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

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 20, 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 October 20, 2021 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended September 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 October 20, 2021, the Company issued a press release announcing its results for the quarter ended September 30, 2021, and that it is revising its earnings guidance of net income per share of $0.20 to $0.60, and NAREIT defined FFO per share (diluted) of $6.30 to $6.70 for the year ending December 31, 2021 to $7.21 to $7.41 of net income per share, and $6.45 to $6.65 of FFO per share (diluted).

The following table reconciles estimated earnings per share (diluted) to FFO per share (diluted) for the year ending December 31, 2021:

Year Ending
December 31,
20212021
Net income per share attributable to SL Green stockholders (diluted)$7.21 $7.41 
Add:
Depreciation and amortization2.98 2.98 
Joint ventures depreciation and noncontrolling interests adjustments3.32 3.32 
Net income attributable to noncontrolling interests(0.04)(0.04)
Depreciable real estate reserve0.08 0.08 
Less:
Gain on sale of real estate and discontinued operations, net4.12 4.12 
Equity in net gain on sale of interest in unconsolidated joint venture / real estate0.06 0.06 
Purchase price and other fair value adjustments2.88 2.88 
Depreciation on non-real estate assets0.04 0.04 
Funds From Operations per share attributable to SL Green common stockholders and noncontrolling interests (diluted)$6.45 $6.65 

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

Item 9.01.    Financial Statements and Exhibits

(d)     Exhibits

    99.1    Press release regarding results for the quarter ended September 30, 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 capital expenditures.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company’s ability to fund its dividends. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.



Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Coverage Ratios
The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SL GREEN REALTY CORP.
/s/ Matthew J. DiLiberto
Matthew J. DiLiberto
Chief Financial Officer
Date: October 21, 2021



Document
Exhibit 99.1

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

SL GREEN REALTY CORP. REPORTS
THIRD QUARTER 2021 EPS OF $5.75 PER SHARE;
AND FFO OF $1.78 PER SHARE


Financial and Operating Highlights
Net income attributable to common stockholders of $5.75 per share for the third quarter of 2021 as compared to $0.19 per share for the same period in 2020. Net income attributable to common stockholders for the third quarter of 2021 includes $395.3 million, or $5.53 per share, of net gains recognized from the sale of real estate interests and non-cash fair value adjustments.
Funds from operations, or FFO, of $1.78 per share for the third quarter of 2021, including $11.4 million, or $0.16 per share, of lease termination income related to the termination of the WeWork lease at 609 Fifth Avenue, as compared to $1.75 per share for the same period in 2020, which included $20.2 million, or $0.26 per share, of net proceeds derived from a legal settlement.
The Company is revising its 2021 earnings guidance ranges, resulting in an increase to the midpoint of those ranges, for the year ending December 31, 2021 to net income per share of $7.21 to $7.41 and FFO per share of $6.45 to $6.65.
Signed 44 Manhattan office leases covering 445,453 square feet in the third quarter and 107 Manhattan office leases covering 1,355,908 square feet for the first nine months of 2021. The mark-to-market on signed Manhattan office leases was 1.8% lower for the third quarter and 1.7% lower for the first nine 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, increased by 3.6% for the third quarter of 2021 and increased by 0.2% for the first nine months of 2021 as compared to the same period in 2020, excluding lease termination income.
To date in 2021, the Company has repurchased or redeemed a combined 4.4 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 36.9 million shares/units.




Manhattan same-store office occupancy was 93.1% as of September 30, 2021, inclusive of leases signed but not yet commenced.
Investing Highlights
Closed on the acquisition of the fee interest in 1591-1597 Broadway for a purchase price of $121.0 million. The 7,684 square foot parcel, located on the northwest corner of 48th Street and Broadway, is subject to a ground lease, and sits beneath a portion of the Crowne Plaza Hotel.
Closed on the previously announced sale of its interests in 400 East 57th Street for a gross asset valuation of $133.5 million. The transaction generated net cash proceeds to the Company of $19.8 million.
Closed on the previously announced sale of a 49% interest in 220 East 42nd Street for gross consideration of $790.1 million. The transaction generated net cash proceeds to the Company of $136.1 million.
Summary
New York, NY, October 20, 2021 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2021 of $388.2 million, or $5.75 per share, as compared to net income of $13.9 million, or $0.19 per share, for the same quarter in 2020. Net income attributable to common stockholders for the third quarter of 2021 includes $186.5 million, or $2.61 per share, of net gains recognized from the sale of real estate interests and $208.8 million, or $2.92 per share, of non-cash fair value adjustments.
The Company also reported net income attributable to common stockholders for the nine months ended September 30, 2021 of $486.1 million, or $7.04 per share, as compared to net income of $185.1 million, or $2.50 per share, for the same period in 2020. Net income attributable to common stockholders for the nine months ended September 30, 2021 includes $279.9 million, or $3.83 per share, of net gains recognized from the sale of real estate interests and $209.5 million, or $2.87 per share, of non-cash fair value adjustments. Net income for the nine months ended September 30, 2020 included $163.6 million, or $2.04 per share, of net gains recognized from the sale of real estate interests.
The Company reported FFO for the quarter ended September 30, 2021 of $127.0 million, or $1.78 per share, as compared to FFO for the same period in 2020 of $135.5 million, or $1.75 per share. FFO for the third quarter of 2021 included $11.4 million, or $0.16 per share, of lease termination income related to the termination of the WeWork lease at 609 Fifth Avenue. FFO for the third quarter of 2020 included $20.2 million, or $0.26 per share, of net proceeds derived from a legal settlement.
The Company also reported FFO for the nine months ended September 30, 2021 of $373.0 million, or $5.10 per share, as compared to FFO of $443.6 million, or $5.54 per share, for the same period in 2020.
All per share amounts are presented on a diluted basis.




Operating and Leasing Activity
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased by 5.7% for the third quarter of 2021, and increased 3.6% excluding lease termination income, as compared to the same period in 2020.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, decreased by 1.3% for the nine months ended September 30, 2021, and increased 0.2% excluding lease termination income, as compared to the same period in 2020.
During the third quarter of 2021, the Company signed 44 office leases in its Manhattan office portfolio totaling 445,453 square feet. The average lease term on the Manhattan office leases signed in the third quarter of 2021 was 10.7 years and average tenant concessions were 8.8 months of free rent with a tenant improvement allowance of $77.63 per rentable square foot, excluding leases signed at One Vanderbilt Avenue. Thirty-two leases comprising 317,709 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 $71.39 per rentable square foot, representing a 1.8% decrease over the previous fully escalated rents on the same office spaces.
During the first nine months of 2021, the Company signed 107 office leases in its Manhattan office portfolio totaling 1,355,908 square feet. The average lease term on the Manhattan office leases signed in the first nine months of 2021 was 7.2 years and average tenant concessions were 6.2 months of free rent with a tenant improvement allowance of $53.40 per rentable square foot, excluding leases signed at One Vanderbilt Avenue. Seventy leases comprising 770,833 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 $72.32 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 93.1% as of September 30, 2021, inclusive of 99,764 square feet of leases signed but not yet commenced, as compared to 93.6% at the end of the previous quarter.
Significant leases that were signed in the third quarter included:
Expansion lease with Carlyle Investment Management, Inc. for 33,924 square feet at One Vanderbilt Avenue, for 15.2 years;
New lease with UiPath for 26,363 square feet at One Vanderbilt Avenue, for 15.0 years;
New lease with Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, PC for 101,394 square feet at 919 Third Avenue, for 21.5 years;
Early renewal with Grant & Eisenhofer P.A. for 14,078 square feet at 485 Lexington Avenue, for 7.7 years;
New lease with TigerRisk Partners LLC for 13,284 square feet at 1350 Avenue of the Americas, for 4.8 years;




New lease with Pennant Park Investment Advisors for 10,705 square feet at 1350 Avenue of the Americas, for 7.8 years; and
New retail lease with Piano Software, Inc. for 13,092 square feet at 85 Fifth Avenue, for 12.0 years.
Investment Activity
To date in 2021, the Company has repurchased 3.8 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 35.3 million shares of common stock and 1.6 million OP units for a combined total of $3.2 billion under the previously announced $3.5 billion share repurchase program.
In September, the Company acquired the fee position in 1591-1597 Broadway for a purchase price of $121.0 million. The 7,684 square foot parcel, located on the northwest corner of 48th Street and Broadway, is subject to a ground lease, and sits beneath a portion of the Crowne Plaza Hotel. A third party has asserted ownership rights to the fee, which the Company is contesting.
In September, the Company acquired 690 Madison Avenue. The 7,848 SF five-story building, currently leased to Hermes, is located on the northwest corner of 62nd street along Madison Avenue’s Gold Coast, neighboring luxury retail and a collection of high-end residential, hotels and restaurants including 760 Madison, SL Green’s condo development project in partnership with Giorgio Armani. The property previously served as collateral for a debt and preferred equity investment.
In September, together with its joint venture partners, the Company closed on the sale of the 5.0% interest in 410 Tenth Avenue that was retained when the joint venture sold its controlling interest in the property in December 2020. This transaction generated net cash proceeds to the Company of $14.8 million.
In September, the Company closed on the previously announced sale of its interests in 400 East 57th Street for a gross asset valuation of $133.5 million. The property included 263 residential units and approximately 10,000 square feet of retail leased to essential service providers. The transaction generated net cash proceeds to the Company of $19.8 million.
In July, the Company closed on the previously announced sale of a 49% interest in 220 East 42nd Street for gross consideration of $790.1 million. SL Green retained a 51% interest in the property and will continue to oversee management and leasing of the building. The transaction generated net cash proceeds to the Company of $136.1 million.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity ("DPE") portfolio was $1.09 billion at September 30, 2021. The portfolio is comprised of $1.05 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 7.4%, or 9.4% 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.




Guidance
The Company is revising its earnings guidance ranges, resulting in an increase to the midpoint of those ranges for the year ending December 31, 2021 to net income per share of $7.21 to $7.41, and FFO per share of $6.45 to $6.65, as compared to the previous guidance range of net income per share of $0.20 to $0.60 and FFO per share of $6.30 to $6.70 per share.
Dividends
In the third quarter of 2021, the Company declared:
Three monthly dividends on its outstanding common stock of $0.3033 per share which were paid on August 16, September 15, and October 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 July 15, 2021 through and including October 14, 2021, which was paid on October 15, 2021 and is the equivalent of an annualized dividend of $1.625 per share.
Institutional Investor Conference
The Company will host its Annual Institutional Investor Conference on Monday, December 6, 2021. The Company’s presentation, led by Marc Holliday, Chairman and Chief Executive Officer, Andrew Mathias, President, and Matt DiLiberto, Chief Financial Officer, will begin at 9:30 AM ET.
The event will be held in-person, by invitation only. The presentation will be available online via audio webcast, in listen only mode, and the accompanying presentation materials can be accessed in the Investors section of the SL Green Realty Corp. website at http://slgreen.com on the day of the conference.
An audio replay of the presentation will be available in the Investors section of the SL Green Realty Corp. website following the conference.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, October 21, 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 8382966.
A replay of the call will be available for 7 days after the call by dialing (855) 859-2056 using conference ID 8382966. 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 September 30, 2021, SL Green held interests in 76 buildings totaling 35.3 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 7.3 million square feet securing debt and preferred equity investments.
To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 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 EndedNine Months Ended
September 30,September 30,
Revenues:2021202020212020
Rental revenue, net$142,703 $173,536 $469,429 $543,140 
Escalation and reimbursement 12,660 21,979 58,634 70,892 
Investment income20,072 22,988 59,452 101,464 
Other income29,766 31,341 61,895 102,350 
        Total revenues205,201 249,844 649,410 817,846 
Expenses:
Operating expenses, including related party expenses of $3,563 and $8,827 in 2021 and $2,801 and $9,289 in 202040,684 45,910 126,851 140,673 
Real estate taxes32,139 43,522 121,318 131,805 
Operating lease rent6,557 6,973 20,003 22,171 
Interest expense, net of interest income14,807 23,536 57,155 91,100 
Amortization of deferred financing costs2,345 3,151 9,505 8,312 
Depreciation and amortization49,277 92,516 169,534 256,736 
Loan loss and other investment reserves, net of recoveries 8,957  27,018 
Transaction related costs190 45 215 483 
Marketing, general and administrative23,477 23,602 68,426 66,682 
        Total expenses169,476 248,212 573,007 744,980 
Equity in net loss from unconsolidated joint ventures(15,487)(432)(31,321)(15,445)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(1,280)— (5,438)— 
Purchase price and other fair value adjustment208,810 — 209,527 — 
Gain on sale of real estate, net187,766 26,104 285,338 163,624 
Depreciable real estate reserves (6,627)(5,696)(6,627)
        Net income415,534 20,677 528,813 214,418 
Net income attributable to noncontrolling interests in the Operating Partnership(22,683)(802)(28,489)(10,073)
Net loss (income) attributable to noncontrolling interests in other partnerships915 (414)2,454 (1,145)
Preferred unit distributions(1,823)(1,864)(5,492)(6,883)
Net income attributable to SL Green391,943 17,597 497,286 196,317 
Perpetual preferred stock dividends(3,738)(3,738)(11,213)(11,213)
        Net income attributable to SL Green common stockholders$388,205 $13,859 $486,073 $185,104 
Earnings Per Share (EPS)
Net income per share (Basic) (1)
$5.77 $0.19 $7.08 $2.51 
Net income per share (Diluted) (1)
$5.75 $0.19 $7.04 $2.50 
Funds From Operations (FFO)
FFO per share (Basic) (1)
$1.79 $1.80 $5.14 $5.71 
FFO per share (Diluted) (1)
$1.78 $1.80 $5.10 $5.69 
FFO per share (Pro forma) (2)
$1.78 $1.75 $5.10 $5.54 
Basic ownership interest
Weighted average REIT common shares for net income per share66,840 70,943 68,275 73,373 
Weighted average partnership units held by noncontrolling interests3,834 4,029 4,024 4,123 
Basic weighted average shares and units outstanding (1)
70,674 74,972 72,299 77,496 
Diluted ownership interest
Weighted average REIT common share and common share equivalents67,653 71,385 69,063 73,814 
Weighted average partnership units held by noncontrolling interests3,834 4,029 4,024 4,123 
Diluted weighted average shares and units outstanding (1)
71,487 75,414 73,087 77,937 
Pro forma adjustment (2)
 2,077  2,148 
Pro forma diluted weighted average shares and units outstanding (2)
71,487 77,491 73,087 80,085 
(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)
September 30,December 31,
20212020
Assets(Unaudited)
Commercial real estate properties, at cost:
Land and land interests$1,489,101 $1,315,832 
Building and improvements3,828,052 4,168,193 
Building leasehold and improvements1,649,796 1,448,134 
Right of use asset - financing leases27,445 55,711 
Right of use asset - operating leases498,416 367,209 
7,492,810 7,355,079 
Less: accumulated depreciation(1,904,465)(1,956,077)
5,588,345 5,399,002 
Cash and cash equivalents257,941 266,059 
Restricted cash87,992 106,736 
Investment in marketable securities34,428 28,570 
Tenant and other receivables44,964 44,507 
Related party receivables35,674 34,657 
Deferred rents receivable254,277 302,791 
Debt and preferred equity investments, net of discounts and deferred origination fees of $6,494 and $11,232 and allowances of $6,630 and $13,213 in 2021 and 2020, respectively1,052,110 1,076,542 
Investments in unconsolidated joint ventures3,028,084 3,823,322 
Deferred costs, net124,637 177,168 
Other assets347,407 448,213 
        Total assets$10,855,859 $11,707,567 
Liabilities
Mortgages and other loans payable$1,428,734 $2,001,361 
Revolving credit facility220,000 110,000 
Unsecured term loan1,500,000 1,500,000 
Unsecured notes901,160 1,251,888 
Deferred financing costs, net(15,004)(34,521)
Total debt, net of deferred financing costs4,034,890 4,828,728 
Accrued interest payable20,777 14,825 
Accounts payable and accrued expenses137,946 151,309 
Deferred revenue120,567 118,572 
Lease liability - financing leases125,168 152,521 
Lease liability - operating leases437,357 339,458 
Dividend and distributions payable23,958 149,294 
Security deposits54,366 53,836 
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities100,000 100,000 
Other liabilities157,375 302,798 
        Total liabilities5,212,404 6,211,341 
Commitments and contingencies— — 
Noncontrolling interest in the Operating Partnership362,737 358,262 
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 September 30, 2021 and December 31, 2020221,932 221,932 
Common stock, $0.01 par value 160,000 shares authorized, 67,926 and 69,534 issued and outstanding (including 1,061 and 1,026 held in Treasury) at September 30, 2021 and December 31, 2020, respectively680 716 
Additional paid-in capital3,774,119 3,862,949 
Treasury stock at cost(126,160)(124,049)
Accumulated other comprehensive loss(60,597)(67,247)
Retained earnings1,258,232 1,015,462 
Total SL Green Realty Corp. stockholders’ equity5,068,206 4,909,763 
Noncontrolling interests in other partnerships14,009 26,032 
        Total equity5,082,215 4,935,795 
Total liabilities and equity$10,855,859 $11,707,567 




