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):

October 21, 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 October 21, 2020 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended September 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 October 21, 2020, the Company issued a press release announcing its results for the quarter ended September 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 September 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: October 22, 2020

Exhibit

Exhibit 99.1

CONTACT

Matt DiLiberto

Chief Financial Officer

(212) 594-2700

SL GREEN REALTY CORP. REPORTS

THIRD QUARTER 2020 EPS OF $0.19 PER SHARE;

AND FFO OF $1.75 PER SHARE

Financial and Operating Highlights


•	Net income attributable to common stockholders of $0.19 per share for the third quarter of 2020 as compared to $0.40 per share for the same period in 2019.

•

Funds from operations, or FFO, of $1.75 per share for the third quarter of 2020, which includes $24.3 million of income derived from a legal settlement offset by $4.1 million of related costs, equating to $0.26 per share, partially offset by $9.0 million, or $0.12 per share, of losses related to certain debt and preferred equity ("DPE") investments that were sold. FFO for the same period in 2019 was $1.75 per share.


•	Reduced corporate debt and ended the third quarter with $1.56 billion of liquidity comprised of $249.1 million of consolidated cash, cash equivalents, and marketable securities and $1.31 billion of undrawn capacity on the Company's $1.5 billion revolving credit facility. This liquidity excludes the Company’s share of unconsolidated joint venture cash of $107.4 million.

•

Marked the opening of One Vanderbilt Avenue at a ribbon-cutting ceremony with partners, Hines and National Pension Service of Korea, as well as government and transit officials, labor leaders and building tenants. The Company also announced that Hodges Ward Elliott, a premier boutique real estate capital markets advisor, has signed a new 12,692 square foot, 10-year lease to occupy part of the 50th floor at the newly opened tower.

•

During the third quarter and through early October, the Company repurchased 0.8 million shares of common stock and units of its Operating Partnership, or OP units, at an average price of $48.17 per share/unit using liquidity generated from asset sales. To date in 2020, the Company has repurchased a combined 6.5 million shares of common stock and OP units, under the previously announced $3.0 billion share repurchase plan, at an average price of $63.42.


•	To date, the Company has collected gross tenant billings, including rent and other billable expenses, as follows:



	Office	Retail	Overall ⁽¹⁾
2Q 2020	96.6%	71.5%	91.8%
3Q 2020	96.9%	70%	92.6%
October 2020 ⁽²⁾	93.6%	70.9%	90.3%

⁽¹⁾ Includes garage, suburban and residential properties
⁽²⁾ Through October 20^th 2020. The October collection rate is ahead of the September collection rate as of the same day of the month.

•

Same-store cash net operating income, or NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased by 2.1% for the third quarter and 8.4% for the first nine months of 2020 as compared to the same period in 2019. Excluding lease termination income and free rent to Viacom at 1515 Broadway, same-store cash NOI decreased 3.2% for the third quarter and 0.2% for the first nine months of 2020.


•	Signed 33 Manhattan office leases covering 187,469 square feet in the third quarter of 2020 and 98 Manhattan office leases covering 783,625 square feet in the first nine months of 2020. The mark-to-market on signed Manhattan office leases was 6.7% lower for the third quarter and 1.8% higher for the first nine months than the previous fully escalated rents on the same spaces.


•	Topped out concrete at 185 Broadway, a 34-story mixed use building, which is the first project to be built in lower Manhattan under the Affordable Housing New York Program. Despite the challenges presented by the COVID-19 pandemic, the project is currently on schedule and under budget.


•	Manhattan same-store office occupancy was 94.2% as of September 30, 2020, inclusive of leases signed but not yet commenced, as compared to 95.2% as of June 30, 2020 and 95.0% as of September 30, 2019.

Investing Highlights


•	Completed the capitalization of the 100% pre-committed development for Pace University at 126 Nassau Street by entering into a partnership with Meritz Alternative Investment Management, which now holds an 80% interest in a new joint venture, and closing on a $125.0 million construction facility. The Company retained a 20% interest in the new joint venture and oversight of the development.


•	Along with our joint venture partner, closed on the previously announced sale of 400 East 58th Street for a sale price of $62.0 million. The transaction generated net cash proceeds to the Company of $19.8 million and a gain on sale of $8.9 million.


•	During the third quarter and through the date of this release, generated $122.1 million of cash through the sale of two DPE positions.

Financing Highlights


•	Closed on a new $600.0 million construction facility for 410 Tenth Avenue, replacing the previous $465.0 million construction facility that was put in place in 2019. At closing, the new 5-year facility returned $33.9 million of capital to the Company that was previously invested into the project and will fund all future capital through completion.

Summary

New York, NY, October 23, 2020 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2020 of $13.9 million, or $0.19 per share, as compared to net income of $33.2 million, or $0.40 per share, for the same quarter in 2019.

The Company also reported net income attributable to common stockholders for the nine months ended September 30, 2020 of $185.1 million, or $2.44 per share, as compared to net income of $238.1 million, or $2.87 per share, for the same period in 2019.

The Company reported FFO for the quarter ended September 30, 2020 of $135.5 million, or $1.75 per share, which includes $24.3 million of income derived from a legal settlement, offset by $4.1 million of related costs, equating to $0.26 per share, partially offset by $9.0 million, or $0.12 per share, of losses related to certain debt and preferred equity ("DPE") investments that were sold. FFO for the same period in 2019 was $151.4 million, or $1.75 per share.

The Company also reported FFO for the nine months ended September 30, 2020 of $443.6 million, or $5.54 per share, $24.3 million of income derived from a legal settlement, offset by $4.1 million of related costs, equating to $0.25 per share, offset by $27.0 million, or $0.34 per share, of losses related to the sale of certain DPE investments and reserves against the Company’s retained DPE portfolio. FFO for the same period in 2019 was $458.1 million, or $5.25 per share.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

For the quarter ended September 30, 2020, the Company reported consolidated revenues and operating income of $249.8 million and $120.4 million, respectively, compared to $313.6 million and $162.1 million, respectively, for the same period in 2019.

To date, the Company has collected gross tenant billings, including rent and other billable expenses, as follows:



	Office	Retail	Overall ⁽¹⁾
2Q 2020	96.6%	71.5%	91.8%
3Q 2020	96.9%	70.0%	92.6%
October 2020 ⁽²⁾	93.6%	70.9%	90.3%

⁽¹⁾ Includes garage, suburban and residential properties
⁽²⁾ Through October 20^th 2020. The October collection rate is ahead of the September collection rate as of the same day of the month.

Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures increased by 2.1% for the third quarter, and decreased 3.2% 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 8.4% for the nine months ended September 30, 2020, and decreased 0.2% excluding lease termination income and free rent given to Viacom at 1515 Broadway, as compared to the same period in 2019.

During the third quarter of 2020, the Company signed 33 office leases in its Manhattan portfolio totaling 187,469 square feet. Twenty-seven leases comprising 133,543 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 $66.16 per rentable square foot, representing a 6.7% decrease over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the third quarter was 5.3 years and average tenant concessions were 4.7 months of free rent with a tenant improvement allowance of $19.33 per rentable square foot.

During the first nine months of 2020, the Company signed 98 office leases in its Manhattan portfolio totaling 783,625 square feet. Seventy-seven leases comprising 541,451 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $70.56 per rentable square foot, representing a 1.8% 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 nine months of 2020 was 7 years and average tenant concessions were 3.5 months of free rent with a tenant improvement allowance of $19.64 per rentable square foot.

Occupancy in the Company's Manhattan same-store office portfolio was 94.2% as of September 30, 2020, inclusive of 248,577 square feet of leases signed but not yet commenced, as compared to 95.2% as of June 30, 2020 and 95.0% as of September 30, 2019.

Significant leases that were signed in the third quarter included:


•	Renewal with H Work, LLC for 22,859 square feet at 100 Church Street, for 4.0 years;


•	Renewal with Bond New York Real Estate Corp for 17,320 square feet at 810 Seventh Avenue, for 5.0 years;


•	New lease with Hodges Ward Elliott for 12,692 square feet at One Vanderbilt Avenue, for 10.0 years; and


•	New lease with Kreindler & Kreindler LLP for 10,078 square feet at 485 Lexington Avenue, for 10.4 years.

Investment Activity

To date in 2020, the Company has repurchased a combined 6.5 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 $63.42 per share/unit, including 0.8 million shares of common stock and OP units at an average price of $48.17 per share/unit repurchased during the third quarter and through early October of 2020. Since inception of the program, the Company has repurchased a total of 29.0 million shares of its common stock under the program and redeemed 1.0 million OP units, allowing the Company to save approximately $106.2 million of common dividends and distributions on an annualized basis. The average price of total share repurchases and OP Unit redemptions to date is $88.63 per share/unit.

In September, the Company completed the capitalization of the 100% pre-committed development for Pace University at 126 Nassau Street by entering into a partnership with Meritz Alternative Investment Management, which now holds an 80% interest in a new joint venture, and closing on a $125.0 million construction facility. The Company retained a 20% interest in the new joint venture and oversight of the development.

In September, the Company, along with our joint venture partner closed on the previously announced sale of 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 generated net cash proceeds to the Company of $19.8 million and a gain on sale of $8.9 million.

Debt and Preferred Equity Investment Activity

The carrying value of the Company’s DPE portfolio decreased to $1.18 billion at September 30, 2020, including $1.15 billion of investments at a weighted average current yield of 7.1%, or 9.03% excluding the effect of investments on non-accrual, 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 third quarter and through the date of this release, the Company generated $122.1 million of cash through the sale of two DPE positions, including the sale of a $61.5 million junior mortgage loan that closed on October 1, 2020.

Financing Activity

In August, the Company closed on a $600.0 million construction facility for 410 Tenth Avenue, the Company’s 636,000 square foot office redevelopment anchored by Amazon and First Republic Bank. At closing, the new 5-year facility returned $33.9 million of capital to the Company that was previously invested into the project and will fund all future capital through completion. This facility bears interest at a floating rate of 2.25% over LIBOR and replaces the previous $465.0 million construction facility that was put in place in 2019.

Dividends

In the third quarter of 2020, the Company declared:


•	Three monthly dividends on its outstanding common stock totaling $0.885 per share in the aggregate, which were paid on August 17, September 15 and October 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 July 15, 2020 through and including October 14, 2020, which was paid on October 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, October 22, 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 3497478.

A replay of the call will be available 7 days after the call by dialing (855) 859-2056 using passcode 3497478. 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 September 30, 2020, SL Green held interests in 93 buildings totaling 40.6 million square feet. This included ownership interests in 29.2 million square feet of Manhattan buildings and 10.3 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						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Revenues:
Rental revenue, net	$	173,536		$	215,447		$	543,140		$	644,566
Escalation and reimbursement	21,979			32,581			70,892			88,539
Investment income	22,988			51,518			101,464			153,167
Other income	31,341			14,088			102,350			44,641
Total revenues	249,844			313,634			817,846			930,913
Expenses:
Operating expenses, including related party expenses of $2,801 and $9,289 in 2020 and $5,460 and $13,575 in 2019	45,910			59,847			140,673			175,862
Real estate taxes	43,522			49,626			131,805			143,008
Operating lease rent	6,973			8,295			22,171			24,891
Interest expense, net of interest income	23,536			48,112			91,100			145,797
Amortization of deferred financing costs	3,151			3,112			8,312			8,566
Depreciation and amortization	92,516			70,464			256,736			208,268
Loan loss and other investment reserves, net of recoveries	8,957			—			27,018			—
Transaction related costs	45			44			483			360
Marketing, general and administrative	23,602			23,841			66,682			75,300
Total expenses	248,212			263,341			744,980			782,052

Equity in net loss from unconsolidated joint ventures	(432		)	(9,864		)	(15,445		)	(22,644		)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			—			—			76,181
Purchase price and other fair value adjustment	—			3,799			—			69,389
Gain on sale of real estate, net	26,104			3,541			163,624			2,492
Depreciable real estate reserves	(6,627		)	(7,047		)	(6,627		)	(7,047		)
Net income	20,677			40,722			214,418			267,232
Net income attributable to noncontrolling interests in the Operating Partnership	(802		)	(1,719		)	(10,073		)	(12,306		)
Net (income) loss attributable to noncontrolling interests in other partnerships	(414		)	624			(1,145		)	2,524
Preferred unit distributions	(1,864		)	(2,732		)	(6,883		)	(8,185		)
Net income attributable to SL Green	17,597			36,895			196,317			249,265
Perpetual preferred stock dividends	(3,738		)	(3,738		)	(11,213		)	(11,213		)
Net income attributable to SL Green common stockholders	$	13,859		$	33,157		$	185,104		$	238,052

Earnings Per Share (EPS)
Net income per share (Basic)	$	0.19		$	0.40		$	2.44		$	2.87
Net income per share (Diluted)	$	0.19		$	0.40		$	2.44		$	2.87

Funds From Operations (FFO)
FFO per share (Basic)	$	1.75		$	1.75		$	5.55		$	5.26
FFO per share (Diluted)	$	1.75		$	1.75		$	5.54		$	5.25

Basic ownership interest
Weighted average REIT common shares for net income per share	73,258			82,292			75,759			82,855
Weighted average partnership units held by noncontrolling interests	4,029			4,258			4,123			4,283
Basic weighted average shares and units outstanding	77,287			86,550			79,882			87,138

Diluted ownership interest
Weighted average REIT common share and common share equivalents	73,462			82,456			75,962			83,026
Weighted average partnership units held by noncontrolling interests	4,029			4,258			4,123			4,283
Diluted weighted average shares and units outstanding	77,491			86,714			80,085			87,309

SL GREEN REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)



	September 30,			December 31,
	2020			2019
Assets	(Unaudited)
Commercial real estate properties, at cost:
Land and land interests	$	1,639,118		$	1,751,544
Building and improvements	5,483,155			5,154,990
Building leasehold and improvements	1,442,251			1,433,793
Right of use asset - financing leases	75,711			47,445
Right of use asset - operating leases	381,255			396,795
	9,021,490			8,784,567
Less: accumulated depreciation	(2,260,247		)	(2,060,560		)
	6,761,243			6,724,007
Assets held for sale	—			391,664
Cash and cash equivalents	221,404			166,070
Restricted cash	83,045			75,360
Investment in marketable securities	27,734			29,887
Tenant and other receivables, net of allowance of $22,387 and $12,369 in 2020 and 2019, respectively	72,806			43,968
Related party receivables	31,936			21,121
Deferred rents receivable, net of allowance of $19,569 and $12,477 in 2020 and 2019, respectively	304,673			283,011
Debt and preferred equity investments, net of discounts and deferred origination fees of $12,031 and $14,562 and allowances of $19,010 and $1,750 in 2020 and 2019, respectively	1,153,363			1,580,306
Investments in unconsolidated joint ventures	2,946,673			2,912,842
Deferred costs, net	206,289			205,283
Other assets	514,873			332,801
Total assets	$	12,324,039		$	12,766,320

Liabilities
Mortgages and other loans payable	$	2,424,721		$	2,211,883
Revolving credit facility	190,000			240,000
Unsecured term loan	1,500,000			1,500,000
Unsecured notes	1,252,128			1,502,837
Deferred financing costs, net	(47,677		)	(46,583		)
Total debt, net of deferred financing costs	5,319,172			5,408,137
Accrued interest payable	23,438			22,148
Accounts payable and accrued expenses	152,983			166,905
Deferred revenue	117,615			114,052
Lease liability - financing leases	174,983			44,448
Lease liability - operating leases	358,419			381,671
Dividend and distributions payable	25,486			79,282
Security deposits	56,212			62,252
Liabilities related to assets held for sale	—			—
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities	100,000			100,000
Other liabilities	306,077			177,080
Total liabilities	6,634,385			6,555,975

