slg-20210721
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 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

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 July 21, 2021 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended June 30, 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 July 21, 2021, the Company issued a press release announcing its results for the quarter ended June 30, 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 June 30, 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: July 22, 2021



Document
Exhibit 99.1

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

SL GREEN REALTY CORP. REPORTS
SECOND QUARTER 2021 EPS OF $1.51 PER SHARE;
AND FFO OF $1.60 PER SHARE


Financial and Operating Highlights
Net income attributable to common stockholders of $1.51 per share for the second quarter of 2021 as compared to $0.76 per share for the same period in 2020. Net income attributable to common stockholders for the second quarter of 2021 includes net gains of $108.3 million, or $1.47 per share, recognized from the sales of 635-641 Sixth Avenue and our interests in 605 West 42nd Street, as compared to a net gain of $65.4 million, or $0.82 per share, recognized from the sale of the retail condominium at 609 Fifth Avenue in the second quarter of 2020.
Funds from operations, or FFO, of $1.60 per share for the second quarter of 2021 as compared to $1.70 per share for the same period in 2020. FFO for the second quarter of the prior year included $12.4 million, or $0.15 per share, of lease termination income as compared to just $1.1 million, or $0.02 per share, of lease termination income in the second quarter of 2021.
To date in 2021, the Company has repurchased or redeemed a combined 4.0 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 36.5 million shares/units.
Signed 42 Manhattan office leases covering 557,703 square feet in the second quarter and 63 Manhattan office leases covering 910,455 square feet for the first six months of 2021. The mark-to-market on signed Manhattan office leases was 1.1% lower for the second quarter and 1.7% lower for the first six months 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 3.7% for the second quarter of 2021 and decreased by 2.4% for the first six months of 2021 as compared to the same period in 2020, excluding lease termination income, an interim level that is consistent with our full-year 2021 goals and objectives.
Manhattan same-store office occupancy was 93.6% as of June 30, 2021, inclusive of leases signed but not yet commenced.




Investing Highlights
Closed on the previously announced sale of 635-641 Sixth Avenue for a gross sale price of $325.0 million, equating to more than $1,200 per square foot. The transaction generated net cash proceeds to the Company of $313.2 million.
Closed on the previously announced sale of its 20.0% interest in 605 West 42nd Street, also known as "Sky," for a gross asset valuation of $858.1 million. The transaction generated net cash proceeds to the Company of $54.5 million.
Closed on the acquisition of the fee interest in 461 Fifth Avenue for a gross purchase price of $28.0 million pursuant to a purchase option under the ground lease at the property, thereby consolidating a leasehold position into 100% unencumbered fee ownership.
Financing Highlights
Along with our joint venture partners, closed on the previously announced $3.0 billion 10-year fixed-rate refinancing of One Vanderbilt Avenue. The new financing carries a stated coupon of 2.855 percent, equivalent to a rate of 2.947 percent inclusive of hedging costs, and replaces the previous $1.75 billion construction facility that had an outstanding balance of approximately $1.54 billion at the time of repayment.
Summary
New York, NY, July 21, 2021 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended June 30, 2021 of $105.3 million, or $1.51 per share, as compared to net income of $56.4 million, or $0.76 per share, for the same quarter in 2020. Net income attributable to common stockholders for the second quarter of 2021 includes net gains totaling $108.3 million, or $1.47 per share, recognized from the sales of 635-641 Sixth Avenue and our interests in 605 West 42nd Street, as compared to a net gain of $65.4 million, or $0.82 per share, in the second quarter of 2020 recognized from the sale of the retail condominium at 609 Fifth Avenue.
The Company also reported net income attributable to common stockholders for the six months ended June 30, 2021 of $97.9 million, or $1.40 per share, as compared to net income of $171.2 million, or $2.28 per share, for the same period in 2020. Net income attributable to common stockholders for the six months ended June 30, 2021 includes $94.1 million, or $1.27 per share, of net gains recognized from the sale of real estate interests and non-cash fair value adjustments. Net income for the six months ended June 30, 2020 included $137.5 million, or $1.69 per share, of net gains recognized from the sale of real estate interests and non-cash fair value adjustments.
The Company reported FFO for the quarter ended June 30, 2021 of $117.7 million, or $1.60 per share, as compared to FFO for the same period in 2020 of $136.1 million, or $1.70 per share. FFO for the second quarter of the prior year included $12.4 million, or $0.15 per share, of lease termination income as compared to just $1.1 million, or $0.02 per share, of lease termination income included in the second quarter of 2021.




The Company also reported FFO for the six months ended June 30, 2021 of $246.0 million, or $3.33 per share, as compared to FFO of $308.1 million, or $3.79 per share, for the same period in 2020. FFO for the six months ended June 30, 2020 included $25.1 million, or $0.31 per share, of incremental income from Credit Suisse at 1 Madison Avenue representing rent through December 31, 2020.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended June 30, 2021, the Company reported consolidated revenues and operating income of $218.1 million and $88.7 million, respectively, compared to $253.7 million and $130.4 million, respectively, for the same period in 2020.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, decreased by 9.2% for the second quarter of 2021, and decreased 3.7% excluding lease termination income, as compared to the same period in 2020, an interim level that is consistent with our full-year 2021 goals and objectives.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, decreased by 5.4% for the six months June 30, 2021, and decreased 2.4% excluding lease termination income, as compared to the same period in 2020, an interim level that is consistent with our full-year 2021 goals and objectives.
During the second quarter of 2021, the Company signed 42 office leases in its Manhattan office portfolio totaling 557,703 square feet. The average lease term on the Manhattan office leases signed in the second quarter of 2021 was 4.7 years and average tenant concessions were 2.4 months of free rent with a tenant improvement allowance of $17.16 per rentable square foot, excluding leases signed at One Vanderbilt Avenue. Twenty-five leases comprising 265,798 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 $84.12 per rentable square foot, representing a 1.1% decrease over the previous fully escalated rents on the same office spaces.
During the first six months of 2021, the Company signed 63 office leases in its Manhattan office portfolio totaling 910,455 square feet. The average lease term on the Manhattan office leases signed in the first six months of 2021 was 5.3 years and average tenant concessions were 4.7 months of free rent with a tenant improvement allowance of $39.76 per rentable square foot, excluding leases signed at One Vanderbilt Avenue. Thirty-eight leases comprising 453,124 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $72.98 per rentable square foot, representing a 1.7% decrease over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio was 93.6% as of June 30, 2021, inclusive of 53,962 square feet of leases signed but not yet commenced, as compared to 94.1% at the end of the previous quarter.




Significant leases that were signed in the second quarter included:
Total of 227,670 square feet of leases signed at One Vanderbilt Avenue:
New lease for 97,652 square feet, for 15.0 years;
New lease with MSD Partners for 35,567 square feet, for 15.0 years;
New lease with Mamoura Holdings (US), LLC for 28,448 square feet, for 10.0 years;
Expansion lease with TD Securities for 24,020 square feet, for 20.0 years, which increases TD Securities' footprint in the building to 142,892 square feet;
New lease with Kyndrel for 22,531 square feet, for 9.0 years;
New lease with Nearwater Management LLC for 17,289 square feet, for 7.0 years; and
Expansion lease with InTandem Capital Partners LLC and Sagewind Capital LLC for 2,163 square feet, for 7.0 years, which increases their joint footprint in the building to 12,328 square feet;
Early renewal with Wells Fargo Bank N.A. for 103,803 square feet at 100 Park Avenue, for 2.1 years;
New lease with GQG Partners, LLC for 8,936 square feet at 280 Park Avenue, for 15.0 years; and
New retail lease with Vashi for 11,777 square feet at 110 Greene Street, for 15.0 years.
Investment Activity
To date in 2021, the Company has repurchased 3.4 million shares of its common stock and redeemed 0.6 million units of its Operating Partnership, or OP units, bringing total repurchases and redemptions to 34.9 million shares of common stock and 1.6 million OP units for a combined total of $3.1 billion under the previously announced $3.5 billion share repurchase program.
In June, the Company closed on the previously announced sale of 635-641 Sixth Avenue for a gross sale price of $325.0 million, equating to more than $1,200 per square foot. The property is comprised of two adjoined buildings totaling eight stories and 267,000 square feet, occupying the full western block-front on Sixth Avenue from 19th Street to 20th Street in Midtown South. The transaction generated net cash proceeds to the Company of $313.2 million.
In June, the Company closed on the previously announced sale of its 20.0% interest in 605 West 42nd Street, also known as "Sky," for a gross asset valuation of $858.1 million. The 71-story, 948,233 square foot luxury multifamily tower includes 295 affordable units of dedicated affordable housing and 68,000 square feet of retail space. The transaction generated net cash proceeds to the Company of $54.5 million.





In June, the Company closed on the acquisition of the fee interest in 461 Fifth Avenue for a gross purchase price of $28.0 million pursuant to a purchase option under the ground lease at the property, thereby consolidating a leasehold position into 100% unencumbered fee ownership. The Company acquired the leasehold interest in the property in 2003. The property comprises 200,000 square feet on the corner of Fifth Avenue and 40th Street in East Midtown.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity ("DPE") portfolio was $1.11 billion at June 30, 2021. The portfolio is comprised of $1.07 billion of investments, which are classified in the debt and preferred equity line item of the balance sheet, at a weighted average current yield of 7.3%, or 9.0% excluding the effect of $238.7 million of investments that are on non-accrual, and mortgage investments aggregating $0.04 billion at a weighted average current yield of 3.6% that are included in other balance sheet line items for accounting purposes.
During the second quarter, the Company acquired a subordinate debt investment for $60.4 million, all of which was retained, at a yield of 14.0%.
During the second quarter, the Company generated $53.8 million of cash through the sale, at par, of one DPE position.
Financing Activity
In June, the Company, along with its joint venture partners, closed on the previously announced $3.0 billion 10-year fixed-rate refinancing of One Vanderbilt Avenue. The loan was securitized in a single asset, single borrower (SASB) agented CMBS transaction. The new financing carries a stated coupon of 2.855 percent, equivalent to a rate of 2.947 percent inclusive of hedging costs, and replaces the previous $1.75 billion construction facility that had an outstanding balance of approximately $1.54 billion at the time of repayment.
Dividends
In the second quarter of 2021, the Company declared:
Three monthly dividends on its outstanding common stock of $0.3033 per share which were paid on May 17, June 15, and July 15, 2021, equating to an annualized dividend of $3.64 per share of common stock; and
Quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period April 15, 2021 through and including July 14, 2021, which was paid on July 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, July 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 www.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 www.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 5177356.
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 www.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 June 30, 2021, SL Green held interests in 77 buildings totaling 35.3 million square feet. This included ownership interests in 27.1 million square feet of Manhattan buildings and 7.4 million square feet securing debt and preferred equity investments.
To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 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. 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 EndedSix Months Ended
June 30,June 30,
Revenues:2021202020212020
Rental revenue, net$163,916 $174,141 $326,726 $369,604 
Escalation and reimbursement 20,695 21,745 45,974 48,913 
Investment income20,107 39,943 39,380 78,476 
Other income13,389 17,870 32,129 71,009 
        Total revenues218,107 253,699 444,209 568,002 
Expenses:
Operating expenses, including related party expenses of $3,039 and $5,264 in 2021 and $2,739 and $6,488 in 202043,883 40,897 86,167 94,763 
Real estate taxes43,768 41,661 89,179 88,283 
Operating lease rent6,707 7,831 13,446 15,198 
Interest expense, net of interest income18,960 30,070 42,348 67,564 
Amortization of deferred financing costs3,386 2,661 7,160 5,161 
Depreciation and amortization57,261 95,941 120,257 164,220 
Loan loss and other investment reserves, net of recoveries 6,813  18,061 
Transaction related costs3 373 25 438 
Marketing, general and administrative22,064 23,510 44,949 43,080 
        Total expenses196,032 249,757 403,531 496,768 
Equity in net loss from unconsolidated joint ventures(12,970)(2,199)(15,834)(15,013)
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate8,471 — (4,158)— 
Purchase price and other fair value adjustment(1,947)— 717 — 
Gain on sale of real estate, net98,960 64,884 97,572 137,520 
Depreciable real estate reserves2,545 — (5,696)— 
        Net income117,134 66,627 113,279 193,741 
Net income attributable to noncontrolling interests in the Operating Partnership(6,282)(3,070)(5,806)(9,272)
Net loss (income) attributable to noncontrolling interests in other partnerships40 (1,023)1,539 (730)
Preferred unit distributions(1,823)(2,353)(3,669)(5,019)
Net income attributable to SL Green109,069 60,181 105,343 178,720 
Perpetual preferred stock dividends(3,737)(3,737)(7,475)(7,475)
        Net income attributable to SL Green common stockholders$105,332 $56,444 $97,868 $171,245 
Earnings Per Share (EPS)
Net income per share (Basic) (1)
$1.52 $0.76 $1.41 $2.28 
Net income per share (Diluted) (1)
$1.51 $0.76 $1.40 $2.28 
Funds From Operations (FFO)
FFO per share (Basic) (1)
$1.60 $1.75 $3.35 $3.90 
FFO per share (Diluted) (1)
$1.60 $1.74 $3.33 $3.89 
FFO per share (Pro forma) (2)
$1.60 $1.70 $3.33 $3.79 
Basic ownership interest
Weighted average REIT common shares for net income per share68,980 73,538 68,996 74,598 
Weighted average partnership units held by noncontrolling interests4,093 4,120 4,121 4,170 
Basic weighted average shares and units outstanding (1)
73,073 77,658 73,117 78,768 
Diluted ownership interest
Weighted average REIT common share and common share equivalents69,634 73,946 69,778 75,038 
Weighted average partnership units held by noncontrolling interests4,093 4,120 4,121 4,170 
Diluted weighted average shares and units outstanding (1)
73,727 78,066 73,899 79,208 
Pro forma adjustment (2)
 2,153  2,184 
Pro forma diluted weighted average shares and units outstanding (2)
73,727 80,219 73,899 81,392 
(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)
June 30,December 31,
20212020
Assets(Unaudited)
Commercial real estate properties, at cost:
Land and land interests$1,403,399 $1,315,832 
Building and improvements4,088,659 4,168,193 
Building leasehold and improvements1,642,595 1,448,134 
Right of use asset - financing leases27,445 55,711 
Right of use asset - operating leases502,316 367,209 
7,664,414 7,355,079 
Less: accumulated depreciation(2,008,438)(1,956,077)
5,655,976 5,399,002 
Assets held for sale— — 
Cash and cash equivalents218,337 266,059 
Restricted cash98,164 106,736 
Investment in marketable securities32,339 28,570 
Tenant and other receivables40,147 44,507 
Related party receivables36,430 34,657 
Deferred rents receivable304,140 302,791 
Debt and preferred equity investments, net of discounts and deferred origination fees of $7,922 and $11,232 and allowances of $13,213 and $13,213 in 2021 and 2020, respectively1,072,711 1,076,542 
Investments in unconsolidated joint ventures3,209,151 3,823,322 
Deferred costs, net161,962 177,168 
Other assets336,807 448,213 
        Total assets$11,166,164 $11,707,567 
Liabilities
Mortgages and other loans payable$1,874,592 $2,001,361 
Revolving credit facility— 110,000 
Unsecured term loan1,500,000 1,500,000 
Unsecured notes1,251,404 1,251,888 
Deferred financing costs, net(26,820)(34,521)
Total debt, net of deferred financing costs4,599,176 4,828,728 
Accrued interest payable13,771 14,825 
Accounts payable and accrued expenses126,929 151,309 
Deferred revenue114,536 118,572 
Lease liability - financing leases124,808 152,521 
Lease liability - operating leases443,313 339,458 
Dividend and distributions payable24,407 149,294 
Security deposits54,797 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 liabilities196,966 302,798 
        Total liabilities5,798,703 6,211,341 
Commitments and contingencies— — 
Noncontrolling interest in the Operating Partnership355,201 358,262 
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 June 30, 2021 and December 31, 2020221,932 221,932 
Common stock, $0.01 par value 160,000 shares authorized, 68,906 and 69,534 issued and outstanding at June 30, 2021 and December 31, 2020, respectively (including 1,026 held in Treasury at both June 30, 2021 and December 31, 2020)690 716 
Additional paid-in capital3,823,290 3,862,949 
Treasury stock at cost(124,049)(124,049)
Accumulated other comprehensive loss(66,863)(67,247)
Retained earnings934,132 1,015,462 
Total SL Green Realty Corp. stockholders’ equity4,789,132 4,909,763 
Noncontrolling interests in other partnerships24,625 26,032 
        Total equity4,813,757 4,935,795 
Total liabilities and equity$11,166,164 $11,707,567 




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

Three Months EndedSix Months Ended
June 30,June 30,
Funds From Operations (FFO) Reconciliation:2021202020212020
Net income attributable to SL Green common stockholders$105,332 $56,444 $97,868 $171,245 
Add:
Depreciation and amortization57,261 95,941 120,257 164,220 
Joint venture depreciation and noncontrolling interest adjustments59,485 45,107 115,187 101,425 
Net income attributable to noncontrolling interests6,242 4,093 4,267 10,002 
Less:
Gain on sale of real estate, net98,960 64,884 97,572 137,520 
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate8,471 — (4,158)— 
Purchase price and other fair value adjustments— — 2,664 — 
Depreciable real estate reserves2,545 — (5,696)— 
Depreciation on non-rental real estate assets672 609 1,199 1,259 
FFO attributable to SL Green common stockholders and unit holders$117,672 $136,092 $245,998 $308,113 


Three Months EndedSix Months Ended
June 30,June 30,
Operating income and Same-store NOI Reconciliation:2021202020212020
Net income$117,134 $66,627 $113,279 $193,741 
Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate(8,471)— 4,158 — 
Purchase price and other fair value adjustments1,947 — (717)— 
Gain on sale of real estate, net(98,960)(64,884)(97,572)(137,520)
Depreciable real estate reserves(2,545)— 5,696 — 
Depreciation and amortization57,261 95,941 120,257 164,220 
Interest expense, net of interest income18,960 30,070 42,348 67,564 
Amortization of deferred financing costs3,386 2,661 7,160 5,161 
Operating income88,712 130,415 194,609 293,166 
Equity in net loss from unconsolidated joint ventures12,970 2,199 15,834 15,013 
Marketing, general and administrative expense22,064 23,510 44,949 43,080 
Transaction related costs, net373 25 438 
Investment income(20,107)(39,943)(39,380)(78,476)
Loan loss and other investment reserves, net of recoveries— 6,813 — 18,061 
Non-building revenue(8,027)(192)(12,488)(3,982)
Net operating income (NOI)95,615 123,175 203,549 287,300 
Equity in net loss from unconsolidated joint ventures(12,970)(2,199)(15,834)(15,013)
SLG share of unconsolidated JV depreciation and amortization58,537 46,217 113,812 92,091 
SLG share of unconsolidated JV interest expense, net of interest income34,274 32,714 67,701 68,491 
SLG share of unconsolidated JV amortization of deferred financing costs3,545 1,693 6,430 3,380 
SLG share of unconsolidated JV loss on early extinguishment of debt941 — 941 — 
SLG share of unconsolidated JV investment income(314)(310)(610)(617)
SLG share of unconsolidated JV non-building revenue(599)(2,425)(2,186)(4,025)
NOI including SLG share of unconsolidated JVs179,029 198,865 373,803 431,607 
NOI from other properties/affiliates(16,937)(27,921)(51,740)(100,334)
Same-store NOI162,092 170,944 322,063 331,273 
Ground lease straight-line adjustment244 245 489 533 
Joint Venture ground lease straight-line adjustment233 252 465 594 
Straight-line and free rent(7,884)100 (11,264)(2,800)
Amortization of acquired above and below-market leases, net(100)(858)(195)(2,428)
Joint Venture straight-line and free rent(2,166)(4,271)(9,515)(10,030)
Joint Venture amortization of acquired above and below-market leases, net(4,824)(3,807)(9,135)(7,630)
Same-store cash NOI$147,595 $162,605 $292,908 $309,512 
Lease termination income(1,095)(10,570)(1,100)(10,590)
Joint Venture lease termination income(247)(172)(254)(179)
Same-store cash NOI excluding lease termination income$146,253 $151,863 $291,554 $298,743 









