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):

July 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 July 22, 2020 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended June 30, 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 July 22, 2020, the Company issued a press release announcing its results for the quarter ended June 30, 2020.

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 June 30, 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 the Company's 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 the Company'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 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 the Company's 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: July 23, 2020

Exhibit

Exhibit 99.1

CONTACT

Matt DiLiberto

Chief Financial Officer

(212) 594-2700

SL GREEN REALTY CORP. REPORTS

SECOND QUARTER 2020 EPS OF $0.74 PER SHARE;

AND FFO OF $1.70 PER SHARE

Financial and Operating Highlights

•

Net income attributable to common stockholders of $0.74 per share for the second quarter of 2020 as compared to $1.94 per share for the same period in 2019. Net income for the second quarter of 2020 includes a net gain of $65.4 million, or $0.82 per share, recognized from the sale of the retail condominium at 609 Fifth Avenue. Net income for the second quarter of 2019 included $126.6 million, or $1.45 per share, of net gains from the sale of real estate and non-cash fair value adjustments.


•	Funds from operations, or FFO, of $1.70 per share for the second quarter of 2020, which includes $3.4 million, or $0.04 per share, of losses related to certain debt and preferred equity ("DPE") investments that were sold, and $3.4 million, or $0.04 per share, of reserves against the Company’s retained DPE portfolio. FFO for the same period in 2019 was $1.82 per share.


•	Completed the Company's “$1.0 Billion Plan” to generate incremental cash through the sale of real estate assets, the sale and repayment of DPE investments as well as financing and refinancing activities. As of June 30, 2020, cash, cash equivalents and marketable securities totaled $1.04 billion, excluding the Company’s share of unconsolidated joint venture cash of $111.2 million.

•

To date in 2020, the Company has repurchased a combined 6.2 million shares of common stock and units of its Operating Partnership, or OP units, under the previously announced $3.0 billion share repurchase plan, at an average price of $64.28 per share/unit, including 3.0 million shares of common stock and OP units at an average price of $47.66 per share/unit repurchased during the second quarter. Since inception of the program, the Company has repurchased a total of 28.7 million shares of its common stock and redeemed 1.0 million OP units at an average price of $89.08 per share/unit.


•	To date, the Company has collected gross tenant billings for the second quarter of 2020 of 95.7% for office, 69.6% for retail and 90.7% overall. To date, the Company has collected gross tenant billings for July of 91.7% for office, 61.5% for retail and 87.0% overall as of July 21, 2020, with additional collections expected thereafter.


•	Same-store cash net operating income, or NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased 2.1% for the

second quarter of 2020 excluding lease termination income and free rent to Viacom at 1515 Broadway, as compared to the same period in 2019.


•	Signed 35 Manhattan office leases covering 280,002 square feet in the second quarter of 2020 and 65 Manhattan office leases covering 596,156 square feet in the first six months of 2020. The mark-to-market on signed Manhattan office leases was 0.8% lower for the second quarter and 4.6% higher for the first six months than the previous fully escalated rents on the same spaces.


•	Manhattan same-store occupancy was 95.2% as of June 30, 2020, inclusive of leases signed but not yet commenced, as compared to 95.5% as of March 31, 2020 and 94.8% as of June 30, 2019.

Investing Highlights


•	Closed on the sale of a 49.5% interest in One Madison Avenue to the National Pension Service of Korea ("NPS") and Hines Interest LP ("Hines"). NPS and Hines have committed aggregate equity to the project totaling no less than $492.2 million. The Company and Hines will co-develop the $2.3 billion project, which will span 1.4 million rentable square feet upon completion.


•	Closed on the sale of the retail condominium at 609 Fifth Avenue for a sale price of $168.0 million. The transaction generated net cash proceeds to the Company of $161.0 million and a gain on sale of $65.4 million.


•	Generated $488.4 million of cash through the sale of five DPE positions totaling $259.1 million of proceeds and repayments totaling $229.3 million. A portion of the proceeds from these activities was used to repay the Company’s DPE financing facility in its entirety. The Company's DPE portfolio was $1.25 billion as of June 30, 2020.

Financing Highlights


•	Closed on a $510.0 million mortgage financing of 220 East 42nd Street, also known as the News Building. The new mortgage has a 3-year term, with two one-year extension options and bears interest at a floating rate of 2.75% per annum over LIBOR.

Summary

New York, NY, July 22, 2020 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended June 30, 2020 of $56.4 million, or $0.74 per share, as compared to net income of $161.1 million, or $1.94 per share, for the same quarter in 2019. Net income for the second quarter of 2020 includes a net gain of $65.4 million, or $0.82 per share, recognized from the sale of the retail condominium at 609 Fifth Avenue. Net income for the second quarter of 2019 included $126.6 million, or $1.45 per share, of net gains from the sale of real estate and non-cash fair value adjustments.

The Company also reported net income attributable to common stockholders for the six months ended June 30, 2020 of $171.2 million, or $2.22 per share, as compared to net income of $204.9 million, or $2.46 per share, for the same period in 2019.

The Company reported FFO for the quarter ended June 30, 2020 of $136.1 million, or $1.70 per share, which includes $3.4 million, or $0.04 per share, of losses related to debt and preferred equity ("DPE") investments that were sold, and $3.4 million, or $0.04 per share, of reserves against the Company’s retained DPE portfolio. FFO for the same period in 2019 was $159.2 million, or $1.82 per share.

The Company also reported FFO for the six months ended June 30, 2020 of $308.1 million, or $3.79 per share, which includes $10.6 million, or $0.13 per share, of losses related to the sale of certain DPE investments, and $7.5 million, or $0.09 per share, of reserves against the Company’s retained DPE portfolio. FFO for the same period in 2019 was $306.7 million, or $3.50 per share.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

For the quarter ended June 30, 2020, the Company reported consolidated revenues and operating income of $253.7 million and $130.4 million, respectively, compared to $313.0 million and $166.4 million, respectively, for the same period in 2019.

To date, the Company has collected gross tenant billings for the second quarter of 95.7% for office, 69.6% for retail and 90.7% overall. To date, the Company has collected gross tenant billings for July of 91.7% for office, 61.5% for retail and 87.0% overall as of July 21, 2020, with additional collections expected thereafter.

Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures increased by 16.0% for the second quarter, and 2.1% excluding lease termination income and free rent to Viacom at 1515 Broadway, as compared to the same period in 2019.

Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased by 11.6% for the six months ended June 30, 2020, and 1.4% excluding lease termination income and free rent given to Viacom at 1515 Broadway, as compared to the same period in 2019.

During the second quarter of 2020, the Company signed 35 office leases in its Manhattan portfolio totaling 280,002 square feet. Twenty-nine leases comprising 226,308 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $73.05 per rentable square foot, representing a 0.8% decrease over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the second quarter was 4.3 years and average tenant concessions were 4.5 months of free rent with a tenant improvement allowance of $8.42 per rentable square foot.

During the first six months of 2020, the Company signed 65 office leases in its Manhattan portfolio totaling 596,156 square feet. Fifty leases comprising 407,908 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $72 per rentable square foot, representing a 4.6% increase over the previously fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the first six months of 2020 was 7.6 years and average tenant concessions were 3.1 months of free rent with a tenant improvement allowance of $19.73 per rentable square foot.

Occupancy in the Company's Manhattan same-store portfolio was 95.2% as of June 30, 2020, inclusive of 373,876 square feet of leases signed but not yet commenced, as compared to 95.5% as of March 31, 2020 and 94.8% as of June 30, 2019.

Significant leases that were signed in the second quarter included:


•	Renewal with HQ Global Workplaces LLC for 27,825 square feet at 100 Park Avenue, for 5.0 years;


•	Expansion with Oak Hill Advisors for 23,848 square feet at One Vanderbilt Avenue, for 16.3 years;


•	Renewal with Sentry Center 810 Seventh LLC for 23,362 square feet at 810 Seventh Avenue, for 5.0 years; and


•	New lease with InTandem Capital Partners and Sagewind Capital LLC for 10,165 square feet at One Vanderbilt Avenue, for 7.4 years.

Investment Activity

To date in 2020, the Company has repurchased a combined 6.2 million shares of common stock and units of its Operating Partnership, or OP units, under the previously announced $3.0 billion share repurchase plan, at an average price of $64.28 per share/unit, including 3.0 million shares of common stock and OP units at an average price of $47.66 per share/unit repurchased during the second quarter. Since inception of the program, the Company has repurchased a total of 28.7 million shares of its common stock under the program and redeemed 1.0 million OP units, allowing the Company to save approximately $105.0 million of common dividends and distributions on an annualized basis. The average price of total share repurchases and OP Unit redemptions to date is $89.08 per share/unit.

In June, the Company, along with our joint venture partner entered into an agreement to sell 400 East 58th Street for a sale price of $62.0 million. The Company acquired the 126-unit residential building in the Sutton Place neighborhood of Manhattan in 2012 as part of an eight-building portfolio of retail and multi-family properties. The transaction is expected to generate net cash proceeds to the Company of approximately $20.0 million and close in the third quarter, subject to customary closing conditions.

In May, the Company sold a 49.5% interest in One Madison Avenue to the National Pension Service of Korea ("NPS") and Hines Interest LP ("Hines"). NPS and Hines have committed aggregate equity to the project totaling no less than $492.2 million. The Company and Hines will co-develop the $2.3 billion project, which will span 1.4 million rentable square feet upon completion.

In May, the Company closed on the sale of its recently repositioned 609 Fifth Avenue retail condominium, which is leased to sports apparel brand PUMA, and global luxury apparel and accessories brand, Vince, for a sale price of $168.0 million. The transaction generated net cash proceeds to the Company of $161.0 million and a gain on sale of $65.4 million.

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s DPE portfolio decreased to $1.25 billion at June 30, 2020, including $1.22 billion of investments at a weighted average current yield of 8.6% that are classified in the debt and preferred equity line item on the balance sheet, and mortgage investments aggregating $0.03 billion at a weighted average current yield of 6.5% that are included in other balance sheet line items for accounting purposes.

During the second quarter, the Company originated a loan consisting of a mortgage and subordinate debt totaling $386.0 million, of which $75.0 million was retained and $18.4 million was funded, at a weighted average yield of 15.2% based on the current funded amount.

During the second quarter, the Company generated $488.4 million of cash through the sale of five DPE positions totaling $259.1 million of proceeds and repayments totaling $229.3 million. A portion of the proceeds from these activities was used to repay the Company’s DPE facility in its entirety.

Financing Activity

In June, the Company closed on a $510.0 million mortgage financing of 220 East 42nd Street, also known as the News Building, which was previously unencumbered. Proceeds from the financing were used to repay the Company’s unsecured revolving credit facility. The new mortgage has a 3-year term, with two one-year extension options and bears interest at a floating rate of 2.75% per annum over LIBOR.

Dividends

In the second quarter of 2020, the Company declared:


•	Three monthly dividends on its outstanding common stock totaling $0.885 per share, which were paid on May 15, June 15 and July 15, 2020, equating to an annualized dividend of $3.54 per share of common stock; and


•	quarterly dividends on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period April 15, 2020 through and including July 14, 2020, which was paid on July 15, 2020 and 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, July 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 4232679.

A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using passcode 4232679. 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 June 30, 2020, SL Green held interests in 96 buildings totaling 41.0 million square feet. This included ownership interests in 28.7 million square feet of Manhattan buildings and 11.2 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 duration and 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. Except to the extent required by law, 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						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Revenues:
Rental revenue, net	$	174,141		$	216,480		$	369,604		$	429,119
Escalation and reimbursement	21,745			28,479			48,913			55,958
Investment income	39,943			51,618			78,476			101,649
Other income	17,870			16,447			71,009			30,553
Total revenues	253,699			313,024			568,002			617,279
Expenses:
Operating expenses, including related party expenses of $2,739 and $6,488 in 2020 and $5,323 and $8,116 in 2019	40,897			58,317			94,763			116,015
Real estate taxes	41,661			46,694			88,283			93,382
Operating lease rent	7,831			8,298			15,198			16,596
Interest expense, net of interest income	30,070			47,160			67,564			97,685
Amortization of deferred financing costs	2,661			2,712			5,161			5,454
Depreciation and amortization	95,941			69,461			164,220			137,804
Loan loss and other investment reserves, net of recoveries	6,813			—			18,061			—
Transaction related costs	373			261			438			316
Marketing, general and administrative	23,510			25,480			43,080			51,459
Total expenses	249,757			258,383			496,768			518,711

Equity in net loss from unconsolidated joint ventures	(2,199		)	(7,546		)	(15,013		)	(12,780		)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			59,015			—			76,181
Purchase price and other fair value adjustment	—			67,631			—			65,590
Gain (loss) on sale of real estate, net	64,884			—			137,520			(1,049		)
Net income	66,627			173,741			193,741			226,510
Net income attributable to noncontrolling interests in the Operating Partnership	(3,070		)	(8,310		)	(9,272		)	(10,587		)
Net (income) loss attributable to noncontrolling interests in other partnerships	(1,023		)	2,138			(730		)	1,900
Preferred unit distributions	(2,353		)	(2,729		)	(5,019		)	(5,453		)
Net income attributable to SL Green	60,181			164,840			178,720			212,370
Perpetual preferred stock dividends	(3,737		)	(3,737		)	(7,475		)	(7,475		)
Net income attributable to SL Green common stockholders	$	56,444		$	161,103		$	171,245		$	204,895

Earnings Per Share (EPS)
Net income per share (Basic)	$	0.74		$	1.94		$	2.22		$	2.46
Net income per share (Diluted)	$	0.74		$	1.94		$	2.22		$	2.46

Funds From Operations (FFO)
FFO per share (Basic)	$	1.70		$	1.83		$	3.79		$	3.51
FFO per share (Diluted)	$	1.70		$	1.82		$	3.79		$	3.50

Basic ownership interest
Weighted average REIT common shares for net income per share	75,932			82,971			77,023			83,141
Weighted average partnership units held by noncontrolling interests	4,120			4,260			4,170			4,296
Basic weighted average shares and units outstanding	80,052			87,231			81,193			87,437

Diluted ownership interest
Weighted average REIT common share and common share equivalents	76,099			83,138			77,222			83,310
Weighted average partnership units held by noncontrolling interests	4,120			4,260			4,170			4,296
Diluted weighted average shares and units outstanding	80,219			87,398			81,392			87,606

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)



