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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K


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

Date of Report (Date of earliest event reported):

April 21, 2021

SL GREEN REALTY CORP.
(Exact name of registrant as specified in its charter)

Maryland
(State of Incorporation)

1-1319913-3956775
(Commission File Number)       (I.R.S. employer identification number)

One Vanderbilt Avenue                10017
New York,New York             (Zip Code)
(Address of principal executive offices)

(212) 594-2700
(Registrant's telephone number, including area code)

420 Lexington Avenue                10170
New York,New York             (Zip Code)
(Former name or former address, if changed since last report)

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:
RegistrantTrading SymbolTitle of Each ClassName of Each Exchange on Which Registered
SL Green Realty Corp.SLGCommon Stock, $0.01 par valueNew York Stock Exchange
SL Green Realty Corp.SLG.PRI6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par valueNew York Stock Exchange




Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company     []
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [ ]




Item 2.02.    Results of Operations and Financial Condition

Following the issuance of a press release on April 21, 2021 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended March 31, 2021, the Company has made available on its website supplemental information regarding the Company’s operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.

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

Item 7.01.    Regulation FD Disclosure

As discussed in Item 2.02 above, on April 21, 2021, the Company issued a press release announcing its results for the quarter ended March 31, 2021.

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

Item 9.01.    Financial Statements and Exhibits

(d)     Exhibits

    99.1    Press release regarding results for the quarter ended March 31, 2021.
    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 pro-rata adjustments 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: April 22, 2021



Document
Exhibit 99.1

CONTACT                        
Matt DiLiberto
Chief Financial Officer
(212) 594-2700

SL GREEN REALTY CORP. REPORTS
FIRST QUARTER 2021 EPS OF $(0.11) PER SHARE;
AND FFO OF $1.73 PER SHARE


Financial and Operating Highlights
Net income attributable to common stockholders of $(0.11) per share for the first quarter of 2021 as compared to $1.51 per share for the same period in 2020. Net income attributable to common stockholders for the first quarter of 2020 included $72.3 million, or $0.90 per share, of net gains recognized from the sale of 315 West 33rd Street, also known as The Olivia, and $37.7 million, or $0.47 per share, of incremental income from Credit Suisse at One Madison Avenue.
Funds from operations, or FFO, of $1.73 per share for the first quarter of 2021, including $10.5 million, or $0.14 per share, of lease termination income, as compared to $2.08 per share for the same period in 2020. FFO for the first quarter of 2020 included $37.7 million, or $0.47 per share, of incremental income from Credit Suisse at One Madison Avenue.
To date in 2021, the Company has repurchased or redeemed a combined 1.5 million shares of its common stock and units of its Operating Partnership, or OP units, under the previously announced $3.5 billion share repurchase plan, bringing total repurchases and redemptions to 34.1 million shares/units.
Signed 21 Manhattan office leases covering 352,752 square feet in the first quarter of 2021. The mark-to-market on signed Manhattan office leases was 2.8% lower for the first quarter of 2021 than the previous fully escalated rents on the same spaces.
Same-store cash net operating income, or NOI, including our share of same-store cash NOI from unconsolidated joint ventures, decreased by 1.4% for the first quarter of 2021 as compared to the same period in 2020, excluding lease termination income.
Manhattan same-store office occupancy was 94.2% as of March 31, 2021, inclusive of leases signed but not yet commenced.




Investing Highlights
Closed on the previously announced sale of its 25.0% interest in the commercial condominium units located at 55 West 46th Street, also known as "Tower 46", for a gross valuation of $275.0 million. The transaction generated net cash proceeds to the Company of $20.9 million.
Entered into an agreement to sell its 20.0% interest in 605 West 42nd Street, also known as "Sky", for a gross asset valuation of $858.1 million. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions, and generate net cash proceeds to the Company of approximately $53.0 million.
Entered into an agreement to sell its interests in 400 East 57th Street for a gross asset valuation of $133.5 million. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions, and generate net cash proceeds to the Company of approximately $18.0 million.
Financing Highlights
Along with our joint venture partners, entered into $2.25 billion of 10-year, fixed-rate forward starting swaps in anticipation of a refinancing of One Vanderbilt Avenue, which is anticipated to be in excess of the swapped amount. The swaps have a weighted average interest rate of 1.6114%.
ESG Highlights
Earned the WELL Health-Safety Rating across the Company’s entire 23 million square foot core portfolio, including at One Vanderbilt Avenue. The WELL Health-Safety Rating is focused on operational policies, maintenance protocols, stakeholder engagement, and emergency plans to address a post-COVID-19 environment.
Received a 2021 ENERGY STAR Partner of the Year Sustained Excellence Award, the highest level of U.S. Environmental Protection Agency (EPA) recognition, for the fourth consecutive year. Less than one percent of 16,000 U.S. Environmental Protection Agency (EPA) partners achieve the Sustained Excellence distinction.
Summary
New York, NY, April 21, 2021 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended March 31, 2021 of $(7.5) million, or $(0.11) per share, as compared to net income of $114.8 million, or $1.51 per share, for the same quarter in 2020. Net income attributable to common stockholders for the first quarter of 2020 included $72.3 million, or $0.90 per share, of net gains recognized from the sale of 315 West 33rd Street, also known as The Olivia, and $37.7 million, or $0.47 per share, of incremental income from Credit Suisse at One Madison Avenue.
The Company reported FFO for the quarter ended March 31, 2021 of $128.3 million, or $1.73 per share, inclusive of $10.5 million, or $0.14 per share, of lease termination income, as compared to FFO for the same period in 2020 of $172.0 million, or $2.08 per




share. FFO for the first quarter of 2020 included $37.7 million, or $0.47 per share, of incremental income from Credit Suisse at One Madison Avenue.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended March 31, 2021, the Company reported consolidated revenues and operating income of $226.1 million and $105.9 million, respectively, compared to $314.3 million and $162.8 million, respectively, for the same period in 2020.
To date, the Company has collected gross tenant billings, including rent and other billable expenses for the first quarter of 2021, as follows:
OfficeRetail
Overall (1)
1Q 202198.0%85.0%95.3%
(1) Includes garage, suburban and residential properties
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures decreased by 1.4% for the first quarter of 2021, and decreased 1.4% excluding lease termination income, as compared to the same period in 2020.
During the first quarter of 2021, the Company signed 21 office leases in its Manhattan portfolio totaling 352,752 square feet. Thirteen leases comprising 187,326 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 $57.16 per rentable square foot, representing a 2.8% decrease over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the first quarter of 2021 was 5.8 years and average tenant concessions were 6.9 months of free rent with a tenant improvement allowance of $61.90 per rentable square foot.
Occupancy in the Company's Manhattan same-store office portfolio was 94.2% as of March 31, 2021, inclusive of 96,653 square feet of leases signed but not yet commenced, as compared to 94.4% at the end of the previous quarter.
Significant leases that were signed in the first quarter included:
New lease with Beam Suntory for 99,556 square feet at 11 Madison Avenue, for 15.0 years;
New lease with a financial service firm for 26,770 square feet at One Vanderbilt Avenue, for 15.0 years;
New lease with Grand Central Office Suites, LLC for 19,647 square feet at 420 Lexington Avenue, for 16.3 years;
New lease with Ellington Management Group, LLC for 19,587 square feet at 711 Third Avenue, for 5.0 years; and
New lease with Walker & Dunlop, LLC for 16,614 square feet at One Vanderbilt Avenue, for 7.0 years.
Investment Activity