Commitments and contingencies	—			—
Noncontrolling interest in the Operating Partnership	353,480			409,862
Preferred units	202,169			283,285

Equity
Stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both September 30, 2020 and December 31, 2019	221,932			221,932
Common stock, $0.01 par value 160,000 shares authorized, 74,095 and 80,257 issued and outstanding at September 30, 2020 and December 31, 2019, respectively (including 1,055 held in Treasury at both September 30, 2020 and December 31, 2019)	741			803
Additional paid-in capital	3,998,516			4,286,395
Treasury stock at cost	(124,049		)	(124,049		)
Accumulated other comprehensive loss	(76,200		)	(28,485		)
Retained earnings	1,035,172			1,084,719
Total SL Green Realty Corp. stockholders’ equity	5,056,112			5,441,315
Noncontrolling interests in other partnerships	77,893			75,883
Total equity	5,134,005			5,517,198
Total liabilities and equity	$	12,324,039		$	12,766,320

SL GREEN REALTY CORP.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited and in thousands, except per share data)



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Funds From Operations (FFO) Reconciliation:	2020			2019			2020			2019

Net income attributable to SL Green common stockholders	$	13,859		$	33,157		$	185,104		$	238,052
Add:
Depreciation and amortization	92,516			70,464			256,736			208,268
Joint venture depreciation and noncontrolling interest adjustments	47,884			47,674			149,309			145,202
Net income attributable to noncontrolling interests	1,216			1,095			11,218			9,782
Less:
Gain on sale of real estate, net	26,104			3,541			163,624			2,492
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			—			—			76,181
Purchase price and other fair value adjustments	—			3,799			—			69,389
Depreciable real estate reserves	(6,627		)	(7,047		)	(6,627		)	(7,047		)
Depreciation on non-rental real estate assets	538			740			1,797			2,193
FFO attributable to SL Green common stockholders	$	135,460		$	151,357		$	443,573		$	458,096



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

Net income	$	20,677		$	40,722		$	214,418		$	267,232
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			—			—			(76,181		)
Purchase price and other fair value adjustments	—			(3,799		)	—			(69,389		)
Gain on sale of real estate, net	(26,104		)	(3,541		)	(163,624		)	(2,492		)
Depreciable real estate reserves	6,627			7,047			6,627			7,047
Depreciation and amortization	92,516			70,464			256,736			208,268
Interest expense, net of interest income	23,536			48,112			91,100			145,797
Amortization of deferred financing costs	3,151			3,112			8,312			8,566
Operating income	120,403			162,117			413,569			488,848

Equity in net loss from unconsolidated joint ventures	432			9,864			15,445			22,644
Marketing, general and administrative expense	23,602			23,841			66,682			75,300
Transaction related costs, net	45			44			483			360
Investment income	(22,988		)	(51,518		)	(101,464		)	(153,167		)
Loan loss and other investment reserves, net of recoveries	8,957			—			27,018			—
Non-building revenue	(192		)	(7,268		)	(3,982		)	(16,413		)
Net operating income (NOI)	130,259			137,080			417,751			417,572

Equity in net loss from unconsolidated joint ventures	(432		)	(9,864		)	(15,445		)	(22,644		)
SLG share of unconsolidated JV depreciation and amortization	49,534			46,557			141,625			142,861
SLG share of unconsolidated JV interest expense, net of interest income	34,128			38,295			102,619			115,983
SLG share of unconsolidated JV amortization of deferred financing costs	2,232			1,505			5,612			4,664
SLG share of unconsolidated JV loss on early extinguishment of debt	—			258			—			258
SLG share of unconsolidated JV investment income	(314		)	(314		)	(931		)	(3,017		)
SLG share of unconsolidated JV non-building revenue	(2,425		)	(1,215		)	(4,025		)	(1,926		)
NOI including SLG share of unconsolidated JVs	212,982			212,302			647,206			653,751

NOI from other properties/affiliates	(40,984		)	(29,496		)	(108,424		)	(108,742		)
Same-Store NOI	171,998			182,806			538,782			545,009

Ground lease straight-line adjustment	383			514			1,197			1,542
Joint Venture ground lease straight-line adjustment	232			242			826			977
Straight-line and free rent	(3,391		)	(4,069		)	(3,978		)	(14,613		)
Amortization of acquired above and below-market leases, net	(1,298		)	(1,188		)	(5,228		)	(3,625		)
Joint Venture straight-line and free rent	(3,625		)	(17,071		)	(13,756		)	(49,504		)
Joint Venture amortization of acquired above and below-market leases, net	(3,810		)	(4,122		)	(11,448		)	(12,632		)
Same-store cash NOI	$	160,489		$	157,112		$	506,395		$	467,154

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/e49a0f2709ffdacac223acee18f06575-a20q3covera01.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 September 30, 2020, the Company held interests in 93 buildings totaling 40.6 million square feet. This included ownership interests in 29.2 million square feet in Manhattan buildings and 10.3 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 September 30, 2020 that will be released on Form 10-Q to be filed on or before November 9, 2020.



Supplemental Information	2	Third Quarter 2020




TABLE OF CONTENTS






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	-	44

Corporate Information	45

Non-GAAP Disclosures and Reconciliations	46

Analyst Coverage	49



Supplemental Information	3	Third Quarter 2020




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)
	400 East 58th Street (disposed)

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	Third Quarter 2020




THIRD QUARTER 2020 HIGHLIGHTS Unaudited

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

To date, the Company has collected gross tenant billings, including rent and other billable expenses, as follows:



	Office	Retail	Overall ⁽¹⁾
2Q 2020	96.6%	71.5%	91.8%
3Q 2020	96.9%	70.0%	92.6%
October 2020 ⁽²⁾	93.6%	70.9%	90.3%

⁽¹⁾ Includes garage, suburban and residential properties
⁽²⁾ Through October 20^th 2020. The October collection rate is ahead of the September collection rate as of the same day of the month.

Significant leases that were signed in the third quarter included:


•	Renewal with H Work, LLC for 22,859 square feet at 100 Church Street, for 4.0 years;


•	Renewal with Bond New York Real Estate Corp for 17,320 square feet at 810 Seventh Avenue, for 5.0 years;


•	New lease with Hodges Ward Elliott for 12,692 square feet at One Vanderbilt Avenue, for 10.0 years; and


•	New lease with Kreindler & Kreindler LLP for 10,078 square feet at 485 Lexington Avenue, for 10.4 years.

Investment Activity



Supplemental Information	5	Third Quarter 2020




THIRD QUARTER 2020 HIGHLIGHTS Unaudited

of common dividends and distributions on an annualized basis. The average price of total share repurchases and OP Unit redemptions to date is $88.63 per share/unit.

Debt and Preferred Equity Investment Activity

Financing Activity

Dividends

In the third quarter of 2020, the Company declared:


•	Three monthly dividends on its outstanding common stock totaling $0.885 per share in the aggregate, which were paid on August 17, September 15 and October 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 July 15, 2020 through and including October 14, 2020, which was paid on October 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	Third Quarter 2020




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



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

Earnings Per Share
Net income available to common stockholders - diluted	$	0.19		$	0.74		$	1.47			$	0.22		$	0.40
Funds from operations (FFO) available to common stockholders - diluted	$	1.75		$	1.70		$	2.08			$	1.75		$	1.75

Common Share Price & Dividends
Closing price at the end of the period	$	46.37		$	49.29		$	43.10			$	91.88		$	81.75
Closing high price during period	$	51.24		$	63.12		$	95.77			$	92.90		$	83.38
Closing low price during period	$	43.83		$	36.83		$	41.14			$	78.50		$	76.79
Annual dividend per common share	$	3.54		$	3.54		$	3.54		⁽¹⁾	$	3.54		$	3.40

FFO payout ratio (trailing 12 months)	48.6		%	48.2		%	46.9		%		49.1		%	49.6		%
Funds available for distribution (FAD) payout ratio (trailing 12 months)	59.3		%	67.0		%	73.6		%		72.9		%	92.5		%

Common Shares & Units
Common shares outstanding	73,040			73,675			76,535				79,202			81,515
Units outstanding	4,027			4,045			4,145				4,196			4,258
Total common shares and units outstanding	77,067			77,720			80,680				83,398			85,773

Weighted average common shares and units outstanding - basic	77,287			80,052			82,335				83,767			86,550
Weighted average common shares and units outstanding - diluted	77,491			80,219			82,567				84,320			86,714

Market Capitalization
Market value of common equity	$	3,573,597		$	3,830,819		$	3,477,308			$	7,662,608		$	7,011,943
Liquidation value of preferred equity/units	432,169			455,448			496,020				513,285			516,285
Consolidated debt	5,466,849			6,189,658			6,162,819				5,554,720			5,892,756
Consolidated market capitalization	$	9,472,615		$	10,475,925		$	10,136,147			$	13,730,613		$	13,420,984
SLG share of unconsolidated JV debt	4,588,930			4,230,047			4,132,083				4,028,136			3,930,470
Market capitalization including SLG share of unconsolidated JVs	$	14,061,545		$	14,705,972		$	14,268,230			$	17,758,749		$	17,351,454

Consolidated debt service coverage (trailing 12 months)	3.52x			3.40x			3.39x				3.37x			3.26x
Consolidated fixed charge coverage (trailing 12 months)	2.83x			2.75x			2.77x				2.74x			2.68x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)	2.44x			2.41x			2.41x				2.39x			2.35x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)	2.08x			2.06x			2.08x				2.06x			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



Supplemental Information	7	Third Quarter 2020




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



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

Selected Balance Sheet Data
Real estate assets before depreciation	$	9,021,490			$	9,046,938		$	9,061,831		$	9,222,796		$	9,560,878
Investments in unconsolidated joint ventures	$	2,946,673			$	2,952,681		$	2,848,363		$	2,912,842		$	2,923,595
Debt and preferred equity investments	$	1,153,363			$	1,221,936		$	1,783,336		$	1,580,306		$	1,954,556
Cash and cash equivalents	$	221,404			$	1,015,348		$	554,195		$	166,070		$	121,751
Investment in marketable securities	$	27,734			$	27,345		$	25,353		$	29,887		$	30,208

Total assets	$	12,324,039			$	13,071,564		$	13,220,607		$	12,766,320		$	13,294,984

Fixed rate & hedged debt	$	3,338,268			$	3,379,743		$	3,032,513		$	3,536,286		$	3,538,829
Variable rate debt	2,128,581			⁽¹⁾	2,809,915			3,130,306			2,018,434			2,353,927
Total consolidated debt	$	5,466,849			$	6,189,658		$	6,162,819		$	5,554,720		$	5,892,756
Deferred financing costs, net of amortization	(47,677		)		(48,344		)	(39,553		)	(46,583		)	(56,988		)
Total consolidated debt, net	$	5,419,172			$	6,141,314		$	6,123,266		$	5,508,137		$	5,835,768

Total liabilities	$	6,634,385			$	7,281,652		$	7,251,728		$	6,555,975		$	6,843,536

Fixed rate & hedged debt, including SLG share of unconsolidated JV debt	$	5,837,841			$	5,609,865		$	5,265,219		$	5,771,749		$	5,777,022
Variable rate debt, including SLG share of unconsolidated JV debt	4,217,938			⁽¹⁾	4,809,840			5,029,683			3,811,107			4,046,204
Total debt, including SLG share of unconsolidated JV debt	$	10,055,779			$	10,419,705		$	10,294,902		$	9,582,856		$	9,823,226

Selected Operating Data
Property operating revenues	$	195,515			$	195,886		$	222,631		$	250,452		$	248,028
Property operating expenses	(96,405		)		(90,389		)	(107,855		)	(114,867		)	(117,768		)
Property NOI	$	99,110			$	105,497		$	114,776		$	135,585		$	130,260
SLG share of unconsolidated JV Property NOI	82,384				76,705			73,992			72,123			75,442
Property NOI, including SLG share of unconsolidated JV Property NOI	$	181,494			$	182,202		$	188,768		$	207,708		$	205,702
Investment income	22,988				39,943			38,533			42,423			51,518
Other income	31,341				17,870			53,139			15,207			14,088
Marketing general & administrative expenses	(23,602		)		(23,510		)	(19,570		)	(25,575		)	(23,841		)
SLG share of investment income and other income from unconsolidated JVs	4,814				2,939			1,918			1,736			1,437
Income taxes	—				900			1,134			1,027			(995		)
Transaction costs, including SLG share of unconsolidated JVs	(45		)		(373		)	(65		)	(369		)	(44		)
Loan loss and other investment reserves, net of recoveries	(8,957		)		(6,813		)	(11,248		)	—			—
EBITDAre	$	208,033			$	213,158		$	252,609		$	242,157		$	247,865

(1) Does not reflect $0.4 million of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.



Supplemental Information	8	Third Quarter 2020




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



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

Selected Operating Data
Property operating revenues	$	189,263	$	188,134	$	214,373	$	233,500	$	230,443
Property operating expenses	88,115		79,560		97,312		100,672		101,871
Property NOI	$	101,148	$	108,574	$	117,061	$	132,828	$	128,572

Other income - consolidated	$	20,975	$	12,448	$	45,348	$	3,128	$	6,210

SLG share of property NOI from unconsolidated JVs	$	82,384	$	76,704	$	73,992	$	72,111	$	76,552

Office Portfolio Statistics
Consolidated office buildings in service	18		18		18		20		20
Unconsolidated office buildings in service	11		10		10		10		10
	29		28		28		30		30

Consolidated office buildings in service - square footage	10,647,191		10,647,191		10,647,191		12,387,091		12,387,091
Unconsolidated office buildings in service - square footage	11,841,483		11,216,183		11,216,183		11,216,183		11,216,183
	22,488,674		21,863,374		21,863,374		23,603,274		23,603,274

Same-Store office occupancy inclusive of leases signed not yet commenced	94.2%		95.2%		95.5%		96.0%		95.0%

Office Leasing Statistics
New leases commenced	25		9		27		19		27
Renewal leases commenced	18		25		5		19		9
Total office leases commenced	43		34		32		38		36

Commenced office square footage filling vacancy	44,168		46,502		29,938		122,564		170,062
Commenced office square footage on previously occupied space (M-T-M leasing) ⁽²⁾	305,811		269,823		136,523		415,750		181,226
Total office square footage commenced	349,979		316,325		166,461		538,314		351,288

Average starting cash rent psf - office leases commenced	$67.54		$75.50		$68.33		$64.95		$77.09
Previous escalated cash rent psf - office leases commenced ⁽³⁾	$67.29		$73.84		$73.52		$48.03		$73.39
Increase in new cash rent over previously escalated cash rent ^{(2) (3)}	0.4%		2.2%		(7.1)%		35.2%		5.0%
Average lease term	6.5		7.8		11.3		7.4		16.1
Tenant concession packages psf	$38.49		$31.37		$60.30		$37.38		$77.97
Free rent months	6.7		5.0		6.0		4.4		4.4

(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	Third Quarter 2020




COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



	As of
	9/30/2020				6/30/2020			3/31/2020			12/31/2019			9/30/2019
Assets
Commercial real estate properties, at cost:
Land and land interests	$	1,639,118			$	1,625,483		$	1,662,840		$	1,751,544		$	1,860,922
Building and improvements	5,483,155				5,363,464			5,417,965			5,154,990			5,352,144
Building leasehold and improvements	1,442,251				1,443,855			1,435,811			1,433,793			1,431,183
Right of use asset - financing leases	75,711				176,152			163,960			47,445			47,445
Right of use asset - operating leases	381,255				381,255			381,255			396,795			396,795
	9,021,490				8,990,209			9,061,831			8,784,567			9,088,489
Less: accumulated depreciation	(2,260,247		)		(2,186,157		)	(2,130,033		)	(2,060,560		)	(2,147,395		)
Net real estate	6,761,243				6,804,052			6,931,798			6,724,007			6,941,094

Other real estate investments:
Investment in unconsolidated joint ventures	2,946,673				2,952,681			2,848,363			2,912,842			2,923,595
Debt and preferred equity investments, net	1,153,363			⁽¹⁾	1,221,936			1,783,336			1,580,306			1,954,556

Assets held for sale, net	—				49,687			—			391,664			403,488
Cash and cash equivalents	221,404				1,015,348			554,195			166,070			121,751
Restricted cash	83,045				85,935			66,827			75,360			94,793
Investment in marketable securities	27,734				27,345			25,353			29,887			30,208
Tenant and other receivables, net of allowance of $22,387 at 9/30/2020	72,806				90,305			88,587			43,968			44,950
Related party receivables	31,936				16,984			26,092			21,121			20,030
Deferred rents receivable, net of allowance of $19,569 at 9/30/2020	304,673				302,729			310,138			283,011			306,431
Deferred costs, net	206,289				217,812			232,274			205,283			182,621
Other assets	514,873				286,750			353,644			332,801			271,467

Total Assets	$	12,324,039			$	13,071,564		$	13,220,607		$	12,766,320		$	13,294,984

(1) Excludes debt and preferred equity investments totaling $35.0 million with a weighted average current yield of 6.48% that are included in other balance sheet line items.