	June 30,			December 31,
	2020			2019
Assets	(Unaudited)
Commercial real estate properties, at cost:
Land and land interests	$	1,625,483		$	1,751,544
Building and improvements	5,363,464			5,154,990
Building leasehold and improvements	1,443,855			1,433,793
Right of use asset - financing leases	176,152			47,445
Right of use asset - operating leases	381,255			396,795
	8,990,209			8,784,567
Less: accumulated depreciation	(2,186,157		)	(2,060,560		)
	6,804,052			6,724,007
Assets held for sale	49,687			391,664
Cash and cash equivalents	1,015,348			166,070
Restricted cash	85,935			75,360
Investment in marketable securities	27,345			29,887
Tenant and other receivables, net of allowance of $19,926 and $12,369 in 2020 and 2019, respectively	90,305			43,968
Related party receivables	16,984			21,121
Deferred rents receivable, net of allowance of $17,500 and $12,477 in 2020 and 2019, respectively	302,729			283,011
Debt and preferred equity investments, net of discounts and deferred origination fees of $13,915 and $14,562 and allowances of $15,109 and $1,750 in 2020 and 2019, respectively	1,221,936			1,580,306
Investments in unconsolidated joint ventures	2,952,681			2,912,842
Deferred costs, net	217,812			205,283
Other assets	286,750			332,801
Total assets	$	13,071,564		$	12,766,320

Liabilities
Mortgages and other loans payable	$	2,348,483		$	2,211,883
Revolving credit facility	950,000			240,000
Unsecured term loan	1,500,000			1,500,000
Unsecured notes	1,252,366			1,502,837
Deferred financing costs, net	(48,344		)	(46,583		)
Total debt, net of deferred financing costs	6,002,505			5,408,137
Accrued interest payable	14,903			22,148
Accounts payable and accrued expenses	165,565			166,905
Deferred revenue	99,655			114,052
Lease liability - financing leases	174,732			44,448
Lease liability - operating leases	361,221			381,671
Dividend and distributions payable	25,611			79,282
Security deposits	58,486			62,252
Liabilities related to assets held for sale	38,272			—
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities	100,000			100,000
Other liabilities	240,702			177,080
Total liabilities	7,281,652			6,555,975

Commitments and contingencies	—			—
Noncontrolling interest in the Operating Partnership	358,702			409,862
Preferred units	225,448			283,285

Equity
Stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2020 and December 31, 2019	221,932			221,932
Common stock, $0.01 par value 160,000 shares authorized, 74,730 and 80,257 issued and outstanding at June 30, 2020 and December 31, 2019, respectively (including 1,055 held in Treasury at both June 30, 2020 and December 31, 2019)	748			803
Additional paid-in capital	4,021,891			4,286,395
Treasury stock at cost	(124,049		)	(124,049		)
Accumulated other comprehensive loss	(82,371		)	(28,485		)
Retained earnings	1,081,821			1,084,719
Total SL Green Realty Corp. stockholders’ equity	5,119,972			5,441,315
Noncontrolling interests in other partnerships	85,790			75,883
Total equity	5,205,762			5,517,198
Total liabilities and equity	$	13,071,564		$	12,766,320

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)



	Three Months Ended				Six Months Ended
	June 30,				June 30,
Funds From Operations (FFO) Reconciliation:	2020		2019		2020		2019

Net income attributable to SL Green common stockholders	$	56,444	$	161,103	$	171,245	$	204,895
Add:
Depreciation and amortization	95,941		69,461		164,220		137,804
Joint venture depreciation and noncontrolling interest adjustments	45,107		49,903		101,425		97,528
Net income attributable to noncontrolling interests	4,093		6,172		10,002		8,687
Less:
Gain (loss) on sale of real estate, net	64,884		—		137,520		(1,049		)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—		59,015		—		76,181
Purchase price and other fair value adjustments	—		67,631		—		65,590
Depreciation on non-rental real estate assets	609		746		1,259		1,453
FFO attributable to SL Green common stockholders	$	136,092	$	159,247	$	308,113	$	306,739



	Three Months Ended						Six Months Ended
	June 30,						June 30,
Operating income and Same-store NOI Reconciliation:	2020			2019			2020			2019

Net income	$	66,627		$	173,741		$	193,741		$	226,510
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			(59,015		)	—			(76,181		)
Purchase price and other fair value adjustments	—			(67,631		)	—			(65,590		)
(Gain) loss on sale of real estate, net	(64,884		)	—			(137,520		)	1,049
Depreciation and amortization	95,941			69,461			164,220			137,804
Interest expense, net of interest income	30,070			47,160			67,564			97,685
Amortization of deferred financing costs	2,661			2,712			5,161			5,454
Operating income	130,415			166,428			293,166			326,731

Equity in net loss from unconsolidated joint ventures	2,199			7,546			15,013			12,780
Marketing, general and administrative expense	23,510			25,480			43,080			51,459
Transaction related costs, net	373			261			438			316
Investment income	(39,943		)	(51,618		)	(78,476		)	(101,649		)
Loan loss and other investment reserves, net of recoveries	6,813			—			18,061			—
Non-building revenue	(192		)	(7,268		)	(3,982		)	(16,413		)
Net operating income (NOI)	123,175			140,829			287,300			273,224

Equity in net loss from unconsolidated joint ventures	(2,199		)	(7,546		)	(15,013		)	(12,780		)
SLG share of unconsolidated JV depreciation and amortization	46,217			48,176			92,091			96,304
SLG share of unconsolidated JV interest expense, net of interest income	32,714			38,281			68,491			77,688
SLG share of unconsolidated JV amortization of deferred financing costs	1,693			1,591			3,380			3,159
SLG share of unconsolidated JV investment income	(310		)	(476		)	(617		)	(2,703		)
SLG share of unconsolidated JV non-building revenue	(2,425		)	(1,215		)	(4,025		)	(1,926		)
NOI including SLG share of unconsolidated JVs	198,865			219,640			431,607			432,966

NOI from other properties/affiliates	(9,214		)	(36,796		)	(63,811		)	(69,946		)
Same-Store NOI	189,651			182,844			367,796			363,020

Ground lease straight-line adjustment	385			514			814			1,028
Joint Venture ground lease straight-line adjustment	252			342			594			735
Straight-line and free rent	1,092			(5,778		)	(579		)	(10,535		)
Amortization of acquired above and below-market leases, net	(1,565		)	(1,213		)	(3,941		)	(2,451		)
Joint Venture straight-line and free rent	(4,330		)	(15,837		)	(10,131		)	(32,433		)
Joint Venture amortization of acquired above and below-market leases, net	(3,812		)	(4,248		)	(7,639		)	(8,510		)
Same-store cash NOI	$	181,673		$	156,624		$	346,914		$	310,854

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/feae4cf1f9235f3d94ae3ae400466347-a20q2supplementalcovertempla.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 June 30, 2020, the Company held interests in 96 buildings totaling 41.0 million square feet. This included ownership interests in 28.7 million square feet in Manhattan buildings and 11.2 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 quarter ended June 30, 2020 that will be released on Form 10-Q to be filed on or before August 10, 2020.



Supplemental Information	2	Second 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	-	17

Selected Financial Data	18	-	21

Debt Summary Schedule	22	-	23

Lease Liability Schedule	24

Debt and Preferred Equity Investments	25	-	27

Selected Property Data
Composition of Property Portfolio	28	-	32
Largest Tenants	33
Tenant Diversification	34
Leasing Activity Summary	35	-	36
Annual Lease Expirations	37	-	38

Summary of Real Estate Acquisition/Disposition Activity	39	-	43

Corporate Information	44

Non-GAAP Disclosures and Reconciliations	45

Analyst Coverage	48



Supplemental Information	3	Second Quarter 2020




SUPPLEMENTAL DEFINITIONS

Annualized cash rent - Monthly base rent and escalations per the lease, excluding concessions, 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 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 the Company's 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 the Company's 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 the Company'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 the Company’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.

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 2020 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 the Company or in which the Company has a joint venture interest.



Supplemental Information	4	Second Quarter 2020




SECOND QUARTER 2020 HIGHLIGHTS Unaudited

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

decrease over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the second quarter was 4.3 years and average tenant concessions were 4.5 months of free rent with a tenant improvement allowance of $8.42 per rentable square foot.

Significant leases that were signed in the second quarter included:


•	Renewal with HQ Global Workplaces LLC for 27,825 square feet at 100 Park Avenue, for 5.0 years;


•	Expansion with Oak Hill Advisors for 23,848 square feet at One Vanderbilt Avenue, for 16.3 years;


•	Renewal with Sentry Center 810 Seventh LLC for 23,362 square feet at 810 Seventh Avenue, for 5.0 years; and


•	New lease with InTandem Capital Partners and Sagewind Capital LLC for 10,165 square feet at One Vanderbilt Avenue, for 7.4 years.

Investment Activity

To date in 2020, the Company has repurchased a combined 6.2 million shares of common stock and units of its Operating Partnership, or OP units, under the previously announced $3.0 billion share repurchase plan, at an average price of $64.28 per share/unit, including 3.0 million shares of common stock and OP units at an average price of $47.66 per share/unit repurchased during the second quarter. Since inception of the program, the Company has repurchased a total of 28.7 million shares of its common stock under the program and redeemed 1.0 million OP units, allowing the Company to save approximately $105.0 million of common dividends and distributions on an annualized basis. The average price of total share repurchases and OP Unit redemptions to date is $89.08 per share/unit.



Supplemental Information	5	Second Quarter 2020




SECOND QUARTER 2020 HIGHLIGHTS Unaudited

Debt and Preferred Equity Investment Activity

Financing Activity

Dividends

In the second quarter of 2020, the Company declared:


•	Three monthly dividends on its outstanding common stock totaling $0.885 per share, which were paid on May 15, June 15 and July 15, 2020, equating to an annualized dividend of $3.54 per share of common stock; and


•	quarterly dividends on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period April 15, 2020 through and including July 14, 2020, which was paid on July 15, 2020 and is the equivalent of an annualized dividend of $1.625 per share.

Conference Call and Audio Webcast

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



Supplemental Information	6	Second Quarter 2020




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



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

Earnings Per Share
Net income available to common stockholders - diluted	$	0.74			$	1.47			$	0.22		$	0.40		$	1.94
Funds from operations (FFO) available to common stockholders - diluted	$	1.70			$	2.08			$	1.75		$	1.75		$	1.82

Common Share Price & Dividends
Closing price at the end of the period	$	49.29			$	43.10			$	91.88		$	81.75		$	80.37
Closing high price during period	$	63.12			$	95.77			$	92.90		$	83.38		$	92.60
Closing low price during period	$	36.83			$	41.14			$	78.50		$	76.79		$	79.59
Annual dividend per common share	$	3.54			$	3.54		⁽¹⁾	$	3.54		$	3.40		$	3.40

FFO payout ratio (trailing 12 months)	48.2		%		46.9		%		49.1		%	49.6		%	49.7%
Funds available for distribution (FAD) payout ratio (trailing 12 months)	67.0		%		73.6		%		72.9		%	92.5		%	87.3%

Common Shares & Units
Common shares outstanding	73,675				76,535				79,202			81,515			82,409
Units outstanding	4,045				4,145				4,196			4,258			4,259
Total common shares and units outstanding	77,720				80,680				83,398			85,773			86,668

Weighted average common shares and units outstanding - basic	80,052				82,335				83,767			86,550			87,231
Weighted average common shares and units outstanding - diluted	80,219				82,567				84,320			86,714			87,398

Market Capitalization
Market value of common equity	$	3,830,819			$	3,477,308			$	7,662,608		$	7,011,943		$	6,965,507
Liquidation value of preferred equity/units	455,448				496,020				513,285			516,285			516,285
Consolidated debt	6,189,658			⁽²⁾	6,162,819				5,554,720			5,892,756			6,140,212
Consolidated market capitalization	$	10,475,925			$	10,136,147			$	13,730,613		$	13,420,984		$	13,622,004
SLG share of unconsolidated JV debt	4,230,047				4,132,083				4,028,136			3,930,470			3,799,897
Market capitalization including SLG share of unconsolidated JVs	$	14,705,972			$	14,268,230			$	17,758,749		$	17,351,454		$	17,421,901

Consolidated debt service coverage (trailing 12 months)	3.40x				3.39x				3.37x			3.26x			3.20x
Consolidated fixed charge coverage (trailing 12 months)	2.75x				2.77x				2.74x			2.68x			2.63x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)	2.41x				2.41x				2.39x			2.35x			2.34x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)	2.06x				2.08x				2.06x			2.03x			2.03x

(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
(2) Includes debt associated with assets held for sale of $38.8 million for 400 East 58th Street.



Supplemental Information	7	Second Quarter 2020




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



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

Selected Balance Sheet Data
Real estate assets before depreciation ⁽¹⁾	$	9,046,938			$	9,061,831		$	9,222,796		$	9,560,878		$	9,550,222
Investments in unconsolidated joint ventures	$	2,952,681			$	2,848,363		$	2,912,842		$	2,923,595		$	2,937,153
Debt and preferred equity investments	$	1,221,936			$	1,783,336		$	1,580,306		$	1,954,556		$	2,228,912
Cash and cash equivalents	$	1,015,348			$	554,195		$	166,070		$	121,751		$	148,978
Investment in marketable securities	$	27,345			$	25,353		$	29,887		$	30,208		$	29,978

Total assets	$	13,071,564			$	13,220,607		$	12,766,320		$	13,294,984		$	13,629,941

Fixed rate & hedged debt	$	3,379,743			$	3,032,513		$	3,536,286		$	3,538,829		$	3,540,487
Variable rate debt	2,809,915			⁽²⁾	3,130,306			2,018,434			2,353,927			2,599,725
Total consolidated debt	$	6,189,658			$	6,162,819		$	5,554,720		$	5,892,756		$	6,140,212
Deferred financing costs, net of amortization	(48,344		)		(39,553		)	(46,583		)	(56,988		)	(57,423		)
Total consolidated debt, net	$	6,141,314			$	6,123,266		$	5,508,137		$	5,835,768		$	6,082,789

Total liabilities	$	7,281,652			$	7,251,728		$	6,555,975		$	6,843,536		$	7,062,331

Fixed rate & hedged debt, including SLG share of unconsolidated JV debt	$	5,609,865			$	5,265,219		$	5,771,749		$	5,777,022		$	5,781,333
Variable rate debt, including SLG share of unconsolidated JV debt	4,809,840			⁽²⁾	5,029,683			3,811,107			4,046,204			4,158,776
Total debt, including SLG share of unconsolidated JV debt	$	10,419,705			$	10,294,902		$	9,582,856		$	9,823,226		$	9,940,109

Selected Operating Data
Property operating revenues	$	195,886			$	222,631		$	250,452		$	248,028		$	244,959
Property operating expenses	(90,389		)		(107,855		)	(114,867		)	(117,768		)	(113,309		)
Property NOI	$	105,497			$	114,776		$	135,585		$	130,260		$	131,650
SLG share of unconsolidated JV Property NOI	76,705				73,992			72,123			75,442			78,472
Property NOI, including SLG share of unconsolidated JV Property NOI	$	182,202			$	188,768		$	207,708		$	205,702		$	210,122
Investment income	39,943				38,533			42,423			51,518			51,618
Other income	17,870				53,139			15,207			14,088			16,447
Marketing general & administrative expenses	(23,510		)		(19,570		)	(25,575		)	(23,841		)	(25,480		)
SLG share of investment income and other income from unconsolidated JVs	2,939				1,918			1,736			1,437			2,141
Income taxes	900				1,134			1,027			(995		)	680
Transaction costs, including SLG share of unconsolidated JVs	(373		)		(65		)	(369		)	(44		)	(261		)
Loan loss and other investment reserves, net of recoveries	(6,813		)		(11,248		)	—			—			—
EBITDAre	$	213,158			$	252,609		$	242,157		$	247,865		$	255,267

(1) Includes assets held for sale totaling $56.7 million for 400 East 58th Street.
(2) Does not reflect $0.5 billion of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.



