
Apr-07	1745 Broadway	Midtown	32.3	Leasehold Interest	674,000	520,000		100.0	N/A
Jun-07	333 West 34th Street	Penn Station	100.0	Fee Interest	345,400	183,000		100.0	N/A
Aug-07	1 Madison Avenue	Park Avenue South	45.0	Fee Interest	1,177,000	1,000,000		99.8	100.0
Dec-07	388 & 390 Greenwich Street	Downtown	50.6	Fee Interest	2,635,000	1,575,000		100.0	N/A
Jan-10	100 Church Street	Downtown	100.0	Fee Interest	1,047,500	181,600		41.3	99.6
May-10	600 Lexington Avenue	Grand Central North	55.0	Fee Interest	303,515	193,000		93.6	N/A
Aug-10	125 Park Avenue	Grand Central	100.0	Fee Interest	604,245	330,000		99.1	94.5
Jan-11	521 Fifth Avenue	Midtown	49.9	Leasehold Interest	460,000	245,700		80.7	96.3
Apr-11	1515 Broadway	Times Square	45.0	Fee Interest	1,750,000	1,210,000		98.5	98.5
May-11	110 East 42nd Street	Grand Central	100.0	Fee Interest	205,000	85,570		72.6	85.4
May-11	280 Park Avenue	Park Avenue	49.5	Fee Interest	1,219,158	1,110,000		78.2	89.5
Nov-11	180 Maiden Lane	Financial East	49.9	Fee Interest	1,090,000	425,680		97.7	N/A
Nov-11	51 East 42nd Street	Grand Central	100.0	Fee Interest	142,000	80,000		95.5	N/A
Feb-12	10 East 53rd Street	Plaza District	55.0	Fee Interest	354,300	252,500		91.9	95.4
Jun-12	304 Park Avenue South	Midtown South	100.0	Fee Interest	215,000	135,000		95.8	97.8
Sep-12	641 Sixth Avenue	Midtown South	100.0	Fee Interest	163,000	90,000		92.1	100.0
Dec-12	315 West 36th Street	Times Square South	35.5	Fee Interest	147,619	46,000		99.2	N/A
May-14	388 & 390 Greenwich Street	Downtown	49.4	Fee Interest	2,635,000	1,585,000		100.0	N/A
Jul-15	110 Greene Street	Soho	90.0	Fee Interest	223,600	255,000		84.0	90.3
Aug-15	30 East 40th Street	Grand Central South	60.0	Leasehold Interest	69,446	4,650		100.0	94.9
Aug-15	11 Madison Avenue	Park Avenue South	100.0	Fee Interest	2,314,000	2,285,000		71.6	100.0
Dec-15	600 Lexington Avenue	Grand Central North	45.0	Fee Interest	303,515	284,000		95.5	N/A
Oct-17	Worldwide Plaza	Westside	24.4	Fee Interest	2,048,725	1,725,000		100.0	96.9
					43,133,923	$	23,424,130
2018 Acquisitions
May-18	2 Herald Square	Herald Square	100.0	Leasehold Interest	369,000	$	266,000	81.6	73.6
					369,000	$	266,000

(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.