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

Three Months EndedNine Months Ended
September 30,September 30,
Funds From Operations (FFO) Reconciliation:2021202020212020
Net income attributable to SL Green common stockholders$388,205 $13,859 $486,073 $185,104 
Add:
Depreciation and amortization49,277 92,516 169,534 256,736 
Joint venture depreciation and noncontrolling interest adjustments61,733 47,884 176,920 149,309 
Net income attributable to noncontrolling interests21,768 1,216 26,035 11,218 
Less:
Gain on sale of real estate, net187,766 26,104 285,338 163,624 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(1,280)— (5,438)— 
Purchase price and other fair value adjustments206,779 — 209,443 — 
Depreciable real estate reserves— (6,627)(5,696)(6,627)
Depreciation on non-rental real estate assets754 538 1,953 1,797 
FFO attributable to SL Green common stockholders and unit holders$126,964 $135,460 $372,962 $443,573 


Three Months EndedNine Months Ended
September 30,September 30,
Operating income and Same-store NOI Reconciliation:2021202020212020
Net income$415,534 $20,677 $528,813 $214,418 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate1,280 — 5,438 — 
Purchase price and other fair value adjustments(208,810)— (209,527)— 
Gain on sale of real estate, net(187,766)(26,104)(285,338)(163,624)
Depreciable real estate reserves— 6,627 5,696 6,627 
Depreciation and amortization49,277 92,516 169,534 256,736 
Interest expense, net of interest income14,807 23,536 57,155 91,100 
Amortization of deferred financing costs2,345 3,151 9,505 8,312 
Operating income86,667 120,403 281,276 413,569 
Equity in net loss from unconsolidated joint ventures15,487 432 31,321 15,445 
Marketing, general and administrative expense23,477 23,602 68,426 66,682 
Transaction related costs, net190 45 215 483 
Investment income(20,072)(22,988)(59,452)(101,464)
Loan loss and other investment reserves, net of recoveries— 8,957 — 27,018 
Non-building revenue(13,080)(26,668)(25,569)(30,650)
Net operating income (NOI)92,669 103,783 296,217 391,083 
Equity in net loss from unconsolidated joint ventures(15,487)(432)(31,321)(15,445)
SLG share of unconsolidated JV depreciation and amortization60,111 49,534 173,923 141,625 
SLG share of unconsolidated JV interest expense, net of interest income41,865 34,128 109,566 102,619 
SLG share of unconsolidated JV amortization of deferred financing costs4,766 2,232 11,196 5,612 
SLG share of unconsolidated JV loss on early extinguishment of debt748 — 1,689 — 
SLG share of unconsolidated JV investment income(310)(314)(920)(931)
SLG share of unconsolidated JV non-building revenue(814)(4,374)(3,000)(8,398)
NOI including SLG share of unconsolidated JVs183,548 184,557 557,350 616,165 
NOI from other properties/affiliates(33,481)(37,889)(108,961)(162,539)
Same-store NOI150,067 146,668 448,389 453,626 
Ground lease straight-line adjustment245 245 734 777 
Joint Venture ground lease straight-line adjustment232 232 697 826 
Straight-line and free rent(1,271)(4,407)(6,486)(3,682)
Amortization of acquired above and below-market leases, net(100)(630)(295)(3,058)
Joint Venture straight-line and free rent(1,772)(3,510)(11,157)(13,518)
Joint Venture amortization of acquired above and below-market leases, net(4,876)(3,806)(14,010)(11,436)
Same-store cash NOI$142,525 $134,792 $417,872 $423,535 
Lease termination income(1,856)(195)(2,956)(10,785)
Joint Venture lease termination income(1,217)(7)(1,471)(186)
Same-store cash NOI excluding lease termination income$139,452 $134,590 $413,445 $412,564 




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 capital expenditures.
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 September 30, 2021, the Company held interests in 76 buildings totaling 35.3 million square feet. This included ownership interests in 27.2 million square feet in Manhattan buildings and 7.3 million square feet securing debt and preferred equity investments.
SL Green’s common stock is listed on the New York Stock Exchange and trades under the symbol SLG.
SL Green'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 September 30, 2021 that will be included on Form 10-Q to be filed on or before November 9, 2021.
Supplemental Information
2
Third 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-
Non-GAAP Disclosures and Reconciliations
Analyst Coverage
Executive Management

Supplemental Information
3
Third 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 capital expenditures.







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 that 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 and redevelopment 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)
220 East 42nd Street (sale of JV interest)
400 East 57th Street (disposed)
Supplemental Information
4
Third Quarter 2021

DEFINITIONS
                               
                          
                         
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Second generation TIs and LCs - Tenant improvements, leasing commissions, and other leasing costs that do not meet the definition of first generation TIs and LCs.
SLG Interest - 'SLG Share' or 'Share of JV' is computed by multiplying the referenced line item by the Company's percentage ownership or economic interest 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.
Square Feet - Represents the rentable square footage at the time the property was acquired.
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
Third Quarter 2021

THIRD QUARTER 2021 HIGHLIGHTS

Unaudited

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New York, NY, October 20, 2021 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net income attributable to common stockholders for the quarter ended September 30, 2021 of $388.2 million, or $5.75 per share, as compared to net income of $13.9 million, or $0.19 per share, for the same quarter in 2020. Net income attributable to common stockholders for the third quarter of 2021 includes $186.5 million, or $2.61 per share, of net gains recognized from the sale of real estate interests and $208.8 million, or $2.92 per share, of non-cash fair value adjustments.
The Company also reported net income attributable to common stockholders for the nine months ended September 30, 2021 of $486.1 million, or $7.04 per share, as compared to net income of $185.1 million, or $2.50 per share, for the same period in 2020. Net income attributable to common stockholders for the nine months ended September 30, 2021 includes $279.9 million, or $3.83 per share, of net gains recognized from the sale of real estate interests and $209.5 million, or $2.87 per share, of non-cash fair value adjustments. Net income for the nine months ended September 30, 2020 included $163.6 million, or $2.04 per share, of net gains recognized from the sale of real estate interests.
The Company reported FFO for the quarter ended September 30, 2021 of $127.0 million, or $1.78 per share, as compared to FFO for the same period in 2020 of $135.5 million, or $1.75 per share. FFO for the third quarter of 2021 included $11.4 million, or $0.16 per share, of lease termination income related to the termination of the WeWork lease at 609 Fifth Avenue. FFO for the third quarter of 2020 included $20.2 million, or $0.26 per share, of net proceeds derived from a legal settlement.
The Company also reported FFO for the nine months ended September 30, 2021 of $373.0 million, or $5.10 per share, as compared to FFO of $443.6 million, or $5.54 per share, for the same period in 2020.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased by 5.7% for the third quarter of 2021, and increased 3.6% excluding lease termination income, as compared to the same period in 2020.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, decreased by 1.3% for the nine months ended September 30, 2021, and increased 0.2% excluding lease termination income, as compared to the same period in 2020.
During the third quarter of 2021, the Company signed 44 office leases in its Manhattan office portfolio totaling 445,453 square feet. The average lease term on the Manhattan office leases signed in the third quarter of 2021 was 10.7 years and average tenant concessions were 8.8 months of free rent with a tenant improvement allowance of $77.63 per rentable square foot, excluding leases signed at One Vanderbilt Avenue. Thirty-two leases comprising 317,709 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 $71.39 per rentable square foot, representing a 1.8% decrease over the previous fully escalated rents on the same office spaces.
During the first nine months of 2021, the Company signed 107 office leases in its Manhattan office portfolio totaling 1,355,908 square feet. The average lease term on the Manhattan office leases signed in the first nine months of 2021 was 7.2 years and average tenant concessions were 6.2 months of free rent with a tenant improvement allowance of $53.40 per rentable square foot, excluding leases signed at One Vanderbilt Avenue. Seventy leases comprising 770,833 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 $72.32 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 93.1% as of September 30, 2021, inclusive of 99,764 square feet of leases signed but not yet commenced, as compared to 93.6% at the end of the previous quarter.
Significant leases that were signed in the third quarter included:
Expansion lease with Carlyle Investment Management, Inc. for 33,924 square feet at One Vanderbilt Avenue, for 15.2 years;
New lease with UiPath for 26,363 square feet at One Vanderbilt Avenue, for 15.0 years;
New lease with Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, PC for 101,394 square feet at 919 Third Avenue, for 21.5 years;
Early renewal with Grant & Eisenhofer P.A. for 14,078 square feet at 485 Lexington Avenue, for 7.7 years;
New lease with TigerRisk Partners LLC for 13,284 square feet at 1350 Avenue of the Americas, for 4.8 years;
New lease with Pennant Park Investment Advisors for 10,705 square feet at 1350 Avenue of the Americas, for 7.8 years; and
New retail lease with Piano Software, Inc. for 13,092 square feet at 85 Fifth Avenue, for 12.0 years.
Investment Activity
To date in 2021, the Company has repurchased 3.8 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 35.3 million shares of common stock and 1.6 million OP units for a combined total of $3.2 billion under the previously announced $3.5 billion share repurchase program.
In September, the Company acquired the fee position in 1591-1597 Broadway for a purchase price of $121.0 million. The 7,684 square foot parcel, located on the northwest corner of 48th Street and Broadway, is subject to a ground lease, and sits beneath a portion of the Crowne Plaza Hotel. A third party has asserted ownership rights to the fee, which the Company is contesting.
In September, the Company acquired 690 Madison Avenue. The 7,848 SF five-story building, currently leased to Hermes, is located on the northwest corner of 62nd street along Madison Avenue’s Gold Coast, neighboring luxury retail and a collection of high-end residential, hotels
Supplemental Information
6
Third Quarter 2021

THIRD QUARTER 2021 HIGHLIGHTS

Unaudited

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and restaurants including 760 Madison, SL Green’s condo development project in partnership with Giorgio Armani. The property previously served as collateral for a debt and preferred equity investment.
In September, together with its joint venture partners, the Company closed on the sale of the 5.0% interest in 410 Tenth Avenue that was retained when the joint venture sold its controlling interest in the property in December 2020. This transaction generated net cash proceeds to the Company of $14.8 million.
In September, the Company closed on the previously announced sale of its interests in 400 East 57th Street for a gross asset valuation of $133.5 million. The property included 263 residential units and approximately 10,000 square feet of retail leased to essential service providers. The transaction generated net cash proceeds to the Company of $19.8 million.
In July, the Company closed on the previously announced sale of a 49% interest in 220 East 42nd Street for gross consideration of $790.1 million. SL Green retained a 51% interest in the property and will continue to oversee management and leasing of the building. The transaction generated net cash proceeds to the Company of $136.1 million.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity ("DPE") portfolio was $1.09 billion at September 30, 2021. The portfolio is comprised of $1.05 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 7.4%, or 9.4% 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.
Guidance
The Company is revising its earnings guidance ranges, resulting in an increase to the midpoint of those ranges for the year ending December 31, 2021 to net income per share of $7.21 to $7.41, and FFO per share of $6.45 to $6.65, as compared to the previous guidance range of net income per share of $0.20 to $0.60 and FFO per share of $6.30 to $6.70 per share.
Dividends
In the third quarter of 2021, the Company declared:
Three monthly dividends on its outstanding common stock of $0.3033 per share which were paid on August 16, September 15, and October 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 July 15, 2021 through and including October 14, 2021, which was paid on October 15, 2021 and is the equivalent of an annualized dividend of $1.625 per share.
Institutional Investor Conference
The Company will host its Annual Institutional Investor Conference on Monday, December 6, 2021. The Company’s presentation, led by Marc Holliday, Chairman and Chief Executive Officer, Andrew Mathias, President, and Matt DiLiberto, Chief Financial Officer, will begin at 9:30 AM ET.
The event will be held in-person, by invitation only. The presentation will be available online via audio webcast, in listen only mode, and the accompanying presentation materials can be accessed in the Investors section of the SL Green Realty Corp. website at http://slgreen.com on the day of the conference.
An audio replay of the presentation will be available in the Investors section of the SL Green Realty Corp. website following the conference.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, October 21, 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 8382966.
A replay of the call will be available for 7 days after the call by dialing (855) 859-2056 using conference ID 8382966. 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
Third Quarter 2021

