SEC Filing | SL Green Realty Corp.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported):

January 22, 2020

SL GREEN REALTY CORP.

(Exact name of registrant as specified in its charter)

Maryland

(State of Incorporation)



1-13199	13-3956775
(Commission File Number)	(I.R.S. employer identification 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))

Securities registered pursuant to Section 12(b) of the Act:



Registrant	Trading Symbol	Title of Each Class	Name of Each Exchange on Which Registered
SL Green Realty Corp.	SLG	Common Stock, $0.01 par value	New York Stock Exchange
SL Green Realty Corp.	SLG.PRI	6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value	New York Stock Exchange

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 January 22, 2020 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended December 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 January 22, 2020, the Company issued a press release announcing its results for the quarter ended December 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 December 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 from SLG’s unconsolidated JVs, 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 the amortization of acquired above and below-market leases 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: January 23, 2020

Exhibit

Exhibit 99.1

CONTACT

Matt DiLiberto

Chief Financial Officer

(212) 594-2700

SL GREEN REALTY CORP. REPORTS

FOURTH QUARTER AND FULL YEAR 2019 EPS OF $0.22 AND $3.11 PER SHARE; AND FFO OF $1.75 AND $7.00 PER SHARE

Financial and Operating Highlights


•	Net income attributable to common stockholders of $0.22 per share for the fourth quarter and $3.11 for the full year 2019 as compared to net loss of $0.73 and net income of $2.67 per share for the same periods in 2018.


•	Funds from operations, or FFO, of $1.75 per share for the fourth quarter and $7.00 per share for the year ended December 31, 2019, as compared to $1.61 and $6.62 per share for the same periods in the prior year.


•	Same-store cash net operating income, or NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 2.6% for the full year excluding lease termination income and free rent given to Viacom at 1515 Broadway, as compared to the prior year.


•	Signed 59 Manhattan office leases covering 1,283,470 square feet in the fourth quarter and 163 Manhattan leases covering 2,468,365 square feet for the full year. The mark-to-market on signed Manhattan office leases was 56.0% higher for the fourth quarter and 38.1% for the full year over the previous fully escalated rents on the same spaces.


•	Reached 65% leased at One Vanderbilt Avenue after signing a new lease with Oak Hill Advisors and expansions with The Carlyle Group and McDermott Will & Emery LLP during the fourth quarter.


•	Manhattan same-store occupancy was 96.2% as of December 31, 2019, inclusive of leases signed but not yet commenced, as compared to 95.3% at the end of the previous quarter.

Investing Highlights

•

Announced an increase to the size of the Company's share repurchase program by an additional $500 million, bringing the program to a total of $3.0 billion. To date the Company has repurchased a total of 22.7 million shares of its common stock under the program and redeemed 0.6 million common units of its Operating Partnership, or OP units. The average price of total share repurchases and OP Unit redemptions to date is $95.70 per share/unit.


•	Closed on the acquisition of 707 Eleventh Avenue for a gross purchase price of $90.0 million. The 160,000-square-foot property will be redeveloped into a modern, Class-A building, attracting companies across industries, including TAMI and boutique FIRE tenants.


•	Closed on the sale of 360 Hamilton Avenue in White Plains, New York and 100, 200 and 500 Summit Lake Drive in Valhalla, New York, reducing the Company’s combined debt by $228.7 million.


•	Closed on the sale of the development site at 562 Fifth Avenue for a sale price of $52.4 million. The transaction generated net cash proceeds to the Company of $50.9 million.


•	Closed on the sale of the development site at 1640 Flatbush Avenue in Brooklyn, for a sale price of $16.2 million. The transaction generated net cash proceeds to the Company of $15.6 million.


•	Closed on the sale of 1010 Washington Boulevard in Stamford, Connecticut, for a sale price of $23.1 million. The transaction generated net cash proceeds to the Company of $20.9 million.

Summary

New York, NY, January 22, 2020 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended December 31, 2019 of $17.4 million, or $0.22 per share, as compared to net loss attributable to common stockholders of $61.2 million, or $0.73 per share, for the same quarter in 2018.

The Company also reported net income attributable to common stockholders for the year ended December 31, 2019 of $255.5 million, or $3.11 per share, as compared to net income attributable to common stockholders of $232.3 million, or $2.67 per share, for 2018. Net income attributable to common stockholders for the year ended December 31, 2019 includes $0.69 per share, of net gains recognized from the sale of real estate offset by $0.08 per share of depreciable real estate reserves.

The Company reported FFO for the quarter ended December 31, 2019 of $147.6 million, or $1.75 per share, as compared to FFO for the same period in 2018 of $142.7 million, or $1.61 per share.

The Company also reported FFO for the year ended December 31, 2019 of $605.7 million, or $7.00 per share, as compared to FFO for 2018 of $605.7 million, or $6.62 per share.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

For the quarter ended December 31, 2019, the Company reported consolidated revenues and operating income of $308.1 million and $155.4 million, respectively, compared to $317.0 million and $158.2 million, respectively, for the same period in 2018.

Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures increased by 2.0% for the fourth quarter and 2.6% for the year ended December 31, 2019, excluding lease termination income and free rent given to Viacom at 1515 Broadway.

During the fourth quarter, the Company signed 59 office leases in its Manhattan portfolio totaling 1,283,470 square feet. Thirty-nine leases comprising 941,150 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 $73.52 per rentable square foot, representing a 56.0% increase over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the fourth quarter was 10.6 years and average tenant concessions were 7.9 months of free rent with a tenant improvement allowance of $64.56 per rentable square foot.

During 2019, the Company signed 163 office leases in its Manhattan portfolio totaling 2,468,365 square feet. One hundred sixteen leases comprising 1,761,686 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 $73.36 per rentable square foot, representing a 38.1% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in 2019 was 10.7 years, or 11.1 years including the office leases signed at One Vanderbilt, and average tenant concessions were 6.8 months of free rent with a tenant improvement allowance of $63.38 per rentable square foot.

Occupancy in the Company's Manhattan same-store portfolio was 96.2% as of December 31, 2019, inclusive of 373,434 square feet of leases signed but not yet commenced, as compared to 95.3% as of September 30, 2019.

Significant leases that were signed in the fourth quarter included:


•	New lease with Amazon for 335,408 square feet at 410 10th Avenue, for 16.2 years;


•	Renewal with BMW of Manhattan, Inc. for 226,556 square feet at 555 West 57th Street, for 10.0 years;


•	New lease with Strategic Family, Inc. for 82,557 square feet at 711 Third Avenue, for 6.0 years;


•	New lease with Oak Hill Advisors for 45,954 square feet at One Vanderbilt Avenue, for 15.0 years;


•	New lease with West Monroe Partners, Inc. for 41,715 square feet at Worldwide Plaza, for 10.5 years;


•	New lease with RAD Entertainment Group for 39,436 square feet at 1515 Broadway, for 20.0 years; and


•	New lease with Greenberg Traurig for 38,098 square feet at 420 Lexington Avenue, for 15.0 years.

Investment Activity

In December, the Company announced that its Board of Directors authorized a $500 million increase to the size of its share repurchase program, bringing the program to a total of $3.0 billion. To date, the Company has acquired 22.7 million shares of its common stock under the program and redeemed 0.6 million common units of its Operating Partnership, or OP units, allowing the Company to save approximately $82.7 million of common dividends

and distributions on an annualized basis. The average price of total share repurchases and OP Unit redemptions to date is $95.70 per share/unit.

In January, the Company closed on the acquisition of 707 Eleventh Avenue for a gross purchase price of $90.0 million. The 160,000-square-foot property will be redeveloped into a modern, Class-A building, attracting companies across industries, including TAMI and boutique FIRE tenants.

In December, the Company closed on the sale of 360 Hamilton Avenue in White Plains, New York and 100, 200 and 500 Summit Lake Drive in Valhalla, New York, reducing the Company’s combined debt by $228.7 million.

In December, the Company closed on the sale of the development site at 562 Fifth Avenue for a sale price of $52.4 million. The transaction generated net cash proceeds to the Company of $50.9 million.

In December, the Company closed on the sale of the development site at 1640 Flatbush Avenue in Brooklyn, for a sale price of $16.2 million. The transaction generated net cash proceeds to the Company of $15.6 million.

In November, the Company closed on the previously announced sale of 1010 Washington Boulevard in Stamford, Connecticut, for a sale price of $23.1 million. The transaction generated net cash proceeds to the Company of $20.9 million.

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity investment portfolio decreased to $1.61 billion at December 31, 2019, including $1.58 billion of investments at a weighted average current yield of 8.6% that are classified in the debt and preferred equity line item on the balance sheet, and mortgage investments aggregating $0.03 billion at a weighted average current yield of 6.5% that are included in other balance sheet line items for accounting purposes.

During the fourth quarter, the Company originated or acquired new subordinate debt and preferred equity investments totaling $150.0 million, all of which was retained and $86.8 million was funded, at a weighted average yield of 10.2%.

Dividends

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


•	$0.885 per share of common stock, which was paid on January 15, 2020 to shareholders of record on the close of business on January 2, 2020; and


•	$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period October 15, 2019 through and including January 14, 2020, which was paid on January 15, 2020 to shareholders of record on the close of business on January 2, 2020, 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, January 23, 2020 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 2796502.

A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using passcode 2796502. 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 December 31, 2019, SL Green held interests in 97 buildings totaling 44.0 million square feet. This included ownership interests in 26.5 million square feet of Manhattan buildings and 16.4 million square feet securing debt and preferred equity investments.

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						Twelve Months Ended
	December 31,						December 31,
	2019			2018			2019			2018
Revenues:
Rental revenue, net	$	218,495		$	216,477		$	863,061		$	864,978
Escalation and reimbursement	31,957			31,042			120,496			113,596
Investment income	42,423			57,952			195,590			201,492
Other income	15,207			11,565			59,848			47,326
Total revenues	308,082			317,036			1,238,995			1,227,392
Expenses:
Operating expenses, including related party expenses of $4,531 and $18,106 in 2019 and $4,534 and $17,823 in 2018	58,814			56,476			234,676			229,347
Real estate taxes	47,756			46,563			190,764			186,351
Operating lease rent	8,297			6,304			33,188			32,965
Interest expense, net of interest income	44,724			51,974			190,521			208,669
Amortization of deferred financing costs	3,087			2,695			11,653			12,408
Depreciation and amortization	64,090			71,458			272,358			279,507
Loan loss and other investment reserves, net of recoveries	—			5,752			—			6,839
Transaction related costs	369			426			729			1,099
Marketing, general and administrative	25,575			26,030			100,875			92,631
Total expenses	252,712			267,678			1,034,764			1,049,816

Equity in net (loss) income from unconsolidated joint ventures	(11,874		)	(2,398		)	(34,518		)	7,311
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			167,445			76,181			303,967
Purchase price and other fair value adjustment	—			—			69,389			57,385
Loss on sale of real estate, net	(19,241		)	(36,984		)	(16,749		)	(30,757		)
Depreciable real estate reserves	—			(220,852		)	(7,047		)	(227,543		)
Loss on early extinguishment of debt	—			(14,889		)	—			(17,083		)
Net income (loss)	24,255			(58,320		)	291,487			270,856
Net (income) loss attributable to noncontrolling interests in the Operating Partnership	(995		)	3,439			(13,301		)	(12,216		)
Net loss attributable to noncontrolling interests in other partnerships	635			241			3,159			6
Preferred unit distributions	(2,726		)	(2,842		)	(10,911		)	(11,384		)
Net income (loss) attributable to SL Green	21,169			(57,482		)	270,434			247,262
Perpetual preferred stock dividends	(3,737		)	(3,737		)	(14,950		)	(14,950		)
Net income (loss) attributable to SL Green common stockholders	$	17,432		$	(61,219	)	$	255,484		$	232,312

Earnings Per Share (EPS)
Net income (loss) per share (Basic)	$	0.21		$	(0.73	)	$	3.10		$	2.67
Net income (loss) per share (Diluted)	$	0.22		$	(0.73	)	$	3.11		$	2.67

Funds From Operations (FFO)
FFO per share (Basic)	$	1.76		$	1.62		$	7.04		$	6.63
FFO per share (Diluted)	$	1.75		$	1.61		$	7.00		$	6.62

Basic ownership interest
Weighted average REIT common shares for net income per share	79,517			83,967			81,733			86,753
Weighted average partnership units held by noncontrolling interests	4,250			4,220			4,275			4,562
Basic weighted average shares and units outstanding	83,767			88,187			86,008			91,315

Diluted ownership interest
Weighted average REIT common share and common share equivalents	80,070			84,156			82,287			86,968
Weighted average partnership units held by noncontrolling interests	4,250			4,220			4,275			4,562
Diluted weighted average shares and units outstanding	84,320			88,376			86,562			91,530

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)



	December 31,			December 31,
	2019			2018
Assets	(Unaudited)
Commercial real estate properties, at cost:
Land and land interests	$	1,751,544		$	1,774,899
Building and improvements	5,154,990			5,268,484
Building leasehold and improvements	1,433,793			1,423,107
Right of use asset - financing leases	47,445			47,445
Right of use asset - operating leases	396,795			—
	8,784,567			8,513,935
Less: accumulated depreciation	(2,060,560		)	(2,099,137		)
	6,724,007			6,414,798
Assets held for sale	391,664			—
Cash and cash equivalents	166,070			129,475
Restricted cash	75,360			149,638
Investment in marketable securities	29,887			28,638
Tenant and other receivables	43,968			41,589
Related party receivables	21,121			28,033
Deferred rents receivable	283,011			335,985
Debt and preferred equity investments, net of discounts and deferred origination fees of $14,562 and $22,379 and allowances of $1,750 and $5,750 in 2019 and 2018, respectively	1,580,306			2,099,393
Investments in unconsolidated joint ventures	2,912,842			3,019,020
Deferred costs, net	205,283			209,110
Other assets	332,801			295,679
Total assets	$	12,766,320		$	12,751,358

Liabilities
Mortgages and other loans payable	$	2,211,883		$	1,988,160
Revolving credit facility	240,000			500,000
Unsecured term loan	1,500,000			1,500,000
Unsecured notes	1,502,837			1,503,758
Deferred financing costs, net	(46,583		)	(50,218		)
Total debt, net of deferred financing costs	5,408,137			5,441,700
Accrued interest payable	22,148			23,154
Accounts payable and accrued expenses	166,905			147,061
Deferred revenue	114,052			94,453
Lease liability - financing leases	44,448			43,616
Lease liability - operating leases	381,671			3,603
Dividend and distributions payable	79,282			80,430
Security deposits	62,252			64,688
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities	100,000			100,000
Other liabilities	177,080			116,566
Total liabilities	6,555,975			6,115,271

Commitments and contingencies	—			—
Noncontrolling interest in the Operating Partnership	409,862			387,805
Preferred units	283,285			300,427

Equity
Stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both December 31, 2019 and December 31, 2018	221,932			221,932
Common stock, $0.01 par value 160,000 shares authorized, 80,258 and 84,739 issued and outstanding at December 31, 2019 and December 31, 2018, respectively (including 1,055 held in Treasury at both December 31, 2019 and December 31, 2018)	803			847
Additional paid-in capital	4,286,395			4,508,685
Treasury stock at cost	(124,049		)	(124,049		)
Accumulated other comprehensive (loss) income	(28,485		)	15,108
Retained earnings	1,084,719			1,278,998
Total SL Green Realty Corp. stockholders’ equity	5,441,315			5,901,521
Noncontrolling interests in other partnerships	75,883			46,334
Total equity	5,517,198			5,947,855
Total liabilities and equity	$	12,766,320		$	12,751,358

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)



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

Net income (loss) attributable to SL Green common stockholders	$	17,432		$	(61,219	)	$	255,484		$	232,312
Add:
Depreciation and amortization	64,090			71,458			272,358			279,507
Joint venture depreciation and noncontrolling interest adjustments	47,224			46,348			192,426			187,147
Net income (loss) attributable to noncontrolling interests	360			(3,680		)	10,142			12,210
Less:
Loss on sale of real estate, net	(19,241		)	(36,984		)	(16,749		)	(30,757		)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			167,445			76,181			303,967
Purchase price and other fair value adjustments	—			—			69,389			57,385
Depreciable real estate reserves	—			(220,852		)	(7,047		)	(227,543		)
Depreciation on non-rental real estate assets	742			638			2,935			2,404
FFO attributable to SL Green common stockholders	$	147,605		$	142,660		$	605,701		$	605,720