Supplemental Information	10	Third Quarter 2020




COMPARATIVE BALANCE SHEETS Unaudited (Dollars in Thousands)



	As of
	9/30/2020			6/30/2020			3/31/2020			12/31/2019			9/30/2019
Liabilities
Mortgages and other loans payable	$	2,424,721		$	2,348,483		$	2,010,217		$	2,211,883		$	2,454,684
Unsecured term loans	1,500,000			1,500,000			1,500,000			1,500,000			1,500,000
Unsecured notes	1,252,128			1,252,366			1,252,602			1,502,837			1,503,072
Revolving credit facility	190,000			950,000			1,300,000			240,000			335,000
Deferred financing costs	(47,677		)	(48,344		)	(39,553		)	(46,583		)	(56,988		)
Total debt, net of deferred financing costs	5,319,172			6,002,505			6,023,266			5,408,137			5,735,768
Accrued interest	23,438			14,903			26,377			22,148			27,568
Accounts payable and accrued expenses	152,983			165,565			158,750			166,905			143,361
Deferred revenue	117,615			99,655			116,197			114,052			126,321
Lease liability - financing leases	174,983			174,732			162,299			44,448			44,251
Lease liability - operating leases	358,419			361,221			363,990			381,671			384,661
Dividends and distributions payable	25,486			25,611			26,563			79,282			78,541
Security deposits	56,212			58,486			59,318			62,252			62,166
Liabilities related to assets held for sale	—			38,272			—			—			—
Junior subordinated deferrable interest debentures	100,000			100,000			100,000			100,000			100,000
Other liabilities	306,077			240,702			214,968			177,080			140,899
Total liabilities	6,634,385			7,281,652			7,251,728			6,555,975			6,843,536

Noncontrolling interest in operating partnership
(4,027 units outstanding) at 9/30/2020	353,480			358,702			358,895			409,862			401,863
Preferred units	202,169			225,448			266,019			283,285			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, 74,095
issued and outstanding at 9/30/2020, including 1,055 shares held in treasury	741			748			776			803			826
Additional paid–in capital	3,998,516			4,021,891			4,146,306			4,286,395			4,407,667
Treasury stock	(124,049		)	(124,049		)	(124,049		)	(124,049		)	(124,049		)
Accumulated other comprehensive loss	(76,200		)	(82,371		)	(80,868		)	(28,485		)	(40,132		)
Retained earnings	1,035,172			1,081,821			1,099,369			1,084,719			1,225,904
Total SL Green Realty Corp. stockholders' equity	5,056,112			5,119,972			5,263,466			5,441,315			5,692,148

Noncontrolling interest in other partnerships	77,893			85,790			80,499			75,883			71,152

Total equity	5,134,005			5,205,762			5,343,965			5,517,198			5,763,300

Total Liabilities and Equity	$	12,324,039		$	13,071,564		$	13,220,607		$	12,766,320		$	13,294,984



Supplemental Information	11	Third Quarter 2020




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



	Three Months Ended						Three Months Ended				Nine Months Ended
	September 30,			September 30,				June 30,			September 30,			September 30,
	2020			2019				2020			2020			2019
Revenues
Rental revenue, net	$	173,536		$	215,447			$	174,141		$	543,140		$	644,566
Escalation and reimbursement revenues	21,979			32,581				21,745			70,892			88,539
Investment income	22,988			51,518				39,943			101,464			153,167
Other income	31,341			14,088				17,870			102,350			44,641
Total Revenues, net	249,844			313,634				253,699			817,846			930,913

Equity in net loss from unconsolidated joint ventures	(432		)	(9,864		)		(2,199		)	(15,445		)	(22,644		)

Expenses
Operating expenses	45,910			59,847				40,897			140,673			175,862
Operating lease rent	6,973			8,295				7,831			22,171			24,891
Real estate taxes	43,522			49,626				41,661			131,805			143,008
Loan loss and other investment reserves, net of recoveries	8,957			—				6,813			27,018			—
Transaction related costs	45			44				373			483			360
Marketing, general and administrative	23,602			23,841				23,510			66,682			75,300
Total Operating Expenses	129,009			141,653				121,085			388,832			419,421

Operating Income	120,403			162,117				130,415			413,569			488,848

Interest expense, net of interest income	23,536			48,112				30,070			91,100			145,797
Amortization of deferred financing costs	3,151			3,112				2,661			8,312			8,566
Depreciation and amortization	92,516			70,464				95,941			256,736			208,268
Income from Continuing Operations ⁽¹⁾	1,200			40,429				1,743			57,421			126,217

Gain on sale of real estate	26,104			3,541				64,884			163,624			2,492
Equity in net gain on sale of joint venture interest / real estate	—			—				—			—			76,181
Purchase price and other fair value adjustments	—			3,799				—			—			69,389
Depreciable real estate reserves	(6,627		)	(7,047		)		—			(6,627		)	(7,047		)
Net Income	20,677			40,722				66,627			214,418			267,232

Net income attributable to noncontrolling interests	(1,216		)	(1,095		)		(4,093		)	(11,218		)	(9,782		)
Dividends on preferred units	(1,864		)	(2,732		)		(2,353		)	(6,883		)	(8,185		)

Net Income Attributable to SL Green Realty Corp	17,597			36,895				60,181			196,317			249,265

Dividends on perpetual preferred shares	(3,738		)	(3,738		)		(3,737		)	(11,213		)	(11,213		)

Net Income Attributable to Common Stockholders	$	13,859		$	33,157			$	56,444		$	185,104		$	238,052

Earnings per share - Net income per share (basic)	$	0.19		$	0.40			$	0.74		$	2.44		$	2.87
Earnings per share - Net income per share (diluted)	$	0.19		$	0.40			$	0.74		$	2.44		$	2.87
(1) Before gains on sale and equity in net gains and depreciable real estate reserves shown below.



Supplemental Information	12	Third Quarter 2020




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



		Three Months Ended						Three Months Ended				Nine Months Ended
		September 30,			September 30,				June 30,			September 30,			September 30,
		2020			2019				2020			2020			2019
Funds from Operations
Net Income Attributable to Common Stockholders		$	13,859		$	33,157			$	56,444		$	185,104		$	238,052

	Depreciation and amortization	92,516			70,464				95,941			256,736			208,268
	Unconsolidated JV depreciation and noncontrolling interests adjustments	47,884			47,674				45,107			149,309			145,202
	Net income attributable to noncontrolling interests	1,216			1,095				4,093			11,218			9,782
	Gain on sale of real estate	(26,104		)	(3,541		)		(64,884		)	(163,624		)	(2,492		)
	Equity in net gain on sale of joint venture property / real estate	—			—				—			—			(76,181		)
	Purchase price and other fair value adjustments	—			(3,799		)		—			—			(69,389		)
	Depreciable real estate reserves	6,627			7,047				—			6,627			7,047
	Non-real estate depreciation and amortization	(538		)	(740		)		(609		)	(1,797		)	(2,193		)
	Funds From Operations	$	135,460		$	151,357			$	136,092		$	443,573		$	458,096

	Funds From Operations - Basic per Share	$	1.75		$	1.75			$	1.70		$	5.55		$	5.26

	Funds From Operations - Diluted per Share	$	1.75		$	1.75			$	1.70		$	5.54		$	5.25

Funds Available for Distribution
FFO		$	135,460		$	151,357			$	136,092		$	443,573		$	458,096

	Non real estate depreciation and amortization	538			740				609			1,797			2,193
	Amortization of deferred financing costs	3,151			3,112				2,661			8,312			8,566
	Non-cash deferred compensation	9,381			6,953				4,697			30,943			25,339
	FAD adjustment for joint ventures	(10,811		)	(29,706		)		(11,698		)	(35,728		)	(81,791		)
	Straight-line rental income and other non cash adjustments	6,647			(8,403		)		11,004			(29,708		)	(21,119		)
	Second cycle tenant improvements	(9,019		)	(22,832		)		(11,147		)	(38,803		)	(50,501		)
	Second cycle leasing commissions	(1,051		)	(5,718		)		(1,861		)	(5,956		)	(17,673		)
	Revenue enhancing recurring CAPEX	(90		)	(558		)		(283		)	(557		)	(1,556		)
	Non-revenue enhancing recurring CAPEX	(4,267		)	(13,626		)		(5,260		)	(13,136		)	(37,333		)
Reported Funds Available for Distribution		$	129,939		$	81,319			$	124,814		$	360,737		$	284,221

	First cycle tenant improvements	$	1,338		$	750			$	45		$	5,778		$	2,498
	First cycle leasing commissions	$	172		$	—			$	68		$	1,981		$	14,034
	Development costs	$	13,977		$	8,850			$	14,313		$	50,768		$	18,762
	Redevelopment costs	$	52,261		$	21,613			$	34,811		$	122,957		$	40,624
	Capitalized interest	$	20,677		$	15,699			$	16,368		$	57,528		$	38,227



Supplemental Information	13	Third 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													196,317			1,145						197,462
Acquisition of subsidiary interest from noncontrolling interest							(3,123		)							1,587						(1,536		)
Preferred dividends													(11,213		)							(11,213		)
Cash distributions declared ($2.065 per common share)													(153,889		)							(153,889		)
Cash distributions to noncontrolling interests																(13,126		)				(13,126		)
Other comprehensive loss - unrealized loss on derivative instruments																			(40,917		)	(40,917		)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments																			(4,751		)	(4,751		)
Other comprehensive loss - unrealized loss on marketable securities																			(2,047		)	(2,047		)
DRSPP proceeds							566															566
Repurchases of common stock				(63		)	(315,101		)				(76,831		)							(391,995		)
Conversion of units of the Operating Partnership to common stock				1			8,743															8,744
Contributions to consolidated joint ventures																12,404						12,404
Reallocation of noncontrolling interests in the Operating Partnership													35,253									35,253
Deferred compensation plan and stock awards, net							21,036															21,036
Balance at September 30, 2020	$	221,932		$	741		$	3,998,516		$	(124,049	)	$	1,035,172		$	77,893		$	(76,200	)	$	5,134,005





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	(6,162,031		)	(168,558		)	—			(6,330,589		)
Share Count at September 30, 2020	73,040,291			4,027,317			—			77,067,608

Weighting factor	2,718,604			95,398			203,183			3,017,185
Weighted Average Share Count at September 30, 2020 - Diluted	75,758,895			4,122,715			203,183			80,084,793



Supplemental Information	14	Third Quarter 2020




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




	September 30, 2020						June 30, 2020						March 31, 2020

	Total			SLG Share			Total			SLG Share			Total			SLG Share
Assets
Commercial real estate properties, at cost:
Land and land interests	$	4,036,313		$	2,020,157		$	3,902,348		$	1,886,192		$	3,902,348		$	1,886,192
Building and improvements	11,006,016			5,687,419			10,641,677			5,364,742			10,477,826			5,252,112
Building leasehold and improvements	429,837			207,242			394,503			200,176			394,503			200,176
Right of use asset - financing leases	736,081			342,115			634,822			321,864			634,822			321,864
Right of use asset - operating leases	258,248			134,939			242,852			119,543			242,852			119,543
	16,466,495			8,391,872			15,816,202			7,892,517			15,652,351			7,779,887
Less: accumulated depreciation	(1,420,892		)	(642,507		)	(1,338,574		)	(602,970		)	(1,259,444		)	(565,902		)
Net real estate	15,045,603			7,749,365			14,477,628			7,289,547			14,392,907			7,213,985


Cash and cash equivalents	222,531			107,372			223,050			111,237			232,926			112,724
Restricted cash	103,956			55,006			89,825			42,707			96,279			46,959
Tenant and other receivables, net of allowance of $17,920 at 9/30/2020, of which $9,184 is SLG share	55,334			22,476			39,939			14,920			13,812			3,335
Deferred rents receivable, net of allowance of $8,168 at 9/30/2020, of which $4,273 is SLG share	348,805			169,014			341,478			165,024			333,025			160,502
Deferred costs, net	217,409			122,223			212,450			119,732			211,180			118,303
Other assets	1,723,131			779,717			1,735,307			768,184			1,786,373			794,221
Total Assets	$	17,716,769		$	9,005,173		$	17,119,677		$	8,511,351		$	17,066,502		$	8,450,029

Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of $87,763 at 9/30/2020, of which $42,439 is SLG share	$	9,652,507		$	4,546,491		$	9,249,195		$	4,181,988		$	9,116,172		$	4,091,392
Accrued interest	26,624			10,912			27,084			10,787			25,188			10,852
Accounts payable and accrued expenses	221,465			111,376			236,611			127,832			209,750			109,103
Deferred revenue	1,400,458			625,011			1,408,880			624,512			1,459,796			648,860
Lease liability - financing leases	738,535			343,251			637,212			323,018			637,274			323,056
Lease liability - operating leases	276,942			143,482			263,251			128,957			264,887			129,789
Security deposits	26,605			11,315			28,162			11,195			28,751			11,387
Other liabilities	20,278			11,394			21,563			12,108			20,675			11,701
Equity	5,353,355			3,201,941			5,247,719			3,090,954			5,304,009			3,113,889
Total Liabilities and Equity	$	17,716,769		$	9,005,173		$	17,119,677		$	8,511,351		$	17,066,502		$	8,450,029



Supplemental Information	15	Third 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
	September 30, 2020						June 30, 2020						September 30, 2019