Supplemental Information	43	First Quarter 2019




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



							Gross Asset Valuation
	Property	Submarket	Interest Sold	Type of Ownership	Net Rentable SF		($'s)			($'s/SF)
2000 - 2015 Sales
Feb-00	29 West 35th Street	Penn Station	100.0%	Fee Interest		78,000		$	11,700		$	150
Mar-00	36 West 44th Street	Grand Central	100.0	Fee Interest		178,000		31,500			177
May-00	321 West 44th Street	Times Square	35.0	Fee Interest		203,000		28,400			140
Nov-00	90 Broad Street	Financial	100.0	Fee Interest		339,000		60,000			177
Dec-00	17 Battery South	Financial	100.0	Fee Interest		392,000		53,000			135
Jan-01	633 Third Ave	Grand Central North	100.0	Fee Interest		40,623		13,250			326
May-01	1 Park Ave	Grand Central South	45.0	Fee Interest		913,000		233,900			256
Jun-01	1412 Broadway	Times Square South	100.0	Fee Interest		389,000		90,700			233
Jul-01	110 East 42nd Street	Grand Central	100.0	Fee Interest		69,700		14,500			208
Sep-01	1250 Broadway	Penn Station	45.0	Fee Interest		670,000		126,500			189
Jun-02	469 Seventh Avenue	Penn Station	100.0	Fee Interest		253,000		53,100			210
Mar-03	50 West 23rd Street	Chelsea	100.0	Fee Interest		333,000		66,000			198
Jul-03	1370 Broadway	Times Square South	100.0	Fee Interest		255,000		58,500			229
Dec-03	321 West 44th Street	Times Square	100.0	Fee Interest		203,000		35,000			172
May-04	1 Park Avenue	Grand Central South	75.0	Fee Interest		913,000		318,500			349
Oct-04	17 Battery Place North	Financial	100.0	Fee Interest		419,000		70,000			167
Nov-04	1466 Broadway	Times Square	100.0	Fee Interest		289,000		160,000			554
Apr-05	1414 Avenue of the Americas	Plaza District	100.0	Fee Interest		111,000		60,500			545
Aug-05	180 Madison Avenue	Grand Central	100.0	Fee Interest		265,000		92,700			350
Jul-06	286 & 290 Madison Avenue	Grand Central	100.0	Fee Interest		149,000		63,000			423
Aug-06	1140 Avenue of the Americas	Rockefeller Center	100.0	Leasehold Interest		191,000		97,500			510
Dec-06	521 Fifth Avenue	Midtown	50.0	Leasehold Interest		460,000		240,000			522
Mar-07	1 Park Avenue	Grand Central South	100.0	Fee Interest		913,000		550,000			602
Mar-07	70 West 36th Street	Garment	100.0	Fee Interest		151,000		61,500			407
Jun-07	110 East 42nd Street	Grand Central North	100.0	Fee Interest		181,000		111,500			616
Jun-07	125 Broad Street	Downtown	100.0	Fee Interest		525,000		273,000			520
Jun-07	5 Madison Clock Tower	Park Avenue South	100.0	Fee Interest		267,000		200,000			749
Jul-07	292 Madison Avenue	Grand Central South	100.0	Fee Interest		187,000		140,000			749
Jul-07	1372 Broadway	Penn Station/Garment	85.0	Fee Interest		508,000		335,000			659
Nov-07	470 Park Avenue South	Park Avenue South/Flatiron	100.0	Fee Interest		260,000		157,000			604
Jan-08	440 Ninth Avenue	Penn Station	100.0	Fee Interest		339,000		160,000			472
May-08	1250 Broadway	Penn Station	100.0	Fee Interest		670,000		310,000			463
Oct-08	1372 Broadway	Penn Station/Garment	15.0	Fee Interest		508,000		274,000			539
May-10	1221 Avenue of the Americas	Rockefeller Center	45.0	Fee Interest		2,550,000		1,280,000			502
Sep-10	19 West 44th Street	Midtown	100.0	Fee Interest		292,000		123,150			422
May-11	28 West 44th Street	Midtown	100.0	Fee Interest		359,000		161,000			448
Aug-13	333 West 34th Street	Penn Station	100.0	Fee Interest		345,400		220,250			638
May-14	673 First Avenue	Grand Central South	100.0	Leasehold Interest		422,000		145,000			344
Sep-15	120 West 45th Street	Midtown	100.0	Fee Interest		440,000		365,000			830
Sep-15	315 West 36th Street	Times Square South	100.0	Fee Interest		148,000		115,000			777
						16,178,723		$	6,959,650		$	430
2016 Sales
Jun-16	388 & 390 Greenwich Street	Downtown	100.0%	Fee Interest		2,635,000		$	2,000,000		$	759
Aug-16	11 Madison Avenue	Park Avenue South	40.0	Fee Interest		2,314,000		2,600,000			1,124
						4,949,000		$	4,600,000		$	929
2017 Sales
Nov-17	1515 Broadway	Times Square	30.0%	Fee Interest		1,750,000		$	1,950,000		$	1,114
						1,750,000		$	1,950,000		$	1,114
2018 Sales
Jan-18	600 Lexington Avenue	Grand Central North	100.0%	Fee Interest		303,515		$	305,000		$	1,005
Feb-18	1515 Broadway	Times Square	13.0	Fee Interest		1,750,000		1,950,000			1,114
May-18	1745 Broadway	Midtown	56.9	Leasehold Interest		674,000		633,000			939
Nov-18	3 Columbus Circle	Columbus Circle	48.9	Fee Interest		530,981		851,000			1,603
Nov-18	2 Herald Square	Herald Square	49.0	Leasehold Interest		369,000		265,000			718
						3,627,496		$	4,004,000		$	1,104