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

Net income (loss)	$	24,255		$	(58,320	)	$	291,487		$	270,856
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			(167,445		)	(76,181		)	(303,967		)
Purchase price and other fair value adjustments	—			—			(69,389		)	(57,385		)
Loss on sale of real estate, net	19,241			36,984			16,749			30,757
Depreciable real estate reserves	—			220,852			7,047			227,543
Depreciation and amortization	64,090			71,458			272,358			279,507
Interest expense, net of interest income	44,724			51,974			190,521			208,669
Amortization of deferred financing costs	3,087			2,695			11,653			12,408
Operating income	155,397			158,198			644,245			668,388

Equity in net loss (income) from unconsolidated joint ventures	11,874			2,398			34,518			(7,311		)
Marketing, general and administrative expense	25,575			26,030			100,875			92,631
Transaction related costs, net	369			426			729			1,099
Investment income	(42,423		)	(57,952		)	(195,590		)	(201,492		)
Loan loss and other investment reserves, net of recoveries	—			5,752			—			6,839
Non-building revenue	(9,392		)	(6,391		)	(31,860		)	(22,099		)
Loss on early extinguishment of debt	—			14,889			—			17,083
Net operating income (NOI)	141,400			143,350			552,917			555,138

Equity in net (loss) income from unconsolidated joint ventures	(11,874		)	(2,398		)	(34,518		)	7,311
SLG share of unconsolidated JV depreciation and amortization	46,429			46,939			189,290			187,962
SLG share of unconsolidated JV interest expense, net of interest income	37,168			37,266			153,151			144,663
SLG share of unconsolidated JV amortization of deferred financing costs	1,751			1,500			6,415			6,315
SLG share of unconsolidated JV loss on early extinguishment of debt	—			—			258			—
SLG share of unconsolidated JV investment income	(314		)	(2,751		)	(3,331		)	(12,014		)
SLG share of unconsolidated JV non-building revenue	(1,292		)	(725		)	(4,016		)	(3,636		)
NOI including SLG share of unconsolidated JVs	213,268			223,181			860,166			885,739

NOI from other properties/affiliates	(14,382		)	(17,877		)	(55,762		)	(84,595		)
Same-Store NOI	198,886			205,304			804,404			801,144

Ground lease straight-line adjustment	497			231			2,039			1,803
Joint Venture ground lease straight-line adjustment	107			258			680			1,031
Straight-line and free rent	(1,501		)	(6,036		)	(6,359		)	(15,429		)
Amortization of acquired above and below-market leases, net	(903		)	(1,185		)	(3,677		)	(5,420		)
Joint Venture straight-line and free rent	(359		)	(4,525		)	(46,125		)	(19,500		)
Joint Venture amortization of acquired above and below-market leases, net	(4,321		)	(4,225		)	(16,953		)	(15,841		)
Same-store cash NOI	$	192,406		$	189,822		$	734,009		$	747,788

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/5b52c402785b2199c07841cb9fb41f0f-cover19q4.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, redevelopment, construction and leasing.

As of December 31, 2019, the Company held interests in 97 buildings totaling 44.0 million square feet. This included ownership interests in 26.5 million square feet in Manhattan buildings and 16.4 million square feet securing debt and preferred equity investments.


•	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 where key investor relations data can be found. 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 year ended December 31, 2019 that will be released on Form 10-K to be filed on or before March 2, 2020.



Supplemental Information	2	Fourth Quarter 2019




TABLE OF CONTENTS






Supplemental Definitions	4

Highlights	5	-	9

Comparative Balance Sheets	10

Comparative Statements of Operations	12

Comparative Computation of FFO and FAD	13

Consolidated Statement of Equity	14

Joint Venture Statements	15	-	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	-	32
Largest Tenants	33
Tenant Diversification	34
Leasing Activity Summary	35	-	36
Annual Lease Expirations	37	-	38

Summary of Real Estate Acquisition/Disposition Activity	39	-	43

Corporate Information	44

Non-GAAP Disclosures and Reconciliations	45

Analyst Coverage	48



Supplemental Information	3	Fourth Quarter 2019




SUPPLEMENTAL DEFINITIONS

Annualized cash rent - Monthly base rent and escalations per the lease, as of the last day of the quarter, 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 rate. Capitalized Interest is a component of the book basis in a development or redevelopment property.

Debt service coverage - Operating Income adding back 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, which are generally incurred during the first 4-5 years following acquisition.

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

Fixed charge coverage - Operating Income adding back 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 from SLG’s unconsolidated JVs, 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 the amortization of acquired above and below-market leases 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 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 2019 are as follows:



Added to Same-Store in 2019:	Removed from Same-Store in 2019:
1515 Broadway	131-137 Spring Street (sold)
Worldwide Plaza	521 Fifth Avenue (sold)
55 West 46th Street - Tower 46	115 Spring Street (deconsolidated)
	100, 200 & 500 Summit Lake Drive (sold)
	360 Hamilton Avenue (sold)
	1010 Washington Boulevard (sold)

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.

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	Fourth Quarter 2019




FOURTH QUARTER 2019 HIGHLIGHTS Unaudited

The Company reported FFO for the quarter ended December 31, 2019 of $147.6 million, or $1.75 per share, as compared to FFO for the same period in 2018 of $142.7 million, or $1.61 per share.

The Company also reported FFO for the year ended December 31, 2019 of $605.7 million, or $7.00 per share, as compared to FFO for 2018 of $605.7 million, or $6.62 per share.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Significant leases that were signed in the fourth quarter included:


•	New lease with Amazon for 335,408 square feet at 410 10th Avenue, for 16.2 years;


•	Renewal with BMW of Manhattan, Inc. for 226,556 square feet at 555 West 57th Street, for 10.0 years;


•	New lease with Strategic Family, Inc. for 82,557 square feet at 711 Third Avenue, for 6.0 years;


•	New lease with Oak Hill Advisors for 45,954 square feet at One Vanderbilt Avenue, for 15.0 years;


•	New lease with West Monroe Partners, Inc. for 41,715 square feet at Worldwide Plaza, for 10.5 years;


•	New lease with RAD Entertainment Group for 39,436 square feet at 1515 Broadway, for 20.0 years; and


•	New lease with Greenberg Traurig for 38,098 square feet at 420 Lexington Avenue, for 15.0 years.

Investment Activity

In January, the Company closed on the acquisition of 707 Eleventh Avenue for a gross purchase price of $90.0 million. The 160,000-square-foot property will be



Supplemental Information	5	Fourth Quarter 2019




FOURTH QUARTER 2019 HIGHLIGHTS Unaudited

redeveloped into a modern, Class-A building, attracting companies across industries, including TAMI and boutique FIRE tenants.

In December, the Company closed on the sale of the development site at 562 Fifth Avenue for a sale price of $52.4 million. The transaction generated net cash proceeds to the Company of $50.9 million.

Debt and Preferred Equity Investment Activity

Dividends

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


•	$0.885 per share of common stock, which was paid on January 15, 2020 to shareholders of record on the close of business on January 2, 2020; and


•	$0.40625 per share on the Company's 6.50% Series I Cumulative Redeemable Preferred Stock for the period October 15, 2019 through and including January 14, 2020, which was paid on January 15, 2020 to shareholders of record on the close of business on January 2, 2020, 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	Fourth Quarter 2019




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



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

Earnings Per Share
Net income (loss) available to common stockholders - diluted	$	0.22		$	0.40		$	1.94	$	0.52	$	(0.73	)
Funds from operations (FFO) available to common stockholders - diluted	$	1.75		$	1.75		$	1.82	$	1.68	$	1.61

Common Share Price & Dividends
Closing price at the end of the period	$	91.88		$	81.75		$	80.37	$	89.92	$	79.08
Closing high price during period	$	92.90		$	83.38		$	92.60	$	93.47	$	96.88
Closing low price during period	$	78.50		$	76.79		$	79.59	$	77.46	$	77.63
Common dividend per share	$	0.8850		$	0.8500		$	0.8500	$	0.8500	$	0.8500

FFO payout ratio (trailing 12 months)	49.1		%	49.6		%	49.7%		50.1%		49.7%
Funds available for distribution (FAD) payout ratio (trailing 12 months)	72.9		%	92.5		%	87.3%		83.9%		86.8%

Common Shares & Units
Common shares outstanding	79,202			81,515			82,409		83,272		83,684
Units outstanding	4,196			4,258			4,259		4,261		4,131
Total common shares and units outstanding	83,398			85,773			86,668		87,533		87,815

Weighted average common shares and units outstanding - basic	83,767			86,550			87,231		87,646		88,187
Weighted average common shares and units outstanding - diluted	84,320			86,714			87,398		87,810		88,376

Market Capitalization
Market value of common equity	$	7,662,608		$	7,011,943		$	6,965,507	$	7,870,967	$	6,944,410
Liquidation value of preferred equity/units	513,285			516,285			516,285		515,285		530,427
Consolidated debt	5,554,720			5,892,756			6,140,212		5,940,440		5,591,918
Consolidated market capitalization	$	13,730,613		$	13,420,984		$	13,622,004	$	14,326,692	$	13,066,755
SLG share of unconsolidated JV debt	4,028,136			3,930,470			3,799,897		3,815,230		3,845,901
Market capitalization including SLG share of unconsolidated JVs	$	17,758,749		$	17,351,454		$	17,421,901	$	18,141,922	$	16,912,656

Consolidated debt service coverage (trailing 12 months)	3.37x			3.26x			3.20x		3.10x		3.10x
Consolidated fixed charge coverage (trailing 12 months)	2.74x			2.68x			2.63x		2.57x		2.57x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)	2.39x			2.35x			2.34x		2.30x		2.32x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)	2.06x			2.03x			2.03x		2.00x		2.02x



Supplemental Information	7	Fourth Quarter 2019




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



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

Selected Balance Sheet Data
Real estate assets before depreciation ⁽¹⁾	$	9,222,796			$	9,560,878		$	9,550,222		$	8,936,493		$	8,513,935
Investments in unconsolidated joint ventures	$	2,912,842			$	2,923,595		$	2,937,153		$	3,055,368		$	3,019,020
Debt and preferred equity investments	$	1,580,306			$	1,954,556		$	2,228,912		$	2,272,241		$	2,099,393
Cash and cash equivalents	$	166,070			$	121,751		$	148,978		$	144,323		$	129,475
Investment in marketable securities	$	29,887			$	30,208		$	29,978		$	29,406		$	28,638

Total assets	$	12,766,320			$	13,294,984		$	13,629,941		$	13,385,774		$	12,751,358

Fixed rate & hedged debt	$	3,536,286			$	3,538,829		$	3,540,487		$	3,542,126		$	3,543,476
Variable rate debt	2,018,434			⁽²⁾	2,353,927			2,599,725			2,398,314			2,048,442
Total consolidated debt	$	5,554,720			$	5,892,756		$	6,140,212		$	5,940,440		$	5,591,918
Deferred financing costs, net of amortization	(46,583		)		(56,988		)	(57,423		)	(50,376		)	(50,218		)
Total consolidated debt, net	$	5,508,137			$	5,835,768		$	6,082,789		$	5,890,064		$	5,541,700

Total liabilities	$	6,555,975			$	6,843,536		$	7,062,331		$	6,843,805		$	6,115,271

Fixed rate & hedged debt, including SLG share of unconsolidated JV debt	$	5,771,749			$	5,777,022		$	5,781,333		$	5,880,322		$	5,884,452
Variable rate debt, including SLG share of unconsolidated JV debt	3,811,107			⁽²⁾	4,046,204			4,158,776			3,875,348			3,553,367
Total debt, including SLG share of unconsolidated JV debt	$	9,582,856			$	9,823,226		$	9,940,109		$	9,755,670		$	9,437,819

Selected Operating Data
Property operating revenues	$	250,452			$	248,028		$	244,959		$	240,118		$	247,519
Property operating expenses	(114,867		)		(117,768		)	(113,309		)	(112,684		)	(109,343		)
Property NOI	$	135,585			$	130,260		$	131,650		$	127,434		$	138,176
SLG share of unconsolidated JV Property NOI	72,123				75,442			78,472			80,635			79,578
Property NOI, including SLG share of unconsolidated JV Property NOI	$	207,708			$	205,702		$	210,122		$	208,069		$	217,754
Investment income	42,423				51,518			51,618			50,031			57,952
Other income	15,207				14,088			16,447			14,106			11,565
Marketing general & administrative expenses	(25,575		)		(23,841		)	(25,480		)	(25,979		)	(26,030		)
SLG share of investment income and other income from unconsolidated JVs	1,736				1,437			2,141			3,291			3,810
Income taxes	1,027				(995		)	680			770			964
Transaction costs, including SLG share of unconsolidated JVs	(369		)		(44		)	(261		)	(55		)	(426		)
Loan loss and other investment reserves, net of recoveries	—				—			—			—			(5,752		)
Loss on early extinguishment of debt	—				—			—			—			(14,889		)
EBITDAre	$	242,157			$	247,865		$	255,267		$	250,233		$	244,948

(1) Includes assets held for sale totaling $438.2 million for 220 East 42nd Street.
(2) Does not reflect $0.6 billion of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.



Supplemental Information	8	Fourth Quarter 2019




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



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

Selected Operating Data
Property operating revenues	$	233,500	$	230,443	$	227,427	$	222,780	$	229,798
Property operating expenses	100,672		101,871		97,927		98,198		97,272
Property NOI	$	132,828	$	128,572	$	129,500	$	124,582	$	132,526

Other income - consolidated	$	3,128	$	6,210	$	4,493	$	4,572	$	1,453

SLG share of property NOI from unconsolidated JVs	$	72,111	$	76,552	$	78,979	$	80,636	$	79,580

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

Consolidated office buildings in service - square footage	12,387,091		12,387,091		12,387,091		12,387,091		12,387,091
Unconsolidated office buildings in service - square footage	11,216,183		11,216,183		11,216,183		11,676,183		11,329,183
	23,603,274		23,603,274		23,603,274		24,063,274		23,716,274

Same-Store office occupancy (consolidated + JVs)	94.7%		94.4%		94.1%		94.3%		94.5%
Same-Store office occupancy inclusive of leases signed not yet commenced	96.2%		95.3%		95.2%		95.8%		96.0%

Office Leasing Statistics
New leases commenced	19		27		25		25		33
Renewal leases commenced	19		9		7		10		11
Total office leases commenced	38		36		32		35		44

Commenced office square footage filling vacancy	122,564		170,062		74,425		132,241		60,961
Commenced office square footage on previously occupied space (M-T-M leasing) ⁽²⁾	415,750		181,226		279,649		270,602		294,886
Total office square footage commenced	538,314		351,288		354,074		402,843		355,847

Average starting cash rent psf - office leases commenced	$64.95		$77.09		$70.53		$69.38		$78.47
Previous escalated cash rent psf - office leases commenced ⁽³⁾	$48.03		$73.39		$62.82		$67.90		$71.70
Increase in new cash rent over previously escalated cash rent ^{(2) (3)}	35.2%		5.0%		12.3%		2.2%		9.4%
Average lease term	7.4		16.1		11.5		11.0		6.8
Tenant concession packages psf	$37.38		$77.97		$79.94		$67.08		$43.57
Free rent months	4.4		4.4		7.1		5.7		4.9

(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	Fourth Quarter 2019




COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



	As of
	12/31/2019				9/30/2019			6/30/2019			3/31/2019			12/31/2018
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,751,544			$	1,860,922		$	1,929,496		$	1,775,006		$	1,774,899
Building and improvements	5,154,990				5,352,144			5,749,261			5,294,612			5,268,484
Building leasehold and improvements	1,433,793				1,431,183			1,427,225			1,423,282			1,423,107
Right of use asset - financing leases	47,445				47,445			47,445			47,445			47,445
Right of use asset - operating leases	396,795				396,795			396,795			396,148			—
	8,784,567				9,088,489			9,550,222			8,936,493			8,513,935
Less: accumulated depreciation	(2,060,560		)		(2,147,395		)	(2,217,013		)	(2,154,075		)	(2,099,137		)
Net real estate	6,724,007				6,941,094			7,333,209			6,782,418			6,414,798

Other real estate investments:
Investment in unconsolidated joint ventures	2,912,842				2,923,595			2,937,153			3,055,368			3,019,020
Debt and preferred equity investments, net	1,580,306			⁽¹⁾	1,954,556			2,228,912			2,272,241			2,099,393

Assets held for sale, net	391,664			⁽²⁾	403,488			—			—			—
Cash and cash equivalents	166,070				121,751			148,978			144,323			129,475
Restricted cash	75,360				94,793			92,169			151,388			149,638
Investment in marketable securities	29,887				30,208			29,978			29,406			28,638
Tenant and other receivables, net of $12,369 of cumulative charge-offs at 12/31/2019	43,968				44,950			38,270			47,829			41,589
Related party receivables	21,121				20,030			23,686			29,458			28,033
Deferred rents receivable, net of $12,477 of cumulative charge-offs at 12/31/2019	283,011				306,431			341,659			337,099			335,985
Deferred costs, net	205,283				182,621			220,572			211,615			209,110
Other assets	332,801				271,467			235,355			324,629			295,679

Total Assets	$	12,766,320			$	13,294,984		$	13,629,941		$	13,385,774		$	12,751,358

(1) Excludes debt and preferred equity investments totaling $34.7 million with a weighted average current yield of 6.57% that are included in other balance sheet line items.
(2) Includes 220 East 42nd Street.