	Total			SLG Share			Total			SLG Share			Total			SLG Share
Revenues
Rental revenue, net	$	243,736		$	114,602		$	233,382		$	102,796		$	239,246		$	105,169
Escalation and reimbursement revenues	39,768			18,967			32,596			14,909			42,464			19,852
Investment income	1,264			314			1,251			310			1,264			314
Other income	8,161			4,500			4,289			2,629			3,036			1,123
Total Revenues, net	$	292,929		$	138,383		$	271,518		$	120,644		$	286,010		$	126,458

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

Expenses
Operating expenses	$	44,650		$	21,035		$	35,338		$	14,863		$	50,759		$	22,389
Operating lease rent	6,385			3,194			6,201			3,009			6,713			3,270
Real estate taxes	56,459			26,956			51,735			23,128			53,321			23,920
Total Operating Expenses	$	107,494		$	51,185		$	93,274		$	41,000		$	110,793		$	49,579

Operating Income	$	185,435		$	87,198		$	178,244		$	79,644		$	174,186		$	76,621

Interest expense, net of interest income	$	79,723		$	34,128		$	79,638		$	32,714		$	92,601		$	38,295
Amortization of deferred financing costs	5,575			2,232			4,808			1,693			4,436			1,505
Depreciation and amortization	103,262			49,534			98,854			46,217			100,736			46,557
Net (Loss) Income	$	(3,125	)	$	1,304		$	(5,056	)	$	(980	)	$	(23,587	)	$	(9,736	)

Real estate depreciation	102,975			49,477			98,568			46,161			100,449			46,500
FFO Contribution	$	99,850		$	50,781		$	93,512		$	45,181		$	76,862		$	36,764

FAD Adjustments:
Non real estate depreciation and amortization	$	287		$	57		$	286		$	56		$	287		$	57
Amortization of deferred financing costs	5,575			2,232			4,808			1,693			4,436			1,505
Straight-line rental income and other non-cash adjustments	(12,977		)	(6,880		)	(15,245		)	(8,390		)	(39,890		)	(21,563		)
Second cycle tenant improvement	(6,263		)	(3,439		)	(4,131		)	(2,125		)	(9,755		)	(4,885		)
Second cycle leasing commissions	(2,145		)	(1,183		)	(2,651		)	(1,388		)	(2,851		)	(1,610		)
Revenue enhancing recurring CAPEX	(537		)	(201		)	(1,306		)	(513		)	(1,485		)	(563		)
Non-revenue enhancing recurring CAPEX	(2,721		)	(1,397		)	(2,004		)	(1,031		)	(5,383		)	(2,647		)
Total FAD Adjustments	$	(18,781	)	$	(10,811	)	$	(20,243	)	$	(11,698	)	$	(54,641	)	$	(29,706	)

First cycle tenant improvement	$	4,886		$	1,465		$	6,318		$	2,529		$	373		$	110
First cycle leasing commissions	$	50		$	24		$	14		$	7		$	123		$	75
Development costs	$	115,223		$	78,640		$	151,046		$	107,258		$	127,656		$	90,649
Redevelopment costs	$	845		$	406		$	514		$	210		$	25,822		$	13,120
Capitalized interest	$	9,022		$	6,160		$	7,890		$	5,603		$	7,164		$	5,087



Supplemental Information	16	Third Quarter 2020




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



	Nine Months Ended						Nine Months Ended
	September 30, 2020						September 30, 2019

	Total			SLG Share			Total			SLG Share
Revenues
Rental revenue, net	$	715,530		$	322,702		$	745,584		$	325,211
Escalation and reimbursement revenues	112,015			52,068			117,959			55,127
Investment income	3,752			931			10,332			3,017
Other income	15,670			8,740			10,102			3,852
Total Revenues, net	$	846,967		$	384,441		$	883,977		$	387,207

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

Expenses
Operating expenses	$	131,578		$	58,377		$	153,397		$	65,928
Operating lease rent	18,947			9,293			18,848			9,156
Real estate taxes	161,566			74,019			159,544			70,705
Total Operating Expenses	$	312,091		$	141,689		$	331,789		$	145,789

Operating Income	$	534,876		$	242,752		$	551,157		$	241,160

Interest expense, net of interest income	$	245,685		$	102,619		$	282,917		$	115,983
Amortization of deferred financing costs	15,197			5,612			14,434			4,664
Depreciation and amortization	300,700			141,625			308,748			142,861
Net Loss	$	(26,706	)	$	(7,104	)	$	(54,942	)	$	(22,348	)

Real estate depreciation	299,839			141,455			307,883			142,691
FFO Contribution	$	273,133		$	134,351		$	252,941		$	120,343

FAD Adjustments:
Non real estate depreciation and amortization	$	861		$	170		$	865		$	170
Amortization of deferred financing costs	15,197			5,612			14,434			4,664
Straight-line rental income and other non-cash adjustments	(45,399		)	(25,219		)	(119,500		)	(63,975		)
Second cycle tenant improvement	(15,058		)	(7,596		)	(24,811		)	(12,479		)
Second cycle leasing commissions	(8,524		)	(4,438		)	(5,431		)	(2,833		)
Revenue enhancing recurring CAPEX	(2,398		)	(771		)	(2,771		)	(1,026		)
Non-revenue enhancing recurring CAPEX	(5,817		)	(3,486		)	(14,268		)	(6,312		)
Total FAD Adjustments	$	(61,138	)	$	(35,728	)	$	(151,482	)	$	(81,791	)

First cycle tenant improvement	$	18,616		$	7,641		$	12,180		$	5,195
First cycle leasing commissions	$	316		$	143		$	501		$	268
Development costs	$	366,997		$	257,425		$	424,031		$	301,106
Redevelopment costs	$	2,610		$	1,264		$	30,161		$	14,754
Capitalized Interest	$	25,641		$	17,961		$	17,664		$	12,543



Supplemental Information	17	Third Quarter 2020




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



	Three Months Ended						Three Months Ended				Nine Months Ended
	September 30,			September 30,				June 30,			September 30,			September 30,
	2020			2019				2020			2020			2019

Net Operating Income⁽¹⁾	$	102,749		$	135,744			$	108,246		$	331,614		$	409,607
SLG share of property NOI from unconsolidated JVs	83,549			76,552				77,841			236,457			237,811
NOI including SLG share of unconsolidated JVs	$	186,298		$	212,296			$	186,087		$	568,071		$	647,418
Partners' share of NOI - consolidated JVs	(638		)	(536		)		(940		)	(2,253		)	(1,532		)
NOI - SLG share	$	185,660		$	211,760			$	185,147		$	565,818		$	645,886

NOI, including SLG share of unconsolidated JVs	$	186,298		$	212,296			$	186,087		$	568,071		$	647,418
Free rent (net of amortization)	(6,055		)	(16,729		)		(4,575		)	(14,434		)	(49,187		)
Amortization of acquired above and below-market leases, net	(4,541		)	(5,281		)		(5,436		)	(15,037		)	(16,393		)
Straight-line revenue adjustment	(5,499		)	(5,822		)		(6,604		)	(17,133		)	(15,493		)
Straight-line tenant credit loss	3,405			848				7,310			11,209			3,602
Operating lease straight-line adjustment	806			888				770			2,479			2,848
Cash NOI, including SLG share of unconsolidated JVs	$	174,414		$	186,200			$	177,552		$	535,155		$	572,795
Partners' share of cash NOI - consolidated JVs	(402		)	(564		)		(685		)	(1,699		)	(1,570		)
Cash NOI - SLG share	$	174,012		$	185,636			$	176,867		$	533,456		$	571,225


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




NOI Summary by Portfolio ⁽¹⁾ - SLG Share

	Three Months Ended September 30, 2020						Nine Months Ended September 30, 2020
	Three Months Ended September 30, 2020						Nine Months Ended September 30, 2020
	NOI			Cash NOI			NOI			Cash NOI

Manhattan Operating Properties	$	166,106		$	154,769		$	487,529		$	456,513
Retail Operating Properties	9,639			9,119			33,936			29,752
Residential Operating Properties	2,175			2,172			8,677			8,682
Suburban Operating Properties	3,950			4,163			8,894			9,656
Development/Redevelopment	6,408			6,266			23,673			26,061
Total Operating and Development	188,278			176,489			562,709			530,664
Property Dispositions	(14		)	(17		)	8,949			8,225
Other⁽²⁾	(2,604		)	(2,460		)	(5,840		)	(5,433		)
Total	$	185,660		$	174,012		$	565,818		$	533,456


⁽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	Third 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				Nine Months Ended
		September 30,			September 30,						June 30,			September 30,			September 30,
		2020			2019			%			2020			2020			2019			%
Revenues
	Rental revenue, net	$	163,913		$	167,154		(1.9	)%		$	160,431		$	492,415		$	500,814		(1.7	)%
	Escalation & reimbursement revenues	20,486			26,498			(22.7	)%		20,403			65,506			72,521			(9.7	)%
	Other income	709			6,218			(88.6	)%		10,793			11,869			7,473			58.8	%
	Total Revenues	$	185,108		$	199,870		(7.4	)%		$	191,627		$	569,790		$	580,808		(1.9	)%


Expenses
	Operating expenses	$	39,518		$	44,296		(10.8	)%		$	32,887		$	115,593		$	131,420		(12.0	)%
	Operating lease rent	6,579			7,142			(7.9	)%		7,449			20,966			21,432			(2.2	)%
	Real estate taxes	41,522			40,260			3.1	%		40,175			121,881			115,848			5.2	%
		$	87,619		$	91,698		(4.4	)%		$	80,511		$	258,440		$	268,700		(3.8	)%

	Operating Income	$	97,489		$	108,172		(9.9	)%		$	111,116		$	311,350		$	312,108		(0.2	)%

	Interest expense & amortization of financing costs	$	19,048		$	13,988		36.2	%		$	14,457		$	47,377		$	41,657		13.7	%
	Depreciation & amortization	51,230			50,605			1.2	%		53,217			162,139			148,866			8.9	%

	Income before noncontrolling interest	$	27,211		$	43,579		(37.6	)%		$	43,442		$	101,834		$	121,585		(16.2	)%
	Real estate depreciation & amortization	51,211			50,586			1.2	%		53,198			162,082			148,808			8.9	%
	FFO Contribution	$	78,422		$	94,165		(16.7	)%		$	96,640		$	263,916		$	270,393		(2.4	)%

	Non–building revenue	(156		)	(2,661		)	(94.1	)%		(222		)	(706		)	(2,791		)	(74.7	)%

	Interest expense & amortization of financing costs	19,048			13,988			36.2	%		14,457			47,377			41,657			13.7	%
	Non-real estate depreciation	19			19			—	%		19			57			58			(1.7	)%
	NOI	$	97,333		$	105,511		(7.8	)%		$	110,894		$	310,644		$	309,317		0.4	%

Cash Adjustments
	Free rent (net of amortization)	$	(5,705	)	$	(3,598	)	58.6	%		$	(3,075	)	$	(11,353	)	$	(13,996	)	(18.9	)%
	Straight-line revenue adjustment	217			(1,267		)	(117.1	)%		(1,067		)	35			(2,183		)	(101.6	)%
	Amortization of acquired above and below-market leases, net	(1,298		)	(1,188		)	9.3	%		(1,559		)	(5,228		)	(3,625		)	44.2	%
	Operating lease straight-line adjustment	383			514			(25.5	)%		385			1,197			1,542			(22.4	)%
	Straight-line tenant credit loss	2,097			796			163.4	%		5,230			7,340			1,566			368.7	%
	Cash NOI	$	93,027		$	100,768		(7.7	)%		$	110,808		$	302,635		$	292,621		3.4	%

Operating Margins
	NOI to real estate revenue, net	52.6		%	53.5		%				57.9		%	54.6		%	53.5		%
	Cash NOI to real estate revenue, net	50.3		%	51.1		%				57.9		%	53.2		%	50.6		%

	NOI before operating lease rent/real estate revenue, net	56.2		%	57.1		%				61.8		%	58.3		%	57.2		%
	Cash NOI before operating lease rent/real estate revenue, net	53.6		%	54.5		%				61.6		%	56.7		%	54.1		%



Supplemental Information	19	Third 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				Nine Months Ended
		September 30,			September 30,						June 30,			September 30,			September 30,
		2020			2019			%			2020			2020			2019			%
Revenues
	Rental revenue, net	$	102,591		$	105,966		(3.2	)%		$	103,397		$	311,819		$	320,847		(2.8	)%
	Escalation & reimbursement revenues	17,031			20,176			(15.6	)%		15,257			50,829			55,149			(7.8	)%
	Other income	2,673			567			371.4	%		433			4,071			2,238			81.9	%
	Total Revenues	$	122,295		$	126,709		(3.5	)%		$	119,087		$	366,719		$	378,234		(3.0	)%


Expenses
	Operating expenses	$	18,521		$	22,043		(16.0	)%		$	14,611		$	55,248		$	63,256		(12.7	)%
	Operating lease rent	2,824			3,084			—	%		2,824			8,551			8,665			—	%
	Real estate taxes	23,746			24,054			(1.3	)%		23,260			71,073			69,532			2.2	%
		$	45,091		$	49,181		(8.3	)%		$	40,695		$	134,872		$	141,453		(4.7	)%

	Operating Income	$	77,204		$	77,528		(0.4	)%		$	78,392		$	231,847		$	236,781		(2.1	)%

	Interest expense & amortization of financing costs	$	34,337		$	40,589		(15.4	)%		$	35,037		$	107,388		$	122,263		(12.2	)%
	Depreciation & amortization	45,280			44,126			2.6	%		44,387			133,717			134,606			(0.7	)%

	Loss before noncontrolling interest	$	(2,413	)	$	(7,187	)	(66.4	)%		$	(1,032	)	$	(9,258	)	$	(20,088	)	(53.9	)%
	Real estate depreciation & amortization	45,224			44,070			2.6	%		44,330			133,547			134,437			(0.7	)%
	FFO Contribution	$	42,811		$	36,883		16.1	%		$	43,298		$	124,289		$	114,349		8.7	%

	Non–building revenue	(2,539		)	(233		)	989.7	%		(223		)	(3,709		)	(1,089		)	240.6	%

	Interest expense & amortization of financing costs	34,337			40,589			(15.4	)%		35,037			107,388			122,263			(12.2	)%
	Non-real estate depreciation	56			56			—	%		57			170			169			0.6	%
	NOI	$	74,665		$	77,295		(3.4	)%		$	78,169		$	228,138		$	235,692		(3.2	)%

Cash Adjustments
	Free rent (net of amortization)	$	(47	)	$	(11,178	)	(99.6	)%		$	(825	)	$	(1,962	)	$	(31,539	)	(93.8	)%
	Straight-line revenue adjustment	(5,010		)	(5,893		)	(15.0	)%		(4,775		)	(14,967		)	(18,263		)	(18.0	)%
	Amortization of acquired above and below-market leases, net	(3,810		)	(4,122		)	(7.6	)%		(3,812		)	(11,448		)	(12,632		)	(9.4	)%
	Operating lease straight-line adjustment	232			242			(4.1	)%		252			826			977			—	%
	Straight-line tenant credit loss	1,432			—			N/A			1,270			3,173			298			—	%
	Cash NOI	$	67,462		$	56,344		19.7	%		$	70,279		$	203,760		$	174,533		16.7	%

Operating Margins
	NOI to real estate revenue, net	62.3		%	61.1		%				65.8		%	62.8		%	62.5		%
	Cash NOI to real estate revenue, net	56.3		%	44.5		%				59.1		%	56.1		%	46.3		%

	NOI before operating lease rent/real estate revenue, net	64.7		%	63.6		%				68.1		%	65.2		%	64.8		%
	Cash NOI before operating lease rent/real estate revenue, net	58.5		%	46.8		%				61.3		%	58.3		%	48.3		%