Supplemental Information	8	Second Quarter 2020




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



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

Selected Operating Data
Property operating revenues	$	188,134	$	214,373	$	233,500	$	230,443	$	227,427
Property operating expenses	79,560		97,312		100,672		101,871		97,927
Property NOI	$	108,574	$	117,061	$	132,828	$	128,572	$	129,500

Other income - consolidated	$	12,448	$	45,348	$	3,128	$	6,210	$	4,493

SLG share of property NOI from unconsolidated JVs	$	76,704	$	73,992	$	72,111	$	76,552	$	78,979

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

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

Same-Store office occupancy inclusive of leases signed not yet commenced	95.2%		95.5%		96.0%		95.0%		94.8%

Office Leasing Statistics
New leases commenced	9		27		19		27		25
Renewal leases commenced	25		5		19		9		7
Total office leases commenced	34		32		38		36		32

Commenced office square footage filling vacancy	46,502		29,938		122,564		170,062		74,425
Commenced office square footage on previously occupied space (M-T-M leasing) ⁽²⁾	269,823		136,523		415,750		181,226		279,649
Total office square footage commenced	316,325		166,461		538,314		351,288		354,074

Average starting cash rent psf - office leases commenced	$75.50		$68.33		$64.95		$77.09		$70.53
Previous escalated cash rent psf - office leases commenced ⁽³⁾	$73.84		$73.52		$48.03		$73.39		$62.82
Increase in new cash rent over previously escalated cash rent ^{(2) (3)}	2.2%		(7.1)%		35.2%		5.0%		12.3%
Average lease term	7.8		11.3		7.4		16.1		11.5
Tenant concession packages psf	$31.37		$60.30		$37.38		$77.97		$79.94
Free rent months	5.0		6.0		4.4		4.4		7.1

(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, excluding concessions.



Supplemental Information	9	Second Quarter 2020




COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



	As of
	6/30/2020				3/31/2020			12/31/2019			9/30/2019			6/30/2019
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,625,483			$	1,662,840		$	1,751,544		$	1,860,922		$	1,929,496
Building and improvements	5,363,464				5,417,965			5,154,990			5,352,144			5,749,261
Building leasehold and improvements	1,443,855				1,435,811			1,433,793			1,431,183			1,427,225
Right of use asset - financing leases	176,152				163,960			47,445			47,445			47,445
Right of use asset - operating leases	381,255				381,255			396,795			396,795			396,795
	8,990,209				9,061,831			8,784,567			9,088,489			9,550,222
Less: accumulated depreciation	(2,186,157		)		(2,130,033		)	(2,060,560		)	(2,147,395		)	(2,217,013		)
Net real estate	6,804,052				6,931,798			6,724,007			6,941,094			7,333,209

Other real estate investments:
Investment in unconsolidated joint ventures	2,952,681				2,848,363			2,912,842			2,923,595			2,937,153
Debt and preferred equity investments, net	1,221,936			⁽¹⁾	1,783,336			1,580,306			1,954,556			2,228,912

Assets held for sale, net	49,687			⁽²⁾	—			391,664			403,488			—
Cash and cash equivalents	1,015,348				554,195			166,070			121,751			148,978
Restricted cash	85,935				66,827			75,360			94,793			92,169
Investment in marketable securities	27,345				25,353			29,887			30,208			29,978
Tenant and other receivables, net of allowance of $19,926 at 6/30/2020	90,305				88,587			43,968			44,950			38,270
Related party receivables	16,984				26,092			21,121			20,030			23,686
Deferred rents receivable, net of allowance of $17,500 at 6/30/2020	302,729				310,138			283,011			306,431			341,659
Deferred costs, net	217,812				232,274			205,283			182,621			220,572
Other assets	286,750				353,644			332,801			271,467			235,355

Total Assets	$	13,071,564			$	13,220,607		$	12,766,320		$	13,294,984		$	13,629,941

(1) Excludes debt and preferred equity investments totaling $34.9 million with a weighted average current yield of 6.51% that are included in other balance sheet line items.
(2) Includes 400 East 58th Street.



Supplemental Information	10	Second Quarter 2020




COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



	As of
	6/30/2020				3/31/2020			12/31/2019			9/30/2019			6/30/2019
Liabilities
Mortgages and other loans payable	$	2,348,483			$	2,010,217		$	2,211,883		$	2,454,684		$	2,366,907
Unsecured term loans	1,500,000				1,500,000			1,500,000			1,500,000			1,500,000
Unsecured notes	1,252,366				1,252,602			1,502,837			1,503,072			1,503,305
Revolving credit facility	950,000				1,300,000			240,000			335,000			670,000
Deferred financing costs	(48,344		)		(39,553		)	(46,583		)	(56,988		)	(57,423		)
Total debt, net of deferred financing costs	6,002,505				6,023,266			5,408,137			5,735,768			5,982,789
Accrued interest	14,903				26,377			22,148			27,568			25,564
Accounts payable and accrued expenses	165,565				158,750			166,905			143,361			133,473
Deferred revenue	99,655				116,197			114,052			126,321			122,941
Lease liability - financing leases	174,732				162,299			44,448			44,251			44,034
Lease liability - operating leases	361,221				363,990			381,671			384,661			387,602
Dividends and distributions payable	25,611				26,563			79,282			78,541			79,272
Security deposits	58,486				59,318			62,252			62,166			62,735
Liabilities related to assets held for sale	38,272			⁽¹⁾	—			—			—			—
Junior subordinated deferrable interest debentures	100,000				100,000			100,000			100,000			100,000
Other liabilities	240,702				214,968			177,080			140,899			123,921
Total liabilities	7,281,652				7,251,728			6,555,975			6,843,536			7,062,331

Noncontrolling interest in operating partnership
(4,045 units outstanding) at 6/30/2020	358,702				358,895			409,862			401,863			401,824
Preferred units	225,448				266,019			283,285			286,285			286,285

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, 74,730
issued and outstanding at 6/30/2020, including 1,055 shares held in treasury	748				776			803			826			835
Additional paid–in capital	4,021,891				4,146,306			4,286,395			4,407,667			4,451,209
Treasury stock	(124,049		)		(124,049		)	(124,049		)	(124,049		)	(124,049		)
Accumulated other comprehensive loss	(82,371		)		(80,868		)	(28,485		)	(40,132		)	(28,395		)
Retained earnings	1,081,821				1,099,369			1,084,719			1,225,904			1,288,390
Total SL Green Realty Corp. stockholders' equity	5,119,972				5,263,466			5,441,315			5,692,148			5,809,922

Noncontrolling interest in other partnerships	85,790				80,499			75,883			71,152			69,579

Total equity	5,205,762				5,343,965			5,517,198			5,763,300			5,879,501

Total Liabilities and Equity	$	13,071,564			$	13,220,607		$	12,766,320		$	13,294,984		$	13,629,941

(1) Includes 400 East 58th Street.



Supplemental Information	11	Second Quarter 2020




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



	Three Months Ended						Three Months Ended				Six Months Ended
	June 30,			June 30,				March 31,			June 30,			June 30,
	2020			2019				2020			2020			2019
Revenues
Rental revenue, net	$	174,141		$	216,480			$	195,463		$	369,604		$	429,119
Escalation and reimbursement revenues	21,745			28,479				27,168			48,913			55,958
Investment income	39,943			51,618				38,533			78,476			101,649
Other income	17,870			16,447				53,139			71,009			30,553
Total Revenues, net	253,699			313,024				314,303			568,002			617,279

Equity in net loss from unconsolidated joint ventures	(2,199		)	(7,546		)		(12,814		)	(15,013		)	(12,780		)

Expenses
Operating expenses	40,897			58,317				53,866			94,763			116,015
Operating lease rent	7,831			8,298				7,367			15,198			16,596
Real estate taxes	41,661			46,694				46,622			88,283			93,382
Loan loss and other investment reserves, net of recoveries	6,813			—				11,248			18,061			—
Transaction related costs	373			261				65			438			316
Marketing, general and administrative	23,510			25,480				19,570			43,080			51,459
Total Operating Expenses	121,085			139,050				138,738			259,823			277,768

Operating Income	130,415			166,428				162,751			293,166			326,731

Interest expense, net of interest income	30,070			47,160				37,494			67,564			97,685
Amortization of deferred financing costs	2,661			2,712				2,500			5,161			5,454
Depreciation and amortization	95,941			69,461				68,279			164,220			137,804
Income from Continuing Operations ⁽¹⁾	1,743			47,095				54,478			56,221			85,788

Gain (loss) on sale of real estate	64,884			—				72,636			137,520			(1,049		)
Equity in net gain on sale of joint venture interest / real estate	—			59,015				—			—			76,181
Purchase price and other fair value adjustments	—			67,631				—			—			65,590
Net Income	66,627			173,741				127,114			193,741			226,510

Net income attributable to noncontrolling interests	(4,093		)	(6,172		)		(5,909		)	(10,002		)	(8,687		)
Dividends on preferred units	(2,353		)	(2,729		)		(2,666		)	(5,019		)	(5,453		)

Net Income Attributable to SL Green Realty Corp	60,181			164,840				118,539			178,720			212,370

Dividends on perpetual preferred shares	(3,737		)	(3,737		)		(3,738		)	(7,475		)	(7,475		)

Net Income Attributable to Common Stockholders	$	56,444		$	161,103			$	114,801		$	171,245		$	204,895

Earnings per share - Net income per share (basic)	$	0.74		$	1.94			$	1.47		$	2.22		$	2.46
Earnings per share - Net income per share (diluted)	$	0.74		$	1.94			$	1.47		$	2.22		$	2.46
(1) Before gains on sale and equity in net gains and depreciable real estate reserves shown below.



Supplemental Information	12	Second Quarter 2020




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



		Three Months Ended						Three Months Ended				Six Months Ended
		June 30,			June 30,				March 31,			June 30,			June 30,
		2020			2019				2020			2020			2019
Funds from Operations
Net Income Attributable to Common Stockholders		$	56,444		$	161,103			$	114,801		$	171,245		$	204,895

	Depreciation and amortization	95,941			69,461				68,279			164,220			137,804
	Unconsolidated JV depreciation and noncontrolling interests adjustments	45,107			49,903				56,318			101,425			97,528
	Net income attributable to noncontrolling interests	4,093			6,172				5,909			10,002			8,687
	(Gain) loss on sale of real estate	(64,884		)	—				(72,636		)	(137,520		)	1,049
	Equity in net gain on sale of joint venture property / real estate	—			(59,015		)		—			—			(76,181		)
	Purchase price and other fair value adjustments	—			(67,631		)		—			—			(65,590		)
	Non-real estate depreciation and amortization	(609		)	(746		)		(650		)	(1,259		)	(1,453		)
	Funds From Operations	$	136,092		$	159,247			$	172,021		$	308,113		$	306,739

	Funds From Operations - Basic per Share	$	1.70		$	1.83			$	2.09		$	3.79		$	3.51

	Funds From Operations - Diluted per Share	$	1.70		$	1.82			$	2.08		$	3.79		$	3.50

Funds Available for Distribution
FFO		$	136,092		$	159,247			$	172,021		$	308,113		$	306,739

	Non real estate depreciation and amortization	609			746				650			1,259			1,453
	Amortization of deferred financing costs	2,661			2,712				2,500			5,161			5,454
	Non-cash deferred compensation	4,697			5,570				16,865			21,562			18,386
	FAD adjustment for joint ventures	(11,698		)	(29,320		)		(13,219		)	(24,917		)	(52,085		)
	Straight-line rental income and other non cash adjustments	11,004			(8,121		)		(47,359		)	(36,355		)	(12,716		)
	Second cycle tenant improvements	(11,147		)	(19,248		)		(18,637		)	(29,784		)	(27,669		)
	Second cycle leasing commissions	(1,861		)	(4,945		)		(3,044		)	(4,905		)	(11,955		)
	Revenue enhancing recurring CAPEX	(283		)	(665		)		(184		)	(467		)	(998		)
	Non-revenue enhancing recurring CAPEX	(5,260		)	(15,323		)		(3,609		)	(8,869		)	(23,707		)
Reported Funds Available for Distribution		$	124,814		$	90,653			$	105,984		$	230,798		$	202,902

	First cycle tenant improvements	$	45		$	1,388			$	4,395		$	4,440		$	1,748
	First cycle leasing commissions	$	68		$	8,965			$	1,741		$	1,809		$	14,034
	Development costs	$	14,313		$	5,257			$	22,478		$	36,791		$	9,912
	Redevelopment costs	$	34,811		$	12,898			$	35,885		$	70,696		$	19,011
	Capitalized interest	$	16,368		$	12,019			$	20,483		$	36,851		$	22,528



Supplemental Information	13	Second 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													178,720			730						179,450
Acquisition of subsidiary interest from noncontrolling interest							(3,123		)							1,587						(1,536		)
Preferred dividends													(7,475		)							(7,475		)
Cash distributions declared ($1.18 per common share)													(89,272		)							(89,272		)
Cash distributions to noncontrolling interests																(596		)				(596		)
Other comprehensive loss - unrealized loss on derivative instruments																			(45,527		)	(45,527		)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments																			(5,943		)	(5,943		)
Other comprehensive loss - unrealized loss on marketable securities																			(2,416		)	(2,416		)
DRSPP proceeds							364															364
Repurchases of common stock				(56		)	(283,981		)				(76,831		)							(360,868		)
Conversion of units of the Operating Partnership to common stock							8,743															8,743
Contributions to consolidated joint ventures																8,186						8,186
Reallocation of noncontrolling interests in the Operating Partnership													31,144									31,144
Deferred compensation plan and stock awards, net				1			13,493															13,494
Balance at June 30, 2020	$	221,932		$	748		$	4,021,891		$	(124,049	)	$	1,081,821		$	85,790		$	(82,371	)	$	5,205,762





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	(5,527,813		)	(151,320		)	—			(5,679,133		)
Share Count at June 30, 2020	73,674,509			4,044,555			—			77,719,064