Supplemental Information	10	Fourth Quarter 2019




COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



	As of
	12/31/2019			9/30/2019			6/30/2019			3/31/2019			12/31/2018
Liabilities
Mortgages and other loans payable	$	2,211,883		$	2,454,684		$	2,366,907		$	2,046,906		$	1,988,160
Unsecured term loans	1,500,000			1,500,000			1,500,000			1,500,000			1,500,000
Unsecured notes	1,502,837			1,503,072			1,503,305			1,503,534			1,503,758
Revolving credit facility	240,000			335,000			670,000			790,000			500,000
Deferred financing costs	(46,583		)	(56,988		)	(57,423		)	(50,376		)	(50,218		)
Total debt, net of deferred financing costs	5,408,137			5,735,768			5,982,789			5,790,064			5,441,700
Accrued interest	22,148			27,568			25,564			28,930			23,154
Accounts payable and accrued expenses	166,905			143,361			133,473			111,899			147,061
Deferred revenue	114,052			126,321			122,941			102,598			94,453
Lease liability - financing leases	44,448			44,251			44,034			43,823			43,616
Lease liability - operating leases	381,671			384,661			387,602			389,857			—
Dividends and distributions payable	79,282			78,541			79,272			80,047			80,430
Security deposits	62,252			62,166			62,735			61,139			64,688
Liabilities related to assets held for sale	—			—			—			—			—
Junior subordinated deferrable interest debentures	100,000			100,000			100,000			100,000			100,000
Other liabilities	177,080			140,899			123,921			135,448			120,169
Total liabilities	6,555,975			6,843,536			7,062,331			6,843,805			6,115,271

Noncontrolling interest in operating partnership
(4,196 units outstanding) at 12/31/2019	409,862			401,863			401,824			412,361			387,805
Preferred units	283,285			286,285			286,285			285,285			300,427

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, 80,257
issued and outstanding at 12/31/2019, including 1,055 shares held in treasury	803			826			835			843			847
Additional paid–in capital	4,286,395			4,407,667			4,451,209			4,492,581			4,508,685
Treasury stock	(124,049		)	(124,049		)	(124,049		)	(124,049		)	(124,049		)
Accumulated other comprehensive (loss) income	(28,485		)	(40,132		)	(28,395		)	(4,005		)	15,108
Retained earnings	1,084,719			1,225,904			1,288,390			1,210,497			1,278,998
Total SL Green Realty Corp. stockholders' equity	5,441,315			5,692,148			5,809,922			5,797,799			5,901,521

Noncontrolling interest in other partnerships	75,883			71,152			69,579			46,524			46,334

Total equity	5,517,198			5,763,300			5,879,501			5,844,323			5,947,855

Total Liabilities and Equity	$	12,766,320		$	13,294,984		$	13,629,941		$	13,385,774		$	12,751,358



Supplemental Information	11	Fourth Quarter 2019




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



	Three Months Ended						Three Months Ended				Twelve Months Ended
	December 31,			December 31,				September 30,			December 31,			December 31,
	2019			2018				2019			2019			2018
Revenues
Rental revenue, net	$	218,495		$	216,477			$	215,447		$	863,061		$	864,978
Escalation and reimbursement revenues	31,957			31,042				32,581			120,496			113,596
Investment income	42,423			57,952				51,518			195,590			201,492
Other income	15,207			11,565				14,088			59,848			47,326
Total Revenues, net	308,082			317,036				313,634			1,238,995			1,227,392

Equity in net (loss) income from unconsolidated joint ventures	(11,874		)	(2,398		)		(9,864		)	(34,518		)	7,311
Loss on early extinguishment of debt	—			(14,889		)		—			—			(17,083		)

Expenses
Operating expenses	58,814			56,476				59,847			234,676			229,347
Operating lease rent	8,297			6,304				8,295			33,188			32,965
Real estate taxes	47,756			46,563				49,626			190,764			186,351
Loan loss and other investment reserves, net of recoveries	—			5,752				—			—			6,839
Transaction related costs	369			426				44			729			1,099
Marketing, general and administrative	25,575			26,030				23,841			100,875			92,631
Total Operating Expenses	140,811			141,551				141,653			560,232			549,232

Operating Income	155,397			158,198				162,117			644,245			668,388

Interest expense, net of interest income	44,724			51,974				48,112			190,521			208,669
Amortization of deferred financing costs	3,087			2,695				3,112			11,653			12,408
Depreciation and amortization	64,090			71,458				70,464			272,358			279,507
Income from Continuing Operations ⁽¹⁾	43,496			32,071				40,429			169,713			167,804

(Loss) gain on sale of real estate	(19,241		)	(36,984		)		3,541			(16,749		)	(30,757		)
Equity in net gain on sale of joint venture interest / real estate	—			167,445				—			76,181			303,967
Purchase price and other fair value adjustments	—			—				3,799			69,389			57,385
Depreciable real estate reserves	—			(220,852		)		(7,047		)	(7,047		)	(227,543		)
Net Income (loss)	24,255			(58,320		)		40,722			291,487			270,856

Net income attributable to noncontrolling interests	(360		)	3,680				(1,095		)	(10,142		)	(12,210		)
Dividends on preferred units	(2,726		)	(2,842		)		(2,732		)	(10,911		)	(11,384		)

Net Income Attributable to SL Green Realty Corp	21,169			(57,482		)		36,895			270,434			247,262

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

Net Income Attributable to Common Stockholders	$	17,432		$	(61,219	)		$	33,157		$	255,484		$	232,312

Earnings per share - Net income per share (basic)	$	0.21		$	(0.73	)		$	0.40		$	3.10		$	2.67
Earnings per share - Net income per share (diluted)	$	0.22		$	(0.73	)		$	0.40		$	3.11		$	2.67
(1) Before gains on sale and equity in net gains and depreciable real estate reserves shown below.



Supplemental Information	12	Fourth Quarter 2019




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



		Three Months Ended						Three Months Ended				Twelve Months Ended
		December 31,			December 31,				September 30,			December 31,			December 31,
		2019			2018				2019			2019			2018
Funds from Operations
Net Income Attributable to Common Stockholders		$	17,432		$	(61,219	)		$	33,157		$	255,484		$	232,312

	Depreciation and amortization	64,090			71,458				70,464			272,358			279,507
	Unconsolidated JV depreciation and noncontrolling interests adjustments	47,224			46,348				47,674			192,426			187,147
	Net income attributable to noncontrolling interests	360			(3,680		)		1,095			10,142			12,210
	Loss (gain) on sale of real estate	19,241			36,984				(3,541		)	16,749			30,757
	Equity in net gain on sale of joint venture property / real estate	—			(167,445		)		—			(76,181		)	(303,967		)
	Purchase price and other fair value adjustments	—			—				(3,799		)	(69,389		)	(57,385		)
	Depreciable real estate reserves	—			220,852				7,047			7,047			227,543
	Non-real estate depreciation and amortization	(742		)	(638		)		(740		)	(2,935		)	(2,404		)
	Funds From Operations	$	147,605		$	142,660			$	151,357		$	605,701		$	605,720

	Funds From Operations - Basic per Share	$	1.76		$	1.62			$	1.75		$	7.04		$	6.63

	Funds From Operations - Diluted per Share	$	1.75		$	1.61			$	1.75		$	7.00		$	6.62

Funds Available for Distribution
FFO		$	147,605		$	142,660			$	151,357		$	605,701		$	605,720

	Non real estate depreciation and amortization	742			638				740			2,935			2,404
	Amortization of deferred financing costs	3,087			2,695				3,112			11,653			12,408
	Non-cash deferred compensation	17,056			19,022				6,953			42,395			45,345
	FAD adjustment for joint ventures	(17,558		)	(24,123		)		(29,706		)	(99,349		)	(76,517		)
	Straight-line rental income and other non cash adjustments	(1,497		)	(10,914		)		(8,403		)	(22,616		)	(33,099		)
	Second cycle tenant improvements	(9,701		)	(43,550		)		(22,832		)	(60,202		)	(85,632		)
	Second cycle leasing commissions	(10,614		)	(11,227		)		(5,718		)	(28,287		)	(28,418		)
	Revenue enhancing recurring CAPEX	(6,264		)	(2,411		)		(558		)	(7,820		)	(4,579		)
	Non-revenue enhancing recurring CAPEX	(113		)	(35,338		)		(13,626		)	(37,446		)	(71,417		)
Reported Funds Available for Distribution		$	122,743		$	37,452			$	81,319		$	406,964		$	366,215

	First cycle tenant improvements	$	11,833		$	2,676			$	750		$	14,331		$	6,866
	First cycle leasing commissions	$	16,904		$	812			$	—		$	30,938		$	2,071
	Development costs	$	9,939		$	6,496			$	8,850		$	28,701		$	20,959
	Redevelopment costs	$	54,476		$	11,751			$	21,613		$	95,100		$	35,417
	Capitalized interest	$	14,808		$	11,377			$	15,699		$	53,035		$	34,162



Supplemental Information	13	Fourth 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													270,434			(3,159		)				267,275
Acquisition of subsidiary interest from noncontrolling interest							(569		)							(25,276		)				(25,845		)
Preferred dividends													(14,950		)							(14,950		)
Cash distributions declared ($3.435 per common share)													(279,377		)							(279,377		)
Cash distributions to noncontrolling interests																(478		)				(478		)
Other comprehensive loss - unrealized loss on derivative instruments																			(32,496		)	(32,496		)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments																			(12,281		)	(12,281		)
Other comprehensive gain - unrealized gain on marketable securities																			1,184			1,184
DRSPP proceeds							334															334
Repurchases of common stock				(46		)	(248,287		)				(136,066		)							(384,399		)
Conversion of units of the Operating Partnership to common stock							471															471
Contributions to consolidated joint ventures																58,462						58,462
Reallocation of noncontrolling interests in the Operating Partnership													(34,320		)							(34,320		)
Deferred compensation plan and stock awards, net				2			25,761															25,763
Balance at December 31, 2019	$	221,932		$	803		$	4,286,395		$	(124,049	)	$	1,084,719		$	75,883		$	(28,485	)	$	5,517,198





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	(4,481,525		)	65,296			—			(4,416,229		)
Share Count at December 31, 2019	79,202,322			4,195,875			—			83,398,197

Weighting factor	2,907,739			78,898			176,913			3,163,550
Weighted Average Share Count at December 31, 2019 - Diluted	82,110,061			4,274,773			176,913			86,561,747



Supplemental Information	14	Fourth Quarter 2019




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




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

	Total			SLG Share			Total			SLG Share			Total			SLG Share
Assets
Commercial real estate properties, at cost:
Land and land interests	$	3,902,348		$	1,886,192		$	3,903,665		$	1,886,617		$	4,280,441		$	2,053,968
Building and improvements	10,362,434			5,173,363			10,255,247			5,086,802			10,258,232			4,871,446
Building leasehold and improvements	394,503			200,176			416,668			211,258			394,587			200,220
Right of use asset - financing leases	634,822			321,864			634,822			321,864			420,770			212,697
Right of use asset - operating leases	236,519			116,376			236,519			116,376			—			—
	15,530,626			7,697,971			15,446,921			7,622,917			15,354,030			7,338,331
Less: accumulated depreciation	(1,180,998		)	(529,232		)	(1,166,763		)	(516,005		)	(1,006,357		)	(419,771		)
Net real estate	14,349,628			7,168,739			14,280,158			7,106,912			14,347,673			6,918,560


Cash and cash equivalents	260,476			131,549			226,208			112,547			214,934			106,340
Restricted cash	75,713			34,779			73,491			34,600			166,367			81,081
Debt and preferred equity investments, net	—			—			—			—			44,357			44,357
Tenant and other receivables, net of $6,701 of cumulative charge-offs at 12/31/2019, of which $3,566 is SLG share	49,259			20,835			44,472			17,418			36,041			13,058
Deferred rents receivable, net of $3,405 of cumulative charge-offs at 12/31/2019, of which $1,364 is SLG share	321,806			154,330			315,922			151,590			237,100			105,895
Deferred costs, net	209,806			117,029			189,627			105,152			179,368			96,915
Other assets	1,829,623			811,189			1,894,794			844,474			2,007,798			897,620
Total Assets	$	17,096,311		$	8,438,450		$	17,024,672		$	8,372,693		$	17,233,638		$	8,263,826

Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of $91,538 at 12/31/2019, of which $43,615 is SLG share	$	8,951,869		$	3,984,521		$	8,799,015		$	3,883,638		$	8,950,622		$	3,799,798
Accrued interest	27,078			11,645			26,911			11,393			27,343			11,594
Accounts payable and accrued expenses	242,918			125,895			233,823			122,393			234,222			127,482
Deferred revenue	1,501,616			668,791			1,535,067			684,525			1,660,838			732,505
Lease liability - financing leases	637,290			323,071			637,314			323,089			637,168			323,032
Lease liability - operating leases	260,090			127,405			261,682			128,215			—			—
Security deposits	28,859			11,333			26,960			9,966			34,007			12,190
Other liabilities	9,449			4,842			12,882			7,547			13,572			7,450
Equity	5,437,142			3,180,947			5,491,018			3,201,927			5,675,866			3,249,775
Total Liabilities and Equity	$	17,096,311		$	8,438,450		$	17,024,672		$	8,372,693		$	17,233,638		$	8,263,826



Supplemental Information	15	Fourth 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
	December 31, 2019						September 30, 2019						December 31, 2018

	Total			SLG Share			Total			SLG Share			Total			SLG Share
Revenues
Rental revenue, net	$	235,003		$	102,682		$	239,246		$	105,169		$	259,067		$	110,576
Escalation and reimbursement revenues	39,278			18,134			42,464			19,852			39,824			18,841
Investment income	1,265			314			1,264			314			2,777			2,751
Other income	4,011			1,422			3,036			1,123			3,131			1,059
Total Revenues, net	$	279,557		$	122,552		$	286,010		$	126,458		$	304,799		$	133,227

Loss on early extinguishment of debt	—			—			(1,031		)	(258		)	—			—

Expenses
Operating expenses	$	49,484		$	22,216		$	50,759		$	22,389		$	53,007		$	22,206
Operating lease rent	5,968			2,894			6,713			3,270			5,450			2,634
Real estate taxes	52,811			23,583			53,321			23,920			57,349			24,999
Total Operating Expenses	$	108,263		$	48,693		$	110,793		$	49,579		$	115,806		$	49,839

Operating Income	$	171,294		$	73,859		$	174,186		$	76,621		$	188,993		$	83,388

Interest expense, net of interest income	$	89,491		$	37,168		$	92,601		$	38,295		$	93,338		$	37,266
Amortization of deferred financing costs	4,902			1,751			4,436			1,505			4,722			1,500
Depreciation and amortization	98,949			46,429			100,736			46,557			103,345			46,939
Net (Loss) Income	$	(22,048	)	$	(11,489	)	$	(23,587	)	$	(9,736	)	$	(12,412	)	$	(2,317	)

Real estate depreciation	98,662			46,373			100,449			46,500			103,057			46,882
FFO Contribution	$	76,614		$	34,884		$	76,862		$	36,764		$	90,645		$	44,565