Supplemental Information	20	Third Quarter 2020




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



		Three Months Ended								Three Months Ended				Nine Months Ended
		September 30,			September 30,						June 30,			September 30,			September 30,
		2020			2019			%			2020			2020			2019			%
Revenues
	Rental revenue, net	$	163,913		$	167,154		(1.9	)%		$	160,431		$	492,415		$	500,814		(1.7	)%
	Escalation & reimbursement revenues	20,486			26,498			(22.7	)%		20,403			65,506			72,521			(9.7	)%
	Other income	709			6,218			(88.6	)%		10,793			11,869			7,473			58.8	%
	Total Revenues	$	185,108		$	199,870		(7.4	)%		$	191,627		$	569,790		$	580,808		(1.9	)%

	Equity in Net Loss from Unconsolidated Joint Ventures ⁽¹⁾	$	(2,413	)	$	(7,187	)	(66.4	)%		$	(1,032	)	$	(9,258	)	$	(20,088	)	(53.9	)%
Expenses
	Operating expenses	$	39,518		$	44,296		(10.8	)%		$	32,887		$	115,593		$	131,420		(12.0	)%
	Operating lease rent	6,579			7,142			(7.9	)%		7,449			20,966			21,432			(2.2	)%
	Real estate taxes	41,522			40,260			3.1	%		40,175			121,881			115,848			5.2	%
		$	87,619		$	91,698		(4.4	)%		$	80,511		$	258,440		$	268,700		(3.8	)%

	Operating Income	$	95,076		$	100,985		(5.9	)%		$	110,084		$	302,092		$	292,020		3.4	%

	Interest expense & amortization of financing costs	$	19,048		$	13,988		36.2	%		$	14,457		$	47,377		$	41,657		13.7	%
	Depreciation & amortization	51,230			50,605			1.2	%		53,217			162,139			148,866			8.9	%

	Income before noncontrolling interest	$	24,798		$	36,392		(31.9	)%		$	42,410		$	92,576		$	101,497		(8.8	)%
	Real estate depreciation & amortization	51,211			50,586			1.2	%		53,198			162,082			148,808			8.9	%
	Joint Ventures Real estate depreciation & amortization ⁽¹⁾	45,224			44,070			2.6	%		44,330			133,547			$	134,437		(0.7	)%
	FFO Contribution	$	121,233		$	131,048		(7.5	)%		$	139,938		$	388,205		$	384,742		0.9	%

	Non–building revenue	$	(156	)	$	(2,661	)	(94.1	)%		$	(222	)	$	(706	)	$	(2,791	)	(74.7	)%
	Joint Ventures Non–building revenue ⁽¹⁾	(2,539		)	(233		)	989.7	%		(223		)	(3,709		)	(1,089		)	240.6	%

	Interest expense & amortization of financing costs	19,048			13,988			36.2	%		14,457			47,377			41,657			13.7	%
	Joint Ventures Interest expense & amortization of financing costs ⁽¹⁾	34,337			40,589			(15.4	)%		35,037			107,388			122,263			(12.2	)%
	Non-real estate depreciation	19			19			—	%		19			57			58			(1.7	)%
	Joint Ventures Non-real estate depreciation ⁽¹⁾	56			56			—	%		57			170			169			0.6	%
	NOI	$	171,998		$	182,806		(5.9	)%		$	189,063		$	538,782		$	545,009		(1.1	)%

Cash Adjustments
	Non-cash adjustments	$	(4,306	)	$	(4,743	)	(9.2	)%		$	(86	)	$	(8,009	)	$	(16,696	)	(52.0	)%
	Joint Venture non-cash adjustments ⁽¹⁾	(7,203		)	(20,951		)	(65.6	)%		(7,890		)	(24,378		)	(61,159		)	(60.1	)%
	Cash NOI	$	160,489		$	157,112		2.1	%		$	181,087		$	506,395		$	467,154		8.4	%

Operating Margins
	NOI to real estate revenue, net	56.4		%	56.5		%				60.9		%	57.8		%	57.1		%
	Cash NOI to real estate revenue, net	52.7		%	48.5		%				58.4		%	54.3		%	48.9		%

	NOI before operating lease rent/real estate revenue, net	59.5		%	59.6		%				64.2		%	61.0		%	60.2		%
	Cash NOI before operating lease rent/real estate revenue, net	55.6		%	51.5		%				61.5		%	57.3		%	51.8		%

⁽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	Third 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 (%)	9/30/2020			Coupon (1)		Amortization		Date		Maturity		Extension	Date (2)	Prepayment (3)
Secured fixed rate debt
	100 Church Street		100.0	$	206,013		4.68%		$	4,421	Jul-22		$	197,784	—	Jul-22	Apr-22
	420 Lexington Avenue		100.0	295,355			3.99%		5,130		Oct-24		272,749		—	Oct-40	Jul-24
	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	34,773			3.59%		705		Feb-27		29,746		—	Feb-27	Open
				$	1,086,141		4.30%		$	10,256			$	1,050,279
Unsecured fixed rate debt
	Unsecured notes (swapped)			$	350,000		1.52%		$	—	Aug-21		$	350,000	—	Aug-21	Open
	Unsecured notes			499,775			3.25%		—		Oct-22		500,000		—	Oct-22	Open
	Unsecured notes			302,352			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
				$	2,252,127		3.17%		$	—			$	2,250,000

		Total Fixed Rate Debt		$	3,338,268		3.54%		$	10,256			$	3,300,279
Floating rate debt
Secured floating rate debt
	133 Greene Street (LIBOR + 200 bps)		100.0	$	15,523		2.15%		$	—	(5)		$	15,523	—	(5)	Open
	106 Spring Street (LIBOR + 250 bps)		100.0	38,025			2.65%		—		Jan-21		38,025		—	Jan-22	Open
	FHLB Facility (LIBOR + 28 bps)			10,000			0.43%		—		Jan-21		10,000		—	Jan-21	Open
	FHLB Facility (LIBOR + 23 bps)			15,000			0.38%		—		Jan-21		15,000		—	Jan-21	Open
	FHLB Facility (LIBOR + 18 bps)			35,000			0.33%		—		Jan-21		35,000		—	Jan-21	Open
	609 Fifth Avenue - Office Condominium (LIBOR + 240 bps)		100.0	57,651			2.55%		—		Mar-21		57,651		Mar-22	Mar-24	Open
	185 Broadway (LIBOR + 285 bps)		100.0	144,448			3.00%		—		Nov-21		144,449		—	Nov-23	Open
	712 Madison Avenue (LIBOR + 185 bps)		100.0	28,000			2.00%		—		Dec-21		28,000		—	Dec-22	Open
	220 East 42nd (LIBOR + 275 bps)		100.0	510,000			2.90%		—		Jun-23		510,000		—	June-25	Open
	410 Tenth Avenue (LIBOR + 225 bps)		70.9	434,934			2.40%		—		Aug-23		434,934		Aug-25	Aug-25	Open
	719 Seventh Avenue (LIBOR + 120 bps)		75.0	50,000			1.35%		—		Sep-23		50,000		—	Sep-23	Open
				$	1,338,581		2.52%		$	—			$	1,338,582
Unsecured floating rate debt
	Revolving credit facility (LIBOR + 100 bps)			$	190,000		1.15%		$	—	Mar-22		$	190,000	Mar-23	Mar-23	Open
	Term loan (LIBOR + 110 bps)			300,000			1.25%		—		Mar-23		300,000		—	Mar-23	Open
	Term loan (LIBOR + 100 bps)			200,000			1.15%		—		Nov-24		200,000		—	Nov-24	Open
	Junior subordinated deferrable interest debentures (3mo. LIBOR + 125 bps)			100,000			1.48%		—		Jul-35		100,000		—	Jul-35	Open
				$	790,000		1.23%		$	—			$	790,000

		Total Floating Rate Debt		$	2,128,581		2.04%		$	—			$	2,128,582

		Total Debt - Consolidated		$	5,466,849		2.95%		$	10,256			$	5,428,861

		Deferred financing costs		(47,677		)
		Total Debt - Consolidated, net		$	5,419,172		2.95%

		Total Debt - Joint Venture, net		$	4,546,491		3.17%

	Total Debt including SLG share of unconsolidated JV Debt			$	10,055,779		3.05%
	Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt			$	10,063,593		3.03%

(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 0.15% or the 3-month LIBOR rate at the end of the quarter of 0.23%. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) Reflects exercise of all available extension options.
(3) Loans noted as "open" may be subject to certain fees, premiums or penalties on early repayment.
(4) Represents a blended fixed rate inclusive of the effect of the following swaps: $200 million @ 1.93% maturing November 2020, $200 million @ 1.13% and $100 million @ 1.16% maturing July 2023, $150 million @ 2.70% maturing January 2024, $200 million @ 2.74% and $150 million @ 2.72% maturing January 2026.
(5) The loan on this retail property matured in August 2020. The Company is in discussions with the lender on resolution.



Supplemental Information	22	Third Quarter 2020




DEBT SUMMARY SCHEDULE Unconsolidated JVs Unaudited (Dollars in Thousands)



				Principal Outstanding										2020			Initial		Principal			As-Of	Final
			Ownership	9/30/20										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)
	885 Third Avenue		100.0	$	272,000			$	272,000		(4)	3.35%		$	—		Apr-21		$	272,000		—	Apr-21	Open
	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	825,204				469,284				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		36,271			—	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	195,899			(5)	11,279				3.50%		94			Various	(5)	10,114			—	Various	Open
	Total Fixed Rate Debt			$	5,609,455			$	2,499,573			4.00%	(6)	$	11,180				$	2,444,987
Floating rate debt
	121 Greene Street (LIBOR + 150 bps)		50.0	$	15,000			$	7,500			1.65%		$	—		Nov-20		$	7,500		—	Nov-21	Open
	11 West 34th Street (LIBOR + 145 bps)		30.0	23,000				6,900				1.60%		—			Jan-21		6,900			Jan-23	Jan-23	Open
	100 Park Avenue (LIBOR + 175 bps)		49.9	354,087				176,690				1.90%		1,934			Feb-21		175,858			—	Feb-21	Open
	280 Park Avenue (LIBOR + 173 bps)		50.0	1,200,000				600,000				1.88%		—			Sep-21		600,000			Sep-24	Sep-24	Open
	One Vanderbilt (LIBOR + 250 bps)		71.0	1,094,873				777,469				2.65%		—			Sep-21		777,469			—	Sep-23	Open
	1552 Broadway (LIBOR + 265 bps)		50.0	195,000				97,500				2.80%		—			Oct-21		97,500			—	Oct-22	Open
	2 Herald Square (LIBOR + 145 bps)		51.0	214,500				109,395				1.60%		—			Nov-21		109,395			—	Nov-23	Open
	55 West 46th Street - Tower 46 (LIBOR + 125 bps)		25.0	192,524				48,131				1.40%		—			Aug-22		48,131			—	Aug-24	Open
	115 Spring Street (LIBOR + 340 bps)		51.0	65,550				33,431				3.55%		—			Sep-23		33,431			—	Sep-23	Open
	126 Nassau Street (LIBOR + 150 bps)		20.0	5,593				1,119				1.65%		—			Jan-24		1,119			—	Jul-25	Open
	10 East 53rd Street (LIBOR + 135 bps)		55.0	220,000				121,000				1.50%		—			Feb-25		121,000			—	Feb-25	Open
	605 West 42nd Street - Sky (LIBOR + 144 bps)		20.0	550,000				110,000				1.59%		—			Aug-27		110,000			—	Aug-27	Open
	21 East 66th Street (T 12 mos + 275 bps)		32.3	688				222				2.87%		14			Jun-33		2			—	Jun-33	Open
	Total Floating Rate Debt			$	4,130,815			$	2,089,357			2.17%	(6)	$	1,948				$	2,088,305
	Total unconsolidated JV Debt			$	9,740,270			$	4,588,930			3.17%	(6)	$	13,128				$	4,533,292
		Deferred financing costs		(87,763		)		(42,439		)
	Total unconsolidated JV Debt, net			$	9,652,507			$	4,546,491			3.17%

(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 0.15%. 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) The Company holds 100% of the preferred equity interest in the property and believes that there is no value to the common equity.
(5) Amount is comprised of three mortgages totaling $132.4 million that mature in April 2028 and two mortgages totaling $63.5 million that mature in July 2029.
(6) 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		$	3,338,268
	Total Debt / Total Assets		40.6%	Less than 60%												SLG Share of JV			2,499,573
	Fixed Charge Coverage		2.80x	Greater than 1.4x										Total Fixed Rate Debt					$	5,837,841		58.1%
	Maximum Secured Indebtedness		19.1%	Less than 50%
	Maximum Unencumbered Leverage Ratio		42.0%	Less than 60%										Floating Rate Debt
																	Consolidated		$	2,128,581
	Unsecured Notes Covenants															SLG Share of JV			2,089,357
			Actual	Required															4,217,938			41.9%
	Total Debt / Total Assets		40.2%	Less than 60%									Debt & Preferred Equity and Other Investments						(426,703		)	(4.2)%
	Secured Debt / Total Assets		21.3%	Less than 40%										Total Floating Rate Debt					$	3,791,235		37.7%
	Debt Service Coverage		3.18x	Greater than 1.5x
	Unencumbered Assets / Unsecured Debt		296.5%	Greater than 150%													Total Debt		$	10,055,779



Supplemental Information	23	Third Quarter 2020




SUMMARY OF GROUND LEASE ARRANGEMENTS Unaudited (Dollars in Thousands)




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

Consolidated Ground Lease Arrangements (SLG Share)

Operating Leases
1185 Avenue of the Americas		100.0		$	6,909		$	6,909		$	6,909			$	6,909			$	94,051	2043
625 Madison Avenue		100.0		4,613			4,613			2,306		⁽³⁾		—		⁽³⁾		7,797		2054
420 Lexington Avenue		100.0		11,174			11,199			11,199				11,199				179,779		2080
711 Third Avenue		100.0		5,500			5,500			5,500				5,500				53,305		2083	⁽⁴⁾
1055 Washington Blvd, Stamford		100.0		615			615			615				615				10,084		2090
1080 Amsterdam Avenue		92.5		290			290			290				290				7,378		2111
30 East 40th Street		60.0		127			138			138				138				5,437		2114
Other		Various		71			73			76				78				588		Various
Total				$	29,299		$	29,337		$	27,033			$	24,729			$	358,419

Financing Leases
461 Fifth Avenue		100.0		$	2,100		$	2,250		$	2,400			$	2,400			$	28,676	2084	⁽⁵⁾
1080 Amsterdam Avenue		92.5		404			404			404				404				22,443		2111
30 East 40th Street		60.0		1,310			1,415			1,415				1,415				22,568		2114
126 Nassau Street		100.0		2,758			3,041			3,087				3,133				101,296		2119	⁽⁵⁾
Total				$	6,572		$	7,110		$	7,306			$	7,352			$	174,983

Unconsolidated Joint Venture Ground Lease Arrangements (SLG Share)

Operating Leases
650 Fifth Avenue (Floors 4-6)		50.0		$	1,645		$	1,659		$	1,790			$	1,790			$	17,983	2053
650 Fifth Avenue (Floors b-3)		50.0		1,428			1,428			1,441				1,458				30,849		2062
885 Third Avenue ⁽⁶⁾		100.0		322			759			759				759				15,388		2080
1560 Broadway		50.0		6,811			6,861			6,861				6,935				73,896		2114
333 East 22nd Street		33.3		217			222			238				238				5,366		2115
Total				$	10,423		$	10,929		$	11,089			$	11,180			$	143,482

Financing Leases
650 Fifth Avenue (Floors b-3)		50.0		$	6,695		$	6,695		$	6,695			$	6,786			$	98,317	2062
2 Herald Square		51.0		6,934			7,107			7,285				7,467				224,653		2077	⁽⁵⁾
Total				$	13,629		$	13,802		$	13,980			$	14,253			$	322,970

(1) Per the balance sheet at September 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.
(6) The Company holds 100% of the preferred equity interest in the property and believes that there is no value to the common equity.