Weighting factor	2,256,872			75,824			167,284			2,499,980
Weighted Average Share Count at June 30, 2020 - Diluted	75,931,381			4,120,379			167,284			80,219,044



Supplemental Information	14	Second Quarter 2020




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




	June 30, 2020						March 31, 2020						December 31, 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		$	3,902,348		$	1,886,192
Building and improvements	10,641,677			5,364,742			10,477,826			5,252,112			10,362,434			5,173,363
Building leasehold and improvements	394,503			200,176			394,503			200,176			394,503			200,176
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			242,852			119,543			236,519			116,376
	15,816,202			7,892,517			15,652,351			7,779,887			15,530,626			7,697,971
Less: accumulated depreciation	(1,338,574		)	(602,970		)	(1,259,444		)	(565,902		)	(1,180,998		)	(529,232		)
Net real estate	14,477,628			7,289,547			14,392,907			7,213,985			14,349,628			7,168,739


Cash and cash equivalents	223,050			111,237			232,926			112,724			260,476			131,549
Restricted cash	89,825			42,707			96,279			46,959			75,713			34,779
Tenant and other receivables, net of allowance of $14,151 at 6/30/2020, of which $7,223 is SLG share	39,939			14,920			13,812			3,335			49,259			20,835
Deferred rents receivable, net of allowance of $5,322 at 6/30/2020, of which $2,835 is SLG share	341,478			165,024			333,025			160,502			321,806			154,330
Deferred costs, net	212,450			119,732			211,180			118,303			209,806			117,029
Other assets	1,735,307			768,184			1,786,373			794,221			1,829,623			811,189
Total Assets	$	17,119,677		$	8,511,351		$	17,066,502		$	8,450,029		$	17,096,311		$	8,438,450

Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of $94,088 at 6/30/2020, of which $48,059 is SLG share	$	9,249,195		$	4,181,988		$	9,116,172		$	4,091,392		$	8,951,869		$	3,984,521
Accrued interest	27,084			10,787			25,188			10,852			27,078			11,645
Accounts payable and accrued expenses	236,611			127,832			209,750			109,103			242,918			125,895
Deferred revenue	1,408,880			624,512			1,459,796			648,860			1,501,616			668,791
Lease liability - financing leases	637,212			323,018			637,274			323,056			637,290			323,071
Lease liability - operating leases	263,251			128,957			264,887			129,789			260,090			127,405
Security deposits	28,162			11,195			28,751			11,387			28,859			11,333
Other liabilities	21,563			12,108			20,675			11,701			9,449			4,842
Equity	5,247,719			3,090,954			5,304,009			3,113,889			5,437,142			3,180,947
Total Liabilities and Equity	$	17,119,677		$	8,511,351		$	17,066,502		$	8,450,029		$	17,096,311		$	8,438,450



Supplemental Information	15	Second 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
	June 30, 2020						March 31, 2020						June 30, 2019

	Total			SLG Share			Total			SLG Share			Total			SLG Share
Revenues
Rental revenue, net	$	233,382		$	102,796		$	238,412		$	105,304		$	248,446		$	108,310
Escalation and reimbursement revenues	32,596			14,909			39,651			18,192			36,451			17,017
Investment income	1,251			310			1,237			307			1,417			476
Other income	4,289			2,629			3,220			1,611			4,134			1,665
Total Revenues, net	$	271,518		$	120,644		$	282,520		$	125,414		$	290,448		$	127,468

Expenses
Operating expenses	$	35,338		$	14,863		$	51,590		$	22,479		$	48,514		$	20,683
Operating lease rent	6,201			3,009			6,361			3,090			6,234			3,026
Real estate taxes	51,735			23,128			53,372			23,935			51,987			23,146
Total Operating Expenses	$	93,274		$	41,000		$	111,323		$	49,504		$	106,735		$	46,855

Operating Income	$	178,244		$	79,644		$	171,197		$	75,910		$	183,713		$	80,613

Interest expense, net of interest income	$	79,638		$	32,714		$	86,324		$	35,777		$	93,693		$	38,281
Amortization of deferred financing costs	4,808			1,693			4,814			1,687			4,782			1,591
Depreciation and amortization	98,854			46,217			98,584			45,874			103,681			48,176
Net Loss	$	(5,056	)	$	(980	)	$	(18,525	)	$	(7,428	)	$	(18,443	)	$	(7,435	)

Real estate depreciation	98,568			46,161			98,296			45,817			103,392			48,120
FFO Contribution	$	93,512		$	45,181		$	79,771		$	38,389		$	84,949		$	40,685

FAD Adjustments:
Non real estate depreciation and amortization	$	286		$	56		$	288		$	57		$	289		$	56
Amortization of deferred financing costs	4,808			1,693			4,814			1,687			4,782			1,591
Straight-line rental income and other non-cash adjustments	(15,245		)	(8,390		)	(17,177		)	(9,949		)	(38,144		)	(20,386		)
Second cycle tenant improvement	(4,131		)	(2,125		)	(4,664		)	(2,032		)	(12,766		)	(6,712		)
Second cycle leasing commissions	(2,651		)	(1,388		)	(3,728		)	(1,867		)	(983		)	(499		)
Revenue enhancing recurring CAPEX	(1,306		)	(513		)	(555		)	(57		)	(1,054		)	(368		)
Non-revenue enhancing recurring CAPEX	(2,004		)	(1,031		)	(1,092		)	(1,058		)	(6,907		)	(3,002		)
Total FAD Adjustments	$	(20,243	)	$	(11,698	)	$	(22,114	)	$	(13,219	)	$	(54,783	)	$	(29,320	)

First cycle tenant improvement	$	6,318		$	2,529		$	7,412		$	3,647		$	5,943		$	3,106
First cycle leasing commissions	$	14		$	7		$	252		$	112		$	133		$	68
Development costs	$	151,046		$	107,258		$	100,728		$	71,527		$	147,326		$	104,617
Redevelopment costs	$	514		$	210		$	1,251		$	648		$	5,115		$	2,258
Capitalized interest	$	7,890		$	5,603		$	8,729		$	6,198		$	5,571		$	3,956



Supplemental Information	16	Second Quarter 2020




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



	Six Months Ended						Six Months Ended
	June 30, 2020						June 30, 2019

	Total			SLG Share			Total			SLG Share
Revenues
Rental revenue, net	$	471,794		$	208,100		$	506,338		$	220,042
Escalation and reimbursement revenues	72,247			33,101			75,495			35,275
Investment income	2,488			617			9,068			2,703
Other income	7,509			4,240			7,066			2,729
Total Revenues, net	$	554,038		$	246,058		$	597,967		$	260,749

Expenses
Operating expenses	$	86,928		$	37,342		$	102,638		$	43,539
Operating lease rent	12,562			6,099			12,135			5,886
Real estate taxes	105,107			47,063			106,223			46,785
Total Operating Expenses	$	204,597		$	90,504		$	220,996		$	96,210

Operating Income	$	349,441		$	155,554		$	376,971		$	164,539

Interest expense, net of interest income	$	165,962		$	68,491		$	190,316		$	77,688
Amortization of deferred financing costs	9,622			3,380			9,998			3,159
Depreciation and amortization	197,438			92,091			208,012			96,304
Net Loss	$	(23,581	)	$	(8,408	)	$	(31,355	)	$	(12,612	)

Real estate depreciation	196,864			91,978			207,434			96,191
FFO Contribution	$	173,283		$	83,570		$	176,079		$	83,579

FAD Adjustments:
Non real estate depreciation and amortization	$	574		$	113		$	578		$	113
Amortization of deferred financing costs	9,622			3,380			9,998			3,159
Straight-line rental income and other non-cash adjustments	(32,422		)	(18,339		)	(79,609		)	(42,412		)
Second cycle tenant improvement	(8,795		)	(4,157		)	(15,056		)	(7,594		)
Second cycle leasing commissions	(6,379		)	(3,255		)	(2,580		)	(1,223		)
Revenue enhancing recurring CAPEX	(1,861		)	(570		)	(1,286		)	(463		)
Non-revenue enhancing recurring CAPEX	(3,096		)	(2,089		)	(8,885		)	(3,665		)
Total FAD Adjustments	$	(42,357	)	$	(24,917	)	$	(96,840	)	$	(52,085	)

First cycle tenant improvement	$	13,730		$	6,176		$	11,807		$	5,085
First cycle leasing commissions	$	266		$	119		$	378		$	193
Development costs	$	251,774		$	178,785		$	296,375		$	210,457
Redevelopment costs	$	1,765		$	858		$	4,339		$	1,634
Capitalized Interest	$	16,619		$	11,801		$	10,500		$	7,456



Supplemental Information	17	Second Quarter 2020




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



	Three Months Ended						Three Months Ended				Six Months Ended
	June 30,			June 30,				March 31,			June 30,			June 30,
	2020			2019				2020			2020			2019

Net Operating Income⁽¹⁾	$	108,246		$	138,358			$	120,619		$	228,865		$	273,863
SLG share of property NOI from unconsolidated JVs	77,841			79,556				75,067			152,908			161,259
NOI including SLG share of unconsolidated JVs	$	186,087		$	217,914			$	195,686		$	381,773		$	435,122
Partners' share of NOI - consolidated JVs	(940		)	(488		)		(675		)	(1,615		)	(997		)
NOI - SLG share	$	185,147		$	217,426			$	195,011		$	380,158		$	434,125

NOI, including SLG share of unconsolidated JVs	$	186,087		$	217,914			$	195,686		$	381,773		$	435,122
Free rent (net of amortization)	(4,575		)	(16,012		)		(3,804		)	(8,379		)	(32,459		)
Amortization of acquired above and below-market leases, net	(5,436		)	(5,503		)		(5,060		)	(10,496		)	(11,112		)
Straight-line revenue adjustment	(6,604		)	(4,615		)		(5,031		)	(11,634		)	(9,672		)
Straight-line tenant credit loss	7,310			18				494			7,804			2,754
Operating lease straight-line adjustment	770			988				903			1,672			1,960
Cash NOI, including SLG share of unconsolidated JVs	$	177,552		$	192,790			$	183,188		$	360,740		$	386,593
Partners' share of cash NOI - consolidated JVs	(685		)	(502		)		(612		)	(1,297		)	(1,006		)
Cash NOI - SLG share	$	176,867		$	192,288			$	182,576		$	359,443		$	385,587


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




NOI Summary by Portfolio ⁽¹⁾ - SLG Share

	Three Months Ended June 30, 2020						Six Months Ended June 30, 2020
	Three Months Ended June 30, 2020						Six Months Ended June 30, 2020
	NOI			Cash NOI			NOI			Cash NOI

Manhattan Operating Properties	$	161,881		$	155,155		$	321,423		$	301,744
Retail Operating Properties	11,456			9,047			24,298			20,635
Residential Operating Properties	3,703			3,678			7,411			7,415
Suburban Operating Properties	2,400			2,650			4,944			5,493
Development/Redevelopment	7,894			8,616			17,266			19,794
Total Operating and Development	187,334			179,146			375,342			355,081
Property Dispositions	1,522			1,287			8,053			7,333
Other⁽²⁾	(3,709		)	(3,566		)	(3,237		)	(2,971		)
Total	$	185,147		$	176,867		$	380,158		$	359,443


⁽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	18	Second Quarter 2020




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



		Three Months Ended								Three Months Ended				Six Months Ended
		June 30,			June 30,						March 31,			June 30,			June 30,
		2020			2019			%			2020			2020			2019			%
Revenues
	Rental revenue, net	$	161,796		$	169,482		(4.5	)%		$	169,526		$	331,321		$	336,571		(1.6	)%
	Escalation & reimbursement revenues	20,408			23,332			(12.5	)%		24,623			45,031			46,043			(2.2	)%
	Other income	10,794			796			1,256.0	%		370			11,164			1,270			779.1	%
	Total Revenues	$	192,998		$	193,610		(0.3	)%		$	194,519		$	387,516		$	383,884		0.9	%


Expenses
	Operating expenses	$	33,343		$	44,242		(24.6	)%		$	43,901		$	77,243		$	88,567		(12.8	)%
	Operating lease rent	7,449			7,145			4.3	%		6,939			14,387			14,290			0.7	%
	Real estate taxes	40,500			38,130			6.2	%		40,508			81,009			76,260			6.2	%
		$	81,292		$	89,517		(9.2	)%		$	91,348		$	172,639		$	179,117		(3.6	)%

	Operating Income	$	111,706		$	104,093		7.3	%		$	103,171		$	214,877		$	204,767		4.9	%

	Interest expense & amortization of financing costs	$	14,783		$	14,225		3.9	%		$	14,199		$	28,982		$	28,336		2.3	%
	Depreciation & amortization	53,224			49,192			8.2	%		57,944			111,169			98,764			12.6	%

	Income before noncontrolling interest	$	43,699		$	40,676		7.4	%		$	31,028		$	74,726		$	77,667		(3.8	)%
Plus:	Real estate depreciation & amortization	53,205			49,173			8.2	%		57,925			111,130			98,724			12.6	%
	FFO Contribution	$	96,904		$	89,849		7.9	%		$	88,953		$	185,856		$	176,391		5.4	%

Less:	Non–building revenue	224			116			93.1	%		329			553			140			295.0	%

Plus:	Interest expense & amortization of financing costs	14,783			14,225			3.9	%		14,199			28,982			28,336			2.3	%
	Non-real estate depreciation	19			19			—	%		19			39			40			(2.5	)%
	NOI	$	111,482		$	103,977		7.2	%		$	102,842		$	214,324		$	204,627		4.7	%

Cash Adjustments
Less:	Free rent (net of amortization)	$	3,073		$	5,292		(41.9	)%		$	2,570		$	5,643		$	10,391		(45.7	)%
	Straight-line revenue adjustment	1,065			483			120.5	%		(886		)	179			914			(80.4	)%
	Amortization of acquired above and below-market leases, net	1,565			1,213			29.0	%		2,376			3,941			2,451			60.8	%
Plus:	Operating lease straight-line adjustment	385			514			(25.1	)%		429			814			1,028			(20.8	)%
	Straight-line tenant credit loss	5,230			(3		)	N/A			12			5,243			770			580.9	%
	Cash NOI	$	111,394		$	97,500		14.3	%		$	99,223		$	210,618		$	192,669		9.3	%

Operating Margins
	NOI to real estate revenue, net	57.8		%	53.7		%				53.0		%	55.4		%	53.3		%
	Cash NOI to real estate revenue, net	57.8		%	50.4		%				51.1		%	54.4		%	50.2		%

	NOI before operating lease rent/real estate revenue, net	61.7		%	57.4		%				56.5		%	59.1		%	57.0		%
	Cash NOI before operating lease rent/real estate revenue, net	61.4		%	53.8		%				54.4		%	57.9		%	53.7		%