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


Document

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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 June 30, 2021, the Company held interests in 77 buildings totaling 35.3 million square feet. This included ownership interests in 27.1 million square feet in Manhattan buildings and 7.4 million square feet securing debt and preferred equity investments.
SL Green’s common stock is listed on the New York Stock Exchange and trades under the symbol SLG.
SL Green's website is www.slgreen.com.
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. 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 June 30, 2021 that will be included on Form 10-Q to be filed on or before August 9, 2021.
Supplemental Information
2
Second 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
Second 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)
605 West 42nd Street "Sky" (disposed)
635-641 Sixth Avenue (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
Second 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
Second Quarter 2021

SECOND QUARTER 2021 HIGHLIGHTS

Unaudited

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New York, NY, July 21, 2021 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended June 30, 2021 of $105.3 million, or $1.51 per share, as compared to net income of $56.4 million, or $0.76 per share, for the same quarter in 2020. Net income attributable to common stockholders for the second quarter of 2021 includes net gains totaling $108.3 million, or $1.47 per share, recognized from the sales of 635-641 Sixth Avenue and our interests in 605 West 42nd Street, as compared to a net gain of $65.4 million, or $0.82 per share, in the second quarter of 2020 recognized from the sale of the retail condominium at 609 Fifth Avenue.
The Company also reported net income attributable to common stockholders for the six months ended June 30, 2021 of $97.9 million, or $1.40 per share, as compared to net income of $171.2 million, or $2.28 per share, for the same period in 2020. Net income attributable to common stockholders for the six months ended June 30, 2021 includes $94.1 million, or $1.27 per share, of net gains recognized from the sale of real estate interests and non-cash fair value adjustments. Net income for the six months ended June 30, 2020 included $137.5 million, or $1.69 per share, of net gains recognized from the sale of real estate interests and non-cash fair value adjustments.
The Company reported FFO for the quarter ended June 30, 2021 of $117.7 million, or $1.60 per share, as compared to FFO for the same period in 2020 of $136.1 million, or $1.70 per share. FFO for the second quarter of the prior year included $12.4 million, or $0.15 per share, of lease termination income as compared to just $1.1 million, or $0.02 per share, of lease termination income included in the second quarter of 2021.
The Company also reported FFO for the six months ended June 30, 2021 of $246.0 million, or $3.33 per share, as compared to FFO of $308.1 million, or $3.79 per share, for the same period in 2020. FFO for the six months ended June 30, 2020 included $25.1 million, or $0.31 per share, of incremental income from Credit Suisse at 1 Madison Avenue representing rent through December 31, 2020.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
For the quarter ended June 30, 2021, the Company reported consolidated revenues and operating income of $218.1 million and $88.7 million, respectively, compared to $253.7 million and $130.4 million, respectively, for the same period in 2020.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, decreased by 9.2% for the second quarter of 2021, and decreased 3.7% excluding lease termination income, as compared to the same period in 2020, an interim level that is consistent with our full-year 2021 goals and objectives.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, decreased by 5.4% for the six months June 30, 2021, and decreased 2.4% excluding lease termination income, as compared to the same period in 2020, an interim level that is consistent with our full-year 2021 goals and objectives.
During the second quarter of 2021, the Company signed 42 office leases in its Manhattan office portfolio totaling 557,703 square feet. The average lease term on the Manhattan office
leases signed in the second quarter of 2021 was 4.7 years and average tenant concessions were 2.4 months of free rent with a tenant improvement allowance of $17.16 per rentable square foot, excluding leases signed at One Vanderbilt Avenue. Twenty-five leases comprising 265,798 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 $84.12 per rentable square foot, representing a 1.1% decrease over the previous fully escalated rents on the same office spaces.
During the first six months of 2021, the Company signed 63 office leases in its Manhattan office portfolio totaling 910,455 square feet. The average lease term on the Manhattan office leases signed in the first six months of 2021 was 5.3 years and average tenant concessions were 4.7 months of free rent with a tenant improvement allowance of $39.76 per rentable square foot, excluding leases signed at One Vanderbilt Avenue. Thirty-eight leases comprising 453,124 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $72.98 per rentable square foot, representing a 1.7% decrease over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio was 93.6% as of June 30, 2021, inclusive of 53,962 square feet of leases signed but not yet commenced, as compared to 94.1% at the end of the previous quarter.
Significant leases that were signed in the second quarter included:
Total of 227,670 square feet of leases signed at One Vanderbilt Avenue:
New lease for 97,652 square feet, for 15.0 years;
New lease with MSD Partners for 35,567 square feet, for 15.0 years;
New lease with Mamoura Holdings (US), LLC for 28,448 square feet, for 10.0 years;
Expansion lease with TD Securities for 24,020 square feet, for 20.0 years, which increases TD Securities' footprint in the building to 142,892 square feet;
New lease with Kyndrel for 22,531 square feet, for 9.0 years;
New lease with Nearwater Management LLC for 17,289 square feet, for 7.0 years; and
Expansion lease with InTandem Capital Partners LLC and Sagewind Capital LLC for 2,163 square feet, for 7.0 years, which increases their joint footprint in the building to 12,328 square feet;
Early renewal with Wells Fargo Bank N.A. for 103,803 square feet at 100 Park Avenue, for 2.1 years;
New lease with GQG Partners, LLC for 8,936 square feet at 280 Park Avenue, for 15.0 years; and
New retail lease with Vashi for 11,777 square feet at 110 Greene Street, for 15.0 years.

Supplemental Information
6
Second Quarter 2021

SECOND QUARTER 2021 HIGHLIGHTS

Unaudited

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Investment Activity
To date in 2021, the Company has repurchased 3.4 million shares of its common stock and redeemed 0.6 million units of its Operating Partnership, or OP units, bringing total repurchases and redemptions to 34.9 million shares of common stock and 1.6 million OP units for a combined total of $3.1 billion under the previously announced $3.5 billion share repurchase program.
In June, the Company closed on the previously announced sale of 635-641 Sixth Avenue for a gross sale price of $325.0 million, equating to more than $1,200 per square foot. The property is comprised of two adjoined buildings totaling eight stories and 267,000 square feet, occupying the full western block-front on Sixth Avenue from 19th Street to 20th Street in Midtown South. The transaction generated net cash proceeds to the Company of $313.2 million.
In June, the Company closed on the previously announced sale of its 20.0% interest in 605 West 42nd Street, also known as "Sky," for a gross asset valuation of $858.1 million. The 71-story, 948,233 square foot luxury multifamily tower includes 295 affordable units of dedicated affordable housing and 68,000 square feet of retail space. The transaction generated net cash proceeds to the Company of $54.5 million.
In June, the Company closed on the acquisition of the fee interest in 461 Fifth Avenue for a gross purchase price of $28.0 million pursuant to a purchase option under the ground lease at the property, thereby consolidating a leasehold position into 100% unencumbered fee ownership. The Company acquired the leasehold interest in the property in 2003. The property comprises 200,000 square feet on the corner of Fifth Avenue and 40th Street in East Midtown.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity ("DPE") portfolio was $1.11 billion at June 30, 2021. The portfolio is comprised of $1.07 billion of investments, which are classified in the debt and preferred equity line item of the balance sheet, at a weighted average current yield of 7.3%, or 9.0% excluding the effect of $238.7 million of investments that are on non-accrual, and mortgage investments aggregating $0.04 billion at a weighted average current yield of 3.6% that are included in other balance sheet line items for accounting purposes.
During the second quarter, the Company acquired a subordinate debt investment for $60.4 million, all of which was retained, at a yield of 14.0%.
During the second quarter, the Company generated $53.8 million of cash through the sale, at par, of one DPE position.
Financing Activity
In June, the Company, along with its joint venture partners, closed on the previously announced $3.0 billion 10-year fixed-rate refinancing of One Vanderbilt Avenue. The loan was securitized in a single asset, single borrower (SASB) agented CMBS transaction. The new financing carries a stated coupon of 2.855 percent, equivalent to a rate of 2.947 percent inclusive of hedging costs, and replaces the previous $1.75 billion construction facility that had an outstanding balance of approximately $1.54 billion at the time of repayment.
Dividends
In the second quarter of 2021, the Company declared:
Three monthly dividends on its outstanding common stock of $0.3033 per share which were paid on May 17, June 15, and July 15, 2021, equating to an annualized dividend of $3.64 per share of common stock; and
Quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period April 15, 2021 through and including July 14, 2021, which was paid on July 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, July 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 www.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 www.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 5177356.
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 www.slgreen.com under “Presentations & Webcasts.”
Supplemental Information
7
Second Quarter 2021

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

As of or for the three months ended
6/30/20213/31/202112/31/20209/30/20206/30/2020
Earnings Per Share
Net income (loss) available to common stockholders (EPS) - diluted (1)
$1.51 $(0.11)$2.41 $0.19 $0.76 
Funds from operations (FFO) available to common stockholders - diluted (1)
$1.60 $1.73 $1.59 $1.80 $1.74 
Funds from operations (FFO) available to common stockholders - pro forma (2)
$1.60 $1.73 $1.56 $1.75 $1.70 
Common Share Price & Dividends
Closing price at the end of the period (1)
$80.00 $69.99 $61.32 $47.72 $50.73 
Closing high price during period (1)
$85.17 $77.76 $65.76 $52.74 $64.96 
Closing low price during period (1)
$69.52 $58.13 $42.87 $45.11 $37.90 
Annual dividend per common share$3.64 $3.64 $3.64 $3.54 $3.54 
FFO payout ratio (trailing 12 months)54.5%53.3%50.3%48.6%48.2%
Funds available for distribution (FAD) payout ratio (trailing 12 months)63.4%59.5%62.0%59.3%67.0%
Common Shares & Units
Common shares outstanding (1)
67,880 69,354 68,508 70,969 71,586 
Units outstanding3,808 4,156 3,939 4,027 4,045 
Total common shares and units outstanding71,688 73,510 72,447 74,996 75,631 
Weighted average common shares and units outstanding - basic (1)
73,073 73,158 74,072 74,972 77,658 
Weighted average common shares and units outstanding - diluted (1)
73,727 74,070 75,163 75,414 78,066 
Weighted average common shares and units outstanding - pro forma (2)
73,727 74,070 76,575 77,491 80,219 
Market Capitalization
Market value of common equity$5,735,040 $5,144,965 $4,442,450 $3,578,809 $3,836,761 
Liquidation value of preferred equity/units428,503 428,503 432,169 432,169 455,448 
Consolidated debt4,725,996 5,349,310 4,963,249 5,466,849 6,189,658 
Consolidated market capitalization$10,889,539 $10,922,778 $9,837,868 $9,477,827 $10,481,867 
SLG share of unconsolidated JV debt5,558,666 4,422,585 4,672,371 4,588,930 4,230,047 
Market capitalization including SLG share of unconsolidated JVs$16,448,205 $15,345,363 $14,510,239 $14,066,757 $14,711,914 
Consolidated debt service coverage (trailing 12 months)3.60x3.61x3.54x3.52x3.40x
Consolidated fixed charge coverage (trailing 12 months)2.83x2.85x2.82x2.83x2.75x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)2.37x2.41x2.41x2.44x2.41x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)2.01x2.04x2.06x2.08x2.06x
(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 and 6/30/20 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
Second Quarter 2021

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

As of or for the three months ended
6/30/20213/31/202112/31/20209/30/20206/30/2020
Selected Balance Sheet Data
Real estate assets before depreciation$7,664,414 $7,830,574 $7,355,079 $9,021,490 $9,046,938 
Investments in unconsolidated joint ventures$3,209,151 $3,698,701 $3,823,322 $2,946,673 $2,952,681 
Debt and preferred equity investments$1,072,711 $1,097,202 $1,076,542 $1,153,363 $1,221,936 
Cash and cash equivalents$218,337 $304,999 $266,059 $221,404 $1,015,348 
Investment in marketable securities$32,339 $23,784 $28,570 $27,734 $27,345 
Total assets$11,166,164 $12,044,045 $11,707,567 $12,324,039 $13,071,564 
Fixed rate & hedged debt$3,930,094 $3,932,789 $3,135,572 $3,338,268 $3,379,743 
Variable rate debt795,902 
(1)
1,416,521 1,827,677 2,128,581 2,809,915 
Total consolidated debt$4,725,996 $5,349,310 $4,963,249 $5,466,849 $6,189,658 
Deferred financing costs, net of amortization(26,820)(30,558)(34,521)(47,677)(48,344)
Total consolidated debt, net$4,699,176 $5,318,752 $4,928,728 $5,419,172 $6,141,314 
Total liabilities$5,798,703 $6,535,798 $6,211,341 $6,634,385 $7,281,652 
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt$8,287,100 $6,155,058 $5,632,531 $5,837,841 $5,609,865 
Variable rate debt, including SLG share of unconsolidated JV debt1,997,562 
(1)
3,616,837 4,003,089 4,217,938 4,809,840 
Total debt, including SLG share of unconsolidated JV debt$10,284,662 $9,771,895 $9,635,620 $10,055,779 $10,419,705 
Selected Operating Data
Property operating revenues$184,611 $188,089 $190,391 $195,515 $195,886 
Property operating expenses(94,358)(94,434)(93,909)(96,405)(90,389)
Property NOI$90,253 $93,655 $96,482 $99,110 $105,497 
SLG share of unconsolidated JV Property NOI85,492 86,483 78,378 82,384 76,705 
Property NOI, including SLG share of unconsolidated JV Property NOI$175,745 $180,138 $174,860 $181,494 $182,202 
Investment income20,107 19,273 18,699 22,988 39,943 
Other income13,389 18,740 25,808 31,341 17,870 
Marketing general & administrative expenses(22,064)(22,885)(25,144)(23,602)(23,510)
SLG share of investment income and other income from unconsolidated JVs1,163 2,642 2,041 4,814 2,939 
Income taxes795 708 (859)— 900 
Transaction costs, including SLG share of unconsolidated JVs(3)(22)(20)(45)(373)
Loan loss and other investment reserves, net of recoveries— — (8,280)(8,957)(6,813)
EBITDAre$189,132 $198,594 $187,105 $208,033 $213,158 
(1) Does not reflect $308.4 million of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.

Supplemental Information
9
Second Quarter 2021

KEY FINANCIAL DATA
Manhattan Properties (1)
Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
As of or for the three months ended
6/30/20213/31/202112/31/20209/30/20206/30/2020
Selected Operating Data
Property operating revenues$178,877 $183,701 $184,227 $189,263 $188,134 
Property operating expenses84,307 87,056 87,966 88,115 79,560 
Property NOI$94,570 $96,645 $96,261 $101,148 $108,574 
Other income - consolidated$2,700 $11,748 $2,575 $20,975 $12,448 
SLG share of property NOI from unconsolidated JVs$85,491 $86,483 $78,379 $82,384 $76,704 
Office Portfolio Statistics (Manhattan Operating Properties )
Consolidated office buildings in service16 18 18 18 18 
Unconsolidated office buildings in service11 11 10 
25 27 29 29 28 
Consolidated office buildings in service - square footage10,259,345 10,526,345 10,681,045 10,647,191 10,647,191 
Unconsolidated office buildings in service - square footage10,869,183 10,869,183 11,841,483 11,841,483 11,216,183 
21,128,528 21,395,528 22,522,528 22,488,674 21,863,374 
Same-Store office occupancy (consolidated + JVs)93.4%93.7%93.6%94.0%93.8%
Same-Store office occupancy inclusive of leases signed not yet commenced93.6%94.1%94.3%95.2%95.4%
Office Leasing Statistics (Manhattan Operating Properties)
New leases commenced17 21 16 25 
Renewal leases commenced13 12 18 25 
Total office leases commenced30 28 28 43 34 
Commenced office square footage filling vacancy45,922 216,182 42,262 44,168 46,502 
Commenced office square footage on previously occupied space (M-T-M leasing) (2)
199,341 292,625 473,133 305,811 269,823 
Total office square footage commenced245,263 508,807 515,395 349,979 316,325 
Average starting cash rent psf - office leases commenced$77.42$56.64$61.66$67.54$75.50
Previous escalated cash rent psf - office leases commenced (3)
$78.90$60.33$63.08$67.29$73.84
(Decrease) increase in new cash rent over previously escalated cash rent (2) (3)
(1.9)%(6.1)%(2.3)%0.4%2.2%
Average lease term5.18.18.06.57.8
Tenant concession packages psf$20.99$70.04$48.13$38.49$31.37
Free rent months4.36.05.56.75.0
(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
Second Quarter 2021

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

As of
6/30/20213/31/202112/31/20209/30/20206/30/2020
Assets
Commercial real estate properties, at cost:
     Land and land interests$1,403,399 $1,445,199 $1,315,832 $1,639,118 $1,625,483 
     Building and improvements 4,088,659 4,096,930 4,168,193 5,483,155 5,363,464 
     Building leasehold and improvements 1,642,595 1,730,418 1,448,134 1,442,251 1,443,855 
     Right of use asset - financing leases27,445 55,711 55,711 75,711 176,152 
     Right of use asset - operating leases502,316 502,316 367,209 381,255 381,255 
7,664,414 7,830,574 7,355,079 9,021,490 8,990,209 
Less: accumulated depreciation(2,008,438)(2,004,945)(1,956,077)(2,260,247)(2,186,157)
Net real estate5,655,976 5,825,629 5,399,002 6,761,243 6,804,052 
Other real estate investments:
    Investment in unconsolidated joint ventures3,209,151 3,698,701 3,823,322 2,946,673 2,952,681 
    Debt and preferred equity investments, net1,072,711 
(1)
1,097,202 1,076,542 1,153,363 1,221,936 
Assets held for sale, net— — — — 49,687 
Cash and cash equivalents218,337 304,999 266,059 221,404 1,015,348 
Restricted cash98,164 96,608 106,736 83,045 85,935 
Investment in marketable securities32,339 23,784 28,570 27,734 27,345 
Tenant and other receivables40,147 42,505 44,507 72,806 90,305 
Related party receivables36,430 34,310 34,657 31,936 16,984 
Deferred rents receivable304,140 304,420 302,791 304,673 302,729 
Deferred costs, net161,962 170,252 177,168 206,289 217,812 
Other assets336,807 445,635 448,213 514,873 286,750 
 Total Assets$11,166,164 $12,044,045 $11,707,567 $12,324,039 $13,071,564 
(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
Second Quarter 2021