Supplemental Information	44	First Quarter 2019




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



						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s) ⁽¹⁾		at acquisition	3/31/2019
2007 - 2016 Acquisitions
Jan-07	300 Main Street	Stamford, Connecticut	100.0%	Fee Interest	130,000	$	15,000	92.5	N/A
Jan-07	399 Knollwood Road	White Plains, New York	100.0	Fee Interest	145,000	31,600		96.6	N/A
Jan-07	Reckson - Connecticut Portfolio	Stamford, Connecticut	100.0	Fee Interests / Leasehold Interest	1,369,800	490,750		88.9	85.7
Jan-07	Reckson - Westchester Portfolio	Westchester	100.0	Fee Interests / Leasehold Interest	2,346,100	570,190		90.6	95.4
Apr-07	Jericho Plazas	Jericho, New York	20.3	Fee Interest	640,000	210,000		98.4	N/A
Jun-07	1010 Washington Boulevard	Stamford, Connecticut	100.0	Fee Interest	143,400	38,000		95.6	87.0
Jun-07	500 West Putnam Avenue	Greenwich, Connecticut	100.0	Fee Interest	121,500	56,000		94.4	N/A
Jul-07	16 Court Street	Brooklyn, New York	35.0	Fee Interest	317,600	107,500		80.6	N/A
Aug-07	150 Grand Street	White Plains, New York	100.0	Fee Interest	85,000	6,700		52.9	N/A
Sep-07	The Meadows	Rutherford, New Jersey	25.0	Fee Interest	582,100	111,500		81.3	N/A
Apr-13	16 Court Street	Brooklyn, New York	49.0	Fee Interest	317,600	96,200		84.9	N/A
					6,198,100	$	1,733,440




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


	Property	Submarket	Interest Sold	Type of Ownership	Net Rentable SF		Gross Asset Valuation ($'s)			Price ($'s/SF)
2008 - 2015 Sales
Oct-08	100 & 120 White Plains Road	Tarrytown, New York	100.0%	Fee Interest		211,000		$	48,000		$	227
Jan-09	55 Corporate Drive	Bridgewater, New Jersey	100.0	Fee Interest		670,000		230,000			343
Aug-09	399 Knollwood Road	White Plains, New York	100.0	Fee Interest		145,000		20,767			143
Jul-12	One Court Square	Long Island City, New York	100.0	Fee Interest		1,402,000		481,100			343
Sep-13	300 Main Street	Stamford, Connecticut	100.0	Fee Interest		130,000		13,500			104
Aug-15	The Meadows	Rutherford, New Jersey	100.0	Fee Interest		582,100		121,100			208
Dec-15	140 Grand Street	White Plains, New York	100.0	Fee Interest		130,100		22,400			172
Dec-15	150 Grand Street	White Plains, New York	100.0	Fee Interest		85,000		9,600			113
						3,355,200		$	946,467		$	282
2016 Sales
Mar-16	7 Renaissance Square	White Plains, New York	100.0%	Fee Interest		65,641		$	21,000		$	320
Jul-16	500 West Putnam Avenue	Greenwich, Connecticut	100.0	Fee Interest		121,500		41,000			337
						187,141		$	62,000		$	331
2017 Sales
Apr-17	520 White Plains Road	Tarrytown, New York	100.0%	Fee Interest		180,000		$	21,000		$	117
Jul-17	680 Washington Avenue	Stamford, Connecticut	51.0	Fee Interest		133,000		42,011			316
Jul-17	750 Washington Avenue	Stamford, Connecticut	51.0	Fee Interest		192,000		53,745			280
Oct-17	16 Court Street	Brooklyn, New York	100.0	Fee Interest		317,600		171,000			538
Oct-17	125 Chubb Way	Lyndhurst, New Jersey	100.0	Fee Interest		278,000		29,500			106
						1,100,600		$	317,256		$	288
2018 Sales
May-18	115-117 Stevens Avenue	Valhalla, New York	100.0%	Fee Interest		178,000		$	12,000		$	67
Jun-18	Jericho Plaza	Jericho, New York	11.67	Fee Interest		640,000		117,400			183
Jul-18	1-6 International Drive	Rye Brook, New York	100.0	Fee Interest		540,000		55,000			102
						1,358,000		$	184,400		$	136
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.



