SEC Filing | SL Green Realty Corp.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported):

April 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 April 22, 2020 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended March 31, 2020, the Company has made available on its website supplemental information regarding the Company’s operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.

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

Item 7.01. Regulation FD Disclosure

As discussed in Item 2.02 above, on April 22, 2020, the Company issued a press release announcing its results for the quarter ended March 31, 2020, and that it is revising its earnings guidance of net income per share of of $7.43 to $7.53, and NAREIT defined FFO per share (diluted) of $7.25 to $7.35 for the year ending December 31, 2020 to $1.83 to $2.33 of net income per share, and $6.60 to $7.10 of FFO per share (diluted).

The following table reconciles estimated earnings per share (diluted) to FFO per share (diluted) for the year ending December 31, 2020:



	Year ended December 31,
	2020		2020
Net income per share attributable to SL Green stockholders	$	1.83	$	2.33
Add:
Depreciation and amortization	3.33		3.33
Joint ventures depreciation and noncontrolling interests adjustments	2.39		2.39
Depreciable real estate reserve	—		—
Less:
Net income attributable to noncontrolling interests	0.03		0.03
Gain on sale of real estate	0.89		0.89
Equity in net gain on sale of interest in unconsolidated joint venture / real estate	—		—
Purchase price and other fair value adjustments	—		—
Depreciation and amortization on non-real estate assets	0.03		0.03
Funds from Operations per share attributable to SL Green common stockholders and noncontrolling interests	$	6.60	$	7.10

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

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1 Press release regarding results for the quarter ended March 31, 2020.

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: April 23, 2020

Exhibit

Exhibit 99.1

CONTACT

Matt DiLiberto

Chief Financial Officer

(212) 594-2700

SL GREEN REALTY CORP. REPORTS

FIRST QUARTER EPS OF $1.47 PER SHARE;

AND FFO OF $2.08 PER SHARE

Financial and Operating Highlights


•	Net income attributable to common stockholders of $1.47 per share for the first quarter as compared to $0.52 per share for the same period in 2019. Net income attributable to common stockholders for the first quarter of 2020 includes $72.3 million, or $0.88 per share, of net gain recognized from the sale of The Olivia.

•

Funds from operations, or FFO, of $2.08 per share for the first quarter, which includes the recognition of $37.7 million, or $0.46 per share, of incremental income from Credit Suisse at 1 Madison Avenue representing rent through December 31, 2020, offset by $11.2 million, or $0.14 per share, of reserves against the Company’s debt and preferred equity portfolio related to the potential sale of certain investments and the implementation of the Current Expected Credit Loss, or CECL, regulations. FFO for the same period in 2019 was $1.68 per share.

•

The Company is revising its earnings guidance ranges for the year ending December 31, 2020 to net income per share of $1.83 to $2.33 and FFO per share of $6.60 to $7.10 per share as we expect that the global COVID-19 pandemic will have an impact on our business, and our industry as a whole, going forward. A reconciliation of the Company's new FFO guidance to the previously provided FFO guidance is as follows:



	Funds From Operations per share
Initial Guidance	$	7.25		$	7.35
Real Estate GAAP NOI	0.03			0.16
Debt & Preferred Equity Income	(0.34		)	(0.29		)
Debt & Preferred Equity Reserves	(0.29		)	(0.22		)
Other Income, Net	(0.09		)	(0.06		)
Interest Expense & Preferred Dividends	(0.05		)	0.05
General & Administrative Expense	0.09			0.11
Revised Guidance	$	6.60		$	7.10


•	Same-store cash net operating income, or NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 0.7% for the first quarter excluding lease termination income and free rent to Viacom at 1515 Broadway, as compared to the prior year, consistent with the Company's expectations.


•	Signed 30 Manhattan office leases covering 316,154 square feet in the first quarter. The mark-to-market on signed Manhattan office leases was 12.6% higher for the first quarter over the previous fully escalated rents on the same spaces.


•	Manhattan same-store occupancy was 95.5% as of March 31, 2020, inclusive of leases signed but not yet commenced, as compared to 96.0% at the end of the previous quarter.

Investing Highlights


•	Closed on the sale of 315 West 33rd Street, known as The Olivia, and an adjacent, undeveloped parcel of land for a sale price of $446.5 million, or approximately $906 per square foot. The transaction included a $100 million preferred equity investment by the Company, which was part of the original contract terms, and generated net cash proceeds to the Company of $95.7 million.

•

To date in 2020, the Company has repurchased a combined 2.6 million shares of common stock and common units of its Operating Partnership, or OP units, under the previously announced $3.0 billion share repurchase plan, at an average price of $83.25 per share. Since inception of the program, the Company has repurchased a total of 25.3 million shares of its common stock and redeemed 0.4 million OP units at an average price of $94.46 per share/unit. The Company has curtailed its share repurchase program until additional sources of liquidity from asset sales or internal free cash flow are established.


•	Entered into a 99-year ground lease of 126-132 Nassau Street, located at the corner of Nassau and Beekman Streets. The Company intends to develop a new, as-of-right, 215,000-square-foot building on the site and has secured a user for a long term net ground lease condominium of the building.


•	The previously contracted sale of 220 East 42nd Street, which was expected to close in the first quarter, did not move forward due to the buyer’s inability to execute the transaction. The Company has taken action to collect the $35.0 million contract deposit and is considering financing alternatives for the property.

Financing Highlights


•	Together with our joint venture partner, closed on the refinancing of 10 East 53rd Street. The new $220.0 million mortgage replaces the previous $170.0 million mortgage, has a 5-year term, and bears interest at a floating rate of 1.35% over LIBOR.


•	Entered into $350.0 million of fixed rate interest rate swaps against our unsecured corporate debt at a rate of 0.54375% through August 2021.

Summary

Net income attributable to common stockholders for the first quarter of 2020 includes $72.3 million, or $0.88 per share, of net gains recognized from the sale of The Olivia.

The Company reported FFO for the quarter ended March 31, 2020 of $172.0 million, or $2.08 per share, which includes the recognition of $37.7 million, or $0.46 per share, of incremental income from Credit Suisse at 1 Madison Avenue representing rent through December 31, 2020, offset by $11.2 million, or $0.14 per share, of reserves against the Company’s debt and preferred equity portfolio related to the potential sale of certain investments and implementation of the new Current Expected Credit Loss, or CECL, regulation. FFO for the same period in 2019 was $147.5 million, or $1.68 per share.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

For the quarter ended March 31, 2020, the Company reported consolidated revenues and operating income of $314.3 million and $162.8 million, respectively, compared to $304.3 million and $160.3 million, respectively, for the same period in 2019.

Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures increased by 0.7% for the first quarter, excluding lease termination income and free rent to Viacom at 1515 Broadway.

During the first quarter, the Company signed 30 office leases in its Manhattan portfolio totaling 316,154 square feet. Twenty-one leases comprising 181,600 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 $70.68 per rentable square foot, representing a 12.6% increase over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the first quarter was 10.1 years and average tenant concessions were 2.0 months of free rent with a tenant improvement allowance of $28.54 per rentable square foot.

Occupancy in the Company's Manhattan same-store portfolio was 95.5% as of March 31, 2020, inclusive of 404,018 square feet of leases signed but not yet commenced, as compared to 95.4% as of March 31, 2019.

Significant leases that were signed in the first quarter included:


•	Renewal and expansion with Hudson Yards Construction LLC for 75,704 square feet at 410 10th Avenue, for 21.1 years;


•	New lease with Memorial Hospital for Cancer and Allied Diseases for 54,199 square feet at 485 Lexington Avenue, for 10.0 years;


•	New lease with City Garage for 44,201 square feet at 810 Seventh Avenue, for 10.0 years; and


•	New lease with KCP Holdco, Inc. for 37,169 square feet at 707 Eleventh Avenue, for 10.0 years.

Investment Activity

To date in 2020, the Company has repurchased a combined 2.6 million shares of common stock and common units of its Operating Partnership, or OP units, under the previously

announced $3.0 billion share repurchase plan, at an average price of $83.25 per share/unit. Since inception of the program, the Company has repurchased a total of 25.3 million shares of its common stock under the program and redeemed 0.4 million OP units, allowing the Company to save approximately $91.2 million of common dividends and distributions on an annualized basis. The average price of total share repurchases and OP Unit redemptions to date is $94.46 per share/unit. The Company has curtailed its share repurchase program until additional sources of liquidity from asset sales or internal free cash flow are established.

In March, the Company closed on the sale of 315 West 33rd Street, known as The Olivia, and an adjacent, undeveloped parcel of land for a sale price of $446.5 million, or approximately $906 per square foot. The Company acquired the 36-story, 492,987-square-foot building in 2013. The mixed-use property includes 333 residential units with occupancy over 96 percent and 270,132 square feet of commercial space, which is 100 percent occupied. Commercial tenants include AMC Theater, Music Choice and Landmark Education. The transaction included a $100 million preferred equity investment by the Company, which was part of the original contract terms, and generated net cash proceeds to the Company of $95.7 million and a gain of $72.3 million.

In March, the Company announced that the previously contracted sale of 220 East 42nd Street, also known as The News Building, which was expected to close in the first quarter, did not move forward due to the buyer’s inability to execute the transaction. The Company has taken action to collect the $35.0 million contract deposit. Collection of the deposit is not reflected in the Company’s revised guidance. The property remains a high-quality asset within the Manhattan office portfolio, is currently 97.0 percent leased and the Company is considering financing alternatives for the property.

In March, the Company entered into a 99-year ground lease of 126-132 Nassau Street, located at the corner of Nassau and Beekman Streets. The Company intends to develop a new, as-of-right, 215,000-square-foot building on the site and has secured a user for a long term net ground lease condominium of the building. The existing 98,412-square-foot office building will be demolished to make way for the new tower.

In January, the Company closed on the acquisition of the remaining 10% interest in 762 Madison Avenue from our joint venture partner at a gross asset valuation of $29.3 million. The Company now owns 100% of the asset.

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s debt and preferred equity investment portfolio increased to $1.85 billion at March 31, 2020, including $1.78 billion of investments at a weighted average current yield of 8.2% 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 first quarter, the Company originated mortgages, subordinate debt, and preferred equity investments totaling $511.1 million, all of which was retained and $463.9 million was funded, at a weighted average yield of 8.3%.

adjustment to equity and $4.3 million, of which, or $0.05 per share, was recognized through earnings. In addition, the Company recorded $6.9 million of reserves, or $0.09 per share, through earnings against debt and preferred equity investments that may be sold.

Financing Activity

In February, the Company, along with its joint venture partner, closed on the refinancing of 10 East 53rd Street. The new $220.0 million mortgage, all of which was funded at closing, has a 5-year term, bears interest at a floating rate of 1.35% over LIBOR and replaces the previous $170.0 million of indebtedness on the property that bore interest at a floating rate of 2.25% over LIBOR.

In April, the Company entered into $350.0 million of fixed rate interest swaps against our corporate unsecured debt at a rate of 0.54375% through August 2021.

Guidance

While the ongoing global COVID-19 pandemic did not have a significant impact on our first quarter results, we expect that the Company, and our industry as a whole, will experience a greater impact going forward. Some of the more significant trends we could face during the coming months include: (i) a slowdown in leasing activity and a reduction in market rents; (ii) reduced collections in our owned properties or our debt & preferred equity portfolio; (iii) delays and local restrictions around our development and redevelopment activities; and (iv) increased expenditures related to enhanced safety policies and procedures for our employees and tenants. As a result of these potential trends, the Company is revising its earnings guidance ranges for the year ending December 31, 2020 to net income per share of $1.83 to $2.33 and FFO per share of $6.60 to $7.10 per share.

The following table reconciles the revisions to the Company's guidance ranges for net income per share (diluted) and FFO per share (diluted) for the year ending December 31, 2020:



	Net income per share						Funds From Operations per share
Initial Guidance	$	7.43		$	7.53		$	7.25		$	7.35
Real Estate GAAP NOI	0.03			0.16			0.03			0.16
Debt & Preferred Equity Income	(0.34		)	(0.29		)	(0.34		)	(0.29		)
Debt & Preferred Equity Reserves	(0.29		)	(0.22		)	(0.29		)	(0.22		)
Other Income, Net	(0.09		)	(0.06		)	(0.09		)	(0.06		)
Interest Expense & Preferred Dividends	(0.05		)	0.05			(0.05		)	0.05
General & Administrative Expense	0.09			0.11			0.09			0.11
Gain on sale of real estate, net	(4.34		)	(4.34		)
Depreciation and Amortization	(0.61		)	(0.61		)
Revised Guidance	$	1.83		$	2.33		$	6.60		$	7.10

Dividends

In the first quarter of 2020, the Company declared:


•	A dividend on its outstanding common stock of $0.295 per share of common stock, which was paid on April 15, 2020 to shareholders of record on the close of business on March 31, 2020; and

•

quarterly dividends on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period January 15, 2020 through and including April 14, 2020, which was paid on April 15, 2020 to shareholders of record on the close of business on March 31, 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, April 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 5789867.

A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using passcode 5789867. 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 Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2020, SL Green held interests in 102 buildings totaling 49.4 million square feet. This included ownership interests in 28.8 million square feet of Manhattan buildings and 19.6 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, including the statements herein under the section entitled "Guidance". 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 include risks and uncertainties related to the on-going COVID-19 pandemic and the impact it will have on our business and the industry as a whole and the other risks and uncertainties described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

SL GREEN REALTY CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share data)



	Three Months Ended
	March 31,
	2020			2019
Revenues:
Rental revenue, net	$	195,463		$	212,639
Escalation and reimbursement	27,168			27,479
Investment income	38,533			50,031
Other income	53,139			14,106
Total revenues	314,303			304,255
Expenses:
Operating expenses, including related party expenses of $3,749 in 2020 and $2,793 in 2019	53,866			57,698
Real estate taxes	46,622			46,688
Operating lease rent	7,367			8,298
Interest expense, net of interest income	37,494			50,525
Amortization of deferred financing costs	2,500			2,742
Depreciation and amortization	68,279			68,343
Loan loss and other investment reserves, net of recoveries	11,248			—
Transaction related costs	65			55
Marketing, general and administrative	19,570			25,979
Total expenses	247,011			260,328

Equity in net loss from unconsolidated joint ventures	(12,814		)	(5,234		)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			17,166
Purchase price and other fair value adjustment	—			(2,041		)
Gain (loss) on sale of real estate, net	72,636			(1,049		)
Net income	127,114			52,769
Net income attributable to noncontrolling interests in the Operating Partnership	(6,202		)	(2,278		)
Net (loss) income attributable to noncontrolling interests in other partnerships	293			(237		)
Preferred unit distributions	(2,666		)	(2,724		)
Net income attributable to SL Green	118,539			47,530
Perpetual preferred stock dividends	(3,738		)	(3,738		)
Net income attributable to SL Green common stockholders	$	114,801		$	43,792

Earnings Per Share (EPS)
Net income per share (Basic)	$	1.47		$	0.52
Net income per share (Diluted)	$	1.47		$	0.52

Funds From Operations (FFO)
FFO per share (Basic)	$	2.09		$	1.68
FFO per share (Diluted)	$	2.08		$	1.68

Basic ownership interest
Weighted average REIT common shares for net income per share	78,115			83,313
Weighted average partnership units held by noncontrolling interests	4,220			4,333
Basic weighted average shares and units outstanding	82,335			87,646

Diluted ownership interest
Weighted average REIT common share and common share equivalents	78,347			83,477
Weighted average partnership units held by noncontrolling interests	4,220			4,333
Diluted weighted average shares and units outstanding	82,567			87,810

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)