Supplemental Information	24	Third 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⁾

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				$	1,571,381		8.35%		8.63%

Debt investment originations/fundings/accretion⁽⁴⁾		94,062
Preferred Equity investment originations/accretion⁽⁴⁾		3,176
Redemptions/Sales/Syndications/Equity Ownership/Amortization		(156,854		)
Reserves/Realized Losses		(8,957		)
9/30/2020		$	1,153,363		⁽⁵⁾		$	1,220,310		7.04%		7.07%


(1) Net of unamortized fees, discounts, and premiums.
(2) Excludes loan loss reserves and accelerated fee income resulting from early repayment.
(3) Calculated based on GAAP income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter, excluding accelerated fee income resulting from early repayment 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 $35.0 million with a weighted average current yield of 6.48% that are included in other balance sheet line items.



Supplemental Information	25	Third 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	$	62,683	$	1,249	$	63,932		$	—		$	342		6.01%		6.37%

Junior Mortgage Participation	85,295		32,805		118,100			542,241			$	1,763		7.47%		7.53%

Mezzanine Debt	278,726		436,040		714,766			4,447,803			$	886		6.12%		6.02%

Preferred Equity	—		256,565		256,565			1,962,750			$	933		9.89%		9.98%

Balance as of 9/30/20	$	426,704	$	726,659	$	1,153,363	⁽³⁾				$	963		7.04%		7.07%

(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 $35.0 million with a weighted average current yield of 6.48% 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	18,475	129,427	200,588	78,214	—
Fixed Rate	56,242	36,305	193,500	225,204	215,408
Sub-total	74,717	165,732	394,088	303,418	215,408


(1) The weighted average maturity of the outstanding balance is 2.52 years. Approximately 42.0% 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 3.40 years.



Supplemental Information	26	Third 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	9/30/2020		Type	Location	Financing		Last $ PSF ⁽²⁾			Of Quarter ⁽³⁾

Mezzanine Loan	$	225,204	Fee	Manhattan	$	348,327		$	983	₍₄₎

Mezzanine Loan and Preferred Equity	208,447		Office	Manhattan	1,712,750			$	1,079	10.97%

Mezzanine Loan	126,486		Office	Manhattan	1,115,000			$	1,068	10.56%

Preferred Equity	103,369		Multi-Family Rental	Manhattan	250,000			$	717	6.55%

Junior Mortgage Loan ⁽⁵⁾	63,899		Office	Queens	375,241			$	291	9.31%

Mortgage and Mezzanine Loans	60,116		Office	Manhattan	—			$	437	5.58%

Mortgage and Mezzanine Loans	56,242		Residential/Retail	Manhattan	—			$	720	8.17%

Mezzanine Loan	49,919		Office	Manhattan	275,000			$	414	7.15%

Mezzanine Loan	46,613		Office	Manhattan	169,540			$	665	6.49%

Mezzanine Loan	40,458		Multi-Family Rental	Manhattan	280,000			$	496	8.96%

Total	$	980,753


(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.
(4) Loan is on non-accrual at September 30, 2020.
(5) This loan was sold on October 1, 2020.



Supplemental Information	27	Third Quarter 2020




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



	Ownership			# of	Usable	% of Total		Occupancy (%)										Annualized Contractual Cash Rent ($'s)		Annualized Contractual Cash Rent		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Sep-20		Jun-20		Mar-20		Dec-19		Sep-19		Annualized Contractual Cash Rent ($'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		93.5		93.9			$5,370		0.3	53
100 Church Street	100.0	Downtown	Fee Interest	1	1,047,500	4.7		99.3		99.3		99.3		99.3		99.3		50,219		7.2	4.3	19
110 East 42nd Street	100.0	Grand Central	Fee Interest	1	215,400	1.0		82.6		82.6		82.6		83.0		84.9		11,056		1.6	1.0	24
110 Greene Street	100.0	Soho	Fee Interest	1	223,600	1.0		89.3		89.9		91.3		94.3		93.1		15,066		2.2	1.3	58
125 Park Avenue	100.0	Grand Central	Fee Interest	1	604,245	2.7		99.4		99.5		99.5		95.0		95.6		46,823		6.7	4.0	25
220 East 42nd Street	100.0	Grand Central	Fee Interest	1	1,135,000	5.0		96.5		97.0		97.0		97.0		97.0		68,790		9.9	5.9	35
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	215,000	1.0		91.2		74.9		74.9		95.9		96.1		16,326		2.3	1.4	6
420 Lexington Ave (Graybar)	100.0	Grand Central North	Leasehold Interest	1	1,188,000	5.3		91.7		91.7		90.4		92.0		91.2		85,671		12.3	7.4	193
461 Fifth Avenue	100.0	Midtown	Leasehold Interest ⁽¹⁾	1	200,000	0.9		86.2		87.3		87.3		87.3		90.6		16,574		2.4	1.4	13
485 Lexington Avenue	100.0	Grand Central North	Fee Interest	1	921,000	4.1		89.5		89.5		90.4		90.4		84.2		57,750		8.3	5.0	29
555 West 57th Street	100.0	Midtown West	Fee Interest	1	941,000	4.2		99.9		99.9		99.9		99.9		99.9		49,065		7.0	4.2	9
635 Sixth Avenue	100.0	Midtown South	Fee Interest	1	104,000	0.5		100.0		100.0		100.0		100.0		100.0		10,644		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		16,003		2.3	1.4	6
711 Third Avenue	100.0 ⁽²⁾	Grand Central North	Leasehold Interest ⁽²⁾	1	524,000	2.3		89.1		91.3		91.3		97.0		97.0		33,402		4.8	2.9	20
750 Third Avenue	100.0	Grand Central North	Fee Interest	1	780,000	3.5		68.4		89.4		91.2		91.2		92.7		35,086		5.0	3.0	24
810 Seventh Avenue	100.0	Times Square	Fee Interest	1	692,000	3.1		89.3		90.2		94.1		93.0		94.1		45,271		6.5	3.9	47
1185 Avenue of the Americas	100.0	Rockefeller Center	Leasehold Interest	1	1,062,000	4.7		94.1		93.3		92.7		92.7		92.7		96,974		13.9	8.4	13
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	562,000	2.3		87.9		87.3		87.6		91.7		91.0		41,627		6.1	3.6	44

Subtotal / Weighted Average				18	10,647,191	47.3	%	91.9	%	93.2	%	93.5	%	94.4	%	94.0	%		$701,717	100.0%	60.3%	620

Total / Weighted Average Consolidated Properties				18	10,647,191	47.3	%	91.9	%	93.2	%	93.5	%	94.4	%	94.0	%		$701,717	100.0%	60.3%	620


UNCONSOLIDATED PROPERTIES
"Same Store"
10 East 53rd Street	55.0	Plaza District	Fee Interest	1	354,300	1.6		95.8		95.1		95.1		97.1		94.3			$32,929		1.6	39
11 Madison Avenue	60.0	Park Avenue South	Fee Interest	1	2,314,000	10.3		95.7		95.7		95.8		95.8		95.7		157,420			8.1	10
55 West 46th Street - Tower 46	25.0	Midtown	Fee Interest	1	347,000	1.5		91.9		91.9		91.9		90.3		86.5		27,293			0.6	16
100 Park Avenue	50.0	Grand Central South	Fee Interest	1	834,000	3.7		81.8		80.7		84.8		84.9		81.3		60,212			2.6	35
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	1,219,158	5.4		92.7		91.3		89.5		89.5		88.0		124,599			5.4	39
800 Third Avenue	60.5	Grand Central North	Fee Interest	1	526,000	2.3		91.2		94.1		92.4		96.2		96.5		38,255			2.0	37
919 Third Avenue	51.0	Grand Central North	Fee Interest	1	1,454,000	6.5		100.0		100.0		100.0		100.0		100.0		101,342			4.5	7
1515 Broadway	57.0	Times Square	Fee Interest	1	1,750,000	7.8		94.9		94.9		94.9		94.9		94.9		127,783			6.3	12
Worldwide Plaza	24.4	Westside	Fee Interest	1	2,048,725	9.2		94.6		94.6		94.7		94.7		96.8		143,074			3.0	23
Added to Same Store in 2020
2 Herald Square	51.0	Herald Square	Leasehold Interest	1	369,000	1.6		95.8		95.8		88.2		81.9		81.9		41,290			1.6	5

Subtotal / Weighted Average				10	11,216,183	49.9	%	94.2	%	94.1	%	93.9	%	93.9	%	93.7	%		$854,197		35.7%	223

"Non Same Store"
885 Third Avenue	100.0 ⁽³⁾	Midtown / Plaza District	Fee/Leasehold Interest	1	625,300	2.8		92.7		N/A		N/A		N/A		N/A			$46,040		4.0	21

Subtotal / Weighted Average				1	625,300	2.8	%	92.7	%	—	%	—	%	—	%	—	%		$46,040		4.0%	21

Total / Weighted Average Unconsolidated Properties				11	11,841,483	52.7	%	94.2	%	94.1	%	93.9	%	93.9	%	93.7	%		$900,237		39.7%	244


Manhattan Operating Properties Grand Total / Weighted Average				29	22,488,674	100.0	%	93.1	%	93.7	%	93.7	%	94.1	%	93.8	%		$1,601,954			864
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent																			$1,160,962		100.0%
Manhattan Operating Properties Same Store Occupancy %					21,863,374	97.2	%	93.1	%	93.7	%	93.7	%	94.1	%	93.8	%
Manhattan Operating Properties Same Store Leased Occupancy %								94.2	%	95.2	%	95.5	%	96.0	%	95.0	%


(1) The Company has an option to acquire the fee interest for a fixed price on a specific date.
(2) The Company owns 50% of the fee interest.
(3) The Company holds 100% of the preferred equity interest in the property and believes that there is no value to the common equity.



Supplemental Information	28	Third 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 ($'s)		Annualized Contractual Cash Rent (SLG%)			Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Sep-20		Jun-20		Mar-20		Dec-19		Sep-19		Annualized Contractual Cash Rent ($'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			$3,081	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		3,934		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		1,787		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		27.4			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		55,447		9.4			6
719 Seventh Avenue	75.0	Times Square	Fee Interest	1	10,040	2.6		—		—		100.0		100.0		100.0		—		—			—
760 Madison Avenue	100.0	Plaza District	Fee Interest	1	21,124	5.5		100.0		100.0		100.0		100.0		100.0		17,029		26.3			1
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	1	52,000	13.4		100.0		100.0		100.0		100.0		100.0		1,824		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		29,684		22.9			3
Subtotal/Weighted Average				10	366,996	95.3	%	95.4	%	95.4	%	98.2	%	98.2	%	98.2	%		$148,297	93.6		%	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	2.9			1
133 Greene Street	100.0	Soho	Fee Interest	1	6,425	1.7		48.6		48.6		100.0		100.0		100.0		100		0.2			1
712 Madison Avenue	100.0	Plaza District	Fee Interest	1	6,600	1.6		100.0		100.0		100.0		100.0		100.0		2,140		3.3			1
Subtotal/Weighted Average				3	18,243	4.7	%	81.9	%	81.9	%	100.0	%	100.0	%	100.0	%		$5,940	6.4		%	3

Total / Weighted Average Retail Properties				13	385,239	100.0	%	94.8	%	94.8	%	98.2	%	98.2	%	98.2	%		$154,237	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		Sep-20		Jun-20		Mar-20		Dec-19		Sep-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		72.6		89.0		97.3		95.1		92.4			$3,943		$10,611		26.8
1080 Amsterdam	92.5	Upper West Side	Leasehold Interest	1	82,250	97		33.3		83.3		97.9		100.0		100.0		4,440		2,041			11.6
Stonehenge Portfolio	Various		Fee Interest	6	445,934	538		72.0		90.0		97.0		94.8		95.9		3,733		20,171			3.3
605 West 42nd Street - Sky	20.0	Westside	Fee Interest	1	927,358	1,175		87.1		90.6		96.4		95.9		94.3		3,413		47,315			58.3
Subtotal/Weighted Average				9	1,746,024	2,073		78.8	%	89.9	%	96.8	%	95.7	%	94.7	%		$3,571		$80,138		100.0	%

Total / Weighted Average Residential Properties				9	1,746,024	2,073		78.8	%	89.9	%	96.8	%	95.7	%	94.7	%		$3,571		$80,138





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

"Same Store"
Landmark Square	100.0	Stamford, Connecticut	Fee Interest	7	862,800	82.6		85.4		85.8		84.9		85.1		85.0			$21,970	78.8			113
1055 Washington Boulevard	100.0	Stamford, Connecticut	Leasehold Interest	1	182,000	17.4		83.1		88.5		88.5		88.5		88.5		5,911		21.2			23
Subtotal/Weighted Average				8	1,044,800	100.0	%	85.0	%	86.3	%	85.5	%	85.7	%	85.6	%		$27,881	100.0		%	136

Total / Weighted Average Suburban Properties				8	1,044,800	100.0	%	85.0	%	86.3	%	85.5	%	85.7	%	85.6	%		$27,881	100.0		%	136

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



Supplemental Information	29	Third 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 ($'s)		Annualized Contractual Cash Rent (SLG%)		Gross R/E Book Value		Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Sep-20		Jun-20		Mar-20		Dec-19		Sep-19		Annualized Contractual Cash Rent ($'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		0.4		9.3		9.3		100.0		100.0			$952	2.4			$929,107	7
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		13,919		1
106 Spring Street	100.0	Soho	Fee Interest	1	5,928	0.3		—		—		—		—		—		—		—		80,601		—
126 Nassau Street	20.0	Lower Manhattan	Leasehold Interest	1	98,412	4.5		—		75.6		87.3		N/A		N/A		—		—		36,586		—
609 Fifth Avenue	100.0	Rockefeller Center	Fee Interest	1	138,563	6.4		100.0		100.0		100.0		100.0		100.0		11,224		28.3		175,123		1
625 Madison Avenue	100.0	Plaza District	Leasehold Interest	1	563,000	25.9		32.0		32.7		33.5		98.1		97.1		25,272		63.6		282,433		25
707 Eleventh Avenue	100.0	Midtown West	Fee Interest	1	159,720	7.4		23.3		54.3		54.3		N/A		N/A		1,935		4.9		96,936		1
762 Madison Avenue	100.0	Plaza District	Fee Interest	1	6,109	0.3		32.8		32.8		55.1		55.1		100.0		267		0.7		16,689		1
Total / Weighted Average Development / Redevelopment Properties				9	2,172,242	100.0	%	16.7	%	27.4	%	28.2	%	97.8	%	97.6	%		$39,682	100.0	%		$1,631,394	36