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
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As of or for the three months ended
9/30/20216/30/20213/31/202112/31/20209/30/2020
Earnings Per Share
Net income (loss) available to common stockholders (EPS) - diluted (1)
$5.75 $1.51 $(0.11)$2.41 $0.19 
Funds from operations (FFO) available to common stockholders - diluted (1)
$1.78 $1.60 $1.73 $1.59 $1.80 
Funds from operations (FFO) available to common stockholders - pro forma (2)
$1.78 $1.60 $1.73 $1.56 $1.75 
Common Share Price & Dividends
Closing price at the end of the period (1)
$70.84 $80.00 $69.99 $61.32 $47.72 
Closing high price during period (1)
$81.72 $85.17 $77.76 $65.76 $52.74 
Closing low price during period (1)
$67.23 $69.52 $58.13 $42.87 $45.11 
Annual dividend per common share$3.64 $3.64 $3.64 $3.64 $3.54 
FFO payout ratio (trailing 12 months)54.6%54.5%53.3%50.3%48.6%
Funds available for distribution (FAD) payout ratio (trailing 12 months)67.0%63.4%59.5%62.0%59.3%
Common Shares & Units
Common shares outstanding (1)
66,865 67,880 69,354 68,508 70,969 
Units outstanding3,888 3,808 4,156 3,939 4,027 
Total common shares and units outstanding70,753 71,688 73,510 72,447 74,996 
Weighted average common shares and units outstanding - basic (1)
70,674 73,073 73,158 74,072 74,972 
Weighted average common shares and units outstanding - diluted (1)
71,487 73,727 74,070 75,163 75,414 
Weighted average common shares and units outstanding - pro forma (2)
71,487 73,727 74,070 76,575 77,491 
Market Capitalization
Market value of common equity$5,012,143 $5,735,040 $5,144,965 $4,442,450 $3,578,809 
Liquidation value of preferred equity/units428,503 428,503 428,503 432,169 432,169 
Consolidated debt4,149,894 4,725,996 5,349,310 4,963,249 5,466,849 
Consolidated market capitalization$9,590,540 $10,889,539 $10,922,778 $9,837,868 $9,477,827 
SLG share of unconsolidated JV debt5,789,668 5,558,666 4,422,585 4,672,371 4,588,930 
Market capitalization including SLG share of unconsolidated JVs$15,380,208 $16,448,205 $15,345,363 $14,510,239 $14,066,757 
Consolidated debt service coverage (trailing 12 months)3.73x3.60x3.61x3.54x3.52x
Consolidated fixed charge coverage (trailing 12 months)2.89x2.83x2.85x2.82x2.83x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)2.36x2.37x2.41x2.41x2.44x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)2.00x2.01x2.04x2.06x2.08x
(1) During the first quarter of 2021, the Company completed a reverse stock split to mitigate the dilutive impact of stock issued for a special dividend paid primarily in stock. The share-related data presented here for the periods ending 12/31/20 and 9/30/20 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
Third Quarter 2021

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
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As of or for the three months ended
9/30/20216/30/20213/31/202112/31/20209/30/2020
Selected Balance Sheet Data
Real estate assets before depreciation$7,492,810 $7,664,414 $7,830,574 $7,355,079 $9,021,490 
Investments in unconsolidated joint ventures$3,028,084 $3,209,151 $3,698,701 $3,823,322 $2,946,673 
Debt and preferred equity investments$1,052,110 $1,072,711 $1,097,202 $1,076,542 $1,153,363 
Cash and cash equivalents$257,941 $218,337 $304,999 $266,059 $221,404 
Investment in marketable securities$34,428 $32,339 $23,784 $28,570 $27,734 
Total assets$10,855,859 $11,166,164 $12,044,045 $11,707,567 $12,324,039 
Fixed rate & hedged debt$3,577,313 $3,930,094 $3,932,789 $3,135,572 $3,338,268 
Variable rate debt572,581 
(1)
795,902 1,416,521 1,827,677 2,128,581 
Total consolidated debt$4,149,894 $4,725,996 $5,349,310 $4,963,249 $5,466,849 
Deferred financing costs, net of amortization(15,004)(26,820)(30,558)(34,521)(47,677)
Total consolidated debt, net$4,134,890 $4,699,176 $5,318,752 $4,928,728 $5,419,172 
Total liabilities$5,212,404 $5,798,703 $6,535,798 $6,211,341 $6,634,385 
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt$7,892,032 $8,287,100 $6,155,058 $5,632,531 $5,837,841 
Variable rate debt, including SLG share of unconsolidated JV debt2,047,530 
(1)
1,997,562 3,616,837 4,003,089 4,217,938 
Total debt, including SLG share of unconsolidated JV debt$9,939,562 $10,284,662 $9,771,895 $9,635,620 $10,055,779 
Selected Operating Data
Property operating revenues$155,363 $184,611 $188,089 $190,391 $195,515 
Property operating expenses(79,380)(94,358)(94,434)(93,909)(96,405)
Property NOI$75,983 $90,253 $93,655 $96,482 $99,110 
SLG share of unconsolidated JV Property NOI90,507 85,492 86,483 78,378 82,384 
Property NOI, including SLG share of unconsolidated JV Property NOI$166,490 $175,745 $180,138 $174,860 $181,494 
Investment income20,072 20,107 19,273 18,699 22,988 
Other income29,766 13,389 18,740 25,808 31,341 
Marketing general & administrative expenses(23,477)(22,064)(22,885)(25,144)(23,602)
SLG share of investment income and other income from unconsolidated JVs2,294 1,163 2,642 2,041 4,814 
Income taxes(6)795 708 (859)— 
Transaction costs, including SLG share of unconsolidated JVs(190)(3)(22)(20)(45)
Loan loss and other investment reserves, net of recoveries— — — (8,280)(8,957)
EBITDAre$194,949 $189,132 $198,594 $187,105 $208,033 
(1) Does not reflect $281.5 million of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.

Supplemental Information
9
Third Quarter 2021

KEY FINANCIAL DATA
Manhattan Properties (1)
Unaudited
(Dollars in Thousands Except Per Share)
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As of or for the three months ended
9/30/20216/30/20213/31/202112/31/20209/30/2020
Selected Operating Data
Property operating revenues$150,476 $178,877 $183,701 $184,227 $189,263 
Property operating expenses72,513 84,307 87,056 87,966 88,115 
Property NOI$77,963 $94,570 $96,645 $96,261 $101,148 
Other income - consolidated$14,656 $2,700 $11,748 $2,575 $20,975 
SLG share of property NOI from unconsolidated JVs$90,510 $85,491 $86,483 $78,379 $82,384 
Office Portfolio Statistics (Manhattan Operating Properties )
Consolidated office buildings in service14 16 18 18 18 
Unconsolidated office buildings in service10 11 11 
24 25 27 29 29 
Consolidated office buildings in service - square footage8,499,045 10,259,345 10,526,345 10,681,045 10,647,191 
Unconsolidated office buildings in service - square footage12,004,183 10,869,183 10,869,183 11,841,483 11,841,483 
20,503,228 21,128,528 21,395,528 22,522,528 22,488,674 
Same-Store office occupancy (consolidated + JVs)92.6%93.4%93.7%93.5%93.8%
Same-Store office occupancy inclusive of leases signed not yet commenced93.1%93.6%94.1%94.3%95.1%
Office Leasing Statistics (Manhattan Operating Properties)
New leases commenced16 17 21 16 25 
Renewal leases commenced14 13 12 18 
Total office leases commenced30 30 28 28 43 
Commenced office square footage filling vacancy44,692 45,922 216,182 42,262 44,168 
Commenced office square footage on previously occupied space (M-T-M leasing) (2)
149,421 199,341 292,625 473,133 305,811 
Total office square footage commenced194,113 245,263 508,807 515,395 349,979 
Average starting cash rent psf - office leases commenced$64.93$77.42$56.64$61.66$67.54
Previous escalated cash rent psf - office leases commenced (3)
$67.18$78.90$60.33$63.08$67.29
(Decrease) increase in new cash rent over previously escalated cash rent (2) (3)
(3.3)%(1.9)%(6.1)%(2.3)%0.4%
Average lease term5.45.18.18.06.5
Tenant concession packages psf$15.47$20.99$70.04$48.13$38.49
Free rent months4.24.36.05.56.7
(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
Third Quarter 2021

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
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As of
9/30/20216/30/20213/31/202112/31/20209/30/2020
Assets
Commercial real estate properties, at cost:
     Land and land interests$1,489,101 $1,403,399 $1,445,199 $1,315,832 $1,639,118 
     Building and improvements 3,828,052 4,088,659 4,096,930 4,168,193 5,483,155 
     Building leasehold and improvements 1,649,796 1,642,595 1,730,418 1,448,134 1,442,251 
     Right of use asset - financing leases27,445 27,445 55,711 55,711 75,711 
     Right of use asset - operating leases498,416 502,316 502,316 367,209 381,255 
7,492,810 7,664,414 7,830,574 7,355,079 9,021,490 
Less: accumulated depreciation(1,904,465)(2,008,438)(2,004,945)(1,956,077)(2,260,247)
Net real estate5,588,345 5,655,976 5,825,629 5,399,002 6,761,243 
Other real estate investments:
    Investment in unconsolidated joint ventures3,028,084 3,209,151 3,698,701 3,823,322 2,946,673 
    Debt and preferred equity investments, net1,052,110 
(1)
1,072,711 1,097,202 1,076,542 1,153,363 
Assets held for sale, net— — — — — 
Cash and cash equivalents257,941 218,337 304,999 266,059 221,404 
Restricted cash87,992 98,164 96,608 106,736 83,045 
Investment in marketable securities34,428 32,339 23,784 28,570 27,734 
Tenant and other receivables44,964 40,147 42,505 44,507 72,806 
Related party receivables35,674 36,430 34,310 34,657 31,936 
Deferred rents receivable254,277 304,140 304,420 302,791 304,673 
Deferred costs, net124,637 161,962 170,252 177,168 206,289 
Other assets347,407 336,807 445,635 448,213 514,873 
 Total Assets$10,855,859 $11,166,164 $12,044,045 $11,707,567 $12,324,039 
(1) Excludes debt and preferred equity investments totaling $35.0 million that are included in other balance sheet line items.
Supplemental Information
11
Third Quarter 2021

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

As of
9/30/20216/30/20213/31/202112/31/20209/30/2020
Liabilities
Mortgages and other loans payable$1,428,734 $1,874,592 $1,867,663 $2,001,361 $2,424,721 
Unsecured term loans1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 
Unsecured notes901,160 1,251,404 1,251,647 1,251,888 1,252,128 
Revolving credit facility220,000 — 630,000 110,000 190,000 
Deferred financing costs(15,004)(26,820)(30,558)(34,521)(47,677)
Total debt, net of deferred financing costs4,034,890 4,599,176 5,218,752 4,828,728 5,319,172 
Accrued interest20,777 13,771 22,796 14,825 23,438 
Accounts payable and accrued expenses137,946 126,929 120,015 151,309 152,983 
Deferred revenue120,567 114,536 119,215 118,572 117,615 
Lease liability - financing leases125,168 124,808 152,622 152,521 174,983 
Lease liability - operating leases437,357 443,313 455,385 339,458 358,419 
Dividends and distributions payable23,958 24,407 24,924 149,294 25,486 
Security deposits54,366 54,797 54,181 53,836 56,212 
Liabilities related to assets held for sale— — — — — 
Junior subordinated deferrable interest debentures100,000 100,000 100,000 100,000 100,000 
Other liabilities157,375 196,966 267,908 302,798 306,077 
Total liabilities5,212,404 5,798,703 6,535,798 6,211,341 6,634,385 
Noncontrolling interest in operating partnership
     (3,888 units outstanding) at 9/30/2021362,737 355,201 374,124 358,262 353,480 
Preferred units198,503 198,503 198,503 202,169 202,169 
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, 67,926
issued and outstanding at 9/30/2021, including 1,061 shares held in treasury680 690 705 716 741 
Additional paid–in capital3,774,119 3,823,290 3,913,258 3,862,949 3,998,516 
Treasury stock (126,160)(124,049)(124,049)(124,049)(124,049)
Accumulated other comprehensive loss(60,597)(66,863)(18,897)(67,247)(76,200)
Retained earnings1,258,232 934,132 918,077 1,015,462 1,035,172 
Total SL Green Realty Corp. stockholders' equity5,068,206 4,789,132 4,911,026 4,909,763 5,056,112 
Noncontrolling interest in other partnerships14,009 24,625 24,594 26,032 77,893 
Total equity5,082,215 4,813,757 4,935,620 4,935,795 5,134,005 
 Total Liabilities and Equity$10,855,859 $11,166,164 $12,044,045 $11,707,567 $12,324,039 
Supplemental Information
12
Third Quarter 2021

COMPARATIVE STATEMENT OF OPERATIONS

Unaudited
(Dollars in Thousands Except Per Share)
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Three Months EndedThree Months EndedNine Months Ended
September 30,September 30,June 30,September 30,September 30,
20212020202120212020
Revenues
Rental revenue, net$142,703 $173,536 $163,916 $469,429 $543,140 
Escalation and reimbursement revenues12,660 21,979 20,695 58,634 70,892 
Investment income20,072 22,988 20,107 59,452 101,464 
Other income29,766 31,341 13,389 61,895 102,350 
Total Revenues, net205,201 249,844 218,107 649,410 817,846 
Expenses
Operating expenses40,684 45,910 43,883 126,851 140,673 
Operating lease rent6,557 6,973 6,707 20,003 22,171 
Real estate taxes32,139 43,522 43,768 121,318 131,805 
Loan loss and other investment reserves, net of recoveries— 8,957 — — 27,018 
Transaction related costs190 45 215 483 
Marketing, general and administrative23,477 23,602 22,064 68,426 66,682 
Total Operating Expenses103,047 129,009 116,425 336,813 388,832 
Equity in net loss from unconsolidated joint ventures(15,487)(432)(12,970)(31,321)(15,445)
Operating Income86,667 120,403 88,712 281,276 413,569 
Interest expense, net of interest income14,807 23,536 18,960 57,155 91,100 
Amortization of deferred financing costs2,345 3,151 3,386 9,505 8,312 
Depreciation and amortization49,277 92,516 57,261 169,534 256,736 
Income from Continuing Operations (1)
20,238 1,200 9,105 45,082 57,421 
Gain on sale of real estate and discontinued operations187,766 26,104 98,960 285,338 163,624 
Equity in net (loss) gain on sale of joint venture interest / real estate(1,280)— 8,471 (5,438)— 
Purchase price and other fair value adjustments208,810 — (1,947)209,527 — 
Depreciable real estate reserves— (6,627)2,545 (5,696)(6,627)
Net Income415,534 20,677 117,134 528,813 214,418 
Net income attributable to noncontrolling interests(21,768)(1,216)(6,242)(26,035)(11,218)
Dividends on preferred units(1,823)(1,864)(1,823)(5,492)(6,883)
Net Income Attributable to SL Green Realty Corp391,943 17,597 109,069 497,286 196,317 
Dividends on perpetual preferred shares(3,738)(3,738)(3,737)(11,213)(11,213)
Net Income Attributable to Common Stockholders$388,205 $13,859 $105,332 $486,073 $185,104 
Earnings per share - Net income per share (basic) (2)
$5.77 $0.19 $1.52 $7.08 $2.51 
Earnings per share - Net income per share (diluted) (2)
$5.75 $0.19 $1.51 $7.04 $2.50 
(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
Third Quarter 2021

COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

Three Months EndedThree Months EndedNine Months Ended
September 30,September 30,June 30,September 30,September 30,
20212020202120212020
Funds from Operations
Net Income Attributable to Common Stockholders$388,205 $13,859 $105,332 $486,073 $185,104 
Depreciation and amortization49,277 92,516 57,261 169,534 256,736 
Joint ventures depreciation and noncontrolling interests adjustments61,733 47,884 59,485 176,920 149,309 
Net income attributable to noncontrolling interests21,768 1,216 6,242 26,035 11,218 
Gain on sale of real estate and discontinued operations(187,766)(26,104)(98,960)(285,338)(163,624)
Equity in net loss (gain) on sale of joint venture property / real estate1,280 — (8,471)5,438 — 
Purchase price and other fair value adjustments(206,779)— — (209,443)— 
Depreciable real estate reserves — 6,627 (2,545)5,696 6,627 
Non-real estate depreciation and amortization(754)(538)(672)(1,953)(1,797)
Funds From Operations$126,964 $135,460 $117,672 $372,962 $443,573 
Funds From Operations - Basic per Share (1)
$1.79 $1.80 $1.60 $5.14 $5.71 
Funds From Operations - Diluted per Share (1)
$1.78 $1.80 $1.60 $5.10 $5.69 
Funds From Operations - Pro forma per Share (2)
$1.78 $1.75 $1.60 $5.10 $5.54 
Funds Available for Distribution
FFO$126,964 $135,460 $117,672 $372,962 $443,573 
Non real estate depreciation and amortization754 538 672 1,953 1,797 
Amortization of deferred financing costs2,345 3,151 3,386 9,505 8,312 
Non-cash deferred compensation11,549 9,381 11,076 35,590 30,943 
FAD adjustment for joint ventures(23,968)(10,811)(17,018)(64,067)(35,728)
Straight-line rental income and other non-cash adjustments(2,788)6,647 (7,632)(11,303)(29,708)
Second cycle tenant improvements(6,106)(9,019)(8,753)(17,782)(38,803)
Second cycle leasing commissions(2,204)(1,051)(3,384)(5,596)(5,956)
Revenue enhancing recurring CAPEX(420)(90)(803)(1,453)(557)
Non-revenue enhancing recurring CAPEX(5,402)(4,267)(5,156)(12,977)(13,136)
Reported Funds Available for Distribution$100,724 $129,939 $90,060 $306,832 $360,737 
First cycle tenant improvements$12 $1,338 $93 $1,366 $5,778 
First cycle leasing commissions$174 $172 $15 $324 $1,981 
Development costs$36,749 $13,977 $36,472 $88,400 $50,768 
Redevelopment costs$3,276 $52,261 $4,428 $9,312 $122,957 
Capitalized interest$20,141 $20,677 $20,671 $58,395 $57,528 
(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
Third Quarter 2021

CONSOLIDATED STATEMENT OF EQUITY

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.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 income497,286 (2,454)494,832 
Preferred dividends(11,213)(11,213)
Cash distributions declared ($2.73 per common share)(186,584)(186,584)
Cash distributions to noncontrolling interests(5,403)(5,403)
Issuance of stock dividend and reverse stock split123,529(2,111)2,111123,529 
Other comprehensive income - unrealized gain on derivative instruments19,650 19,650 
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments(13,294)(13,294)
Other comprehensive income - unrealized gain on marketable securities294 294 
DRSPP proceeds613 613 
Repurchases of common stock(38)(235,221)(41,585)(276,844)
Contributions to consolidated joint ventures310 310 
Sale of interest in partially owned entity(4,476)(4,476)
Reallocation of noncontrolling interests in the Operating Partnership(17,245)(17,245)
Deferred compensation plan and stock awards, net22,249 22,251 
Balance at September 30, 2021$221,932 $680 $3,774,119 $(126,160)$1,258,232 $14,009 $(60,597)$5,082,215 
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(1,642,711)(50,789)— (1,693,500)
Share Count at September 30, 202166,865,416 3,888,034  70,753,450 
Weighting factor1,750,392 135,981 446,797 2,333,170 
Weighted Average Share Count at September 30, 2021 - Diluted68,615,808 4,024,015 446,797 73,086,620 
(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
Third Quarter 2021

JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

September 30, 2021June 30, 2021March 31, 2021
TotalSLG ShareTotalSLG ShareTotalSLG Share
Assets
Commercial real estate properties, at cost:
     Land and land interests$3,691,322 $1,899,522 $3,702,546 $1,898,985 $3,981,820 $1,951,554 
     Building and improvements 11,429,011 6,071,712 11,061,324 5,860,726 11,401,089 5,864,323 
     Building leasehold and improvements 434,512 208,177 433,210 207,917 431,824 207,640 
     Right of use asset - financing leases740,832 345,489 740,832 345,489 740,832 345,489 
     Right of use asset - operating leases231,553 115,776 231,553 115,776 231,553 115,776 
 16,527,230 8,640,676 16,169,465 8,428,893 16,787,118 8,484,782 
Less: accumulated depreciation(1,806,507)(864,740)(1,580,864)(746,880)(1,543,787)(710,437)
 Net real estate14,720,723 7,775,936 14,588,601 7,682,013 15,243,331 7,774,345 
Cash and cash equivalents247,853 118,094 638,797 395,531 217,530 96,217 
Restricted cash543,849 358,953 640,224 433,381 100,223 50,105 
Tenant and other receivables39,069 13,966 34,590 12,070 37,740 12,499 
Deferred rents receivable467,060 244,577 390,539 201,485 374,462 188,954 
Deferred costs, net264,877 155,585 223,898 133,156 210,164 122,354 
Other assets1,575,606 735,914 1,645,874 767,508 1,740,281 810,220 
Total Assets$17,859,037 $9,403,025 $18,162,523 $9,625,144 $17,923,731 $9,054,694 
Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of
$139,427 at 9/30/2021, of which $80,971 is SLG share
$11,023,009 $5,708,696 $10,581,104 $5,475,491 $9,414,923 $4,376,658 
Accrued interest27,841 12,085 22,638 8,462 26,244 10,569 
Accounts payable and accrued expenses170,436 75,005 218,010 108,339 223,559 109,309 
Deferred revenue1,216,079 545,643 1,250,116 557,873 1,311,191 581,277 
Lease liability - financing leases744,220 346,678 744,020 346,682 743,804 346,677 
Lease liability - operating leases238,089 119,045 239,966 119,983 241,819 120,909 
Security deposits23,632 11,801 18,967 9,869 20,306 9,601 
Other liabilities86,392 59,800 90,446 62,464 103,290 71,500 
Equity4,329,339 2,524,272 4,997,256 2,935,981 5,838,595 3,428,194 
Total Liabilities and Equity$17,859,037 $9,403,025 $18,162,523 $9,625,144 $17,923,731 $9,054,694 

Supplemental Information
16
Third Quarter 2021

JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg
Three Months EndedThree Months EndedThree Months Ended
September 30, 2021June 30, 2021September 30, 2020
TotalSLG ShareTotalSLG ShareTotalSLG Share
Revenues
Rental revenue, net$268,300 $130,025 $248,874 $116,595 $243,736 $114,602 
Escalation and reimbursement revenues39,868 18,612 35,851 15,910 39,768 18,967 
Investment income1,242 310 1,228 314 1,264 314 
Other income4,878 1,984 3,235 849 8,161 4,500 
Total Revenues, net314,288 150,931 289,188 133,668 292,929 138,383 
Loss on early extinguishment of debt(1,158)(748)(1,326)(941)— — 
Expenses
Operating expenses54,157 27,078 42,410 19,677 44,650 21,035 
Operating lease rent5,644 2,824 5,643 2,824 6,385 3,194 
Real estate taxes58,367 28,228 54,015 24,512 56,459 26,956 
Total Operating Expenses118,168 58,130 102,068 47,013 107,494 51,185 
Operating Income194,962 92,053 185,794 85,714 185,435 87,198 
Interest expense, net of interest income90,710 41,865 79,129 34,274 79,723 34,128 
Amortization of deferred financing costs10,661 4,766 7,204 3,545 5,575 2,232 
Depreciation and amortization119,537 60,111 116,956 58,537 103,262 49,534 
Net Loss(25,946)(14,689)(17,495)(10,642)(3,125)1,304 
Real estate depreciation119,530 60,111 116,715 58,490 102,975 49,477 
FFO Contribution$93,584 $45,422 $99,220 $47,848 $99,850 $50,781 
FAD Adjustments:
Non real estate depreciation and amortization$$— $241 $47 $287 $57 
Amortization of deferred financing costs10,661 4,766 7,204 3,545 5,575 2,232 
Straight-line rental income and other non-cash adjustments(36,785)(21,007)(30,338)(18,226)(12,977)(6,880)
Second cycle tenant improvement(2,325)(1,144)(1,703)(958)(6,263)(3,439)
Second cycle leasing commissions(9,205)(4,570)(1,414)(752)(2,145)(1,183)
Revenue enhancing recurring CAPEX(220)(23)(270)(12)(537)(201)
Non-revenue enhancing recurring CAPEX(3,632)(1,990)(1,195)(662)(2,721)(1,397)
Total FAD Adjustments$(41,499)$(23,968)$(27,475)$(17,018)$(18,781)$(10,811)
First cycle tenant improvement$105 $49 $2,519 $1,242 $4,886 $1,465 
First cycle leasing commissions$1,238 $449 $47 $14 $50 $24 
Development costs$85,200 $54,619 $129,346 $80,107 $115,223 $78,640 
Redevelopment costs$1,165 $608 $5,514 $2,781 $845 $406 
Capitalized interest$11,044 $6,156 $10,307 $6,410 $9,022 $6,160 
Supplemental Information
17
Third Quarter 2021

JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg
Nine Months EndedNine Months Ended
September 30, 2021September 30, 2020
TotalSLG ShareTotalSLG Share
Revenues
Rental revenue, net$767,145 $361,955 $715,530 $322,702 
Escalation and reimbursement revenues118,657 52,846 112,015 52,068 
Investment income3,685 920 3,752 931 
Other income15,530 5,179 15,670 8,740 
Total Revenues, net905,017 420,900 846,967 384,441 
Loss on early extinguishment of debt(2,484)(1,689)— — 
Expenses
Operating expenses142,800 66,636 131,578 58,377 
Operating lease rent16,931 8,472 18,947 9,293 
Real estate taxes166,974 77,211 161,566 74,019 
Total Operating Expenses326,705 152,319 312,091 141,689 
Operating Income575,828 266,892 534,876 242,752 
Interest expense, net of interest income248,588 109,566 245,685 102,619 
Amortization of deferred financing costs24,249 11,196 15,197 5,612 
Depreciation and amortization351,372 173,923 300,700 141,625 
Net Loss(48,381)(27,793)(26,706)(7,104)
Real estate depreciation350,837 173,819 299,839 141,455 
FFO Contribution$302,456 $146,026 $273,133 $134,351 
FAD Adjustments:
Non real estate depreciation and amortization$535 $104 $861 $170 
Amortization of deferred financing costs24,249 11,196 15,197 5,612 
Straight-line rental income and other non-cash adjustments(100,306)(59,506)(45,399)(25,219)
Second cycle tenant improvement(7,447)(3,813)(15,058)(7,596)
Second cycle leasing commissions(15,288)(8,119)(8,524)(4,438)
Revenue enhancing recurring CAPEX(526)(350)(2,398)(771)
Non-revenue enhancing recurring CAPEX(6,553)(3,579)(5,817)(3,486)
Total FAD Adjustments$(105,336)$(64,067)$(61,138)$(35,728)
First cycle tenant improvement$3,205 $1,449 $18,616 $7,641 
First cycle leasing commissions$1,292 $463 $316 $143 
Development costs$327,117 $206,471 $366,997 $257,425 
Redevelopment costs$6,805 $3,441 $2,610 $1,264 
Capitalized interest$31,574 $19,031 $25,641 $17,961 
Supplemental Information
18
Third Quarter 2021

SELECTED FINANCIAL DATA
Net Operating Income
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

Three Months EndedThree Months EndedNine Months Ended
September 30,September 30,June 30,September 30,September 30,
20212020202120212020
Net Operating Income (1)
$84,792 $102,749 $95,785 $282,221 $331,614 
SLG share of NOI from unconsolidated JVs91,632 83,549 86,704 266,023 236,457 
NOI, including SLG share of unconsolidated JVs176,424 186,298 182,489 548,244 568,071 
Partners' share of NOI - consolidated JVs54 (638)133 283 (2,253)
NOI - SLG share$176,478 $185,660 $182,622 $548,527 $565,818 
NOI, including SLG share of unconsolidated JVs$176,424 $186,298 $182,489 $548,244 $568,071 
Free rent (net of amortization)(9,608)(6,055)(11,726)(35,262)(14,434)
Amortization of acquired above and below-market leases, net(4,600)(4,541)(2,932)(9,942)(15,037)
Straight-line revenue adjustment(8,454)(5,499)(6,205)(20,066)(17,133)
Straight-line tenant credit loss268 3,405 (3,257)(794)11,209 
Operating lease straight-line adjustment476 806 476 1,430 2,479 
Cash NOI, including SLG share of unconsolidated JVs154,506 174,414 158,845 483,610 535,155 
Partners' share of cash NOI - consolidated JVs51 (402)130 273 (1,699)
Cash NOI - SLG share$154,557 $174,012 $158,975 $483,883 $533,456 
(1) Includes SL Green Management Corp. and Emerge 212. Excludes lease termination income.
NOI Summary by Portfolio (1) - SLG Share
Three Months Ended
September 30, 2021
Nine Months Ended
September 30, 2021
NOICash NOINOICash NOI
Manhattan Operating Properties$142,665 $133,411 $444,311 $406,391 
Retail Operating Properties7,269 7,001 21,840 20,857 
Residential Operating Properties(13)26 (252)(70)
Suburban Operating Properties2,233 2,213 6,927 6,801 
Development/Redevelopment19,512 7,122 57,525 31,901 
Total Operating and Development171,666 149,773 530,351 465,880 
Property Dispositions (2)
54 24 12,096 11,953 
Other (3)
4,758 4,760 6,080 6,050 
Total$176,478 $154,557 $548,527 $483,883 
(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
Third Quarter 2021