FAD Adjustments:
Non real estate depreciation and amortization	$	287		$	56		$	287		$	57		$	288		$	57
Amortization of deferred financing costs	4,902			1,751			4,436			1,505			4,722			1,500
Straight-line rental income and other non-cash adjustments	(12,751		)	(7,002		)	(39,890		)	(21,563		)	(22,177		)	(10,616		)
Second cycle tenant improvement	(2,297		)	(904		)	(9,755		)	(4,885		)	(16,070		)	(8,235		)
Second cycle leasing commissions	(11,332		)	(6,448		)	(2,851		)	(1,610		)	(2,784		)	(1,351		)
Revenue enhancing recurring CAPEX	(4,551		)	(2,224		)	(1,485		)	(563		)	(2,186		)	(875		)
Non-revenue enhancing recurring CAPEX	(3,658		)	(2,787		)	(5,383		)	(2,647		)	(8,942		)	(4,603		)
Total FAD Adjustments	$	(29,400	)	$	(17,558	)	$	(54,641	)	$	(29,706	)	$	(47,149	)	$	(24,123	)

First cycle tenant improvement	$	4,387		$	2,340		$	373		$	110		$	8,136		$	3,559
First cycle leasing commissions	$	6,483		$	2,478		$	123		$	75		$	7,753		$	3,475
Development costs	$	122,910		$	87,279		$	127,656		$	90,649		$	163,492		$	116,096
Redevelopment costs	$	15,048		$	5,826		$	25,822		$	13,120		$	6,320		$	3,440
Capitalized interest	$	8,510		$	6,043		$	7,164		$	5,087		$	8,265		$	5,248



Supplemental Information	16	Fourth Quarter 2019




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



	Twelve Months Ended						Twelve Months Ended
	December 31, 2019						December 31, 2018

	Total			SLG Share			Total			SLG Share
Revenues
Rental revenue, net	$	980,587		$	427,893		$	1,058,323		$	452,018
Escalation and reimbursement revenues	157,237			73,261			161,560			75,966
Investment income	11,597			3,331			12,804			12,014
Other income	14,113			5,274			12,117			4,566
Total Revenues, net	$	1,163,534		$	509,759		$	1,244,804		$	544,564

Loss on early extinguishment of debt	(1,031		)	(258		)	—			—

Expenses
Operating expenses	$	202,881		$	88,144		$	219,440		$	91,220
Operating lease rent	24,816			12,050			18,697			8,985
Real estate taxes	212,355			94,288			226,961			97,969
Total Operating Expenses	$	440,052		$	194,482		$	465,098		$	198,174

Operating Income	$	722,451		$	315,019		$	779,706		$	346,390

Interest expense, net of interest income	$	372,408		$	153,151		$	363,055		$	144,663
Amortization of deferred financing costs	19,336			6,415			21,634			6,315
Depreciation and amortization	407,697			189,290			421,458			187,962
Net (Loss) income	$	(76,990	)	$	(33,837	)	$	(26,441	)	$	7,450

Real estate depreciation	406,545			189,064			420,279			187,733
FFO Contribution	$	329,555		$	155,227		$	393,838		$	195,183

FAD Adjustments:
Non real estate depreciation and amortization	$	1,152		$	226		$	1,179		$	229
Amortization of deferred financing costs	19,336			6,415			21,634			6,315
Straight-line rental income and other non-cash adjustments	(132,251		)	(70,977		)	(87,110		)	(43,520		)
Second cycle tenant improvement	(27,108		)	(13,383		)	(66,815		)	(25,360		)
Second cycle leasing commissions	(16,763		)	(9,281		)	(13,048		)	(5,159		)
Revenue enhancing recurring CAPEX	(7,322		)	(3,250		)	(3,594		)	(1,181		)
Non-revenue enhancing recurring CAPEX	(17,926		)	(9,099		)	(15,389		)	(7,841		)
Total FAD Adjustments	$	(180,882	)	$	(99,349	)	$	(163,143	)	$	(76,517	)

First cycle tenant improvement	$	16,567		$	7,535		$	107,269		$	55,757
First cycle leasing commissions	$	6,984		$	2,746		$	12,125		$	4,670
Development costs	$	546,941		$	388,385		$	527,130		$	359,067
Redevelopment costs	$	45,209		$	20,580		$	31,469		$	17,173
Capitalized Interest	$	26,174		$	18,586		$	45,540		$	27,376



Supplemental Information	17	Fourth Quarter 2019




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



	Three Months Ended						Three Months Ended				Twelve Months Ended
	December 31,			December 31,				September 30,			December 31,			December 31,
	2019			2018				2019			2019			2018

Net Operating Income⁽¹⁾	$	145,930		$	144,968			$	135,744		$	555,537		$	553,732
SLG share of property NOI from unconsolidated JVs	73,256			80,725				76,552			311,081			334,049
NOI including SLG share of unconsolidated JVs	$	219,186		$	225,693			$	212,296		$	866,618		$	887,781
Partners' share of NOI - consolidated JVs	(520		)	(704		)		(536		)	(2,052		)	(2,369		)
NOI - SLG share	$	218,666		$	224,989			$	211,760		$	864,566		$	885,412

NOI, including SLG share of unconsolidated JVs	$	219,186		$	225,693			$	212,296		$	866,618		$	887,781
Free rent (net of amortization)	(6,044		)	(6,092		)		(16,729		)	(55,231		)	(21,468		)
Amortization of acquired above and below-market leases, net	(5,229		)	(5,803		)		(5,281		)	(21,622		)	(23,612		)
Straight-line revenue adjustment	(853		)	(6,878		)		(5,822		)	(16,346		)	(22,621		)
Straight-line tenant credit loss	168			(468		)		848			3,769			(1,358		)
Operating lease straight-line adjustment	872			444				888			3,720			3,781
Cash NOI, including SLG share of unconsolidated JVs	$	208,100		$	206,896			$	186,200		$	780,908		$	822,503
Partners' share of cash NOI - consolidated JVs	(608		)	(614		)		(564		)	(2,178		)	(2,221		)
Cash NOI - SLG share	$	207,492		$	206,282			$	185,636		$	778,730		$	820,282


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




NOI Summary by Portfolio ⁽¹⁾ - SLG Share

	Three Months Ended December 31, 2019				Twelve Months Ended December 31, 2019
	Three Months Ended December 31, 2019				Twelve Months Ended December 31, 2019
	NOI		Cash NOI		NOI		Cash NOI

Manhattan Operating Properties	$	181,271	$	172,871	$	726,890	$	653,007
Retail Operating Properties	11,978		11,507		51,719		47,564
Residential Operating Properties	8,305		8,124		32,160		31,522
Suburban Operating Properties	2,889		3,119		11,352		11,916
Development/Redevelopment	2,534		864		3,452		788
Total Operating and Development	206,977		196,485		825,573		744,797
Property Dispositions	6,504		5,716		31,709		26,233
Other⁽²⁾	5,185		5,291		7,284		7,700
Total	$	218,666	$	207,492	$	864,566	$	778,730


⁽¹⁾ Portfolio composition consistent with property tables found on pages 28-30
⁽²⁾ Includes SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company



Supplemental Information	18	Fourth Quarter 2019




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



		Three Months Ended								Three Months Ended				Twelve Months Ended
		December 31,			December 31,						September 30,			December 31,			December 31,
		2019			2018			%			2019			2019			2018			%
Revenues
	Rental revenue, net	$	203,920		$	202,611		0.6	%		$	200,938		$	807,141		$	796,218		1.4	%
	Escalation & reimbursement revenues	30,181			28,584			5.6	%		30,738			113,844			106,605			6.8	%
	Other income	3,229			1,461			121.0	%		6,217			14,373			6,987			105.7	%
	Total Revenues	$	237,330		$	232,656		2.0	%		$	237,893		$	935,358		$	909,810		2.8	%


Expenses
	Operating expenses	$	49,356		$	47,800		3.3	%		$	49,212		$	195,405		$	191,769		1.9	%
	Operating lease rent	8,297			8,015			3.5	%		8,295			33,188			32,938			0.8	%
	Real estate taxes	45,761			44,696			2.4	%		47,638			182,959			174,517			4.8	%
		$	103,414		$	100,511		2.9	%		$	105,145		$	411,552		$	399,224		3.1	%

	Operating Income	$	133,916		$	132,145		1.3	%		$	132,748		$	523,806		$	510,586		2.6	%

	Interest expense & amortization of financing costs	$	17,550		$	22,139		(20.7	)%		$	17,524		$	69,717		$	101,470		(31.3	)%
	Depreciation & amortization	54,983			62,305			(11.8	)%		59,755			232,558			240,783			(3.4	)%

	Income before noncontrolling interest	$	61,383		$	47,701		28.7	%		$	55,469		$	221,531		$	168,333		31.6	%
Plus:	Real estate depreciation & amortization	54,920			62,242			(11.8	)%		59,692			232,305			240,522			(3.4	)%
	FFO Contribution	$	116,303		$	109,943		5.8	%		$	115,161		$	453,836		$	408,855		11.0	%

Less:	Non–building revenue	1,852			162			1,043.2	%		2,664			4,663			592			687.7	%

Plus:	Interest expense & amortization of financing costs	17,550			22,139			(20.7	)%		17,524			69,717			101,470			(31.3	)%
	Non-real estate depreciation	63			63			—	%		63			253			261			(3.1	)%
	NOI	$	132,064		$	131,983		0.1	%		$	130,084		$	519,143		$	509,994		1.8	%

Cash Adjustments
Less:	Free rent (net of amortization)	$	2,906		$	7,169		(59.5	)%		$	3,638		$	17,058		$	23,139		(26.3	)%
	Straight-line revenue adjustment	(1,242		)	(1,140		)	8.9	%		(1,265		)	(6,894		)	(8,622		)	(20.0	)%
	Amortization of acquired above and below-market leases, net	903			1,185			(23.8	)%		904			3,677			5,420			(32.2	)%
Plus:	Operating lease straight-line adjustment	497			231			115.2	%		514			2,039			1,803			13.1	%
	Straight-line tenant credit loss	163			(7		)	(2,429	)%		786			3,805			(912		)	(517.2	)%
	Cash NOI	$	130,157		$	124,993		4.1	%		$	128,107		$	511,146		$	490,948		4.1	%

Operating Margins
	NOI to real estate revenue, net	56.1		%	56.8		%				55.3		%	55.8		%	56.1		%
	Cash NOI to real estate revenue, net	55.3		%	53.8		%				54.5		%	54.9		%	54.0		%

	NOI before operating lease rent/real estate revenue, net	59.6		%	60.2		%				58.8		%	59.3		%	59.7		%
	Cash NOI before operating lease rent/real estate revenue, net	58.6		%	57.1		%				57.8		%	58.3		%	57.4		%



Supplemental Information	19	Fourth Quarter 2019




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



		Three Months Ended								Three Months Ended				Twelve Months Ended
		December 31,			December 31,						September 30,			December 31,			December 31,
		2019			2018			%			2019			2019			2018			%
Revenues
	Rental revenue, net	$	94,018		$	99,546		(5.6	)%		$	97,457		$	389,580		$	395,960		(1.6	)%
	Escalation & reimbursement revenues	17,776			18,012			(1.3	)%		19,715			71,310			72,175			(1.2	)%
	Other income	780			518			50.6	%		567			3,017			1,666			81.1	%
	Total Revenues	$	112,574		$	118,076		(4.7	)%		$	117,739		$	463,907		$	469,801		(1.3	)%


Expenses
	Operating expenses	$	20,992		$	20,043		4.7	%		$	21,543		$	82,573		$	82,340		0.3	%
	Operating lease rent	1,804			1,921			—	%		1,927			7,589			7,714			—	%
	Real estate taxes	22,310			22,619			(1.4	)%		22,263			86,750			87,915			(1.3	)%
		$	45,106		$	44,583		1.2	%		$	45,733		$	176,912		$	177,969		(0.6	)%

	Operating Income	$	67,468		$	73,493		(8.2	)%		$	72,006		$	286,995		$	291,832		(1.7	)%

	Interest expense & amortization of financing costs	$	33,146		$	34,761		(4.6	)%		$	34,571		$	137,500		$	134,438		2.3	%
	Depreciation & amortization	41,375			41,666			(0.7	)%		40,822			165,591			167,005			(0.8	)%

	Loss before noncontrolling interest	$	(7,053	)	$	(2,934	)	140.4	%		$	(3,387	)	$	(16,096	)	$	(9,611	)	67.5	%
Plus:	Real estate depreciation & amortization	41,318			41,610			(0.7	)%		40,765			165,365			166,780			(0.8	)%
	FFO Contribution	$	34,265		$	38,676		(11.4	)%		$	37,378		$	149,269		$	157,169		(5.0	)%

Less:	Non–building revenue	646			172			275.6	%		233			1,734			682			154.3	%

Plus:	Interest expense & amortization of financing costs	33,146			34,761			(4.6	)%		34,571			137,500			134,438			2.3	%
	Non-real estate depreciation	57			56			—	%		57			226			225			0.4	%
	NOI	$	66,822		$	73,321		(8.9	)%		$	71,773		$	285,261		$	291,150		(2.0	)%

Cash Adjustments
Less:	Free rent (net of amortization)	$	786		$	(1,527	)	(151.5	)%		$	11,150		$	32,261		$	(3,175	)	(1,116.1	)%
	Straight-line revenue adjustment	(427		)	6,052			(107.1	)%		4,589			14,162			22,675			(37.5	)%
	Amortization of acquired above and below-market leases, net	4,321			4,225			2.3	%		4,122			16,953			15,841			7.0	%
Plus:	Operating lease straight-line adjustment	107			258			—	%		107			680			1,031			—	%
	Straight-line tenant credit loss	—			—			—	%		—			298			—			—	%
	Cash NOI	$	62,249		$	64,829		(4.0	)%		$	52,019		$	222,863		$	256,840		(13.2	)%

Operating Margins
	NOI to real estate revenue, net	59.7		%	62.2		%				61.1		%	61.7		%	62.1		%
	Cash NOI to real estate revenue, net	55.6		%	55.0		%				44.3		%	48.2		%	54.7		%

	NOI before operating lease rent/real estate revenue, net	61.3		%	63.8		%				62.7		%	63.4		%	63.7		%
	Cash NOI before operating lease rent/real estate revenue, net	57.1		%	56.4		%				45.8		%	49.7		%	56.2		%



Supplemental Information	20	Fourth Quarter 2019




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



		Three Months Ended								Three Months Ended				Twelve Months Ended
		December 31,			December 31,						September 30,			December 31,			December 31,
		2019			2018			%			2019			2019			2018			%
Revenues
	Rental revenue, net	$	203,920		$	202,611		0.6	%		$	200,938		$	807,141		$	796,218		1.4	%
	Escalation & reimbursement revenues	30,181			28,584			5.6	%		30,738			113,844			106,605			6.8	%
	Other income	3,229			1,461			121.0	%		6,217			14,373			6,987			105.7	%
	Total Revenues	$	237,330		$	232,656		2.0	%		$	237,893		$	935,358		$	909,810		2.8	%

	Equity in Net Loss from Unconsolidated Joint Ventures ⁽¹⁾	$	(7,053	)	$	(2,934	)	140.4	%		$	(3,387	)	$	(16,096	)	$	(9,611	)	67.5	%
Expenses
	Operating expenses	$	49,356		$	47,800		3.3	%		$	49,212		$	195,405		$	191,769		1.9	%
	Operating lease rent	8,297			8,015			3.5	%		8,295			33,188			32,938			0.8	%
	Real estate taxes	45,761			44,696			2.4	%		47,638			182,959			174,517			4.8	%
		$	103,414		$	100,511		2.9	%		$	105,145		$	411,552		$	399,224		3.1	%

	Operating Income	$	126,863		$	129,211		(1.8	)%		$	129,361		$	507,710		$	500,975		1.3	%

	Interest expense & amortization of financing costs	$	17,550		$	22,139		(20.7	)%		$	17,524		$	69,717		$	101,470		(31.3	)%
	Depreciation & amortization	54,983			62,305			(11.8	)%		59,755			232,558			240,783			(3.4	)%