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

As of
6/30/20213/31/202112/31/20209/30/20206/30/2020
Liabilities
Mortgages and other loans payable$1,874,592 $1,867,663 $2,001,361 $2,424,721 $2,348,483 
Unsecured term loans1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 
Unsecured notes1,251,404 1,251,647 1,251,888 1,252,128 1,252,366 
Revolving credit facility— 630,000 110,000 190,000 950,000 
Deferred financing costs(26,820)(30,558)(34,521)(47,677)(48,344)
Total debt, net of deferred financing costs4,599,176 5,218,752 4,828,728 5,319,172 6,002,505 
Accrued interest13,771 22,796 14,825 23,438 14,903 
Accounts payable and accrued expenses126,929 120,015 151,309 152,983 165,565 
Deferred revenue114,536 119,215 118,572 117,615 99,655 
Lease liability - financing leases124,808 152,622 152,521 174,983 174,732 
Lease liability - operating leases443,313 455,385 339,458 358,419 361,221 
Dividends and distributions payable24,407 24,924 149,294 25,486 25,611 
Security deposits54,797 54,181 53,836 56,212 58,486 
Liabilities related to assets held for sale— — — — 38,272 
Junior subordinated deferrable interest debentures100,000 100,000 100,000 100,000 100,000 
Other liabilities196,966 267,908 302,798 306,077 240,702 
Total liabilities5,798,703 6,535,798 6,211,341 6,634,385 7,281,652 
Noncontrolling interest in operating partnership
     (3,808 units outstanding) at 6/30/2021355,201 374,124 358,262 353,480 358,702 
Preferred units198,503 198,503 202,169 202,169 225,448 
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, 68,906
issued and outstanding at 6/30/2021, including 1,026 shares held in treasury690 705 716 741 748 
Additional paid–in capital3,823,290 3,913,258 3,862,949 3,998,516 4,021,891 
Treasury stock (124,049)(124,049)(124,049)(124,049)(124,049)
Accumulated other comprehensive loss(66,863)(18,897)(67,247)(76,200)(82,371)
Retained earnings934,132 918,077 1,015,462 1,035,172 1,081,821 
Total SL Green Realty Corp. stockholders' equity4,789,132 4,911,026 4,909,763 5,056,112 5,119,972 
Noncontrolling interest in other partnerships24,625 24,594 26,032 77,893 85,790 
Total equity4,813,757 4,935,620 4,935,795 5,134,005 5,205,762 
 Total Liabilities and Equity$11,166,164 $12,044,045 $11,707,567 $12,324,039 $13,071,564 
Supplemental Information
12
Second Quarter 2021

COMPARATIVE STATEMENT OF OPERATIONS

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Three Months EndedThree Months EndedSix Months Ended
June 30,June 30,March 31,June 30,June 30,
20212020202120212020
Revenues
Rental revenue, net$163,916 $174,141 $162,810 $326,726 $369,604 
Escalation and reimbursement revenues20,695 21,745 25,279 45,974 48,913 
Investment income20,107 39,943 19,273 39,380 78,476 
Other income13,389 17,870 18,740 32,129 71,009 
Total Revenues, net218,107 253,699 226,102 444,209 568,002 
Equity in net loss from unconsolidated joint ventures(12,970)(2,199)(2,864)(15,834)(15,013)
Expenses
Operating expenses43,883 40,897 42,284 86,167 94,763 
Operating lease rent6,707 7,831 6,739 13,446 15,198 
Real estate taxes43,768 41,661 45,411 89,179 88,283 
Loan loss and other investment reserves, net of recoveries— 6,813 — — 18,061 
Transaction related costs373 22 25 438 
Marketing, general and administrative22,064 23,510 22,885 44,949 43,080 
Total Operating Expenses116,425 121,085 117,341 233,766 259,823 
Operating Income88,712 130,415 105,897 194,609 293,166 
Interest expense, net of interest income18,960 30,070 23,388 42,348 67,564 
Amortization of deferred financing costs3,386 2,661 3,774 7,160 5,161 
Depreciation and amortization57,261 95,941 62,996 120,257 164,220 
Income from Continuing Operations (1)
9,105 1,743 15,739 24,844 56,221 
Gain (loss) on sale of real estate and discontinued operations98,960 64,884 (1,388)97,572 137,520 
Equity in net gain (loss) on sale of joint venture interest / real estate8,471 — (12,629)(4,158)— 
Purchase price and other fair value adjustments(1,947)— 2,664 717 — 
Depreciable real estate reserves2,545 — (8,241)(5,696)— 
Net Income (Loss)117,134 66,627 (3,855)113,279 193,741 
Net (income) loss attributable to noncontrolling interests(6,242)(4,093)1,975 (4,267)(10,002)
Dividends on preferred units(1,823)(2,353)(1,846)(3,669)(5,019)
Net Income (Loss) Attributable to SL Green Realty Corp109,069 60,181 (3,726)105,343 178,720 
Dividends on perpetual preferred shares(3,737)(3,737)(3,738)(7,475)(7,475)
Net Income (Loss) Attributable to Common Stockholders$105,332 $56,444 $(7,464)$97,868 $171,245 
Earnings per share - Net income (loss) per share (basic) (2)
$1.52 $0.76 $(0.11)$1.41 $2.28 
Earnings per share - Net income (loss) per share (diluted) (2)
$1.51 $0.76 $(0.11)$1.40 $2.28 
(1) Before gain on sale and equity in net gain (loss) 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
Second Quarter 2021

COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Three Months EndedThree Months EndedSix Months Ended
June 30,June 30,March 31,June 30,June 30,
20212020202120212020
Funds from Operations
Net Income (Loss) Attributable to Common Stockholders$105,332 $56,444 $(7,464)$97,868 $171,245 
Depreciation and amortization57,261 95,941 62,996 120,257 164,220 
Joint ventures depreciation and noncontrolling interests adjustments59,485 45,107 55,702 115,187 101,425 
Net income (loss) attributable to noncontrolling interests6,242 4,093 (1,975)4,267 10,002 
(Gain) loss on sale of real estate and discontinued operations(98,960)(64,884)1,388 (97,572)(137,520)
Equity in net (gain) loss on sale of joint venture property / real estate(8,471)— 12,629 4,158 — 
Purchase price and other fair value adjustments— — (2,664)(2,664)— 
Depreciable real estate reserves (2,545)— 8,241 5,696 — 
Non-real estate depreciation and amortization(672)(609)(527)(1,199)(1,259)
Funds From Operations$117,672 $136,092 $128,326 $245,998 $308,113 
Funds From Operations - Basic per Share (1)
$1.60 $1.75 $1.75 $3.35 $3.90 
Funds From Operations - Diluted per Share (1)
$1.60 $1.74 $1.73 $3.33 $3.89 
Funds From Operations - Pro forma per Share (2)
$1.60 $1.70 $1.73 $3.33 $3.79 
Funds Available for Distribution
FFO$117,672 $136,092 $128,326 $245,998 $308,113 
Non real estate depreciation and amortization672 609 527 1,199 1,259 
Amortization of deferred financing costs3,386 2,661 3,774 7,160 5,161 
Non-cash deferred compensation11,076 4,697 12,965 24,041 21,562 
FAD adjustment for joint ventures(17,018)(11,698)(23,081)(40,099)(24,917)
Straight-line rental income and other non-cash adjustments(7,632)11,004 (883)(8,515)(36,355)
Second cycle tenant improvements(8,753)(11,147)(2,923)(11,676)(29,784)
Second cycle leasing commissions(3,384)(1,861)(8)(3,392)(4,905)
Revenue enhancing recurring CAPEX(803)(283)(230)(1,033)(467)
Non-revenue enhancing recurring CAPEX(5,156)(5,260)(2,419)(7,575)(8,869)
Reported Funds Available for Distribution$90,060 $124,814 $116,048 $206,108 $230,798 
First cycle tenant improvements$93 $45 $1,261 $1,354 $4,440 
First cycle leasing commissions$15 $68 $135 $150 $1,809 
Development costs$36,472 $14,313 $15,179 $51,651 $36,791 
Redevelopment costs$4,428 $34,811 $1,608 $6,036 $70,696 
Capitalized interest$20,671 $16,368 $17,583 $38,254 $36,851 
(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
Second Quarter 2021

CONSOLIDATED STATEMENT OF EQUITY

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.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 income105,343 (1,539)103,804 
Preferred dividends(7,475)(7,475)
Cash distributions declared ($1.82 per common share)(125,836)(125,836)
Cash distributions to noncontrolling interests(173)(173)
Issuance of stock dividend and reverse stock split123,529123,529 
Other comprehensive income - unrealized gain on derivative instruments15,932 15,932 
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments(15,779)(15,779)
Other comprehensive income - unrealized gain on marketable securities231 231 
DRSPP proceeds467 467 
Repurchases of common stock(28)(177,972)(20,887)(198,887)
Contributions to consolidated joint ventures305 305 
Reallocation of noncontrolling interests in the Operating Partnership(32,475)(32,475)
Deferred compensation plan and stock awards, net14,317 14,319 
Balance at June 30, 2021$221,932 $690 $3,823,290 $(124,049)$934,132 $24,625 $(66,863)$4,813,757 
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 activity(628,325)(130,789)— (759,114)
Share Count at June 30, 202167,879,802 3,808,034  71,687,836 
Weighting factor1,518,732 312,502 379,615 2,210,849 
Weighted Average Share Count at June 30, 2021 - Diluted69,398,534 4,120,536 379,615 73,898,685 
(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
Second Quarter 2021

JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

June 30, 2021March 31, 2021December 31, 2020
TotalSLG ShareTotalSLG ShareTotalSLG Share
Assets
Commercial real estate properties, at cost:
     Land and land interests$3,702,546 $1,898,985 $3,981,820 $1,951,554 $4,487,855 $2,248,837 
     Building and improvements 11,061,324 5,860,726 11,401,089 5,864,323 12,019,429 6,208,316 
     Building leasehold and improvements 433,210 207,917 431,824 207,640 430,881 207,451 
     Right of use asset - financing leases740,832 345,489 740,832 345,489 740,832 345,489 
     Right of use asset - operating leases231,553 115,776 231,553 115,776 246,949 131,172 
 16,169,465 8,428,893 16,787,118 8,484,782 17,925,946 9,141,265 
Less: accumulated depreciation(1,580,864)(746,880)(1,543,787)(710,437)(1,782,066)(823,829)
 Net real estate14,588,601 7,682,013 15,243,331 7,774,345 16,143,880 8,317,436 
Cash and cash equivalents638,797 395,531 217,530 96,217 244,295 122,150 
Restricted cash640,224 433,381 100,223 50,105 112,781 58,766 
Tenant and other receivables34,590 12,070 37,740 12,499 41,752 15,237 
Deferred rents receivable390,539 201,485 374,462 188,954 362,131 176,410 
Deferred costs, net223,898 133,156 210,164 122,354 221,761 125,669 
Other assets1,645,874 767,508 1,740,281 810,220 1,779,851 829,679 
Total Assets$18,162,523 $9,625,144 $17,923,731 $9,054,694 $18,906,451 $9,645,347 
Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of
$143,318 at 6/30/2021, of which $83,175 is SLG share
$10,581,104 $5,475,491 $9,414,923 $4,376,658 $9,749,204 $4,618,052 
Accrued interest22,638 8,462 26,244 10,569 26,829 10,570 
Accounts payable and accrued expenses218,010 108,339 223,559 109,309 286,454 146,477 
Deferred revenue1,250,116 557,873 1,311,191 581,277 1,341,571 593,795 
Lease liability - financing leases744,020 346,682 743,804 346,677 743,540 346,647 
Lease liability - operating leases239,966 119,983 241,819 120,909 259,024 137,200 
Security deposits18,967 9,869 20,306 9,601 25,122 10,865 
Other liabilities90,446 62,464 103,290 71,500 125,701 86,531 
Equity4,997,256 2,935,981 5,838,595 3,428,194 6,349,006 3,695,210 
Total Liabilities and Equity$18,162,523 $9,625,144 $17,923,731 $9,054,694 $18,906,451 $9,645,347 

Supplemental Information
16
Second Quarter 2021

JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
Three Months EndedThree Months EndedThree Months Ended
June 30, 2021March 31, 2021June 30, 2020
TotalSLG ShareTotalSLG ShareTotalSLG Share
Revenues
Rental revenue, net$248,874 $116,595 $249,971 $115,335 $233,382 $102,796 
Escalation and reimbursement revenues35,851 15,910 42,938 18,324 32,596 14,909 
Investment income1,228 314 1,215 296 1,251 310 
Other income3,235 849 7,417 2,346 4,289 2,629 
Total Revenues, net289,188 133,668 301,541 136,301 271,518 120,644 
Loss on early extinguishment of debt(1,326)(941)— — — — 
Expenses
Operating expenses42,410 19,677 46,233 19,881 35,338 14,863 
Operating lease rent5,643 2,824 5,644 2,824 6,201 3,009 
Real estate taxes54,015 24,512 54,592 24,471 51,735 23,128 
Total Operating Expenses102,068 47,013 106,469 47,176 93,274 41,000 
Operating Income185,794 85,714 195,072 89,125 178,244 79,644 
Interest expense, net of interest income79,129 34,274 78,749 33,427 79,638 32,714 
Amortization of deferred financing costs7,204 3,545 6,384 2,885 4,808 1,693 
Depreciation and amortization116,956 58,537 114,879 55,275 98,854 46,217 
Net Loss(17,495)(10,642)(4,940)(2,462)(5,056)(980)
Real estate depreciation116,715 58,490 114,592 55,218 98,568 46,161 
FFO Contribution$99,220 $47,848 $109,652 $52,756 $93,512 $45,181 
FAD Adjustments:
Non real estate depreciation and amortization$241 $47 $287 $57 $286 $56 
Amortization of deferred financing costs7,204 3,545 6,384 2,885 4,808 1,693 
Straight-line rental income and other non-cash adjustments(30,338)(18,226)(33,183)(20,273)(15,245)(8,390)
Second cycle tenant improvement(1,703)(958)(3,419)(1,711)(4,131)(2,125)
Second cycle leasing commissions(1,414)(752)(4,669)(2,797)(2,651)(1,388)
Revenue enhancing recurring CAPEX(270)(12)(36)(315)(1,306)(513)
Non-revenue enhancing recurring CAPEX(1,195)(662)(1,726)(927)(2,004)(1,031)
Total FAD Adjustments$(27,475)$(17,018)$(36,362)$(23,081)$(20,243)$(11,698)
First cycle tenant improvement$2,519 $1,242 $581 $158 $6,318 $2,529 
First cycle leasing commissions$47 $14 $$— $14 $
Development costs$129,346 $80,107 $112,571 $71,745 $151,046 $107,258 
Redevelopment costs$5,514 $2,781 $126 $52 $514 $210 
Capitalized interest$10,307 $6,410 $10,223 $6,465 $7,890 $5,603 
Supplemental Information
17
Second Quarter 2021

JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
Six Months EndedSix Months Ended
June 30, 2021June 30, 2020
TotalSLG ShareTotalSLG Share
Revenues
Rental revenue, net$498,845 $231,930 $471,794 $208,100 
Escalation and reimbursement revenues78,789 34,234 72,247 33,101 
Investment income2,443 610 2,488 617 
Other income10,652 3,195 7,509 4,240 
Total Revenues, net590,729 269,969 554,038 246,058 
Loss on early extinguishment of debt(1,326)(941)— — 
Expenses
Operating expenses88,643 39,558 86,928 37,342 
Operating lease rent11,287 5,648 12,562 6,099 
Real estate taxes108,607 48,983 105,107 47,063 
Total Operating Expenses208,537 94,189 204,597 90,504 
Operating Income380,866 174,839 349,441 155,554 
Interest expense, net of interest income157,878 67,701 165,962 68,491 
Amortization of deferred financing costs13,588 6,430 9,622 3,380 
Depreciation and amortization231,835 113,812 197,438 92,091 
Net Loss(22,435)(13,104)(23,581)(8,408)
Real estate depreciation231,307 113,708 196,864 91,978 
FFO Contribution$208,872 $100,604 $173,283 $83,570 
FAD Adjustments:
Non real estate depreciation and amortization$528 $104 $574 $113 
Amortization of deferred financing costs13,588 6,430 9,622 3,380 
Straight-line rental income and other non-cash adjustments(63,521)(38,499)(32,422)(18,339)
Second cycle tenant improvement(5,122)(2,669)(8,795)(4,157)
Second cycle leasing commissions(6,083)(3,549)(6,379)(3,255)
Revenue enhancing recurring CAPEX(306)(327)(1,861)(570)
Non-revenue enhancing recurring CAPEX(2,921)(1,589)(3,096)(2,089)
Total FAD Adjustments$(63,837)$(40,099)$(42,357)$(24,917)
First cycle tenant improvement$3,100 $1,400 $13,730 $6,176 
First cycle leasing commissions$54 $14 $266 $119 
Development costs$241,917 $151,852 $251,774 $178,785 
Redevelopment costs$5,640 $2,833 $1,765 $858 
Capitalized Interest$20,530 $12,875 $16,619 $11,801 
Supplemental Information
18
Second Quarter 2021

SELECTED FINANCIAL DATA
Net Operating Income
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Three Months EndedThree Months EndedSix Months Ended
June 30,June 30,March 31,June 30,June 30,
20212020202120212020
Net Operating Income (1)
$95,785 $108,246 $101,644 $197,429 $228,865 
SLG share of property NOI from unconsolidated JVs86,704 77,841 87,687 174,391 152,908 
NOI, including SLG share of unconsolidated JVs182,489 186,087 189,331 371,820 381,773 
Partners' share of NOI - consolidated JVs133 (940)95 229 (1,615)
NOI - SLG share$182,622 $185,147 $189,426 $372,049 $380,158 
NOI, including SLG share of unconsolidated JVs$182,489 $186,087 $189,331 $371,820 $381,773 
Free rent (net of amortization)(11,726)(4,575)(13,928)(25,655)(8,379)
Amortization of acquired above and below-market leases, net(2,932)(5,436)(2,410)(5,342)(10,496)
Straight-line revenue adjustment(6,205)(6,604)(5,406)(11,612)(11,634)
Straight-line tenant credit loss(3,257)7,310 2,195 (1,062)7,804 
Operating lease straight-line adjustment476 770 476 953 1,672 
Cash NOI, including SLG share of unconsolidated JVs158,845 177,552 170,258 329,102 360,740 
Partners' share of cash NOI - consolidated JVs130 (685)92 223 (1,297)
Cash NOI - SLG share$158,975 $176,867 $170,350 $329,325 $359,443 
(1) Includes SL Green Management Corp. and Emerge 212. Excludes lease termination income.
NOI Summary by Portfolio (1) - SLG Share
Three Months Ended
June 30, 2021
Six Months Ended
June 30, 2021
NOICash NOINOICash NOI
Manhattan Operating Properties$155,700 $143,263 $310,489 $286,043 
Retail Operating Properties6,978 6,664 14,570 13,857 
Residential Operating Properties116 136 210 224 
Suburban Operating Properties2,637 2,638 4,694 4,589 
Development/Redevelopment13,917 2,992 29,169 11,715 
Total Operating and Development179,348 155,693 359,132 316,428 
Property Dispositions (2)
4,722 4,725 11,593 11,610 
Other (3)
(1,448)(1,443)1,324 1,287 
Total$182,622 $158,975 $372,049 $329,325 
(1) Portfolio composition consistent with the Selected Property Data tables.
(2) Includes properties sold or otherwise disposed of during the respective period.
(3) Includes SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company.
Supplemental Information
19
Second Quarter 2021