To date, the Company has repurchased a total of 32.8 million shares of its common stock and redeemed 1.3 million OP units for a combined total of $2.9 billion under the previously announced $3.5 billion share repurchase program.
In February, the Company closed on the previously announced sale of its 25.0% interest in the commercial condominium units located at 55 West 46th Street, also known as "Tower 46", for a gross valuation of $275.0 million, or $793 per square foot, to a Brookfield Asset Management real estate fund. The commercial condominium units consisted of office floors 2, 22-34, a retail store on 46th Street and the building's parking garage and fitness center. The transaction generated net cash proceeds to the Company of $20.9 million.
In April, the Company entered into an agreement to sell its 20.0% interest in 605 West 42nd Street, also known as "Sky," for a gross asset valuation of $858.1 million. The Company acquired its interest in Sky in 2016 as part of the origination of a mezzanine loan to The Moinian Group in 2014. The 71-story, 948,233 square foot luxury multifamily tower is 90.0% occupied, includes 295 affordable units of dedicated affordable housing and 68,000 square feet of retail space. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions, and generate net cash proceeds to the Company of approximately $53.0 million.
In April, the Company entered into an agreement to sell its interests in 400 East 57th Street for a gross asset valuation of $133.5 million. The property includes 263 residential units and approximately 10,000 square feet of retail leased to essential service providers. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions, and generate net cash proceeds to the Company of approximately $18.0 million.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s DPE portfolio was $1.13 billion at March 31, 2021. The portfolio is comprised of $1.10 billion of investments at a weighted average current yield of 6.9%, or 8.6% excluding the effect of $232.1 million of investments that are 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 3.6% that are included in other balance sheet line items for accounting purposes.
Financing Activity
During the first quarter of 2021, the Company, along with its joint venture partners, entered into $2.25 billion of 10-year, fixed-rate forward starting swaps in anticipation of a refinancing of One Vanderbilt Avenue, which is anticipated to be in excess of the swapped amount. The swaps have a weighted average interest rate of 1.6114%.
ESG Achievements
In April, the Company announced that it earned the WELL Health-Safety Rating across its entire 23 million square foot core portfolio, including at One Vanderbilt Avenue, one month after SL Green moved its headquarters into the sky-line defining tower in the heart of East Midtown. The WELL Health-Safety Rating is an evidence-based rating verified through the International WELL Building Institute (IWBI) that focuses on operational




policies, maintenance protocols, stakeholder engagement, and emergency plans to address a post-COVID-19 environment.
Achieving the WELL Health-Safety Rating across the entire core portfolio is a testament to the effectiveness of SL Green’s response to the new operating conditions under COVID-19. The company is at the forefront of instituting new policies and initiatives to protect occupant health and to keep tenants and employees informed through a comprehensive COVID-19 plan called SL Green Forward. SL Green Forward is an extension of the company’s best-in-class operating platform to promote a high degree of safety, cleanliness, and wellness for all building occupants.
In April, the Company announced that it has received a 2021 ENERGY STAR Partner of the Year Sustained Excellence Award for the fourth consecutive year. This award honors organizations across the United States that have implemented distinguished corporate energy management programs. Less than one percent of 16,000 U.S. Environmental Protection Agency (EPA) partners achieve the Sustained Excellence distinction.
The U.S. Department of Energy and EPA awarded SL Green this award, the highest level of EPA recognition, for its extensive tenant outreach on energy efficiency, educational programs and widespread promotion of ENERGY STAR tools and best practices. As a continued leader in this space, SL Green achieved ENERGY STAR labels for over 14 buildings covering 10.6 million square feet across its industry-leading portfolio in 2020.
Dividends
In the first quarter of 2021, the Company declared:
Three monthly dividends on its outstanding common stock of $0.3033 per share which were paid on February 15, March 15, and April 15, 2021, equating to an annualized dividend of $3.64 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 January 15, 2021 through and including April 14, 2021, which was paid on April 15, 2021 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, April 22, 2021 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 conference ID 1787091.
A replay of the call will be available for 7 days after the call by dialing (855) 859-2056 using conference ID 1787091. 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., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2021, SL Green held interests in 84 buildings totaling 37.8 million square feet. This included ownership interests in 28.3 million square feet of Manhattan buildings and 8.7 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 investor.relations@slgreen.com.





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
March 31,
Revenues:20212020
Rental revenue, net$162,810 $195,463 
Escalation and reimbursement 25,279 27,168 
Investment income19,273 38,533 
Other income18,740 53,139 
        Total revenues226,102 314,303 
Expenses:
Operating expenses, including related party expenses of $2,225 in 2021 and $3,749 in 202042,284 53,866 
Real estate taxes45,411 46,622 
Operating lease rent6,739 7,367 
Interest expense, net of interest income23,388 37,494 
Amortization of deferred financing costs3,774 2,500 
Depreciation and amortization62,996 68,279 
Loan loss and other investment reserves, net of recoveries 11,248 
Transaction related costs22 65 
Marketing, general and administrative22,885 19,570 
        Total expenses207,499 247,011 
Equity in net loss from unconsolidated joint ventures(2,864)(12,814)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(12,629)— 
Purchase price and other fair value adjustment2,664 — 
(Loss) gain on sale of real estate, net(1,388)72,636 
Depreciable real estate reserves(8,241)— 
        Net (loss) income(3,855)127,114 
Net loss (income) attributable to noncontrolling interests in the Operating Partnership476 (6,202)
Net loss attributable to noncontrolling interests in other partnerships1,499 293 
Preferred unit distributions(1,846)(2,666)
Net (loss) income attributable to SL Green(3,726)118,539 
Perpetual preferred stock dividends(3,738)(3,738)
        Net (loss) income attributable to SL Green common stockholders$(7,464)$114,801 
Earnings Per Share (EPS)
Net (loss) income per share (Basic) (1)
$(0.11)$1.51 
Net (loss) income per share (Diluted) (1)
$(0.11)$1.51 
Funds From Operations (FFO)
FFO per share (Basic) (1)
$1.75 $2.15 
FFO per share (Diluted) (1)
$1.73 $2.14 
FFO per share (Pro forma) (2)
$1.73 $2.08 
Basic ownership interest
Weighted average REIT common shares for net income per share69,010 75,656 
Weighted average partnership units held by noncontrolling interests4,148 4,220 
Basic weighted average shares and units outstanding (1)
73,158 79,876 
Diluted ownership interest
Weighted average REIT common share and common share equivalents69,922 76,132 
Weighted average partnership units held by noncontrolling interests4,148 4,220 
Diluted weighted average shares and units outstanding (1)
74,070 80,352 
Pro forma adjustment (2)
 2,215 
Pro forma diluted weighted average shares and units outstanding (2)
74,070 82,567 
(1) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. The 2020 basic and diluted weighted average common shares outstanding have been retroactively adjusted to reflect the reverse stock split.
(2) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. GAAP requires the weighted average common shares outstanding to be adjusted retroactively for all periods presented to reflect the reverse stock split. To facilitate comparison between the periods presented, the Company calculated Pro forma diluted weighted average shares and units outstanding for the 2020 periods presented, which adjusts the share counts back to the originally-reported numbers.




SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
March 31,December 31,
20212020
Assets(Unaudited)
Commercial real estate properties, at cost:
Land and land interests$1,445,199 $1,315,832 
Building and improvements4,096,930 4,168,193 
Building leasehold and improvements1,730,418 1,448,134 
Right of use asset - financing leases55,711 55,711 
Right of use asset - operating leases502,316 367,209 
7,830,574 7,355,079 
Less: accumulated depreciation(2,004,945)(1,956,077)
5,825,629 5,399,002 
Assets held for sale— — 
Cash and cash equivalents304,999 266,059 
Restricted cash96,608 106,736 
Investment in marketable securities23,784 28,570 
Tenant and other receivables42,505 44,507 
Related party receivables34,310 34,657 
Deferred rents receivable304,420 302,791 
Debt and preferred equity investments, net of discounts and deferred origination fees of $9,817 and $11,232 and allowances of $13,213 and $13,213 in 2021 and 2020, respectively1,097,202 1,076,542 
Investments in unconsolidated joint ventures3,698,701 3,823,322 
Deferred costs, net170,252 177,168 
Other assets445,635 448,213 
        Total assets$12,044,045 $11,707,567 
Liabilities
Mortgages and other loans payable$1,867,663 $2,001,361 
Revolving credit facility630,000 110,000 
Unsecured term loan1,500,000 1,500,000 
Unsecured notes1,251,647 1,251,888 
Deferred financing costs, net(30,558)(34,521)
Total debt, net of deferred financing costs5,218,752 4,828,728 
Accrued interest payable22,796 14,825 
Accounts payable and accrued expenses120,015 151,309 
Deferred revenue119,215 118,572 
Lease liability - financing leases152,622 152,521 
Lease liability - operating leases455,385 339,458 
Dividend and distributions payable24,924 149,294 
Security deposits54,181 53,836 
Liabilities related to assets held for sale— — 
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities100,000 100,000 
Other liabilities267,908 302,798 
        Total liabilities6,535,798 6,211,341 
Commitments and contingencies— — 
Noncontrolling interest in the Operating Partnership374,124 358,262 
Preferred units198,503 202,169 
Equity
Stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2021 and December 31, 2020221,932 221,932 
Common stock, $0.01 par value 160,000 shares authorized, 70,380 and 69,534 issued and outstanding at March 31, 2021 and December 31, 2020, respectively (including 1,026 held in Treasury at both March 31, 2021 and December 31, 2020)705 716 
Additional paid-in capital3,913,258 3,862,949 
Treasury stock at cost(124,049)(124,049)
Accumulated other comprehensive loss(18,897)(67,247)
Retained earnings918,077 1,015,462 
Total SL Green Realty Corp. stockholders’ equity4,911,026 4,909,763 
Noncontrolling interests in other partnerships24,594 26,032 
        Total equity4,935,620 4,935,795 
Total liabilities and equity$12,044,045 $11,707,567 




SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data)

Three Months Ended
March 31,
Funds From Operations (FFO) Reconciliation:20212020
Net (loss) income attributable to SL Green common stockholders$(7,464)$114,801 
Add:
Depreciation and amortization62,996 68,279 
Joint venture depreciation and noncontrolling interest adjustments55,702 56,318 
Net (loss) income attributable to noncontrolling interests(1,975)5,909 
Less:
(Loss) gain on sale of real estate, net(1,388)72,636 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(12,629)— 
Purchase price and other fair value adjustments2,664 — 
Depreciable real estate reserves(8,241)— 
Depreciation on non-rental real estate assets527 650 
FFO attributable to SL Green common stockholders and unit holders$128,326 $172,021 


Three Months Ended
March 31,
Operating income and Same-store NOI Reconciliation:20212020
Net (loss) income$(3,855)$127,114 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate12,629 — 
Purchase price and other fair value adjustments(2,664)— 
Loss (gain) on sale of real estate, net1,388 (72,636)
Depreciable real estate reserves8,241 — 
Depreciation and amortization62,996 68,279 
Interest expense, net of interest income23,388 37,494 
Amortization of deferred financing costs3,774 2,500 
Operating income105,897 162,751 
Equity in net loss from unconsolidated joint ventures2,864 12,814 
Marketing, general and administrative expense22,885 19,570 
Transaction related costs, net22 65 
Investment income(19,273)(38,533)
Loan loss and other investment reserves, net of recoveries— 11,248 
Non-building revenue(192)(7,268)
Net operating income (NOI)112,203 160,647 
Equity in net loss from unconsolidated joint ventures(2,864)(12,814)
SLG share of unconsolidated JV depreciation and amortization55,275 45,874 
SLG share of unconsolidated JV interest expense, net of interest income33,427 35,777 
SLG share of unconsolidated JV amortization of deferred financing costs2,885 1,687 
SLG share of unconsolidated JV loss on early extinguishment of debt— — 
SLG share of unconsolidated JV investment income(296)(307)
SLG share of unconsolidated JV non-building revenue(2,425)(1,215)
NOI including SLG share of unconsolidated JVs198,205 229,649 
NOI from other properties/affiliates(32,326)(62,747)
Same-Store NOI165,879 166,902 
Ground lease straight-line adjustment245 288 
Joint Venture ground lease straight-line adjustment232 342 
Straight-line and free rent(3,202)(2,818)
Amortization of acquired above and below-market leases, net(241)(1,716)
Joint Venture straight-line and free rent(7,356)(5,781)
Joint Venture amortization of acquired above and below-market leases, net(4,303)(3,821)
Same-store cash NOI$151,254 $153,396 





SL GREEN REALTY CORP.
NON-GAAP FINANCIAL MEASURES - DISCLOSURES
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 pro-rata adjustments 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).
SLG-EARN


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SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development, redevelopment, construction and leasing.
As of March 31, 2021, the Company held interests in 84 buildings totaling 37.8 million square feet. This included ownership interests in 28.3 million square feet in Manhattan buildings and 8.7 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.
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.