SELECTED FINANCIAL DATA
2021 Same Store Net Operating Income - Wholly Owned and Consolidated JVs
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg
Three Months EndedThree Months EndedNine Months Ended
September 30,September 30,June 30,September 30,September 30,
20212020%202120212020%
Revenues
Rental revenue, net$122,272 $130,660 (6.4)%$125,360 $369,687 $385,715 (4.2)%
Escalation & reimbursement revenues11,398 14,884 (23.4)%13,664 40,608 48,264 (15.9)%
Other income2,115 356 494.1 %1,195 3,367 11,516 (70.8)%
Total Revenues135,785 145,900 (6.9)%140,219 413,662 445,495 (7.1)%
Expenses
Operating expenses$31,549 $31,547 0.0 %$27,492 $87,194 $92,495 (5.7)%
Operating lease rent6,225 6,232 (0.1)%6,225 18,675 19,928 (6.3)%
Real estate taxes28,423 33,238 (14.5)%33,768 95,922 97,972 (2.1)%
Total Operating Expenses$66,197 $71,017 (6.8)%$67,485 $201,791 $210,395 (4.1)%
Operating Income$69,588 $74,883 (7.1)%$72,734 $211,871 $235,100 (9.9)%
Interest expense & amortization of financing costs$12,858 $13,239 (2.9)%$13,009 $38,834 $39,534 (1.8)%
Depreciation & amortization40,356 42,140 (4.2)%40,345 121,769 132,713 (8.2)%
Income before noncontrolling interest$16,374 $19,504 (16.0)%$19,380 $51,268 $62,853 (18.4)%
Real estate depreciation & amortization40,348 42,122 (4.2)%40,327 121,726 132,660 (8.2)%
FFO Contribution$56,722 $61,626 (8.0)%$59,707 $172,994 $195,513 (11.5)%
Non–building revenue(250)(156)60.3 %(86)(380)(705)(46.1)%
Interest expense & amortization of financing costs12,858 13,239 (2.9)%13,009 38,834 39,534 (1.8)%
Non-real estate depreciation18 (55.6)%18 43 53 (18.9)%
NOI$69,338 $74,727 (7.2)%$72,648 $211,491 $234,395 (9.8)%
Cash Adjustments
Free rent (net of amortization)$(2,361)$(5,903)(60.0)%$(2,825)$(8,765)$(11,308)(22.5)%
Straight-line revenue adjustment995 383 159.8 %335 2,783 2,195 26.8 %
Amortization of acquired above and below-market leases, net(100)(630)(84.1)%(100)(295)(3,058)(90.4)%
Operating lease straight-line adjustment245 245 — %245 734 777 (5.5)%
Straight-line tenant credit loss95 1,113 (91.5)%(1,963)(504)5,431 (109.3)%
Cash NOI$68,212 $69,935 (2.5)%$68,340 $205,444 $228,432 (10.1)%
Lease termination income(1,856)(195)851.8 %(1,095)(2,956)(10,785)(72.6)%
Cash NOI excluding lease termination income$66,356 $69,740 (4.9)%$67,245 $202,488 $217,647 (7.0)%
Operating Margins
NOI to real estate revenue, net51.2 %51.3 %51.8 %51.2 %52.7 %
Cash NOI to real estate revenue, net50.3 %48.0 %48.8 %49.7 %51.4 %
NOI before operating lease rent/real estate revenue, net55.8 %55.5 %56.3 %55.7 %57.2 %
Cash NOI before operating lease rent/real estate revenue, net54.7 %52.1 %53.0 %54.1 %55.7 %
Supplemental Information
20
Third Quarter 2021

SELECTED FINANCIAL DATA
2021 Same Store Net Operating Income - Unconsolidated JVs
Unaudited
(Dollars in Thousands, SLG Share)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

Three Months EndedThree Months EndedNine Months Ended
September 30,September 30,June 30,September 30,September 30,
20212020%202120212020%
Revenues
Rental revenue, net$107,816 $98,118 9.9 %$104,172 $317,044 $297,356 6.6 %
Escalation & reimbursement revenues16,491 16,831 (2.0)%15,935 50,662 50,385 0.5 %
Other income1,369 2,542 (46.1)%1,020 3,240 3,843 (15.7)%
Total Revenues$125,676 $117,491 7.0 %$121,127 $370,946 $351,584 5.5 %
Expenses
Operating expenses$19,283 $17,156 12.4 %$15,993 $53,119 $51,133 3.9 %
Operating lease rent2,824 2,824 — %2,824 8,472 8,551 (0.9)%
Real estate taxes22,641 23,041 (1.7)%24,114 70,672 69,026 2.4 %
Total Operating Expenses$44,748 $43,021 4.0 %$42,931 $132,263 $128,710 2.8 %
Operating Income$80,928 $74,470 8.7 %$78,196 $238,683 $222,874 7.1 %
Interest expense & amortization of financing costs$33,327 $33,694 (1.1)%$29,303 $99,251 $105,034 (5.5)%
Depreciation & amortization46,756 43,776 6.8 %47,241 143,125 129,300 10.7 %
Income (loss) before noncontrolling interest$845 $(3,000)(128.2)%$1,652 $(3,693)$(11,460)(67.8)%
Real estate depreciation & amortization46,756 43,776 6.8 %47,241 143,124 129,299 10.7 %
FFO Contribution$47,601 $40,776 16.7 %$48,893 $139,431 $117,839 18.3 %
Non–building revenue(199)(2,529)(92.1)%(769)(1,785)(3,643)(51.0)%
Interest expense & amortization of financing costs33,327 33,694 (1.1)%29,303 99,251 105,034 (5.5)%
Non-real estate depreciation— — — %— — %
NOI$80,729 $71,941 12.2 %$77,427 $236,898 $219,231 8.1 %
Cash Adjustments
Free rent (net of amortization)$2,923 $(74)(4,050.0)%$1,189 $1,501 $(2,138)(170.2)%
Straight-line revenue adjustment(4,874)(4,868)0.1 %(2,711)(13,047)(14,552)(10.3)%
Amortization of acquired above and below-market leases, net(4,876)(3,806)28.1 %(4,824)(14,010)(11,436)22.5 %
Operating lease straight-line adjustment232 232 — %232 697 826 (15.6)%
Straight-line tenant credit loss179 1,432 (87.5)%(630)389 3,172 (87.7)%
Cash NOI$74,313 $64,857 14.6 %$70,683 $212,428 $195,103 8.9 %
Lease termination income(1,217)(7)17,285.7 %(247)(1,471)(186)690.9 %
Cash NOI excluding lease termination income$73,096 $64,850 12.7 %$70,436 $210,957 $194,917 8.2 %
Operating Margins
NOI to real estate revenue, net64.3 %62.6 %64.3 %64.2 %63.0 %
Cash NOI to real estate revenue, net59.2 %56.4 %58.7 %57.5 %56.1 %
NOI before operating lease rent/real estate revenue, net66.6 %65.0 %66.7 %66.5 %65.5 %
Cash NOI before operating lease rent/real estate revenue, net61.3 %58.7 %60.9 %59.6 %58.3 %
Supplemental Information
21
Third Quarter 2021

SELECTED FINANCIAL DATA
2021 Same Store Net Operating Income
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg
Three Months EndedThree Months EndedNine Months Ended
September 30,September 30,June 30,September 30,September 30,
20212020%202120212020%
Revenues
Rental revenue, net$122,272 $130,660 (6.4)%$125,360 $369,687 $385,715 (4.2)%
Escalation & reimbursement revenues11,398 14,884 (23.4)%13,664 40,608 48,264 (15.9)%
Other income2,115 356 494.1 %1,195 3,367 11,516 (70.8)%
Total Revenues$135,785 $145,900 (6.9)%$140,219 $413,662 $445,495 (7.1)%
Equity in Net Loss from Unconsolidated Joint Ventures (1)
$845 $(3,000)(128.2)%$1,652 $(3,693)$(11,460)
Expenses
Operating expenses$31,549 $31,547 0.0 %$27,492 $87,194 $92,495 (5.7)%
Operating lease rent6,225 6,232 (0.1)%6,225 18,675 19,928 (6.3)%
Real estate taxes28,423 33,238 (14.5)%33,768 95,922 97,972 (2.1)%
Total Operating Expenses$66,197 $71,017 (6.8)%$67,485 $201,791 $210,395 (4.1)%
Operating Income$70,433 $71,883 (2.0)%$74,386 $208,178 $223,640 (6.9)%
Interest expense & amortization of financing costs$12,858 $13,239 (2.9)%$13,009 $38,834 $39,534 (1.8)%
Depreciation & amortization40,356 42,140 (4.2)%40,345 121,769 132,713 (8.2)%
Income before noncontrolling interest$17,219 $16,504 4.3 %$21,032 $47,575 $51,393 (7.4)%
Real estate depreciation & amortization40,348 42,122 (4.2)%40,327 121,726 132,660 (8.2)%
Joint Ventures Real estate depreciation & amortization (1)
46,756 43,776 6.8 %47,241 143,124 129,299 10.7 %
FFO Contribution$104,323 $102,402 1.9 %$108,600 $312,425 $313,352 (0.3)%
Non–building revenue(250)(156)60.3 %(86)(380)(705)(46.1)%
Joint Ventures Non–building revenue (1)
(199)(2,529)(92.1)%(769)(1,785)(3,643)(51.0)%
Interest expense & amortization of financing costs12,858 13,239 (2.9)%13,009 38,834 39,534 (1.8)%
Joint Ventures Interest expense & amortization of financing costs (1)
33,327 33,694 (1.1)%29,303 99,251 105,034 (5.5)%
Non-real estate depreciation18 (55.6)%18 43 53 (18.9)%
Joint Ventures Non-real estate depreciation (1)
— — — %— — %
NOI$150,067 $146,668 2.3 %$150,075 $448,389 $453,626 (1.2)%
Cash Adjustments
Non-cash adjustments$(1,126)$(4,792)(76.5)%$(4,308)$(6,047)$(5,963)1.4 %
Joint Ventures non-cash adjustments (1)
(6,416)(7,084)(9.4)%(6,744)(24,470)(24,128)1.4 %
Cash NOI$142,525 $134,792 5.7 %$139,023 $417,872 $423,535 (1.3)%
Lease termination income$(1,856)$(195)851.8 %$(1,095)$(2,956)$(10,785)(72.6)%
Joint Ventures lease termination income (1)
(1,217)(7)17,285.7 %(247)(1,471)(186)690.9 %
Cash NOI excluding lease termination income$139,452 $134,590 3.6 %$137,681 $413,445 $412,564 0.2 %
Operating Margins
NOI to real estate revenue, net57.5 %56.3 %57.6 %57.3 %57.2 %
Cash NOI to real estate revenue, net54.6 %51.7 %53.4 %53.4 %53.4 %
NOI before operating lease rent/real estate revenue, net61.0 %59.7 %61.1 %60.8 %60.8 %
Cash NOI before operating lease rent/real estate revenue, net57.9 %55.0 %56.7 %56.7 %56.8 %
(1) The amount represents the Company's share of same-store unconsolidated joint venture activity. The Company does not control investments in unconsolidated joint ventures.
Supplemental Information
22
Third Quarter 2021

DEBT SUMMARY SCHEDULE
Consolidated
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

Principal2021CurrentPrincipalAs-OfFinal
OwnershipOutstandingPrincipalMaturityDue atRightMaturity
Fixed rate debtInterest (%)9/30/2021Coupon (1)AmortizationDateMaturityExtensionDate (2)
Secured fixed rate debt
100 Church Street100.0 $201,405 4.68%$4,663 Jul-22$197,784 — Jul-22
420 Lexington Avenue100.0 290,032 3.99%5,375 Oct-24272,749 — Oct-40
Landmark Square100.0 100,000 4.90%— Jan-27100,000 — Jan-27
485 Lexington Avenue100.0 450,000 4.25%— Feb-27450,000 — Feb-27
1080 Amsterdam92.5 34,716 3.59%241 Feb-2730,549 — Feb-27
$1,076,153 4.30%$10,279 $1,051,082 
Unsecured fixed rate debt
Unsecured notes499,885 3.25%— Oct-22500,000 — Oct-22
Unsecured notes301,275 4.50%— Dec-22300,000 — Dec-22
Term loan A (swapped)1,300,000 2.47%(3)— Mar-231,300,000 — Mar-23
Term loan B (swapped)200,000 1.14%— Nov-24200,000 — Nov-24
Unsecured notes100,000 4.27%— Dec-25100,000 — Dec-25
Junior subordinated deferrable interest debentures (swapped)100,000 1.46%— Jul-35100,000 — Jul-35
$2,501,160 2.80%$ $2,500,000 
Total Fixed Rate Debt$3,577,313 3.25%$10,279 $3,551,082 
Floating rate debt
Secured floating rate debt
609 Fifth Avenue (LIBOR + 295 bps)100.0 $52,882 3.03%$— Mar-22$52,882 — Mar-22
185 Broadway / 7 Dey Street (LIBOR + 285 bps)100.0 189,699 2.93%— Nov-22(4)189,699 — Nov-23
719 Seventh Avenue (LIBOR + 120 bps)75.0 50,000 1.45%— Sep-2350,000 — Sep-23
690 Madison (LIBOR + 100 bps)100.0 60,000 1.08%Jul-2460,000 — Jul-25
$352,581 2.42%$ $352,581 
Unsecured floating rate debt
Revolving credit facility (LIBOR + 100 bps)$220,000 1.08%$— Mar-22$220,000 Mar-23Mar-23
$220,000 1.08%$ $220,000 
Total Floating Rate Debt$572,581 1.91%$ $572,581 
Total Debt - Consolidated$4,149,894 3.06%$10,279 $4,123,663 
Deferred financing costs(15,004)
Total Debt - Consolidated, net$4,134,890 3.06%
Total Debt - Joint Venture, net$5,708,696 3.19%
Total Debt including SLG share of unconsolidated JV Debt$9,939,562 3.13%
Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt$10,017,820 3.10%
(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 0.08% or the effective 3-month LIBOR rate at the end of the quarter of 0.13%, 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) 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
(4) In October 2021, this loan was extended one year to November 2022.
Supplemental Information
23
Third Quarter 2021

DEBT SUMMARY SCHEDULE
Unconsolidated JVs
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