Supplemental Information	45	First Quarter 2019




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



						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s) ⁽¹⁾		at acquisition	3/31/2019
2005 - 2015 Acquisitions
Jul-05	1551-1555 Broadway	Times Square	10.0%	Fee Interest	25,600	$	85,000	N/A	N/A
Jul-05	21 West 34th Street	Herald Square	50.0	Fee Interest	30,100	17,500		N/A	N/A
Sep-05	141 Fifth Avenue	Flatiron	50.0	Fee Interest	21,500	13,250		N/A	N/A
Nov-05	1604 Broadway	Times Square	63.0	Leasehold Interest	29,876	4,400		17.2	N/A
Dec-05	379 West Broadway	Cast Iron/Soho	45.0	Leasehold Interest	62,006	19,750		100.0	N/A
Jan-06	25-29 West 34th Street	Herald Square/Penn Station	50.0	Fee Interest	41,000	30,000		55.8	N/A
Sep-06	717 Fifth Avenue	Midtown/Plaza District	32.8	Fee Interest	119,550	251,900		63.1	100.0
Aug-07	180 Broadway	Lower Manhattan	50.0	Fee Interest	24,300	13,600		85.2	N/A
Apr-07	Two Herald Square	Herald Square	55.0	Fee Interest	N/A	225,000		N/A	N/A
Jul-07	885 Third Avenue	Midtown / Plaza District	55.0	Fee Interest	N/A	317,000		N/A	N/A
Jan-08	125 Chubb Way	Lyndhurst, New Jersey	100.0	Fee Interest	278,000	29,364		—	N/A
Feb-08	182 Broadway	Lower Manhattan	50.0	Fee Interest	46,280	30,000		83.8	N/A
Nov-10	Williamsburg Terrace	Brooklyn, New York	100.0	Fee Interest	52,000	18,000		100.0	100.0
Dec-10	11 West 34th Street	Herald Square/Penn Station	30.0	Fee Interest	17,150	10,800		100.0	100.0
Dec-10	7 Renaissance Square	White Plains, New York	50.0	Fee Interest	65,641	4,000		—	N/A
Dec-10	2 Herald Square ⁽²⁾	Herald Square	45.0	Fee Interest	354,400	247,500		100.0	N/A
Dec-10	885 Third Avenue ⁽²⁾	Midtown / Plaza District	45.0	Fee Interest	607,000	352,000		100.0	N/A
Dec-10	292 Madison Avenue	Grand Central South	100.0	Fee Interest	203,800	78,300		N/A	N/A
Jan-11	3 Columbus Circle	Columbus Circle	48.9	Fee Interest	741,500	500,000		20.1	94.5
Aug-11	1552-1560 Broadway	Times Square	50.0	Fee Interest	35,897	136,550		59.7	88.3
Sep-11	747 Madison Avenue	Plaza District	33.3	Fee Interest	10,000	66,250		100.0	N/A
Jan-12	DFR Residential and Retail Portfolio	Plaza District, Upper East Side	80.0	Fee Interests / Leasehold Interest	489,882	193,000		95.1	91.6
Jan-12	724 Fifth Avenue	Plaza District	50.0	Fee Interest	65,010	223,000		92.9	N/A
Jul-12	West Coast Office Portfolio		27.6	Fee Interest	4,473,603	880,104		76.3	N/A
Aug-12	33 Beekman Street	Downtown	45.9	Fee Interest	163,500	31,160		—	N/A