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.

The following discussion related to the consolidated financial statements of the Company should be read in conjunction with the financial statements for the quarter ended March 31, 2021 that will be included on Form 10-Q to be filed on or before May 5, 2021.
Supplemental Information
2
First Quarter 2021

TABLE OF CONTENTS
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Definitions
Highlights-
Comparative Balance Sheets
Comparative Statements of Operations
Comparative Computation of FFO and FAD
Consolidated Statement of Equity
Joint Venture Statements-
Selected Financial Data-
Debt Summary Schedule-
Lease Liability Schedule
Debt and Preferred Equity Investments-
Selected Property Data
Property Portfolio-
Largest Tenants
Tenant Diversification
Leasing Activity-
Lease Expirations-
Summary of Real Estate Acquisition/Disposition Activity-
Corporate Information
Non-GAAP Disclosures and Reconciliations
Analyst Coverage

Supplemental Information
3
First Quarter 2021

DEFINITIONS
                               
                          
                         
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Annualized cash rent - Monthly base rent and escalations per the lease, excluding concessions, deferrals, and abatements 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 carrying value 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 pro-rata adjustments 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 acquisition of a property or which are incurred to bring a property up to “operating standards.”
Redevelopment costs - Non-recurring capital expenditures incurred to improve properties 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 2021 are as follows:
Added to Same-Store in 2021:Removed from Same-Store in 2021:
115 Spring Street750 Third Avenue (redevelopment)
760 Madison Avenue (redevelopment)
55 West 46th Street "Tower 46" (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.
Supplemental Information
4
First Quarter 2021

DEFINITIONS
                               
                          
                         
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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 respective 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
5
First Quarter 2021

FIRST QUARTER 2021 HIGHLIGHTS

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New York, NY, April 21, 2021 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended March 31, 2021 of $(7.5) million, or $(0.11) per share, as compared to net income of $114.8 million, or $1.51 per share, for the same quarter in 2020. Net income attributable to common stockholders for the first quarter of 2020 included $72.3 million, or $0.90 per share, of net gains recognized from the sale of 315 West 33rd Street, also known as The Olivia, and $37.7 million, or $0.47 per share, of incremental income from Credit Suisse at One Madison Avenue.
The Company reported FFO for the quarter ended March 31, 2021 of $128.3 million, or $1.73 per share, inclusive of $10.5 million, or $0.14 per share, of lease termination income, as compared to FFO for the same period in 2020 of $172.0 million, or $2.08 per share. FFO for the first quarter of 2020 included $37.7 million, or $0.47 per share, of incremental income from Credit Suisse at One Madison Avenue.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended March 31, 2021, the Company reported consolidated revenues and operating income of $226.1 million and $105.9 million, respectively, compared to $314.3 million and $162.8 million, respectively, for the same period in 2020.
To date, the Company has collected gross tenant billings, including rent and other billable expenses for the first quarter of 2021, as follows:
OfficeRetail
Overall (1)
1Q 202198.0%85.0%95.3%
(1) Includes garage, suburban and residential properties
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures decreased by 1.4% for the first quarter of 2021, and decreased 1.4% excluding lease termination income, as compared to the same period in 2020.
During the first quarter of 2021, the Company signed 21 office leases in its Manhattan portfolio totaling 352,752 square feet. Thirteen leases comprising 187,326 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 $57.16 per rentable square foot, representing a 2.8% decrease over the previous fully escalated rents on the same office spaces. The average lease term on the Manhattan office leases signed in the first quarter of 2021 was 5.8 years and average tenant concessions were 6.9 months of free rent with a tenant improvement allowance of $61.90 per rentable square foot.
Occupancy in the Company's Manhattan same-store office portfolio was 94.2% as of March 31, 2021, inclusive of 96,653 square feet of leases signed but not yet commenced, as compared to 94.4% at the end of the previous quarter.
Significant leases that were signed in the first quarter included:
New lease with Beam Suntory for 99,556 square feet at 11 Madison Avenue, for 15.0 years;
New lease with a financial service firm for 26,770 square feet at One Vanderbilt Avenue, for 15.0 years;
New lease with Grand Central Office Suites, LLC for 19,647 square feet at 420 Lexington Avenue, for 16.3 years;
New lease with Ellington Management Group, LLC for 19,587 square feet at 711 Third Avenue, for 5.0 years; and
New lease with Walker & Dunlop, LLC for 16,614 square feet at One Vanderbilt Avenue, for 7.0 years.
Investment Activity
To date, the Company has repurchased a total of 32.8 million shares of its common stock and redeemed 1.3 million OP units for a combined total of $2.9 billion under the previously announced $3.5 billion share repurchase program.
In February, the Company closed on the previously announced sale of its 25.0% interest in the commercial condominium units located at 55 West 46th Street, also known as "Tower 46", for a gross valuation of $275.0 million, or $793 per square foot, to a Brookfield Asset Management real estate fund. The commercial condominium units consisted of office floors 2, 22-34, a retail store on 46th Street and the building's parking garage and fitness center. The transaction generated net cash proceeds to the Company of $20.9 million.
In April, the Company entered into an agreement to sell its 20.0% interest in 605 West 42nd Street, also known as "Sky," for a gross asset valuation of $858.1 million. The Company acquired its interest in Sky in 2016 as part of the origination of a mezzanine loan to The Moinian Group in 2014. The 71-story, 948,233 square foot luxury multifamily tower is 90.0% occupied, includes 295 affordable units of dedicated affordable housing and 68,000 square feet of retail space. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions, and generate net cash proceeds to the Company of approximately $53.0 million.
In April, the Company entered into an agreement to sell its interests in 400 East 57th Street for a gross asset valuation of $133.5 million. The property includes 263 residential units and approximately 10,000 square feet of retail leased to essential service providers. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions, and generate net cash proceeds to the Company of approximately $18.0 million.
Supplemental Information
6
First Quarter 2021