Principal Outstanding2021CurrentPrincipalAs-OfFinal
Ownership9/30/2021Principal AmortizationMaturityDue at MaturityRightMaturity
Fixed rate debtInterest (%)Gross PrincipalSLG ShareCoupon (1)(SLG Share)Date(SLG Share)ExtensionDate (2)
717 Fifth Avenue (mortgage)10.9 $300,000 $32,748 4.45%$— Jul-22$32,748 — Jul-22
717 Fifth Avenue (mezzanine)10.9 355,328 38,788 5.50%— Jul-2238,788 — Jul-22
650 Fifth Avenue (mortgage)50.0 210,000 105,000 4.46%— Oct-22105,000 — Oct-22
650 Fifth Avenue (mezzanine)50.0 65,000 32,500 5.45%— Oct-2232,500 — Oct-22
21 East 66th Street32.3 12,000 3,874 3.60%— Apr-233,874 — Apr-28
919 Third Avenue51.0 500,000 255,000 5.12%— Jun-23255,000 — Jun-23
1515 Broadway56.9 806,627 458,721 3.93%10,670 Mar-25419,372 — Mar-25
11 Madison Avenue60.0 1,400,000 840,000 3.84%— Sep-25840,000 — Sep-25
800 Third Avenue (swapped)60.5 177,000 107,120 3.37%— Feb-26107,120 — Feb-26
Worldwide Plaza25.0 1,200,000 299,400 3.98%— Nov-27299,400 — Nov-27
One Vanderbilt Avenue71.0 3,000,000 2,130,300 2.95%(3)— Jul-312,130,300 — Jul-31
Stonehenge PortfolioVarious195,685 (4)11,268 3.50%85 Various(5)10,374 — Various
Total Fixed Rate Debt$8,221,640 $4,314,719 3.53%(5)$10,755 $4,274,476 
Floating rate debt
1552 Broadway (LIBOR + 265 bps)50.0 $195,000 $97,500 2.73%$— Oct-21$97,500 — Oct-22
2 Herald Square (LIBOR + 145 bps)51.0 214,500 109,395 1.53%— Nov-21109,395 — Nov-23
11 West 34th Street (LIBOR + 145 bps)30.0 23,000 6,900 1.63%— Jan-226,900 Jan-23Jan-23
280 Park Avenue (LIBOR + 173 bps)50.0 1,200,000 600,000 1.81%— Sep-22600,000 Sep-24Sep-24
121 Greene Street (LIBOR + 200 bps)50.0 13,367 6,683 2.08%— Nov-226,683 — Nov-22
220 East 42nd (LIBOR + 275 bps)51.0 510,000 260,100 2.83%— Jun-23260,100 — Jun-25
115 Spring Street (LIBOR + 340 bps)51.0 65,550 33,431 3.48%— Sep-2333,431 — Sep-23
100 Park Avenue (LIBOR + 225 bps)49.9 360,000 179,640 2.50%— Dec-23179,640 — Dec-25
15 Beekman (LIBOR + 150 bps)20.0 32,687 6,537 2.25%— Jan-246,537 — Jul-25
10 East 53rd Street (LIBOR + 135 bps)55.0 220,000 121,000 1.43%— Feb-25121,000 — Feb-25
One Madison Avenue (LIBOR + 335 bps)50.5 106,049 53,555 3.60%— Nov-2553,555 — Nov-26
21 East 66th Street (T 12 mos + 275 bps)32.3 643 208 2.84%14 Jun-33— Jun-33
Total Floating Rate Debt$2,940,796 $1,474,949 2.19%(5)$14 $1,474,743 
Total unconsolidated JV Debt$11,162,436 $5,789,668 3.19%(5)$10,769 $5,749,219 
Deferred financing costs(139,427)(80,972)
Total unconsolidated JV Debt, net$11,023,009 $5,708,696 3.19%
(1) Coupon for floating rate debt determined using the effective 1-month LIBOR rate at the end of the quarter of 0.08%. 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) The financing carries a stated coupon of 2.855%, equivalent to a rate of 2.947% inclusive of hedging costs.
(4) 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.
(5) 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$3,577,313 
Total Debt / Total Assets37.8%Less than 60%SLG Share of JV4,314,719 
Fixed Charge Coverage2.46xGreater than 1.4xTotal Fixed Rate Debt$7,892,032 79.4%
Maximum Secured Indebtedness14.4%Less than 50%
Maximum Unencumbered Leverage Ratio45.0%Less than 60%Floating Rate Debt
Unsecured Notes CovenantsConsolidated$572,581 
ActualRequiredSLG Share of JV1,474,949 
Total Debt / Total Assets35.3%Less than 60%2,047,530 20.6%
Secured Debt / Total Assets16.7%Less than 40%Floating Rate DPE and Other Investments(281,494)(2.8)%
Debt Service Coverage2.90xGreater than 1.5xTotal Floating Rate Debt$1,766,036 17.8%
Unencumbered Assets / Unsecured Debt308.8%Greater than 150%Total Debt$9,939,562 
Supplemental Information
24
Third Quarter 2021

SUMMARY OF LEASE LIABILITIES

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.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 $91,763 2043
SL Green Headquarters at One Vanderbilt71.0— (3)(4)695 (3)(4)1,398 (3)(4)1,695 (3)91,307 2048
625 Madison Avenue100.04,613 2,306 (5)— (5)— (5)3,405 2054
420 Lexington Avenue100.011,199 11,199 11,199 11,199 177,836 2080
711 Third Avenue100.05,500 (3)5,500 (3)5,500 (3)5,500 (3)50,180 2083
885 Third Avenue100.0759 759 759 759 15,338 2080
1080 Amsterdam Avenue92.5290 290 290 306 7,528 2111
Total$29,270 $27,658 $26,055 $26,368 $437,357 
Financing Leases
1080 Amsterdam Avenue92.5$404 $404 $404 $426 $22,581 2111
15 Beekman100.03,041 3,087 3,133 3,180 102,587 2119(6)
Total$3,445 $3,491 $3,537 $3,606 $125,168 
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 $17,145 2053
650 Fifth Avenue (Floors b-3)50.01,428 1,441 1,458 1,569 31,117 2062
1560 Broadway50.06,861 6,861 6,935 7,272 70,783 2114
Total$9,948 $10,092 $10,183 $10,631 $119,045 
Financing Leases
650 Fifth Avenue (Floors b-3)50.0$6,695 $6,695 $6,786 $7,364 $99,684 2062
One Vanderbilt Avenue Garage71.0203 205 207 209 3,390 2069
2 Herald Square51.07,107 7,285 7,467 7,654 223,065 2077(6)
Total$14,005 $14,185 $14,460 $15,227 $326,139 
(1) Per the balance sheet as of September 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) 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
Third Quarter 2021

DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

Weighted Average BookWeighted AverageWeighted Average Yield
    Book Value (1)
Value During Quarter
  Yield During Quarter (2)
At End Of Quarter (3)
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 $1,156,359 7.11%7.34%
Debt investment originations/fundings/accretion(4)
14,368 
Preferred Equity investment originations/accretion(4)
3,354 
Redemptions/Sales/Syndications/Equity Ownership/Amortization(38,323)
Reserves/Realized Losses— 
9/30/2021$1,052,110 (5)$1,069,522 7.28%7.39%
(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
Third Quarter 2021

DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.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$17,995 $1,250 $19,245 $— $189 6.62%6.57%
Junior Mortgage Participation— —  — $— 7.34%—%
Mezzanine Debt263,499 499,757 763,256 4,637,210 $818 6.41%6.53%
Preferred Equity— 269,609 269,609 1,962,750 $938 9.80%9.90%
Balance as of 9/30/21$281,494 $770,616 $1,052,110 
(4)
$837 7.28%7.39%
Debt and Preferred Equity Maturity Profile (5)
20212022202320242025 & Thereafter
Floating Rate$— $254,900 $26,594 $— $— 
Fixed Rate56,250 201,954 289,882 6,890 215,640 
Sub-total$56,250 $456,854 $316,476 $6,890 $215,640 
(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 1.93 years. Approximately 26.6% 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 2.58 years.
Supplemental Information
27
Third Quarter 2021

LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg
   Book Value (1)
PropertySeniorYield At End
Investment Type9/30/2021TypeLocationFinancing
    Last $ PSF (2)
  Of Quarter (3)
Mezzanine Loan$225,367 FeeManhattan$370,642 $1,022 (4)
Mezzanine Loan and Preferred Equity214,468 OfficeManhattan1,712,750 $1,082 10.95%
Mezzanine Loan132,249 OfficeManhattan1,115,000 $1,073 10.51%
Preferred Equity110,390 Multi-Family RentalManhattan250,000 $731 6.55%
Mezzanine Loan64,515 FeeManhattan272,659 $578 14.16%
Mortgage and Mezzanine Loans56,250 Residential/RetailManhattan— $720 3.61%
Mezzanine Loan49,996 OfficeManhattan275,000 $414 6.86%
Mezzanine Loan42,889 Multi-Family RentalManhattan280,000 $500 8.77%
Mezzanine Loan37,230 OfficeManhattan179,763 $667 6.08%
Mezzanine Loan30,000 OfficeManhattan95,000 $573 8.40%
Total$963,354 
(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 was put on non-accrual in the third quarter of 2020 and continues to be on non-accrual as of September 30, 2021.

Supplemental Information
28
Third Quarter 2021

SELECTED PROPERTY DATA
Manhattan Operating Properties
Unaudited

(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg
Ownership # of% of TotalOccupancy % (Commenced Leases)Annualized Contractual Cash RentTotal Tenants
PropertiesInterest (%)SubMarketOwnershipBldgsSquare FeetSq. FeetSep-21Jun-21Mar-21Dec-20Sep-20($'s)100%SLG%
CONSOLIDATED PROPERTIES
"Same Store"
100 Church Street100.0DowntownFee Interest1,047,500 5.1 98.9 99.3 99.3 99.3 99.3 $49,4649.35.018 
110 East 42nd Street100.0Grand CentralFee Interest215,400 1.1 87.3 88.9 88.9 88.9 82.6 11,4352.21.223 
110 Greene Street100.0SohoFee Interest223,600 1.1 82.5 76.9 76.7 89.3 89.3 14,0522.71.451 
125 Park Avenue100.0Grand CentralFee Interest604,245 2.9 99.0 99.6 99.6 99.6 99.4 46,9958.94.825 
304 Park Avenue South100.0Midtown SouthFee Interest215,000 1.0 100.0 100.0 91.2 91.2 91.2 17,3253.31.8
420 Lexington Ave (Graybar)100.0Grand Central NorthLeasehold Interest 1,188,000 5.8 83.4 85.3 85.7 90.5 91.7 78,68614.88.0166 
461 Fifth Avenue100.0MidtownFee Interest200,000 1.0 89.5 86.2 86.2 86.2 86.2 16,5803.11.714 
485 Lexington Avenue 100.0Grand Central NorthFee Interest921,000 4.5 80.7 85.9 85.9 89.5 89.5 50,6059.65.130 
555 West 57th Street100.0Midtown WestFee Interest941,000 4.6 99.7 99.9 99.9 99.9 99.9 50,2999.55.1
711 Third Avenue     100.0 (1)Grand Central NorthLeasehold Interest (1)524,000 2.6 94.7 91.2 96.4 89.1 89.1 34,8926.63.522 
810 Seventh Avenue100.0Times SquareFee Interest692,000 3.4 80.2 81.3 85.8 89.3 89.3 40,9547.74.240 
1185 Avenue of the Americas100.0Rockefeller CenterLeasehold Interest1,062,000 5.2 79.8 79.8 79.8 79.8 94.1 76,38614.47.612 
1350 Avenue of the Americas100.0Rockefeller CenterFee Interest562,000 2.7 79.6 80.1 80.7 81.2 87.9 35,4786.73.639 
Subtotal / Weighted Average13 8,395,745 41.0 %88.4 %89.0 %89.6 %90.9 %93.1 %$523,15198.8%53.0%455 
"Non Same Store"
590 Fifth Avenue100.0MidtownFee Interest103,300 0.5 66.3 66.3 66.368.5 N/A $6,1181.20.6
Subtotal / Weighted Average1 103,300 0.5 %66.3 %66.3 %66.3 %68.5 % $6,1181.2%0.6%9 
Total / Weighted Average Consolidated Properties14 8,499,045 41.5 %88.1 %88.8 %89.3 %90.6 %93.1 %$529,269100.0%53.7%464 
UNCONSOLIDATED PROPERTIES
"Same Store"
2 Herald Square51.0Herald SquareLeasehold Interest369,000 1.8 95.8 95.8 95.8 95.8 95.8 $42,1182.2
10 East 53rd Street55.0Plaza DistrictFee Interest354,300 1.7 88.0 87.7 91.0 93.5 95.8 29,4451.636 
11 Madison Avenue60.0Park Avenue SouthFee Interest2,314,000 11.3 100.0 100.0 100.0 95.7 95.7 171,52410.510 
100 Park Avenue50.0Grand Central SouthFee Interest834,000 4.1 79.7 83.6 83.0 82.5 81.8 58,0342.939 
280 Park Avenue 50.0Park AvenueFee Interest1,219,158 5.9 93.7 94.2 94.3 92.0 92.7 127,8546.537 
800 Third Avenue60.5Grand Central NorthFee Interest 526,000 2.6 92.1 92.2 92.9 94.7 91.2 38,7892.437 
919 Third Avenue51.0Grand Central NorthFee Interest 1,454,000 7.1 100.0 100.0 100.0 100.0 100.0 100,7985.2
1515 Broadway57.0Times SquareFee Interest1,750,000 8.5 99.9 99.9 99.9 99.9 94.9 137,2497.9
Worldwide Plaza25.0WestsideFee Interest2,048,725 10.0 95.4 97.7 97.7 96.6 94.6 146,7873.724 
Subtotal / Weighted Average9 10,869,183 53.0 %95.9 %96.7 %96.8 %95.6 %94.3 %$852,59842.9%204 
"Non Same Store"
220 East 42nd Street51.0Grand CentralFee Interest1,135,000 5.5 92.1 94.3 94.1 94.1 96.5 $66,6473.434 
Subtotal / Weighted Average1 1,135,000 5.5 %92.1 %94.3 %94.1 %94.1 %96.5 %$66,6473.4%34 
Total / Weighted Average Unconsolidated Properties10 12,004,183 58.5 %95.6 %96.5 %96.6 %95.4 %94.5 %$919,24546.3%238 
Manhattan Operating Properties Grand Total / Weighted Average24 20,503,228 100.0 %92.5 %93.3 %93.6 %93.4 %94.0 %$1,448,514702 
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent$986,522100.0%
Manhattan Operating Properties Same Store Occupancy % 19,264,928 94.0 %92.6 %93.4 %93.7 %93.5 %93.8 %
Manhattan Operating Properties Same Store Leased Occupancy %93.1 %93.6 %94.1 %94.3 %95.1 %
(1) The Company owns 50% of the fee interest.
Supplemental Information
29
Third Quarter 2021