	Income before noncontrolling interest	$	54,330		$	44,767		21.4	%		$	52,082		$	205,435		$	158,722		29.4	%
Plus:	Real estate depreciation & amortization	54,920			62,242			(11.8	)%		59,692			232,305			240,522			(3.4	)%
	Joint Ventures Real estate depreciation & amortization ⁽¹⁾	41,318			41,610			(0.7	)%		40,765			165,365			$	166,780		(0.8	)%
	FFO Contribution	$	150,568		$	148,619		1.3	%		$	152,539		$	603,105		$	566,024		6.6	%

Less:	Non–building revenue	$	1,852		$	162		1,043.2	%		$	2,664		$	4,663		$	592		687.7	%
	Joint Ventures Non–building revenue ⁽¹⁾	646			172			275.6	%		233			1,734			682			154.3	%

Plus:	Interest expense & amortization of financing costs	17,550			22,139			(20.7	)%		17,524			69,717			101,470			(31.3	)%
	Joint Ventures Interest expense & amortization of financing costs ⁽¹⁾	33,146			34,761			(4.6	)%		34,571			137,500			134,438			2.3	%
	Non-real estate depreciation	63			63			—	%		63			253			261			(3.1	)%
	Joint Ventures Non-real estate depreciation ⁽¹⁾	57			56			1.8	%		57			226			225			0.4	%
	NOI	$	198,886		$	205,304		(3.1	)%		$	201,857		$	804,404		$	801,144		0.4	%

Cash Adjustments
	Non-cash adjustments	$	(1,907	)	$	(6,990	)	(72.7	)%		$	(1,977	)	$	(7,997	)	$	(19,046	)	(58.0	)%
	Joint Venture non-cash adjustments ⁽¹⁾	(4,573		)	(8,492		)	(46.1	)%		(19,754		)	(62,398		)	(34,310		)	81.9	%
	Cash NOI	$	192,406		$	189,822		1.4	%		$	180,126		$	734,009		$	747,788		(1.8	)%

Operating Margins
	NOI to real estate revenue, net	57.2		%	58.6		%				57.2		%	57.8		%	58.1		%
	Cash NOI to real estate revenue, net	55.4		%	54.2		%				51.1		%	52.7		%	54.3		%

	NOI before operating lease rent/real estate revenue, net	60.2		%	61.4		%				60.1		%	60.7		%	61.1		%
	Cash NOI before operating lease rent/real estate revenue, net	58.1		%	56.9		%				53.8		%	55.4		%	57.0		%

⁽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	Fourth Quarter 2019




DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands)



				Principal					2020		Initial		Principal		As-Of
			Ownership	Outstanding					Principal		Maturity		Due at		Right	Earliest
Fixed rate debt			Interest (%)	12/31/2019			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	209,296			4.68%		4,421		Jul-22		197,784		—	Apr-22
	420 Lexington Avenue		100.0	299,165			3.99%		5,130		Oct-24		272,749		—	Jul-24
	400 East 58th Street		90.0	39,094			3.00%		863		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	35,123			3.59%		705		Feb-27		29,527		—	Open
	315 West 33rd Street - The Olivia		100.0	250,000			4.17%		—		Feb-27		250,000		—	Open
				$	1,383,449		4.24%		$	11,119			$	1,334,671
Unsecured fixed rate debt
	Unsecured notes			$	250,000		7.75%		$	—	Mar-20		$	250,000	—	Open
	Unsecured notes			499,695			3.25%		—		Oct-22		500,000		—	Open
	Unsecured notes			303,142			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
				$	2,152,837		3.97%		$	—			$	2,150,000

		Total Fixed Rate Debt		$	3,536,286		4.07%		$	11,119			$	3,484,671
Floating rate debt
Secured floating rate debt
	FHLB Facility (LIBOR + 26 bps)			$	10,000		2.02%		$	—	Jan-20		$	10,000	—	Open
	FHLB Facility (LIBOR + 31.5 bps)			15,000			2.08%		—		Feb-20		15,000		—	Open
	FHLB Facility (LIBOR + 17 bps)			14,500			1.93%		—		Jun-20		14,500		—	Open
	Debt & preferred equity facility (LIBOR + 219 bps)			152,684			3.96%	(4)	—		Jun-20		152,684		Jun-22	Open
	133 Greene Street (LIBOR + 200 bps)		100.0	15,523			3.76%		—		Aug-20		15,523		—	Open
	106 Spring Street (LIBOR + 250 bps)		100.0	38,025			4.26%		—		Jan-21		38,025		—	Open
	609 Fifth Avenue (LIBOR + 240 bps)		100.0	53,773			4.16%		—		Mar-21		53,773		Mar-22	Open
	185 Broadway (LIBOR + 285 bps)		100.0	120,110			4.61%		—		Nov-21		120,110		—	Open
	712 Madison Avenue (LIBOR + 185 bps)		100.0	28,000			3.61%		—		Dec-21		28,000		—	Open
	410 Tenth Avenue (LIBOR + 222.5 bps)		70.9	330,819			3.99%		—		May-22		330,819		—	Open
	719 Seventh Avenue (LIBOR + 120 bps)		75.0	50,000			2.96%		—		Sep-23		50,000		—	Open
				$	828,434		3.92%		$	—			$	828,434
Unsecured floating rate debt
	Unsecured notes (3mo. LIBOR + 98 bps)			$	350,000		2.89%		$	—	Aug-21		$	350,000	—	Open
	Revolving credit facility (LIBOR + 100 bps)			240,000			2.76%		—		Mar-22		240,000		Mar-23	Open
	Term loan (LIBOR + 110 bps)			300,000			2.86%		—		Mar-23		300,000		—	Open
	Term loan (LIBOR + 100 bps)			200,000			2.76%		—		Nov-24		200,000		—	Open
	Junior subordinated deferrable interest debentures (3mo. LIBOR + 125 bps)			100,000			3.16%		—		Jul-35		100,000		—	Open
				$	1,190,000		2.86%		$	—			$	1,190,000

		Total Floating Rate Debt		$	2,018,434		3.30%		$	—			$	2,018,434

		Total Debt - Consolidated		$	5,554,720		3.79%		$	11,119			$	5,503,105

		Deferred financing costs		(46,583		)
		Total Debt - Consolidated, net		$	5,508,137		3.79%

		Total Debt - Joint Venture, net		$	3,984,521		3.98%

	Total Debt including SLG share of unconsolidated JV Debt			$	9,582,856		3.87%
	Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt			$	9,991,809		3.91%

(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 1.76% or the 3-month LIBOR rate at the end of the quarter of 1.91%. 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 on early repayment.
(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	Fourth Quarter 2019




DEBT SUMMARY SCHEDULE Unconsolidated JVs Unaudited (Dollars in Thousands)



				Principal Outstanding									2020			Initial		Principal			As-Of
			Ownership	12/31/19									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)
	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	838,546				476,872			3.93%		10,202			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	97,735				40,072			3.00%		884			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	196,112			(3)	11,289			3.50%		94			Various	(3)	10,114			—	Open
	Total Fixed Rate Debt			$	5,351,721			$	2,235,463		4.07%	(4)	$	11,180				$	2,172,605
Floating rate debt
	10 East 53rd Street (LIBOR + 225 bps)		55.0	$	170,000			$	93,500		4.01%		$	—		Feb-20		$	93,500		—	Open
	280 Park Avenue (LIBOR + 173 bps)		50.0	1,200,000				600,000			3.49%		—			Sep-20		600,000			Sep-24	Open
	1552 Broadway (LIBOR + 265 bps)		50.0	195,000				97,500			4.41%		—			Oct-20		97,500			—	Open
	121 Greene Street (LIBOR + 150 bps)		50.0	15,000				7,500			3.26%		—			Nov-20		7,500			—	Open
	11 West 34th Street (LIBOR + 145 bps)		30.0	23,000				6,900			3.21%		—			Jan-21		6,900			Jan-23	Open
	100 Park Avenue (LIBOR + 175 bps)		49.9	356,972				178,129			3.51%		1,934			Feb-21		175,858			—	Open
	One Vanderbilt (LIBOR + 250 bps)		71.0	732,928				520,452			4.51%		—			Sep-21		520,452			—	Open
	2 Herald Square (LIBOR + 145 bps)		51.0	190,000				96,900			3.21%		—			Nov-21		96,900			—	Open
	55 West 46th Street - Tower 46 (LIBOR + 125 bps)		25.0	192,524				48,131			3.01%		—			Aug-22		48,131			—	Open
	115 Spring Street (LIBOR + 340 bps)		51.0	65,550				33,431			5.16%		—			Sep-23		33,431			—	Open
	605 West 42nd Street - Sky (LIBOR + 144 bps)		20.0	550,000				110,000			3.20%		—			Aug-27		110,000			—	Open
	21 East 66th Street (T 12 mos + 275 bps)		32.3	712				230			4.34%		14			Jun-33		2			—	Open
	Total Floating Rate Debt			$	3,691,686			$	1,792,673		3.85%	(4)	$	1,948				$	1,790,174
	Total unconsolidated JV Debt			$	9,043,407			$	4,028,136		3.98%	(4)	$	13,128				$	3,962,779
		Deferred financing costs		(91,538		)		(43,615		)
	Total unconsolidated JV Debt, net			$	8,951,869			$	3,984,521		3.98%

(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 1.76%. 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 on early repayment.
(3) Amount is comprised of $132.6 million and $63.5 million in fixed-rate mortgages that mature in April 2028 and July 2029, respectively.
(4) 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		$	3,536,286
	Total Debt / Total Assets		38.3%	Less than 60%											SLG Share of JV			2,235,463
	Fixed Charge Coverage		2.58x	Greater than 1.4x									Total Fixed Rate Debt					$	5,771,749		60.2%
	Maximum Secured Indebtedness		15.6%	Less than 50%
	Maximum Unencumbered Leverage Ratio		40.9%	Less than 60%									Floating Rate Debt
																Consolidated		$	2,018,434
	Unsecured Notes Covenants														SLG Share of JV			1,792,673
			Actual	Required														3,811,107			39.8%
	Total Debt / Total Assets		39.2%	Less than 60%								Debt & Preferred Equity and Other Investments						(618,885		)	(6.5)%
	Secured Debt / Total Assets		21.0%	Less than 40%									Total Floating Rate Debt					$	3,192,222		33.3%
	Debt Service Coverage		2.85x	Greater than 1.5x
	Unencumbered Assets / Unsecured Debt		307.5%	Greater than 150%												Total Debt		$	9,582,856



Supplemental Information	23	Fourth Quarter 2019




SUMMARY OF GROUND LEASE ARRANGEMENTS Unaudited (Dollars in Thousands)




	2020 Scheduled			2021 Scheduled			2022 Scheduled				2023 Scheduled					Lease		Year of Final
Property	Cash Payment			Cash Payment			Cash Payment				Cash Payment				Liabilities ⁽¹⁾			Expiration ⁽²⁾

Consolidated Ground Lease Arrangements

Operating Leases
1185 Avenue of the Americas		$	6,909		$	6,909		$	6,909			$	6,909			$	95,694	2043
625 Madison Avenue		4,613			4,613			2,306		(3)		—		(3)		10,982		2054
420 Lexington Avenue		11,174			11,199			11,199				11,199				181,147		2080
711 Third Avenue		5,500			5,500			5,500				5,500				55,557		2083	(4)
461 Fifth Avenue		2,100			2,250			2,400				2,400				14,967		2084	(5)
1055 Washington Blvd, Stamford		615			615			615				615				10,091		2090
1080 Amsterdam Avenue		314			314			314				314				7,271		2111
30 East 40th Street		212			229			229				229				5,340		2114
Other		71			73			76				78				622		Various
Total		$	31,508		$	31,702		$	29,548			$	27,244			$	381,671

Financing Leases
1080 Amsterdam Avenue		$	436		$	436		$	436			$	436			$	22,342	2111
30 East 40th Street		2,183			2,358			2,358				2,358				22,106		2114
Total		$	2,619		$	2,794		$	2,794			$	2,794			$	44,448

Unconsolidated Joint Venture Ground Lease Arrangements (SLG Share)

Operating Leases
650 Fifth Avenue (Floors 4-6)		$	1,645		$	1,659		$	1,790			$	1,790			$	18,586	2053
650 Fifth Avenue (Floors b-3)		1,284			1,284			1,284				1,300				27,460		2062
1560 Broadway		6,811			6,861			6,861				6,935				76,079		2114
333 East 22nd Street		217			222			238				238				5,280		2115
Total		$	9,957		$	10,026		$	10,173			$	10,263			$	127,405

Financing Leases
650 Fifth Avenue (Floors b-3)		$	6,695		$	6,695		$	6,695			$	6,786			$	97,362	2062
2 Herald Square		6,934			7,107			7,285				7,467				225,709		2077	(5)
Total		$	13,629		$	13,802		$	13,980			$	14,253			$	323,071

(1) Per the balance sheet at December 31, 2019.
(2) Reflects exercise of all available renewal options.
(3) Reflects known cash payments through ground rent reset date.
(4) Reflects 50% of the annual ground rent payment as the Company owns 50% of the fee interest.
(5) The Company has an option to purchase the ground lease for a fixed price on a specific date.



Supplemental Information	24	Fourth 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⁾

12/31/2018		$	2,099,393				$	2,053,632		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				$	2,239,180		8.76%		8.78%

Debt investment originations/fundings/accretion⁽⁴⁾		98,878
Preferred Equity investment originations/accretion⁽⁴⁾		3,807
Redemptions/Sales/Syndications/Amortization		(146,014		)
6/30/2019		$	2,228,912				$	2,216,132		8.99%		9.05%

Debt investment originations/fundings/accretion⁽⁴⁾		33,009
Preferred Equity investment originations/accretion⁽⁴⁾		3,746
Redemptions/Sales/Syndications/Amortization		(311,111		)
9/30/2019		$	1,954,556				$	2,115,865		9.05%		8.96%

Debt investment originations/fundings/accretion⁽⁴⁾		92,927
Preferred Equity investment originations/accretion⁽⁴⁾		3,767
Redemptions/Sales/Syndications/Amortization		(470,944		)
12/31/2019		$	1,580,306		⁽⁵⁾		$	1,818,175		8.48%		8.60%


(1) Net of unamortized fees, discounts, and premiums.
(2) Excludes accelerated fee income resulting from early repayment.
(3) Calculated based on GAAP 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 debt and preferred equity investments totaling $34.7 million with a weighted average current yield of 6.54% that are included in other balance sheet line items.



Supplemental Information	25	Fourth 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 ⁽¹⁾⁽²⁾

Senior Mortgage Debt	$	341,513	$	1,010	$	342,523		$	—		$	453		7.43%		7.60%

Junior Mortgage Participation	31,960		—		31,960			100,000			$	6,747		8.37%		8.27%

Mezzanine Debt	245,411		721,175		966,587			5,188,939			$	839		8.63%		8.72%

Preferred Equity	—		239,236		239,236			272,000			$	812		9.47%		9.63%

Balance as of 12/31/19	$	618,884	$	961,421	$	1,580,306	⁽³⁾	$	5,560,939		$	871		8.48%		8.60%

(1) Excludes accelerated fee income resulting from early repayment.
(2) Calculated based on GAAP 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 $34.7 million with a weighted average current yield of 6.54% that are included in other balance sheet line items.



	Debt and Preferred Equity Principal Maturity Profile ⁽¹⁾
	2020	2021	2022	2023	2024 & Thereafter
Floating Rate	350,141	254,825	13,918	—	—
Fixed Rate	419,520	3,500	212,530	207,672	118,200
Sub-total	769,661	258,325	226,448	207,672	118,200


(1) The weighted average maturity of the outstanding balance is 1.78 years. Approximately 57.3% 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 2.71 years.



Supplemental Information	26	Fourth 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		12/31/2019		Type	Location	Financing		Last $ PSF ⁽²⁾			Of Quarter ⁽³⁾

Mezzanine Loan		$	222,775	Office	Manhattan	$	1,160,000		$	1,205	9.31%

Mezzanine Loan		215,737		Fee	Manhattan	326,574			$	930	8.58%

Mezzanine Loan and Preferred Equity		153,315		Office	Manhattan	1,768,000			$	1,045	11.02%

Preferred Equity		141,171		Office	Manhattan	272,000			$	651	7.20%

Mortgage Loan		106,473		Office	Manhattan	—			$	350	5.05%

Mortgage and Mezzanine Loans		96,570		Residential	Manhattan	—			$	831	7.48%

Mortgage and Mezzanine Loans		82,696		Residential	Manhattan	—			$	823	10.98%

Mortgage and Mezzanine Loans		69,839		Multi-Family Rental	Brooklyn	—			$	115	9.62%

Mortgage and Mezzanine Loans		55,573		Multi-Family Rental/Retail	Manhattan	—			$	718	8.37%

Mezzanine Loan		51,387		Office	Brooklyn	421,938			$	85	10.57%

Total		$	1,195,536			$	3,948,512				8.77%


(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 GAAP income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter.