FIRST QUARTER 2021 HIGHLIGHTS

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Debt and Preferred Equity Investment Activity
The carrying value of the Company’s DPE portfolio was $1.13 billion at March 31, 2021. The portfolio is comprised of $1.10 billion of investments at a weighted average current yield of 6.9%, or 8.6% excluding the effect of $232.1 million of investments that are 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 3.6% that are included in other balance sheet line items for accounting purposes.
Financing Activity
During the first quarter of 2021, the Company, along with its joint venture partners, entered into $2.25 billion of 10-year, fixed-rate forward starting swaps in anticipation of a refinancing of One Vanderbilt Avenue, which is anticipated to be in excess of the swapped amount. The swaps have a weighted average interest rate of 1.6114%.
ESG Achievements
In April, the Company announced that it earned the WELL Health-Safety Rating across its entire 23 million square foot core portfolio, including at One Vanderbilt Avenue, one month after SL Green moved its headquarters into the sky-line defining tower in the heart of East Midtown. The WELL Health-Safety Rating is an evidence-based rating verified through the International WELL Building Institute (IWBI) that focuses on operational policies, maintenance protocols, stakeholder engagement, and emergency plans to address a post-COVID-19 environment.
Achieving the WELL Health-Safety Rating across the entire core portfolio is a testament to the effectiveness of SL Green’s response to the new operating conditions under COVID-19. The company is at the forefront of instituting new policies and initiatives to protect occupant health and to keep tenants and employees informed through a comprehensive COVID-19 plan called SL Green Forward. SL Green Forward is an extension of the company’s best-in-class operating platform to promote a high degree of safety, cleanliness, and wellness for all building occupants.
In April, the Company announced that it has received a 2021 ENERGY STAR Partner of the Year Sustained Excellence Award for the fourth consecutive year. This award honors organizations across the United States that have implemented distinguished corporate energy management programs. Less than one percent of 16,000 U.S. Environmental Protection Agency (EPA) partners achieve the Sustained Excellence distinction.
The U.S. Department of Energy and EPA awarded SL Green this award, the highest level of EPA recognition, for its extensive tenant outreach on energy efficiency, educational programs and widespread promotion of ENERGY STAR tools and best practices. As a continued leader in this space, SL Green achieved ENERGY STAR labels for over 14 buildings covering 10.6 million square feet across its industry-leading portfolio in 2020.



Dividends
In the first quarter of 2021, the Company declared:
Three monthly dividends on its outstanding common stock of $0.3033 per share which were paid on February 15, March 15, and April 15, 2021, equating to an annualized dividend of $3.64 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 January 15, 2021 through and including April 14, 2021, which was paid on April 15, 2021 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, April 22, 2021 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 conference ID 1787091.
A replay of the call will be available for 7 days after the call by dialing (855) 859-2056 using conference ID 1787091. 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., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2021, SL Green held interests in 84 buildings totaling 37.8 million square feet. This included ownership interests in 28.3 million square feet of Manhattan buildings and 8.7 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 investor.relations@slgreen.com.
Supplemental Information
7
First Quarter 2021

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/1e4921279f704c40dcbe5bb952acb309-image241.jpg

As of or for the three months ended
3/31/202112/31/20209/30/20206/30/20203/31/2020
Earnings Per Share
Net (loss) income available to common stockholders (EPS) - diluted (1)
$(0.11)$2.41 $0.19 $0.74 $1.51 
Funds from operations (FFO) available to common stockholders - diluted (1)
$1.73 $1.59 $1.80 $1.74 $2.14 
Funds from operations (FFO) available to common stockholders - pro forma (2)
$1.73 $1.56 $1.75 $1.70 $2.08 
Common Share Price & Dividends
Closing price at the end of the period (1)
$69.99 $61.32 $47.72 $50.73 $44.36 
Closing high price during period (1)
$77.76 $65.76 $52.74 $64.96 $98.56 
Closing low price during period (1)
$58.13 $42.87 $45.11 $37.90 $42.34 
Annual dividend per common share$3.64 $3.64 $3.54 $3.54 $3.54 
FFO payout ratio (trailing 12 months)53.3 %50.3 %48.6 %48.2 %46.9 %
Funds available for distribution (FAD) payout ratio (trailing 12 months)59.5 %62.0 %59.3 %67.0 %73.6 %
Common Shares & Units
Common shares outstanding (1)
69,354 68,508 70,969 71,586 74,365 
Units outstanding4,156 3,939 4,027 4,045 4,145 
Total common shares and units outstanding73,510 72,447 74,996 75,631 78,510 
Weighted average common shares and units outstanding - basic (1)
73,158 74,072 74,972 77,658 79,876 
Weighted average common shares and units outstanding - diluted (1)
74,070 75,163 75,414 78,066 80,352 
Weighted average common shares and units outstanding - pro forma (2)
74,070 76,575 77,491 80,219 82,567 
Market Capitalization
Market value of common equity$5,144,965 $4,442,450 $3,578,809 $3,836,761 $3,482,704 
Liquidation value of preferred equity/units428,503 432,169 432,169 455,448 496,020 
Consolidated debt5,349,310 4,963,249 5,466,849 6,189,658 6,162,819 
Consolidated market capitalization$10,922,778 $9,837,868 $9,477,827 $10,481,867 $10,141,543 
SLG share of unconsolidated JV debt4,422,585 4,672,371 4,588,930 4,230,047 4,132,083 
Market capitalization including SLG share of unconsolidated JVs$15,345,363 $14,510,239 $14,066,757 $14,711,914 $14,273,626 
Consolidated debt service coverage (trailing 12 months)3.61x3.54x3.52x3.40x3.39x
Consolidated fixed charge coverage (trailing 12 months)2.85x2.82x2.83x2.75x2.77x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)2.41x2.41x2.44x2.41x2.41x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)2.04x2.06x2.08x2.06x2.08x
(1) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. The share-related data presented here for the periods ending 12/31/20, 9/30/20, 6/30/20, and 3/31/20 have been retroactively adjusted to reflect the reverse stock split.
(2) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. GAAP requires the weighted average common shares outstanding to be adjusted retroactively for all periods presented to reflect the reverse stock split. To facilitate comparison between the periods presented, the Company calculated Pro forma diluted weighted average shares and units outstanding for the 2020 periods presented, which adjusts the share counts back to the originally-reported numbers.
Supplemental Information
8
First Quarter 2021

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/1e4921279f704c40dcbe5bb952acb309-image241.jpg