SELECTED FINANCIAL DATA
2021 Same Store Net Operating Income - Wholly Owned and Consolidated JVs
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
Three Months EndedThree Months EndedSix Months Ended
June 30,June 30,March 31,June 30,June 30,
20212020%202120212020%
Revenues
Rental revenue, net$140,686 $138,782 1.4 %$136,995 $277,681 $285,153 (2.6)%
Escalation & reimbursement revenues15,867 17,166 (7.6)%17,839 33,706 37,732 (10.7)%
Other income1,195 10,792 (88.9)%48 1,243 11,160 (88.9)%
Total Revenues157,748 166,740 (5.4)%154,882 312,630 334,045 (6.4)%
Expenses
Operating expenses31,041 29,483 5.3 %31,691 62,732 67,688 (7.3)%
Operating lease rent6,225 7,103 (12.4)%6,225 12,450 13,696 (9.1)%
Real estate taxes35,967 34,631 3.9 %35,930 71,897 69,282 3.8 %
Total Operating Expenses73,233 71,217 2.8 %73,846 147,079 150,666 (2.4)%
Operating Income84,515 95,523 (11.5)%81,036 165,551 183,379 (9.7)%
Interest expense & amortization of financing costs17,845 13,691 30.3 %17,794 35,639 26,792 33.0 %
Depreciation & amortization44,476 50,472 (11.9)%45,556 90,032 102,670 (12.3)%
Income before noncontrolling interest22,194 31,360 (29.2)%17,686 39,880 53,917 (26.0)%
Real estate depreciation & amortization44,459 50,454 (11.9)%45,538 89,997 102,635 (12.3)%
FFO Contribution$66,653 $81,814 (18.5)%$63,224 $129,877 $156,552 (17.0)%
Non–building revenue(87)(222)(60.8)%(35)(122)(550)(77.8)%
Interest expense & amortization of financing costs17,845 13,691 30.3 %17,794 35,639 26,792 33.0 %
Non-real estate depreciation17 18 (5.6)%18 35 35 — %
NOI$84,428 $95,301 (11.4)%$81,001 $165,429 $182,829 (9.5)%
Cash Adjustments
Free rent (net of amortization)$(4,168)$(3,130)33.2 %$(4,718)$(8,886)$(5,717)55.4 %
Straight-line revenue adjustment(1,065)(1,860)(42.7)%(25)(1,090)(2,185)(50.1)%
Amortization of acquired above and below-market leases, net(100)(858)(88.3)%(95)(195)(2,428)(92.0)%
Operating lease straight-line adjustment244 245 (0.4)%245 489 533 (8.3)%
Straight-line tenant credit loss(2,651)5,090 (152.1)%1,363 (1,288)5,102 (125.2)%
Cash NOI$76,688 $94,788 (19.1)%$77,771 $154,459 $178,134 (13.3)%
Lease termination income(1,095)(10,570)(89.6)%(5)(1,100)(10,590)(89.6)%
Cash NOI excluding lease termination income$75,593 $84,218 (10.2)%$77,766 $153,359 $167,544 (8.5)%
Operating Margins
NOI to real estate revenue, net53.6 %57.2 %52.3 %52.9 %54.8 %
Cash NOI to real estate revenue, net48.6 %56.9 %50.2 %49.4 %53.4 %
NOI before operating lease rent/real estate revenue, net57.5 %61.5 %56.3 %56.9 %58.9 %
Cash NOI before operating lease rent/real estate revenue, net52.4 %61.0 %54.1 %53.3 %57.4 %
Supplemental Information
20
Second Quarter 2021

SELECTED FINANCIAL DATA
2021 Same Store Net Operating Income - Unconsolidated JVs
Unaudited
(Dollars in Thousands, SLG Share)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Three Months EndedThree Months EndedSix Months Ended
June 30,June 30,March 31,June 30,June 30,
20212020%202120212020%
Revenues
Rental revenue, net$105,064 $99,759 5.3 %$105,958 $211,022 $201,731 4.6 %
Escalation & reimbursement revenues15,954 15,156 5.3 %18,254 34,208 33,591 1.8 %
Other income1,022 381 168.2 %852 1,874 1,310 43.1 %
Total Revenues122,040 115,296 5.8 %125,064 247,104 236,632 4.4 %
Expenses
Operating expenses16,319 13,704 19.1 %18,188 34,507 34,685 (0.5)%
Operating lease rent2,824 2,824 — %2,824 5,648 5,727 (1.4)%
Real estate taxes24,462 22,922 6.7 %24,265 48,727 46,653 4.4 %
Total Operating Expenses43,605 39,450 10.5 %45,277 88,882 87,065 2.1 %
Operating Income78,435 75,846 3.4 %79,787 158,222 149,567 5.8 %
Interest expense & amortization of financing costs33,377 34,560 (3.4)%33,181 66,558 71,974 (7.5)%
Depreciation & amortization47,551 43,222 10.0 %49,439 96,990 86,145 12.6 %
Loss before noncontrolling interest(2,493)(1,936)28.8 %(2,833)(5,326)(8,552)(37.7)%
Real estate depreciation & amortization47,550 43,222 10.0 %49,439 96,989 86,144 12.6 %
FFO Contribution$45,057 $41,286 9.1 %$46,606 $91,663 $77,592 18.1 %
Non–building revenue(771)(203)279.8 %(817)(1,588)(1,123)41.4 %
Interest expense & amortization of financing costs33,377 34,560 (3.4)%33,181 66,558 71,974 (7.5)%
Non-real estate depreciation— 100.0 %— — %
NOI$77,664 $75,643 2.7 %$78,970 $156,634 $148,444 5.5 %
Cash Adjustments
Free rent (net of amortization)$1,191 $(899)(232.5)%$(2,609)$(1,418)$(2,060)(31.2)%
Straight-line revenue adjustment(2,727)(4,641)(41.2)%(5,580)(8,307)(9,710)(14.4)%
Amortization of acquired above and below-market leases, net(4,824)(3,807)26.7 %(4,311)(9,135)(7,630)19.7 %
Operating lease straight-line adjustment233 252 (7.5)%232 465 594 (21.7)%
Straight-line tenant credit loss(630)1,269 (149.6)%840 210 1,740 (87.9)%
Cash NOI$70,907 $67,817 4.6 %$67,542 $138,449 $131,378 5.4 %
Lease termination income(247)(172)43.6 %(7)(254)(179)41.9 %
Cash NOI excluding lease termination income$70,660 $67,645 4.5 %$67,535 $138,195 $131,199 5.3 %
Operating Margins
NOI to real estate revenue, net64.0 %65.7 %63.6 %63.8 %63.0 %
Cash NOI to real estate revenue, net58.5 %58.9 %54.4 %56.4 %55.8 %
NOI before operating lease rent/real estate revenue, net66.4 %68.2 %65.8 %66.1 %65.5 %
Cash NOI before operating lease rent/real estate revenue, net60.6 %61.2 %56.4 %58.5 %58.0 %
Supplemental Information
21
Second Quarter 2021

SELECTED FINANCIAL DATA
2021 Same Store Net Operating Income
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
Three Months EndedThree Months EndedSix Months Ended
June 30,June 30,March 31,June 30,June 30,
20212020%202120212020%
Revenues
Rental revenue, net$140,686 $138,782 1.4 %$136,995 $277,681 $285,153 (2.6)%
Escalation & reimbursement revenues15,867 17,166 (7.6)%17,839 33,706 37,732 (10.7)%
Other income1,195 10,792 (88.9)%48 1,243 11,160 (88.9)%
Total Revenues157,748 166,740 (5.4)%154,882 312,630 334,045 (6.4)%
Equity in Net Loss from Unconsolidated Joint Ventures (1)
(2,493)(1,936)28.8 %(2,833)(5,326)(8,552)
Expenses
Operating expenses31,041 29,483 5.3 %31,691 62,732 67,688 (7.3)%
Operating lease rent6,225 7,103 (12.4)%6,225 12,450 13,696 (9.1)%
Real estate taxes35,967 34,631 3.9 %35,930 71,897 69,282 3.8 %
Total Operating Expenses73,233 71,217 2.8 %73,846 147,079 150,666 (2.4)%
Operating Income82,022 93,587 (12.4)%78,203 160,225 174,827 (8.4)%
Interest expense & amortization of financing costs17,845 13,691 30.3 %17,794 35,639 26,792 33.0 %
Depreciation & amortization44,476 50,472 (11.9)%45,556 90,032 102,670 (12.3)%
Income before noncontrolling interest19,701 29,424 (33.0)%14,853 34,554 45,365 (23.8)%
Real estate depreciation & amortization44,459 50,454 (11.9)%45,538 89,997 102,635 (12.3)%
Joint Ventures Real estate depreciation & amortization (1)
47,550 43,222 10.0 %49,439 96,989 $86,144 12.6 %
FFO Contribution$111,710 $123,100 (9.3)%$109,830 $221,540 $234,144 (5.4)%
Non–building revenue(87)(222)(60.8)%(35)(122)(550)(77.8)%
Joint Ventures Non–building revenue (1)
(771)(203)279.8 %(817)(1,588)(1,123)41.4 %
Interest expense & amortization of financing costs17,845 13,691 30.3 %17,794 35,639 26,792 33.0 %
Joint Ventures Interest expense & amortization of financing costs (1)
33,377 34,560 (3.4)%33,181 66,558 71,974 (7.5)%
Non-real estate depreciation17 18 (5.6)%18 35 35 — %
Joint Ventures Non-real estate depreciation (1)
— 100.0 %— — %
NOI$162,092 $170,944 (5.2)%$159,971 $322,063 $331,273 (2.8)%
Cash Adjustments
Non-cash adjustments$(7,740)$(513)1,408.8 %$(3,230)$(10,970)$(4,695)133.7 %
Joint Ventures non-cash adjustments (1)
(6,757)(7,826)(13.7)%(11,428)(18,185)(17,066)6.6 %
Cash NOI$147,595 $162,605 (9.2)%$145,313 $292,908 $309,512 (5.4)%
Lease termination income(1,095)(10,570)(89.6)%(5)(1,100)(10,590)(89.6)%
Joint Ventures lease termination income (1)
(247)(172)43.6 %(7)(254)(179)41.9 %
Cash NOI excluding lease termination income$146,253 $151,863 (3.7)%$145,301 $291,554 $298,743 (2.4)%
Operating Margins
NOI to real estate revenue, net58.1 %60.7 %57.3 %57.7 %58.2 %
Cash NOI to real estate revenue, net52.9 %57.7 %52.1 %52.5 %54.4 %
NOI before operating lease rent/real estate revenue, net61.4 %64.2 %60.6 %61.0 %61.6 %
Cash NOI before operating lease rent/real estate revenue, net56.0 %61.1 %55.1 %55.6 %57.6 %
(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
22
Second Quarter 2021

DEBT SUMMARY SCHEDULE
Consolidated
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Principal2021InitialPrincipalAs-OfFinal
OwnershipOutstandingPrincipalMaturityDue atRightMaturityEarliest
Fixed rate debtInterest (%)6/30/2021Coupon (1)AmortizationDateMaturityExtensionDate (2)Prepayment (3)
Secured fixed rate debt
100 Church Street100.0 $202,558 4.68%$4,663 Jul-22$197,784 — Jul-22Apr-22
420 Lexington Avenue100.0 291,359 3.99%5,375 Oct-24272,749 — Oct-40Jul-24
Landmark Square100.0 100,000 4.90%— Jan-27100,000 — Jan-27Oct-26
485 Lexington Avenue100.0 450,000 4.25%— Feb-27450,000 — Feb-27Oct-26
1080 Amsterdam92.5 34,773 3.59%241 Feb-2730,549 — Feb-27Open
$1,078,690 4.30%$10,279 $1,051,082 
Unsecured fixed rate debt
Unsecured notes (swapped)$350,000 1.52%$— Aug-21$350,000 — Aug-21Open
Unsecured notes499,857 3.25%— Oct-22500,000 — Oct-22Open
Unsecured notes301,547 4.50%— Dec-22300,000 — Dec-22Open
Term loan A (swapped)1,300,000 2.47%(4)— Mar-23(4)1,300,000 — Mar-23Open
Term loan B (swapped)200,000 1.14%— Nov-24200,000 — Nov-24Open
Unsecured notes100,000 4.27%— Dec-25100,000 — Dec-25Open
Junior subordinated deferrable interest debentures (swapped)100,000 1.46%— Jul-35100,000 — Jul-35Open
$2,851,404 2.64%$ $2,850,000 
Total Fixed Rate Debt$3,930,094 3.09%$10,279 $3,901,082 
Floating rate debt
Secured floating rate debt
185 Broadway (LIBOR + 285 bps)100.0 $178,251 2.95%$— Nov-21$168,871 — Nov-23Open
609 Fifth Avenue (LIBOR + 295 bps)100.0 57,651 3.05%— Mar-2257,651 — Mar-22Open
220 East 42nd (LIBOR + 275 bps)100.0 510,000 2.85%— Jun-23510,000 — Jun-25Open
719 Seventh Avenue (LIBOR + 120 bps)75.0 50,000 1.45%— Sep-2350,000 — Sep-23Open
$795,902 2.80%$ $786,522 
Unsecured floating rate debt
Revolving credit facility (LIBOR + 100 bps)$— 1.10%$— Mar-22$630,000 Mar-23Mar-23Open
$ 1.10%$ $630,000 
Total Floating Rate Debt$795,902 2.80%$ $1,416,522 
Total Debt - Consolidated$4,725,996 3.05%$10,279 $5,317,604 
Deferred financing costs(26,820)
Total Debt - Consolidated, net$4,699,176 3.05%
Total Debt - Joint Venture, net$5,475,491 3.17%
Total Debt including SLG share of unconsolidated JV Debt$10,284,662 3.11%
Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt$9,859,742 2.98%
(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 0.10% or the effective 3-month LIBOR rate at the end of the quarter of 0.15%, as applicable. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) Reflects exercise of all available extension options, which may be subject to conditions.
(3) Loans noted as "open" may be subject to certain fees, premiums or other amounts due on early repayment.
(4) Represents a blended fixed rate inclusive of the effect of the following swaps:
Term Loan A (swapped)
Notional ValueRateMaturity Date
100,000,000 0.14%Feb-22
400,000,000 0.16%Feb-23
200,000,000 1.13%Jul-23
100,000,000 1.16%Jul-23
150,000,000 2.70%Jan-24
200,000,000 2.74%Jan-26
150,000,000 2.72%Jan-26
Supplemental Information
23
Second Quarter 2021

DEBT SUMMARY SCHEDULE
Unconsolidated JVs
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Principal Outstanding2021InitialPrincipalAs-OfFinal
Ownership6/30/21Principal AmortizationMaturityDue at MaturityRightMaturityEarliest
Fixed rate debtInterest (%)Gross PrincipalSLG ShareCoupon (1)(SLG Share)Date(SLG Share)ExtensionDate (2)Prepayment (3)
717 Fifth Avenue (mortgage)10.9 $300,000 $32,748 4.45%$— Jul-22$32,748 — Jul-22Open
717 Fifth Avenue (mezzanine)10.9 355,328 38,788 5.50%— Jul-2238,788 — Jul-22Mar-22
650 Fifth Avenue (mortgage)50.0 210,000 105,000 4.46%— Oct-22105,000 — Oct-22Open
650 Fifth Avenue (mezzanine)50.0 65,000 32,500 5.45%— Oct-2232,500 — Oct-22Open
21 East 66th Street32.3 12,000 3,874 3.60%— Apr-233,874 — Apr-28Open
919 Third Avenue51.0 500,000 255,000 5.12%— Jun-23255,000 — Jun-23Feb-23
1515 Broadway56.9 811,275 461,364 3.93%10,670 Mar-25419,372 — Mar-25Sep-24
11 Madison Avenue60.0 1,400,000 840,000 3.84%— Sep-25840,000 — Sep-25Mar-25
800 Third Avenue (swapped)60.5 177,000 107,120 3.37%— Feb-26107,120 — Feb-26Open
400 East 57th Street41.0 96,666 (4)39,633 (4)3.00%628 Nov-2636,798 — Nov-26Open
Worldwide Plaza25.0 1,200,000 299,400 3.98%— Nov-27299,400 — Nov-27Jul-27
Stonehenge PortfolioVarious195,899 (5)11,279 3.50%85 Various(5)10,325 — VariousOpen
One Vanderbilt Avenue71.0 3,000,000 2,130,300 2.86%(6)— Jul-312,130,300 — Jul-31Jul-23
Total Fixed Rate Debt$8,323,168 $4,357,006 3.48%(7)$11,383 $4,311,225 
Floating rate debt
280 Park Avenue (LIBOR + 173 bps)50.0 $1,200,000 $600,000 1.83%$— Sep-21$600,000 Sep-24Sep-24Open
1552 Broadway (LIBOR + 265 bps)50.0 195,000 97,500 2.75%— Oct-2197,500 — Oct-22Open
2 Herald Square (LIBOR + 145 bps)51.0 214,500 109,395 1.55%— Nov-21109,395 — Nov-23Open
11 West 34th Street (LIBOR + 145 bps)30.0 23,000 6,900 1.63%— Jan-226,900 Jan-23Jan-23Open
121 Greene Street (LIBOR + 200 bps)50.0 13,577 6,789 2.10%— Nov-226,789 — Nov-22Open
115 Spring Street (LIBOR + 340 bps)51.0 65,550 33,431 3.50%— Sep-2333,431 — Sep-23Open
100 Park Avenue (LIBOR + 225 bps)49.9 360,000 179,640 2.50%— Dec-23179,640 — Dec-25Open
15 Beekman (LIBOR + 150 bps)20.0 27,002 5,400 2.25%— Jan-245,400 — Jul-25Open
10 East 53rd Street (LIBOR + 135 bps)55.0 220,000 121,000 1.45%— Feb-25121,000 — Feb-25Open
One Madison Avenue (LIBOR + 335 bps)50.5 81,971 41,395 3.60%— Nov-2541,395 — Nov-26Open
21 East 66th Street (T 12 mos + 275 bps)32.3 654 210 2.82%14 Jun-33— Jun-33Open
Total Floating Rate Debt$2,401,254 $1,201,660 2.05%(7)$14 $1,201,452 
Total unconsolidated JV Debt$10,724,422 $5,558,666 3.17%(7)$11,397 $5,512,677 
Deferred financing costs(143,318)(83,175)
Total unconsolidated JV Debt, net$10,581,104 $5,475,491 3.17%
(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 0.11%. Coupon for loans that are subject to LIBOR floors were determined using the LIBOR floors.
(2) Reflects exercise of all available extension options, which may be subject to conditions.
(3) Loans noted as "open" may be subject to certain fees, premiums or penalties on early repayment.
(4) In April 2021, the Company entered into contract to sell its interest in the property.
(5) 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 financing carries a stated coupon of 2.855%, equivalent to a rate of 2.947% inclusive of hedging costs.
(7) Calculated based on SL Green's share of the outstanding debt.
 SL GREEN REALTY CORP.Composition of Debt
Revolving Credit Facility CovenantsFixed Rate Debt
ActualRequiredConsolidated$3,930,094 
Total Debt / Total Assets40.8%Less than 60%SLG Share of JV4,357,006 
Fixed Charge Coverage2.47xGreater than 1.4xTotal Fixed Rate Debt$8,287,100 80.6%
Maximum Secured Indebtedness17.3%Less than 50%
Maximum Unencumbered Leverage Ratio50.2%Less than 60%Floating Rate Debt
Unsecured Notes CovenantsConsolidated$795,902 
ActualRequiredSLG Share of JV1,201,660 
Total Debt / Total Assets38.7%Less than 60%1,997,562 19.4%
Secured Debt / Total Assets19.6%Less than 40%Floating Rate DPE and Other Investments(308,351)(3.0)%
Debt Service Coverage3.00xGreater than 1.5xTotal Floating Rate Debt$1,689,211 16.4%
Unencumbered Assets / Unsecured Debt285.4%Greater than 150%Total Debt$10,284,662 
Supplemental Information
24
Second Quarter 2021