SELECTED PROPERTY DATA
Retail, Residential and Suburban Operating Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg
Ownership # of% of TotalOccupancy % (Commenced Leases)Annualized Contractual Cash RentTotal Tenants
PropertiesInterest (%)SubMarketOwnershipBldgsSquare FeetSq. FeetSep-21Jun-21Mar-21Dec-20Sep-20($'s)(SLG%)
"Same Store" Retail
11 West 34th Street30.0Herald Square/Penn StationFee Interest17,150 5.4 100.0 100.0 100.0 100.0 100.0 $3,1332.0
21 East 66th Street32.3Plaza DistrictFee Interest13,069 4.1 100.0 100.0 100.0 100.0 100.0 2,2271.5
121 Greene Street50.0SohoFee Interest7,131 2.2 100.0 100.0 100.0 100.0 100.0 1,7461.8
650 Fifth Avenue50.0Plaza DistrictLeasehold Interest69,214 21.7 100.0 100.0 100.0 100.0 100.0 36,83938.3
717 Fifth Avenue10.9Midtown/Plaza DistrictFee Interest119,550 37.4 100.0 100.0 100.0 100.0 100.0 51,84911.8
719 Seventh Avenue75.0Times SquareFee Interest10,040 3.1 — — — — — — 
1552-1560 Broadway50.0Times SquareFee Interest57,718 18.0 88.3 88.3 88.3 88.3 88.3 29,52630.7
Added to Same Store in 2021
115 Spring Street51.0SohoFee Interest5,218 1.6 100.0 100.0 100.0 100.0 100.0 3,7924.0
                               Subtotal/Weighted Average9 299,090 93.5 %94.4 %94.4 %94.4 %94.4 %94.4 %$129,11290.1%15 
"Non Same Store" Retail
85 Fifth Avenue36.3Midtown SouthFee Interest12,946 4.0 100.0 — 100.0100.0N/A$2,1001.6
690 Madison Avenue100.0Plaza DistrictFee Interest7,848 2.5 100.0  N/A  N/A  N/A  N/A 4,0008.3
                               Subtotal/Weighted Average2 20,794 6.5 %100.0 % %100.0 %100.0 % %$6,1009.9%2 
Total / Weighted Average Retail Properties11 319,884 100.0 %94.8 %90.5 %94.6 %94.6 %94.4 %$135,212100.0%17 
Residential Properties
Ownership# ofTotalOccupancy % (Commenced Leases)Annualized Contractual Cash Rent
Average Monthly Rent Per Unit (1)
PropertiesInterest (%)SubMarketOwnershipBldgsSquare FeetUnitsSep-21Jun-21Mar-21Dec-20Sep-20($'s) (SLG%)($'s)
"Same Store" Residential
1080 Amsterdam92.5Upper West SideLeasehold Interest82,250 97 100.0 40.6 38.5 35.4 33.3 $5,22288.3$4,233
Stonehenge PortfolioVariousVariousFee Interest445,934 537 94.8 81.2 70.7 65.7 72.0 25,57311.73,828
                               Subtotal/Weighted Average7 528,184 634 95.6 %75.0 %65.8 %61.1 %66.1 %$30,795100.0%$3,893
Total / Weighted Average Residential Properties7 528,184 634 95.6 %75.0 %65.8 %61.1 %66.1 %$30,795100.0%$3,893
Suburban Properties
Ownership # of% of TotalOccupancy % (Commenced Leases)Annualized Contractual Cash RentTotal Tenants
PropertiesInterest (%)SubMarketOwnershipBldgsSquare FeetSq. FeetSep-21Jun-21Mar-21Dec-20Sep-20($'s)(SLG%)
"Same Store"
Landmark Square100.0Stamford, ConnecticutFee Interest862,800 100.0 80.5 82.4 81.6 83.3 85.4 $20,431100.0108 
                               Subtotal/Weighted Average7 862,800 100.0 %80.5 %82.4 %81.6 %83.3 %85.4 %$20,431100.0%108 
Total / Weighted Average Suburban Properties7 862,800 100.0 %80.5 %82.4 %81.6 %83.3 %85.4 %$20,431100.0%108 
(1) Calculated based on occupied units. Amounts in dollars.


Supplemental Information
30
Third Quarter 2021

SELECTED PROPERTY DATA
Development / Redevelopment and Construction in Progress
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

Ownership# of% of TotalOccupancy % (Commenced Leases)Annualized Contractual Cash RentGross R/E Book ValueTotal Tenants
PropertiesInterest (%)SubMarketOwnershipBldgsSquare FeetSq. FeetSep-21Jun-21Mar-21Dec-20Sep-20($'s)(SLG%)
Development / Redevelopment
One Vanderbilt Avenue71.0Grand CentralFee Interest1,657,198 42.178.766.959.458.0$185,98372.5$2,939,03920 
19 East 65th Street100.0Plaza DistrictFee Interest14,639 0.45.55.55.55.55.5329,639
609 Fifth Avenue100.0Rockefeller CenterFee Interest138,563 3.5100.0100.0100.0100.0178,806 — 
625 Madison Avenue100.0Plaza DistrictLeasehold Interest563,000 14.325.225.226.126.732.018,91210.4298,998 19 
707 Eleventh Avenue100.0Midtown WestFee Interest159,720 4.123.323.323.323.323.31,9531.2103,288 
750 Third Avenue100.0Grand Central NorthFee Interest780,000 19.733.934.039.166.968.417,8589.9314,942 22 
885 Third Avenue100.0Midtown / Plaza DistrictFee / Leasehold Interest625,300 15.923.684.686.888.592.711,5126.0386,040 13 
Total / Weighted Average Development / Redevelopment Properties7 3,938,420 100.0 %48.1 %56.4 %54.7 %60.0 %37.3 %$236,250100.0%$4,230,752 76 
Land
1591-1597 Broadway100.0Times SquareFee Interest7,684 100.0100.0N/AN/AN/AN/A$7,996100.0
Total / Weighted Average Land1 7,684 100.0 %100.0 % % % % %$7,996100.0%

Construction in Progress
Future Equity
Equity ContributedContributionsFinancingTotal
Building AddressUsableOwnershipEstimatedPercentageDevelopment
 Sq. FeetInterest (%)
TCO (1)
LeasedCompanyPartnersCompanyPartnersDrawnAvailable
Budget (2)
185 Broadway / 7 Dey Street198,488100.0(3)19.0$79,486$—$1,842$—$189,699$35,301$306,328
15 Beekman (4)
221,88420.0(4)100.07,65030,60011,25245,00832,68792,313219,510
One Madison1,396,42650.5Q4 2023545,00454,138438,107106,0491,143,9512,287,249
760 Madison58,574100.0Q4 2023(5)324,323115,805440,128
Total Construction In Progress$956,463$84,738$128,899$483,115$328,435$1,271,565$3,253,215
(1) Temporary Certificate of Occupancy.
(2) Includes fees payable to SL Green, as applicable.
(3) A TCO covering a portion of the building was issued in Q3 2021. TCO's covering the remaining portions of the building are expected in Q4 2021.
(4) 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.
(5) The flagship retail space, which is comprised of 22,648 square feet, is 100% leased to Giorgio Armani for 15 years.

Supplemental Information
31
Third Quarter 2021

SELECTED PROPERTY DATA
Retail Within Operating and Development / Redevelopment Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

Ownership # of% of TotalOccupancy % (Commenced Leases)Annualized Contractual Cash RentTotal Tenants
PropertiesInterest (%)SubMarketOwnershipBldgsSquare FeetSq. FeetSep-21Jun-21Mar-21Dec-20Sep-20($'s)100%SLG%
HIGH STREET RETAIL - Consolidated Properties
690 Madison Avenue100.0Plaza DistrictFee Interest7,848 0.6 100.0  N/A  N/A  N/A  N/A $4,0001.52.6
719 Seventh Avenue75.0Times SquareFee Interest10,040 0.7 — — — — — — 
Subtotal / Weighted Average2 17,888 1.3 %43.9 % % % % %$4,0001.5%2.6%1 
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 $3,1331.10.6
21 East 66th Street32.3Plaza DistrictFee Interest13,069 0.9 100.0 100.0 100.0 100.0 100.0 2,2270.80.5
85 Fifth Avenue36.3Midtown SouthFee Interest12,946 0.9 100.0 — 100.0100.0 N/A 2,1000.80.5
115 Spring Street51.0SohoFee Interest5,218 0.4 100.0 100.0 100.0 100.0 100.0 3,7921.41.3
121 Greene Street50.0SohoFee Interest7,131 0.5 100.0 100.0 100.0 100.0 100.0 1,7460.60.6
650 Fifth Avenue50.0Plaza DistrictLeasehold Interest69,214 5.0 100.0 100.0 100.0 100.0 100.0 36,83913.412.1
717 Fifth Avenue10.9Midtown/Plaza DistrictFee Interest119,550 8.8 100.0 100.0 100.0 100.0 100.0 51,84918.83.7
1552-1560 Broadway50.0Times SquareFee Interest57,718 4.2 88.3 88.3 88.3 88.3 88.3 29,52610.79.7
Subtotal / Weighted Average9 301,996 21.9 %97.8 %93.5 %97.8 %97.8 %97.7 %$131,21247.6%29.0%16 
Total / Weighted Average Prime Retail11 319,884 23.2 %94.8 %90.5 %94.6 %94.6 %94.4 %$135,21249.1%31.6%17 
OTHER RETAIL - Consolidated Properties
100 Church Street100.0DowntownFee Interest61,708 4.5 92.8 100.0 100.0 100.0 100.0 $3,3361.22.2
110 Greene Street100.0SohoFee Interest16,121 1.2 94.8 94.8 77.6 94.8 81.6 2,5320.91.7
125 Park Avenue100.0Grand CentralFee Interest32,124 2.3 97.3 97.3 97.3 97.3 97.3 4,8941.83.2
304 Park Avenue South100.0Midtown SouthFee Interest25,330 1.8 100.0 100.0 100.0 100.0 100.0 3,5301.32.3
420 Lexington Ave (Graybar)100.0Grand Central NorthLeasehold Interest 45,263 3.3 95.0 100.0 90.3 90.3 90.3 4,9111.83.2
461 Fifth Avenue 100.0MidtownFee Interest17,114 1.2 15.9 15.9 15.9 15.9 15.9 8810.30.6
485 Lexington Avenue 100.0Grand Central NorthFee Interest41,701 3.0 100.0 100.0 100.0100.0100.06,0082.13.9
555 West 57th Street100.0Midtown WestFee Interest60,389 4.4 100.0 100.0 99.7100.0100.02,3620.91.6
590 Fifth Avenue100.0MidtownFee Interest7,263 0.5 70.0 70.0 70.0100.0 N/A 1,8700.71.2
625 Madison Avenue (1)100.0Plaza DistrictLeasehold Interest78,489 5.8 79.0 79.0 87.793.593.512,8604.78.415 
711 Third Avenue100.0Grand Central NorthLeasehold Interest25,639 1.9 100.0 100.0 100.0 100.0 100.0 3,1811.22.1
750 Third Avenue (1)100.0Grand Central NorthFee Interest24,827 1.8 53.2 53.2 53.2 66.7 66.7 1,7940.71.2
810 Seventh Avenue100.0Times SquareFee Interest18,207 1.3 98.6 98.6 98.6 98.6 100.0 4,3671.62.9
885 Third Avenue (1)100.0Midtown / Plaza DistrictFee / Leasehold Interest12,403 0.9 97.4 97.4 97.4 97.4 97.46390.20.4
1080 Amsterdam92.5Upper West SideLeasehold Interest1,800 0.1 100.0 100.0 100.0 100.0 100.0 3100.10.2
1185 Avenue of the Americas100.0Rockefeller CenterLeasehold Interest37,326 2.7 100.0 100.0 100.0 100.0 100.0 6,7702.44.4
1350 Avenue of the Americas100.0Rockefeller CenterFee Interest17,797 1.3 100.0 100.0 62.6 62.6 62.6 2,5790.91.7
Subtotal / Weighted Average17 523,501 38.0 %89.7 %91.0 %89.7 %92.1 %91.7 %$62,82422.8%41.2%78 
(1) Redevelopment properties.
Supplemental Information
32
Third Quarter 2021

SELECTED PROPERTY DATA - CONTINUED
Retail Within Operating and Development / Redevelopment Properties
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

Ownership # of% of TotalOccupancy % (Commenced Leases)Annualized Contractual Cash RentTotal Tenants
PropertiesInterest (%)SubMarketOwnershipBldgsSquare FeetSq. FeetSep-21Jun-21Mar-21Dec-20Sep-20($'s)100%SLG%
OTHER RETAIL - Unconsolidated Properties
2 Herald Square51.0Herald SquareLeasehold Interest94,531 6.9 83.2 83.2 83.2 83.2 83.2 $20,9447.67.0
10 East 53rd Street55.0Plaza DistrictFee Interest39,340 2.9 100.0 100.0 100.0 100.0 100.0 3,6251.31.3
11 Madison Avenue60.0Park Avenue SouthFee Interest38,800 2.8 97.7 98.9 98.9 98.9 98.9 3,4291.21.4
100 Park Avenue50.0Grand Central SouthFee Interest40,022 2.9 100.0 100.0 100.0 100.0 100.0 3,2881.21.1
220 East 42nd Street51.0Grand CentralFee Interest35,332 2.6 82.2 82.2 82.2 82.2 82.2 2,1520.80.7
280 Park Avenue50.0Park AvenueFee Interest27,896 2.0 100.0 100.0 100.0 100.0 100.0 1,6520.60.5
800 Third Avenue60.5Grand Central NorthFee Interest 9,900 0.7 100.0 100.0 100.0 100.0100.01,9310.70.8
919 Third Avenue51.0Grand Central NorthFee Interest 31,004 2.3 98.9 98.9 98.9 98.9 98.9 3,5501.31.2
1515 Broadway57.0Times SquareFee Interest185,956 13.4 100.0 100.0 100.0 100.0 100.0 34,81412.713.0
Worldwide Plaza25.0WestsideFee Interest10,592 (1)0.8 78.5 93.6 93.6 100.0 100.0 9310.30.2
Stonehenge Portfolio VariousVariousFee Interest19,231 1.4 71.7 42.4 49.5 76.8 76.8 1,2850.5
Subtotal / Weighted Average12 532,604 38.7 %94.2 %93.5 %93.8 %94.9 %94.9 %$77,60128.2%27.2%52 
Total / Weighted Average Other Retail29 1,056,105 76.8 %92.0 %92.3 %91.7 %93.5 %93.3 %$140,42550.9%68.4%130 
Retail Grand Total / Weighted Average40 1,375,989 100.0 %92.6 %91.9 %92.4 %93.8 %93.5 %$275,637100.0%147 
Retail Grand Total - SLG share of Annualized Rent$152,256100.0%
(1) Excludes the theater, parking garage, fitness gym and other amenity space totaling 241,371 square feet.