As of or for the three months ended
3/31/202112/31/20209/30/20206/30/20203/31/2020
Selected Balance Sheet Data
Real estate assets before depreciation$7,830,574 $7,355,079 $9,021,490 $9,046,938 $9,061,831 
Investments in unconsolidated joint ventures$3,698,701 $3,823,322 $2,946,673 $2,952,681 $2,848,363 
Debt and preferred equity investments$1,097,202 $1,076,542 $1,153,363 $1,221,936 $1,783,336 
Cash and cash equivalents$304,999 $266,059 $221,404 $1,015,348 $554,195 
Investment in marketable securities$23,784 $28,570 $27,734 $27,345 $25,353 
Total assets$12,044,045 $11,707,567 $12,324,039 $13,071,564 $13,220,607 
Fixed rate & hedged debt$3,932,789 $3,135,572 $3,338,268 $3,379,743 $3,032,513 
Variable rate debt1,416,521 
(1)
1,827,677 2,128,581 2,809,915 3,130,306 
Total consolidated debt$5,349,310 $4,963,249 $5,466,849 $6,189,658 $6,162,819 
Deferred financing costs, net of amortization(30,558)(34,521)(47,677)(48,344)(39,553)
Total consolidated debt, net$5,318,752 $4,928,728 $5,419,172 $6,141,314 $6,123,266 
Total liabilities$6,535,798 $6,211,341 $6,634,385 $7,281,652 $7,251,728 
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt$6,155,058 $5,632,531 $5,837,841 $5,609,865 $5,265,219 
Variable rate debt, including SLG share of unconsolidated JV debt3,616,837 
(1)
4,003,089 4,217,938 4,809,840 5,029,683 
Total debt, including SLG share of unconsolidated JV debt$9,771,895 $9,635,620 $10,055,779 $10,419,705 $10,294,902 
Selected Operating Data
Property operating revenues$188,089 $190,391 $195,515 $195,886 $222,631 
Property operating expenses(94,434)(93,909)(96,405)(90,389)(107,855)
Property NOI$93,655 $96,482 $99,110 $105,497 $114,776 
SLG share of unconsolidated JV Property NOI86,483 78,378 82,384 76,705 73,992 
Property NOI, including SLG share of unconsolidated JV Property NOI$180,138 $174,860 $181,494 $182,202 $188,768 
Investment income19,273 18,699 22,988 39,943 38,533 
Other income18,740 25,808 31,341 17,870 53,139 
Marketing general & administrative expenses(22,885)(25,144)(23,602)(23,510)(19,570)
SLG share of investment income and other income from unconsolidated JVs2,642 2,041 4,814 2,939 1,918 
Income taxes708 (859)— 900 1,134 
Transaction costs, including SLG share of unconsolidated JVs(22)(20)(45)(373)(65)
Loan loss and other investment reserves, net of recoveries— (8,280)(8,957)(6,813)(11,248)
EBITDAre$198,594 $187,105 $208,033 $213,158 $252,609 
(1) Does not reflect $352.6 million of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.

Supplemental Information
9
First Quarter 2021

KEY FINANCIAL DATA
Manhattan Properties (1)
Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/1e4921279f704c40dcbe5bb952acb309-image241.jpg
As of or for the three months ended
3/31/202112/31/20209/30/20206/30/20203/31/2020
Selected Operating Data
Property operating revenues$183,701 $184,227 $189,263 $188,134 $214,373 
Property operating expenses87,056 87,966 88,115 79,560 97,312 
Property NOI$96,645 $96,261 $101,148 $108,574 $117,061 
Other income - consolidated$11,748 $2,575 $20,975 $12,448 $45,348 
SLG share of property NOI from unconsolidated JVs$86,483 $78,379 $82,384 $76,704 $73,992 
Office Portfolio Statistics
Consolidated office buildings in service18 18 18 18 18 
Unconsolidated office buildings in service11 11 10 10 
27 29 29 28 28 
Consolidated office buildings in service - square footage10,526,345 10,681,045 10,647,191 10,647,191 10,647,191 
Unconsolidated office buildings in service - square footage10,869,183 11,841,483 11,841,483 11,216,183 11,216,183 
21,395,528 22,522,528 22,488,674 21,863,374 21,863,374 
Same-Store office occupancy (consolidated + JVs)93.8%93.6%94.0%93.9%93.9%
Same-Store office occupancy inclusive of leases signed not yet commenced94.2%94.4%95.2%95.5%95.7%
Office Leasing Statistics
New leases commenced21 16 25 27 
Renewal leases commenced12 18 25 
Total office leases commenced28 28 43 34 32 
Commenced office square footage filling vacancy216,182 42,262 44,168 46,502 29,938 
Commenced office square footage on previously occupied space (M-T-M leasing) (2)
292,625 473,133 305,811 269,823 136,523 
Total office square footage commenced508,807 515,395 349,979 316,325 166,461 
Average starting cash rent psf - office leases commenced$56.64$61.66$67.54$75.50$68.33
Previous escalated cash rent psf - office leases commenced (3)
$60.33$63.08$67.29$73.84$73.52
Increase in new cash rent over previously escalated cash rent (2) (3)
(6.1)%(2.3)%0.4%2.2%(7.1)%
Average lease term8.18.06.57.811.3
Tenant concession packages psf$70.04$48.13$38.49$31.37$60.30
Free rent months6.05.56.75.06.0
(1) Property data for in-service buildings only.
(2) Calculated on space that was occupied within the previous 12 months.
(3) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
Supplemental Information
10
First Quarter 2021

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/1e4921279f704c40dcbe5bb952acb309-image241.jpg

As of
3/31/202112/31/20209/30/20206/30/20203/31/2020
Assets
Commercial real estate properties, at cost:
     Land and land interests$1,445,199 $1,315,832 $1,639,118 $1,625,483 $1,662,840 
     Building and improvements 4,096,930 4,168,193 5,483,155 5,363,464 5,417,965 
     Building leasehold and improvements 1,730,418 1,448,134 1,442,251 1,443,855 1,435,811 
     Right of use asset - financing leases55,711 55,711 75,711 176,152 163,960 
     Right of use asset - operating leases502,316 367,209 381,255 381,255 381,255 
7,830,574 7,355,079 9,021,490 8,990,209 9,061,831 
Less: accumulated depreciation(2,004,945)(1,956,077)(2,260,247)(2,186,157)(2,130,033)
Net real estate5,825,629 5,399,002 6,761,243 6,804,052 6,931,798 
Other real estate investments:
    Investment in unconsolidated joint ventures3,698,701 3,823,322 2,946,673 2,952,681 2,848,363 
    Debt and preferred equity investments, net1,097,202 
(1)
1,076,542 
(1)
1,153,363 
(1)
1,221,936 1,783,336 
Assets held for sale, net— — — 49,687 — 
Cash and cash equivalents304,999 266,059 221,404 1,015,348 554,195 
Restricted cash96,608 106,736 83,045 85,935 66,827 
Investment in marketable securities23,784 28,570 27,734 27,345 25,353 
Tenant and other receivables42,505 44,507 72,806 90,305 88,587 
Related party receivables34,310 34,657 31,936 16,984 26,092 
Deferred rents receivable304,420 302,791 304,673 302,729 310,138 
Deferred costs, net170,252 177,168 206,289 217,812 232,274 
Other assets445,635 448,213 514,873 286,750 353,644 
 Total Assets$12,044,045 $11,707,567 $12,324,039 $13,071,564 $13,220,607 
(1) Excludes debt and preferred equity investments totaling $35.0 million with a weighted average current yield of 3.59% that are included in other balance sheet line items.
Supplemental Information
11
First Quarter 2021