Supplemental Information	19	Second Quarter 2020




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



		Three Months Ended								Three Months Ended				Six Months Ended
		June 30,			June 30,						March 31,			June 30,			June 30,
		2020			2019			%			2020			2020			2019			%
Revenues
	Rental revenue, net	$	103,397		$	106,908		(3.3	)%		$	105,832		$	209,228		$	214,880		(2.6	)%
	Escalation & reimbursement revenues	15,257			16,874			(9.6	)%		18,542			33,798			34,972			(3.4	)%
	Other income	433			1,105			(60.8	)%		965			1,397			1,670			(16.3	)%
	Total Revenues	$	119,087		$	124,887		(4.6	)%		$	125,339		$	244,423		$	251,522		(2.8	)%


Expenses
	Operating expenses	$	14,611		$	19,796		(26.2	)%		$	22,116		$	36,727		$	41,214		(10.9	)%
	Operating lease rent	2,824			2,840			—	%		2,904			5,727			5,581			—	%
	Real estate taxes	23,260			22,735			2.3	%		24,067			47,327			45,478			4.1	%
		$	40,695		$	45,371		(10.3	)%		$	49,087		$	89,781		$	92,273		(2.7	)%

	Operating Income	$	78,392		$	79,516		(1.4	)%		$	76,252		$	154,642		$	159,249		(2.9	)%

	Interest expense & amortization of financing costs	$	35,037		$	40,728		(14.0	)%		$	38,013		$	73,051		$	81,674		(10.6	)%
	Depreciation & amortization	44,387			45,770			(3.0	)%		44,050			88,437			90,480			(2.3	)%

	Loss before noncontrolling interest	$	(1,032	)	$	(6,982	)	(85.2	)%		$	(5,811	)	$	(6,846	)	$	(12,905	)	(47.0	)%
Plus:	Real estate depreciation & amortization	44,330			45,714			(3.0	)%		43,993			88,324			90,367			(2.3	)%
	FFO Contribution	$	43,298		$	38,732		11.8	%		$	38,182		$	81,478		$	77,462		5.2	%

Less:	Non–building revenue	223			649			(65.6	)%		947			1,170			856			36.7	%

Plus:	Interest expense & amortization of financing costs	35,037			40,728			(14.0	)%		38,013			73,051			81,674			(10.6	)%
	Non-real estate depreciation	57			56			—	%		57			113			113			—	%
	NOI	$	78,169		$	78,867		(0.9	)%		$	75,305		$	153,472		$	158,393		(3.1	)%

Cash Adjustments
Less:	Free rent (net of amortization)	$	825		$	9,851		(91.6	)%		$	1,090		$	1,914		$	20,361		(90.6	)%
	Straight-line revenue adjustment	4,775			5,987			(20.2	)%		5,183			9,958			12,370			(19.5	)%
	Amortization of acquired above and below-market leases, net	3,812			4,248			(10.3	)%		3,827			7,639			8,510			(10.2	)%
Plus:	Operating lease straight-line adjustment	252			342			(26.3	)%		342			594			735			—	%
	Straight-line tenant credit loss	1,270			1			N/A			471			1,741			298			—	%
	Cash NOI	$	70,279		$	59,124		18.9	%		$	66,018		$	136,296		$	118,185		15.3	%

Operating Margins
	NOI to real estate revenue, net	65.8		%	63.5		%				60.5		%	63.1		%	63.2		%
	Cash NOI to real estate revenue, net	59.1		%	47.6		%				53.1		%	56.0		%	47.1		%

	NOI before operating lease rent/real estate revenue, net	68.1		%	65.8		%				62.9		%	65.4		%	65.4		%
	Cash NOI before operating lease rent/real estate revenue, net	61.3		%	49.6		%				55.1		%	58.1		%	49.1		%



Supplemental Information	20	Second Quarter 2020




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



		Three Months Ended								Three Months Ended				Six Months Ended
		June 30,			June 30,						March 31,			June 30,			June 30,
		2020			2019			%			2020			2020			2019			%
Revenues
	Rental revenue, net	$	161,796		$	169,482		(4.5	)%		$	169,526		$	331,321		$	336,571		(1.6	)%
	Escalation & reimbursement revenues	20,408			23,332			(12.5	)%		24,623			45,031			46,043			(2.2	)%
	Other income	10,794			796			1,256.0	%		370			11,164			1,270			779.1	%
	Total Revenues	$	192,998		$	193,610		(0.3	)%		$	194,519		$	387,516		$	383,884		0.9	%

	Equity in Net Loss from Unconsolidated Joint Ventures ⁽¹⁾	$	(1,032	)	$	(6,982	)	(85.2	)%		$	(5,811	)	$	(6,846	)	$	(12,905	)	(47.0	)%
Expenses
	Operating expenses	$	33,343		$	44,242		(24.6	)%		$	43,901		$	77,243		$	88,567		(12.8	)%
	Operating lease rent	7,449			7,145			4.3	%		6,939			14,387			14,290			0.7	%
	Real estate taxes	40,500			38,130			6.2	%		40,508			81,009			76,260			6.2	%
		$	81,292		$	89,517		(9.2	)%		$	91,348		$	172,639		$	179,117		(3.6	)%

	Operating Income	$	110,674		$	97,111		14.0	%		$	97,360		$	208,031		$	191,862		8.4	%

	Interest expense & amortization of financing costs	$	14,783		$	14,225		3.9	%		$	14,199		$	28,982		$	28,336		2.3	%
	Depreciation & amortization	53,224			49,192			8.2	%		57,944			111,169			98,764			12.6	%

	Income before noncontrolling interest	$	42,667		$	33,694		26.6	%		$	25,217		$	67,880		$	64,762		4.8	%
Plus:	Real estate depreciation & amortization	53,205			49,173			8.2	%		57,925			111,130			98,724			12.6	%
	Joint Ventures Real estate depreciation & amortization ⁽¹⁾	44,330			45,714			(3.0	)%		43,993			88,324			$	90,367		(2.3	)%
	FFO Contribution	$	140,202		$	128,581		9.0	%		$	127,135		$	267,334		$	253,853		5.3	%

Less:	Non–building revenue	$	224		$	116		93.1	%		$	329		$	553		$	140		295.0	%
	Joint Ventures Non–building revenue ⁽¹⁾	223			649			(65.6	)%		947			1,170			856			36.7	%

Plus:	Interest expense & amortization of financing costs	14,783			14,225			3.9	%		14,199			28,982			28,336			2.3	%
	Joint Ventures Interest expense & amortization of financing costs ⁽¹⁾	35,037			40,728			(14.0	)%		38,013			73,051			81,674			(10.6	)%
	Non-real estate depreciation	19			19			—	%		19			39			40			(2.5	)%
	Joint Ventures Non-real estate depreciation ⁽¹⁾	57			56			1.8	%		57			113			113			—	%
	NOI	$	189,651		$	182,844		3.7	%		$	178,147		$	367,796		$	363,020		1.3	%

Cash Adjustments
	Non-cash adjustments	$	(88	)	$	(6,477	)	(98.6	)%		$	(3,619	)	$	(3,706	)	$	(11,958	)	(69.0	)%
	Joint Venture non-cash adjustments ⁽¹⁾	(7,890		)	(19,743		)	(60.0	)%		(9,287		)	(17,176		)	(40,208		)	(57.3	)%
	Cash NOI	$	181,673		$	156,624		16.0	%		$	165,241		$	346,914		$	310,854		11.6	%

Operating Margins
	NOI to real estate revenue, net	60.9		%	57.5		%				55.9		%	58.4		%	57.2		%
	Cash NOI to real estate revenue, net	58.3		%	49.3		%				51.9		%	55.0		%	49.0		%

	NOI before operating lease rent/real estate revenue, net	64.2		%	60.7		%				59.0		%	61.6		%	60.4		%
	Cash NOI before operating lease rent/real estate revenue, net	61.4		%	52.2		%				54.7		%	58.0		%	51.9		%

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



Supplemental Information	21	Second 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 (%)	6/30/2020			Coupon (1)		Amortization		Date		Maturity		Extension	Date (2)	Prepayment (3)
Secured fixed rate debt
	100 Church Street		100.0	$	207,112		4.68%		$	4,421	Jul-22		$	197,784	—	Jul-22	Apr-22
	420 Lexington Avenue		100.0	296,626			3.99%		5,130		Oct-24		272,749		—	Oct-40	Jul-24
	400 East 58th Street		90.0	38,809			3.00%		863		Nov-26		34,044		—	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	34,830			3.59%		705		Feb-27		29,599		—	Feb-27	Open
				$	1,127,377		4.25%		$	11,119			$	1,084,176
Unsecured fixed rate debt
	Unsecured notes (swapped)			$	350,000		1.52%		$	—	Aug-21		$	350,000	—	Aug-21	Open
	Unsecured notes			499,749			3.25%		—		Oct-22		500,000		—	Oct-22	Open
	Unsecured notes			302,617			4.50%		—		Dec-22		300,000		—	Dec-22	Open
	Term loan (swapped)			1,000,000			3.19%	(4)	—		Mar-23	(4)	1,000,000		—	Mar-23	Open
	Unsecured notes			100,000			4.27%		—		Dec-25		100,000		—	Dec-25	Open
				$	2,252,366		3.17%		$	—			$	2,250,000

		Total Fixed Rate Debt		$	3,379,743		3.53%		$	11,119			$	3,334,176
Floating rate debt
Secured floating rate debt
	FHLB Facility (LIBOR + 16.5 bps)			$	10,000		0.33%		$	—	Jul-20	(5)	$	10,000	—	Jul-20	Open
	133 Greene Street (LIBOR + 200 bps)		100.0	15,523			2.16%		—		Aug-20		15,523		—	Aug-21	Open
	FHLB Facility (LIBOR + 26 bps)			15,000			0.42%		—		Aug-20		15,000		—	Aug-20	Open
	106 Spring Street (LIBOR + 250 bps)		100.0	38,025			2.66%		—		Jan-21		38,025		—	Jan-22	Open
	FHLB Facility (LIBOR + 18 bps)			35,000			0.34%		—		Jan-21		35,000		—	Jan-21	Open
	609 Fifth Avenue - Office Condominium (LIBOR + 240 bps)		100.0	57,651			2.56%		—		Mar-21		57,651		Mar-22	Mar-24	Open
	185 Broadway (LIBOR + 285 bps)		100.0	137,857			3.01%		—		Nov-21		137,858		—	Nov-23	Open
	712 Madison Avenue (LIBOR + 185 bps)		100.0	28,000			2.01%		—		Dec-21		28,000		—	Dec-22	Open
	410 Tenth Avenue (LIBOR + 222.5 bps)		70.9	362,859			2.39%		—		May-22		362,859		—	May-24	Open
	220 East 42nd (LIBOR + 275 bps)		100.0	510,000			2.91%		—		Jun-23		510,000		—	June-25	Open
	719 Seventh Avenue (LIBOR + 120 bps)		75.0	50,000			1.36%		—		Sep-23		50,000		—	Sep-23	Open
				$	1,259,915		2.54%		$	—			$	1,259,916
Unsecured floating rate debt
	Revolving credit facility (LIBOR + 100 bps)			$	950,000		1.16%		$	—	Mar-22		$	950,000	Mar-23	Mar-23	Open
	Term loan (LIBOR + 110 bps)			300,000			1.26%		—		Mar-23		300,000		—	Mar-23	Open
	Term loan (LIBOR + 100 bps)			200,000			1.16%		—		Nov-24		200,000		—	Nov-24	Open
	Junior subordinated deferrable interest debentures (3mo. LIBOR + 125 bps)			100,000			1.55%		—		Jul-35		100,000		—	Jul-35	Open
				$	1,550,000		1.21%		$	—			$	1,550,000

		Total Floating Rate Debt		$	2,809,915		1.80%		$	—			$	2,809,916

		Total Debt - Consolidated		$	6,189,658		2.75%		$	11,119			$	6,144,092

		400 East 58th Street (Held for Sale)		(38,809		)

		Deferred financing costs		(48,344		)
		Total Debt - Consolidated, net		$	6,102,505		2.76%

		Total Debt - Joint Venture, net		$	4,181,988		3.17%

	Total Debt including SLG share of unconsolidated JV Debt			$	10,419,705		2.92%
	Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt			$	10,410,795		2.98%

(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 0.16% or the 3-month LIBOR rate at the end of the quarter of 0.30%. 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) In July 2020, this loan was repaid and a new loan was drawn for $10 million. The new loan bears interest at a floating rate of LIBOR + 28 bps and matures in January 2021.



Supplemental Information	22	Second Quarter 2020




DEBT SUMMARY SCHEDULE Unconsolidated JVs Unaudited (Dollars in Thousands)



				Principal Outstanding									2020			Initial		Principal			As-Of	Final
			Ownership	6/30/20									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	829,666				471,823			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	97,024				39,780			3.00%		884			Nov-26		36,042			—	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			$	5,342,130			$	2,230,122		4.07%	(5)	$	11,180				$	2,172,758
Floating rate debt
	280 Park Avenue (LIBOR + 173 bps)		50.0	$	1,200,000			$	600,000		1.89%		$	—		Sep-20		$	600,000		Sep-24	Sep-24	Open
	1552 Broadway (LIBOR + 265 bps)		50.0	195,000				97,500			2.81%		—			Oct-20		97,500			—	Oct-22	Open
	121 Greene Street (LIBOR + 150 bps)		50.0	15,000				7,500			1.66%		—			Nov-20		7,500			—	Nov-21	Open
	11 West 34th Street (LIBOR + 145 bps)		30.0	23,000				6,900			1.61%		—			Jan-21		6,900			Jan-23	Jan-23	Open
	100 Park Avenue (LIBOR + 175 bps)		49.9	355,066				177,177			1.91%		1,934			Feb-21		175,858			—	Feb-21	Open
	One Vanderbilt (LIBOR + 250 bps)		71.0	969,814				688,665			2.66%		—			Sep-21		688,665			—	Sep-23	Open
	2 Herald Square (LIBOR + 145 bps)		51.0	214,500				109,395			1.61%		—			Nov-21		109,395			—	Nov-23	Open
	55 West 46th Street - Tower 46 (LIBOR + 125 bps)		25.0	192,524				48,131			1.41%		—			Aug-22		48,131			—	Aug-24	Open
	115 Spring Street (LIBOR + 340 bps)		51.0	65,550				33,431			3.56%		—			Sep-23		33,431			—	Sep-23	Open
	10 East 53rd Street (LIBOR + 135 bps)		55.0	220,000				121,000			1.51%					Feb-25		121,000			—	Feb-25	Open
	605 West 42nd Street - Sky (LIBOR + 144 bps)		20.0	550,000				110,000			1.60%		—			Aug-27		110,000			—	Aug-27	Open
	21 East 66th Street (T 12 mos + 275 bps)		32.3	699				226			2.91%		14			Jun-33		2			—	Jun-33	Open
	Total Floating Rate Debt			$	4,001,153			$	1,999,925		2.16%	(5)	$	1,948				$	1,998,382
	Total unconsolidated JV Debt			$	9,343,283			$	4,230,047		3.17%	(5)	$	13,128				$	4,171,140
		Deferred financing costs		(94,088		)		(48,059		)
	Total unconsolidated JV Debt, net			$	9,249,195			$	4,181,988		3.17%