SUMMARY OF LEASE LIABILITIES

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Ownership2021 Scheduled2022 Scheduled2023 Scheduled2024 ScheduledLeaseYear of Final
PropertyInterest (%)Cash PaymentCash PaymentCash PaymentCash Payment
Liabilities (1)
Expiration (2)
Consolidated Lease Liabilities (SLG Share)
Operating Leases
1185 Avenue of the Americas100.0$6,909 $6,909 $6,909 $6,909 $92,345 2043
SL Green Headquarters at One Vanderbilt71.0—  (3)(4) 695  (3)(4) 1,398  (3)(4) 1,695  (3) 94,303 2048
625 Madison Avenue100.04,613 2,306  (5) —  (5) —  (5) 4,519 2054
420 Lexington Avenue100.011,199 11,199 11,199 11,199 178,331 2080
711 Third Avenue100.05,500 5,500 5,500 5,500 50,975 2083(6)
885 Third Avenue100.0759 759 759 759 15,351 2080
1080 Amsterdam Avenue92.5290 290 290 306 7,489 2111
Total$29,270 $27,658 $26,055 $26,368 $443,313 
Financing Leases
1080 Amsterdam Avenue92.5$404 $404 $404 $426 $22,546 2111
15 Beekman100.03,041 3,087 3,133 3,180 102,262 2119(7)
Total$3,445 $3,491 $3,537 $3,606 $124,808 
Unconsolidated Joint Venture Lease Liabilities (SLG Share)
Operating Leases
650 Fifth Avenue (Floors 4-6)50.0$1,659 $1,790 $1,790 $1,790 $17,358 2053
650 Fifth Avenue (Floors b-3)50.01,428 1,441 1,458 1,569 31,049 2062
1560 Broadway50.06,861 6,861 6,935 7,272 71,576 2114
Total$9,948 $10,092 $10,183 $10,631 $119,983 
Financing Leases
650 Fifth Avenue (Floors b-3)50.0$6,695 $6,695 $6,786 $7,364 $99,332 2062
One Vanderbilt Avenue Garage71.0203 205 207 209 3,385 2069
2 Herald Square51.07,107 7,285 7,467 7,654 223,491 2077(7)
Total$14,005 $14,185 $14,460 $15,227 $326,208 
(1) Per the balance sheet as of June 30, 2021.
(2) Reflects all available extension options.
(3) Reflects scheduled cash payments net of the Company's ownership interest.
(4) The 2021, 2022, and 2023 scheduled cash payments reflect free rent.
(5) Reflects known cash payments through ground rent reset date.
(6) Reflects 50% of the annual ground rent payment as the Company owns 50% of the fee interest.
(7) The Company has an option to purchase the ground lease for a fixed price on a specific date. Scheduled cash payments do not reflect the exercise of the purchase option.
Supplemental Information
25
Second Quarter 2021

DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Weighted Average BookWeighted AverageWeighted Average Yield
    Book Value (1)
Value During Quarter
  Yield During Quarter (2)
At End Of Quarter (3)
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 $1,220,310 7.04%7.07%
Debt investment originations/fundings/accretion(4)
5,935 
Preferred Equity investment originations/accretion(4)
3,221 
Redemptions/Sales/Syndications/Equity Ownership/Amortization(77,697)
Reserves/Realized Losses(8,280)
12/31/2020$1,076,542 $1,090,681 6.49%6.80%
Debt investment originations/fundings/accretion(4)
17,465 
Preferred Equity investment originations/accretion(4)
3,195 
Redemptions/Sales/Syndications/Equity Ownership/Amortization— 
Reserves/Realized Losses— 
3/31/2021$1,097,202 $1,102,569 6.77%6.86%
Debt investment originations/fundings/accretion(4)
72,525 
Preferred Equity investment originations/accretion(4)
3,274 
Redemptions/Sales/Syndications/Equity Ownership/Amortization(100,290)
Reserves/Realized Losses— 
6/30/2021$1,072,711 (5)$1,156,359 7.11%7.34%
(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. Excludes 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 3.59% that are included in other balance sheet line items.

Supplemental Information
26
Second Quarter 2021

DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Book ValueSeniorWeighted AverageWeighted AverageWeighted Average Yield
Type of InvestmentFloating rateFixed rateTotal

Financing
  Exposure PSF (1)
 Yield During Quarter (2)
   At End Of Quarter (2)(3)
Senior Mortgage Debt$13,753 $1,250 $15,003 $— $148 4.62%5.33%
Junior Mortgage Participation7,213 — 7,213 60,000 $9,602 7.70%7.54%
Mezzanine Debt287,385 496,855 784,240 4,738,952 $849 6.35%6.51%
Preferred Equity— 266,255 266,255 1,962,750 $937 9.83%9.92%
Balance as of 6/30/21$308,351 $764,360 $1,072,711 
(4)
$920 7.11%7.34%
Debt and Preferred Equity Maturity Profile (5)
20212022202320242025 & Thereafter
Floating Rate38,321246,51223,519
Fixed Rate56,248199,787287,6076,890213,827
Sub-total94,569446,299311,1266,890213,827
(1) Net of loan loss reserves.
(2) Excludes accelerated fee income resulting from early repayment and loan loss reserves.
(3) Calculated based on GAAP income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter, excluding accelerated fee income resulting from early repayment and loan loss reserves.
(4) Net of unamortized fees, discounts, and premiums. 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.
(5) The weighted average maturity of the outstanding balance is 2.10 years. Approximately 27.6% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension. The weighted average fully extended maturity of the outstanding balance is 2.91 years.
Supplemental Information
27
Second Quarter 2021

10 LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
   Book Value (1)
PropertySeniorYield At End
Investment Type6/30/2021TypeLocationFinancing
    Last $ PSF (2)
  Of Quarter (3)
Mezzanine Loan$225,367 FeeManhattan$364,858 $1,012 (4)
Mezzanine Loan and Preferred Equity212,928 OfficeManhattan1,712,750 $1,081 10.96%
Mezzanine Loan130,774 OfficeManhattan1,115,000 $1,072 10.53%
Preferred Equity108,577 Multi-Family RentalManhattan250,000 $727 6.55%
Mezzanine Loan62,240 FeeManhattan270,550 $570 14.16%
Mortgage and Mezzanine Loans56,248 Residential/RetailManhattan— $720 3.61%
Mezzanine Loan49,994 OfficeManhattan275,000 $414 6.86%
Mezzanine Loan42,263 Multi-Family RentalManhattan280,000 $499 8.83%
Mezzanine Loan37,148 OfficeManhattan179,132 $665 6.08%
Mezzanine Loan30,000 OfficeManhattan95,000 $573 8.40%
Total$955,539 
(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 6/30/2021.

Supplemental Information
28
Second Quarter 2021

SELECTED PROPERTY DATA
Manhattan Operating Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
Ownership # ofUsable% of TotalOccupancy % (Commenced Leases)Annualized Contractual Cash Rent ($'s)Annualized Contractual Cash RentTotal Tenants
PropertiesInterest (%)SubMarketOwnershipBldgs Sq. FeetSq. FeetJun-21Mar-21Dec-20Sep-20Jun-20100%SLG%
CONSOLIDATED PROPERTIES
"Same Store"
100 Church Street100.0DowntownFee Interest1,047,500 5.0 99.3 99.3 99.3 99.3 99.3 $51,117 7.84.719 
110 East 42nd Street100.0Grand CentralFee Interest215,400 1.0 88.9 88.9 88.9 82.6 82.6 12,141 1.81.125 
110 Greene Street100.0SohoFee Interest223,600 1.1 76.9 76.7 89.3 89.3 89.9 13,539 2.11.252 
125 Park Avenue100.0Grand CentralFee Interest604,245 2.9 99.6 99.6 99.6 99.4 99.5 47,790 7.24.426 
220 East 42nd Street100.0Grand CentralFee Interest1,135,000 5.3 94.3 94.1 94.1 96.5 97.0 69,397 10.56.534 
304 Park Avenue South100.0Midtown SouthFee Interest215,000 1.0 100.0 91.2 91.2 91.2 74.9 17,594 2.71.6
420 Lexington Ave (Graybar)100.0Grand Central NorthLeasehold Interest 1,188,000 5.5 85.3 85.7 90.5 91.7 91.7 81,719 12.47.5171 
461 Fifth Avenue100.0MidtownFee Interest200,000 0.9 86.2 86.2 86.2 86.2 87.3 16,593 2.51.513 
485 Lexington Avenue 100.0Grand Central NorthFee Interest921,000 4.4 85.9 85.9 89.5 89.5 89.5 55,652 8.45.129 
555 West 57th Street100.0Midtown WestFee Interest941,000 4.5 99.9 99.9 99.9 99.9 99.9 49,479 7.54.6
711 Third Avenue
     100.0 (1)
Grand Central North
Leasehold Interest (1)
524,000 2.5 91.2 96.4 89.1 89.1 91.3 34,030 5.23.121 
810 Seventh Avenue100.0Times SquareFee Interest692,000 3.3 81.3 85.8 89.3 89.3 90.2 41,916 6.43.942 
1185 Avenue of the Americas100.0Rockefeller CenterLeasehold Interest1,062,000 5.0 79.8 79.8 79.8 94.1 93.3 79,242 12.07.312 
1350 Avenue of the Americas100.0Rockefeller CenterFee Interest562,000 2.7 80.1 80.7 81.2 87.9 87.3 37,029 5.63.439 
Subtotal / Weighted Average14 9,530,745 45.1 %89.7 %90.1 %91.3 %93.5 %93.3 %$607,238 92.1%55.9%499 
"Non Same Store"
590 Fifth Avenue100.0MidtownFee Interest103,300 0.5 66.3 66.3 68.5 N/A  N/A $6,119 0.90.6
885 Third Avenue100.0Midtown / Plaza DistrictFee / Leasehold Interest625,300 3.0 84.6 86.8 88.592.7 N/A 45,992 7.04.214 
Subtotal / Weighted Average2 728,600 3.5 %82.0 %83.9 %85.7 %92.7 % 52,111 7.9%4.8%23 
Total / Weighted Average Consolidated Properties16 10,259,345 48.6 %89.1 %89.7 %90.9 %93.5 %93.3 %$659,349 100.0%60.7%522 
UNCONSOLIDATED PROPERTIES
"Same Store"
2 Herald Square51.0Herald SquareLeasehold Interest369,000 1.7 95.8 95.8 95.8 95.8 95.8 $41,874 2.0
10 East 53rd Street55.0Plaza DistrictFee Interest354,300 1.7 87.7 91.0 93.5 95.8 95.1 29,431 1.535 
11 Madison Avenue60.0Park Avenue SouthFee Interest2,314,000 10.9 100.0 100.0 95.7 95.7 95.7 169,557 9.411 
100 Park Avenue50.0Grand Central SouthFee Interest834,000 3.9 83.6 83.0 82.5 81.8 80.7 61,778 2.838 
280 Park Avenue 50.0Park AvenueFee Interest1,219,158 5.8 94.2 94.3 92.0 92.7 91.3 128,335 5.938 
800 Third Avenue60.5Grand Central NorthFee Interest 526,000 2.5 92.2 92.9 94.7 91.2 94.1 38,510 2.138 
919 Third Avenue51.0Grand Central NorthFee Interest 1,454,000 6.9 100.0 100.0 100.0 100.0 100.0 102,934 4.8
1515 Broadway57.0Times SquareFee Interest1,750,000 8.3 99.9 99.9 99.9 94.9 94.9 140,019 7.4
Worldwide Plaza25.0WestsideFee Interest2,048,725 9.7 97.7 97.7 96.6 94.6 94.6 148,397 3.423 
Subtotal / Weighted Average9 10,869,183 51.4 %96.7 %96.8 %95.6 %94.3 %94.2 %$860,835 39.3%204 
Total / Weighted Average Unconsolidated Properties9 10,869,183 51.4 %96.7 %96.8 %95.6 %94.3 %94.2 %$860,835 39.3%204 
Manhattan Operating Properties Grand Total / Weighted Average25 21,128,528 100.0 %93.0 %93.4 %93.3 %93.9 %93.8 %$1,520,184 726 
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent$1,086,314 100.0%
Manhattan Operating Properties Same Store Occupancy % 20,399,928 96.5 %93.4 %93.7 %93.6 %94.0 %93.8 %
Manhattan Operating Properties Same Store Leased Occupancy %93.6 %94.1 %94.3 %95.2 %95.4 %
(1) The Company owns 50% of the fee interest.
Supplemental Information
29
Second Quarter 2021

SELECTED PROPERTY DATA
Retail, Residential and Suburban Operating Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
Ownership # ofUsable% of TotalOccupancy % (Commenced Leases)Annualized Contractual Cash Rent ($'s)Annualized Contractual Cash Rent (SLG%)Total Tenants
PropertiesInterest (%)SubMarketOwnershipBldgs Sq. FeetSq. FeetJun-21Mar-21Dec-20Sep-20Jun-20
"Same Store" Retail
11 West 34th Street30.0Herald Square/Penn StationFee Interest17,150 5.5 100.0 100.0 100.0 100.0 100.0 $3,199 2.2 
21 East 66th Street32.3Plaza DistrictFee Interest13,069 4.2 100.0 100.0 100.0 100.0 100.0 2,200 1.6 
121 Greene Street50.0SohoFee Interest7,131 2.3 100.0 100.0 100.0 100.0 100.0 1,814 2.1 
650 Fifth Avenue50.0Plaza DistrictLeasehold Interest69,214 22.2 100.0 100.0 100.0 100.0 100.0 36,868 41.6 
717 Fifth Avenue10.9Midtown/Plaza DistrictFee Interest119,550 38.3 100.0 100.0 100.0 100.0 100.0 56,599 14.0 
719 Seventh Avenue75.0Times SquareFee Interest10,040 3.2 — — — — — — — — 
1552-1560 Broadway50.0Times SquareFee Interest57,718 18.5 88.3 88.3 88.3 88.3 88.3 30,172 34.1 
Added to Same Store in 2021
115 Spring Street51.0SohoFee Interest5,218 1.7 100.0 100.0 100.0 100.0 100.0 3,792 4.4 
                               Subtotal/Weighted Average9 299,090 95.9 %94.4 %94.4 %94.4 %94.4 %94.4 %$134,644 100.0 %15 
"Non Same Store" Retail
85 Fifth Avenue36.3Midtown SouthFee Interest12,946 4.1 — 100.0 100.0N/AN/A$— — — 
                               Subtotal/Weighted Average1 12,946 4.1 % %100.0 %100.0 % % %$—  % 
Total / Weighted Average Retail Properties10 312,036 100.0 %90.5 %94.6 %94.6 %94.4 %94.4 %$134,644 100.0 %15 
Residential Properties
Ownership# of UsableTotalOccupancy % (Commenced Leases)
Average Monthly Rent Per Unit ($'s) (1)

Annualized Contractual Cash Rent ($'s)Annualized Contractual Cash Rent (SLG%)
PropertiesInterest (%)SubMarketOwnershipBldgs Sq. Feet UnitsJun-21Mar-21Dec-20Sep-20Jun-20
"Same Store" Residential
400 East 57th Street (2)41.0Upper East SideFee Interest290,482 263 71.5 65.4 66.2 72.6 89.0 $3,598 $9,446 60.1 
1080 Amsterdam92.5Upper West SideLeasehold Interest82,250 97 40.6 38.5 35.4 33.3 83.3 4,017 2,225 31.9 
Stonehenge PortfolioVariousVariousFee Interest445,934 538 81.2 70.7 65.7 72.0 90.0 3,775 21,250 8.0 
                               Subtotal/Weighted Average8 818,666 898 74.0 %65.7 %62.6 %68.0 %89.0 %$3,739 $32,921 100.0 %
Total / Weighted Average Residential Properties8 818,666 898 74.0 %65.7 %62.6 %68.0 %89.0 %$3,739 $32,921 
Suburban Properties
Ownership # ofUsable% of TotalOccupancy % (Commenced Leases)Annualized Contractual Cash Rent ($'s)Annualized Contractual Cash Rent (SLG%)Total Tenants
PropertiesInterest (%)SubMarketOwnershipBldgs Sq. FeetSq. FeetJun-21Mar-21Dec-20Sep-20Jun-20
"Same Store"
Landmark Square100.0Stamford, ConnecticutFee Interest862,800 100.0 82.4 81.6 83.3 85.4 85.8 $20,985 100.0 112 
                               Subtotal/Weighted Average7 862,800 100.0 %82.4 %81.6 %83.3 %85.4 %85.8 %$20,985 100.0 %112 
Total / Weighted Average Suburban Properties7 862,800 100.0 %82.4 %81.6 %83.3 %85.4 %85.8 %$20,985 100.0 %112 
(1) Calculated based on occupied units. Amounts in dollars.
(2) In April 2021, the Company entered into contract to sell its interest in the property.


Supplemental Information
30
Second Quarter 2021

SELECTED PROPERTY DATA
Development / Redevelopment and Construction in Progress
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Ownership# of Usable% of TotalOccupancy % (Commenced Leases)Annualized Contractual Cash Rent ($'s)Annualized Contractual Cash Rent (SLG%)Gross R/E Book ValueTotal Tenants
PropertiesInterest (%)SubMarketOwnershipBldgs Sq. FeetSq. FeetJun-21Mar-21Dec-20Sep-20Jun-20
Development / Redevelopment
One Vanderbilt Avenue71.0Grand CentralFee Interest1,657,198 50.066.959.458.0 N/A $150,87568.0 $2,878,00017 
19 East 65th Street100.0Plaza DistrictFee Interest14,639 0.45.55.55.55.55.532— 9,639
609 Fifth Avenue100.0Rockefeller CenterFee Interest138,563 4.2100.0100.0100.0100.0100.010,551 6.7 177,363 
625 Madison Avenue100.0Plaza DistrictLeasehold Interest563,000 17.025.226.126.732.032.719,737 12.5 293,262 19 
707 Eleventh Avenue100.0Midtown WestFee Interest159,720 4.823.323.323.323.354.31,977 1.3 102,047 
750 Third Avenue100.0Grand Central NorthFee Interest780,000 23.634.039.166.968.489.418,185 11.5 310,029 22 
Total / Weighted Average Development / Redevelopment Properties6 3,313,120 100.0 %51.1 %48.7 %54.6 %26.9 %66.9 %$201,357 100.0 $3,770,340 61 


Construction in Progress
Future Equity
Equity ContributedContributionsFinancingTotal
Building AddressUsableOwnershipEstimatedPercentageDevelopment
 Sq. FeetInterest (%)
TCO (1)
LeasedCompanyPartnersCompanyPartnersDrawnAvailable
Budget (2)
185 Broadway198,488100.0Q3 202178,5472,781178,25146,749306,328
15 Beekman (3)
221,88420.0(3)100.07,65030,60011,25245,00827,00297,998219,510
One Madison1,048,70050.5Q4 2023545,00454,138438,10781,9711,168,0292,287,249
760 Madison58,574100.0Q4 2023(4)322,296117,832440,128
Total Construction In Progress$953,497$84,738$131,865$483,115$287,224$1,312,776$3,253,215
(1) Temporary Certificate of Occupancy.
(2) Includes fees payable to SL Green, as applicable.
(3) The space is 100% leased to Pace University for 30 years. Delivery of the academic space and dormitory space is estimated for Q4 2022 and Q3 2023, respectively.
(4) The flagship retail space, which is comprised of 22,648 square feet, is 100% leased to Giorgio Armani for 15 years.