Sep-12	635 Sixth Avenue	Midtown South	100.0	Fee Interest	104,000	83,000		—	100.0
Oct-12	1080 Amsterdam	Upper West Side	87.5	Leasehold Interest	82,250	—		2.2	90.6
Dec-12	21 East 66th Street	Plaza District	32.3	Fee Interest	16,736	75,000		100.0	100.0
Dec-12	985-987 Third Avenue	Upper East Side	100.0	Fee Interest	13,678	18,000		—	N/A
Dec-12	131-137 Spring Street	Soho	100.0	Fee Interest	68,342	122,300		100.0	N/A
Mar-13	248-252 Bedford Avenue	Brooklyn, New York	90.0	Fee Interest	66,611	54,900		—	N/A
Nov-13	650 Fifth Avenue	Plaza District	50.0	Leasehold Interest	32,324	—		63.6	100.0
Nov-13	315 West 33rd Street - The Olivia	Penn Station	100.0	Fee Interest	492,987	386,775		96.6	98.2
Nov-13	562, 570 & 574 Fifth Avenue	Plaza District	100.0	Fee Interest	66,962	146,222		74.6	N/A
Jul-14	719 Seventh Avenue	Times Square	75.0	Fee Interest	6,000	41,149		100.0	100.0
Jul-14	115 Spring Street	Soho	100.0	Fee Interest	5,218	52,000		100.0	100.0
Jul-14	752-760 Madison Avenue	Plaza District	100.0	Fee Interest	21,124	282,415		100.0	100.0
Sep-14	121 Greene Street	Soho	50.0	Fee Interest	7,131	27,400		100.0	100.0
Sep-14	635 Madison Avenue ⁽²⁾	Plaza District	100.0	Fee Interest	176,530	145,000		100.0	N/A
Oct-14	102 Greene Street	Soho	100.0	Fee Interest	9,200	32,250		100.0	N/A
Oct-14	175-225 Third Street	Brooklyn, New York	95.0	Fee Interest	—	72,500		—	N/A
Nov-14	55 West 46th Street - Tower 46	Midtown	100.0	Fee Interest	347,000	295,000		—	73.5
Feb-15	Stonehenge Portfolio		100.0	Fee Interest	2,589,184	40,000		96.5	94.5
Mar-15	1640 Flatbush Avenue	Brooklyn, New York	100.0	Fee Interest	1,000	6,799		100.0	—
Jun-15	Upper East Side Residential	Upper East Side Residential	90.0	Fee Interest	27,000	50,074		96.4	N/A
Aug-15	187 Broadway & 5-7 Dey Street	Lower Manhattan	100.0	Fee Interest	73,600	63,690		90.5	—
					12,164,472	$	5,771,902
2016 Acquisitions
Mar-16	183 Broadway	Lower Manhattan	100.0%	Fee Interest	9,100	$	28,500	58.3	—
Apr-16	605 West 42nd Street - Sky	Midtown West	20.0	Fee Interest	927,358	759,046		—	90.9
					936,458	$	787,546
2018 Acquisitions
Jul-18	1231 Third Avenue	Upper East Side	100.0%	Fee Interest	38,992	$	55,355	100.0	N/A
Oct-18	133 Greene Street	Soho	100.0	Fee Interest	6,425	$	30,999	100.0	100.0
Dec-18	712 Madison Avenue	Plaza District	100.0	Fee Interest	6,600	$	57,996	100.0	100.0
					52,017	$	144,350
(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	46	First Quarter 2019