	March 31,			December 31,
	2020			2019
Assets	(Unaudited)
Commercial real estate properties, at cost:
Land and land interests	$	1,662,840		$	1,751,544
Building and improvements	5,417,965			5,154,990
Building leasehold and improvements	1,435,811			1,433,793
Right of use asset - financing leases	163,960			47,445
Right of use asset - operating leases	381,255			396,795
	9,061,831			8,784,567
Less: accumulated depreciation	(2,130,033		)	(2,060,560		)
	6,931,798			6,724,007
Assets held for sale	—			391,664
Cash and cash equivalents	554,195			166,070
Restricted cash	66,827			75,360
Investment in marketable securities	25,353			29,887
Tenant and other receivables, net of allowance of $11,876 and $12,369 in 2020 and 2019, respectively	88,587			43,968
Related party receivables	26,092			21,121
Deferred rents receivable, net of allowance of $11,711 and $12,477 in 2020 and 2019, respectively	310,138			283,011
Debt and preferred equity investments, net of discounts and deferred origination fees of $16,230 and $14,562 and allowances of $37,957 and $1,750 in 2020 and 2019, respectively	1,783,336			1,580,306
Investments in unconsolidated joint ventures	2,848,363			2,912,842
Deferred costs, net	232,274			205,283
Other assets	353,644			332,801
Total assets	$	13,220,607		$	12,766,320

Liabilities
Mortgages and other loans payable	$	2,010,217		$	2,211,883
Revolving credit facility	1,300,000			240,000
Unsecured term loan	1,500,000			1,500,000
Unsecured notes	1,252,602			1,502,837
Deferred financing costs, net	(39,553		)	(46,583		)
Total debt, net of deferred financing costs	6,023,266			5,408,137
Accrued interest payable	26,377			22,148
Accounts payable and accrued expenses	158,750			166,905
Deferred revenue	116,197			114,052
Lease liability - financing leases	162,299			44,448
Lease liability - operating leases	363,990			381,671
Dividend and distributions payable	26,563			79,282
Security deposits	59,318			62,252
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities	100,000			100,000
Other liabilities	214,968			177,080
Total liabilities	7,251,728			6,555,975

Commitments and contingencies	—			—
Noncontrolling interest in the Operating Partnership	358,895			409,862
Preferred units	266,019			283,285

Equity
Stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2020 and December 31, 2019	221,932			221,932
Common stock, $0.01 par value 160,000 shares authorized, 77,591 and 80,257 issued and outstanding at March 31, 2020 and December 31, 2019, respectively (including 1,055 held in Treasury at both March 31, 2020 and December 31, 2019)	776			803
Additional paid-in capital	4,146,306			4,286,395
Treasury stock at cost	(124,049		)	(124,049		)
Accumulated other comprehensive loss	(80,868		)	(28,485		)
Retained earnings	1,099,369			1,084,719
Total SL Green Realty Corp. stockholders’ equity	5,263,466			5,441,315
Noncontrolling interests in other partnerships	80,499			75,883
Total equity	5,343,965			5,517,198
Total liabilities and equity	$	13,220,607		$	12,766,320

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)



	Three Months Ended
	March 31,
Funds From Operations (FFO) Reconciliation:	2020		2019

Net income attributable to SL Green common stockholders	$	114,801	$	43,792
Add:
Depreciation and amortization	68,279		68,343
Joint venture depreciation and noncontrolling interest adjustments	56,318		47,625
Net income attributable to noncontrolling interests	5,909		2,515
Less:
Gain (loss) on sale of real estate, net	72,636		(1,049		)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—		17,166
Purchase price and other fair value adjustments	—		(2,041		)
Depreciation on non-rental real estate assets	650		707
FFO attributable to SL Green common stockholders	$	172,021	$	147,492



	Three Months Ended
	March 31,
Operating income and Same-store NOI Reconciliation:	2020			2019

Net income	$	127,114		$	52,769
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			(17,166		)
Purchase price and other fair value adjustments	—			2,041
(Gain) loss on sale of real estate, net	(72,636		)	1,049
Depreciation and amortization	68,279			68,343
Interest expense, net of interest income	37,494			50,525
Amortization of deferred financing costs	2,500			2,742
Operating income	162,751			160,303

Equity in net loss from unconsolidated joint ventures	12,814			5,234
Marketing, general and administrative expense	19,570			25,979
Transaction related costs, net	65			55
Investment income	(38,533		)	(50,031		)
Loan loss and other investment reserves, net of recoveries	11,248			—
Non-building revenue	(3,790		)	(9,144		)
Loss on early extinguishment of debt	—			—
Net operating income (NOI)	164,125			132,396

Equity in net loss from unconsolidated joint ventures	(12,814		)	(5,234		)
SLG share of unconsolidated JV depreciation and amortization	45,874			48,128
SLG share of unconsolidated JV interest expense, net of interest income	35,777			39,407
SLG share of unconsolidated JV amortization of deferred financing costs	1,687			1,568
SLG share of unconsolidated JV investment income	(307		)	(2,227		)
SLG share of unconsolidated JV non-building revenue	(1,599		)	(711		)
NOI including SLG share of unconsolidated JVs	232,743			213,327

NOI from other properties/affiliates	(54,596		)	(33,147		)
Same-Store NOI	178,147			180,180

Ground lease straight-line adjustment	429			514
Joint Venture ground lease straight-line adjustment	342			393
Straight-line and free rent	(1,672		)	(4,758		)
Amortization of acquired above and below-market leases, net	(2,376		)	(1,237		)
Joint Venture straight-line and free rent	(5,802		)	(16,595		)
Joint Venture amortization of acquired above and below-market leases, net	(3,827		)	(4,262		)
Same-store cash NOI	$	165,241		$	154,235

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/488cf4d69e90905aae56ee11f8f3c3d2-a20q1cover.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 March 31, 2020, the Company held interests in 102 buildings totaling 49.4 million square feet. This included ownership interests in 28.8 million square feet in Manhattan buildings and 19.6 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 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, including the statements herein under the section entitled "Guidance". 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.

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 March 31, 2020 that will be released on Form 10-Q to be filed on or before May 11, 2020.



Supplemental Information	2	First Quarter 2020




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	-	16

Selected Financial Data	17	-	20

Debt Summary Schedule	21	-	22

Lease Liability Schedule	23

Debt and Preferred Equity Investments	24	-	26

Selected Property Data
Composition of Property Portfolio	27	-	31
Largest Tenants	32
Tenant Diversification	33
Leasing Activity Summary	34	-	35
Annual Lease Expirations	36	-	37

Summary of Real Estate Acquisition/Disposition Activity	38	-	42

Corporate Information	43

Non-GAAP Disclosures and Reconciliations	44

Analyst Coverage	47



Supplemental Information	3	First Quarter 2020




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 2020:	Removed from Same-Store in 2020:
2 Herald Square	One Madison Avenue (redevelopment)
719 Seventh Avenue	625 Madison Avenue (redevelopment)
650 Fifth Avenue	315 West 34th Street "The Olivia" (disposed)
	762 Madison Avenue (redevelopment)

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	First Quarter 2020




FIRST QUARTER 2020 HIGHLIGHTS Unaudited

New York, NY, April 22, 2020 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended March 31, 2020 of $114.8 million, or $1.47 per share, as compared to net income attributable to common stockholders of $43.8 million, or $0.52 per share, for the same quarter in 2019. Net income attributable to common stockholders for the first quarter of 2020 includes $72.3 million, or $0.88 per share, of net gains recognized from the sale of The Olivia.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Significant leases that were signed in the first quarter included:


•	Renewal and expansion with Hudson Yards Construction LLC for 75,704 square feet at 410 10th Avenue, for 21.1 years;


•	New lease with Memorial Hospital for Cancer and Allied Diseases for 54,199 square feet at 485 Lexington Avenue, for 10.0 years;


•	New lease with City Garage for 44,201 square feet at 810 Seventh Avenue, for 10.0 years; and


•	New lease with KCP Holdco, Inc. for 37,169 square feet at 707 Eleventh Avenue, for 10.0 years.

Investment Activity

To date in 2020, the Company has repurchased a combined 2.6 million shares of common stock and common units of its Operating Partnership, or OP units, under the previously announced $3.0 billion share repurchase plan, at an average price of $83.25 per share/unit. Since inception of the program, the Company has repurchased a total of 25.3 million shares of its common stock under the program and redeemed 0.4 million OP units, allowing the Company to save approximately $91.2 million of common dividends and distributions on an annualized basis. The average price of total share repurchases and OP Unit redemptions to date is $94.46 per share/unit. The Company has curtailed its share repurchase program until additional sources of liquidity from asset sales or internal free cash flow are established.

Debt and Preferred Equity Investment Activity



Supplemental Information	5	First Quarter 2020




FIRST QUARTER 2020 HIGHLIGHTS Unaudited

During the first quarter, the Company implemented the Current Expected Credit Loss, or CECL, model for recognizing credit losses. Evaluation of the Company’s debt and preferred equity portfolio under this new standard resulted in the Company recording reserves totaling $43.5 million in the first quarter, $39.2 million of which was recorded as a cumulative-effect adjustment to equity and $4.3 million, of which, or $0.05 per share, was recognized through earnings. In addition, the Company recorded $6.9 million of reserves, or $0.09 per share, through earnings against debt and preferred equity investments that may be sold.

Financing Activity

In April, the Company entered into $350.0 million of fixed rate interest swaps against our corporate unsecured debt at a rate of 0.54375% through August 2021.

Guidance

The following table reconciles the revisions to the Company's guidance ranges for net income per share (diluted) and FFO per share (diluted) for the year ending December 31, 2020:



	Net income per share						Funds From Operations per share
Initial Guidance	$	7.43		$	7.53		$	7.25		$	7.35
Real Estate GAAP NOI	0.03			0.16			0.03			0.16
Debt & Preferred Equity Income	(0.34		)	(0.29		)	(0.34		)	(0.29		)
Debt & Preferred Equity Reserves	(0.29		)	(0.22		)	(0.29		)	(0.22		)
Other Income, Net	(0.09		)	(0.06		)	(0.09		)	(0.06		)
Interest Expense & Preferred Dividends	(0.05		)	0.05			(0.05		)	0.05
General & Administrative Expense	0.09			0.11			0.09			0.11
Gain on sale of real estate, net	(4.34		)	(4.34		)
Depreciation and Amortization	(0.61		)	(0.61		)
Revised Guidance	$	1.83		$	2.33		$	6.60		$	7.10

Dividends

In the first quarter of 2020, the Company declared:


•	A dividend on its outstanding common stock of $0.295 per share of common stock, which was paid on April 15, 2020 to shareholders of record on the close of business on March 31, 2020; and

•

Conference Call and Audio Webcast

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



Supplemental Information	6	First Quarter 2020




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



	As of or for the three months ended
	3/31/2020				12/31/2019			9/30/2019			6/30/2019		3/31/2019

Earnings Per Share
Net income available to common stockholders - diluted	$	1.47			$	0.22		$	0.40		$	1.94	$	0.52
Funds from operations (FFO) available to common stockholders - diluted	$	2.08			$	1.75		$	1.75		$	1.82	$	1.68

Common Share Price & Dividends
Closing price at the end of the period	$	43.10			$	91.88		$	81.75		$	80.37	$	89.92
Closing high price during period	$	95.77			$	92.90		$	83.38		$	92.60	$	93.47
Closing low price during period	$	41.14			$	78.50		$	76.79		$	79.59	$	77.46
Common dividend per share	$	0.2950		⁽¹⁾	$	0.8850		$	0.8500		$	0.8500	$	0.8500

FFO payout ratio (trailing 12 months)	46.9		%		49.1		%	49.6		%	49.7%		50.1%
Funds available for distribution (FAD) payout ratio (trailing 12 months)	73.6		%		72.9		%	92.5		%	87.3%		83.9%

Common Shares & Units
Common shares outstanding	76,535				79,202			81,515			82,409		83,272
Units outstanding	4,145				4,196			4,258			4,259		4,261
Total common shares and units outstanding	80,680				83,398			85,773			86,668		87,533

Weighted average common shares and units outstanding - basic	82,335				83,767			86,550			87,231		87,646
Weighted average common shares and units outstanding - diluted	82,567				84,320			86,714			87,398		87,810

Market Capitalization
Market value of common equity	$	3,477,308			$	7,662,608		$	7,011,943		$	6,965,507	$	7,870,967
Liquidation value of preferred equity/units	496,020				513,285			516,285			516,285		515,285
Consolidated debt	6,162,819				5,554,720			5,892,756			6,140,212		5,940,440
Consolidated market capitalization	$	10,136,147			$	13,730,613		$	13,420,984		$	13,622,004	$	14,326,692
SLG share of unconsolidated JV debt	4,132,083				4,028,136			3,930,470			3,799,897		3,815,230
Market capitalization including SLG share of unconsolidated JVs	$	14,268,230			$	17,758,749		$	17,351,454		$	17,421,901	$	18,141,922

Consolidated debt service coverage (trailing 12 months)	3.39x				3.37x			3.26x			3.20x		3.10x
Consolidated fixed charge coverage (trailing 12 months)	2.77x				2.74x			2.68x			2.63x		2.57x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)	2.41x				2.39x			2.35x			2.34x		2.30x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)	2.08x				2.06x			2.03x			2.03x		2.00x


(1) In March 2020 the Company modified its dividend policy from quarterly payments to monthly payments to allow better matching of its distributions to the operating cash flow it recognizes in the current market environment



Supplemental Information	7	First Quarter 2020




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



	As of or for the three months ended
	3/31/2020				12/31/2019			9/30/2019			6/30/2019			3/31/2019

Selected Balance Sheet Data
Real estate assets before depreciation	$	9,061,831			$	9,222,796		$	9,560,878		$	9,550,222		$	8,936,493
Investments in unconsolidated joint ventures	$	2,848,363			$	2,912,842		$	2,923,595		$	2,937,153		$	3,055,368
Debt and preferred equity investments	$	1,783,336			$	1,580,306		$	1,954,556		$	2,228,912		$	2,272,241
Cash and cash equivalents	$	554,195			$	166,070		$	121,751		$	148,978		$	144,323
Investment in marketable securities	$	25,353			$	29,887		$	30,208		$	29,978		$	29,406

Total assets	$	13,220,607			$	12,766,320		$	13,294,984		$	13,629,941		$	13,385,774

Fixed rate & hedged debt	$	3,032,513			$	3,536,286		$	3,538,829		$	3,540,487		$	3,542,126
Variable rate debt	3,130,306			⁽¹⁾	2,018,434			2,353,927			2,599,725			2,398,314
Total consolidated debt	$	6,162,819			$	5,554,720		$	5,892,756		$	6,140,212		$	5,940,440
Deferred financing costs, net of amortization	(39,553		)		(46,583		)	(56,988		)	(57,423		)	(50,376		)
Total consolidated debt, net	$	6,123,266			$	5,508,137		$	5,835,768		$	6,082,789		$	5,890,064

Total liabilities	$	7,251,728			$	6,555,975		$	6,843,536		$	7,062,331		$	6,843,805

Fixed rate & hedged debt, including SLG share of unconsolidated JV debt	$	5,265,219			$	5,771,749		$	5,777,022		$	5,781,333		$	5,880,322
Variable rate debt, including SLG share of unconsolidated JV debt	5,029,683			⁽¹⁾	3,811,107			4,046,204			4,158,776			3,875,348
Total debt, including SLG share of unconsolidated JV debt	$	10,294,902			$	9,582,856		$	9,823,226		$	9,940,109		$	9,755,670

Selected Operating Data
Property operating revenues	$	222,631			$	250,452		$	248,028		$	244,959		$	240,118
Property operating expenses	(107,855		)		(114,867		)	(117,768		)	(113,309		)	(112,684		)
Property NOI	$	114,776			$	135,585		$	130,260		$	131,650		$	127,434
SLG share of unconsolidated JV Property NOI	73,992				72,123			75,442			78,472			80,635
Property NOI, including SLG share of unconsolidated JV Property NOI	$	188,768			$	207,708		$	205,702		$	210,122		$	208,069
Investment income	38,533				42,423			51,518			51,618			50,031
Other income	53,139				15,207			14,088			16,447			14,106
Marketing general & administrative expenses	(19,570		)		(25,575		)	(23,841		)	(25,480		)	(25,979		)
SLG share of investment income and other income from unconsolidated JVs	1,918				1,736			1,437			2,141			3,291
Income taxes	1,134				1,027			(995		)	680			770
Transaction costs, including SLG share of unconsolidated JVs	(65		)		(369		)	(44		)	(261		)	(55		)
Loan loss and other investment reserves, net of recoveries	(11,248		)		—			—			—			—
EBITDAre	$	252,609			$	242,157		$	247,865		$	255,267		$	250,233

(1) Does not reflect $0.8 billion of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.