(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 0.16%. 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		$	3,379,743
	Total Debt / Total Assets		39.3%	Less than 60%											SLG Share of JV			2,230,122
	Fixed Charge Coverage		2.72x	Greater than 1.4x									Total Fixed Rate Debt					$	5,609,865		53.8%
	Maximum Secured Indebtedness		17.4%	Less than 50%
	Maximum Unencumbered Leverage Ratio		35.6%	Less than 60%									Floating Rate Debt
																Consolidated		$	2,809,915
	Unsecured Notes Covenants														SLG Share of JV			1,999,925
			Actual	Required														4,809,840			46.2%
	Total Debt / Total Assets		43.3%	Less than 60%								Debt & Preferred Equity and Other Investments						(486,999		)	(4.7)%
	Secured Debt / Total Assets		20.1%	Less than 40%									Total Floating Rate Debt					$	4,322,841		41.5%
	Debt Service Coverage		3.02x	Greater than 1.5x
	Unencumbered Assets / Unsecured Debt		249.3%	Greater than 150%												Total Debt		$	10,419,705



Supplemental Information	23	Second 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			$	94,605	2043
625 Madison Avenue		4,613			4,613			2,306		(3)		—		(3)		8,869		2054
420 Lexington Avenue		11,174			11,199			11,199				11,199				180,250		2080
711 Third Avenue		5,500			5,500			5,500				5,500				54,065		2083	(4)
1055 Washington Blvd, Stamford		615			615			615				615				10,086		2090
1080 Amsterdam Avenue		314			314			314				314				7,342		2111
30 East 40th Street		212			229			229				229				5,406		2114
Other		71			73			76				78				598		Various
Total		$	29,408		$	29,452		$	27,148			$	24,844			$	361,221

Financing Leases
461 Fifth Avenue		$	2,100		$	2,250		$	2,400			$	2,400			$	28,926	2084	(5)
1080 Amsterdam Avenue		436			436			436				436				22,409		2111
30 East 40th Street		2,183			2,358			2,358				2,358				22,424		2114
126 Nassau Street		2,758			3,041			3,087				3,133				100,973		2119	(5)
Total		$	7,477		$	8,085		$	8,281			$	8,327			$	174,732

Unconsolidated Joint Venture Ground Lease Arrangements (SLG Share)

Operating Leases
650 Fifth Avenue (Floors 4-6)		$	1,645		$	1,659		$	1,790			$	1,790			$	18,186	2053
650 Fifth Avenue (Floors b-3)		1,428			1,428			1,441				1,458				30,784		2062
1560 Broadway		6,811			6,861			6,861				6,935				74,650		2114
333 East 22nd Street		217			222			238				238				5,337		2115
Total		$	10,101		$	10,170		$	10,330			$	10,421			$	128,957

Financing Leases
650 Fifth Avenue (Floors b-3)		$	6,695		$	6,695		$	6,695			$	6,786			$	97,992	2062
2 Herald Square		6,934			7,107			7,285				7,467				225,026		2077	(5)
Total		$	13,629		$	13,802		$	13,980			$	14,253			$	323,018

(1) Per the balance sheet at June 30, 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	24	Second 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⁾

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/Equity Ownership/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/Equity Ownership/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/Equity Ownership/Amortization		(159,798		)
Reserves/Realized Losses		(37,957		)
3/31/2020		$	1,783,336				$	1,771,416		8.29%		8.20%

Debt investment originations/fundings/accretion⁽⁴⁾		43,228
Preferred Equity investment originations/accretion⁽⁴⁾		5,935
Redemptions/Sales/Syndications/Equity Ownership/Amortization		(607,182		)
Reserves/Realized Losses		(3,381		)
6/30/2020		$	1,221,936		⁽⁵⁾		$	1,571,340		8.35%		8.63%


(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 $34.9 million with a weighted average current yield of 6.51% that are included in other balance sheet line items.



Supplemental Information	25	Second 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 ⁽⁴⁾			Yield During Quarter ⁽¹⁾		At End Of Quarter ⁽¹⁾⁽²⁾

Senior Mortgage Debt	$	117,673	$	1,173	$	118,846		$	—		$	485		6.49%		6.65%

Junior Mortgage Participation	85,672		32,722		118,394			520,147			$	1,802		7.37%		7.53%

Mezzanine Debt	283,654		447,653		731,307			4,526,784			$	878		8.54%		8.67%

Preferred Equity	—		253,389		253,389			1,962,750			$	932		9.74%		10.00%

Balance as of 6/30/20	$	486,999	$	734,937	$	1,221,936	⁽³⁾				$	945		8.35%		8.63%

(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 $34.9 million with a weighted average current yield of 6.51% that are included in other balance sheet line items.
(4) Net of loan loss reserves.



	Debt and Preferred Equity Maturity Profile ⁽¹⁾
	2020	2021	2022	2023	2024 & Thereafter
Floating Rate	103,484	107,799	198,704	77,012	—
Fixed Rate	56,023	36,222	191,434	237,548	213,710
Sub-total	159,507	144,021	390,138	314,560	213,710


(1) The weighted average maturity of the outstanding balance is 2.61 years. Approximately 40.5% 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 3.46 years.



Supplemental Information	26	Second 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		6/30/2020		Type	Location	Financing		Last $ PSF ⁽²⁾			Of Quarter ⁽³⁾

Mezzanine Loan		$	225,204	Fee	Manhattan	$	333,943		$	959	8.58%

Mezzanine Loan and Preferred Equity		206,969		Office	Manhattan	1,712,750			$	1,078	10.98%

Mezzanine Loan		125,071		Office	Manhattan	1,115,000			$	1,067	10.57%

Preferred Equity		101,670		Multi-Family Rental	Manhattan	250,000			$	713	6.55%

Mortgage and Mezzanine Loans		67,203		Residential	Manhattan	—			$	794	8.05%

Mortgage Loan		60,010		Office	Queens	353,147			$	277	9.42%

Mortgage and Mezzanine Loans		59,670		Office	Manhattan	—			$	434	5.58%

Mortgage and Mezzanine Loans		56,023		Residential/Retail	Manhattan	—			$	720	8.32%

Mezzanine Loan		49,882		Office	Manhattan	275,000			$	414	7.15%

Mezzanine Loan		44,296		Office	Manhattan	161,328			$	633	6.52%

Total		$	995,998			$	4,201,168				8.78%


(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	27	Second Quarter 2020




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



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized Contractual Cash Rent ($'s)		Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Jun-20		Mar-20		Dec-19		Sep-19		Jun-19		Annualized Contractual Cash Rent ($'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		93.5		93.9		93.9			$5,252		0.3	53
100 Church Street	100.0	Downtown	Fee Interest	1	1,047,500	4.8		99.3		99.3		99.3		99.3		99.3		49,268		7.0	4.4	19
110 East 42nd Street	100.0	Grand Central	Fee Interest	1	215,400	1.0		82.6		82.6		83.0		84.9		84.0		10,945		1.6	1.0	24
110 Greene Street	100.0	Soho	Fee Interest	1	223,600	1.0		89.9		91.3		94.3		93.1		93.3		15,355		2.2	1.4	59
125 Park Avenue	100.0	Grand Central	Fee Interest	1	604,245	2.8		99.5		99.5		95.0		95.6		95.5		46,151		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		97.0		90.9		69,501		9.9	6.2	37
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	215,000	1.0		74.9		74.9		95.9		96.1		100.0		13,160		1.9	1.2	6
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1	1,188,000	5.4		91.7		90.4		92.0		91.2		93.0		84,090		12.0	7.5	188
461 Fifth Avenue	100.0	Midtown	Leasehold Interest ⁽¹⁾	1	200,000	0.9		87.3		87.3		87.3		90.6		82.2		16,793		2.4	1.5	12
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	921,000	4.2		89.5		90.4		90.4		84.2		84.2		58,061		8.3	5.2	29
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		47,787		6.8	4.3	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		15,569		2.2	1.4	6
711 Third Avenue	100.0 ⁽²⁾	Grand Central North	Leasehold Interest ⁽²⁾	1	524,000	2.4		91.3		91.3		97.0		97.0		97.0		34,837		5.0	3.1	22
750 Third Avenue	100.0	Grand Central North	Fee Interest	1	780,000	3.6		89.4		91.2		91.2		92.7		92.7		45,952		6.6	4.1	26
810 Seventh Avenue	100.0	Times Square	Fee Interest	1	692,000	3.2		90.2		94.1		93.0		94.1		93.8		46,468		6.6	4.2	47
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1	1,062,000	4.9		93.3		92.7		92.7		92.7		92.7		93,927		13.4	8.4	13
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	562,000	2.6		87.3		87.6		91.7		91.0		91.2		40,680		5.8	3.6	43

Subtotal / Weighted Average				18	10,647,191	48.7	%	93.2	%	93.5	%	94.4	%	94.0	%	93.4	%		$704,296	100.0%	62.8%	620

Total / Weighted Average Consolidated Properties				18	10,647,191	48.7	%	93.2	%	93.5	%	94.4	%	94.0	%	93.4	%		$704,296	100.0%	62.8%	620


UNCONSOLIDATED PROPERTIES
"Same Store"
10 East 53rd Street	55.0	Plaza District	Fee Interest	1	354,300	1.6		95.1		95.1		97.1		94.3		95.4			$32,594		1.6	38
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	1	2,314,000	10.6		95.7		95.8		95.8		95.7		95.7		156,304			8.4	9
55 West 46th Street - Tower 46	25.0	Midtown	Fee Interest	1	347,000	1.6		91.9		91.9		90.3		86.5		86.5		27,129			0.6	16
100 Park Avenue	50.0	Grand Central South	Fee Interest	1	834,000	3.8		80.7		84.8		84.9		81.3		78.6		58,686			2.6	34
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	1,219,158	5.6		91.3		89.5		89.5		88.0		91.1		122,679			5.5	36
800 Third Avenue	60.5	Grand Central North	Fee Interest	1	526,000	2.4		94.1		92.4		96.2		96.5		91.9		38,274			2.1	41
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		101,077			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		94.9		133,287			6.8	12
Worldwide Plaza	24.4	Westside	Fee Interest	1	2,048,725	9.4		94.6		94.7		94.7		96.8		96.8		140,949			3.1	23
Added to Same Store in 2020
2 Herald Square	51.0	Herald Square	Leasehold Interest	1	369,000	1.7		95.8		88.2		81.9		81.9		73.6		41,571			1.9	5

Subtotal / Weighted Average				10	11,216,183	51.3	%	94.1	%	93.9	%	93.9	%	93.7	%	93.4	%		$852,551		37.2%	223

Total / Weighted Average Unconsolidated Properties				10	11,216,183	51.3	%	94.1	%	93.9	%	93.9	%	93.7	%	93.4	%		$852,551		37.2%	223


Manhattan Operating Properties Grand Total / Weighted Average				28	21,863,374	100.0	%	93.7	%	93.7	%	94.1	%	93.8	%	93.4	%		$1,556,847			843
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent																			$1,117,571		100.0%
Manhattan Operating Properties Same Store Occupancy %					21,863,374	100.0	%	93.7	%	93.7	%	94.1	%	93.8	%	93.4	%
Manhattan Operating Properties Same Store Leased Occupancy %								95.2	%	95.5	%	96.0	%	95.0	%	94.8	%


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



Supplemental Information	28	Second 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 ($'s)		Annualized Contractual Cash Rent (SLG%)			Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Jun-20		Mar-20		Dec-19		Sep-19		Jun-19		Annualized Contractual Cash Rent ($'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		3,881		2.0			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		1.4			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		35,511		28.4			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		54,332		9.5			6
719 Seventh Avenue	75.0	Times Square	Fee Interest	1	10,040	2.6		—		100.0		100.0		100.0		100.0		—		—			0
760 Madison Avenue	100.0	Plaza District	Fee Interest	1	21,124	5.5		100.0		100.0		100.0		100.0		100.0		16,324		26.1			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		2.8			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		29,509		23.6			3
Subtotal/Weighted Average				10	366,996	95.3	%	95.4	%	98.2	%	98.2	%	98.2	%	98.2	%		$146,024	95.2		%	18

"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			$3,700	3.0			1
133 Greene Street	100.0	Soho	Fee Interest	1	6,425	1.7		48.6		100.0		100.0		100.0		100.0		100		0.2			1
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		1.6			1
Subtotal/Weighted Average				3	18,243	4.7	%	81.9	%	100.0	%	100.0	%	100.0	%	100.0	%		$4,800	4.8		%	3

Total / Weighted Average Retail Properties				13	385,239	100.0	%	94.8	%	98.2	%	98.2	%	98.2	%	98.2	%		$150,824	100.0		%	21



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		Jun-20		Mar-20		Dec-19		Sep-19		Jun-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		89.0		97.3		95.1		92.4		95.8			$3,892		$12,493		20.4
400 East 58th Street	90.0	Upper East Side	Fee Interest	1	140,000	126		92.9		96.0		96.0		93.7		93.7		3,747		5,576			20.0
1080 Amsterdam	92.5	Upper West Side	Leasehold Interest	1	82,250	97		83.3		97.9		100.0		100.0		92.7		4,278		4,442			16.4
Stonehenge Portfolio	Various		Fee Interest	6	445,934	538		90.0		97.0		94.8		95.9		96.1		3,894		25,675			2.6
605 West 42nd Street - Sky	20.0	Westside	Fee Interest	1	927,358	1,175		90.6		96.4		95.9		94.3		93.5		3,519		50,890			40.6
Subtotal/Weighted Average				10	1,886,024	2,199		90.0	%	96.7	%	95.7	%	94.7	%	94.4	%		$3,699		$99,076		100.0	%

Total / Weighted Average Residential Properties				10	1,886,024	2,199		90.0	%	96.7	%	95.7	%	94.7	%	94.4	%		$3,699		$99,076



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

"Same Store"
Landmark Square	100.0	Stamford, Connecticut	Fee Interest	7	862,800	82.6		85.8		84.9		85.1		85.0		85.2			$22,123	78.1			114
1055 Washington Boulevard	100.0	Stamford, Connecticut	Leasehold Interest	1	182,000	17.4		88.5		88.5		88.5		88.5		88.5		6,197		21.9			25
Subtotal/Weighted Average				8	1,044,800	100.0	%	86.3	%	85.5	%	85.7	%	85.6	%	85.8	%		$28,320	100.0		%	139