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



							Gross Asset Valuation
	Property	Submarket	Interest Sold	Type of Ownership	Net Rentable SF		($'s)			($'s/SF)
2011 - 2015 Sales
Sep-11	1551-1555 Broadway	Times Square	10.0%	Fee Interest		25,600		$	276,757		$	10,811
Feb-12	141 Fifth Avenue ⁽¹⁾	Flatiron	100.0	Fee Interest		13,000		46,000			3,538
Feb-12	292 Madison Avenue	Grand Central South	100.0	Fee Interest		203,800		85,000			417
Apr-12	379 West Broadway	Lower Manhattan	100.0	Leasehold Interest		62,006		48,500			782
Jun-12	717 Fifth Avenue	Midtown/Plaza District	50.0	Fee Interest		119,550		617,584			5,166
Sep-12	3 Columbus Circle	Columbus Circle	29.0	Fee Interest		214,372		143,600			670
Feb-13	44 West 55th Street	Plaza District	100.0	Fee Interest		8,557		6,250			730
Jun-13	West Coast Office Portfolio	Los Angeles, California	100.0	Fee Interest		406,740		111,925			275
Aug-13	West Coast Office Portfolio	Fountain Valley, California	100.0	Fee Interest		302,037		66,994			222
Sep-13	West Coast Office Portfolio	San Diego, California	100.0	Fee Interest		110,511		45,400			411
Dec-13	27-29 West 34th Street	Herald Square/Penn Station	100.0	Fee Interest		15,600		70,052			4,491
Jan-14	21-25 West 34th Street	Herald Square/Penn Station	100.0	Fee Interest		30,100		114,948			3,819
Mar-14	West Coast Office Portfolio		100.0	Fee Interest		3,654,315		756,000			207
May-14	747 Madison Avenue	Plaza District	100.0	Fee Interest		10,000		160,000			16,000
Jul-14	985-987 Third Avenue	Upper East Side	100.0	Fee Interest		13,678		68,700			5,023
Sep-14	180-182 Broadway	Lower Manhattan	100.0	Fee Interest		156,086		222,500			1,425
Nov-14	2 Herald Square	Herald Square/Penn Station	100.0	Fee Interest		354,400		365,000			1,030
Jan-15	180 Maiden Lane	Financial East	100.0	Fee Interest		1,090,000		470,000			431
Aug-15	131-137 Spring Street	Soho	80.0	Fee Interest		68,342		277,750			4,064
Dec-15	570 & 574 Fifth Avenue	Plaza District	100.0	Fee Interest		24,327		125,400			5,155
						6,883,021		$	4,078,360		$	593
2016 Sales
Feb-16	248-252 Bedford Avenue	Brooklyn, New York	90.0%	Fee Interest		66,611		$	55,000		$	826
Feb-16	885 Third Avenue	Midtown / Plaza District	100.0	Fee Interest		607,000		453,000			746
May-16	33 Beekman Street	Downtown	100.0	Fee Interest		163,500		196,000			1,199
Oct-16	400 East 57th Street	Upper East Side	49.0	Fee Interest		290,482		170,000			585
						1,127,593		$	874,000		$	775
2017 Sales
Apr-17	102 Greene Street	Soho	90.0%	Fee Interest		9,200		$	43,500		$	4,728
Sep-17	102 Greene Street	Soho	10.0	Fee Interest		9,200		43,500			4,728
						18,400		$	87,000		$	4,728

2018 Sales
Apr-18	175-225 Third Street	Brooklyn, New York	95.0%	Fee Interest		—		$	115,000		$	—
June-18	635 Madison Avenue	Plaza District	100.0	Fee Interest		176,530		153,000			867
Jul-18	724 Fifth Avenue	Plaza District	50.0	Fee Interest		65,010		365,000			5,615
Oct-18	72nd Street Assemblage & 1231 Third Avenue	Upper East Side	Various	Fee Interest		—		143,800			—
						241,540		$	776,800		$	3,216
2019 Sales
Jan-19	131-137 Spring Street	Soho	20.0	Fee Interest		68,342		216,000			3,161
						68,342		$	216,000		$	3,161

(1) Inclusive of the fee position which was acquired simultaneously with the sale pursuant to an option.



Supplemental Information	47	First Quarter 2019




EXECUTIVE MANAGEMENT



Marc Holliday	Edward V. Piccinich
Chairman and Chief Executive Officer	Chief Operating Officer

Andrew Mathias	Neil H. Kessner
President	Executive Vice President, General
	Counsel - Real Property
Matthew J. DiLiberto
Chief Financial Officer	David M. Schonbraun
	Co-Chief Investment Officer
Andrew S. Levine
Chief Legal Officer	Isaac Zion
	Co-Chief Investment Officer
Steven M. Durels
Executive Vice President, Director of	Maggie Hui
Leasing and Real Property	Chief Accounting Officer



Supplemental Information	48	First Quarter 2019




Non-GAAP Disclosures and Reconciliations Unaudited (Dollars in Thousands, except per share data)

Funds Available for Distribution (FAD)

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

Net Operating Income (NOI) and Cash NOI

Coverage Ratios



Supplemental Information	49	First Quarter 2019




Non-GAAP Disclosures and Reconciliations Unaudited (Dollars in Thousands, except per share data)

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Funds From Operations (FFO) Reconciliation



	Three Months Ended
	March 31,
	2019			2018

Net income attributable to SL Green common stockholders	$	43,792		$	101,766
Add:
Depreciation and amortization	68,343			69,388
Joint venture depreciation and noncontrolling interest adjustments	47,625			48,006
Net income attributable to noncontrolling interests	2,515			5,470
Less:
(Loss) gain on sale of real estate, net	(1,049		)	23,521
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate	17,166			(6,440		)
Purchase price and other fair value adjustment	(2,041		)	49,293
Depreciation on non-rental real estate assets	707			566
FFO attributable to SL Green common stockholders and noncontrolling interests	$	147,492		$	157,690