Supplemental Information	8	First Quarter 2020




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



	As of or for the three months ended
	3/31/2020		12/31/2019		9/30/2019		6/30/2019		3/31/2019

Selected Operating Data
Property operating revenues	$	214,373	$	233,500	$	230,443	$	227,427	$	222,780
Property operating expenses	97,312		100,672		101,871		97,927		98,198
Property NOI	$	117,061	$	132,828	$	128,572	$	129,500	$	124,582

Other income - consolidated	$	45,348	$	3,128	$	6,210	$	4,493	$	4,572

SLG share of property NOI from unconsolidated JVs	$	73,992	$	72,111	$	76,552	$	78,979	$	80,636

Portfolio Statistics
Consolidated office buildings in service	18		20		20		20		20
Unconsolidated office buildings in service	10		10		10		10		11
	28		30		30		30		31

Consolidated office buildings in service - square footage	10,647,191		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		11,216,183		11,676,183
	21,863,374		23,603,274		23,603,274		23,603,274		24,063,274

Same-Store office occupancy inclusive of leases signed not yet commenced	95.5%		96.0%		95.0%		94.8%		95.4%

Office Leasing Statistics
New leases commenced	27		19		27		25		25
Renewal leases commenced	5		19		9		7		10
Total office leases commenced	32		38		36		32		35

Commenced office square footage filling vacancy	29,938		122,564		170,062		74,425		132,241
Commenced office square footage on previously occupied space (M-T-M leasing) ⁽²⁾	136,523		415,750		181,226		279,649		270,602
Total office square footage commenced	166,461		538,314		351,288		354,074		402,843

Average starting cash rent psf - office leases commenced	$68.33		$64.95		$77.09		$70.53		$69.38
Previous escalated cash rent psf - office leases commenced ⁽³⁾	$73.52		$48.03		$73.39		$62.82		$67.90
Increase in new cash rent over previously escalated cash rent ^{(2) (3)}	(7.1)%		35.2%		5.0%		12.3%		2.2%
Average lease term	11.3		7.4		16.1		11.5		11.0
Tenant concession packages psf	$60.30		$37.38		$77.97		$79.94		$67.08
Free rent months	6.0		4.4		4.4		7.1		5.7

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



Supplemental Information	9	First Quarter 2020




COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



	As of
	3/31/2020				12/31/2019			9/30/2019			6/30/2019			3/31/2019
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,662,840			$	1,751,544		$	1,860,922		$	1,929,496		$	1,775,006
Building and improvements	5,417,965				5,154,990			5,352,144			5,749,261			5,294,612
Building leasehold and improvements	1,435,811				1,433,793			1,431,183			1,427,225			1,423,282
Right of use asset - financing leases	163,960				47,445			47,445			47,445			47,445
Right of use asset - operating leases	381,255				396,795			396,795			396,795			396,148
	9,061,831				8,784,567			9,088,489			9,550,222			8,936,493
Less: accumulated depreciation	(2,130,033		)		(2,060,560		)	(2,147,395		)	(2,217,013		)	(2,154,075		)
Net real estate	6,931,798				6,724,007			6,941,094			7,333,209			6,782,418

Other real estate investments:
Investment in unconsolidated joint ventures	2,848,363				2,912,842			2,923,595			2,937,153			3,055,368
Debt and preferred equity investments, net	1,783,336			⁽¹⁾	1,580,306			1,954,556			2,228,912			2,272,241

Assets held for sale, net	—				391,664			403,488			—			—
Cash and cash equivalents	554,195				166,070			121,751			148,978			144,323
Restricted cash	66,827				75,360			94,793			92,169			151,388
Investment in marketable securities	25,353				29,887			30,208			29,978			29,406
Tenant and other receivables, net of allowance of $11,876 at 3/31/2020	88,587				43,968			44,950			38,270			47,829
Related party receivables	26,092				21,121			20,030			23,686			29,458
Deferred rents receivable, net of allowance of $11,711 at 3/31/2020	310,138				283,011			306,431			341,659			337,099
Deferred costs, net	232,274				205,283			182,621			220,572			211,615
Other assets	353,644				332,801			271,467			235,355			324,629

Total Assets	$	13,220,607			$	12,766,320		$	13,294,984		$	13,629,941		$	13,385,774

(1) Excludes debt and preferred equity investments totaling $34.8 million with a weighted average current yield of 6.53% that are included in other balance sheet line items.



Supplemental Information	10	First Quarter 2020




COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



	As of
	3/31/2020			12/31/2019			9/30/2019			6/30/2019			3/31/2019
Liabilities
Mortgages and other loans payable	$	2,010,217		$	2,211,883		$	2,454,684		$	2,366,907		$	2,046,906
Unsecured term loans	1,500,000			1,500,000			1,500,000			1,500,000			1,500,000
Unsecured notes	1,252,602			1,502,837			1,503,072			1,503,305			1,503,534
Revolving credit facility	1,300,000			240,000			335,000			670,000			790,000
Deferred financing costs	(39,553		)	(46,583		)	(56,988		)	(57,423		)	(50,376		)
Total debt, net of deferred financing costs	6,023,266			5,408,137			5,735,768			5,982,789			5,790,064
Accrued interest	26,377			22,148			27,568			25,564			28,930
Accounts payable and accrued expenses	158,750			166,905			143,361			133,473			111,899
Deferred revenue	116,197			114,052			126,321			122,941			102,598
Lease liability - financing leases	162,299			44,448			44,251			44,034			43,823
Lease liability - operating leases	363,990			381,671			384,661			387,602			389,857
Dividends and distributions payable	26,563			79,282			78,541			79,272			80,047
Security deposits	59,318			62,252			62,166			62,735			61,139
Liabilities related to assets held for sale	—			—			—			—			—
Junior subordinated deferrable interest debentures	100,000			100,000			100,000			100,000			100,000
Other liabilities	214,968			177,080			140,899			123,921			135,448
Total liabilities	7,251,728			6,555,975			6,843,536			7,062,331			6,843,805

Noncontrolling interest in operating partnership
(4,145 units outstanding) at 3/31/2020	358,895			409,862			401,863			401,824			412,361
Preferred units	266,019			283,285			286,285			286,285			285,285

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, 77,590
issued and outstanding at 3/31/2020, including 1,055 shares held in treasury	776			803			826			835			843
Additional paid–in capital	4,146,306			4,286,395			4,407,667			4,451,209			4,492,581
Treasury stock	(124,049		)	(124,049		)	(124,049		)	(124,049		)	(124,049		)
Accumulated other comprehensive loss	(80,868		)	(28,485		)	(40,132		)	(28,395		)	(4,005		)
Retained earnings	1,099,369			1,084,719			1,225,904			1,288,390			1,210,497
Total SL Green Realty Corp. stockholders' equity	5,263,466			5,441,315			5,692,148			5,809,922			5,797,799

Noncontrolling interest in other partnerships	80,499			75,883			71,152			69,579			46,524

Total equity	5,343,965			5,517,198			5,763,300			5,879,501			5,844,323

Total Liabilities and Equity	$	13,220,607		$	12,766,320		$	13,294,984		$	13,629,941		$	13,385,774



Supplemental Information	11	First Quarter 2020




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



	Three Months Ended
	March 31,			March 31,			December 31,			September 30,
	2020			2019			2019			2019
Revenues
Rental revenue, net	$	195,463		$	212,639		$	218,495		$	215,447
Escalation and reimbursement revenues	27,168			27,479			31,957			32,581
Investment income	38,533			50,031			42,423			51,518
Other income	53,139			14,106			15,207			14,088
Total Revenues, net	314,303			304,255			308,082			313,634

Equity in net loss from unconsolidated joint ventures	(12,814		)	(5,234		)	(11,874		)	(9,864		)

Expenses
Operating expenses	53,866			57,698			58,814			59,847
Operating lease rent	7,367			8,298			8,297			8,295
Real estate taxes	46,622			46,688			47,756			49,626
Loan loss and other investment reserves, net of recoveries	11,248			—			—			—
Transaction related costs	65			55			369			44
Marketing, general and administrative	19,570			25,979			25,575			23,841
Total Operating Expenses	138,738			138,718			140,811			141,653

Operating Income	162,751			160,303			155,397			162,117

Interest expense, net of interest income	37,494			50,525			44,724			48,112
Amortization of deferred financing costs	2,500			2,742			3,087			3,112
Depreciation and amortization	68,279			68,343			64,090			70,464
Income from Continuing Operations ⁽¹⁾	54,478			38,693			43,496			40,429

Gain (loss) on sale of real estate	72,636			(1,049		)	(19,241		)	3,541
Equity in net gain on sale of joint venture interest / real estate	—			17,166			—			—
Purchase price and other fair value adjustments	—			(2,041		)	—			3,799
Depreciable real estate reserves	—			—			—			(7,047		)
Net Income	127,114			52,769			24,255			40,722

Net income attributable to noncontrolling interests	(5,909		)	(2,515		)	(360		)	(1,095		)
Dividends on preferred units	(2,666		)	(2,724		)	(2,726		)	(2,732		)

Net Income Attributable to SL Green Realty Corp	118,539			47,530			21,169			36,895

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

Net Income Attributable to Common Stockholders	$	114,801		$	43,792		$	17,432		$	33,157

Earnings per share - Net income per share (basic)	$	1.47		$	0.52		$	0.21		$	0.40
Earnings per share - Net income per share (diluted)	$	1.47		$	0.52		$	0.21		$	0.40
(1) Before gains on sale and equity in net gains and depreciable real estate reserves shown below.



Supplemental Information	12	First Quarter 2020




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



		Three Months Ended
		March 31,			March 31,			December 31,			September 30,
		2020			2019			2019			2019
Funds from Operations
Net Income Attributable to Common Stockholders		$	114,801		$	43,792		$	17,432		$	33,157

	Depreciation and amortization	68,279			68,343			64,090			70,464
	Unconsolidated JV depreciation and noncontrolling interests adjustments	56,318			47,625			47,224			47,674
	Net income attributable to noncontrolling interests	5,909			2,515			360			1,095
	(Gain) loss on sale of real estate	(72,636		)	1,049			19,241			(3,541		)
	Equity in net gain on sale of joint venture property / real estate	—			(17,166		)	—			—
	Purchase price and other fair value adjustments	—			2,041			—			(3,799		)
	Depreciable real estate reserves	—			—			—			7,047
	Non-real estate depreciation and amortization	(650		)	(707		)	(742		)	(740		)
	Funds From Operations	$	172,021		$	147,492		$	147,605		$	151,357

	Funds From Operations - Basic per Share	$	2.09		$	1.68		$	1.76		$	1.75

	Funds From Operations - Diluted per Share	$	2.08		$	1.68		$	1.75		$	1.75

Funds Available for Distribution
FFO		$	172,021		$	147,492		$	147,605		$	151,357

	Non real estate depreciation and amortization	650			707			742			740
	Amortization of deferred financing costs	2,500			2,742			3,087			3,112
	Non-cash deferred compensation	16,865			12,816			17,056			6,953
	FAD adjustment for joint ventures	(13,219		)	(22,765		)	(17,558		)	(29,706		)
	Straight-line rental income and other non cash adjustments	(47,359		)	(4,595		)	(1,497		)	(8,403		)
	Second cycle tenant improvements	(18,637		)	(8,421		)	(9,701		)	(22,832		)
	Second cycle leasing commissions	(3,044		)	(7,010		)	(10,614		)	(5,718		)
	Revenue enhancing recurring CAPEX	(184		)	(333		)	(6,264		)	(558		)
	Non-revenue enhancing recurring CAPEX	(3,609		)	(8,384		)	(113		)	(13,626		)
Reported Funds Available for Distribution		$	105,984		$	112,249		$	122,743		$	81,319

	First cycle tenant improvements	$	4,395		$	360		$	11,833		$	750
	First cycle leasing commissions	$	1,741		$	5,069		$	16,904		$	—
	Development costs	$	22,478		$	4,655		$	9,939		$	8,850
	Redevelopment costs	$	35,885		$	6,113		$	54,476		$	21,613
	Capitalized interest	$	20,483		$	10,509		$	14,808		$	15,699



Supplemental Information	13	First Quarter 2020




CONSOLIDATED STATEMENT OF EQUITY Unaudited (Dollars in Thousands)



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

Balance at December 31, 2019	$	221,932		$	803		$	4,286,395		$	(124,049	)	$	1,084,719		$	75,883		$	(28,485	)	$	5,517,198
Cumulative adjustment upon adoption of ASC 326													(39,184		)							(39,184		)
Balance at January 1, 2020	$	221,932		$	803		$	4,286,395		$	(124,049	)	$	1,045,535		$	75,883		$	(28,485	)	$	5,478,014
Net income													118,539			(293		)				118,246
Acquisition of subsidiary interest from noncontrolling interest							(3,123		)							1,587						(1,536		)
Preferred dividends													(3,738		)							(3,738		)
Cash distributions declared ($0.295 per common share)													(22,665		)							(22,665		)
Cash distributions to noncontrolling interests																(492		)				(492		)
Other comprehensive loss - unrealized loss on derivative instruments																			(42,041		)	(42,041		)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments																			(6,036		)	(6,036		)
Other comprehensive loss - unrealized loss on marketable securities																			(4,306		)	(4,306		)
DRSPP proceeds							166															166
Repurchases of common stock				(26		)	(142,719		)				(76,831		)							(219,576		)
Conversion of units of the Operating Partnership to common stock							84															84
Contributions to consolidated joint ventures																3,814						3,814
Reallocation of noncontrolling interests in the Operating Partnership													38,529									38,529
Deferred compensation plan and stock awards, net				(1		)	5,503															5,502
Balance at March 31, 2020	$	221,932		$	776		$	4,146,306		$	(124,049	)	$	1,099,369		$	80,499		$	(80,868	)	$	5,343,965





RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION


	Common Stock			OP Units			Stock-Based Compensation			Diluted Shares

Share Count at December 31, 2019	79,202,322			4,195,875			—			83,398,197

YTD share activity	(2,666,889		)	(51,320		)	—			(2,718,209		)
Share Count at March 31, 2020	76,535,433			4,144,555			—			80,679,988

Weighting factor	1,579,186			75,428			231,987			1,886,601
Weighted Average Share Count at March 31, 2020 - Diluted	78,114,619			4,219,983			231,987			82,566,589



Supplemental Information	14	First Quarter 2020




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




	March 31, 2020						December 31, 2019						September 30, 2019

	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		$	3,902,348		$	1,886,192		$	3,903,665		$	1,886,617
Building and improvements	10,477,826			5,252,112			10,362,434			5,173,363			10,255,247			5,086,802
Building leasehold and improvements	394,503			200,176			394,503			200,176			416,668			211,258
Right of use asset - financing leases	634,822			321,864			634,822			321,864			634,822			321,864
Right of use asset - operating leases	242,852			119,543			236,519			116,376			236,519			116,376
	15,652,351			7,779,887			15,530,626			7,697,971			15,446,921			7,622,917
Less: accumulated depreciation	(1,259,444		)	(565,902		)	(1,180,998		)	(529,232		)	(1,166,763		)	(516,005		)
Net real estate	14,392,907			7,213,985			14,349,628			7,168,739			14,280,158			7,106,912


Cash and cash equivalents	232,926			112,724			260,476			131,549			226,208			112,547
Restricted cash	96,279			46,959			75,713			34,779			73,491			34,600
Tenant and other receivables, net of allowance of $7,096 at 3/31/2020, of which $3,780 is SLG share	13,812			3,335			49,259			20,835			44,472			17,418
Deferred rents receivable, net of allowance of $3,204 at 3/31/2020, of which $1,719 is SLG share	333,025			160,502			321,806			154,330			315,922			151,590
Deferred costs, net	211,180			118,303			209,806			117,029			189,627			105,152
Other assets	1,786,373			794,221			1,829,623			811,189			1,894,794			844,474
Total Assets	$	17,066,502		$	8,450,029		$	17,096,311		$	8,438,450		$	17,024,672		$	8,372,693

Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of $85,928 at 3/31/2020, of which $40,691 is SLG share	$	9,116,172		$	4,091,392		$	8,951,869		$	3,984,521		$	8,799,015		$	3,883,638
Accrued interest	25,188			10,852			27,078			11,645			26,911			11,393
Accounts payable and accrued expenses	209,750			109,103			242,918			125,895			233,823			122,393
Deferred revenue	1,459,796			648,860			1,501,616			668,791			1,535,067			684,525
Lease liability - financing leases	637,274			323,056			637,290			323,071			637,314			323,089
Lease liability - operating leases	264,887			129,789			260,090			127,405			261,682			128,215
Security deposits	28,751			11,387			28,859			11,333			26,960			9,966
Other liabilities	20,675			11,701			9,449			4,842			12,882			7,547
Equity	5,304,009			3,113,889			5,437,142			3,180,947			5,491,018			3,201,927
Total Liabilities and Equity	$	17,066,502		$	8,450,029		$	17,096,311		$	8,438,450		$	17,024,672		$	8,372,693



Supplemental Information	15	First Quarter 2020




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



	Three Months Ended						Three Months Ended						Three Months Ended
	March 31, 2020						December 31, 2019						March 31, 2019

	Total			SLG Share			Total			SLG Share			Total			SLG Share
Revenues
Rental revenue, net	$	238,412		$	105,304		$	235,003		$	102,682		$	257,892		$	111,732
Escalation and reimbursement revenues	39,651			18,192			39,278			18,134			39,044			18,258
Investment income	1,237			307			1,265			314			7,651			2,227
Other income	3,220			1,611			4,011			1,422			2,932			1,064
Total Revenues, net	$	282,520		$	125,414		$	279,557		$	122,552		$	307,519		$	133,281

Expenses
Operating expenses	$	51,590		$	22,479		$	49,484		$	22,216		$	54,124		$	22,856
Operating lease rent	6,361			3,090			5,968			2,894			5,901			2,860
Real estate taxes	53,372			23,935			52,811			23,583			54,236			23,639
Total Operating Expenses	$	111,323		$	49,504		$	108,263		$	48,693		$	114,261		$	49,355

Operating Income	$	171,197		$	75,910		$	171,294		$	73,859		$	193,258		$	83,926

Interest expense, net of interest income	$	86,324		$	35,777		$	89,491		$	37,168		$	96,623		$	39,407
Amortization of deferred financing costs	4,814			1,687			4,902			1,751			5,216			1,568
Depreciation and amortization	98,584			45,874			98,949			46,429			104,331			48,128
Net loss	$	(18,525	)	$	(7,428	)	$	(22,048	)	$	(11,489	)	$	(12,912	)	$	(5,177	)

Real estate depreciation	98,296			45,817			98,662			46,373			104,042			48,071
FFO Contribution	$	79,771		$	38,389		$	76,614		$	34,884		$	91,130		$	42,894

FAD Adjustments:
Non real estate depreciation and amortization	$	288		$	57		$	287		$	56		$	289		$	57
Amortization of deferred financing costs	4,814			1,687			4,902			1,751			5,216			1,568
Straight-line rental income and other non-cash adjustments	(17,177		)	(9,949		)	(12,751		)	(7,002		)	(41,466		)	(22,026		)
Second cycle tenant improvement	(4,664		)	(2,032		)	(2,297		)	(904		)	(2,290		)	(882		)
Second cycle leasing commissions	(3,728		)	(1,867		)	(11,332		)	(6,448		)	(1,597		)	(724		)
Revenue enhancing recurring CAPEX	(555		)	(57		)	(4,551		)	(2,224		)	(232		)	(95		)
Non-revenue enhancing recurring CAPEX	(1,092		)	(1,058		)	(3,658		)	(2,787		)	(1,978		)	(663		)
Total FAD Adjustments	$	(22,114	)	$	(13,219	)	$	(29,400	)	$	(17,558	)	$	(42,058	)	$	(22,765	)

First cycle tenant improvement	$	7,412		$	3,647		$	4,387		$	2,340		$	5,864		$	1,979
First cycle leasing commissions	$	252		$	112		$	6,483		$	2,478		$	245		$	125
Development costs	$	100,728		$	71,527		$	122,910		$	87,279		$	149,049		$	105,840
Redevelopment costs	$	1,251		$	648		$	15,048		$	5,826		$	(776	)	$	(624	)
Capitalized interest	$	8,729		$	6,198		$	8,510		$	6,043		$	4,929		$	3,500



Supplemental Information	16	First Quarter 2020




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



	Three Months Ended
	March 31,			March 31,			December 31,			September 30,
	2020			2019			2019			2019

Net Operating Income⁽¹⁾	$	120,619		$	135,506		$	145,930		$	135,744
SLG share of property NOI from unconsolidated JVs	75,067			81,706			73,256			76,552
NOI including SLG share of unconsolidated JVs	$	195,686		$	217,212		$	219,186		$	212,296
Partners' share of NOI - consolidated JVs	(675		)	(764		)	(520		)	(536		)
NOI - SLG share	$	195,011		$	216,448		$	218,666		$	211,760

NOI, including SLG share of unconsolidated JVs	$	195,686		$	217,212		$	219,186		$	212,296
Free rent (net of amortization)	(3,804		)	(16,448		)	(6,044		)	(16,729		)
Amortization of acquired above and below-market leases, net	(5,060		)	(5,609		)	(5,229		)	(5,281		)
Straight-line revenue adjustment	(5,031		)	(5,056		)	(853		)	(5,822		)
Straight-line tenant credit loss	494			2,737			168			848
Operating lease straight-line adjustment	903			972			872			888
Cash NOI, including SLG share of unconsolidated JVs	$	183,188		$	193,808		$	208,100		$	186,200
Partners' share of cash NOI - consolidated JVs	(612		)	(703		)	(608		)	(564		)
Cash NOI - SLG share	$	182,576		$	193,105		$	207,492		$	185,636


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




NOI Summary by Portfolio ⁽¹⁾ - SLG Share

	Three Months Ended March 31, 2020
	Three Months Ended March 31, 2020
	NOI		Cash NOI

Manhattan Operating Properties	$	159,540	$	146,584
Retail Operating Properties	12,841		11,589
Residential Operating Properties	3,709		3,738
Suburban Operating Properties	2,543		2,841
Development/Redevelopment	12,034		13,419
Total Operating and Development	190,667		178,171
Property Dispositions	3,870		3,807
Other⁽²⁾	474		598
Total	$	195,011	$	182,576


⁽¹⁾ Portfolio composition consistent with the Selected Property Data tables
⁽²⁾ Includes SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company



Supplemental Information	17	First Quarter 2020




SELECTED FINANCIAL DATA 2020 Same Store Net Operating Income - Wholly Owned and Consolidated JVs Unaudited (Dollars in Thousands)



		Three Months Ended
		March 31,			March 31,					December 31,			September 30,
		2020			2019			%		2019			2019
Revenues
	Rental revenue, net	$	169,526		$	167,091		1.5	%	$	171,855		$	168,523
	Escalation & reimbursement revenues	24,623			22,711			8.4	%	26,681			26,505
	Other income	370			474			(21.9	)%	1,981			6,209
	Total Revenues	$	194,519		$	190,276		2.2	%	$	200,517		$	201,237


Expenses
	Operating expenses	$	43,901		$	44,326		(1.0	)%	$	45,551		$	44,843
	Operating lease rent	6,939			7,145			(2.9	)%	7,144			7,142
	Real estate taxes	40,508			38,130			6.2	%	38,967			40,610
		$	91,348		$	89,601		1.9	%	$	91,662		$	92,595

	Operating Income	$	103,171		$	100,675		2.5	%	$	108,855		$	108,642

	Interest expense & amortization of financing costs	$	14,199		$	14,111		0.6	%	$	14,263		$	14,320
	Depreciation & amortization	57,944			49,572			16.9	%	45,916			50,858

	Income before noncontrolling interest	$	31,028		$	36,992		(16.1	)%	$	48,676		$	43,464
Plus:	Real estate depreciation & amortization	57,925			49,552			16.9	%	45,897			50,838
	FFO Contribution	$	88,953		$	86,544		2.8	%	$	94,573		$	94,302

Less:	Non–building revenue	329			24			1,270.8	%	623			2,659

Plus:	Interest expense & amortization of financing costs	14,199			14,111			0.6	%	14,263			14,320
	Non-real estate depreciation	19			20			(5.0	)%	19			20
	NOI	$	102,842		$	100,651		2.2	%	$	108,232		$	105,983

Cash Adjustments
Less:	Free rent (net of amortization)	$	2,570		$	5,099		(49.6	)%	$	2,751		$	3,595
	Straight-line revenue adjustment	(886		)	431			(305.6	)%	1,930			1,266
	Amortization of acquired above and below-market leases, net	2,376			1,237			92.1	%	1,193			1,194
Plus:	Operating lease straight-line adjustment	429			514			(16.5	)%	497			514
	Straight-line tenant credit loss	12			772			(98.4	)%	170			796
	Cash NOI	$	99,223		$	95,170		4.3	%	$	103,025		$	101,238

Operating Margins
	NOI to real estate revenue, net	53.0		%	52.9		%			54.1		%	53.4		%
	Cash NOI to real estate revenue, net	51.1		%	50.0		%			51.5		%	51.0		%

	NOI before operating lease rent/real estate revenue, net	56.5		%	56.7		%			57.7		%	57.0		%
	Cash NOI before operating lease rent/real estate revenue, net	54.4		%	53.5		%			54.9		%	54.3		%



Supplemental Information	18	First Quarter 2020




SELECTED FINANCIAL DATA 2020 Same Store Net Operating Income - Unconsolidated JVs Unaudited (Dollars in Thousands, SLG Share)



		Three Months Ended
		March 31,			March 31,					December 31,			September 30,
		2020			2019			%		2019			2019
Revenues
	Rental revenue, net	$	105,832		$	107,972		(2.0	)%	$	103,288		$	105,966
	Escalation & reimbursement revenues	18,542			18,099			2.4	%	18,478			20,176
	Other income	965			566			70.5	%	784			567
	Total Revenues	$	125,339		$	126,637		(1.0	)%	$	122,550		$	126,709


Expenses
	Operating expenses	$	22,116		$	21,418		3.3	%	$	21,774		$	22,043
	Operating lease rent	2,904			2,740			—	%	2,708			3,084
	Real estate taxes	24,067			22,743			5.8	%	23,713			24,054
		$	49,087		$	46,901		4.7	%	$	48,195		$	49,181

	Operating Income	$	76,252		$	79,736		(4.4	)%	$	74,355		$	77,528

	Interest expense & amortization of financing costs	$	38,013		$	40,946		(7.2	)%	$	39,439		$	40,589
	Depreciation & amortization	44,050			44,709			(1.5	)%	45,253			44,126

	Loss before noncontrolling interest	$	(5,811	)	$	(5,919	)	(1.8	)%	$	(10,337	)	$	(7,187	)
Plus:	Real estate depreciation & amortization	43,993			44,653			(1.5	)%	45,197			44,070
	FFO Contribution	$	38,182		$	38,734		(1.4	)%	$	34,860		$	36,883

Less:	Non–building revenue	947			207			357.5	%	650			233

Plus:	Interest expense & amortization of financing costs	38,013			40,946			(7.2	)%	39,439			40,589
	Non-real estate depreciation	57			56			—	%	56			56
	NOI	$	75,305		$	79,529		(5.3	)%	$	73,705		$	77,295

Cash Adjustments
Less:	Free rent (net of amortization)	$	1,090		$	10,510		(89.6	)%	$	1,636		$	11,178
	Straight-line revenue adjustment	5,183			6,383			(18.8	)%	664			5,893
	Amortization of acquired above and below-market leases, net	3,827			4,262			(10.2	)%	4,321			4,122
Plus:	Operating lease straight-line adjustment	342			393			—	%	243			242
	Straight-line tenant credit loss	471			298			—	%	—			—
	Cash NOI	$	66,018		$	59,065		11.8	%	$	67,327		$	56,344

Operating Margins
	NOI to real estate revenue, net	60.5		%	62.9		%			60.5		%	61.1		%
	Cash NOI to real estate revenue, net	53.1		%	46.7		%			55.2		%	44.5		%

	NOI before operating lease rent/real estate revenue, net	62.9		%	65.1		%			62.7		%	63.6		%
	Cash NOI before operating lease rent/real estate revenue, net	55.1		%	48.6		%			57.3		%	46.8		%



Supplemental Information	19	First Quarter 2020




SELECTED FINANCIAL DATA 2020 Same Store Net Operating Income Unaudited (Dollars in Thousands)



		Three Months Ended
		March 31,			March 31,					December 31,			September 30,
		2020			2019			%		2019			2019
Revenues
	Rental revenue, net	$	169,526		$	167,091		1.5	%	$	171,855		$	168,523
	Escalation & reimbursement revenues	24,623			22,711			8.4	%	26,681			26,505
	Other income	370			474			(21.9	)%	1,981			6,209
	Total Revenues	$	194,519		$	190,276		2.2	%	$	200,517		$	201,237

	Equity in Net Loss from Unconsolidated Joint Ventures ⁽¹⁾	$	(5,811	)	$	(5,919	)	(1.8	)%	$	(10,337	)	$	(7,187	)
Expenses
	Operating expenses	$	43,901		$	44,326		(1.0	)%	$	45,551		$	44,843
	Operating lease rent	6,939			7,145			(2.9	)%	7,144			7,142
	Real estate taxes	40,508			38,130			6.2	%	38,967			40,610
		$	91,348		$	89,601		1.9	%	$	91,662		$	92,595

	Operating Income	$	97,360		$	94,756		2.7	%	$	98,518		$	101,455

	Interest expense & amortization of financing costs	$	14,199		$	14,111		0.6	%	$	14,263		$	14,320
	Depreciation & amortization	57,944			49,572			16.9	%	45,916			50,858

	Income before noncontrolling interest	$	25,217		$	31,073		(18.8	)%	$	38,339		$	36,277
Plus:	Real estate depreciation & amortization	57,925			49,552			16.9	%	45,897			50,838
	Joint Ventures Real estate depreciation & amortization ⁽¹⁾	43,993			44,653			(1.5	)%	45,197			44,070
	FFO Contribution	$	127,135		$	125,278		1.5	%	$	129,433		$	131,185

Less:	Non–building revenue	$	329		$	24		1,270.8	%	$	623		$	2,659
	Joint Ventures Non–building revenue ⁽¹⁾	947			207			357.5	%	650			233

Plus:	Interest expense & amortization of financing costs	14,199			14,111			0.6	%	14,263			14,320
	Joint Ventures Interest expense & amortization of financing costs ⁽¹⁾	38,013			40,946			(7.2	)%	39,439			40,589
	Non-real estate depreciation	19			20			(5.0	)%	19			20
	Joint Ventures Non-real estate depreciation ⁽¹⁾	57			56			1.8	%	56			56
	NOI	$	178,147		$	180,180		(1.1	)%	$	181,937		$	183,278

Cash Adjustments
	Non-cash adjustments	$	(3,619	)	$	(5,481	)	(34.0	)%	$	(5,207	)	$	(4,745	)
	Joint Venture non-cash adjustments ⁽¹⁾	(9,287		)	(20,464		)	(54.6	)%	(6,378		)	(20,951		)
	Cash NOI	$	165,241		$	154,235		7.1	%	$	170,352		$	157,582

Operating Margins
	NOI to real estate revenue, net	55.9		%	56.9		%			56.5		%	56.4		%
	Cash NOI to real estate revenue, net	51.9		%	48.7		%			52.9		%	48.5		%

	NOI before operating lease rent/real estate revenue, net	59.0		%	60.0		%			59.6		%	59.5		%
	Cash NOI before operating lease rent/real estate revenue, net	54.7		%	51.5		%			55.8		%	51.4		%

⁽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	20	First Quarter 2020




DEBT SUMMARY SCHEDULE Consolidated Unaudited (Dollars in Thousands)