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 (2)	67.6	$1,108,153	(3)	$452,513	—	—	$1,094,873	$655,127	$3,310,666
410 Tenth Avenue	636,044	70.9	Q2 2021	98.3	41,525		17,071	—	—	434,934	165,066	658,596
185 Broadway	198,488	100.0	Q3 2021	—	65,980		—	18,695	—	144,448	80,552	309,675

Total Construction In Progress					$1,215,658		$469,584	$18,695	$—	$1,674,255	$900,745	$4,278,937

(1) Temporary Certificate of Occupancy
(2) Issued September 11, 2020.
(3) Reflects land contributed to the project at a value of $567,436, inclusive of a market value adjustment of $235,946



Supplemental Information	30	Third 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 ($'s)		Annualized Contractual Retail Cash Rent				Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet		Sep-20		Jun-20		Mar-20		Dec-19		Sep-19		Annualized Contractual Retail Cash Rent ($'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		48.6		100.0		100.0		100.0		100		—		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		2,140		0.7		1.2		1
719 Seventh Avenue	75.0	Times Square	Fee Interest	1	10,040	0.7		—		—		100.0		100.0		100.0		—		—		—		—
760 Madison Avenue	100.0	Plaza District	Fee Interest	1	21,124	1.4		100.0		100.0		100.0		100.0		100.0		17,029		5.5		9.4		1
762 Madison Avenue⁽¹⁾	100.0	Plaza District	Fee Interest	1	6,109	0.4		32.8		32.8		55.1		55.1		100.0		268		0.1		0.1		1
Williamsburg Terrace	100.0	Brooklyn, New York	Fee Interest	1	52,000	3.4		100.0		100.0		100.0		100.0		100.0		1,824		0.6		1.0		3

Subtotal / Weighted Average				7	108,226	7.1	%	78.4	%	78.4	%	92.0	%	92.0	%	94.5	%		$21,361	6.9	%	11.8	%	7

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			$3,081	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		3,934		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	0.5		100.0		100.0		100.0		100.0		100.0		1,787		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		11.5		9.8		1
717 Fifth Avenue	10.9	Midtown/Plaza District	Fee Interest	1	119,550	7.7		100.0		100.0		100.0		100.0		100.0		55,447		18.0		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		29,685		9.6		8.2		3

Subtotal / Weighted Average				8	289,050	18.8	%	97.7	%	97.7	%	97.7	%	97.7	%	97.7	%		$133,145	43.2	%	24.1	%	15

Total / Weighted Average Prime Retail				15	397,276	25.9	%	92.4	%	92.4	%	96.1	%	96.1	%	96.8	%		$154,506	50.1	%	35.9	%	22


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		100.0		81.1			$533	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		3,691		1.2		2.0		9
110 Greene Street	100.0	Soho	Fee Interest	1	16,121	1.1		81.6		86.8		86.8		86.8		86.8		2,460		0.8		1.4		3
125 Park Avenue	100.0	Grand Central	Fee Interest	1	32,124	2.1		97.3		100.0		100.0		100.0		100.0		4,907		1.6		2.7		6
220 East 42nd Street	100.0	Grand Central	Fee Interest	1	35,332	2.3		82.2		85.6		85.6		85.6		85.6		2,549		0.8		1.4		4
304 Park Avenue South	100.0	Midtown South	Fee Interest	1	25,330	1.7		100.0		100.0		100.0		66.3		66.9		3,585		1.2		2.0		5
410 Tenth Avenue ⁽¹⁾	70.9	Hudson Yards	Fee Interest	1	20,850	1.4		20.9		20.9		20.9		54.4		71.2		169		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		5,016		1.6		2.8		5
461 Fifth Avenue	100.0	Midtown	Leasehold Interest	1	17,114	1.1		15.9		100.0		100.0		100.0		100.0		863		0.3		0.5		1
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		5,987		1.9		3.3		8
555 West 57th Street	100.0	Midtown West	Fee Interest	1	60,389	3.9		100.0		100.0		100.0		100.0		100.0		2,306		0.7		1.3		2
625 Madison Avenue ⁽¹⁾	100.0	Plaza District	Leasehold Interest	1	78,489	5.0		93.5		94.8		100.0		100.0		91.3		15,449		4.9		8.2		17
635 Sixth Avenue	100.0	Midtown South	Fee Interest	1	23,250	1.5		100.0		100.0		100.0		100.0		100.0		3,540		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		3,901		1.3		2.2		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		3,224		1.0		1.8		3
750 Third Avenue	100.0	Grand Central North	Fee Interest	1	24,827	1.6		66.7		72.3		72.3		72.3		72.3		2,546		0.8		1.4		5
810 Seventh Avenue	100.0	Times Square	Fee Interest	1	18,207	1.2		100.0		100.0		100.0		100.0		100.0		4,660		1.5		2.6		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		100.0		77.7		100.0		100.0		100.0		6,775		2.2		3.7		5
1350 Avenue of the Americas	100.0	Rockefeller Center	Fee Interest	1	17,797	1.2		62.6		62.6		62.6		62.6		62.6		2,338		0.8		1.3		5

Subtotal / Weighted Average				20	616,228	40.2	%	89.4	%	91.2	%	93.2	%	93.0	%	92.3	%		$74,800	24.1	%	41.1	%	93


(1) Development / Redevelopment properties.



Supplemental Information	31	Third 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 ($'s)		Annualized Contractual Retail Cash Rent				Total Tenants
Properties	Interest (%)	SubMarket	Ownership	Bldgs	Sq. Feet		Sq. Feet		Sep-20		Jun-20		Mar-20		Dec-19		Sep-19		Annualized Contractual Retail Cash Rent ($'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		83.2		60.6		60.6			$20,999	6.8		5.9		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		98.9		98.9		97.6		100.0		100.0		3,884		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		3,809		1.2		1.1		9
280 Park Avenue	50.0	Park Avenue	Fee Interest	1	27,896		1.8		100.0		100.0		100.0		100.0		13.1		1,569		0.5		0.4		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		1,622		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		1,922		0.6		0.6		2
885 Third Avenue	100.0	Midtown / Plaza District	Fee / Leasehold Interest	1	12,403		0.8		97.4		N/A		N/A		N/A		N/A		645		0.2		0.4		2
919 Third Avenue	51.0	Grand Central North	Fee Interest	1	31,004		2.0		98.9		100.0		100.0		100.0		100.0		3,318		1.1		0.9		4
1515 Broadway	57.0	Times Square	Fee Interest	1	185,956		12.1		100.0		100.0		100.0		100.0		100.0		33,989		11.0		10.7		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		1,483		0.5		0.2		8
Stonehenge Portfolio	Various		Fee Interest	2	19,231		1.3		76.8		76.8		76.8		76.8		87.0		1,786		0.6		—		5

Subtotal / Weighted Average				14	520,583		33.9	%	95.3	%	95.3	%	95.2	%	91.2	%	86.8	%		$78,851	25.6	%	23.0	%	62

Total / Weighted Average Other Retail				34	1,136,811		74.1	%	92.1	%	93.1	%	94.1	%	92.2	%	89.8	%		$153,651	49.9	%	64.1	%	155


Retail Grand Total / Weighted Average				49	1,534,087		100.0	%	92.2	%	92.9	%	94.6	%	93.2	%	91.6	%		$308,157	100.0	%			177
Retail Grand Total - SLG share of Annualized Rent																				$181,231			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	Third 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		$88,386		$50,381	4.0%	$60.11
	1515 Broadway	57.0	Mar 2028	9,106	1,964		1,119		0.1%	$215.68
	555 West 57th Street	100.0	Dec 2023	338,527	17,110		17,110		1.4%	$50.54
	Worldwide Plaza	24.4	Jan 2027	32,598	2,267		552		—%	$69.53
				1,850,520	$109,727		$69,162		5.5%	$59.30	BBB

Credit Suisse Securities (USA), Inc.	11 Madison Avenue	60.0	May 2037	1,265,841		$80,109		$48,065	3.8%	$63.29
	1055 Washington Blvd	100.0	Jan 2022	2,525	100		100		—%	39.60
				1,268,366	$80,209		$48,165		3.8%	$63.24	A+

Latham & Watkins LLP	885 Third Avenue	100.0	Jun 2021	408,559		$32,240		$32,240	2.6%	$78.91
Sony Corporation	11 Madison Avenue	60.0	Jan 2031	578,791		$44,859		$26,915	2.1%	$77.50	A-
Debevoise & Plimpton, LLP	919 Third Avenue	51.0	Jun 2022	577,438		$47,607		$24,280	1.9%	$82.45
The City of New York	100 Church Street	100.0	Mar 2034	510,007		$21,037		$21,037	1.7%	$41.25	Aa2
King & Spalding	1185 Avenue of the Americas	100.0	Oct 2025	218,275		$20,884		$20,884	1.7%	$95.68

Metro-North Commuter Railroad Company	420 Lexington Avenue	100.0	Nov 2034	352,410		$20,311		$20,311	1.6%	$57.63
	110 East 42nd Street	100.0	Oct 2021	1,840	126		126		—%	68.63
				354,250	20,437		20,437		1.6%	$57.69	Baa3

Giorgio Armani Corporation	760 Madison Avenue	100.0	Dec 2024	21,124		$17,029		$17,030	1.3%	$806.15
	717 Fifth Avenue	10.9	Mar 2023	46,940	25,056		2,731		0.2%	$533.78
	762 Madison Avenue	90.0	Dec 2024	1,264	268		241		—%	$212.27
				69,328	$42,353		$20,002		1.6%	$610.90

Advance Magazine Group, Fairchild Publications	750 Third Avenue	100.0	Feb 2021	286,622		$15,355		$15,355	1.2%	$53.57
	485 Lexington Avenue	100.0	Feb 2021	52,573	3,685		3,685		0.3%	70.10
				339,195	$19,040		$19,040		1.5%	$56.13

Visiting Nurse Service of New York	220 East 42nd Street	100.0	Sep 2048	308,115	$18,842		$18,842		1.5%	$61.15

WME IMG, LLC	304 Park Avenue	100.0	Apr 2028	174,069		$12,740		$12,740	1.0%	$73.19
	11 Madison Avenue	60.0	Sep 2030	104,618	9,786		5,872		0.5%	93.54
				278,687	$22,526		$18,612		1.5%	$80.83

News America Incorporated	1185 Avenue of the Americas	100.0	Nov 2020	165,086		$18,147		$18,147	1.4%	$109.93	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		$33,833		$17,255	1.4%	$60.72
Cravath, Swaine & Moore LLP	Worldwide Plaza	24.4	Aug 2024	617,135		$67,821		$16,513	1.3%	$109.90

Omnicom Group, Inc., Cardinia Real Estate	220 East 42nd Street	100.0	Apr 2032	231,114		$14,944		$14,944	1.2%	$64.66
	1055 Washington Blvd.	100.0	Oct 2028	23,800	887		887		0.1%	37.28
				254,914	$15,831		$15,831		1.3%	$62.10	BBB+

WeWork	609 Fifth Avenue	100.0	Apr 2035	138,563		$11,224		$11,224	0.9%	$81.00
	2 Herald Sqaure	51.0	Feb 2036	153,061	8,842		4,509		0.4%	57.77
				291,624	$20,066		$15,733		1.2%	$68.81


National Hockey League	1185 Avenue of the Americas	100.0	Nov 2022	148,217		$15,689		$15,689	1.2%	$105.85
Amerada Hess Corp.	1185 Avenue of the Americas	100.0	Dec 2027	167,169		$15,440		$15,440	1.2%	$92.36	BBB-

Total				9,032,098	702,099		471,980		37.4%	$77.73

(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	Third Quarter 2020




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

https://cdn.kscope.io/e49a0f2709ffdacac223acee18f06575-a20q3tenantdiversity.jpg



Supplemental Information	34	Third 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 6/30/20			1,393,574


Add: Acquired Vacancies	885 Third Avenue		32,514

Space which became available during the Quarter (2):
Office
	110 East 42nd Street	1	1,242	1,276		$66.97
	110 Greene Street	3	5,749	5,681	91.28
	220 East 42nd Street	2	8,916	9,104	68.62
	280 Park Avenue	1	6,680	8,664	139.64
	420 Lexington Avenue	15	24,854	32,778	64.95
	711 Third Avenue	4	117,212	126,175	71.41
	750 Third Avenue	5	165,067	172,179	67.30
	800 Third Avenue	5	27,283	28,942	73.74
	810 Seventh Avenue	2	11,387	11,595	63.77
	885 Third Avenue	1	12,870	12,870	87.48
	Total/Weighted Average	39	381,260	409,264		$71.26

Retail
	110 Greene Street	1	838	864		$32.79
	125 Park Avenue	1	815	871	423.70
	220 East 42nd Street	1	2,674	3,309	139.52
	461 Fifth Avenue	1	15,442	14,398	112.39
	750 Third Avenue	1	1,380	1,380	187.43
	919 Third Avenue	1	330	330	145.12
	Total/Weighted Average	6	21,479	21,152		$131.61

Storage
	220 East 42nd Street	1	580	528		$21.86
	750 Third Avenue	1	2,093	2,093	33.21
	Total/Weighted Average	2	2,673	2,621		$30.92


	Total Space which became available during the quarter
	Office	39	381,260	409,264		$71.26
	Retail	6	21,479	21,152		$131.61
	Storage	2	2,673	2,621		$30.92
		47	405,412	433,037		$73.97

	Total Available Space		1,831,500

(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	Third 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				1,831,500

Office
	10 East 53rd Street	1	5.8	2,448	3,863		$75.00		$78.04		$13.90	9.0
	100 Park Avenue	2	10.8	9,740	9,956	87.85		74.59		109.90		10.0
	110 East 42nd Street	1	1.0	1,242	1,276	66.00		66.97		—		—
	110 Greene Street	2	0.8	3,323	3,255	77.73		84.46		—		—
	220 East 42nd Street	1	5.7	6,240	6,447	58.00		68.04		—		8.0
	280 Park Avenue	3	7.9	23,448	23,675	90.27		68.89		108.62		5.9
	304 Park Avenue South	1	8.1	34,970	36,077	77.00		59.06		37.51		6.0
	420 Lexington Avenue	13	6.0	24,878	33,722	63.03		67.28		57.72		2.8
	461 Fifth Avenue	2	9.0	13,166	14,067	89.46		108.78		98.95		4.5
	711 Third Avenue	2	7.3	105,896	115,383	62.28		64.41		41.33		10.4
	750 Third Avenue	1	5.3	4,723	5,993	69.00		—		13.69		3.0
	800 Third Avenue	1	1.0	11,800	11,860	65.00		79.02		—		1.0
	810 Seventh Avenue	1	11.0	5,716	5,908	59.00		—		15.00		12.0
	1350 Avenue of the Americas	1	5.3	2,971	3,058	86.00		—		1.72		4.0
	Total/Weighted Average	32	7.1	250,561	274,540		$69.78		$67.28		$48.65	7.3

Retail
	110 Greene Street	1	4.5	1,913	1,913		$182.96		$—		$—	—
	1185 Avenue of the Americas	1	10.6	8,144	8,327	287.23		302.11		—		7.0
	Total/Weighted Average	2	2.4	10,057	10,240		$267.75		$302.11		$—	5.7

Storage
	220 East 42nd Street	1	5.7	580	528		$21.86		$21.86		$—	8.0
	Total/Weighted Average	1	5.7	580	528		$21.86		$21.86		$—	8.0

Leased Space
	Office (3)	32	7.1	250,561	274,540		$69.78		$67.28		$48.65	7.3
	Retail	2	2.4	10,057	10,240		$267.75		$302.11		$—	5.7
	Storage	1	5.7	580	528		$21.86		$21.86		$—	8.0
	Total	35	7.2	261,198	285,308		$76.80		$75.35		$46.81	7.3


Total Available Space as of 9/30/20				1,570,302

Early Renewals
Office
	10 East 53rd Street	1	4.0	4,044	4,444		$85.00		$95.43		$—	6.0
	30 East 40th Street	1	10.0	1,400	1,770	54.00		60.84		—		5.0
	100 Church Street	1	4.0	22,370	22,859	58.56		58.56		—		7.2
	420 Lexington Avenue	6	4.6	19,206	24,419	65.70		65.35		0.02		1.4
	800 Third Avenue	1	3.5	3,555	4,627	63.18		68.47		25.00		2.0
	810 Seventh Avenue	1	5.0	15,500	17,320	74.74		74.74		—		5.5
	Total/Weighted Average	11	4.5	66,075	75,439		$66.32		$67.31		$1.54	4.5

Retail
	World Wide Plaza	1	1.0	1,819	1,913	98.22		101.87			$—	2.0
	Total/Weighted Average	1	1.0	1,819	1,913		$98.22		$101.87		$—	2.0

Renewals
	Early Renewals Office	11	4.5	66,075	75,439		$66.32		$67.31		$1.54	4.5
	Early Renewals Retail	1	1.0	1,819	1,913		$98.22		$101.87		$—	2.0
	Total	12	4.4	67,894	77,352		$67.11		$68.16		$1.50	4.4

(1) Annual initial base rent.
(2) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment, excluding concessions.
(3) Average starting office rent excluding new tenants replacing vacancies is $67.94/rsf for 230,372 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $67.54/rsf for 305,811 rentable SF.