Supplemental Information
31
Second Quarter 2021

SELECTED PROPERTY DATA
Retail Within Operating and Development / Redevelopment Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Ownership # of Usable% of TotalOccupancy % (Commenced Leases)Annualized Contractual Retail Cash Rent ($'s)Annualized Contractual Retail Cash RentTotal Tenants
PropertiesInterest (%)SubMarketOwnershipBldgs Sq. FeetSq. FeetJun-21Mar-21Dec-20Sep-20Jun-20100%SLG
HIGH STREET RETAIL - Consolidated Properties
719 Seventh Avenue75.0Times SquareFee Interest10,040 0.7 — — — — — $— — — — 
Subtotal / Weighted Average1 10,040 0.7 % % % % % %$—  % % 
HIGH STREET RETAIL - Unconsolidated Properties
11 West 34th Street30.0Herald Square/Penn StationFee Interest17,150 1.2 100.0 100.0 100.0 100.0 100.0 $3,199 1.1 0.6 
21 East 66th Street32.3Plaza DistrictFee Interest13,069 0.9 100.0 100.0 100.0 100.0 100.0 2,200 0.8 0.5 
85 Fifth Avenue36.3Midtown SouthFee Interest12,946 0.9 — 100.0 100.0 N/A  N/A — — — — 
115 Spring Street51.0SohoFee Interest5,218 0.4 100.0 100.0 100.0 100.0 100.0 3,792 1.4 1.3 
121 Greene Street50.0SohoFee Interest7,131 0.5 100.0 100.0 100.0 100.0 100.0 1,814 0.7 0.6 
650 Fifth Avenue50.0Plaza DistrictLeasehold Interest69,214 5.0 100.0 100.0 100.0 100.0 100.0 36,868 13.2 12.1 
717 Fifth Avenue10.9Midtown/Plaza DistrictFee Interest119,550 8.7 100.0 100.0 100.0 100.0 100.0 56,599 20.3 4.1 
1552-1560 Broadway50.0Times SquareFee Interest57,718 4.3 88.3 88.3 88.3 88.3 88.3 30,172 10.8 9.9 
Subtotal / Weighted Average9 301,996 21.9 %93.5 %97.8 %97.8 %97.7 %97.7 %$134,644 48.3 %29.1 %15 
Total / Weighted Average Prime Retail10 312,036 22.6 %90.5 %94.6 %94.6 %94.4 %94.4 %$134,644 48.3 %29.1 %15 
OTHER RETAIL - Consolidated Properties
100 Church Street100.0DowntownFee Interest61,708 4.6 100.0 100.0 100.0 100.0 100.0 $3,610 1.3 2.4 
110 Greene Street100.0SohoFee Interest16,121 1.2 94.8 77.6 94.8 81.6 86.8 2,569 0.9 1.7 
125 Park Avenue100.0Grand CentralFee Interest32,124 2.3 97.3 97.3 97.3 97.3 100.0 4,938 1.8 3.2 
220 East 42nd Street100.0Grand CentralFee Interest35,332 2.6 82.2 82.2 82.2 82.2 85.6 2,260 0.8 1.5 
304 Park Avenue South100.0Midtown SouthFee Interest25,330 1.8 100.0 100.0 100.0 100.0 100.0 3,616 1.3 2.4 
420 Lexington Ave (Graybar)100.0Grand Central NorthLeasehold Interest 45,263 3.3 100.0 90.3 90.3 90.3 90.3 5,613 2.0 3.7 
461 Fifth Avenue 100.0MidtownFee Interest17,114 1.2 15.9 15.9 15.9 15.9 100.0 865 0.3 0.6 
485 Lexington Avenue 100.0Grand Central NorthFee Interest41,701 3.0 100.0 100.0 100.0100.0100.06,063 2.2 4.0 
555 West 57th Street100.0Midtown WestFee Interest60,389 4.4 100.0 99.7 100.0100.0100.02,300 0.8 1.5 
590 Fifth Avenue100.0MidtownFee Interest7,263 0.5 70.0 70.0 100.0 N/A  N/A 1,870 0.7 1.2 
625 Madison Avenue (1)
100.0Plaza DistrictLeasehold Interest78,489 5.7 79.0 87.7 93.593.594.813,111 4.7 8.6 15 
711 Third Avenue100.0Grand Central NorthLeasehold Interest25,639 1.9 100.0 100.0 100.0 100.0 100.0 3,257 1.2 2.1 
750 Third Avenue (1)
100.0Grand Central NorthFee Interest24,827 1.8 53.2 53.2 66.7 66.7 72.3 1,777 0.6 1.2 
810 Seventh Avenue100.0Times SquareFee Interest18,207 1.3 98.6 98.6 98.6 100.0 100.0 4,394 1.6 2.9 
885 Third Avenue100.0Midtown / Plaza DistrictFee / Leasehold Interest12,403 0.9 97.4 97.4 97.4 97.4  N/A 670 0.2 0.4 
1080 Amsterdam92.5Upper West SideLeasehold Interest1,800 0.1 100.0 100.0 100.0 100.0 100.0 310 0.1 0.2 
1185 Avenue of the Americas100.0Rockefeller CenterLeasehold Interest37,326 2.7 100.0 100.0 100.0 100.0 77.7 6,912 2.6 4.6 
1350 Avenue of the Americas100.0Rockefeller CenterFee Interest17,797 1.3 100.0 62.6 62.6 62.6 62.6 2,635 0.9 1.7 
Subtotal / Weighted Average18 558,833 40.6 %90.5 %89.2 %91.5 %91.1 %90.9 %$66,770 24.0 %43.9 %84 
Supplemental Information
32
Second Quarter 2021

SELECTED PROPERTY DATA - CONTINUED
Retail Within Operating and Development / Redevelopment Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Ownership # of Usable% of TotalOccupancy % (Commenced Leases)Annualized Contractual Retail Cash Rent ($'s)Annualized Contractual Retail Cash RentTotal Tenants
PropertiesInterest (%)SubMarketOwnershipBldgs Sq. FeetSq. FeetJun-21Mar-21Dec-20Sep-20Jun-20100%SLG
OTHER RETAIL - Unconsolidated Properties
2 Herald Square51.0Herald SquareLeasehold Interest94,531 6.9 83.2 83.2 83.2 83.2 83.2 $21,415 7.7 7.2 
10 East 53rd Street55.0Plaza DistrictFee Interest39,340 2.9 100.0 100.0 100.0 100.0 100.0 3,625 1.3 1.3 
11 Madison Avenue60.0Park Avenue SouthFee Interest38,800 2.8 98.9 98.9 98.9 98.9 98.9 3,449 1.2 1.4 
100 Park Avenue50.0Grand Central SouthFee Interest40,022 2.9 100.0 100.0 100.0 100.0 100.0 3,622 1.3 1.2 
280 Park Avenue50.0Park AvenueFee Interest27,896 2.0 100.0 100.0 100.0 100.0 100.0 1,630 0.6 0.5 
400 East 57th Street41.0Upper East SideFee Interest9,717 0.7 66.6 66.6 66.6 66.6 66.6 1,372 0.5 0.4 
800 Third Avenue60.5Grand Central NorthFee Interest 9,900 0.7 100.0 100.0 100.0 100.0100.01,922 0.7 0.8 
919 Third Avenue51.0Grand Central NorthFee Interest 31,004 2.3 98.9 98.9 98.9 98.9 100.0 3,498 1.3 1.2 
1515 Broadway57.0Times SquareFee Interest185,956 13.4 100.0 100.0 100.0 100.0 100.0 34,599 12.3 12.9 
World Wide Plaza25.0WestsideFee Interest10,592 (2)0.8 93.6 93.6 100.0 100.0 100.0 1,355 0.5 0.2 
Stonehenge Portfolio VariousVariousFee Interest19,231 1.4 42.4 49.5 76.8 76.8 76.8 767 0.3 — 
Subtotal / Weighted Average12 506,989 36.8 %93.8 %94.0 %95.2 %95.2 %97.7 %$77,254 27.7 %27.1 %56 
Total / Weighted Average Other Retail30 1,065,822 77.4 %92.0 %91.5 %93.3 %93.0 %94.1 %$144,023 51.7 %70.9 %140 
Retail Grand Total / Weighted Average40 1,377,858 100.0 %91.7 %92.2 %93.6 %93.3 %94.2 %$278,667 100.0 %155 
Retail Grand Total - SLG share of Annualized Rent$152,149 100.0 %
(1) Development / Redevelopment properties.
(2) Excludes the theater, parking garage, fitness gym and other amenity space totaling 241,371 square feet.

Supplemental Information
33
Second Quarter 2021

LARGEST TENANTS BY SLG SHARE OF ANNUALIZED CASH RENT
Manhattan, Suburban, Retail, Residential and Development / Redevelopment Properties
Unaudited
(Dollars in Thousands Except Per SF)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

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 (1)
Annualized Contractual Rent PSF
Credit Rating (2)
Tenant NameProperty
ViacomCBS Inc.1515 Broadway57.0Jun 20311,603,126 $105,400 $60,079 4.6%$65.75
1515 Broadway57.0Mar 20289,106 2,013 1,147 0.1%221.01
555 West 57th Street100.0Dec 2023338,527 17,402 17,402 1.3%51.41
Worldwide Plaza25.0Jan 202732,598 2,278 568 —%69.89
1,983,357 $127,093$79,1966.0%$64.08BBB
Credit Suisse Securities (USA), Inc.11 Madison Avenue60.0May 20371,265,841 $80,194 $48,118 3.7%$63.35A+
Latham & Watkins LLP885 Third Avenue100.0Jun 2021408,559 $36,451 $36,451 2.8%$89.22
Sony Corporation11 Madison Avenue 60.0Jan 2031578,791 $49,021 $29,412 2.2%$84.69A-
TD Bank US Holding CompanyOne Vanderbilt Avenue71.0Jul 2041199,860 $27,796 $19,735 1.5%$139.08
(3)
125 Park Avenue100.0Oct 203051,707 3,382 3,382 0.3%65.40
125 Park Avenue100.0Aug 20306,234 2,538 2,538 0.2%407.13
257,801 $33,716$25,6552.0%$130.78AA-
Debevoise & Plimpton, LLP919 Third Avenue51.0Dec 2022625,140 $47,876 $24,417 1.9%$76.58
The City of New York100 Church Street100.0Mar 2034510,007 $21,102 $21,102 1.6%$41.38Aa2
King & Spalding1185 Avenue of the Americas100.0Oct 2025218,275 $20,970 $20,970 1.6%$96.07
Metro-North Commuter Railroad Company420 Lexington Avenue100.0Nov 2034344,873 $20,087 $20,087 1.5%$58.25
(3)
420 Lexington Avenue100.0Sep 20217,537 507 507 —%67.23
110 East 42nd Street100.0Oct 20211,840 127 127 —%68.89
354,250 $20,721$20,7211.6%$58.49Baa3
Visiting Nurse Service of New York220 East 42nd Street100.0Sep 2048308,115 $19,094$19,0941.5%$61.97
(3)
WME IMG, LLC304 Park Avenue100.0Apr 2028174,069 $12,807 $12,807 1.0%$73.57
11 Madison Avenue60.0Sep 2030104,618 9,817 5,890 0.4%93.84
278,687 $22,624$18,6971.4%$81.18
Nike Retail Services, Inc.650 Fifth Avenue50.0Jan 203369,214 $36,868$18,4341.4%$532.66AA-
Bloomberg L.P.919 Third Avenue51.0Feb 2029557,208 $34,846$17,7711.4%$62.54
Cravath, Swaine & Moore LLPWorldwide Plaza25.0Aug 2024617,135 $68,041$16,9761.3%$110.25
McDermott Will & Emery LLPOne Vanderbilt Avenue71.0Jan 2043146,642 $23,308$16,5491.3%$158.95
Cardinia Real Estate LLC220 East 42nd Street 100.0Apr 2032231,114 $14,959$14,9591.1%$64.72
280 Park Avenue 50.0Mar 203127,761 2,4941,2470.1%89.86
258,875 $17,453$16,2061.2%$67.42BBB+
National Hockey League1185 Avenue of the Americas100.0Nov 2022148,217 $15,820 $15,820 1.2%$106.73
WeWork609 Fifth Avenue100.0Apr 2036138,563 $10,551 $10,550 0.8%$76.14
(3)
2 Herald Square51.0Feb 2036153,061 8,972 4,576 0.3%58.62
291,624 $19,523$15,1261.1%$66.94
Carlyle Investment Management LLCOne Vanderbilt Avenue71.0Sep 2036160,778 $22,398 $15,902 1.2%$139.31BBB-
Amerada Hess Corp.1185 Avenue of the Americas100.0Dec 2027167,169 $15,501 $15,501 1.2%$92.73
(3)
BBB+
Total9,205,685$732,620$492,11837.7%$79.58
(1) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential, and Development / Redevelopment properties.
(2) Corporate or bond rating from S&P or Moody's.
(3) Tenant pays rent on a net basis. Rent PSF reflects gross equivalent.
Supplemental Information
34
Second Quarter 2021

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

https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-chart-57c8c670e9e94c5a89c.jpghttps://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-chart-41861c2311134be6af9.jpg
Supplemental Information
35
Second Quarter 2021

LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Available Space
Unaudited

https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

ActivityBuilding Address# of LeasesUsable SFRentable SF
Escalated
Rent/Rentable SF ($'s)(1)
Available Space at 3/31/211,414,540 
Space which became available during the Quarter (2):
Office
10 East 53rd Street19,184 22,137 $104.15 
110 East 42nd Street3,869 3,975 57.83 
110 Greene Street6,865 6,797 58.27 
280 Park Avenue8,600 8,600 90.01 
420 Lexington Avenue18 55,009 67,210 60.98 
711 Third Avenue27,297 32,826 62.00 
800 Third Avenue5,607 5,683 82.00 
810 Seventh Avenue30,971 31,809 66.95 
885 Third Avenue13,854 13,854 96.73 
1350 Avenue of the Americas9,934 10,168 87.62 
Total/Weighted Average35 181,190 203,059 $72.22 
Retail
1350 Avenue of the Americas240 240 $80.82 
World Wide Plaza1,144 1,100 226.36 
Total/Weighted Average2 1,384 1,340 $200.29 
Total Space which became available during the quarter
Office35 181,190 203,059 $72.22 
Retail2 1,384 1,340 $200.29 
37 182,574 204,399 $73.06 
Total Available Space1,597,114 
(1) 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.
(2) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.

Supplemental Information
36
Second Quarter 2021

LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Commenced Leasing
Unaudited

https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
ActivityBuilding 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 Space1,597,114 
Office
10 East 53rd Street5.27,625 8,769 $69.42 $92.03 $28.64 8.2 
100 Park Avenue5.74,898 5,628 78.00 — 125.80 8.0 
110 East 42nd Street5.03,869 3,975 54.20 57.83 4.70 2.2 
110 Greene Street0.44,572 4,208 85.00 82.00 — — 
220 East 42nd Street5.52,676 2,657 57.00 70.03 31.28 2.0 
280 Park Avenue10.36,812 6,828 91.00 — 145.00 5.0 
304 Park Avenue South3.718,962 18,032 65.00 — 40.00 4.5 
420 Lexington Avenue11.446,329 56,764 66.16 61.18 39.03 10.0 
800 Third Avenue7.52,048 2,112 65.00 — — 6.0 
1350 Avenue of the Americas10.31,691 1,741 74.00 87.60 47.44 4.0 
Total/Weighted Average21 8.499,482 110,714 $68.53 $66.63 $45.80 7.5 
Retail
110 Greene Street10.42,602 2,822 $70.87 $159.86 $— 5.0 
420 Lexington Avenue11.03,016 3,432 152.97 — 106.35 12.0 
555 West 57th Street5.0100 210 100.00 197.42 — — 
1350 Avenue of the Americas15.05,444 6,892 44.92 80.82 14.51 3.9 
World Wide Plaza10.31,144 1,489 82.87 167.22 — 4.0 
Total/Weighted Average6 12.612,306 14,845 $79.42 $159.83 $31.32 5.9 
Storage
280 Park Avenue10.3623 623 $40.00 $— $— 5.0 
Total/Weighted Average1 10.3623 623 $40.00 $— $— 5.0 
 Leased Space
Office (3)21 8.499,482 110,714 $68.53 $66.63 $45.80 7.5 
Retail6 12.612,306 14,845 $79.42 $159.83 $31.32 5.9 
Storage1 10.3623 623 $40.00 $— $— 5.0 
Total28 8.9112,411 126,182 $69.67 $73.01 $43.87 7.3 
Total Available Space as of 6/30/20211,484,703 
Early Renewals
Office
10 East 53rd Street2.314,599 15,580 $82.25 $97.15 $3.31 2.3 
100 Park Avenue2.195,926 103,803 85.00 85.41 — 1.5 
110 Greene Street3.01,296 1,296 73.00 94.82 — 6.0 
220 East 42nd Street7.05,326 5,549 61.69 61.69 — 4.0 
420 Lexington Avenue3.83,589 4,896 59.89 67.91 5.11 0.3 
World Wide Plaza0.33,411 3,425 74.67 68.13 — — 
Total/Weighted Average9 2.3124,147 134,549 $82.43 $84.80 $0.57 1.7 
Retail
125 Park Avenue0.82,364 2,551 $226.06$226.06$— — 
Total/Weighted Average1 0.82,364 2,551 $226.06 $226.06 $—  
Storage
10 East 53rd Street1.42,248 2,262 $28.09$28.09$— 0.5 
Total/Weighted Average2 1.42,248 2,262 $28.09 $28.09 $— 0.5 
Renewals
Early Renewals Office9 2.3124,147 134,549 $82.43 $84.80 $0.57 1.7 
Early Renewals Retail 1 0.82,364 2,551 $226.06 $226.06 $—  
Early Renewals Storage2 1.42,248 2,262 $28.09 $28.09 $— 0.5 
Total12 2.3128,759 139,362 $84.18 $86.47 $0.55 1.6 
(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 $67.01/rsf for 64,792 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $77.42/rsf for 199,341 rentable SF.
Supplemental Information
37
Second Quarter 2021

LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES
Office, Retail and Storage Leases
Unaudited

https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Consolidated PropertiesJoint Venture Properties
Year of Lease ExpirationNumber of Expiring Leases (1)Rentable Square Footage of Expiring LeasesPercentage 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 LeasesPercentage 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 $/psf (3)
1st Quarter 2021 (4)
— — — %$— $— $— — — — %$— $— $— 
2nd Quarter 2021 (4)
15 414,924 4.29 %35,863,850 86.43 80.12 41,682 0.39 %3,007,116 72.14 69.61 
3rd Quarter 202116 208,684 2.15 %12,061,599 57.80 60.83 74,871 0.69 %5,409,375 72.25 78.34 
4th Quarter 202122 79,883 0.82 %6,162,521 77.14 67.21 34,017 0.32 %2,615,960 76.90 75.26 
Total 202153 703,491 7.26 %$54,087,970$76.89 $72.93 13 150,570 1.40 %$11,032,451 $73.27 $75.23 
202293 741,649 7.65 %$57,946,561$78.13$67.8829 932,901 8.65 %$83,556,311$89.57$87.70
202367 814,381 8.40 %51,361,526 63.07 61.34 17 495,241 4.59 %45,031,682 90.93 74.84 
202449 373,378 3.85 %25,609,911 68.59 65.62 24 977,855 9.07 %107,288,097 109.72 81.13 
202554 570,107 5.88 %48,497,659 85.07 68.18 14 349,909 3.25 %33,254,962 95.04 84.88 
202651 858,365 8.85 %59,401,719 69.20 64.90 26 538,313 4.99 %55,615,626 103.31 94.76 
202734 584,325 6.03 %46,918,539 80.30 67.74 17 340,791 3.16 %29,966,033 87.93 80.82 
202830 594,995 6.14 %43,307,578 72.79 68.45 16 173,841 1.61 %19,196,009 110.42 94.28 
202921 411,971 4.25 %27,840,634 67.58 62.55 10 649,147 6.02 %43,898,826 67.63 74.72 
203018 796,319 8.21 %56,881,968 71.43 69.86 13 387,802 3.60 %37,374,958 96.38 86.46 
Thereafter64 3,245,384 33.48 %187,495,383 57.77 58.46 32 5,783,250 53.66 %394,619,526 68.23 77.73 
534 9,694,365 100.00 %$659,349,448$68.01 $64.17 211 10,779,620 100.00 %$860,834,481 $79.86 $80.31 
(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Management's estimate of average asking rents for currently occupied space as of June 30, 2021. Taking rents are typically lower than asking rents and may vary from property to property.
(4) Includes month to month holdover tenants that expired prior to June 30, 2021.