				Principal					2020		Initial		Principal		As-Of	Final
			Ownership	Outstanding					Principal		Maturity		Due at		Right	Maturity	Earliest
Fixed rate debt			Interest (%)	3/31/2020			Coupon (1)		Amortization		Date		Maturity		Extension	Date (2)	Prepayment (3)
Secured fixed rate debt
	100 Church Street		100.0	$	208,197		4.68%		$	4,421	Jul-22		$	197,784	—	Jul-22	Apr-22
	420 Lexington Avenue		100.0	297,885			3.99%		5,130		Oct-24		272,749		—	Oct-40	Jul-24
	400 East 58th Street		90.0	38,881			3.00%		863		Nov-26		33,840		—	Nov-26	Open
	Landmark Square		100.0	100,000			4.90%		—		Jan-27		100,000		—	Jan-27	Oct-26
	485 Lexington Avenue		100.0	450,000			4.25%		—		Feb-27		450,000		—	Feb-27	Oct-26
	1080 Amsterdam		92.5	34,947			3.59%		705		Feb-27		29,527		—	Feb-27	Open
				$	1,129,910		4.25%		$	11,119			$	1,083,900
Unsecured fixed rate debt
	Unsecured notes			$	499,722		3.25%		$	—	Oct-22		$	500,000	—	Oct-22	Open
	Unsecured notes			302,881			4.50%		—		Dec-22		300,000		—	Dec-22	Open
	Term loan (swapped)			1,000,000			3.19%	(4)	—		Mar-23	(3)	1,000,000		—	Mar-23	Open
	Unsecured notes			100,000			4.27%		—		Dec-25		100,000		—	Dec-25	Open
				$	1,902,603		3.47%		$	—			$	1,900,000

		Total Fixed Rate Debt		$	3,032,513		3.76%		$	11,119			$	2,983,900
Floating rate debt
Secured floating rate debt
	FHLB Facility (LIBOR + 17 bps)			$	14,500		1.16%		$	—	Jun-20		$	14,500	—	Jun-20	Open
	Debt & preferred equity facility (LIBOR + 209 bps)			137,473			3.07%	(5)	—		Jun-20		137,473		Jun-22	Jun-22	Open
	FHLB Facility (LIBOR + 16.5 bps)			10,000			1.15%		—		Jul-20		10,000		—	Jul-20	Open
	133 Greene Street (LIBOR + 200 bps)		100.0	15,523			2.99%		—		Aug-20		15,523		—	Aug-21	Open
	FHLB Facility (LIBOR + 26 bps)			15,000			1.25%		—		Aug-20		15,000		—	Aug-20	Open
	106 Spring Street (LIBOR + 250 bps)		100.0	38,025			3.49%		—		Jan-21		38,025		—	Jan-22	Open
	FHLB Facility (LIBOR + 18 bps)			35,000			1.17%		—		Jan-21		35,000		—	Jan-21	Open
	609 Fifth Avenue (LIBOR + 240 bps)		100.0	55,416			3.39%		—		Mar-21		55,416		Mar-22	Mar-24	Open
	185 Broadway (LIBOR + 285 bps)		100.0	130,791			3.84%		—		Nov-21		130,791		—	Nov-23	Open
	712 Madison Avenue (LIBOR + 185 bps)		100.0	28,000			2.84%		—		Dec-21		28,000		—	Dec-22	Open
	410 Tenth Avenue (LIBOR + 222.5 bps)		70.9	350,578			3.21%		—		May-22		350,579		—	May-24	Open
	719 Seventh Avenue (LIBOR + 120 bps)		75.0	50,000			2.19%		—		Sep-23		50,000		—	Sep-23	Open
				$	880,306		3.06%		$	—			$	880,307
Unsecured floating rate debt
	Unsecured notes (3mo. LIBOR + 98 bps)			$	350,000		2.41%	(6)	$	—	Aug-21		$	350,000	—	Aug-21	Open
	Revolving credit facility (LIBOR + 100 bps)			1,300,000			1.99%		—		Mar-22		1,300,000		Mar-23	Mar-23	Open
	Term loan (LIBOR + 110 bps)			300,000			2.09%		—		Mar-23		300,000		—	Mar-23	Open
	Term loan (LIBOR + 100 bps)			200,000			1.99%		—		Nov-24		200,000		—	Nov-24	Open
	Junior subordinated deferrable interest debentures (3mo. LIBOR + 125 bps)			100,000			2.68%		—		Jul-35		100,000		—	Jul-35	Open
				$	2,250,000		2.10%		$	—			$	2,250,000

		Total Floating Rate Debt		$	3,130,306		2.37%		$	—			$	3,130,307

		Total Debt - Consolidated		$	6,162,819		3.05%		$	11,119			$	6,114,207

		Deferred financing costs		(39,553		)
		Total Debt - Consolidated, net		$	6,123,266		3.05%

		Total Debt - Joint Venture, net		$	4,091,392		3.56%

	Total Debt including SLG share of unconsolidated JV Debt			$	10,294,902		3.26%
	Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt			$	10,150,266		3.70%

(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 0.98% or the 3-month LIBOR rate at the end of the quarter of 1.43%. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) Reflects exercise of all available extension options.
(3) Loans noted as "open" may be subject to certain fees, premiums or penalties on early repayment.
(4) 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.
(5) 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.
(6) In April 2020, we entered into an interest rate swap at a fixed rate of 0.54%, resulting in a coupon of 1.52%.



Supplemental Information	21	First Quarter 2020




DEBT SUMMARY SCHEDULE Unconsolidated JVs Unaudited (Dollars in Thousands)



				Principal Outstanding									2020			Initial		Principal			As-Of	Final
			Ownership	3/31/20									Principal Amortization			Maturity		Due at Maturity			Right	Maturity	Earliest
Fixed rate debt			Interest (%)	Gross Principal				SLG Share			Coupon (1)		(SLG Share)			Date		(SLG Share)			Extension	Date (2)	Prepayment (3)
	717 Fifth Avenue (mortgage)		10.9	$	300,000			$	32,748		4.45%		$	—		Jul-22		$	32,748		—	Jul-22	Open
	717 Fifth Avenue (mezzanine)		10.9	355,328				38,788			5.50%		—			Jul-22		38,788			—	Jul-22	Mar-22
	650 Fifth Avenue (mortgage)		50.0	210,000				105,000			4.46%		—			Oct-22		105,000			—	Oct-22	Open
	650 Fifth Avenue (mezzanine)		50.0	65,000				32,500			5.45%		—			Oct-22		32,500			—	Oct-22	Open
	21 East 66th Street		32.3	12,000				3,874			3.60%		—			Apr-23		3,874			—	Apr-28	Open
	919 Third Avenue		51.0	500,000				255,000			5.12%		—			Jun-23		255,000			—	Jun-23	Feb-23
	1515 Broadway		56.9	834,084				474,334			3.93%		10,202			Mar-25		419,372			—	Mar-25	Sep-24
	11 Madison Avenue		60.0	1,400,000				840,000			3.84%		—			Sep-25		840,000			—	Sep-25	Mar-25
	800 Third Avenue (swapped)		60.5	177,000				107,120			3.37%		—			Feb-26		107,120			—	Feb-26	Open
	400 East 57th Street		41.0	97,202				39,853			3.00%		884			Nov-26		35,889			—	Nov-26	Open
	Worldwide Plaza		24.4	1,200,000				292,200			3.98%		—			Nov-27		292,200			—	Nov-27	Jul-27
	Stonehenge Portfolio		Various	196,112			(4)	11,289			3.50%		94			Various	(4)	10,114			—	Various	Open
	Total Fixed Rate Debt			$	5,346,726			$	2,232,706		4.07%	(5)	$	11,180				$	2,172,605
Floating rate debt
	280 Park Avenue (LIBOR + 173 bps)		50.0	$	1,200,000			$	600,000		2.72%		$	—		Sep-20		$	600,000		Sep-24	Sep-24	Open
	1552 Broadway (LIBOR + 265 bps)		50.0	195,000				97,500			3.64%		—			Oct-20		97,500			—	Oct-22	Open
	121 Greene Street (LIBOR + 150 bps)		50.0	15,000				7,500			2.49%		—			Nov-20		7,500			—	Nov-21	Open
	11 West 34th Street (LIBOR + 145 bps)		30.0	23,000				6,900			2.44%		—			Jan-21		6,900			Jan-23	Jan-23	Open
	100 Park Avenue (LIBOR + 175 bps)		49.9	356,027				177,657			2.74%		1,934			Feb-21		175,858			—	Feb-21	Open
	One Vanderbilt (LIBOR + 250 bps)		71.0	838,936				595,728			3.49%		—			Sep-21		595,728			—	Sep-23	Open
	2 Herald Square (LIBOR + 145 bps)		51.0	198,629				101,301			2.44%		—			Nov-21		101,301			—	Nov-23	Open
	55 West 46th Street - Tower 46 (LIBOR + 125 bps)		25.0	192,524				48,131			2.24%		—			Aug-22		48,131			—	Aug-24	Open
	115 Spring Street (LIBOR + 340 bps)		51.0	65,550				33,431			4.39%		—			Sep-23		33,431			—	Sep-23	Open
	10 East 53rd Street (LIBOR + 135 bps)		55.0	220,000				121,000			2.34%					Feb-25		121,000			—	Feb-25	Open
	605 West 42nd Street - Sky (LIBOR + 144 bps)		20.0	550,000				110,000			2.43%		—			Aug-27		110,000			—	Aug-27	Open
	21 East 66th Street (T 12 mos + 275 bps)		32.3	708				229			2.92%		14			Jun-33		2			—	Jun-33	Open
	Total Floating Rate Debt			$	3,855,374			$	1,899,377		2.96%	(5)	$	1,948				$	1,897,351
	Total unconsolidated JV Debt			$	9,202,100			$	4,132,083		3.56%	(5)	$	13,128				$	4,069,956
		Deferred financing costs		(85,928		)		(40,691		)
	Total unconsolidated JV Debt, net			$	9,116,172			$	4,091,392		3.56%

(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 0.98%. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) Reflects exercise of all available extension options.
(3) Loans noted as "open" may be subject to certain fees, premiums or penalties on early repayment.
(4) Amount is comprised of three mortgages totaling $132.6 million that mature in April 2028 and two mortgages totaling $63.5 million that mature in July 2029.
(5) The weighted average coupon is calculated based on SL Green's share of the outstanding debt.

	SL GREEN REALTY CORP.											Composition of Debt

	Revolving Credit Facility Covenants												Fixed Rate Debt
			Actual	Required												Consolidated		$	3,032,513
	Total Debt / Total Assets		42.8%	Less than 60%											SLG Share of JV			2,232,706
	Fixed Charge Coverage		2.66	Greater than 1.4x									Total Fixed Rate Debt					$	5,265,219		51.1%
	Maximum Secured Indebtedness		14.7%	Less than 50%
	Maximum Unencumbered Leverage Ratio		56.0%	Less than 60%									Floating Rate Debt
																Consolidated		$	3,130,306
	Unsecured Notes Covenants														SLG Share of JV			1,899,377
			Actual	Required														5,029,683			48.9%
	Total Debt / Total Assets		42.8%	Less than 60%								Debt & Preferred Equity and Other Investments						(823,603		)	(8.0)%
	Secured Debt / Total Assets		19.7%	Less than 40%									Total Floating Rate Debt					$	4,206,080		40.9%
	Debt Service Coverage		2.95x	Greater than 1.5x
	Unencumbered Assets / Unsecured Debt		261.7%	Greater than 150%												Total Debt		$	10,294,902



Supplemental Information	22	First Quarter 2020




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			$	95,153	2043
625 Madison Avenue		4,613			4,613			2,306		(3)		—		(3)		9,930		2054
420 Lexington Avenue		11,174			11,199			11,199				11,199				180,714		2080
711 Third Avenue		5,500			5,500			5,500				5,500				54,815		2083	(4)
1055 Washington Blvd, Stamford		615			615			615				615				10,088		2090
1080 Amsterdam Avenue		314			314			314				314				7,306		2111
30 East 40th Street		212			229			229				229				5,372		2114
Other		71			73			76				78				612		Various
Total		$	29,408		$	29,452		$	27,148			$	24,844			$	363,990

Financing Leases
461 Fifth Avenue		$	2,100		$	2,250		$	2,400			$	2,400			$	29,174	2084	(5)
1080 Amsterdam Avenue		436			436			436				436				22,376		2111
30 East 40th Street		2,183			2,358			2,358				2,358				22,262		2114
126 Nassau Street		2,758			3,041			3,087				3,133				88,487		2119	(5)
Total		$	7,477		$	8,085		$	8,281			$	8,327			$	162,299

Unconsolidated Joint Venture Ground Lease Arrangements (SLG Share)

Operating Leases
650 Fifth Avenue (Floors 4-6)		$	1,645		$	1,659		$	1,790			$	1,790			$	18,388	2053
650 Fifth Avenue (Floors b-3)		1,428			1,428			1,441				1,458				30,720		2062
1560 Broadway		6,811			6,861			6,861				6,935				75,374		2114
333 East 22nd Street		217			222			238				238				5,307		2115
Total		$	10,101		$	10,170		$	10,330			$	10,421			$	129,789

Financing Leases
650 Fifth Avenue (Floors b-3)		$	6,695		$	6,695		$	6,695			$	6,786			$	97,674	2062
2 Herald Square		6,934			7,107			7,285				7,467				225,382		2077	(5)
Total		$	13,629		$	13,802		$	13,980			$	14,253			$	323,056

(1) Per the balance sheet at March 31, 2020.
(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. Scheduled cash payments do not reflect the exercise of the purchase option.



Supplemental Information	23	First Quarter 2020




DEBT AND PREFERRED EQUITY INVESTMENTS Unaudited (Dollars in Thousands)



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

3/31/2019		$	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				$	1,818,175		8.48%		8.60%

Debt investment originations/fundings/accretion⁽⁴⁾		246,075
Preferred Equity investment originations/accretion⁽⁴⁾		154,710
Redemptions/Sales/Syndications/Amortization		(159,798		)
Reserves		(37,957		)
3/31/2020		$	1,783,336		⁽⁵⁾		$	1,771,416		8.29%		8.20%


(1) Net of unamortized fees, discounts, and premiums.
(2) Excludes accelerated fee income resulting from early repayment and loan loss reserves
(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 and loan loss reserves.
(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 $34.8 million with a weighted average current yield of 6.53% that are included in other balance sheet line items.



Supplemental Information	24	First Quarter 2020




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	$	372,547	$	100,202	$	472,749		$	—		$	381		6.62%		6.28%

Junior Mortgage Participation	83,004		—		83,004			438,138			$	2,586		8.76%		8.72%

Mezzanine Debt	368,053		491,838		859,891			5,169,422			$	797		8.61%		8.65%

Preferred Equity	—		367,692		367,692			522,000			$	829		9.67%		9.87%

Balance as of 3/31/20	$	823,604	$	959,732	$	1,783,336	⁽³⁾	$	6,129,560		$	784		8.29%		8.20%

(1) Excludes accelerated fee income resulting from early repayment and loan loss reserves.
(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 and loan loss reserves.
(3) Net of unamortized fees, discounts, and premiums. Excludes debt and preferred equity investments totaling $34.8 million with a weighted average current yield of 6.53% that are included in other balance sheet line items.



	Debt and Preferred Equity Maturity Profile ⁽¹⁾
	2020	2021	2022	2023	2024 & Thereafter
Floating Rate	314,920	254,378	196,957	57,349	—
Fixed Rate	173,217	102,610	212,416	259,764	211,725
Sub-total	488,137	356,988	409,373	317,113	211,725


(1) The weighted average maturity of the outstanding balance is 2.16 years. Approximately 59.8% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension. The weighted average fully extended maturity of the outstanding balance is 2.85 years.