Supplemental Information	36	Third 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 (1)	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 (2)		Current Weighted Average Asking Rent $/psf (3)		Number of Expiring Leases (1)	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 (2)		Current Weighted Average Asking Rent $/psf (3)

3rd Quarter 2020		12	28,435	0.28	%	1,912,480		67.26		74.57		6	28,824	0.25	%	2,345,750		81.38		79.05
4th Quarter 2020		20	277,791	2.70	%	25,105,243		90.37		68.37		4	22,585	0.20	%	2,506,137		110.96		86.41

Total 2020		32	306,226	2.98	%	$27,017,723			$99.54		$68.55	10	51,409	0.45	%		$4,851,887		$94.38		$82.28

2021		109	1,108,824	10.77	%		$68,174,382		$61.48		$61.60	29	741,461	6.50	%		$59,396,005		$80.11		$78.06
2022		90	759,679	7.38	%	59,764,670		78.67		71.20		33	907,808	7.96	%	84,940,125		93.57		87.97
2023		69	820,709	7.97	%	51,360,852		62.58		60.22		20	484,615	4.25	%	42,935,577		88.60		74.04
2024		55	365,619	3.55	%	25,887,439		70.80		66.22		25	992,779	8.70	%	107,684,404		108.47		80.40
2025		62	611,774	5.94	%	53,428,304		87.33		70.16		17	463,788	4.06	%	40,499,030		87.32		76.00
2026		36	795,855	7.73	%	55,055,636		69.18		64.34		27	546,676	4.79	%	54,349,495		99.42		90.49
2027		37	612,009	5.95	%	47,990,824		78.42		65.49		18	392,311	3.44	%	35,485,691		90.45		86.87
2028		36	613,723	5.96	%	45,179,734		73.62		68.80		16	183,965	1.61	%	20,491,401		111.39		109.71
2029		18	401,353	3.90	%	26,260,934		65.43		60.29		14	727,483	6.38	%	49,609,630		68.19		73.74
Thereafter		79	3,897,282	37.87	%	235,423,385		60.41		61.80		43	5,917,538	51.86	%	399,993,834		67.59		77.80
		623	10,293,053	100.00	%	$695,543,883			$67.57		$63.99	252	11,409,833	100.00	%		$900,237,079		$78.90		$79.68


	NOTE: Data excludes space currently occupied by SL Green's corporate offices
	(1) Tenants may have multiple leases.
	(2) Represents in place annualized contractual cash rent allocated by year of expiration.
	(3) Management's estimate of current average asking rents for currently occupied space as of September 30, 2020. Taking rents are typically lower than asking rents and may vary from property to property.



Supplemental Information	37	Third 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⁾		1	5,393	6.41	%		$692,716		$128.45		$172.45	2	5,298	1.95	%		$393,900		$74.35		$83.32
2021		—	—	—	%	—		—		—		2	13,637	5.03	%	4,359,674		319.69		72.71
2022		—	—	—	%	—		—		—		1	3,868	1.43	%	3,757,615		971.46		440.54
2023		—	—	—	%	—		—		—		3	54,071	19.95	%	26,842,068		496.42		268.19
2024		3	25,507	30.32	%	17,397,343		682.06		541.70		1	7,793	2.87	%	5,766,288		739.93		1,026.56
2025		1	30,139	35.82	%	150,000		4.98		16.59		—	—	—	%	—		—		—
2026		—	—	—	%	—		—		—		4	74,424	27.46	%	31,837,452		427.78		282.98
2027		—	—	—	%	—		—		—		1	3,655	1.35	%	757,884		207.36		102.98
2028		—	—	—	%	—		—		—		—	—	—	%	—		—		—
2029		—	—	—	%	—		—		—		1	31,174	11.50	%	21,883,296		701.97		449.09
Thereafter		2	23,100	27.45	%	3,121,172		135.12		157.57		2	77,154	28.46	%	37,546,368		486.64		488.27
		7	84,139	100.00	%		$21,361,231		$253.88		$224.47	17	271,074	100.00	%		$133,144,545		$491.17		$364.28
Vacancy ⁽⁵⁾			24,532							325.85			—							—
			108,671								$247.36		271,074								$364.28

Other Retail
2020 ⁽¹⁾		3	4,498	0.81	%		$1,133,675		$252.04		$247.19	1	333	0.07	%		$96,943		$291.12		$157.66
2021		11	25,533	4.57	%	3,446,017		134.96		102.85		5	5,995	1.22	%	606,801		101.22		85.37
2022		12	69,118	12.37	%	14,711,511		212.85		192.58		8	85,454	17.44	%	20,555,313		240.54		247.32
2023		10	36,669	6.56	%	5,666,389		154.53		111.73		5	25,282	5.16	%	3,213,764		127.12		97.26
2024		4	21,063	3.77	%	3,181,254		151.04		119.39		6	11,346	2.32	%	3,153,152		277.91		210.07
2025		4	22,233	3.98	%	4,291,059		193.00		128.57		2	8,579	1.75	%	616,031		71.81		96.71
2026		4	14,026	2.51	%	1,241,493		88.51		114.32		5	21,373	4.36	%	9,927,325		464.48		324.39
2027		5	28,652	5.13	%	4,158,154		145.13		98.42		7	26,316	5.37	%	11,535,124		438.33		413.59
2028		7	19,643	3.52	%	3,215,818		163.71		145.65		5	17,484	3.57	%	3,738,057		213.80		358.77
2029		4	26,728	4.78	%	1,703,253		63.73		61.57		8	68,862	14.05	%	5,316,216		77.20		78.93
Thereafter		29	290,572	52.00	%	32,050,975		110.30		96.83		10	218,987	44.69	%	20,093,043		91.75		88.13
		93	558,735	100.00	%		$74,799,598		$133.87		$113.80	62	490,011	100.00	%		$78,851,769		$160.92		$155.50
Vacancy ⁽⁵⁾			56,513							190.39			25,412							119.91
			615,248								$120.83		515,423								$153.74

	(1) Includes month to month holdover tenants that expired prior to September 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 September 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	Third 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	9/30/2020
1998 - 2019 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	89.1
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	81.8
Jun-01	317 Madison Avenue	Grand Central	100.0	Fee Interest	450,000	105,600		95.0	N/A
Sep-01	1250 Broadway	Penn Station	49.9	Fee Interest	670,000	126,500		97.7	N/A
May-02	1515 Broadway	Times Square	55.0	Fee Interest	1,750,000	483,500		98.0	94.9
Feb-03	220 East 42nd Street	Grand Central	100.0	Fee Interest	1,135,000	265,000		91.9	96.5
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	86.2
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	68.4
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	32.0
Feb-05	28 West 44th Street	Midtown	100.0	Fee Interest	359,000	105,000		87.0	N/A
Apr-05	1 Madison Avenue	Park Avenue South	55.0	Fee Interest	1,177,000	803,000		96.0	0.4
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	91.2
Jan-07	Reckson - NYC Portfolio	Various	100.0	Fee Interests / Leasehold Interest	5,612,000	3,679,530		98.3	94.6
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	0.4
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	99.4
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	92.7
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	95.8
Jun-12	304 Park Avenue South	Midtown South	100.0	Fee Interest	215,000	135,000		95.8	91.2
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	89.3
Aug-15	30 East 40th Street	Grand Central South	60.0	Leasehold Interest	69,446	4,650		100.0	93.5
Aug-15	11 Madison Avenue	Park Avenue South	100.0	Fee Interest	2,314,000	2,285,000		71.6	95.7
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
May-19	110 Greene Street	Soho	10.0	Fee Interest	223,600	256,500		93.3	89.3
					43,726,523	$	23,946,630

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



Supplemental Information	39	Third 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

9/30/2020

2020 Acquisitions

Jul-20

885 Third Avenue

Midtown / Plaza District

100.0

(2)

Fee / Leasehold Interest

625,300

387,932

94.8

92.7

625,300

387,932

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

(2) The Company holds 100% of the preferred equity interest in the property and believes that there is no value to the common equity.



Supplemental Information	40	Third 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	41	Third 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	9/30/2020
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	42	Third 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	9/30/2020
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	48.8
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	33.3
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	72.0
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		—	87.1
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	18.3
					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	23.3
Jan-20	126 Nassau Street	Lower Manhattan	100.0	Leasehold Interest	98,412	—		87.3	—
					264,241	$	119,250

(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.
(2) Subject to long-term, third party net operating leases.



Supplemental Information	43	Third 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
Aug-20	126 Nassau Street	Lower Manhattan	80.0	Leasehold Interest		98,412		—			—
Sep-20	400 East 58th Street	Upper East Side	90.0	Fee Interest		140,000		62,000			443
						752,836		$	676,500		$	1,034

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



Supplemental Information	44	Third 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	45	Third 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	46	Third 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						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019

Net income attributable to SL Green common stockholders	$	13,859		$	33,157		$	185,104		$	238,052
Add:
Depreciation and amortization	92,516			70,464			256,736			208,268
Joint venture depreciation and noncontrolling interest adjustments	47,884			47,674			149,309			145,202
Net income attributable to noncontrolling interests	1,216			1,095			11,218			9,782
Less:
Gain on sale of real estate, net	26,104			3,541			163,624			2,492
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			—			—			76,181
Purchase price and other fair value adjustment	—			3,799			—			69,389
Depreciable real estate reserves	(6,627		)	(7,047		)	(6,627		)	(7,047		)
Depreciation on non-rental real estate assets	538			740			1,797			2,193
FFO attributable to SL Green common stockholders and noncontrolling interests	$	135,460		$	151,357		$	443,573		$	458,096

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



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

Net income	$	20,677		$	66,627		$	127,114		$	24,255	$	40,722
Interest expense, net of interest income	23,536			30,070			37,494			44,724		48,112
Amortization of deferred financing costs	3,151			2,661			2,500			3,087		3,112
Income taxes	—			900			1,134			1,027		(995		)
Depreciation and amortization	92,516			95,941			68,279			64,090		70,464
(Gain) loss on sale of real estate	(26,104		)	(64,884		)	(72,636		)	19,241		(3,541		)
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			—			—			—		—
Purchase price and other fair value adjustments	—			—			—			—		(3,799		)
Depreciable real estate reserves	6,627			—			—			—		7,047
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates	87,630			81,843			88,724			85,733		86,743
EBITDAre	$	208,033		$	213,158		$	252,609		$	242,157	$	247,865



Supplemental Information	47	Third 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						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019

Net income	$	20,677		$	40,722		$	214,418		$	267,232
Equity in net gain on sale of interest in unconsolidated joint venture/real estate	—			—			—			(76,181		)
Purchase price and other fair value adjustments	—			(3,799		)	—			(69,389		)
Gain on sale of real estate, net	(26,104		)	(3,541		)	(163,624		)	(2,492		)
Depreciable real estate reserves	6,627			7,047			6,627			7,047
Depreciation and amortization	92,516			70,464			256,736			208,268
Interest expense, net of interest income	23,536			48,112			91,100			145,797
Amortization of deferred financing costs	3,151			3,112			8,312			8,566
Operating income	120,403			162,117			413,569			488,848

Equity in net loss from unconsolidated joint ventures	432			9,864			15,445			22,644
Marketing, general and administrative expense	23,602			23,841			66,682			75,300
Transaction related costs, net	45			44			483			360
Investment income	(22,988		)	(51,518		)	(101,464		)	(153,167		)
Loan loss and other investment reserves, net of recoveries	8,957			—			27,018			—
Non-building revenue	(192		)	(7,268		)	(3,982		)	(16,413		)
Net operating income (NOI)	130,259			137,080			417,751			417,572

Equity in net loss from unconsolidated joint ventures	(432		)	(9,864		)	(15,445		)	(22,644		)
SLG share of unconsolidated JV depreciation and amortization	49,534			46,557			141,625			142,861
SLG share of unconsolidated JV interest expense, net of interest income	34,128			38,295			102,619			115,983
SLG share of unconsolidated JV amortization of deferred financing costs	2,232			1,505			5,612			4,664
SLG share of unconsolidated JV loss on early extinguishment of debt	—			258			—			258
SLG share of unconsolidated JV investment income	(314		)	(314		)	(931		)	(3,017		)
SLG share of unconsolidated JV non-building revenue	(2,425		)	(1,215		)	(4,025		)	(1,926		)
NOI including SLG share of unconsolidated JVs	212,982			212,302			647,206			653,751

NOI from other properties/affiliates	(40,984		)	(29,496		)	(108,424		)	(108,742		)
Same-Store NOI	171,998			182,806			538,782			545,009

Operating lease straight-line adjustment	383			514			1,197			1,542
Joint Venture operating lease straight-line adjustment	232			242			826			977
Straight-line and free rent	(3,391		)	(4,069		)	(3,978		)	(14,613		)
Amortization of acquired above and below-market leases, net	(1,298		)	(1,188		)	(5,228		)	(3,625		)
Joint Venture straight-line and free rent	(3,625		)	(17,071		)	(13,756		)	(49,504		)
Joint Venture amortization of acquired above and below-market leases, net	(3,810		)	(4,122		)	(11,448		)	(12,632		)
Same-store cash NOI	$	160,489		$	157,112		$	506,395		$	467,154



Supplemental Information	48	Third Quarter 2020




SELL-SIDE ANALYST COVERAGE



EQUITY COVERAGE

Firm	Analyst	Phone	Email
B of A Securities	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	Thomas Catherwood	(212) 738-6139	tcatherwood@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
Piper Sandler	Alexander D. Goldfarb	(212) 466-7937	agoldfarb@sandleroneill.com
Scotiabank	Nicholas Yulico	(212) 225 6904	nicholas.yulico@scotiabank.com
Truist Securities	Michael Lewis	(212) 319-5659	Michael.R.Lewis@truist.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 covered by the research 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	49	Third Quarter 2020