Supplemental Information
38
Second Quarter 2021

LEASE EXPIRATIONS
Retail Leases Within Operating and Development / Redevelopment Properties
Unaudited

https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Consolidated PropertiesJoint Venture Properties
Year of Lease ExpirationNumber of Expiring Leases (1)Rentable Square Footage of Expiring LeasesPercentage 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 LeasesPercentage 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 $/psf (3)
High Street Retail
2021 (4)
— — — %$— $— $— 17,237 6.36 %$4,762,490 $276.29 $75.28 
2022 — — — %— — — 1,698 0.63 %102,000 60.07 63.07 
2023 — — — %— — — 57,939 21.37 %29,704,821 512.69 297.16 
2024 — — — %— — — 7,793 2.87 %5,771,916 740.65 1,026.56 
2025 — — — %— — — — — — %— — — 
2026 — — — %— — — 74,424 27.46 %32,232,480 433.09 282.98 
2027 — — — %— — — 3,655 1.35 %802,524 219.57 102.98 
2028 — — — %— — — — — — %— — — 
2029 — — — %— — — 31,174 11.50 %22,338,735 716.58 375.97 
2030 — — — %— — — — — — %— — — 
Thereafter— — — %— — — 77,154 28.46 %38,928,816 504.56 488.27 
   %$— $— $— 17 271,074 100.00 %$134,643,782 $496.70 $359.50 
Vacancy (5)
10,040 268.92 12,946 162.21 
10,040 $268.92 284,020 $350.51 
Other Retail
2021 (4)
7,064 1.38 %$1,026,735 $145.35 $75.01 3,818 0.81 %$404,231 $105.88 $93.06 
2022 15 72,316 14.12 %14,497,985 200.48 163.59 85,454 18.10 %21,159,659 247.61 228.37 
2023 32,043 6.25 %5,141,088 160.44 108.85 13,896 2.94 %2,123,130 152.79 132.60 
2024 12,367 2.41 %1,895,969 153.31 148.52 8,733 1.85 %3,076,112 352.24 290.85 
2025 29,597 5.77 %4,534,570 153.21 100.72 616 0.13 %188,171 305.47 120.00 
2026 12,268 2.39 %1,323,535 107.89 89.81 19,363 4.10 %9,959,545 514.36 440.79 
2027 28,652 5.59 %4,042,345 141.08 104.05 23,800 5.04 %11,164,675 469.10 395.49 
2028 19,643 3.83 %3,007,285 153.10 116.78 29,276 6.20 %4,394,226 150.10 146.82 
2029 26,263 5.12 %1,647,502 62.73 74.28 65,562 13.88 %4,721,878 72.02 80.32 
2030 62,829 12.26 %12,202,688 194.22 164.36 29,218 6.19 %12,566,700 430.10 349.84 
Thereafter21 209,564 40.88 %17,449,929 83.27 64.21 192,470 40.76 %7,495,199 38.94 42.74 
84 512,606 100.00 %$66,769,631 $130.26 $102.95 56 472,206 100.00 %$77,253,526 $163.60 $145.85 
Vacancy (5)
52,205 161.04 30,755 128.17 
564,811 $108.32 502,961 $147.58 
(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Management's estimate of average asking rents for currently occupied space as of June 30, 2021. Taking rents are typically lower than asking rents and may vary from property to property.
(4) Includes month to month holdover tenants that expired prior to June 30, 2021.
(5) Includes square footage of leases signed but not yet commenced.

Supplemental Information
39
Second Quarter 2021

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Manhattan
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
Gross AssetOccupancy (%)
PropertySubmarketInterest AcquiredType of OwnershipNet Rentable SFValuation ($'s)at acquisition6/30/2021
2001 - 2020 Acquisitions
Jun-01317 Madison AvenueGrand Central 100.0%Fee Interest450,000 $105,600 95.0  N/A
Sep-011250 BroadwayPenn Station49.9Fee Interest670,000 126,500 97.7  N/A
May-021515 BroadwayTimes Square55.0Fee Interest1,750,000 483,500 98.0 99.9 
Feb-03220 East 42nd StreetGrand Central 100.0Fee Interest1,135,000 265,000 91.9 94.3 
Mar-03125 Broad StreetDowntown100.0Fee Interest525,000 92,000 100.0  N/A
Oct-03461 Fifth AvenueMidtown100.0Leasehold Interest200,000 60,900 93.9 86.2 
Dec-031221 Avenue of the AmericasRockefeller Center45.0Fee Interest2,550,000 1,000,000 98.8  N/A
Mar-0419 West 44th StreetMidtown35.0Fee Interest292,000 67,000 86.0  N/A
Jul-04750 Third AvenueGrand Central100.0Fee Interest779,000 255,000 100.0 — 
Jul-04485 Lexington AvenueGrand Central30.0Fee Interest921,000 225,000 100.0 85.9 
Oct-04625 Madison AvenuePlaza District100.0Leasehold Interest563,000 231,500 68.0 25.2 
Feb-0528 West 44th StreetMidtown100.0Fee Interest359,000 105,000 87.0  N/A
Apr-051 Madison AvenuePark Avenue South55.0Fee Interest1,177,000 803,000 96.0 — 
Apr-055 Madison Avenue Clock TowerPark Avenue South100.0Fee Interest267,000 115,000  N/A N/A
Jun-0519 West 44th StreetMidtown65.0Fee Interest— 91,200 92.2  N/A
Mar-06521 Fifth AvenueMidtown100.0Leasehold Interest460,000 210,000 97.0  N/A
Jun-06609 Fifth AvenueMidtown100.0Fee Interest160,000 182,000 98.5 100.0 
Dec-06485 Lexington AvenueGrand Central70.0Fee Interest— 578,000 90.5 85.9 
Dec-06800 Third AvenueGrand Central North43.0Fee Interest526,000 285,000 96.9 92.2 
Jan-07Reckson - NYC PortfolioVarious100.0Fee Interests / Leasehold Interest5,612,000 3,679,530 98.3 87.9 
Apr-07331 Madison AvenueGrand Central100.0Fee Interest114,900 73,000 97.6  N/A
Apr-071745 BroadwayMidtown32.3Leasehold Interest674,000 520,000 100.0  N/A
Jun-07333 West 34th StreetPenn Station100.0Fee Interest345,400 183,000 100.0  N/A
Aug-071 Madison AvenuePark Avenue South45.0Fee Interest1,177,000 1,000,000 99.8 — 
Dec-07388 & 390 Greenwich StreetDowntown50.6Fee Interest2,635,000 1,575,000 100.0  N/A
Jan-10100 Church StreetDowntown100.0Fee Interest1,047,500 181,600 41.3 99.3 
May-10600 Lexington AvenueGrand Central North55.0Fee Interest303,515 193,000 93.6  N/A
Aug-10125 Park AvenueGrand Central100.0Fee Interest604,245 330,000 99.1 99.6 
Jan-11521 Fifth AvenueMidtown49.9Leasehold Interest460,000 245,700 80.7  N/A
Apr-111515 BroadwayTimes Square45.0Fee Interest1,750,000 1,210,000 98.5 99.9 
May-11110 East 42nd StreetGrand Central100.0Fee Interest205,000 85,570 72.6 88.9 
May-11280 Park AvenuePark Avenue49.5Fee Interest1,219,158 1,110,000 78.2 94.2 
Nov-11180 Maiden LaneFinancial East49.9Fee Interest1,090,000 425,680 97.7  N/A
Nov-1151 East 42nd StreetGrand Central100.0Fee Interest142,000 80,000 95.5  N/A
Feb-1210 East 53rd StreetPlaza District55.0Fee Interest354,300 252,500 91.9 87.7 
Jun-12304 Park Avenue SouthMidtown South100.0Fee Interest215,000 135,000 95.8 100.0 
Sep-12641 Sixth AvenueMidtown South100.0Fee Interest163,000 90,000 92.1 — 
Dec-12315 West 36th StreetTimes Square South35.5Fee Interest147,619 46,000 99.2  N/A
May-14388 & 390 Greenwich StreetDowntown49.4Fee Interest2,635,000 1,585,000 100.0  N/A
Jul-15110 Greene StreetSoho90.0Fee Interest223,600 255,000 84.0 76.9 
Aug-1530 East 40th StreetGrand Central South60.0Leasehold Interest 69,446 4,650 100.0  N/A
Aug-1511 Madison AvenuePark Avenue South100.0Fee Interest2,314,000 2,285,000 71.6 100.0 
Dec-15600 Lexington AvenueGrand Central North45.0Fee Interest303,515 284,000 95.5  N/A
Oct-17Worldwide PlazaWestside24.4Fee Interest2,048,725 1,725,000 100.0 97.7 
May-182 Herald SquareHerald Square100.0Leasehold Interest369,000 266,000 81.6 95.8 
May-19110 Greene StreetSoho10.0Fee Interest223,600 256,500 93.3 76.9 
Jul-20885 Third AvenueMidtown / Plaza District100.0Fee / Leasehold Interest625,300 387,932 94.8 84.6 
Oct-20590 Fifth AvenueMidtown100.0Fee Interest103,300 107,200 90.0 66.3 
39,959,123 $23,853,062 

Supplemental Information
40
Second Quarter 2021

SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY
Manhattan
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Gross Asset Valuation
PropertySubmarketInterest SoldType of OwnershipNet Rentable SF($'s)($'s/SF)
2001 - 2020 Dispositions
Jan-01633 Third AveGrand Central North100.0%Fee Interest40,623 $13,250 $326 
May-011 Park AveGrand Central South45.0Fee Interest913,000 233,900 256 
Jun-011412 BroadwayTimes Square South100.0Fee Interest389,000 90,700 233 
Jul-01110 East 42nd StreetGrand Central 100.0Fee Interest69,700 14,500 208 
Sep-011250 Broadway Penn Station45.0Fee Interest670,000 126,500 189 
Jun-02469 Seventh AvenuePenn Station100.0Fee Interest253,000 53,100 210 
Mar-0350 West 23rd StreetChelsea100.0Fee Interest333,000 66,000 198 
Jul-031370 Broadway Times Square South100.0Fee Interest255,000 58,500 229 
Dec-03321 West 44th StreetTimes Square100.0Fee Interest203,000 35,000 172 
May-041 Park Avenue Grand Central South75.0Fee Interest913,000 318,500 349 
Oct-0417 Battery Place NorthFinancial100.0Fee Interest419,000 70,000 167 
Nov-041466 BroadwayTimes Square100.0Fee Interest289,000 160,000 554 
Apr-051414 Avenue of the AmericasPlaza District100.0Fee Interest111,000 60,500 545 
Aug-05180 Madison AvenueGrand Central100.0Fee Interest265,000 92,700 350 
Jul-06286 & 290 Madison AvenueGrand Central100.0Fee Interest149,000 63,000 423 
Aug-061140 Avenue of the AmericasRockefeller Center100.0Leasehold Interest191,000 97,500 510 
Dec-06521 Fifth AvenueMidtown50.0Leasehold Interest460,000 240,000 522 
Mar-071 Park AvenueGrand Central South100.0Fee Interest913,000 550,000 602 
Mar-0770 West 36th StreetGarment100.0Fee Interest151,000 61,500 407 
Jun-07110 East 42nd StreetGrand Central North100.0Fee Interest181,000 111,500 616 
Jun-07125 Broad StreetDowntown100.0Fee Interest525,000 273,000 520 
Jun-075 Madison Clock TowerPark Avenue South100.0Fee Interest267,000 200,000 749 
Jul-07292 Madison AvenueGrand Central South100.0Fee Interest187,000 140,000 749 
Jul-071372 BroadwayPenn Station/Garment85.0Fee Interest508,000 335,000 659 
Nov-07470 Park Avenue SouthPark Avenue South/Flatiron100.0Fee Interest260,000 157,000 604 
Jan-08440 Ninth AvenuePenn Station100.0Fee Interest339,000 160,000 472 
May-081250 BroadwayPenn Station100.0Fee Interest670,000 310,000 463 
Oct-081372 BroadwayPenn Station/Garment15.0Fee Interest508,000 274,000 539 
May-101221 Avenue of the Americas Rockefeller Center45.0Fee Interest2,550,000 1,280,000 502 
Sep-1019 West 44th StreetMidtown100.0Fee Interest292,000 123,150 422 
May-1128 West 44th StreetMidtown100.0Fee Interest359,000 161,000 448 
Aug-13333 West 34th StreetPenn Station100.0Fee Interest345,400 220,250 638 
May-14673 First AvenueGrand Central South100.0Leasehold Interest422,000 145,000 344 
Sep-15120 West 45th StreetMidtown100.0Fee Interest440,000 365,000 830 
Sep-15315 West 36th StreetTimes Square South100.0Fee Interest148,000 115,000 777 
Jun-16388 & 390 Greenwich StreetDowntown100.0Fee Interest2,635,000 2,000,000 759 
Aug-1611 Madison Avenue Park Avenue South40.0Fee Interest2,314,000 2,600,000 1,124 
Nov-171515 Broadway Times Square30.0Fee Interest1,750,000 1,950,000 1,114 
Jan-18600 Lexington AvenueGrand Central North100.0Fee Interest303,515 305,000 1,005 
Feb-181515 BroadwayTimes Square13.0Fee Interest1,750,000 1,950,000 1,114 
May-181745 BroadwayMidtown56.9Leasehold Interest674,000 633,000 939 
Nov-183 Columbus CircleColumbus Circle48.9Fee Interest530,981 851,000 1,603 
Nov-182 Herald SquareHerald Square49.0Leasehold Interest369,000 265,000 718 
May-19521 Fifth AvenueGrand Central50.5Fee Interest460,000 381,000 828 
Dec-2030 East 40th StreetGrand Central South60.0Leasehold Interest69,446 5,200 75 
25,844,665 $17,715,250 $685 
2021 Dispositions
Mar-2155 West 46th Street - Tower 46Midtown25.0%Fee Interest347,000 $275,000 $793 
Jun-21635 - 641 Sixth AvenueMidtown South100.0Fee Interest267,000 325,000 1,217 
614,000 $600,000 $977 
Supplemental Information
41
Second Quarter 2021

SUMMARY OF REAL ESTATE ACQUISITION/DISPOSITION ACTIVITY
Suburban
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
Gross AssetOccupancy (%)
PropertySubmarketInterest AcquiredType of OwnershipNet Rentable SFValuation ($'s)at acquisition
2007 - 2020 Acquisitions
Jan-07300 Main StreetStamford, Connecticut100.0%Fee Interest130,000 $15,000 92.5 
Jan-07399 Knollwood RoadWhite Plains, New York100.0Fee Interest145,000 31,600 96.6 
Jan-07Reckson - Connecticut PortfolioStamford, Connecticut100.0Fee Interests / Leasehold Interest1,369,800 490,750 88.9 
Jan-07Reckson - Westchester PortfolioWestchester100.0Fee Interests / Leasehold Interest2,346,100 570,190 90.6 
Apr-07Jericho Plazas Jericho, New York20.3Fee Interest640,000 210,000 98.4 
Jun-071010 Washington BoulevardStamford, Connecticut100.0Fee Interest143,400 38,000 95.6 
Jun-07500 West Putnam AvenueGreenwich, Connecticut100.0Fee Interest121,500 56,000 94.4 
Jul-0716 Court Street Brooklyn, New York35.0Fee Interest317,600 107,500 80.6 
Aug-07150 Grand StreetWhite Plains, New York100.0Fee Interest85,000 6,700 52.9 
Sep-07The Meadows Rutherford, New Jersey25.0Fee Interest582,100 111,500 81.3 
Apr-1316 Court Street Brooklyn, New York49.0Fee Interest317,600 96,200 84.9 
6,198,100 $1,733,440 
Gross Asset
PropertySubmarketInterest SoldType of OwnershipNet Rentable SFValuation ($'s)Price ($'s/SF)
2008 - 2020 Dispositions
Oct-08100 & 120 White Plains RoadTarrytown, New York100.0%Fee Interest211,000 $48,000 $227 
Jan-0955 Corporate DriveBridgewater, New Jersey100.0Fee Interest670,000 230,000 343 
Aug-09399 Knollwood RoadWhite Plains, New York100.0Fee Interest145,000 20,767 143 
Jul-12One Court SquareLong Island City, New York100.0Fee Interest1,402,000 481,100 343 
Sep-13300 Main StreetStamford, Connecticut100.0Fee Interest130,000 13,500 104 
Aug-15The MeadowsRutherford, New Jersey100.0Fee Interest582,100 121,100 208 
Dec-15140 Grand StreetWhite Plains, New York100.0Fee Interest130,100 22,400 172 
Dec-15150 Grand StreetWhite Plains, New York100.0Fee Interest85,000 9,600 113 
Mar-167 Renaissance SquareWhite Plains, New York100.0Fee Interest65,641 21,000 320 
Jul-16500 West Putnam AvenueGreenwich, Connecticut100.0Fee Interest121,500 41,000 337 
Apr-17520 White Plains RoadTarrytown, New York100.0Fee Interest180,000 21,000 117 
Jul-17680 Washington AvenueStamford, Connecticut51.0Fee Interest133,000 42,011 316 
Jul-17750 Washington AvenueStamford, Connecticut51.0Fee Interest192,000 53,745 280 
Oct-1716 Court StreetBrooklyn, New York100.0Fee Interest317,600 171,000 538 
Oct-17125 Chubb WayLyndhurst, New Jersey100.0Fee Interest278,000 29,500 106 
May-18115-117 Stevens AvenueValhalla, New York100.0Fee Interest178,000 12,000 67 
Jun-18Jericho PlazaJericho, New York11.7Fee Interest640,000 117,400 183 
Jul-181-6 International DriveRye Brook, New York100.0Fee Interest540,000 55,000 102 
Nov-191010 Washington BoulevardStamford, Connecticut100.0Fee Interest143,400 23,100 161 
Dec-19100 Summit Lake DriveValhalla, New York100.0Fee Interest250,000 41,581 166 
Dec-19200 Summit Lake DriveValhalla, New York100.0Fee Interest245,000 37,943 155 
Dec-19500 Summit Lake DriveValhalla, New York100.0Fee Interest228,000 34,185 150 
Dec-19360 Hamilton AvenueWhite Plains, New York100.0Fee Interest384,000 115,452 301 
Dec-201055 Washington BoulevardStamford, Connecticut100.0Leasehold Interest182,000 23,750 130 
7,433,341 $1,786,134 $240 
Supplemental Information
42
Second Quarter 2021