Supplemental Information	25	First Quarter 2020




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



	Book Value ⁽¹⁾			Property		Senior					Yield At End
Investment Type		3/31/2020		Type	Location	Financing		Last $ PSF ⁽²⁾			Of Quarter ⁽³⁾

Mezzanine Loan		$	220,420	Fee	Manhattan	$	330,204		$	944	8.58%

Mezzanine Loan and Preferred Equity		205,523		Office	Manhattan	1,768,000			$	1,077	10.98%

Preferred Equity		133,050		Office	Manhattan	272,000			$	638	7.10%

Mezzanine Loan		123,419		Office	Manhattan	1,115,000			$	1,065	10.61%

Senior Mortgage Loan		118,378		Office	Manhattan	—			$	389	4.87%

Preferred Equity		100,000		Multi-Family Rental	Manhattan	250,000			$	710	—%

Mortgage Loan		99,110		Office Leasehold	Manhattan	—			$	88	8.14%

Mortgage and Mezzanine Loans		96,880		Residential	Manhattan	—			$	828	6.37%

Mortgage and Mezzanine Loans		71,964		Residential	Manhattan	—			$	822	7.03%

Mortgage and Mezzanine Loans		70,000		Multi-Family Rental	Brooklyn	—			$	115	7.37%

Total		$	1,238,744			$	3,735,204				8.28%


(1) Net of unamortized fees, discounts, and premiums excluding loan loss reserves.
(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 excluding loan loss reserves.



Supplemental Information	26	First Quarter 2020




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



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized Contractual Cash Rent ($'s)		Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Mar-20		Dec-19		Sep-19		Jun-19		Mar-19		Annualized Contractual Cash Rent ($'s)		100%	SLG%	Total Tenants
CONSOLIDATED PROPERTIES
"Same Store"
30 East 40th Street	60.0	Grand Central South	Leasehold Interest	1	69,446	0.3		93.5		93.5		93.9		93.9		94.9			$5,228		0.3	54
100 Church Street	100.0	Downtown	Fee Interest	1	1,047,500	4.8		99.3		99.3		99.3		99.3		99.6		49,220		7.0	4.4	19
110 East 42nd Street	100.0	Grand Central	Fee Interest	1	215,400	1.0		82.6		83.0		84.9		84.0		85.4		10,821		1.5	1.0	24
110 Greene Street	100.0	Soho	Fee Interest	1	223,600	1.0		91.3		94.3		93.1		93.3		90.3		15,366		2.2	1.4	60
125 Park Avenue	100.0	Grand Central	Fee Interest	1	604,245	2.8		99.5		95.0		95.6		95.5		94.5		45,989		6.6	4.1	26
220 East 42nd Street	100.0	Grand Central	Fee Interest	1	1,135,000	5.2		97.0		97.0		97.0		90.9		90.9		69,008		9.9	6.2	37
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	215,000	1.0		74.9		95.9		96.1		100.0		97.8		13,160		1.9	1.2	6
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1	1,188,000	5.4		90.4		92.0		91.2		93.0		93.1		83,200		11.9	7.5	192
461 Fifth Avenue	100.0	Midtown	Leasehold Interest ⁽¹⁾	1	200,000	0.9		87.3		87.3		90.6		82.2		79.0		16,750		2.4	1.5	12
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	921,000	4.2		90.4		90.4		84.2		84.2		84.2		58,624		8.4	5.3	30
555 West 57th Street	100.0	Midtown West	Fee Interest	1	941,000	4.3		99.9		99.9		99.9		99.9		99.9		47,074		6.7	4.2	8
635 Sixth Avenue	100.0	Midtown South	Fee Interest	1	104,000	0.5		100.0		100.0		100.0		100.0		100.0		10,500		1.5	0.9	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		15,535		2.2	1.4	6
711 Third Avenue	100.0 ⁽²⁾	Grand Central North	Leasehold Interest ⁽²⁾	1	524,000	2.4		91.3		97.0		97.0		97.0		97.0		34,810		5.0	3.1	22
750 Third Avenue	100.0	Grand Central North	Fee Interest	1	780,000	3.6		91.2		91.2		92.7		92.7		93.3		46,067		6.6	4.1	27
810 Seventh Avenue	100.0	Times Square	Fee Interest	1	692,000	3.2		94.1		93.0		94.1		93.8		97.6		48,499		6.9	4.3	48
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1	1,062,000	4.9		92.7		92.7		92.7		92.7		85.6		95,277		13.6	8.5	14
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	562,000	2.6		87.6		91.7		91.0		91.2		89.5		40,607		5.8	3.6	43

Subtotal / Weighted Average				18	10,647,191	48.7	%	93.5	%	94.4	%	94.0	%	93.4	%	92.8	%		$705,736	100.0%	63.1%	630

Total / Weighted Average Consolidated Properties				18	10,647,191	48.7	%	93.5	%	94.4	%	94.0	%	93.4	%	92.8	%		$705,736	100.0%	63.1%	630


UNCONSOLIDATED PROPERTIES
"Same Store"
10 East 53rd Street	55.0	Plaza District	Fee Interest	1	354,300	1.6		95.1		97.1		94.3		95.4		95.4			$32,611		1.6	38
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	1	2,314,000	10.6		95.8		95.8		95.7		95.7		100.0		154,335			8.3	9
55 West 46th Street - Tower 46	25.0	Midtown	Fee Interest	1	347,000	1.6		91.9		90.3		86.5		86.5		73.5		26,730			0.6	15
100 Park Avenue	50.0	Grand Central South	Fee Interest	1	834,000	3.8		84.8		84.9		81.3		78.6		79.0		59,879			2.7	35
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	1,219,158	5.6		89.5		89.5		88.0		91.1		89.5		120,422			5.4	36
800 Third Avenue	60.5	Grand Central North	Fee Interest	1	526,000	2.4		92.4		96.2		96.5		91.9		93.1		37,572			2.0	42
919 Third Avenue	51.0	Grand Central North	Fee Interest	1	1,454,000	6.7		100.0		100.0		100.0		100.0		100.0		101,285			4.6	9
1515 Broadway	57.0	Times Square	Fee Interest	1	1,750,000	8.0		94.9		94.9		94.9		94.9		98.5		133,341			6.8	12
Worldwide Plaza	24.4	Westside	Fee Interest	1	2,048,725	9.4		94.7		94.7		96.8		96.8		96.9		141,104			3.1	24
Added to Same Store in 2020
2 Herald Square	51.0	Herald Square	Leasehold Interest	1	369,000	1.7		88.2		81.9		81.9		73.6		73.6		38,463			1.8	5

Subtotal / Weighted Average				10	11,216,183	51.3	%	93.9	%	93.9	%	93.7	%	93.4	%	94.3	%		$845,742		36.9%	225

Total / Weighted Average Unconsolidated Properties				10	11,216,183	51.3	%	93.9	%	93.9	%	93.7	%	93.4	%	94.3	%		$845,742		36.9%	225


Manhattan Operating Properties Grand Total / Weighted Average				28	21,863,374	100.0	%	93.7	%	94.1	%	93.8	%	93.4	%	93.6	%		$1,551,478			855
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent																			$1,115,381		100.0%
Manhattan Operating Properties Same Store Occupancy %					21,863,374	100.0	%	93.7	%	94.1	%	93.8	%	93.4	%	93.6	%
Manhattan Operating Properties Same Store Leased Occupancy %								95.5	%	96.0	%	95.0	%	94.8	%	95.4	%


(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	27	First Quarter 2020




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



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized Contractual Cash Rent ($'s)		Annualized Contractual Cash Rent (SLG%)			Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Mar-20		Dec-19		Sep-19		Jun-19		Mar-19		Annualized Contractual Cash Rent ($'s)		Annualized Contractual Cash Rent (SLG%)			Total Tenants

"Same Store" Retail
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	1	17,150	4.5		100.0		100.0		100.0		100.0		100.0			$3,013	1.4			1
21 East 66th Street	32.3	Plaza District	Fee Interest	1	13,069	3.4		100.0		100.0		100.0		100.0		100.0		3,831		1.9			1
121 Greene Street	50.0	Soho	Fee Interest	1	7,131	1.9		100.0		100.0		100.0		100.0		100.0		1,718		1.3			2
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	1	69,214	18.0		100.0		100.0		100.0		100.0		100.0		35,241		26.7			1
717 Fifth Avenue	10.9	Midtown/Plaza District	Fee Interest	1	119,550	31.0		100.0		100.0		100.0		100.0		100.0		53,873		8.9			6
719 Seventh Avenue	75.0	Times Square	Fee Interest	1	10,040	2.6		100.0		100.0		100.0		100.0		100.0		4,128		4.7			1
760 Madison Avenue	100.0	Plaza District	Fee Interest	1	21,124	5.5		100.0		100.0		100.0		100.0		100.0		16,318		24.7			1
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	1	52,000	13.5		100.0		100.0		100.0		100.0		100.0		1,736		2.6			3
1552-1560 Broadway	50.0	Times Square	Fee Interest	2	57,718	15.0		88.3		88.3		88.3		88.3		88.3		29,521		22.4			3
Subtotal/Weighted Average				10	366,996	95.3	%	98.2	%	98.2	%	98.2	%	98.2	%	98.2	%		$149,379	94.6		%	19

"Non Same Store" Retail
115 Spring Street	51.0	Soho	Fee Interest	1	5,218	1.4		100.0		100.0		100.0		100.0		100.0			$3,610	2.8			1
133 Greene Street	100.0	Soho	Fee Interest	1	6,425	1.7		100.0		100.0		100.0		100.0		100.0		690		1.0			2
712 Madison Avenue	100.0	Plaza District	Fee Interest	1	6,600	1.7		100.0		100.0		100.0		100.0		100.0		1,000		1.5			1
Subtotal/Weighted Average				3	18,243	4.7	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%		$5,300	5.4		%	4

Total / Weighted Average Retail Properties				13	385,239	100.0	%	98.2	%	98.2	%	98.2	%	98.2	%	98.2	%		$154,679	100.0		%	23



Residential Properties
	Ownership			# of	Usable	Total		Occupancy (%)										Average Monthly Rent Per Unit ($'s) ⁽¹⁾		Annualized Contractual Cash Rent ($'s)			Annualized Contractual Cash Rent (SLG %)
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Units		Mar-20		Dec-19		Sep-19		Jun-19		Mar-19		Average Monthly Rent Per Unit ($'s) ⁽¹⁾		Annualized Contractual Cash Rent ($'s)			Annualized Contractual Cash Rent (SLG %)

"Same Store" Residential
400 East 57th Street	41.0	Upper East Side	Fee Interest	1	290,482	263		97.3		95.1		92.4		95.8		95.4			$3,850		$13,372		20.1
400 East 58th Street	90.0	Upper East Side	Fee Interest	1	140,000	126		96.0		96.0		93.7		93.7		96.8		3,726		5,961			19.7
1080 Amsterdam	92.5	Upper West Side	Leasehold Interest	1	82,250	97		97.9		100.0		100.0		92.7		90.6		4,216		5,091			17.3
Stonehenge Portfolio	Various		Fee Interest	6	445,934	538		97.0		94.8		95.9		96.1		94.8		3,940		27,719			2.6
605 West 42nd Street - Sky	20.0	Westside	Fee Interest	1	927,358	1,175		96.4		95.9		94.3		93.5		90.9		3,596		54,829			40.3
Subtotal/Weighted Average				10	1,886,024	2,199		96.7	%	95.7	%	94.7	%	94.4	%	92.7	%		$3,746		$106,972		100.0	%

Total / Weighted Average Residential Properties				10	1,886,024	2,199		96.7	%	95.7	%	94.7	%	94.4	%	92.7	%		$3,746		$106,972



Suburban Properties
	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized Contractual Cash Rent ($'s)		Annualized Contractual Cash Rent (SLG %)			Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Mar-20		Dec-19		Sep-19		Jun-19		Mar-19		Annualized Contractual Cash Rent ($'s)		Annualized Contractual Cash Rent (SLG %)			Total Tenants

"Same Store"
Landmark Square	100.0	Stamford, Connecticut	Fee Interest	7	862,800	82.6		84.9		85.1		85.0		85.2		85.7			$21,854	77.9			114
1055 Washington Boulevard	100.0	Stamford, Connecticut	Leasehold Interest	1	182,000	17.4		88.5		88.5		88.5		88.5		85.5		6,197		22.1			25
Subtotal/Weighted Average				8	1,044,800	100.0	%	85.5	%	85.7	%	85.6	%	85.8	%	85.7	%		$28,051	100.0		%	139

Total / Weighted Average Suburban Properties				8	1,044,800	100.0	%	85.5	%	85.7	%	85.6	%	85.8	%	85.7	%		$28,051	100.0		%	139

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



Supplemental Information	28	First Quarter 2020




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



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized Contractual Cash Rent ($'s)		Annualized Contractual Cash Rent (SLG%)		Gross R/E Book Value		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Mar-20		Dec-19		Sep-19		Jun-19		Mar-19		Annualized Contractual Cash Rent ($'s)		Annualized Contractual Cash Rent (SLG%)		Gross R/E Book Value		Total Tenants

Development / Redevelopment
1 Madison Avenue	100.0	Park Avenue South	Fee Interest	1	1,176,900	53.5		9.3		100.0		100.0		100.0		100.0			$9,383	13.8			$884,794	3
19-21 East 65th Street	100.0	Plaza District	Fee Interest	2	23,610	1.1		3.6		3.6		3.6		3.6		3.6		31		—		13,280		1
106 Spring Street	100.0	Soho	Fee Interest	1	5,928	0.3		—		—		—		—		N/A		—		—		80,601		—
126 Nassau Street	100.0	Lower Manhattan	Leasehold Interest	1	98,412	4.5		87.3		N/A		N/A		N/A		N/A		3,162		4.7		3,704		38
609 Fifth Avenue	100.0	Rockefeller Center	Fee Interest	1	160,000	7.3		100.0		100.0		100.0		96.0		96.0		21,119		31.2		280,173		3
625 Madison Avenue	100.0	Plaza District	Leasehold Interest	1	563,000	25.7		33.5		98.1		97.1		97.1		98.0		28,376		41.9		269,018		25
707 Eleventh Avenue	100.0	Midtown West	Fee Interest	1	159,720	7.3		54.3		N/A		N/A		N/A		N/A		5,015		7.4		93,383		1
762 Madison Avenue	100.0	Plaza District	Fee Interest	1	6,109	0.3		55.1		55.1		100.0		100.0		100.0		665		1.0		16,689		3
Total / Weighted Average Development / Redevelopment Properties				9	2,193,679	100.0	%	28.9	%	97.8	%	97.7	%	97.3	%	97.9	%		$67,751	100.0	%		$1,641,642	74



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	—	—	$838,936	$911,064	$3,310,666
185 Broadway	198,488	100.0	Q2 2021	—	53,954		—	30,721	—	130,791	94,209	309,675
410 Tenth Avenue	636,044	70.9	Q2 2021	98.6	68,057		28,035	64,837	26,565	350,578	114,422	652,494

Total Construction In Progress					$1,230,164		$480,548	$95,558	$26,565	$1,320,305	$1,119,695	$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	29	First Quarter 2020




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



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized Contractual Retail Cash Rent ($'s)		Annualized Contractual Retail Cash Rent				Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Mar-20		Dec-19		Sep-19		Jun-19		Mar-19		Annualized Contractual Retail Cash Rent ($'s)		100%		SLG		Total Tenants

HIGH STREET RETAIL - Consolidated Properties
106 Spring Street ⁽¹⁾	100.0	Soho	Fee Interest	1	5,928	0.4		—		—		—		—		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
712 Madison Avenue	100.0	Plaza District	Fee Interest	1	6,600	0.4		100.0		100.0		100.0		100.0		100.0		1,000		0.3		0.5		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		4,128		1.3		1.6		1
760 Madison Avenue	100.0	Plaza District	Fee Interest	1	21,124	1.4		100.0		100.0		100.0		100.0		100.0		16,318		5.0		8.2		1
762 Madison Avenue⁽¹⁾	100.0	Plaza District	Fee Interest	1	6,109	0.4		55.1		55.1		100.0		100.0		100.0		665		0.2		0.3		3
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	1	52,000	3.4		100.0		100.0		100.0		100.0		100.0		1,736		0.5		0.9		3

Subtotal / Weighted Average				7	108,226	7.0	%	92.0	%	92.0	%	94.5	%	94.5	%	94.5	%		$24,537	7.5	%	11.8	%	11