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)



	As of or for the three months ended
	3/31/2019			12/31/2018			9/30/2018			6/30/2018			3/31/2018

Net income (loss)	$	52,769		$	(58,320	)	$	99,454		$	115,899		$	113,823
Interest expense, net of interest income	50,525			51,974			55,168			53,611			47,916
Amortization of deferred financing costs	2,742			2,695			2,630			3,546			3,537
Income taxes	770			964			168			1,092			507
Depreciation and amortization	68,343			71,458			70,747			67,914			69,388
Loss (gain) on sale of real estate	1,049			36,984			2,504			14,790			(23,521		)
Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate	(17,166		)	(167,445		)	(70,937		)	(72,025		)	6,440
Purchase price and other fair value adjustments	2,041			—			3,057			(11,149		)	(49,293		)
Depreciable real estate reserve	—			220,852			6,691			—			—
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates	89,160			85,786			82,060			86,089			85,144
EBITDAre	$	250,233		$	244,948		$	251,542		$	259,767		$	253,941



Supplemental Information	50	First Quarter 2019




Non-GAAP Disclosures and Reconciliations Unaudited (Dollars in Thousands, except per share data)

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES - Operating income and Same-store NOI Reconciliation



	Three Months Ended
	March 31,
	2019			2018

Net income	$	52,769		$	113,823
Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate	(17,166		)	6,440
Purchase price and other fair value adjustments	2,041			(49,293		)
Loss (gain) on sale of real estate, net	1,049			(23,521		)
Depreciable real estate reserves	—			—
Gain on sale of marketable securities	—			—
Depreciation and amortization	68,343			69,388
Interest expense, net of interest income	50,525			47,916
Amortization of deferred financing costs	2,742			3,537
Operating income	160,303			168,290

Equity in net loss (income) from unconsolidated joint ventures	5,234			(4,036		)
Marketing, general and administrative expense	25,979			23,528
Transaction related costs, net	55			162
Investment income	(50,031		)	(45,290		)
Loan loss and other investment reserves, net of recoveries	—			—
Non-building revenue	(9,144		)	(4,777		)
Loss on early extinguishment of debt	—			—
Net operating income (NOI)	132,396			137,877

Equity in net (loss) income from unconsolidated joint ventures	(5,234		)	4,036
SLG share of unconsolidated JV depreciation and amortization	48,128			47,619
SLG share of unconsolidated JV interest expense, net of interest income	39,407			35,780
SLG share of unconsolidated JV amortization of deferred financing costs	1,568			1,673
SLG share of unconsolidated JV loss on early extinguishment of debt	—			—
SLG share of unconsolidated JV transaction related costs	—			—
SLG share of unconsolidated JV investment income	(2,227		)	(3,086		)
SLG share of unconsolidated JV non-building revenue	(711		)	(1,000		)
NOI including SLG share of unconsolidated JVs	213,327			222,899

NOI from other properties/affiliates	(6,522		)	(18,494		)
Same-Store NOI	206,805			204,405

Operating lease straight-line adjustment	514			524
Joint Venture operating lease straight-line adjustment	258			258
Straight-line and free rent	(76		)	(2,096		)
Amortization of acquired above and below-market leases, net	(946		)	(1,684		)
Joint Venture straight-line and free rent	(16,111		)	(6,032		)
Joint Venture amortization of acquired above and below-market leases, net	(4,396		)	(3,853		)
Same-store cash NOI	$	186,048		$	191,522



Supplemental Information	51	First Quarter 2019




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	Derek Johnston	(904) 520-4973	derek.johnston@db.com
Goldman Sachs & Co.	Andrew Rosivach	(212) 902-2796	andrew.rosivach@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
Scotiabank	Nick Yulico	(212) 225 6904	nicholas.yulico@scotiabank.com
Stifel Nicolaus	John Guinee	(443) 224-1307	jwguinee@stifel.com
SunTrust Robinson Humphrey	Michael Lewis	(404) 926-5000	michael.lewis@suntrust.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.



Supplemental Information	52	First Quarter 2019