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/1e4921279f704c40dcbe5bb952acb309-image241.jpg

As of
3/31/202112/31/20209/30/20206/30/20203/31/2020
Liabilities
Mortgages and other loans payable$1,867,663 $2,001,361 $2,424,721 $2,348,483 $2,010,217 
Unsecured term loans1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 
Unsecured notes1,251,647 1,251,888 1,252,128 1,252,366 1,252,602 
Revolving credit facility630,000 110,000 190,000 950,000 1,300,000 
Deferred financing costs(30,558)(34,521)(47,677)(48,344)(39,553)
Total debt, net of deferred financing costs5,218,752 4,828,728 5,319,172 6,002,505 6,023,266 
Accrued interest22,796 14,825 23,438 14,903 26,377 
Accounts payable and accrued expenses120,015 151,309 152,983 165,565 158,750 
Deferred revenue119,215 118,572 117,615 99,655 116,197 
Lease liability - financing leases152,622 152,521 174,983 174,732 162,299 
Lease liability - operating leases455,385 339,458 358,419 361,221 363,990 
Dividends and distributions payable24,924 149,294 25,486 25,611 26,563 
Security deposits54,181 53,836 56,212 58,486 59,318 
Liabilities related to assets held for sale— — — 38,272 — 
Junior subordinated deferrable interest debentures100,000 100,000 100,000 100,000 100,000 
Other liabilities267,908 302,798 306,077 240,702 214,968 
Total liabilities6,535,798 6,211,341 6,634,385 7,281,652 7,251,728 
Noncontrolling interest in operating partnership
     (3,939 units outstanding) at 3/31/2021374,124 358,262 353,480 358,702 358,895 
Preferred units198,503 202,169 202,169 225,448 266,019 
Equity
Stockholders' Equity:
Series I Perpetual Preferred Shares221,932 221,932 221,932 221,932 221,932 
Common stock, $0.01 par value, 160,000 shares authorized, 70,380
issued and outstanding at 3/31/2021, including 1,026 shares held in treasury705 716 741 748 776 
Additional paid–in capital3,913,258 3,862,949 3,998,516 4,021,891 4,146,306 
Treasury stock (124,049)(124,049)(124,049)(124,049)(124,049)
Accumulated other comprehensive loss(18,897)(67,247)(76,200)(82,371)(80,868)
Retained earnings918,077 1,015,462 1,035,172 1,081,821 1,099,369 
Total SL Green Realty Corp. stockholders' equity4,911,026 4,909,763 5,056,112 5,119,972 5,263,466 
Noncontrolling interest in other partnerships24,594 26,032 77,893 85,790 80,499 
Total equity4,935,620 4,935,795 5,134,005 5,205,762 5,343,965 
 Total Liabilities and Equity$12,044,045 $11,707,567 $12,324,039 $13,071,564 $13,220,607 
Supplemental Information
12
First Quarter 2021

COMPARATIVE STATEMENT OF OPERATIONS

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/1e4921279f704c40dcbe5bb952acb309-image241.jpg

Three Months Ended
March 31,March 31,December 31,September 30,
2021202020202020
Revenues
Rental revenue, net$162,810 $195,463 $165,243 $173,536 
Escalation and reimbursement revenues25,279 27,168 25,148 21,979 
Investment income19,273 38,533 18,699 22,988 
Other income18,740 53,139 25,808 31,341 
Total Revenues, net226,102 314,303 234,898 249,844 
Equity in net loss from unconsolidated joint ventures(2,864)(12,814)(9,750)(432)
Expenses
Operating expenses42,284 53,866 42,527 45,910 
Operating lease rent6,739 7,367 6,872 6,973 
Real estate taxes45,411 46,622 44,510 43,522 
Loan loss and other investment reserves, net of recoveries— 11,248 8,280 8,957 
Transaction related costs22 65 20 45 
Marketing, general and administrative22,885 19,570 25,144 23,602 
Total Operating Expenses117,341 138,738 127,353 129,009 
Operating Income105,897 162,751 97,795 120,403 
Interest expense, net of interest income23,388 37,494 25,579 23,536 
Amortization of deferred financing costs3,774 2,500 3,482 3,151 
Depreciation and amortization62,996 68,279 56,932 92,516 
Income from Continuing Operations (1)
15,739 54,478 11,802 1,200 
(Loss) gain on sale of real estate and discontinued operations(1,388)72,636 51,882 26,104 
Equity in net (loss) gain on sale of joint venture interest / real estate(12,629)— 2,961 — 
Purchase price and other fair value adjustments2,664 — 187,522 — 
Depreciable real estate reserves(8,241)— (53,827)(6,627)
Net (Loss) Income(3,855)127,114 200,340 20,677 
Net loss (income) attributable to noncontrolling interests1,975 (5,909)(23,738)(1,216)
Dividends on preferred units(1,846)(2,666)(1,864)(1,864)
Net (Loss) Income Attributable to SL Green Realty Corp(3,726)118,539 174,738 17,597 
Dividends on perpetual preferred shares(3,738)(3,738)(3,737)(3,738)
Net (Loss) Income Attributable to Common Stockholders$(7,464)$114,801 $171,001 $13,859 
Earnings per share - Net (loss) income per share (basic) (2)
$(0.11)$1.51 $2.43 $0.19 
Earnings per share - Net (loss) income per share (diluted) (2)
$(0.11)$1.51 $2.41 $0.19 
(1) Before gain on sale and equity in net (loss) gain and depreciable real estate reserves shown below.
(2) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. 2020 basic and diluted Earnings per share have been retroactively adjusted to reflect the reverse stock split.
Supplemental Information
13
First Quarter 2021

COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/1e4921279f704c40dcbe5bb952acb309-image241.jpg