HIGH STREET RETAIL - Unconsolidated Properties
11 West 34th Street	30.0	Herald Square/Penn Station	Fee Interest	1	17,150	1.1		100.0		100.0		100.0		100.0		100.0			$3,013	0.9		0.5		1
21 East 66th Street	32.3	Plaza District	Fee Interest	1	13,069	0.8		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	0.5		100.0		100.0		100.0		100.0		100.0		1,718		0.5		0.4		2
650 Fifth Avenue	50.0	Plaza District	Leasehold Interest	1	69,214	4.5		100.0		100.0		100.0		100.0		100.0		35,241		10.8		8.9		1
717 Fifth Avenue	10.9	Midtown/Plaza District	Fee Interest	1	119,550	7.7		100.0		100.0		100.0		100.0		100.0		53,873		16.6		3.0		6
1552-1560 Broadway	50.0	Times Square	Fee Interest	2	57,718	3.7		88.3		88.3		88.3		88.3		88.3		29,521		9.1		7.4		3

Subtotal / Weighted Average				8	289,050	18.6	%	97.7	%	97.7	%	97.7	%	97.7	%	97.7	%		$130,807	40.2	%	21.7	%	15

Total / Weighted Average Prime Retail				15	397,276	25.7	%	96.1	%	96.1	%	96.8	%	96.8	%	98.3	%		$155,344	47.8	%	33.5	%	26


OTHER RETAIL - Consolidated Properties
30 East 40th Street	60.0	Grand Central South	Leasehold Interest	1	4,461	0.3		100.0		100.0		81.1		81.1		81.1			$522	0.2		0.2		4
100 Church Street	100.0	Downtown	Fee Interest	1	61,708	4.0		100.0		100.0		100.0		100.0		100.0		3,599		1.1		1.8		9
110 Greene Street	100.0	Soho	Fee Interest	1	16,121	1.0		86.8		86.8		86.8		86.8		86.8		2,722		0.8		1.4		4
125 Park Avenue	100.0	Grand Central	Fee Interest	1	32,124	2.1		100.0		100.0		100.0		100.0		79.9		4,970		1.5		2.5		7
220 East 42nd Street	100.0	Grand Central	Fee Interest	1	35,332	2.3		85.6		85.6		85.6		85.6		85.6		2,967		0.9		1.5		5
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	25,330	1.6		100.0		66.3		66.9		100.0		100.0		3,487		1.1		1.8		5
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		595		0.2		0.3		5
410 Tenth Avenue ⁽¹⁾	70.9	Hudson Yards	Fee Interest	1	20,850	1.3		20.9		54.4		71.2		100.0		N/A		168		0.1		0.1		3
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1	45,263	2.9		90.3		90.3		90.3		90.3		100.0		4,947		1.5		2.5		5
461 Fifth Avenue	100.0	Midtown	Leasehold Interest	1	16,248	1.1		100.0		100.0		100.0		100.0		100.0		2,446		0.8		1.2		2
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	41,701	2.7		100.0		100.0		100.0		100.0		100.0		5,978		1.8		3.0		8
555 West 57th Street	100.0	Midtown West	Fee Interest	1	60,389	3.9		100.0		100.0		100.0		100.0		100.0		2,158		0.7		1.1		2
609 Fifth Avenue ⁽¹⁾	100.0	Rockefeller Center	Fee Interest	1	26,811	1.7		100.0		100.0		100.0		100.0		89.2		9,895		3.0		5.0		2
625 Madison Avenue ⁽¹⁾	100.0	Plaza District	Leasehold Interest	1	74,937	4.8		100.0		100.0		91.3		91.3		100.0		19,455		6.0		9.8		19
635 Sixth Avenue	100.0	Midtown South	Fee Interest	1	23,250	1.5		100.0		100.0		100.0		100.0		100.0		3,496		1.1		1.8		1
641 Sixth Avenue	100.0	Midtown South	Fee Interest	1	28,500	1.8		100.0		100.0		100.0		100.0		100.0		3,838		1.2		1.9		2
711 Third Avenue	100.0	Grand Central North	Leasehold Interest	1	25,639	1.7		100.0		100.0		100.0		100.0		100.0		3,180		1.0		1.6		3
750 Third Avenue	100.0	Grand Central North	Fee Interest	1	24,827	1.6		72.3		72.3		72.3		72.3		72.3		2,682		0.8		1.4		6
810 Seventh Avenue	100.0	Times Square	Fee Interest	1	18,207	1.2		100.0		100.0		100.0		100.0		100.0		4,352		1.3		2.2		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		301		0.1		0.1		1
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1	37,326	2.4		100.0		100.0		100.0		100.0		100.0		6,910		2.1		3.5		5
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	17,797	1.2		62.6		62.6		62.6		100.0		100.0		2,327		0.7		1.2		5

Subtotal / Weighted Average				22	641,777	41.5	%	93.5	%	93.3	%	92.7	%	96.0	%	96.1	%		$90,995	28.0	%	45.7	%	107


(1) Development / Redevelopment properties.



Supplemental Information	30	First Quarter 2020




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



	Ownership			# of	Usable		% of Total		Occupancy (%)										Annualized Contractual Retail Cash Rent ($'s)		Annualized Contractual Retail Cash Rent				Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet		Sq. Feet		Mar-20		Dec-19		Sep-19		Jun-19		Mar-19		Annualized Contractual Retail Cash Rent ($'s)		100%		SLG		Total Tenants

OTHER RETAIL - Unconsolidated Properties
2 Herald Square	51.0	Herald Square	Leasehold Interest	1	94,531		6.1		83.2		60.6		60.6		60.6		60.6		$20,994		6.5		5.4		3
10 East 53rd Street	55.0	Plaza District	Fee Interest	1	39,340		2.5		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		2.5		97.6		100.0		100.0		98.7		98.7		3,822		1.2		1.2		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		2.6		100.0		100.0		100.0		100.0		100.0		3,906		1.2		1.0		9
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	27,896		1.8		100.0		100.0		13.1		100.0		100.0		2,191		0.7		0.6		3
400 East 57th Street	41.0	Upper East Side	Fee Interest	1	9,717		0.6		66.6		66.6		66.6		66.6		75.4		1,592		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		1,911		0.6		0.6		2
919 Third Avenue	51.0	Grand Central North	Fee Interest	1	31,004		2.0		100.0		100.0		100.0		100.0		100.0		3,635		1.1		0.9		5
1515 Broadway	57.0	Times Square	Fee Interest	1	185,956		12.0		100.0		100.0		100.0		100.0		100.0		33,612		10.3		9.6		9
World Wide Plaza	24.35	Westside	Fee Interest	1	10,592	⁽²⁾	0.7		100.0		100.0		100.0		100.0		97.2		1,461		0.4		0.2		8
Stonehenge Portfolio	Various		Fee Interest	2	19,231		1.2		76.8		76.8		87.0		87.0		88.9		2,010		0.6		0.0		7

Subtotal / Weighted Average				13	508,180		32.8	%	95.2	%	91.2	%	86.8	%	91.4	%	91.6	%		$78,949	24.3	%	20.8	%	63

Total / Weighted Average Other Retail				35	1,149,957		74.3	%	94.2	%	92.3	%	90.1	%	94.0	%	94.1	%		$169,944	52.2	%	66.5	%	170


Retail Grand Total / Weighted Average				50	1,547,233		100.0	%	94.7	%	93.3	%	91.8	%	94.7	%	95.2	%		$325,288	100.0	%			196
Retail Grand Total - SLG share of Annualized Rent																				$198,585			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	31	First Quarter 2020




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 Interest %	Lease Expiration	Total Rentable Square Feet	Annualized Contractual Cash Rent ($)		SLG Share of Annualized Contractual Cash Rent ($)		% of SLG Share of Annualized Contractual Cash Rent ⁽²⁾	Annualized Contractual Rent PSF	Credit Rating ⁽¹⁾
Tenant Name	Property	Ownership Interest %	Lease Expiration	Total Rentable Square Feet	Annualized Contractual Cash Rent ($)		SLG Share of Annualized Contractual Cash Rent ($)		% of SLG Share of Annualized Contractual Cash Rent ⁽²⁾	Annualized Contractual Rent PSF	Credit Rating ⁽¹⁾
Viacom CBS, Inc.	1515 Broadway	57.0	Jun 2031	1,470,289		$94,158		$53,670	4.1%	$64.04
	1515 Broadway	57.0	Mar 2028	9,106	1,976		1,126		0.1%	$216.98
	555 West 57th Street	100.0	Dec 2023	338,527	16,750		16,750		1.3%	$49.48
	Worldwide Plaza	24.35	Jan 2027	32,598	2,226		542		—%	$68.28
				1,850,520	$115,110		$72,088		5.5%	$62.20	BBB

Credit Suisse Securities (USA), Inc.	11 Madison Avenue	60.0	May 2037	1,265,841		$79,826		$47,895	3.7%	$63.06
	1055 Washington Blvd	100.0	Jan 2022	2,525	100		100		—%	39.60
				1,268,366	$79,926		$47,995		3.7%	$63.01	A+

Sony Corporation	11 Madison Avenue	60.0	Jan 2031	578,791		$44,605		$26,763	2.1%	$77.07	A-
Debevoise & Plimpton, LLP	919 Third Avenue	51.0	Jun 2022	577,438		$47,518		$24,234	1.9%	$82.29
King & Spalding	1185 Avenue of the Americas	100.0	Oct 2025	218,275		$20,821		$20,821	1.6%	$95.39

The City of New York	100 Church Street	100.0	Mar 2034	510,007		$20,518		$20,518	1.6%	$40.23
	420 Lexington Avenue	100.0	Oct 2030	4,077	287		287		0.1%	70.32
				514,084	20,805		20,805		1.7%	$40.47	Aa1

Metro-North Commuter Railroad Company	420 Lexington Avenue	100.0	Nov 2034	334,654		$19,395		$19,395	1.5%	$57.96
	110 East 42nd Street	100.0	Oct 2021	1,840	121		121		—%	65.63
				336,494	19,516		19,516		1.5%	$58.00	Aaa

Giorgio Armani Corporation	752-760 Madison Avenue	100.0	Dec 2024	21,124		$16,324		$16,324	1.3%	$772.77
	717 Fifth Avenue	10.9	Mar 2023	46,940	24,042		2,621		0.2%	$512.18
	762 Madison Avenue	90.0	Dec 2024	1,264	261		235		—%	$206.32
				69,328	$40,627		$19,180		1.5%	$586.00

Visiting Nurse Service of New York	220 East 42nd Street	100.0	Sep 2048	308,115	$19,039		$19,039		1.5%	$61.79

Advance Magazine Group, Fairchild Publications	750 Third Avenue	100.0	Feb 2021	286,622		$15,160		$15,160	1.2%	$52.89
	485 Lexington Avenue	100.0	Feb 2021	52,573	3,707		3,707		0.3%	70.51
				339,195	$18,867		$18,867		1.5%	$55.62

News America Incorporated	1185 Avenue of the Americas	100.0	Nov 2020	165,086		$18,104		$18,104	1.4%	$109.66	A
Nike Retail Services, Inc.	650 Fifth Avenue	50.0	Jan 2033	69,214		$35,511		$17,756	1.4%	$513.06	AA-
Bloomberg L.P.	919 Third Avenue	51.0	Feb 2029	557,208		$33,532		$17,101	1.3%	$60.18
Cravath, Swaine & Moore LLP	Worldwide Plaza	24.35	Aug 2024	617,135		$67,045		$16,325	1.3%	$108.64

WeWork	609 Fifth Avenue	100.0	Apr 2035	138,563		$11,224		$11,224	0.9%	$81.00
	2 Herald Sqaure	51.0	Feb 2036	153,061	9,005		4,593		0.4%	58.83
				291,624	$20,229		$15,817		1.3%	$69.37

Omnicom Group, Inc., Cardinia Real Estate	220 East 42nd Street	100.0	Apr 2032	231,114		$14,897		$14,897	1.1%	$64.46
	1055 Washington Blvd.	100.0	Oct 2028	23,800	887		887		0.1%	37.28
				254,914	$15,784		$15,784		1.2%	$61.92	BBB+

National Hockey League	1185 Avenue of the Americas	100.0	Nov 2022	148,217		$15,651		$15,651	1.2%	$105.60
Amerada Hess Corp.	1185 Avenue of the Americas	100.0	Dec 2027	167,169		$15,393		$15,393	1.2%	$92.08	BBB-

WME IMG, LLC	304 Park Avenue	100.0	Apr 2028	137,992		$9,673		$9,673	0.7%	$70.10
	11 Madison Avenue	60.0	Sep 2030	104,618	9,267		5,560		0.4%	88.58
				242,610	$18,940		$15,233		1.1%	$78.07

Infor (US) Inc.	635 Sixth Avenue	100.0	Feb 2025	71,048	$7,004		$7,004		0.5%	$98.58
	641 Sixth Avenue	100.0	Jul 2022	43,000	2,977		2,977		0.2%	69.23
	641 Sixth Avenue	100.0	Jun 2026	21,981	1,965		1,965		0.2%	89.40
	641 Sixth Avenue	100.0	Dec 2027	13,090	1,377		1,377		0.1%	105.21
				149,119	$13,323		$13,323		1.0%	$89.35
Total				8,722,902	$680,346		$449,795		34.9%	$78.00

(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	32	First Quarter 2020




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

https://cdn.kscope.io/488cf4d69e90905aae56ee11f8f3c3d2-picc.jpg



Supplemental Information	33	First Quarter 2020




LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES Available Space Unaudited



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

Available Space at 12/31/19			1,306,757

Less: Properties in redevelopment	1 Madison Avenue		(10,695	)
	625 Madison Avenue		(10,695	)

Space which became available during the Quarter (2):
Office
	10 East 53rd Street	2	10,787		12,202		$85.27
	30 East 40th Street	1	930		930	72.76
	100 Park Avenue	1	5,251		5,751	73.00
	110 East 42nd Street	1	982		1,009	65.99
	110 Greene Street	7	25,738		23,092	83.63
	220 East 42nd Street	1	2,676		2,657	69.39
	304 Park Avenue South	3	55,364		54,734	66.45
	420 Lexington Avenue	8	33,816		42,990	58.28
	711 Third Avenue	1	29,967		32,826	49.71
	800 Third Avenue	2	40,143		44,814	58.63
	810 Seventh Avenue	1	7,598		8,502	66.35
	1350 Avenue of the Americas	2	30,714		31,556	96.27
	2 Herald Square	1	28,078		27,500	90.54
	Total/Weighted Average	31	272,044		288,563		$70.02

Retail
	100 Park Avenue	1	7,424		8,597		$52.76
	1515 Broadway	1	43,787		44,721	57.37
	Total/Weighted Average	2	51,211		53,318		$56.63

Storage
	110 Greene Street	1	422		422		$56.87
	800 Third Avenue	1	1,000		1,500	20.00
	Total/Weighted Average	2	1,422		1,922		$28.10


	Total Space which became available during the quarter
	Office	31	272,044		288,563		$70.02
	Retail	2	51,211		53,318		$56.63
	Storage	2	1,422		1,922		$28.10
		35	324,677		343,803		$67.70

	Total Available Space		1,620,739

(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	34	First Quarter 2020




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				1,620,739

Office
	10 East 53rd Street	1	2.0	3,618	4,109		$105.00		$98.77		$—	—
	30 East 40th Street	1	7.0	930	1,143	65.00		59.20		—		—
	55 West 46th Street - Tower 46	1	2.8	5,385	5,385	74.00		—		2.79		3.5
	100 Park Avenue	2	10.3	4,713	4,727	88.00		86.11		127.10		2.7
	110 Greene Street	7	4.5	18,982	18,035	79.14		79.80		34.81		2.3
	125 Park Avenue	2	19.9	27,384	30,169	64.87		63.75		78.80		10.7
	220 East 42nd Street	1	0.5	2,676	2,657	69.39		69.39		—		—
	304 Park Avenue South	1	8.2	2,909	2,757	70.00		67.03		16.42		7.0
	420 Lexington Avenue	7	6.6	15,341	16,862	65.41		68.21		33.48		1.1
	800 Third Avenue	2	9.7	21,194	23,012	57.22		57.08		—		3.7
	810 Seventh Avenue	1	12.0	15,500	17,320	71.00		79.53		116.71		6.0
	1350 Avenue of the Americas	3	5.9	7,556	8,136	81.32		—		115.05		3.1
	2 Herald Square	1	17.0	28,478	29,388	66.00		85.93		95.00		12.0
	Total/Weighted Average	30	11.5	154,666	163,700		$69.23		$73.68		$60.97	6.1