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

https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Gross AssetOccupancy (%)
PropertySubmarketInterest AcquiredType of OwnershipNet Rentable SFValuation ($'s)at acquisition6/30/2021
2005 - 2020 Acquisitions
Jul-051551-1555 Broadway Times Square10.0%Fee Interest25,600 $85,000  N/A N/A
Jul-0521 West 34th Street Herald Square50.0Fee Interest30,100 17,500  N/A N/A
Sep-05141 Fifth Avenue Flatiron50.0Fee Interest21,500 13,250  N/A N/A
Nov-051604 Broadway Times Square63.0Leasehold Interest29,876 4,400 17.2  N/A
Dec-05379 West Broadway Cast Iron/Soho45.0Leasehold Interest62,006 19,750 100.0  N/A
Jan-0625-29 West 34th Street Herald Square/Penn Station50.0Fee Interest41,000 30,000 55.8  N/A
Sep-06717 Fifth Avenue Midtown/Plaza District32.8Fee Interest119,550 251,900 63.1 100.0 
Aug-07180 Broadway Lower Manhattan50.0Fee Interest24,300 13,600 85.2  N/A
Apr-07Two Herald Square Herald Square55.0Fee Interest N/A 225,000  N/A N/A
Jul-07885 Third AvenueMidtown / Plaza District55.0Fee Interest N/A 317,000  N/A N/A
Jan-08125 Chubb WayLyndhurst, New Jersey100.0Fee Interest278,000 29,364 —  N/A
Feb-08182 BroadwayLower Manhattan50.0Fee Interest46,280 30,000 83.8  N/A
Nov-10Williamsburg TerraceBrooklyn, New York100.0Fee Interest52,000 18,000 100.0  N/A
Dec-1011 West 34th Street Herald Square/Penn Station30.0Fee Interest17,150 10,800 100.0 100.0 
Dec-107 Renaissance Square White Plains, New York50.0Fee Interest65,641 4,000 —  N/A
Dec-102 Herald SquareHerald Square45.0Fee Interest354,400 247,500 100.0  N/A
Dec-10885 Third AvenueMidtown / Plaza District45.0Fee Interest607,000 352,000 100.0  N/A
Dec-10292 Madison AvenueGrand Central South100.0Fee Interest203,800 78,300  N/A N/A
Jan-113 Columbus Circle Columbus Circle48.9Fee Interest741,500 500,000 20.1  N/A
Aug-111552-1560 Broadway Times Square50.0Fee Interest35,897 136,550 59.7 88.3 
Sep-11747 Madison Avenue Plaza District33.3Fee Interest10,000 66,250 100.0  N/A
Jan-12DFR Residential and Retail Portfolio Plaza District, Upper East Side80.0Fee Interests / Leasehold Interest489,882 193,000 95.1 61.1 
Jan-12724 Fifth Avenue Plaza District50.0Fee Interest65,010 223,000 92.9  N/A
Jul-12West Coast Office Portfolio 27.6Fee Interest4,473,603 880,104 76.3  N/A
Aug-1233 Beekman Street Downtown45.9Fee Interest163,500 31,160 —  N/A
Sep-12635 Sixth AvenueMidtown South100.0Fee Interest104,000 83,000 — 100.0 
Oct-121080 Amsterdam Upper West Side87.5Leasehold Interest82,250 — 2.2 40.6 
Dec-1221 East 66th Street Plaza District32.3Fee Interest16,736 75,000 100.0 100.0 
Dec-12985-987 Third AvenueUpper East Side100.0Fee Interest13,678 18,000 —  N/A
Dec-12131-137 Spring StreetSoho100.0Fee Interest68,342 122,300 100.0  N/A
Mar-13248-252 Bedford Avenue Brooklyn, New York90.0Fee Interest66,611 54,900 —  N/A
Nov-13650 Fifth Avenue Plaza District50.0Leasehold Interest32,324 — 63.6 100.0 
Nov-13315 West 33rd Street - The OliviaPenn Station100.0Fee Interest492,987 386,775 96.6  N/A
Nov-13562, 570 & 574 Fifth AvenuePlaza District100.0Fee Interest66,962 146,222 74.6  N/A
Jul-14719 Seventh Avenue Times Square75.0Fee Interest6,000 41,149 100.0 — 
Jul-14115 Spring StreetSoho100.0Fee Interest5,218 52,000 100.0 100.0 
Jul-14752-760 Madison Avenue Plaza District100.0Fee Interest21,124 282,415 100.0 — 
Sep-14121 Greene Street Soho50.0Fee Interest7,131 27,400 100.0 100.0 
Sep-14635 Madison AvenuePlaza District100.0Fee Interest176,530 145,000 100.0  N/A
Oct-14102 Greene StreetSoho100.0Fee Interest9,200 32,250 100.0  N/A
Oct-14175-225 Third Street Brooklyn, New York95.0Fee Interest— 72,500 —  N/A
Nov-1455 West 46th Street - Tower 46Midtown100.0Fee Interest347,000 295,000 —  N/A
Feb-15Stonehenge PortfolioVariousVariousFee Interest2,589,184 40,000 96.5 81.2 
Mar-151640 Flatbush AvenueBrooklyn, New York100.0Fee Interest1,000 6,799 100.0  N/A
Jun-15Upper East Side Residential Upper East Side Residential90.0Fee Interest27,000 50,074 96.4  N/A
Aug-15187 Broadway & 5-7 Dey StreetLower Manhattan100.0Fee Interest73,600 63,690 90.5 — 
Mar-16183 BroadwayLower Manhattan100.0Fee Interest9,100 28,500 58.3 — 
Apr-16605 West 42nd Street - Sky Midtown West20.0Fee Interest927,358 759,046 —  N/A
Jul-181231 Third AvenueUpper East Side100.0Fee Interest38,992 55,355 100.0  N/A
Oct-18133 Greene StreetSoho100.0Fee Interest6,425 30,999 100.0  N/A
Dec-18712 Madison AvenuePlaza District100.0Fee Interest6,600 57.996 100.0  N/A
Apr-19106 Spring StreetSoho100.0Fee Interest5,928 80,150 —  N/A
May-19410 Tenth AvenueHudson Yards70.9Fee Interest638,000 440,000 76.3  N/A
Jan-20762 Madison AvenuePlaza District10.0Fee Interest6,109 29,250 55.1 — 
Jan-20707 Eleventh AvenueMidtown West100.0Fee Interest159,720 90,000 54.3 23.3 
Jan-2015 BeekmanLower Manhattan100.0Leasehold Interest98,412 — 87.3 — 
Oct-2085 Fifth AvenueMidtown South36.3Fee Interest12,946 59,000 100.0 — 
14,074,062 $7,402,198 
Supplemental Information
43
Second Quarter 2021

SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY
Retail, Residential, and Development / Redevelopment
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

Gross Asset Valuation
PropertySubmarketInterest SoldType of OwnershipNet Rentable SF($'s)($'s/SF)
2011 - 2020 Dispositions
Sep-111551-1555 Broadway Times Square10.0%Fee Interest25,600 $276,757 $10,811 
Feb-12141 Fifth AvenueFlatiron100.0Fee Interest13,000 46,000 3,538 
Feb-12292 Madison AvenueGrand Central South100.0Fee Interest203,800 85,000 417 
Apr-12379 West BroadwayLower Manhattan100.0Leasehold Interest62,006 48,500 782 
Jun-12717 Fifth Avenue Midtown/Plaza District50.0Fee Interest119,550 617,584 5,166 
Sep-123 Columbus Circle Columbus Circle29.0Fee Interest214,372 143,600 670 
Feb-1344 West 55th StreetPlaza District100.0Fee Interest8,557 6,250 730 
Jun-13West Coast Office PortfolioLos Angeles, California100.0Fee Interest406,740 111,925 275 
Aug-13West Coast Office PortfolioFountain Valley, California100.0Fee Interest302,037 66,994 222 
Sep-13West Coast Office PortfolioSan Diego, California100.0Fee Interest110,511 45,400 411 
Dec-1327-29 West 34th StreetHerald Square/Penn Station100.0Fee Interest15,600 70,052 4,491 
Jan-1421-25 West 34th StreetHerald Square/Penn Station100.0Fee Interest30,100 114,948 3,819 
Mar-14West Coast Office Portfolio100.0Fee Interest3,654,315 756,000 207 
May-14747 Madison AvenuePlaza District100.0Fee Interest10,000 160,000 16,000 
Jul-14985-987 Third AvenueUpper East Side100.0Fee Interest13,678 68,700 5,023 
Sep-14180-182 BroadwayLower Manhattan100.0Fee Interest156,086 222,500 1,425 
Nov-142 Herald SquareHerald Square/Penn Station100.0Fee Interest354,400 365,000 1,030 
Nov-1455 West 46th Street - Tower 46Midtown75.0Fee Interest347,000 295,000 850 
Jan-15180 Maiden LaneFinancial East100.0Fee Interest1,090,000 470,000 431 
Aug-15131-137 Spring Street Soho80.0Fee Interest68,342 277,750 4,064 
Dec-15570 & 574 Fifth AvenuePlaza District100.0Fee Interest24,327 125,400 5,155 
Feb-16248-252 Bedford Avenue Brooklyn, New York90.0Fee Interest66,611 55,000 826 
Feb-16885 Third AvenueMidtown / Plaza District100.0Fee Interest607,000 453,000 746 
May-1633 Beekman StreetDowntown100.0Fee Interest163,500 196,000 1,199 
Oct-16400 East 57th Street Upper East Side49.0Fee Interest290,482 170,000 585 
Apr-17102 Greene Street Soho90.0Fee Interest9,200 43,500 4,728 
Sep-17102 Greene Street Soho10.0Fee Interest9,200 43,500 4,728 
Apr-18175-225 Third StreetBrooklyn, New York95.0Fee Interest— 115,000 — 
Jun-18635 Madison AvenuePlaza District100.0Fee Interest176,530 153,000 867 
Jul-18724 Fifth AvenuePlaza District50.0Fee Interest65,010 365,000 5,615 
Oct-1872nd Street Assemblage & 1231 Third AvenueUpper East SideVariousFee Interest— 143,800 — 
Jan-19131-137 Spring StreetSoho20.0Fee Interest68,342 216,000 3,161 
Aug-19115 Spring StreetSoho49.0Fee Interest5,218 66,050 12,658 
Dec-19562 Fifth AvenuePlaza District100.0Fee Interest42,635 52,393 1,229 
Dec-191640 Flatbush AvenueBrooklyn, New York100.0Fee Interest1,000 16,150 16,150 
Mar-20315 West 33rd Street - The OliviaPenn Station100.0Fee Interest492,987 446,500 906 
May-20609 Fifth Avenue - Retail CondominiumRockefeller Center100.0Fee Interest21,437 168,000 7,837 
Sep-20400 East 58th StreetUpper East Side90.0Fee Interest140,000 62,000 443 
Dec-20410 Tenth AvenueHudson Yards70.9Fee Interest638,000 952,500 1,493 
Dec-20Williamsburg TerraceBrooklyn, New York100.0Fee Interest52,000 32,000 615 
10,079,173 $8,122,753 $806 
2021 Dispositions
Jan-21712 Madison AvenuePlaza District100.0%Fee Interest6,600 $43,000 $6,515 
Feb-21133 Greene StreetSoho100.0Fee Interest6,425 15,796 2,459 
Mar-21106 Spring StreetSoho100.0Fee Interest5,928 34,024 5,740 
Jun-21605 West 42nd Street - SkyWestside20.0Fee Interest927,358 858,100 925 
946,311 $950,920 $1,005 
Supplemental Information
44
Second Quarter 2021

EXECUTIVE MANAGEMENT
                               
                          
                         
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg


Marc HollidayEdward V. Piccinich
Chairman and Chief Executive Officer
Chief Operating Officer
Andrew MathiasNeil H. Kessner
President
Executive Vice President, General
Counsel - Real Property
Matthew J. DiLiberto
Chief Financial Officer
Maggie Hui
Chief Accounting Officer
Andrew S. Levine
Chief Legal Officer
Robert Schiffer
Managing Director
Steven M. Durels
Executive Vice President, Director of
Brett Herschenfeld
Leasing and Real Property
Managing Director

Supplemental Information
45
Second Quarter 2021

Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
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 (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).



Supplemental Information
46
Second Quarter 2021

Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Funds From Operations (FFO) Reconciliation
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Net income attributable to SL Green common stockholders$105,332 $56,444 $97,868 $171,245 
Add:
Depreciation and amortization57,261 95,941 120,257 164,220 
Joint venture depreciation and noncontrolling interest adjustments59,485 45,107 115,187 101,425 
Net income attributable to noncontrolling interests6,242 4,093 4,267 10,002 
Less:
Gain on sale of real estate, net98,960 64,884 97,572 137,520 
Equity in net gain (loss) on sale of interest in unconsolidated joint venture/real estate8,471 — (4,158)— 
Purchase price and other fair value adjustment— — 2.664 — 
Depreciable real estate reserves2,545 — (5,696)— 
Depreciation on non-rental real estate assets672 609 1,199 1,259 
FFO attributable to SL Green common stockholders and noncontrolling interests$117,672 $136,092 $245,998 $308,113 

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
As of or for the three months ended
6/30/20213/31/202112/31/20209/30/20206/30/2020
Net income (loss)$117,134 $(3,855)$200,340 $20,677 $66,627 
Interest expense, net of interest income18,960 23,388 25,579 23,536 30,070 
Amortization of deferred financing costs3,386 3,774 3,482 3,151 2,661 
Income taxes795 708 (859)— 900 
Depreciation and amortization57,261 62,996 56,932 92,516 95,941 
(Gain) loss on sale of real estate(98,960)1,388 (51,882)(26,104)(64,884)
Equity in net loss (gain) on sale of interest in unconsolidated joint venture/real estate(8,471)12,629 (2,961)— — 
Purchase price and other fair value adjustments1,947 (2,664)(187,522)— — 
Depreciable real estate reserves(2,545)8,241 53,827 6,627 — 
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates99,625 91,989 90,169 87,630 81,843 
EBITDAre$189,132 $198,594 $187,105 $208,033 $213,158 
Supplemental Information
47
Second Quarter 2021

Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES - Operating income and Same-store NOI Reconciliation
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Net income$117,134 $66,627 $113,279 $193,741 
Equity in net (gain) loss on sale of interest in unconsolidated joint venture/real estate(8,471)— 4,158 — 
Purchase price and other fair value adjustments1,947 — (717)— 
Gain on sale of real estate, net(98,960)(64,884)(97,572)(137,520)
Depreciable real estate reserves(2,545)— 5,696 — 
Depreciation and amortization57,261 95,941 120,257 164,220 
Interest expense, net of interest income18,960 30,070 42,348 67,564 
Amortization of deferred financing costs3,386 2,661 7,160 5,161 
Operating income88,712 130,415 194,609 293,166 
Equity in net loss from unconsolidated joint ventures12,970 2,199 15,834 15,013 
Marketing, general and administrative expense22,064 23,510 44,949 43,080 
Transaction related costs, net373 25 438 
Investment income(20,107)(39,943)(39,380)(78,476)
Loan loss and other investment reserves, net of recoveries— 6,813 — 18,061 
Non-building revenue(8,027)(192)(12,488)(3,982)
Net operating income (NOI)95,615 123,175 203,549 287,300 
Equity in net loss from unconsolidated joint ventures(12,970)(2,199)(15,834)(15,013)
SLG share of unconsolidated JV depreciation and amortization58,537 46,217 113,812 92,091 
SLG share of unconsolidated JV interest expense, net of interest income34,274 32,714 67,701 68,491 
SLG share of unconsolidated JV amortization of deferred financing costs3,545 1,693 6,430 3,380 
SLG share of unconsolidated JV loss on early extinguishment of debt941 — 941 — 
SLG share of unconsolidated JV investment income(314)(310)(610)(617)
SLG share of unconsolidated JV non-building revenue(599)(2,425)(2,186)(4,025)
NOI including SLG share of unconsolidated JVs179,029 198,865 373,803 431,607 
NOI from other properties/affiliates(16,937)(27,921)(51,740)(100,334)
Same-Store NOI162,092 170,944 322,063 331,273 
Operating lease straight-line adjustment244 245 489 533 
Joint Venture operating lease straight-line adjustment233 252 465 594 
Straight-line and free rent(7,884)100 (11,264)(2,800)
Amortization of acquired above and below-market leases, net(100)(858)(195)(2,428)
Joint Venture straight-line and free rent(2,166)(4,271)(9,515)(10,030)
Joint Venture amortization of acquired above and below-market leases, net(4,824)(3,807)(9,135)(7,630)
Same-store cash NOI$147,595 $162,605 $292,908 $309,512 
Lease termination income(1,095)(10,570)(1,100)(10,590)
Joint Venture lease termination income(247)(172)(254)(179)
Same-store cash NOI excluding lease termination income$146,253 $151,863 $291,554 $298,743 

Supplemental Information
48
Second Quarter 2021

RESEARCH ANALYST COVERAGE
                               
                          
                         
https://cdn.kscope.io/96e7090c8dd25c9aa64e8c38f7b2dca3-image121a.jpg

EQUITY COVERAGE
FirmAnalystPhoneEmail
B of A SecuritiesJames C. Feldman(646) 855-5808james.feldman@bofa.com
BMO Capital Markets Corp.John P. Kim(212) 885-4115jp.kim@bmo.com
BTIGThomas Catherwood(212) 738-6140tcatherwood@btig.com
CitigroupMichael Bilerman(212) 816-1383michael.bilerman@citi.com
Deutsche BankDerek Johnston(212) 250-5683derek.johnston@db.com
Goldman Sachs & Co.Caitlin Burrows(212) 902-4736caitlin.burrows@gs.com
Green StreetDaniel Ismail(949) 640-8780dismail@greenstreet.com
Evercore ISISteve Sakwa(212) 446-9462steve.sakwa@evercoreisi.com
JefferiesJonathan Petersen(212) 284-1705jpeterson@jefferies.com
JP Morgan SecuritiesAnthony Paolone(212) 622-6682anthony.paolone@jpmorgan.com
KeyBanc Capital MarketsCraig Mailman(917) 368-2316cmailman@key.com
Morgan Stanley & Co.Vikram Malhotra(212) 761-7064vikram.malhotra@morganstanley.com
BairdDavid Rodgers(216) 737-7341drodgers@rwbaird.com
Piper SandlerAlexander Goldfarb(212) 466-7937alex.goldfarb@psc.com
ScotiabankNicholas Yulico(212) 225-6904nicholas.yulico@scotiabank.com
Truist SecuritiesMichael Lewis(212) 319-5659michael.r.lewis@truist.com
Wells FargoBlaine Heck(443) 263-6529blaine.heck@wellsfargo.com
Wolfe ResearchAndrew Rosivach(646) 582-9250arosivach@wolferesearch.com
FIXED INCOME COVERAGE
FirmAnalystPhoneEmail
JP Morgan SecuritiesMark Streeter(212) 834-5086mark.streeter@jpmorgan.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
Second Quarter 2021