Three Months Ended
March 31,March 31,December 31,September 30,
2021202020202020
Funds from Operations
Net (Loss) Income Attributable to Common Stockholders$(7,464)$114,801 $171,001 $13,859 
Depreciation and amortization62,996 68,279 56,932 92,516 
Joint ventures depreciation and noncontrolling interests adjustments55,702 56,318 56,560 47,884 
Net (loss) income attributable to noncontrolling interests(1,975)5,909 23,738 1,216 
(Loss) gain on sale of real estate and discontinued operations1,388 (72,636)(51,882)(26,104)
Equity in net loss (gain) on sale of joint venture property / real estate12,629 — (2,961)— 
Purchase price and other fair value adjustments(2,664)— (187,522)— 
Depreciable real estate reserves 8,241 — 53,827 6,627 
Non-real estate depreciation and amortization(527)(650)(541)(538)
Funds From Operations$128,326 $172,021 $119,152 $135,460 
Funds From Operations - Basic per Share (1)
$1.75 $2.15 $1.59 $1.80 
Funds From Operations - Diluted per Share (1)
$1.73 $2.14 $1.59 $1.80 
Funds From Operations - Pro forma per Share (2)
$1.73 $2.08 $1.56 $1.75 
Funds Available for Distribution
FFO$128,326 $172,021 $119,152 $135,460 
Non real estate depreciation and amortization527 650 541 538 
Amortization of deferred financing costs3,774 2,500 3,482 3,151 
Non-cash deferred compensation12,965 16,865 12,256 9,381 
FAD adjustment for joint ventures(23,081)(13,219)(18,800)(10,811)
Straight-line rental income and other non-cash adjustments(883)(47,359)6,513 6,647 
Second cycle tenant improvements(2,923)(18,637)(14,927)(9,019)
Second cycle leasing commissions(8)(3,044)(4,274)(1,051)
Revenue enhancing recurring CAPEX(230)(184)(53)(90)
Non-revenue enhancing recurring CAPEX(2,419)(3,609)(9,460)(4,267)
Reported Funds Available for Distribution$116,048 $105,984 $94,430 $129,939 
First cycle tenant improvements$1,261 $4,395 $6,694 $1,338 
First cycle leasing commissions$135 $1,741 $4,428 $172 
Development costs$15,179 $22,478 $36,891 $13,977 
Redevelopment costs$1,608 $35,885 $99,874 $52,261 
Capitalized interest$17,583 $20,483 $17,638 $20,677 
(1) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. The 2020 basic and diluted FFO per share numbers have been retroactively adjusted to reflect the impact of the reverse stock split.
(2) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. GAAP requires the weighted average common shares outstanding to be adjusted retroactively for all periods presented to reflect the reverse stock split. To facilitate comparison between the periods presented, the Company calculated Pro forma diluted weighted average shares and units outstanding for the 2020 periods presented, which adjusts the share counts back to the originally-reported numbers.
Supplemental Information
14
First Quarter 2021

CONSOLIDATED STATEMENT OF EQUITY

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/1e4921279f704c40dcbe5bb952acb309-image241.jpg

Accumulated
Series IOther
PreferredCommonAdditionalTreasuryRetainedNoncontrollingComprehensive
StockStockPaid-In CapitalStockEarningsInterestsLossTOTAL
Balance at December 31, 2020$221,932 $716 $3,862,949 $(124,049)$1,015,462 $26,032 $(67,247)$4,935,795 
Net loss(3,726)(1,499)(5,225)
Preferred dividends(3,738)(3,738)
Cash distributions declared ($0.91 per common share)(63,312)(63,312)
Cash distributions to noncontrolling interests(110)(110)
Issuance of stock dividend and reverse stock split123,529123,529 
Other comprehensive income - unrealized gain on derivative instruments13,967 13,967 
Other comprehensive income - SLG share of unconsolidated joint venture net unrealized gain on derivative instruments34,630 34,630 
Other comprehensive loss - unrealized loss on marketable securities(247)(247)
DRSPP proceeds351 351 
Repurchases of common stock(13)(80,297)(80,310)
Contributions to consolidated joint ventures171 171 
Reallocation of noncontrolling interests in the Operating Partnership(26,609)(26,609)
Deferred compensation plan and stock awards, net6,726 6,728 
Balance at March 31, 2021$221,932 $705 $3,913,258 $(124,049)$918,077 $24,594 $(18,897)$4,935,620 
RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION
Common StockOP UnitsStock-Based CompensationDiluted Shares
Share Count at December 31, 2020 (1)
68,508,127 3,938,823  72,446,950 
YTD share activity845,479 217,459 — 1,062,938 
Share Count at March 31, 202169,353,606 4,156,282  73,509,888 
Weighting factor221,676 (8,096)346,734 560,314 
Weighted Average Share Count at March 31, 2021 - Diluted69,575,282 4,148,186 346,734 74,070,202 
(1) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. The 2020 common shares outstanding have been retroactively adjusted to reflect the reverse stock split.
Supplemental Information
15
First Quarter 2021

JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/1e4921279f704c40dcbe5bb952acb309-image241.jpg

March 31, 2021December 31, 2020September 30, 2020
TotalSLG ShareTotalSLG ShareTotalSLG Share
Assets
Commercial real estate properties, at cost:
     Land and land interests$3,981,820 $1,951,554 $4,487,855 $2,248,837 $4,036,313 $2,020,157 
     Building and improvements 11,401,089 5,864,323 12,019,429 6,208,316 11,006,016 5,687,419 
     Building leasehold and improvements 431,824 207,640 430,881 207,451 429,837 207,242 
     Right of use asset - financing leases740,832 345,489 740,832 345,489 736,081 342,115 
     Right of use asset - operating leases231,553 115,776 246,949 131,172 258,248 134,939 
 16,787,118 8,484,782 17,925,946 9,141,265 16,466,495 8,391,872 
Less: accumulated depreciation(1,543,787)(710,437)(1,782,066)(823,829)(1,420,892)(642,507)
 Net real estate15,243,331 7,774,345 16,143,880 8,317,436 15,045,603 7,749,365 
Cash and cash equivalents217,530 96,217 244,295 122,150 222,531 107,372 
Restricted cash100,223 50,105 112,781 58,766 103,956 55,006 
Tenant and other receivables37,740 12,499 41,752 15,237 55,334 22,476 
Deferred rents receivable374,462 188,954 362,131 176,410 348,805 169,014 
Deferred costs, net210,164 122,354 221,761 125,669 217,409 122,223 
Other assets1,740,281 810,220 1,779,851 829,679 1,723,131 779,717 
Total Assets$17,923,731 $9,054,694 $18,906,451 $9,645,347 $17,716,769 $9,005,173 
Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of $98,252 at 3/31/2021,
 of which $45,927 is SLG share
$9,414,923 $4,376,658 $9,749,204 $4,618,052 $9,652,507 $4,546,491 
Accrued interest26,244 10,569 26,829 10,570 26,624 10,912 
Accounts payable and accrued expenses223,559 109,309 286,454 146,477 221,465 111,376