Total / Weighted Average Suburban Properties				8	1,044,800	100.0	%	86.3	%	85.5	%	85.7	%	85.6	%	85.8	%		$28,320	100.0		%	139

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



Supplemental Information	29	Second 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 ($'s)		Annualized Contractual Cash Rent (SLG%)		Gross R/E Book Value		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Jun-20		Mar-20		Dec-19		Sep-19		Jun-19		Annualized Contractual Cash Rent ($'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	54.2		9.3		9.3		100.0		100.0		100.0			$9,383	17.7			$909,410	3
19-21 East 65th Street	100.0	Plaza District	Fee Interest	2	23,610	1.0		3.6		3.6		3.6		3.6		3.6		32		0.1		13,593		1
106 Spring Street	100.0	Soho	Fee Interest	1	5,928	0.3		—		—		—		—		—		—		—		80,601		—
126 Nassau Street	100.0	Lower Manhattan	Leasehold Interest	1	98,412	4.5		75.6		87.3		N/A		N/A		N/A		2,570		4.8		4,881		30
609 Fifth Avenue	100.0	Rockefeller Center	Fee Interest	1	138,563	6.4		100.0		100.0		100.0		100.0		96.0		11,224		21.2		173,315		1
625 Madison Avenue	100.0	Plaza District	Leasehold Interest	1	563,000	25.9		32.7		33.5		98.1		97.1		97.1		24,369		46.0		275,681		24
707 Eleventh Avenue	100.0	Midtown West	Fee Interest	1	159,720	7.4		54.3		54.3		N/A		N/A		N/A		5,015		9.5		93,941		1
762 Madison Avenue	100.0	Plaza District	Fee Interest	1	6,109	0.3		32.8		55.1		55.1		100.0		100.0		442		0.7		16,689		2
Total / Weighted Average Development / Redevelopment Properties				9	2,172,242	100.0	%	27.4	%	28.2	%	97.8	%	97.6	%	97.4	%		$53,034	100.0	%		$1,568,111	62



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	67.2	$1,108,153	(2)	$452,513	—	—	$969,814	$780,186	$3,310,666
410 Tenth Avenue	636,044	70.9	Q2 2021	98.6	78,983		32,344	53,911	22,256	362,859	102,141	652,494
185 Broadway	198,488	100.0	Q3 2021	—	59,472		—	25,203	—	137,858	87,142	309,675

Total Construction In Progress					$1,246,608		$484,857	$79,114	$22,256	$1,470,531	$969,469	$4,272,835

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



Supplemental Information	30	Second 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 ($'s)		Annualized Contractual Retail Cash Rent				Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Jun-20		Mar-20		Dec-19		Sep-19		Jun-19		Annualized Contractual Retail Cash Rent ($'s)		100%		SLG		Total Tenants

HIGH STREET RETAIL - Consolidated Properties
106 Spring Street ⁽¹⁾	100.0	Soho	Fee Interest	1	5,928	0.4		—		—		—		—		—			$—	—		—		—
133 Greene Street	100.0	Soho	Fee Interest	1	6,425	0.4		48.6		100.0		100.0		100.0		100.0		100		0.0		0.1		1
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		0.6		1
719 Seventh Avenue	75.0	Times Square	Fee Interest	1	10,040	0.7		—		100.0		100.0		100.0		100.0		—		0.0		0.0		0
760 Madison Avenue	100.0	Plaza District	Fee Interest	1	21,124	1.4		100.0		100.0		100.0		100.0		100.0		16,324		5.4		9.1		1
762 Madison Avenue⁽¹⁾	100.0	Plaza District	Fee Interest	1	6,109	0.4		32.8		55.1		55.1		100.0		100.0		442		0.1		0.2		2
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		0.6		1.0		3

Subtotal / Weighted Average				7	108,226	7.1	%	78.4	%	92.0	%	92.0	%	94.5	%	94.5	%		$19,602	6.4	%	11.0	%	8

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	1.0		0.5		1
21 East 66th Street	32.3	Plaza District	Fee Interest	1	13,069	0.9		100.0		100.0		100.0		100.0		100.0		3,881		1.3		0.7		1
115 Spring Street	51.0	Soho	Fee Interest	1	5,218	0.3		100.0		100.0		100.0		100.0		100.0		3,700		1.2		1.1		1
121 Greene Street	50.0	Soho	Fee Interest	1	7,131	0.6		100.0		100.0		100.0		100.0		100.0		1,718		0.6		0.5		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		35,511		11.6		9.9		1
717 Fifth Avenue	10.9	Midtown/Plaza District	Fee Interest	1	119,550	7.8		100.0		100.0		100.0		100.0		100.0		54,332		17.8		3.3		6
1552-1560 Broadway	50.0	Times Square	Fee Interest	2	57,718	3.8		88.3		88.3		88.3		88.3		88.3		29,509		9.7		8.3		3

Subtotal / Weighted Average				8	289,050	19.0	%	97.7	%	97.7	%	97.7	%	97.7	%	97.7	%		$131,664	43.2	%	24.3	%	15

Total / Weighted Average Prime Retail				15	397,276	26.1	%	92.4	%	96.1	%	96.1	%	96.8	%	96.8	%		$151,266	49.6	%	35.3	%	23


OTHER RETAIL - Consolidated Properties
30 East 40th Street	60.0	Grand Central South	Leasehold Interest	1	4,461	0.3		100.0		100.0		100.0		81.1		81.1			$526	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		3,647		1.2		2.0		9
110 Greene Street	100.0	Soho	Fee Interest	1	16,121	1.1		86.8		86.8		86.8		86.8		86.8		2,722		0.9		1.5		4
125 Park Avenue	100.0	Grand Central	Fee Interest	1	32,124	2.1		100.0		100.0		100.0		100.0		100.0		4,981		1.6		2.8		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		2,968		1.0		1.7		5
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	25,330	1.7		100.0		100.0		66.3		66.9		100.0		3,487		1.1		2.0		5
400 East 58th Street	90.0	Upper East Side	Fee Interest	1	3,156	0.2		80.6		100.0		100.0		100.0		100.0		360		0.1		0.2		4
410 Tenth Avenue ⁽¹⁾	70.9	Hudson Yards	Fee Interest	1	20,850	1.4		20.9		20.9		54.4		71.2		100.0		168		0.1		0.1		3
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1	45,263	3.0		90.3		90.3		90.3		90.3		90.3		4,947		1.6		2.8		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		1.4		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		5,990		2.0		3.4		8
555 West 57th Street	100.0	Midtown West	Fee Interest	1	60,389	4.0		100.0		100.0		100.0		100.0		100.0		2,158		0.7		1.2		2
625 Madison Avenue ⁽¹⁾	100.0	Plaza District	Leasehold Interest	1	78,489	5.2		94.8		100.0		100.0		91.3		91.3		15,431		5.1		8.6		18
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		2.0		1
641 Sixth Avenue	100.0	Midtown South	Fee Interest	1	28,500	1.9		100.0		100.0		100.0		100.0		100.0		3,838		1.3		2.1		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		3,206		1.1		1.8		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		2,692		0.9		1.5		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		1.4		2.4		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		0.2		1
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1	37,326	2.4		77.7		100.0		100.0		100.0		100.0		4,377		1.4		2.5		4
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	17,797	1.2		62.6		62.6		62.6		62.6		100.0		2,327		0.8		1.3		5

Subtotal / Weighted Average				21	618,518	40.6	%	91.2	%	93.3	%	93.0	%	92.4	%	95.8	%		$74,420	24.4	%	41.5	%	102


(1) Development / Redevelopment properties.



Supplemental Information	31	Second 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 ($'s)		Annualized Contractual Retail Cash Rent				Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet		Sq. Feet		Jun-20		Mar-20		Dec-19		Sep-19		Jun-19		Annualized Contractual Retail Cash Rent ($'s)		100%		SLG		Total Tenants

OTHER RETAIL - Unconsolidated Properties
2 Herald Square	51.0	Herald Square	Leasehold Interest	1	94,531		6.2		83.2		83.2		60.6		60.6		60.6		$20,994		6.9		6.0		3
10 East 53rd Street	55.0	Plaza District	Fee Interest	1	39,340		2.6		100.0		100.0		100.0		100.0		100.0		3,615		1.2		1.1		3
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	1	38,800		2.5		97.6		97.6		100.0		100.0		98.7		3,873		1.3		1.3		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		3,938		1.3		1.1		9
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	27,896		1.8		100.0		100.0		100.0		13.1		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		66.6		1,611		0.5		0.4		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		1.2		1.0		5
1515 Broadway	57.0	Times Square	Fee Interest	1	185,956		12.2		100.0		100.0		100.0		100.0		100.0		33,803		11.1		10.8		9
World Wide Plaza	24.4	Westside	Fee Interest	1	10,592	⁽²⁾	0.7		100.0		100.0		100.0		100.0		100.0		1,467		0.5		0.2		8
Stonehenge Portfolio	Various		Fee Interest	2	19,231		1.3		76.8		76.8		76.8		87.0		87.0		2,021		0.7		0.0		7

Subtotal / Weighted Average				13	508,180		33.3	%	95.3	%	95.2	%	91.2	%	86.8	%	91.4	%		$79,269	26.0	%	23.2	%	63

Total / Weighted Average Other Retail				34	1,126,698		73.9	%	93.0	%	94.1	%	92.2	%	89.8	%	93.8	%		$153,688	50.4	%	64.7	%	165


Retail Grand Total / Weighted Average				49	1,523,974		100.0	%	92.9	%	94.6	%	93.2	%	91.7	%	94.6	%		$304,954	100.0	%			188
Retail Grand Total - SLG share of Annualized Rent																				$178,539			100.0	%


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



Supplemental Information	32	Second 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		$93,913		$53,530	4.2%	$63.87
	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	24.4	Jan 2027	32,598	2,226		542		—%	$68.28
				1,850,520	$114,865		$71,948		5.6%	$62.07	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		$20,515		$20,515	1.6%	$40.23

Metro-North Commuter Railroad Company	420 Lexington Avenue	100.0	Nov 2034	352,410		$20,237		$20,237	1.6%	$57.43
	110 East 42nd Street	100.0	Oct 2021	1,840	121		121		—%	65.63
				354,250	20,358		20,358		1.6%	$57.47	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	24,501		2,671		0.2%	$521.96
	762 Madison Avenue	90.0	Dec 2024	1,264	261		235		—%	$206.32
				69,328	$41,086		$19,230		1.5%	$592.63

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		$15,248		$15,248	1.2%	$53.20
	485 Lexington Avenue	100.0	Feb 2021	52,573	3,707		3,707		0.3%	70.52
				339,195	$18,955		$18,955		1.5%	$55.88

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	24.4	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	0.8%	$81.00
	2 Herald Sqaure	51.0	Feb 2036	153,061	9,125		4,654		0.4%	59.62
				291,624	$20,349		$15,878		1.2%	$69.78

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	0.8%	$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		1.2%	$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				8,736,581	$681,320		$450,406		35.0%	$77.98

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



Supplemental Information	33	Second Quarter 2020




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

https://cdn.kscope.io/feae4cf1f9235f3d94ae3ae400466347-a20q2diversification.jpg



Supplemental Information	34	Second 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 3/31/20			1,384,273


Space which became available during the Quarter (2):
Office
	100 Park Avenue	1	40,542	43,294		$66.74
	110 East 42nd Street	1	2,313	2,377	62.73
	110 Greene Street	2	3,102	2,705	80.01
	220 East 42nd Street	1	2,810	2,973	71.83
	420 Lexington Avenue	4	2,472	3,359	64.61
	485 Lexington Avenue	1	7,858	8,597	66.96
	750 Third Avenue	2	14,032	14,429	63.25
	810 Seventh Avenue	2	31,000	34,640	67.47
	Total/Weighted Average	14	104,129	112,374		$66.84

Retail
	11 Madison Avenue	2	1,184	924		$105.58
	919 Third Avenue	1	5,930	5,930	95.58
	1185 Avenue of the Americas	2	8,144	8,327	304.24
	World Wide Plaza	1	2,436	2,342	159.68
	Total/Weighted Average	6	17,694	17,523		$203.83

Storage
	420 Lexington Avenue	2	449	611		$68.40
	1350 Avenue of the Americas	1	1,240	1,240	20.00
	Total/Weighted Average	3	1,689	1,851		$35.98


	Total Space which became available during the quarter
	Office	14	104,129	112,374		$66.84
	Retail	6	17,694	17,523		$203.83
	Storage	3	1,689	1,851		$35.98
		23	123,512	131,748		$84.63

	Total Available Space		1,507,785

(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, excluding concessions.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.



Supplemental Information	35	Second 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				1,507,785

Office
	100 Park Avenue	1	10.4	5,700	5,700		$85.00		$—		$106.93	5.0
	110 East 42nd Street	1	1.0	2,313	2,377	50.00		62.73		—		—
	220 East 42nd Street	1	0.5	2,810	2,973	71.84		71.84		—		—
	280 Park Avenue	2	10.5	22,491	22,602	90.70		—		102.57		8.3
	420 Lexington Avenue	4	12.2	18,319	22,127	61.81		56.40		70.81		1.8
	800 Third Avenue	1	10.3	9,385	10,230	55.00		63.86		—		4.0
	810 Seventh Avenue	1	3.2	3,604	3,604	65.00		64.65		1.44		2.0
	1185 Avenue of the Americas	1	6.7	14,946	15,361	77.00		—		80.00		9.0
	2 Herald Square	1	31.0	28,078	29,018	102.17		85.80		113.46		6.0
	Total/Weighted Average	13	14.8	107,646	113,992		$80.52		$71.52		$79.14	5.4

Retail
	11 Madison Avenue	1	10.3	635	496		$98.79		$90.73		$—	7.0
	919 Third Avenue	1	1.8	5,930	5,930	50.59		95.58		—		6.0
	Total/Weighted Average	2	2.4	6,565	6,426		$54.31		$95.21		$—	6.1

Leased Space
	Office (3)	13	14.8	107,646	113,992		$80.52		$71.52		$79.14	5.4
	Retail	2	2.4	6,565	6,426		$54.31		$95.21		$—	6.1
	Total	15	14.2	114,211	120,418		$79.12		$73.58		$74.91	5.4


Total Available Space as of 6/30/20				1,393,574

Early Renewals
Office
	10 East 53rd Street	4	3.9	45,637	52,852		$81.46		$79.45		$5.76	2.7
	100 Park Avenue	2	2.6	60,663	67,964	70.66		68.69		—		3.3
	110 Greene Street	4	3.8	9,652	9,823	87.95		85.51		—		7.0
	280 Park Avenue	1	5.4	5,432	9,160	88.00		94.27		—		4.0
	420 Lexington Avenue	5	5.0	9,605	12,539	63.12		64.08		—		7.1
	461 Fifth Avenue	1	4.0	13,278	14,268	81.65		109.87		—		12.0
	800 Third Avenue	1	5.0	3,037	4,968	65.00		76.31		—		8.0
	810 Seventh Avenue	2	5.0	24,787	27,686	65.03		56.48		21.10		6.6
	1350 Avenue of the Americas	1	10.3	2,994	3,073	74.00		68.98		4.76		4.0
	Total/Weighted Average	21	3.9	175,085	202,333		$74.56		$74.62		$4.46	4.8

Storage
	10 East 53rd Street	1	2.0	2,737	2,548		$47.72		$35.02		$—	1.5
	Total/Weighted Average	1	2.0	2,737	2,548		$47.72		$35.02		$—	1.5

Renewals
	Early Renewals Office	21	3.9	175,085	202,333		$74.56		$74.62		$4.46	4.8
	Early Renewals Storage	1	2.0	2,737	2,548		$47.72		$35.02		$—	1.5
	Total	22	3.9	177,822	204,881		$74.22		$74.12		$4.41	4.7

(1) Annual initial base rent.
(2) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment, excluding concessions.
(3) Average starting office rent excluding new tenants replacing vacancies is $78.32/rsf for 67,490 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $75.50/rsf for 269,823 rentable SF.