Supplemental Information	27	Fourth 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		Dec-19		Sep-19		Jun-19		Mar-19		Dec-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		93.5		93.9		93.9		94.9		94.3			$5,195		0.3	54
100 Church Street	100.0	Downtown	Fee Interest	1	1,047,500	4.4		99.3		99.3		99.3		99.6		99.6		49,234		5.9	4.0	19
110 East 42nd Street	100.0	Grand Central	Fee Interest	1	215,400	0.9		83.0		84.9		84.0		85.4		79.2		11,159		1.3	0.9	25
110 Greene Street	100.0	Soho	Fee Interest	1	223,600	0.9		94.3		93.1		93.3		90.3		77.3		15,999		1.9	1.3	61
125 Park Avenue	100.0	Grand Central	Fee Interest	1	604,245	2.6		95.0		95.6		95.5		94.5		99.5		43,382		5.2	3.5	25
220 East 42nd Street	100.0	Grand Central	Fee Interest	1	1,135,000	4.8		97.0		97.0		90.9		90.9		88.8		68,321		8.2	5.5	37
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	215,000	0.9		95.9		96.1		100.0		97.8		100.0		15,076		1.8	1.2	8
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1	1,188,000	5.0		92.0		91.2		93.0		93.1		95.7		81,640		9.8	6.6	189
461 Fifth Avenue	100.0	Midtown	Leasehold Interest ⁽¹⁾	1	200,000	0.8		87.3		90.6		82.2		79.0		79.0		16,729		2.0	1.3	12
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	921,000	3.9		90.4		84.2		84.2		84.2		81.0		58,540		7.0	4.7	30
555 West 57th Street	100.0	Midtown West	Fee Interest	1	941,000	4.0		99.9		99.9		99.9		99.9		99.9		45,917		5.5	3.7	9
625 Madison Avenue	100.0	Plaza District	Leasehold Interest	1	563,000	2.4		98.1		97.1		97.1		98.0		98.8		60,395		7.2	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		10,112		1.2	0.8	2
641 Sixth Avenue	100.0	Midtown South	Fee Interest	1	163,000	0.7		100.0		100.0		100.0		100.0		100.0		15,531		1.9	1.2	6
711 Third Avenue	100.0 ⁽²⁾	Grand Central North	Leasehold Interest ⁽²⁾	1	524,000	2.2		97.0		97.0		97.0		97.0		93.7		36,508		4.4	2.9	22
750 Third Avenue	100.0	Grand Central North	Fee Interest	1	780,000	3.3		91.2		92.7		92.7		93.3		98.0		46,204		5.5	3.7	27
810 Seventh Avenue	100.0	Times Square	Fee Interest	1	692,000	2.9		93.0		94.1		93.8		97.6		97.6		47,722		5.7	3.8	48
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1	1,062,000	4.5		92.7		92.7		92.7		85.6		85.5		94,733		11.3	7.6	14
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	562,000	2.4		91.7		91.0		91.2		89.5		89.8		43,035		5.2	3.5	41
1 Madison Avenue	100.0	Park Avenue South	Fee Interest	1	1,176,900	5.0		100.0		100.0		100.0		100.0		100.0		74,842		9.0	6.0	4

Subtotal / Weighted Average				20	12,387,091	52.5	%	95.1	%	94.7	%	94.2	%	93.7	%	93.7	%		$840,271	100.0%	67.3%	657

Total / Weighted Average Consolidated Properties				20	12,387,091	52.5	%	95.1	%	94.7	%	94.2	%	93.7	%	93.7	%		$840,271	100.0%	67.3%	657


UNCONSOLIDATED PROPERTIES
"Same Store"
10 East 53rd Street	55.0	Plaza District	Fee Interest	1	354,300	1.5		97.1		94.3		95.4		95.4		83.7			$33,070		1.5	39
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	1	2,314,000	9.8		95.8		95.7		95.7		100.0		100.0		153,182			7.4	10
100 Park Avenue	50.0	Grand Central South	Fee Interest	1	834,000	3.5		84.9		81.3		78.6		79.0		90.0		59,503			2.4	35
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	1,219,158	5.2		89.5		88.0		91.1		89.5		89.5		117,442			4.7	36
800 Third Avenue	60.5	Grand Central North	Fee Interest	1	526,000	2.2		96.2		96.5		91.9		93.1		93.1		38,513			1.9	40
919 Third Avenue	51.0	Grand Central North	Fee Interest	1	1,454,000	6.2		100.0		100.0		100.0		100.0		100.0		101,327			4.2	9
Added to Same Store in 2019
55 West 46th Street - Tower 46	25.0	Midtown	Fee Interest	1	347,000	1.5		90.3		86.5		86.5		73.5		72.1		26,654			0.5	15
1515 Broadway	57.0	Times Square	Fee Interest	1	1,750,000	7.4		94.9		94.9		94.9		98.5		98.5		133,226			6.1	12
Worldwide Plaza	24.4	Westside	Fee Interest	1	2,048,725	8.7		94.7		96.8		96.8		96.9		96.9		141,052			2.8	24

Subtotal / Weighted Average				9	10,847,183	46.0	%	94.3	%	94.1	%	94.0	%	95.0	%	95.5	%		$803,967		31.4%	220

"Non Same Store"
2 Herald Square	51.0	Herald Square	Leasehold Interest	1	369,000	1.6		81.9		81.9		73.6		73.6		73.4			$31,848		1.3	4

Subtotal / Weighted Average				1	369,000	1.6	%	81.9	%	81.9	%	73.6	%	73.6	%	73.4	%		$31,848		1.3%	4

Total / Weighted Average Unconsolidated Properties				10	11,216,183	47.5	%	93.9	%	93.7	%	93.4	%	94.3	%	94.7	%		$835,815		32.7%	224


Manhattan Operating Properties Grand Total / Weighted Average				30	23,603,274	100.0	%	94.5	%	94.2	%	93.8	%	94.0	%	94.2	%		$1,676,087			881
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent																			$1,244,931		100.0%
Manhattan Operating Properties Same Store Occupancy %					23,234,274	98.4	%	94.7	%	94.4	%	94.1	%	94.3	%	94.5	%
Manhattan Operating Properties Same Store Leased Occupancy %								96.2	%	95.3	%	95.2	%	95.8	%	96.0	%


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



Supplemental Information	28	Fourth Quarter 2019




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



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized		Annualized			Total
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Dec-19		Sep-19		Jun-19		Mar-19		Dec-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			$3,013	1.1			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		3,831		1.5			1
121 Greene Street	50.0	Soho	Fee Interest	1	7,131	1.1		100.0		100.0		100.0		100.0		100.0		1,711		1.0			2
315 West 33rd Street - The Olivia	100.0	Penn Station	Fee Interest	1	270,132	40.8		100.0		100.0		100.0		100.0		100.0		16,876		19.9			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		53,619		6.9			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		16,053		18.9			1
762 Madison Avenue	90.0	Plaza District	Fee Interest	1	6,109	0.9		55.1		100.0		100.0		100.0		100.0		651		0.7			3
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	1	52,000	7.9		100.0		100.0		100.0		100.0		100.0		1,807		2.1			3
1552-1560 Broadway	50.0	Times Square	Fee Interest	2	57,718	8.7		88.3		88.3		88.3		88.3		88.3		29,115		17.1			3
Subtotal/Weighted Average				10	563,983	85.3	%	98.3	%	98.8	%	98.8	%	98.8	%	98.8	%		$126,675	69.1		%	30

"Non Same Store" Retail
115 Spring Street	51.0	Soho	Fee Interest	1	5,218	0.8		100.0		100.0		100.0		100.0		100.0			$3,610	2.2			1
133 Greene Street	100.0	Soho	Fee Interest	1	6,425	1.0		100.0		100.0		100.0		100.0		100.0		690		0.8			2
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		20.1			1
712 Madison Avenue	100.0	Plaza District	Fee Interest	1	6,600	1.0		100.0		100.0		100.0		100.0		100.0		3,512		4.1			1
719 Seventh Avenue	75.0	Times Square	Fee Interest	1	10,040	1.5		100.0		100.0		100.0		100.0		100.0		4,127		3.6			1
Subtotal/Weighted Average				5	97,497	14.7	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%		$46,125	30.9		%	6

Total / Weighted Average Retail Properties				15	661,480	100.0	%	98.6	%	99.0	%	99.0	%	99.0	%	99.0	%		$172,800	100.0		%	36



Residential Properties
	Ownership			# of	Usable	Total		Occupancy (%)										Average Monthly ⁽¹⁾		Annualized			Annualized
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Units		Dec-19		Sep-19		Jun-19		Mar-19		Dec-18		Rent Per Unit ($'s)		Cash Rent ($'s)			Cash Rent (SLG %)

"Same Store" Residential
315 West 33rd Street - "The Olivia"	100.0	Penn Station	Fee Interest		222,855	333		95.8		97.3		94.9		96.1		96.1			$4,235		$16,160		37.4
400 East 57th Street	41.0	Upper East Side	Fee Interest	1	290,482	263		95.1		92.4		95.8		95.4		92.8		3,821		12,993			12.3
400 East 58th Street	90.0	Upper East Side	Fee Interest	1	140,000	126		96.0		93.7		93.7		96.8		95.2		3,717		5,940			12.4
1080 Amsterdam	92.5	Upper West Side	Leasehold Interest	1	82,250	97		100.0		100.0		92.7		90.6		94.8		4,207		5,173			11.1
Stonehenge Portfolio	Various		Fee Interest	6	445,934	538		94.8		95.9		96.1		94.8		94.3		3,889		26,811			1.6
605 West 42nd Street - Sky	20.0	Westside	Fee Interest	1	927,358	1,175		95.9		94.3		93.5		90.9		86.0		3,578		54,330			25.2
Subtotal/Weighted Average				10	2,108,879	2,532		95.7	%	95.0	%	94.5	%	93.2	%	90.6	%		$3,787		$121,407		100.0	%

Total / Weighted Average Residential Properties				10	2,108,879	2,532		95.7	%	95.0	%	94.5	%	93.2	%	90.6	%		$3,787		$121,407



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

"Same Store"
Landmark Square	100.0	Stamford, Connecticut	Fee Interest	7	862,800	82.6		85.1		85.0		85.2		85.7		86.3			$21,577	77.8			116
1055 Washington Boulevard	100.0	Stamford, Connecticut	Leasehold Interest	1	182,000	17.4		88.5		88.5		88.5		85.5		85.5		6,161		22.2			25
Subtotal/Weighted Average				8	1,044,800	100.0	%	85.7	%	85.6	%	85.8	%	85.7	%	86.2	%		$27,739	100.0		%	141

Total / Weighted Average Suburban Properties				8	1,044,800	100.0	%	85.7	%	85.6	%	85.8	%	85.7	%	86.2	%		$27,739	100.0		%	141

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



Supplemental Information	29	Fourth 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		Dec-19		Sep-19		Jun-19		Mar-19		Dec-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	12.5		3.6		3.6		3.6		3.6		18.0			$31	0.1			$10,785	1
106 Spring Street	100.0	Soho	Fee Interest	1	5,928	3.1		—		—		—		N/A		N/A		—		—		80,224		—
609 Fifth Avenue	100.0	Rockefeller Center	Fee Interest	1	160,000	84.4		100.0		100.0		96.0		96.0		96.0		21,119		99.9		273,888		3
Total / Weighted Average Development / Redevelopment Properties				4	189,538	100.0	%	84.9	%	84.9	%	81.5	%	84.1	%	86.0	%		$21,150	100.0	%		$364,897	4



Construction in Progress

								Future Equity
					Equity Contributed			Contributions		Financing		Total
Building	Usable	Ownership	Estimated	Percentage								Development
Address	Sq. Feet	Interest (%)	TCO(1)	Leased	Company		Partners	Company	Partners	Drawn	Available	Budget


One Vanderbilt	1,657,198	71.0	Q3 2020	65.0	$1,108,153	(2)	$452,513	—	—	$732,928	$1,017,072	$3,310,666
185 Broadway	198,488	100.0	Q2 2021	—	47,204		—	37,470	—	120,110	104,891	309,675
410 Tenth Avenue	636,044	70.9	Q2 2021	96.2	58,878		24,220	74,017	30,379	330,820	134,180	652,494

Total Construction In Progress					$1,214,235		$476,733	$111,487	$30,379	$1,183,858	$1,256,143	$4,272,835

(1) Temporary Certificate of Occupancy
(2) Reflects land contributed to the project at a value of $567,436, inclusive of a market value adjustment of $235,946



Supplemental Information	30	Fourth 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		Dec-19		Sep-19		Jun-19		Mar-19		Dec-18		Cash Rent ($'s)		100%		SLG		Tenants

HIGH STREET RETAIL - Consolidated Properties
106 Spring Street ⁽¹⁾	100.0	Soho	Fee Interest	1	5,928	0.3		—		—		—		N/A		N/A			$—	—		—		—
133 Greene Street	100.0	Soho	Fee Interest	1	6,425	0.4		100.0		100.0		100.0		100.0		100.0		690		0.2		0.3		2
315 West 33rd Street - "The Olivia"	100.0	Penn Station	Fee Interest	1	217,519	12.3		100.0		100.0		100.0		100.0		100.0		13,222		4.0		6.4		9
712 Madison Avenue	100.0	Plaza District	Fee Interest	1	6,600	0.4		100.0		100.0		100.0		100.0		100.0		3,512		1.1		1.7		1
719 Seventh Avenue	75.0	Times Square	Fee Interest	1	10,040	0.6		100.0		100.0		100.0		100.0		100.0		4,127		1.3		1.5		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		16,053		4.9		7.8		1
762 Madison Avenue	90.0	Plaza District	Fee Interest	1	6,109	0.3		55.1		100.0		100.0		100.0		100.0		651		0.2		0.3		3
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	1	52,000	2.9		100.0		100.0		100.0		100.0		100.0		1,807		0.5		0.9		3

Subtotal / Weighted Average				8	325,745	18.5	%	97.3	%	98.2	%	98.2	%	98.2	%	100.0	%		$40,062	12.2	%	18.8	%	20

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			$3,013	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		3,831		1.2		0.6		1
115 Spring Street	51.0	Soho	Fee Interest	1	5,218	0.3		100.0		100.0		100.0		100.0		100.0		3,610		1.1		0.9		1
121 Greene Street	50.0	Soho	Fee Interest	1	7,131	0.4		100.0		100.0		100.0		100.0		100.0		1,711		0.5		0.4		2
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	1	69,214	3.9		100.0		100.0		100.0		100.0		100.0		34,186		10.4		8.3		1
717 Fifth Avenue	10.9	Midtown/Plaza District	Fee Interest	1	119,550	6.8		100.0		100.0		100.0		100.0		100.0		53,619		16.3		2.8		6
1552-1560 Broadway	50.0	Times Square	Fee Interest	2	57,718	3.3		88.3		88.3		88.3		88.3		88.3		29,115		8.8		7.0		3

Subtotal / Weighted Average				8	289,050	16.4	%	97.7	%	97.7	%	97.7	%	97.7	%	97.7	%		$129,085	39.2	%	20.5	%	15

Total / Weighted Average Prime Retail				16	614,795	34.8	%	97.5	%	97.9	%	97.9	%	98.9	%	98.9	%		$169,147	51.4	%	39.3	%	35


OTHER RETAIL - Consolidated Properties
30 East 40th Street	60.0	Grand Central South	Leasehold Interest	1	4,461	0.3		100.0		81.1		81.1		81.1		81.1			$521	0.2		0.2		4
100 Church Street	100.0	Downtown	Fee Interest	1	61,708	3.5		100.0		100.0		100.0		100.0		100.0		3,553		1.1		1.7		9
110 Greene Street	100.0	Soho	Fee Interest	1	16,121	0.9		86.8		86.8		86.8		86.8		98.7		2,672		0.8		1.3		4
125 Park Avenue	100.0	Grand Central	Fee Interest	1	32,124	1.8		100.0		100.0		100.0		79.9		100.0		4,969		1.5		2.4		7
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		2,943		0.9		1.4		5
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	25,330	1.4		66.3		66.9		100.0		100.0		100.0		2,023		0.6		1.0		4
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		588		0.2		0.3		5
410 Tenth Avenue ⁽¹⁾	70.9	Hudson Yards	Fee Interest	1	20,850	1.2		54.4		71.2		100.0		N/A		N/A		396		0.1		0.1		4
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1	45,263	2.6		90.3		90.3		90.3		100.0		100.0		3,893		1.2		1.9		5
461 Fifth Avenue	100.0	Midtown	Leasehold Interest	1	16,248	0.9		100.0		100.0		100.0		100.0		100.0		2,449		0.7		1.2		2
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	41,701	2.4		100.0		100.0		100.0		100.0		100.0		5,931		1.8		2.9		8
555 West 57th Street	100.0	Midtown West	Fee Interest	1	60,389	3.4		100.0		100.0		100.0		100.0		100.0		2,161		0.7		1.0		2
609 Fifth Avenue ⁽¹⁾	100.0	Rockefeller Center	Fee Interest	1	26,811	1.5		100.0		100.0		100.0		89.2		89.2		9,895		3.0		4.8		2
625 Madison Avenue	100.0	Plaza District	Leasehold Interest	1	74,937	4.2		100.0		91.3		91.3		100.0		100.0		19,309		5.9		9.3		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		3,500		1.1		1.7		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		3,839		1.2		1.9		2
711 Third Avenue	100.0	Grand Central North	Leasehold Interest	1	25,639	1.5		100.0		100.0		100.0		100.0		100.0		3,186		1.0		1.5		3
750 Third Avenue	100.0	Grand Central North	Fee Interest	1	24,827	1.4		72.3		72.3		72.3		72.3		72.3		2,605		0.8		1.3		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		4,336		1.3		2.1		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		6,908		2.1		3.3		5
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	17,797	1.0		62.6		62.6		100.0		100.0		100.0		2,485		0.8		1.2		5

Subtotal / Weighted Average				22	641,777	36.4	%	93.3	%	92.7	%	96.0	%	96.1	%	97.4	%		$88,454	26.9	%	42.6	%	108


(1) Development / Redevelopment properties.