Retail
	100 Park Avenue	1	7.5	7,424	7,808		$63.00		$58.09		$44.83	6.0
	304 Park Avenue South	1	10.4	7,240	8,548	169.63		166.41		99.44		5.0
	1515 Broadway	1	20.0	43,787	39,436	73.54		65.06		—		14.0
	2 Herald Square	1	10.1	22,927	21,706	306.37		—		253.39		7.0
	Total/Weighted Average	4	14.9	81,378	77,498		$148.29		$79.61		$86.46	10.2

Storage
	110 Greene Street	1	1.0	422	422		$58.58		$56.87		$—	—
	Total/Weighted Average	1	1.0	422	422		$58.58		$56.87		$—	—

Leased Space
	Office (3)	30	11.5	154,666	163,700		$69.23		$73.68		$60.97	6.1
	Retail	4	14.9	81,378	77,498		$148.29		$79.61		$86.46	10.2
	Storage	1	1.0	422	422		$58.58		$56.87		$—	—
	Total	35	12.5	236,466	241,620		$94.57		$75.38		$69.04	7.4


Total Available Space as of 3/31/20				1,384,273

Early Renewals
Office
	110 East 42nd Street	1	1.0	1,242	1,276		$66.00		$66.83		$—	—
	420 Lexington Avenue	1	5.1	1,220	1,485	65.00		65.25		38.53		38.5
	Total/Weighted Average	2	3.2	2,462	2,761		$65.46		$65.98		$20.72	20.7

Retail
	110 Greene Street	1	1.0	2,812	2,740		$121.84		$125.53		$—	—
	Total/Weighted Average	1	1.0	2,812	2,740		$121.84		$125.53		$—	—

Storage
	750 Third Avenue	1	12.6	2,280	2,434		$35.00		$46.71		$—	4.0
	Total/Weighted Average	1	12.6	2,280	2,434		$35.00		$46.71		$—	4.0

Renewals
	Early Renewals Office	2	3.2	2,462	2,761		$65.46		$65.98		$20.72	20.7
	Early Renewals Retail	1	1.0	2,812	2,740		$121.84		$125.53		$—	—
	Early Renewals Storage	1	12.6	2,280	2,434		$35.00		$46.71		$—	4.0
	Total	4	5.3	7,554	7,935		$75.59		$80.63		$7.21	1.4

(1) Annual initial base rent.
(2) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
(3) Average starting office rent excluding new tenants replacing vacancies is $68.39/rsf for 133,762 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $68.33/rsf for 136,523 rentable SF.



Supplemental Information	35	First Quarter 2020




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 Contractual Cash Rent of Expiring Leases		Annualized Contractual 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 Contractual Cash Rent of Expiring Leases		Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (3)		Current Weighted Average Asking Rent $/psf (4)

1st Quarter 2020 ⁽¹⁾		9	47,130	0.45	%		$2,912,968		$61.81		$60.19	3	45,008	0.42	%		$2,944,223		$65.42		$70.49
2nd Quarter 2020		11	39,200	0.37	%	2,898,620		73.94		68.59		4	53,078	0.49	%	4,042,643		76.16		73.27
3rd Quarter 2020		19	202,055	1.92	%	13,914,891		68.87		63.55		4	30,098	0.28	%	2,199,565		73.08		70.90
4th Quarter 2020		24	283,998	2.70	%	25,334,702		89.21		68.75		5	30,276	0.28	%	3,037,296		100.32		81.73

Total 2020		63	572,383	5.44	%	$45,061,181			$78.73		$66.20	16	158,460	1.47	%		$12,223,727		$77.14		$73.65

2021		112	1,174,907	11.18	%		$72,096,077		$61.36		$62.59	27	291,807	2.70	%		$22,204,219		$76.09		$75.82
2022		92	770,000	7.33	%	59,954,294		77.86		71.83		32	902,632	8.36	%	84,158,958		93.24		91.76
2023		72	835,699	7.95	%	51,322,914		61.41		60.69		16	438,826	4.07	%	38,351,957		87.40		74.99
2024		57	388,503	3.70	%	26,653,136		68.60		65.94		22	986,490	9.14	%	106,113,695		107.57		83.84
2025		50	587,667	5.59	%	50,445,924		85.84		70.55		13	430,336	3.99	%	35,448,944		82.38		77.07
2026		29	736,789	7.01	%	51,651,214		70.10		65.32		20	499,312	4.63	%	50,892,964		101.93		94.47
2027		34	610,630	5.81	%	47,329,899		77.51		65.48		18	383,505	3.55	%	34,201,170		89.18		87.41
2028		34	565,350	5.38	%	41,773,577		73.89		69.26		18	206,956	1.92	%	21,792,843		105.30		106.76
2029		19	398,493	3.79	%	25,595,117		64.23		61.32		13	724,710	6.72	%	48,845,072		67.40		77.39
Thereafter		71	3,869,780	36.82	%	227,679,657		58.84		61.39		35	5,767,707	53.45	%	391,508,279		67.88		80.45
		633	10,510,201	100.00	%	$699,562,990			$66.56		$64.11	230	10,790,741	100.00	%		$845,741,828		$78.38		$82.32


	NOTE: Data excludes space currently occupied by SL Green's corporate offices
	(1) Includes month to month holdover tenants that expired prior to March 31, 2020.
	(2) Tenants may have multiple leases.
	(3) Represents in place annualized contractual cash rent allocated by year of expiration.
	(4) Management's estimate of current average asking rents for currently occupied space as of March 31, 2020. Taking rents are typically lower than asking rents and may vary from property to property.



Supplemental Information	36	First Quarter 2020




ANNUAL LEASE EXPIRATIONS Retail Within 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 Contractual Cash Rent of Expiring Leases		Annualized Contractual 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 Contractual Cash Rent of Expiring Leases		Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (3)		Current Weighted Average Asking Rent $/psf (4)

High Street Retail
2020 ⁽¹⁾		3	9,901	9.92	%		$1,463,630		$147.83		$156.51	1	3,600	1.33	%		$257,200		$71.44		$85.00
2021		—	—	—	%	—		—		—		3	15,335	5.66	%	4,434,095		289.15		73.49
2022		1	1,165	1.17	%	223,652		191.98		96.15		1	3,868	1.43	%	3,654,761		944.87		801.45
2023		—	—	—	%	—		—		—		3	54,071	19.95	%	25,759,773		476.41		268.19
2024		3	25,507	25.54	%	16,678,603		653.88		541.70		1	7,793	2.87	%	5,731,176		735.43		1,026.56
2025		1	30,139	30.18	%	150,000		4.98		24.88		—	—	—	%	—		—		—
2026		—	—	—	%	—		—		—		4	74,424	27.46	%	31,180,707		418.96		282.98
2027		—	—	—	%	—		—		—		1	3,655	1.35	%	757,884		207.36		102.98
2028		1	10,040	10.05	%	4,128,216		411.18		323.80		—	—	—	%	—		—		—
2029		—	—	—	%	—		—		—		1	31,174	11.50	%	21,754,800		697.85		449.09
Thereafter		2	23,100	23.14	%	1,893,384		81.96		108.20		2	77,154	28.46	%	37,276,368		483.14		488.27
		11	99,852	100.00	%		$24,537,485		$245.74		$220.12	17	271,074	100.01	%		$130,806,764		$482.55		$369.43
Vacancy ⁽⁵⁾			8,819							604.26			—							—
			108,671								$251.29		271,074								$369.43

Other Retail
2020 ⁽¹⁾		4	7,238	1.18	%		$1,727,477		$238.67		$202.56	2	6,263	1.31	%		$663,768		$105.98		$72.81
2021		11	23,119	3.78	%	3,062,090		132.45		100.80		5	5,995	1.25	%	592,271		98.79		85.37
2022		11	65,902	10.77	%	13,124,278		199.15		184.48		9	81,972	17.09	%	20,531,683		250.47		256.25
2023		10	36,669	5.99	%	5,630,675		153.55		111.73		4	23,463	4.89	%	3,057,216		130.30		97.88
2024		5	22,420	3.66	%	4,279,803		190.89		134.80		5	7,232	1.51	%	3,060,916		423.25		300.37
2025		8	28,753	4.70	%	7,747,553		269.45		173.04		2	946	0.20	%	230,638		243.80		136.63
2026		6	15,877	2.59	%	1,745,479		109.94		128.56		5	21,373	4.46	%	9,732,819		455.38		324.39
2027		6	31,961	5.22	%	4,318,014		135.10		96.36		7	26,316	5.49	%	11,225,990		426.58		413.59
2028		8	34,041	5.56	%	4,797,147		140.92		114.00		6	17,759	3.70	%	3,786,402		213.21		354.69
2029		6	28,001	4.58	%	1,729,627		61.77		72.36		8	69,902	14.57	%	6,020,928		86.13		79.92
Thereafter		32	318,007	51.97	%	42,832,812		134.69		121.86		10	218,491	45.53	%	20,046,005		91.75		88.10
		107	611,988	100.00	%		$90,994,955		$148.69		$127.18	63	479,712	100.00	%		$78,948,636		$164.58		$157.44
Vacancy ⁽⁵⁾			30,612							231.91			23,138							118.26
			642,600								$132.17		502,850								$155.63

	(1) Includes month to month holdover tenants that expired prior to March 31, 2020.
	(2) Tenants may have multiple leases.
	(3) Represents in place annualized contractual cash rent allocated by year of expiration.
	(4) Management's estimate of average asking rents for currently occupied space as of March 31, 2020. 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	37	First Quarter 2020




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



						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s) ⁽¹⁾		at acquisition	3/31/2020
1998 - 2018 Acquisitions
Mar-98	420 Lexington Avenue	Grand Central	100.0%	Operating Sublease	1,188,000	$	78,000	83.0	90.4
May-98	711 3rd Avenue	Grand Central	100.0	Operating Sublease	524,000	65,600		79.0	91.3
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	84.8
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	33.5
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	9.3
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	92.4
Jan-07	Reckson - NYC Portfolio	Various	100.0	Fee Interests / Leasehold Interest	5,612,000	3,679,530		98.3	95.0
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	9.3
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	99.5
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	82.6
May-11	280 Park Avenue	Park Avenue	49.5	Fee Interest	1,219,158	1,110,000		78.2	89.5
Nov-11	180 Maiden Lane	Financial East	49.9	Fee Interest	1,090,000	425,680		97.7	N/A
Nov-11	51 East 42nd Street	Grand Central	100.0	Fee Interest	142,000	80,000		95.5	N/A
Feb-12	10 East 53rd Street	Plaza District	55.0	Fee Interest	354,300	252,500		91.9	95.1
Jun-12	304 Park Avenue South	Midtown South	100.0	Fee Interest	215,000	135,000		95.8	74.9
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	91.3
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	88.2
					43,502,923	$	23,690,130
2019 Acquisitions
May-19	110 Greene Street	Soho	10.0%	Leasehold Interest	223,600	$	256,500	93.3	91.3
					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	38	First Quarter 2020




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	39	First Quarter 2020




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



						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s) ⁽¹⁾		at acquisition	3/31/2020
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	40	First Quarter 2020




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



						Gross Asset		Occupancy (%)
	Property	Submarket	Interest Acquired	Type of Ownership	Net Rentable SF	Valuation ($'s) ⁽¹⁾		at acquisition	3/31/2020
2005 - 2018 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	91.9
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	97.9
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	N/A
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		—	91.9
Feb-15	Stonehenge Portfolio		100.0	Fee Interest	2,589,184	40,000		96.5	97.0
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		—	96.4
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
					13,152,947	$	6,703,798
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	45.4
					643,928	$	520,150
2020 Acquisitions
Jan-20	762 Madison Avenue	Plaza District	10.0%	Fee Interest	6,109	$	29,250	55.1	55.1
Jan-20	707 Eleventh Avenue	Midtown West	100.0	Fee Interest	159,720	90,000		54.3	54.3
Jan-20	126 Nassau Street	Lower Manhattan	100.0	Leasehold Interest	98,412	—		87.3	87.3
					264,241	$	119,250

(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	41	First Quarter 2020




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
2020 Sales
Mar-20	315 West 33rd Street - The Olivia	Penn Station	100.0%	Fee Interest		492,987		$	446,500		$	906
						492.987		$	446,500		$	906

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



Supplemental Information	42	First Quarter 2020




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	43	First Quarter 2020




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	44	First Quarter 2020




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

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Funds From Operations (FFO) Reconciliation



	Three Months Ended
	March 31,
	2020		2019

Net income (loss) attributable to SL Green common stockholders	$	114,801	$	43,792
Add:
Depreciation and amortization	68,279		68,343
Joint venture depreciation and noncontrolling interest adjustments	56,318		47,625
Net income (loss) attributable to noncontrolling interests	5,909		2,515
Less:
Loss on sale of real estate, net	72,636		(1,049		)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—		17,166
Purchase price and other fair value adjustment	—		(2,041		)
Depreciation on non-rental real estate assets	650		707
FFO attributable to SL Green common stockholders and noncontrolling interests	$	172,021	$	147,492

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



	As of or for the three months ended
	3/31/2020			12/31/2019		9/30/2019			6/30/2019			3/31/2019

Net income (loss)	$	127,114		24,255		40,722			$	173,741		$	52,769
Interest expense, net of interest income	37,494			44,724		48,112			47,160			50,525
Amortization of deferred financing costs	2,500			3,087		3,112			2,712			2,742
Income taxes	1,134			1,027		(995		)	680			770
Depreciation and amortization	68,279			64,090		70,464			69,461			68,343
Loss (gain) on sale of real estate	(72,636		)	19,241		(3,541		)	—			1,049
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			—		—			(59,015		)	(17,166		)
Purchase price and other fair value adjustments	—			—		(3,799		)	(67,631		)	2,041
Depreciable real estate reserves	—			—		7,047			—			—
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates	88,724			85,733		86,743			88,159			89,160
EBITDAre	$	252,609		$	242,157	$	247,865		$	255,267		$	250,233



Supplemental Information	45	First Quarter 2020




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

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



	Three Months Ended
	March 31,
	2020			2019

Net income (loss)	$	127,114		$	52,769
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			(17,166		)
Purchase price and other fair value adjustments	—			2,041
Loss on sale of real estate, net	(72,636		)	1,049
Depreciable real estate reserves	—			—
Depreciation and amortization	68,279			68,343
Interest expense, net of interest income	37,494			50,525
Amortization of deferred financing costs	2,500			2,742
Operating income	162,751			160,303

Equity in net loss (income) from unconsolidated joint ventures	12,814			5,234
Marketing, general and administrative expense	19,570			25,979
Transaction related costs, net	65			55
Investment income	(38,533		)	(50,031		)
Loan loss and other investment reserves, net of recoveries	11,248			—
Non-building revenue	(3,790		)	(9,144		)
Loss on early extinguishment of debt	—			—
Net operating income (NOI)	164,125			132,396

Equity in net (loss) income from unconsolidated joint ventures	(12,814		)	(5,234		)
SLG share of unconsolidated JV depreciation and amortization	45,874			48,128
SLG share of unconsolidated JV interest expense, net of interest income	35,777			39,407
SLG share of unconsolidated JV amortization of deferred financing costs	1,687			1,568
SLG share of unconsolidated JV loss on early extinguishment of debt	—			—
SLG share of unconsolidated JV investment income	(307		)	(2,227		)
SLG share of unconsolidated JV non-building revenue	(1,599		)	(711		)
NOI including SLG share of unconsolidated JVs	232,743			213,327

NOI from other properties/affiliates	(54,596		)	(33,147		)
Same-Store NOI	178,147			180,180

Operating lease straight-line adjustment	429			514
Joint Venture operating lease straight-line adjustment	342			393
Straight-line and free rent	(1,672		)	(4,758		)
Amortization of acquired above and below-market leases, net	(2,376		)	(1,237		)
Joint Venture straight-line and free rent	(5,802		)	(16,595		)
Joint Venture amortization of acquired above and below-market leases, net	(3,827		)	(4,262		)
Same-store cash NOI	$	165,241		$	154,235



Supplemental Information	46	First Quarter 2020




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
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
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	47	First Quarter 2020