Supplemental Information	36	Second 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⁾		—	—	—	%		$—		$—		$—	—	—	—	%		$—		$—		$—
2nd Quarter 2020 ⁽¹⁾		8	16,351	0.16	%	976,284		59.71		53.33		3	6,381	0.06	%	400,230		62.72		59.92
3rd Quarter 2020		18	198,829	1.90	%	13,796,964		69.39		62.44		3	21,211	0.20	%	1,607,651		75.79		67.28
4th Quarter 2020		22	281,318	2.68	%	25,227,050		89.67		68.28		5	30,276	0.28	%	3,040,449		100.42		80.97

Total 2020		48	496,498	4.74	%	$40,000,298			$80.56		$65.45	11	57,868	0.54	%		$5,048,330		$87.24		$73.63

2021		106	1,126,450	10.75	%		$69,274,446		$61.50		$61.56	23	242,983	2.25	%		$19,458,140		$80.08		$73.42
2022		92	769,072	7.34	%	60,021,238		78.04		71.49		34	949,766	8.78	%	87,744,176		92.39		87.21
2023		71	831,550	7.94	%	51,278,438		61.67		60.23		16	438,826	4.06	%	38,619,346		88.01		73.18
2024		57	388,503	3.71	%	26,854,301		69.12		65.86		22	986,490	9.12	%	106,134,628		107.59		80.57
2025		54	611,494	5.84	%	52,964,119		86.61		70.33		13	430,336	3.98	%	37,613,833		87.41		75.48
2026		31	791,244	7.55	%	55,241,302		69.82		64.63		24	548,136	5.07	%	54,734,842		99.86		90.08
2027		37	612,544	5.85	%	47,544,371		77.62		65.35		17	368,873	3.41	%	33,061,513		89.63		87.00
2028		36	569,674	5.44	%	42,082,292		73.87		69.09		17	184,240	1.70	%	20,361,368		110.52		109.69
2029		19	398,493	3.80	%	25,672,343		64.42		60.44		12	713,725	6.60	%	47,950,417		67.18		73.57
Thereafter		76	3,883,254	37.04	%	227,190,001		58.51		60.90		40	5,895,827	54.49	%	401,824,503		68.15		77.80
		627	10,478,776	100.00	%	$698,123,149			$66.62		$63.62	229	10,817,070	100.00	%		$852,551,096		$78.82		$79.68


	NOTE: Data excludes space currently occupied by SL Green's corporate offices
	(1) Includes month to month holdover tenants that expired prior to June 30, 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 June 30, 2020. Taking rents are typically lower than asking rents and may vary from property to property.



Supplemental Information	37	Second 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⁾		2	6,601	7.73	%		$873,587		$132.34		$166.50	2	5,298	1.95	%		$386,200		$72.90		$83.32
2021		—	—	—	%	—		—		—		2	13,637	5.03	%	4,305,095		315.69		72.71
2022		—	—	—	%	—		—		—		1	3,868	1.43	%	3,704,349		957.69		646.33
2023		—	—	—	%	—		—		—		3	54,071	19.95	%	26,219,232		484.90		268.19
2024		3	25,507	29.89	%	16,684,882		654.13		541.70		1	7,793	2.87	%	5,719,176		733.89		1,026.56
2025		1	30,139	35.31	%	150,000		4.98		16.59		—	—	—	%	—		—		—
2026		—	—	—	%	—		—		—		4	74,424	27.46	%	31,270,707		420.17		282.98
2027		—	—	—	%	—		—		—		1	3,655	1.35	%	757,884		207.36		102.98
2028		—	—	—	%	—		—		—		—	—	—	%	—		—		—
2029		—	—	—	%	—		—		—		1	31,174	11.50	%	21,754,800		697.85		449.09
Thereafter		2	23,100	27.07	%	1,893,384		81.96		108.23		2	77,154	28.46	%	37,546,368		486.64		488.27
		8	85,347	100.00	%		$19,601,853		$229.67		$209.92	17	271,074	100.00	%		$131,663,811		$485.71		$367.22
Vacancy ⁽⁵⁾			23,324							381.35			—							—
			108,671								$246.72		271,074								$367.22

Other Retail
2020 ⁽¹⁾		3	4,498	0.79	%		$1,383,547		$307.59		$247.19	2	6,263	1.30	%		$663,768		$105.98		$72.81
2021		12	25,859	4.52	%	3,468,550		134.13		103.82		5	5,995	1.25	%	592,271		98.79		85.37
2022		12	69,141	12.08	%	13,586,337		196.50		188.53		9	81,972	17.07	%	20,544,121		250.62		256.25
2023		10	36,669	6.41	%	5,632,824		153.61		111.73		4	23,463	4.89	%	3,057,216		130.30		97.88
2024		5	22,420	3.92	%	4,307,377		192.12		134.80		5	7,232	1.51	%	3,085,329		426.62		300.37
2025		6	24,056	4.20	%	4,515,856		187.72		130.10		2	946	0.20	%	230,638		243.80		136.63
2026		6	15,877	2.77	%	1,659,535		104.52		128.56		5	21,373	4.45	%	9,923,917		464.32		324.39
2027		6	31,961	5.59	%	4,326,034		135.35		96.36		7	26,316	5.48	%	11,252,488		427.59		413.59
2028		8	34,041	5.95	%	4,797,147		140.92		114.00		6	17,759	3.70	%	3,801,365		214.05		354.69
2029		6	28,001	4.89	%	1,769,607		63.20		62.45		8	69,902	14.56	%	6,020,928		86.13		79.92
Thereafter		28	279,630	48.88	%	28,972,765		103.61		91.61		10	218,987	45.59	%	20,096,553		91.77		88.13
		102	572,153	100.00	%		$74,419,579		$130.07		$110.89	63	480,208	100.00	%		$79,268,594		$165.07		$157.38
Vacancy ⁽⁵⁾			43,636							259.80			23,138							118.26
			615,789								$121.45		503,346								$155.58

	(1) Includes month to month holdover tenants that expired prior to June 30, 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 June 30, 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	38	Second 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	6/30/2020
1998 - 2018 Acquisitions
Mar-98	420 Lexington Avenue	Grand Central	100.0%	Operating Sublease	1,188,000	$	78,000	83.0	91.7
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	80.7
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	89.4
Jul-04	485 Lexington Avenue	Grand Central	30.0	Fee Interest	921,000	225,000		100.0	89.5
Oct-04	625 Madison Avenue	Plaza District	100.0	Leasehold Interest	563,000	231,500		68.0	32.7
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			89.5
Dec-06	800 Third Avenue	Grand Central North	43.0	Fee Interest	526,000	285,000		96.9	94.1
Jan-07	Reckson - NYC Portfolio	Various	100.0	Fee Interests / Leasehold Interest	5,612,000	3,679,530		98.3	94.4
Apr-07	331 Madison Avenue	Grand Central	100.0	Fee Interest	114,900	73,000		97.6	N/A
Apr-07	1745 Broadway	Midtown	32.3	Leasehold Interest	674,000	520,000		100.0	N/A
Jun-07	333 West 34th Street	Penn Station	100.0	Fee Interest	345,400	183,000		100.0	N/A
Aug-07	1 Madison Avenue	Park Avenue South	45.0	Fee Interest	1,177,000	1,000,000		99.8	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	91.3
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	89.9
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	95.7
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	94.6
May-18	2 Herald Square	Herald Square	100.0	Leasehold Interest	369,000	266,000		81.6	95.8
					43,502,923	$	23,690,130
2019 Acquisitions
May-19	110 Greene Street	Soho	10.0%	Leasehold Interest	223,600	$	256,500	93.3	89.9
					223,600	$	256,500
(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.



Supplemental Information	39	Second 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	40	Second 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	6/30/2020
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	41	Second 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	6/30/2020
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	85.7
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	83.3
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	—
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	90.0
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		—	90.6
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	48.6
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	41.4
					643,928	$	520,150
2020 Acquisitions
Jan-20	762 Madison Avenue	Plaza District	10.0%	Fee Interest	6,109	$	29,250	55.1	32.8
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	75.6
					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	42	Second 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 - 2018 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
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
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
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			—
						8,617,554		$	6,111,160		$	709
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
May-20	609 Fifth Avenue - Retail Condominium	Rockefeller Center	100.0	Fee Interest		21,437		168,000			7,837
						492,987		$	614,500		$	1,195

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



Supplemental Information	43	Second 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
	Chief Investment Officer
Andrew S. Levine
Chief Legal Officer	Maggie Hui
	Chief Accounting Officer
Steven M. Durels
Executive Vice President, Director of
Leasing and Real Property



Supplemental Information	44	Second 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	45	Second 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				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019

Net income (loss) attributable to SL Green common stockholders	$	56,444	$	161,103	$	171,245	$	204,895
Add:
Depreciation and amortization	95,941		69,461		164,220		137,804
Joint venture depreciation and noncontrolling interest adjustments	45,107		49,903		101,425		97,528
Net income (loss) attributable to noncontrolling interests	4,093		6,172		10,002		8,687
Less:
Gain (loss) on sale of real estate, net	64,884		—		137,520		(1,049		)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—		59,015		—		76,181
Purchase price and other fair value adjustment	—		67,631		—		65,590
Depreciation on non-rental real estate assets	609		746		1,259		1,453
FFO attributable to SL Green common stockholders and noncontrolling interests	$	136,092	$	159,247	$	308,113	$	306,739

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



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

Net income (loss)	$	66,627		$	127,114		$	24,255	$	40,722		$	173,741
Interest expense, net of interest income	30,070			37,494			44,724		48,112			47,160
Amortization of deferred financing costs	2,661			2,500			3,087		3,112			2,712
Income taxes	900			1,134			1,027		(995		)	680
Depreciation and amortization	95,941			68,279			64,090		70,464			69,461
(Gain) loss on sale of real estate	(64,884		)	(72,636		)	19,241		(3,541		)	—
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			—			—		—			(59,015		)
Purchase price and other fair value adjustments	—			—			—		(3,799		)	(67,631		)
Depreciable real estate reserves	—			—			—		7,047			—
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates	81,843			88,724			85,733		86,743			88,159
EBITDAre	$	213,158		$	252,609		$	242,157	$	247,865		$	255,267



Supplemental Information	46	Second 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						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019

Net income	$	66,627		$	173,741		$	193,741		$	226,510
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			(59,015		)	—			(76,181		)
Purchase price and other fair value adjustments	—			(67,631		)	—			(65,590		)
(Gain) loss on sale of real estate, net	(64,884		)	—			(137,520		)	1,049
Depreciation and amortization	95,941			69,461			164,220			137,804
Interest expense, net of interest income	30,070			47,160			67,564			97,685
Amortization of deferred financing costs	2,661			2,712			5,161			5,454
Operating income	130,415			166,428			293,166			326,731

Equity in net loss (income) from unconsolidated joint ventures	2,199			7,546			15,013			12,780
Marketing, general and administrative expense	23,510			25,480			43,080			51,459
Transaction related costs, net	373			261			438			316
Investment income	(39,943		)	(51,618		)	(78,476		)	(101,649		)
Loan loss and other investment reserves, net of recoveries	6,813			—			18,061			—
Non-building revenue	(192		)	(7,268		)	(3,982		)	(16,413		)
Net operating income (NOI)	123,175			140,829			287,300			273,224

Equity in net (loss) income from unconsolidated joint ventures	(2,199		)	(7,546		)	(15,013		)	(12,780		)
SLG share of unconsolidated JV depreciation and amortization	46,217			48,176			92,091			96,304
SLG share of unconsolidated JV interest expense, net of interest income	32,714			38,281			68,491			77,688
SLG share of unconsolidated JV amortization of deferred financing costs	1,693			1,591			3,380			3,159
SLG share of unconsolidated JV investment income	(310		)	(476		)	(617		)	(2,703		)
SLG share of unconsolidated JV non-building revenue	(2,425		)	(1,215		)	(4,025		)	(1,926		)
NOI including SLG share of unconsolidated JVs	198,865			219,640			431,607			432,966

NOI from other properties/affiliates	(9,214		)	(36,796		)	(63,811		)	(69,946		)
Same-Store NOI	189,651			182,844			367,796			363,020

Operating lease straight-line adjustment	385			514			814			1,028
Joint Venture operating lease straight-line adjustment	252			342			594			735
Straight-line and free rent	1,092			(5,778		)	(579		)	(10,535		)
Amortization of acquired above and below-market leases, net	(1,565		)	(1,213		)	(3,941		)	(2,451		)
Joint Venture straight-line and free rent	(4,330		)	(15,837		)	(10,131		)	(32,433		)
Joint Venture amortization of acquired above and below-market leases, net	(3,812		)	(4,248		)	(7,639		)	(8,510		)
Same-store cash NOI	$	181,673		$	156,624		$	346,914		$	310,854



Supplemental Information	47	Second 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
SunTrust Robinson Humphrey	Michael Lewis	(404) 926-5000	michael.lewis@suntrust.com
Wells Fargo Securities, LLC	Blaine Heck	(443) 263-6529	blaine.heck@wellsfargo.com



FIXED INCOME COVERAGE

Firm	Analyst	Phone	Email
JP Morgan Securities, Inc.	Mark Streeter	(212) 834-6601	mark.streeter@jpmorgan.com
Wells Fargo Securities, LLC	Thierry B. Perrein	(704) 715-8455	thierry.perrein@wellsfargo.com



SL Green Realty Corp. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding SL Green Realty Corp.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of SL Green Realty Corp. or its management. SL Green Realty Corp. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.



Supplemental Information	48	Second Quarter 2020