Supplemental Information	31	Fourth 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		Dec-19		Sep-19		Jun-19		Mar-19		Dec-18		Cash Rent ($'s)		100%		SLG		Tenants

OTHER RETAIL - Unconsolidated Properties
2 Herald Square	51.0	Herald Square	Leasehold Interest	1	94,531		5.4		60.6		60.6		60.6		60.6		59.9		$14,278		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		3,604		1.1		1.0		3
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	1	38,800		2.2		100.0		100.0		98.7		98.7		98.7		3,903		1.2		1.1		5
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		2.3		100.0		100.0		100.0		100.0		100.0		3,812		1.2		0.9		9
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	27,896		1.6		100.0		13.1		100.0		100.0		100.0		2,190		0.7		0.5		3
400 East 57th Street	41.0	Upper East Side	Fee Interest	1	9,717		0.6		66.6		66.6		66.6		75.4		75.4		1,576		0.5		0.3		8
800 Third Avenue	60.5	Grand Central North	Fee Interest	1	9,900		0.6		100.0		100.0		100.0		100.0		100.0		1,942		0.6		0.6		2
919 Third Avenue	51.0	Grand Central North	Fee Interest	1	31,004		1.8		100.0		100.0		100.0		100.0		100.0		3,632		1.1		0.9		5
1515 Broadway	57.0	Times Square	Fee Interest	1	185,956		10.5		100.0		100.0		100.0		100.0		100.0		32,985		10.0		9.1		9
World Wide Plaza	24.35	Westside	Fee Interest	1	10,592	⁽²⁾	0.6		100.0		100.0		100.0		97.2		97.2		1,447		0.4		0.2		8
Stonehenge Portfolio	Various		Fee Interest	2	19,231		1.1		76.8		87.0		87.0		88.9		88.9		1,988		0.6		0.0		7

Subtotal / Weighted Average				13	508,180		28.8	%	91.2	%	86.8	%	91.4	%	91.6	%	91.5	%		$71,566	21.7	%	18.1	%	62

Total / Weighted Average Other Retail				35	1,149,957		65.2	%	92.3	%	90.1	%	94.0	%	94.1	%	94.8	%		$160,019	48.6	%	60.7	%	170


Retail Grand Total / Weighted Average				51	1,764,752		100.0	%	94.1	%	92.8	%	95.4	%	95.8	%	96.2	%		$329,166	100.0	%			205
Retail Grand Total - SLG share of Annualized Rent																				$206,900			100.0	%


(1) Development / Redevelopment properties.
(2) Excludes the theater, parking garage, fitness gym and other amenity space totaling 241,371 square feet.



Supplemental Information	32	Fourth Quarter 2019




LARGEST TENANTS BY SLG SHARE OF ANNUALIZED CASH RENT Manhattan, Suburban, Retail, Residential and Development / Redevelopment Properties Unaudited (Dollars in Thousands Except Per SF)



		Ownership	Lease	Total Rentable	Annualized		SLG Share of		% of SLG Share of	Annualized	Credit
Tenant Name	Property	Interest %	Expiration	Square Feet	Cash Rent		Annualized Cash Rent ($)		Annualized Cash Rent ⁽²⁾	Rent PSF	Rating ⁽¹⁾
Credit Suisse Securities (USA), Inc.	1 Madison Avenue	100.0	Dec 2020	1,142,091		$70,020		$70,020	4.9%	$61.31
	11 Madison Avenue	60.0	May 2037	1,265,841	78,881		47,328		3.3%	62.31
	1055 Washington Blvd	100.0	Jan 2022	2,525	100		100		—%	39.60
				2,410,457	$149,001		$117,448		8.2%	$61.81	A+

Viacom CBS, Inc.	1515 Broadway	57.0	Jun 2031	1,470,289		$94,011		$53,586	3.7%	$63.94
	1515 Broadway	57.0	Mar 2028	9,106	1,928		1,099		0.1%	211.72
	555 West 57th Street	100.0	Dec 2023	338,527	16,768		16,768		1.2%	49.53
	Worldwide Plaza	24.35	Jan 2027	32,598	2,224		542		—%	68.23
				1,850,520	$114,931		$71,995		5.0%	$62.11	BBB

Ralph Lauren Corporation	625 Madison Avenue	100.0	Dec 2019	348,285	29,045		29,045		2.0%	$83.39
		100.0	Feb 2020	38,500	3,329		3,329		0.2%	86.45
				386,785	32,374		32,374		2.2%	$83.70	A-

Sony Corporation	11 Madison Avenue	60.0	Jan 2031	578,791		$44,577		$26,746	1.9%	$77.02	A-
Debevoise & Plimpton, LLP	919 Third Avenue	51.0	Jun 2022	577,438		$47,434		$24,191	1.7%	$82.14

The City of New York	100 Church Street	100.0	Mar 2034	510,007		$20,688		$20,688	1.4%	$40.57
	420 Lexington Avenue	100.0	Oct 2030	4,077	287		287		0.1%	70.28
				514,084	20,975		20,975		1.5%	$40.80	Aa1

King & Spalding	1185 Avenue of the Americas	100.0	Oct 2025	218,275		$20,809		$20,809	1.5%	$95.33
Visiting Nurse Service of New York	220 East 42nd Street	100.0	Sep 2048	308,115		$19,039		$19,039	1.3%	$61.79

Giorgio Armani Corporation	752-760 Madison Avenue	100.0	Dec 2024	21,124	16,053		16,053		1.1%	$759.92
	717 Fifth Avenue	10.9	Mar 2023	46,940	23,972		2,613		0.2%	$510.69
	762 Madison Avenue	90.0	Dec 2024	1,264	254		228		—%	$200.66
				69,328	$40,279		$18,894		1.3%	$580.98

Advance Magazine Group, Fairchild Publications	750 Third Avenue	100.0	Feb 2021	286,622		$15,150		$15,150	1.1%	$52.86
	485 Lexington Avenue	100.0	Feb 2021	52,573	3,705		3,705		0.3%	70.47
				339,195	$18,855		$18,855		1.4%	$55.59

Metro-North Commuter Railroad Company	420 Lexington Avenue	100.0	Nov 2034	334,654		$18,041		$18,041	1.3%	$53.91
	110 East 42nd Street	100.0	Oct 2021	1,840	130		130		—%	70.43
				336,494	$18,171		$18,171		1.3%	$54.00	Aaa

News America Incorporated	1185 Avenue of the Americas	100.0	Nov 2020	165,086		$18,095		$18,095	1.3%	$109.61	A
Nike Retail Services, Inc.	650 Fifth Avenue	50.0	Jan 2033	69,214		$34,186		$17,093	1.2%	$493.91	AA-
Cravath, Swaine & Moore LLP	Worldwide Plaza	24.35	Aug 2024	617,135		$67,019		$16,319	1.1%	$108.60

Omnicom Group, Inc., Cardinia Real Estate	220 East 42nd Street	100.0	Apr 2032	231,114		$14,869		$14,869	1.0%	$64.34
	1055 Washington Blvd.	100.0	Oct 2028	23,800	881		881		0.1%	37.00
				254,914	$15,750		$15,750		1.1%	$61.78	BBB+

National Hockey League	1185 Avenue of the Americas	100.0	Nov 2022	148,217		$15,643		$15,643	1.1%	$105.54

WME IMG, LLC	304 Park Avenue	100.0	Apr 2028	134,475		$9,417		$9,417	0.7%	$70.03
	11 Madison Avenue	60.0	Sep 2030	104,618	9,178		5,507		0.4%	87.72
				239,093	$18,595		$14,924		1.1%	$77.77

Amerada Hess Corp.	1185 Avenue of the Americas	100.0	Dec 2027	167,169	14,833		14,833		1.0%	$88.73	BBB-

WeWork	609 Fifth Avenue	100.0	Apr 2035	138,563		$11,224		$11,224	0.8%	$81.00
	2 Herald Sqaure	51.0	Feb 2036	123,633	7,063		3,602		0.3%	57.13
				262,196	$18,287		$14,826		1.1%	$69.74
Infor (US) Inc	635 Sixth Avenue	100.0	Feb 2025	71,048	$6,612		$6,612		0.5%	$93.07
	641 Sixth Avenue	100.0	Jul 2022	43,000	2,975		2,975		0.2%	69.19
	641 Sixth Avenue	100.0	Jun 2026	21,981	1,964		1,964		0.1%	89.37
	641 Sixth Avenue	100.0	Dec 2027	13,090	1,377		1,377		0.1%	105.17
				149,119	$12,928		$12,928		0.9%	$86.70
Total				9,661,625	$741,781		$529,908		37.2%	$76.78
(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	33	Fourth Quarter 2019




TENANT DIVERSIFICATION Manhattan Operating, Retail and Development/Redevelopment Properties Unaudited

https://cdn.kscope.io/5b52c402785b2199c07841cb9fb41f0f-diversification19q4a01.jpg



Supplemental Information	34	Fourth 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 9/30/19			1,375,978

Space which became available during the Quarter (2):
Office
	30 East 40th Street	4	3,801	3,801		$75.47
	100 Park Avenue	2	9,761	10,985	79.78
	110 East 42nd Street	2	5,655	5,811	67.24
	125 Park Avenue	1	3,744	3,892	71.37
	280 Park Avenue	1	10,568	10,568	70.88
	420 Lexington Avenue	6	7,583	10,014	67.53
	461 Fifth Avenue	1	6,650	7,134	108.78
	750 Third Avenue	1	11,465	11,779	68.00
	800 Third Avenue	1	2,048	2,048	77.56
	810 Seventh Avenue	3	26,853	30,021	71.12
	World Wide Plaza	1	41,412	41,578	66.23
	Total/Weighted Average	23	129,540	137,631		$71.80

Retail
	304 Park Avenue South	1	2,000	2,427		$222.82
	World Wide Plaza	1	1,923	1,849	110.41
	Total/Weighted Average	2	3,923	4,276		$174.21


	Total Space which became available during the quarter
	Office	23	129,540	137,631		$71.80
	Retail	2	3,923	4,276		$174.21
		25	133,463	141,907		$74.88

	Total Available Space		1,509,441

(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	35	Fourth 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				1,509,441

Office
	10 East 53rd Street	1	10.5	7,048	8,462		$89.00		$—		$105.35	3.0
	30 East 40th Street	2	3.1	2,558	2,833	59.66		68.85		—		—
	55 West 46th Street - Tower 46	2	9.0	13,229	13,328	85.21		—		76.09		4.4
	100 Park Avenue	4	10.4	39,650	43,515	71.60		82.62		101.70		0.9
	110 East 42nd Street	1	3.1	1,519	1,561	63.00		66.66		9.47		1.0
	110 Greene Street	1	3.0	2,640	2,640	78.00		62.57		70.25		—
	420 Lexington Avenue	9	3.8	16,369	17,781	65.31		68.95		42.97		1.0
	485 Lexington Avenue	2	9.6	57,010	58,571	64.92		—		45.05		9.1
	810 Seventh Avenue	3	6.6	19,103	21,330	68.02		62.93		10.40		3.7
	1350 Avenue of the Americas	1	5.3	3,847	3,938	76.00		—		114.96		3.0
	Total/Weighted Average	26	8.5	162,973	173,959		$70.08		$69.12		$60.98	4.4

Retail
	30 East 40th Street	1	10.0	929	1,530		$58.00		$—		$40.00	7.0
	280 Park Avenue	1	10.0	27,799	24,570	50.88		52.04		40.70		4.0
	304 Park Avenue South	1	10.0	1,593	1,715	218.66		193.10		466.67		6.0
	625 Madison Avenue	2	5.0	5,721	6,571	247.30		937.94		—		3.3
	Total/Weighted Average	5	9.0	36,042	34,386		$97.10		$236.58		$54.14	4.1

Storage
	10 East 53rd Street	1	9.7	2,737	2,584		$34.00		$—		$24.69	—
	11 Madison Avenue	1	10.8	932	1,192	35.00		29.32		—		—
	Total/Weighted Average	2	10.0	3,669	3,776		$34.32		$29.32		$16.90	—

Leased Space
	Office (3)	26	8.5	162,973	173,959		$70.08		$69.12		$60.98	4.4
	Retail	5	9.0	36,042	34,386		$97.10		$236.58		$54.14	4.1
	Storage	2	10.0	3,669	3,776		$34.32		$29.32		$16.90	—
	Total	33	8.6	202,684	212,121		$73.83		$132.96		$59.09	4.3


Total Available Space as of 12/31/19				1,306,757

Early Renewals
Office
	10 East 53rd Street	1	5.0	4,085	4,481		$82.00		$64.99		$—	—
	30 East 40th Street	2	5.5	3,357	4,097	83.55		69.39		—		—
	110 Greene Street	1	2.0	1,867	1,867	91.00		88.89		—		—
	280 Park Avenue	1	2.7	19,495	20,123	117.00		111.69		—		—
	420 Lexington Avenue	4	1.4	19,448	24,927	60.86		60.21		5.35		0.1
	485 Lexington Avenue	1	3.4	13,827	14,206	76.12		76.12		—		1.0
	555 West 57th Street	1	10.0	184,434	226,556	56.00		29.32		41.41		5.0
	750 Third Avenue	1	1.0	62,422	68,098	70.00		61.71		—		—
	Total/Weighted Average	12	6.9	308,935	364,355		$63.91		$45.06		$26.11	3.2

Storage
	220 East 42nd Street	1	5.1	392	466		$25.00		$24.47		$—	—
	Total/Weighted Average	1	5.1	392	466		$25.00		$24.47		$—	—

Renewals
	Early Renewals Office	12	6.9	308,935	364,355		$63.91		$45.06		$26.11	3.2
	Early Renewals Storage	1	5.1	392	466		$25.00		$24.47		$—	—
	Total	13	6.9	309,327	364,821		$63.86		$45.03		$26.08	3.2

(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 $72.30/rsf for 51,395 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $64.95/rsf for 415,750 rentable SF.



Supplemental Information	36	Fourth 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)

2019⁽¹⁾		14	422,686	3.42	%	$35,203,898			$83.29			$69.38		2	1,714	0.02	%		$54,600		$31.86		$32.47

1st Quarter 2020		14	108,121	0.87	%		$7,418,586		$68.61			$65.41		4	132,676	1.23	%		$8,212,220		$61.90		$75.46
2nd Quarter 2020		15	44,882	0.36	%	2,965,824		66.08			76.41			5	56,941	0.53	%	4,337,388		76.17		83.37
3rd Quarter 2020		19	243,599	1.97	%	15,140,069		62.15			62.17			4	30,098	0.28	%	2,196,793		72.99		73.26
4th Quarter 2020		28	1,478,732	11.95	%	100,725,841		91.21		⁽⁵⁾	80.68		⁽⁵⁾	5	30,276	0.28	%	3,011,293		99.46		86.37

Total 2020		76	1,875,334	15.15	%	$126,250,320			$76.69			$72.02		18	249,991	2.32	%		$17,757,694		$71.03		$78.32

2021		108	1,259,079	10.18	%		$77,936,064		$61.90			$67.88		26	291,807	2.70	%		$22,156,933		$75.93		$79.20
2022		97	822,698	6.65	%	67,030,173		81.48			82.72			31	894,293	8.28	%	83,342,706		93.19		95.10
2023		76	883,272	7.14	%	57,648,722		65.27			65.99			16	438,826	4.06	%	38,216,366		87.09		80.68
2024		60	399,467	3.23	%	28,380,429		71.05			71.32			24	1,003,426	9.29	%	106,754,273		106.39		87.20
2025		45	591,666	4.78	%	53,408,872		90.27			82.35			12	426,938	3.95	%	34,135,739		79.95		84.97
2026		30	781,269	6.32	%	55,151,891		70.59			68.48			20	499,312	4.62	%	50,595,762		101.33		103.74
2027		35	602,943	4.87	%	46,184,007		76.60			71.71			17	375,697	3.48	%	33,260,546		88.53		94.16
2028		38	599,486	4.85	%	44,180,538		73.70			76.07			18	206,956	1.92	%	21,542,167		104.09		100.76
Thereafter		91	4,132,832	33.41	%	242,723,273		58.73			66.56			47	6,408,455	59.36	%	427,998,688		66.79		82.80
		670	12,370,732	100.00	%	$834,098,187			$68.05	⁽⁵⁾		$70.23	⁽⁵⁾	231	10,797,415	100.00	%		$835,815,474		$77.41		$85.72


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



Supplemental Information	37	Fourth 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⁾		—	—	—	%		$—		$—		$—	1	3,600	1.33	%		$244,777		$67.99		$250.00
2020		3	9,901	3.20	%	1,463,342		147.80		254.52		1	1,698	0.63	%	129,000		75.97		79.77
2021		—	—	—	%	—		—		—		2	13,637	5.03	%	4,198,634		307.89		136.99
2022		1	1,165	0.38	%	217,176		186.42		299.00		1	3,868	1.43	%	3,654,761		944.87		1,450.75
2023		3	9,825	3.17	%	1,238,910		126.10		138.76		3	54,071	19.95	%	25,682,946		474.99		422.33
2024		4	75,872	24.50	%	17,625,136		232.30		231.89		1	7,793	2.87	%	5,730,456		735.33		898.00
2025		3	33,944	10.96	%	999,588		29.45		24.15		—	—	—	%	—		—		—
2026		—	—	—	%	—		—		—		4	74,424	27.46	%	31,135,474		418.35		384.06
2027		—	—	—	%	—		—		—		1	3,655	1.35	%	737,477		201.77		158.00
2028		1	10,040	3.24	%	4,127,400		411.10		411.10		—	—	—	%	—		—		—
Thereafter		5	168,984	54.55	%	14,390,740		85.16		91.87		3	108,328	39.95	%	57,570,648		531.45		532.79
		20	309,731	100.00	%		$40,062,292		$129.35		$136.56	17	271,074	100.00	%		$129,084,173		$476.20		$461.96
Vacancy ⁽⁵⁾			8,819							604.26			—							—
			318,550								$149.51		271,074								$461.96

Other Retail
2019 ⁽¹⁾		—	—	—	%		$—		$—		$—	—	—	—	%		$—		$—		$—
2020		6	14,238	2.33	%	1,955,567		137.35		423.10		3	50,984	10.96	%	3,226,280		63.28		91.20
2021		11	23,119	3.79	%	2,980,641		128.93		160.79		5	5,995	1.29	%	590,132		98.44		118.81
2022		11	65,902	10.80	%	13,027,190		197.68		242.76		10	85,094	18.30	%	20,700,453		243.27		276.40
2023		10	36,669	6.01	%	5,611,357		153.03		155.26		4	23,463	5.05	%	3,026,704		129.00		137.85
2024		5	22,420	3.67	%	4,278,987		190.86		160.10		6	15,829	3.40	%	3,505,830		221.48		210.72
2025		8	28,753	4.71	%	7,649,966		266.06		274.00		2	946	0.20	%	225,319		238.18		213.60
2026		6	15,877	2.60	%	1,744,939		109.90		130.90		5	21,373	4.60	%	9,730,875		455.29		426.88
2027		5	29,391	4.81	%	4,017,085		136.68		158.08		6	18,508	3.98	%	10,718,475		579.13		634.17
2028		9	36,611	6.00	%	5,070,344		138.49		152.17		6	17,759	3.82	%	3,738,432		210.51		205.45
Thereafter		37	337,460	55.28	%	42,117,560		124.81		130.57		15	225,053	48.40	%	16,103,133		71.55		74.80
		108	610,440	100.00	%		$88,453,636		$144.90		$162.60	62	465,004	100.00	%		$71,565,633		$153.90		$165.59
Vacancy ⁽⁵⁾			40,332							169.51			45,153							229.68
			650,772								$163.03		510,157								$171.26

	(1) Includes month to month holdover tenants that expired prior to December 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 December 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	38	Fourth 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	12/31/2019
1998 - 2018 Acquisitions
Mar-98	420 Lexington Avenue	Grand Central	100.0%	Operating Sublease	1,188,000	$	78,000	83.0	92.0
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	84.9
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	94.9
Feb-03	220 East 42nd Street	Grand Central	100.0	Fee Interest	1,135,000	265,000		91.9	97.0
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	87.3
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	91.2
Jul-04	485 Lexington Avenue	Grand Central	30.0	Fee Interest	921,000	225,000		100.0	90.4
Oct-04	625 Madison Avenue	Plaza District	100.0	Leasehold Interest	563,000	231,500		68.0	98.1
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	N/A
Jun-06	609 Fifth Avenue	Midtown	100.0	Fee Interest	160,000	182,000		98.5	100.0
Dec-06	485 Lexington Avenue	Grand Central	70.0	Fee Interest	—	578,000			90.4
Dec-06	800 Third Avenue	Grand Central North	43.0	Fee Interest	526,000	285,000		96.9	96.2
Jan-07	Reckson - NYC Portfolio	Various	100.0	Fee Interests / Leasehold Interest	5,612,000	3,679,530		98.3	95.4
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	99.3
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	95.0
Jan-11	521 Fifth Avenue	Midtown	49.9	Leasehold Interest	460,000	245,700		80.7	N/A
Apr-11	1515 Broadway	Times Square	45.0	Fee Interest	1,750,000	1,210,000		98.5	94.9
May-11	110 East 42nd Street	Grand Central	100.0	Fee Interest	205,000	85,570		72.6	83.0
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	97.1
Jun-12	304 Park Avenue South	Midtown South	100.0	Fee Interest	215,000	135,000		95.8	95.9
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	94.3
Aug-15	30 East 40th Street	Grand Central South	60.0	Leasehold Interest	69,446	4,650		100.0	93.5
Aug-15	11 Madison Avenue	Park Avenue South	100.0	Fee Interest	2,314,000	2,285,000		71.6	95.8
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	94.7
May-18	2 Herald Square	Herald Square	100.0	Leasehold Interest	369,000	266,000		81.6	81.9
					43,502,923	$	23,690,130
2019 Acquisitions
May-19	110 Greene Street	Soho	10.0%	Leasehold Interest	223,600	$	256,500	93.3	94.3
					223,600	$	256,500
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.



Supplemental Information	39	Fourth 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 - 2018 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
Jun-16	388 & 390 Greenwich Street	Downtown	1.0	Fee Interest		2,635,000		2,000,000			759
Aug-16	11 Madison Avenue	Park Avenue South	0.4	Fee Interest		2,314,000		2,600,000			1,124
Nov-17	1515 Broadway	Times Square	0.3	Fee Interest		1,750,000		1,950,000			1,114
Jan-18	600 Lexington Avenue	Grand Central North	1.0	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
						26,505,219		$	17,513,650		$	661

2019 Sales
May-19	521 Fifth Avenue	Grand Central	50.5%	Fee Interest		460,000		$	381,000		$	828
						460,000		$	381,000		$	828



Supplemental Information	40	Fourth 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	12/31/2019
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	N/A
Jan-07	Reckson - Westchester Portfolio	Westchester	100.0	Fee Interests / Leasehold Interest	2,346,100	570,190		90.6	N/A
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	N/A
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 - 2018 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
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
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
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
						6,000,941		$	1,510,123		$	252
2019 Sales
Nov-19	1010 Washington Boulevard	Stamford, Connecticut	100.0%	Fee Interest		143,400		$	23,100		$	161
Dec-19	100 Summit Lake Drive	Valhalla, New York	100.0	Fee Interest		250,000		41,581			166
Dec-19	200 Summit Lake Drive	Valhalla, New York	100.0	Fee Interest		245,000		37,943			155
Dec-19	500 Summit Lake Drive	Valhalla, New York	100.0	Fee Interest		228,000		34,185			150
Dec-19	360 Hamilton Avenue	White Plains, New York	100.0	Fee Interest		384,000		115,452			301
						1,250,400		$	252,261		$	202

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



Supplemental Information	41	Fourth 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	12/31/2019
2005 - 2016 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	N/A
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	90.6
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	100.0
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	98.1
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		—	90.3
Feb-15	Stonehenge Portfolio		100.0	Fee Interest	2,589,184	40,000		96.5	94.8
Mar-15	1640 Flatbush Avenue	Brooklyn, New York	100.0	Fee Interest	1,000	6,799		100.0	N/A
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	—
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		—	95.9
					13,100,930	$	6,559,448
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
2019 Acquisitions
Apr-19	106 Spring Street	Soho	100.0%	Fee Interest	5,928	$	80,150	—	—
May-19	410 Tenth Avenue	Hudson Yards	70.9	Fee Interest	638,000	440,000		76.3	56.0
					643,928	$	520,150

(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	42	Fourth 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
Nov-14	55 West 46th Street - Tower 46	Midtown	75.0	Fee Interest		347,000		295,000			850
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
						7,230,021		$	4,373,360		$	605
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		$	—
Jun-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
Aug-19	115 Spring Street	Soho	49.0	Fee Interest		5,218		66,050			12,658
Dec-19	562 Fifth Avenue	Plaza District	100.0	Fee Interest		42,635		52,393			1,229
Dec-19	1640 Flatbush Avenue	Brooklyn, New York	100.0	Fee Interest		1,000		16,150			16,150
						117,195		$	350,593		$	2,992

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



Supplemental Information	43	Fourth 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	44	Fourth 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	45	Fourth 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						Twelve Months Ended
	December 31,						December 31,
	2019			2018			2019			2018

Net income (loss) attributable to SL Green common stockholders	$	17,432		$	(61,219	)	$	255,484		$	232,312
Add:
Depreciation and amortization	64,090			71,458			272,358			279,507
Joint venture depreciation and noncontrolling interest adjustments	47,224			46,348			192,426			187,147
Net income (loss) attributable to noncontrolling interests	360			(3,680		)	10,142			12,210
Less:
Loss on sale of real estate, net	(19,241		)	(36,984		)	(16,749		)	(30,757		)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			167,445			76,181			303,967
Purchase price and other fair value adjustment	—			—			69,389			57,385
Depreciable real estate reserves	—			(220,852		)	(7,047		)	(227,543		)
Depreciation on non-rental real estate assets	742			638			2,935			2,404
FFO attributable to SL Green common stockholders and noncontrolling interests	$	147,605		$	142,660		$	605,701		$	605,720

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



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

Net income (loss)	$	24,255	40,722			$	173,741		$	52,769		$	(58,320	)
Interest expense, net of interest income	44,724		48,112			47,160			50,525			51,974
Amortization of deferred financing costs	3,087		3,112			2,712			2,742			2,695
Income taxes	1,027		(995		)	680			770			964
Depreciation and amortization	64,090		70,464			69,461			68,343			71,458
Loss (gain) on sale of real estate	19,241		(3,541		)	—			1,049			36,984
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—		—			(59,015		)	(17,166		)	(167,445		)
Purchase price and other fair value adjustments	—		(3,799		)	(67,631		)	2,041			—
Depreciable real estate reserves	—		7,047			—			—			220,852
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates	85,733		86,743			88,159			89,160			85,786
EBITDAre	$	242,157	$	247,865		$	255,267		$	250,233		$	244,948



Supplemental Information	46	Fourth 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						Twelve Months Ended
	December 31,						December 31,
	2019			2018			2019			2018

Net income (loss)	$	24,255		$	(58,320	)	$	291,487		$	270,856
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			(167,445		)	(76,181		)	(303,967		)
Purchase price and other fair value adjustments	—			—			(69,389		)	(57,385		)
Loss on sale of real estate, net	19,241			36,984			16,749			30,757
Depreciable real estate reserves	—			220,852			7,047			227,543
Depreciation and amortization	64,090			71,458			272,358			279,507
Interest expense, net of interest income	44,724			51,974			190,521			208,669
Amortization of deferred financing costs	3,087			2,695			11,653			12,408
Operating income	155,397			158,198			644,245			668,388

Equity in net loss (income) from unconsolidated joint ventures	11,874			2,398			34,518			(7,311		)
Marketing, general and administrative expense	25,575			26,030			100,875			92,631
Transaction related costs, net	369			426			729			1,099
Investment income	(42,423		)	(57,952		)	(195,590		)	(201,492		)
Loan loss and other investment reserves, net of recoveries	—			5,752			—			6,839
Non-building revenue	(9,392		)	(6,391		)	(31,860		)	(22,099		)
Loss on early extinguishment of debt	—			14,889			—			17,083
Net operating income (NOI)	141,400			143,350			552,917			555,138

Equity in net (loss) income from unconsolidated joint ventures	(11,874		)	(2,398		)	(34,518		)	7,311
SLG share of unconsolidated JV depreciation and amortization	46,429			46,939			189,290			187,962
SLG share of unconsolidated JV interest expense, net of interest income	37,168			37,266			153,151			144,663
SLG share of unconsolidated JV amortization of deferred financing costs	1,751			1,500			6,415			6,315
SLG share of unconsolidated JV loss on early extinguishment of debt	—			—			258			—
SLG share of unconsolidated JV investment income	(314		)	(2,751		)	(3,331		)	(12,014		)
SLG share of unconsolidated JV non-building revenue	(1,292		)	(725		)	(4,016		)	(3,636		)
NOI including SLG share of unconsolidated JVs	213,268			223,181			860,166			885,739

NOI from other properties/affiliates	(14,382		)	(17,877		)	(55,762		)	(84,595		)
Same-Store NOI	198,886			205,304			804,404			801,144

Operating lease straight-line adjustment	497			231			2,039			1,803
Joint Venture operating lease straight-line adjustment	107			258			680			1,031
Straight-line and free rent	(1,501		)	(6,036		)	(6,359		)	(15,429		)
Amortization of acquired above and below-market leases, net	(903		)	(1,185		)	(3,677		)	(5,420		)
Joint Venture straight-line and free rent	(359		)	(4,525		)	(46,125		)	(19,500		)
Joint Venture amortization of acquired above and below-market leases, net	(4,321		)	(4,225		)	(16,953		)	(15,841		)
Same-store cash NOI	$	192,406		$	189,822		$	734,009		$	747,788



Supplemental Information	47	Fourth 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.	Richard Skidmore	(801) 741-5459	richard.skidmore@gs.com
Green Street Advisors	Daniel Ismail	(949) 640-8780	dismail@greenstreetadvisors.com
Evercore ISI	Steve Sakwa	(212) 446-9462	ssakwa@isigrp.com
Jefferies & Company	Jonathan Peterson	(212) 284-2300	jpeterson@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
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	48	Fourth Quarter 2019