Supplemental Information
33
Third 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/311e501f42ea285e13130677323a324f-image27.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 $102,411 $58,374 4.7%$63.88
1515 Broadway57.0Mar 20289,106 2,013 1,147 0.1%221.01
555 West 57th Street100.0Dec 2023338,527 17,613 17,613 1.5%52.03
Worldwide Plaza25.0Jan 202732,598 2,466 615 —%75.66
1,983,357 $124,503 $77,749 6.3%$62.77BBB
Credit Suisse Securities (USA), Inc.11 Madison Avenue60.0May 20371,265,841 $81,346 $48,808 3.9%$64.26A+
Sony Corporation11 Madison Avenue 60.0Jan 2031578,791 $49,563 $29,738 2.4%$85.63A-
TD Bank US Holding CompanyOne Vanderbilt Avenue71.0Jul 2041200,002 $27,166 $19,288 1.6%$135.83(3)
125 Park Avenue100.0Oct 203051,707 3,313 3,313 0.2%64.08
125 Park Avenue100.0Oct 20236,234 2,5302,5300.2%405.77
257,943 $33,009 $25,131 2.0%$127.97AA-
Debevoise & Plimpton, LLP919 Third Avenue51.0Dec 202198,635 $6,427 $3,278 0.3%$65.16
919 Third Avenue51.0Dec 2022527,229 39,495 20,143 1.6%74.91
625,864 $45,922 $23,421 1.9%$73.37
Metro-North Commuter Railroad Company420 Lexington Avenue100.0Nov 2034344,873 $20,140 $20,140 1.7%$58.40(3)
420 Lexington Avenue100.0Sep 20217,537 507 507 —%67.38
110 East 42nd Street100.0Oct 20211,840 130 130 —%70.46
354,250 $20,777 $20,777 1.7%$58.65Baa3
The City of New York100 Church Street100.0Mar 2034510,007 $20,237 $20,237 1.6%$39.68Aa2
Carlyle Investment Management LLCOne Vanderbilt Avenue71.0Sep 2036194,702 $28,377 $20,148 1.5%$145.75(3)BBB+
King & Spalding1185 Avenue of the Americas100.0Oct 2025218,275 $20,052 $20,052 1.6%$91.87
WME IMG, LLC304 Park Avenue100.0Apr 2028174,069 $12,624 $12,624 1.0%$72.52
11 Madison Avenue60.0Sep 2030104,618 9,917 5,950 0.5%94.80
278,687 $22,541$18,5741.5%$80.88
Nike Retail Services, Inc.650 Fifth Avenue50.0Jan 203369,214 $36,839$18,4201.5%$532.25AA-
Cravath, Swaine & Moore LLPWorldwide Plaza25.0Aug 2024617,135 $68,673$17,1341.4%$111.28
Bloomberg L.P.919 Third Avenue51.0Feb 2029557,208 $33,496$17,0831.4%$60.11
Toronto Dominion Bank125 Park Avenue100.0Oct 204152,450 $3,409$3,4090.3%$65.00
One Vanderbilt Avenue71.0Mar 2042142,892 18,28212,9801.0%127.94(3)
195,342 $21,691$16,3891.3%$111.04
McDermott Will & Emery LLPOne Vanderbilt Avenue71.0Jan 2043146,642 $23,308$16,5481.3%$158.95
National Hockey League1185 Avenue of the Americas100.0Nov 2022148,217 $15,219$15,2191.3%$102.68
Unidentified Financial FirmOne Vanderbilt Avenue71.0Dec 202797,652 $21,156$14,9931.2%$216.64(3)
Amerada Hess Corp.1185 Avenue of the Americas100.0Dec 2027167,169 $14,895$14,8941.2%$89.09BBB-
Newmark & Company110 East 42nd Street100.0Oct 203149,616 $3,071$3,0710.2%$61.89
125 Park Avenue100.0Oct 2031151,700 9,8069,8060.8%64.65
201,316 $12,877$12,8771.0%$63.97
Nomura Holding America, Inc.810 Seventh Avenue100.0Jan 202617,320 $1,230$1,2300.1%$71.04
Worldwide Plaza25.0Sep 2033778,328 45,814 11,431 0.9%58.86
795,648 $47,044 $12,661 1.0%$59.13
Total9,263,260$741,525$460,85337.0%$80.05
(1) Corporate or bond rating from S&P or Moody's.
(2) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential and Development / Redevelopment properties.
(3) Tenant pays rent on a net basis. Rent PSF reflects gross equivalent.
Supplemental Information
34
Third Quarter 2021

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

https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

https://cdn.kscope.io/311e501f42ea285e13130677323a324f-chart-9672401f29b04d50afd.jpghttps://cdn.kscope.io/311e501f42ea285e13130677323a324f-chart-71ab8dceb91340c3b35.jpg
Supplemental Information
35
Third Quarter 2021

LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Available Space
Unaudited

https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

ActivityBuilding Address# of LeasesSquare Feet (1)Rentable SF
Escalated
Rent/Rentable SF ($'s) (2)
Available Space at 6/30/211,484,703 
Less: Property in redevelopment885 Third Avenue(96,090)
Space which became available during the Quarter (3):
Office
100 Park Avenue35,824 40,139 $72.00 
110 East 42nd Street3,535 3,632 $68.41 
110 Greene Street5,757 5,760 $61.09 
125 Park Avenue8,086 9,245 $68.38 
220 East 42nd Street24,819 28,613 $48.59 
280 Park Avenue6,645 7,833 $81.36 
420 Lexington Avenue13 56,468 75,329 $58.83 
485 Lexington Avenue61,913 64,322 $63.03 
555 West 57th Street1,700 2,071 $66.77 
800 Third Avenue577 1,383 $74.09 
810 Seventh Avenue9,374 10,323 $60.21 
1350 Avenue of the Americas5,450 6,634 $77.21 
Worldwide Plaza47,184 47,373 $100.59 
Total/Weighted Average32 267,332 302,657 $68.64 
Retail
11 Madison Avenue612 479 $133.79 
100 Church Street4,443 4,443 $59.52 
420 Lexington Avenue1,901 2,251 $274.50 
Worldwide Plaza2,874 2,880 $152.35 
Total/Weighted Average5 9,830 10,053 $137.79 
Storage
220 East 42nd Street818 818 $31.02 
420 Lexington Avenue2,178 3,818 $22.97 
1515 Broadway1,491 1,423 $33.73 
Total/Weighted Average5 4,487 6,059 $25.30 
Total Space which became available during the quarter
Office32 267,332 302,657 $68.64 
Retail5 9,830 10,053 $137.79 
Storage5 4,487 6,059 $25.30 
42 281,649 318,769 $70.00 
Total Available Space1,670,262 
(1) Represents the rentable square footage at the time the property was acquired.
(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) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.
Supplemental Information
36
Third Quarter 2021

LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Commenced Leasing
Unaudited

https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg
ActivityBuilding Address # of Leases Term (Yrs) Square Feet (1) Rentable SF New Cash Rent / Rentable SF (2) Prev. Escalated Rent/ Rentable SF (3) TI / Rentable SF Free Rent
# of Months
Available Space1,670,262 
Office
10 East 53rd Street3.31,187 1,472 $85.00 $109.24 $12.16 4.0 
100 Park Avenue5.33,509 3,882 80.00 — 2.64 3.8 
110 Greene Street3.318,316 18,015 65.63 70.50 4.20 7.0 
125 Park Avenue5.74,869 5,833 70.64 64.63 1.08 3.0 
420 Lexington Avenue7.636,551 50,406 62.29 54.46 9.57 3.2 
461 Fifth Avenue11.06,639 7,134 79.00 — 127.59 12.0 
485 Lexington Avenue1.013,827 14,206 55.00 63.08 2.44 — 
711 Third Avenue5.018,390 19,587 55.00 — 18.33 7.0 
810 Seventh Avenue1.01,910 2,134 46.86 73.86 — — 
1350 Avenue of the Americas3.42,337 2,015 70.00 — 16.37 5.0 
Total/Weighted Average18 5.6107,535 124,684 $62.82 $61.87 $15.47 4.5 
Retail
Worldwide Plaza3.01,277 12771,277 $65.78 $86.54 $— — 
Total/Weighted Average1 3.01,277 1,277 $65.78 $86.54 $—  
Storage
220 East 42nd Street1.0818 818 $31.02 $31.02 $— — 
420 Lexington Avenue7.02,049 2,533 24.87 27.09 — 1.9 
1515 Broadway1.01,491 1,423 16.87 33.73 — — 
Total/Weighted Average5 4.24,358 4,774 $23.54 $31.55 $— 1.0 
 Leased Space
Office (4)18 5.6107,535 124,684 $62.82 $61.87 $15.47 4.5 
Retail1 3.01,277 1,277 $65.78 $86.54 $—  
Storage5 4.24,358 4,774 $23.54 $31.55 $— 5.0 
Total24 5.5113,170 130,735 $61.42 $61.22 $14.76 4.3 
Total Available Space as of 9/30/20211,557,092 
Early Renewals
Office
100 Park Avenue5.08,727 9,620 $88.13 $88.13 $35.00 — 
110 East 42nd Street5.01,791 1,840 55.00 67.77 12.16 — 
110 Greene Street9.84,772 4,772 80.00 94.85 40.00 6.0 
125 Park Avenue2.03,744 3,914 72.41 66.24 1.08 — 
420 Lexington Avenue3.113,753 18,386 61.58 62.12 — 2.6 
485 Lexington Avenue7.713,703 14,078 64.00 78.82 15.91 8.0 
800 Third Avenue4.18,616 9,192 66.52 77.88 32.18 4.0 
810 Seventh Avenue3.47,054 7,627 57.75 57.31 — 4.0 
Total/Weighted Average12 4.962,160 69,429 $67.68 $73.30 $15.47 3.7 
Retail
100 Park Avenue2.09,666 8,707 $77.57$70.47$— 1.0 
125 Park Avenue1.0430 430 50.00 52.70 — — 
304 Park Avenue South5.01,300 1,675 143.28 174.87 — — 
Total/Weighted Average3 2.4 11,396 10,812 $86.65 $85.94 $— 0.8 
Renewals
Early Renewals Office12 4.962,160 69,429 $67.68 $73.30 $15.47 3.7 
Early Renewals Retail 3 2.411,396 10,812 $86.65 $85.94 $— 0.8 
Total15 4.673,556 80,241 $70.24 $75.00 $13.38 3.3 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Annual initial base rent.
(3) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment, excluding concessions.
(4) Average starting office rent excluding new tenants replacing vacancies is $62.54/rsf for 79,992 rentable SF.
     Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $64.93/rsf for 149,421 rentable SF.
Supplemental Information
37
Third Quarter 2021

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

https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

Wholly-Owned and Consolidated JV Properties
Year of Lease ExpirationNumber of Expiring Leases (1)Rentable Square Footage of Expiring LeasesSLG Share
Rentable Square Footage of Expiring Leases
Percentage of Total
Sq. Ft.
Annualized Contractual Cash Rent of Expiring LeasesSLG Share
Annualized Contractual Cash Rent of Expiring Leases
 Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)Current Weighted Average Asking Rent $/psf (3)
3rd Quarter 2021 (4)11 129,464 129,464 1.6 %$6,988,493$6,988,493$53.98$59.91
4th Quarter 202115 60,203 60,203 0.8 %4,140,419 4,140,419 68.77 67.07 
Total 202126 189,667 189,667 2.4 %$11,128,912$11,128,912$58.68 $62.18 
202286 582,935 582,935 7.3 %$47,213,595$47,213,595$80.99$69.70
202360 712,307 712,307 8.9 %45,529,002 45,529,002 63.92 62.15 
202447 369,588 369,588 4.6 %24,994,996 24,994,996 67.63 66.17 
202548 528,753 528,753 6.7 %44,630,249 44,630,249 84.41 68.74 
202647 805,290 805,290 10.1 %53,984,571 53,984,571 67.04 61.69 
202735 589,613 589,613 7.4 %46,036,493 46,036,493 78.08 67.39 
202825 558,868 558,868 7.0 %39,712,164 39,712,164 71.06 66.25 
202917 388,496 388,496 4.9 %25,464,591 25,464,591 65.55 61.21 
203019 804,163 804,163 10.1 %55,372,768 55,372,767 68.86 68.14 
Thereafter59 2,437,212 2,437,212 30.6 %135,201,779 135,201,779 55.47 58.06 
Grand Total469 7,966,892 7,966,892 100.0 %$529,269,120$529,269,119$66.43 $63.26 
Unconsolidated JV Properties
Year of Lease ExpirationNumber of Expiring Leases (1)Rentable Square Footage of Expiring LeasesSLG Share
Rentable Square Footage of Expiring Leases
Percentage of Total
Sq. Ft.
Annualized Contractual Cash Rent of Expiring LeasesSLG Share
Annualized Contractual Cash Rent of Expiring Leases
Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)Current Weighted Average Asking Rent $/psf (3)
3rd Quarter 2021 (4)13,857 7,740 0.1 %$930,453$507,856$67.15$71.17
4th Quarter 2021176,253 90,562 1.5 %12,614,638 6,401,494 71.57 72.56 
Total 202111 190,110 98,302 1.6 %$13,545,091$6,909,350$71.25 $72.46 
202231 908,726 470,862 7.7 %$77,138,198$40,099,919$84.89$86.46
202321 551,470 284,163 4.7 %48,211,487 24,779,109 87.42 73.23 
202429 989,764 331,332 8.4 %108,806,648 37,071,128 109.93 80.91 
202520 379,170 203,752 3.2 %35,395,201 19,266,050 93.35 82.99 
202628 548,054 260,327 4.6 %57,394,157 28,472,086 104.72 93.74 
202717 336,627 128,477 2.9 %29,659,550 14,199,618 88.11 80.37 
202820 215,861 112,561 1.8 %22,191,591 11,573,025 102.81 88.69 
202911 659,211 336,479 5.6 %42,770,257 21,825,393 64.88 73.94 
203013 387,802 218,773 3.3 %37,318,418 21,090,262 96.23 86.46 
Thereafter42 6,640,698 3,424,112 56.2 %446,814,086 231,966,747 67.28 75.55 
Grand Total243 11,807,493 5,869,140 100.0 %$919,244,684$457,252,687$77.85 $78.41 
(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 September 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 September 30, 2021.

Supplemental Information
38
Third Quarter 2021

LEASE EXPIRATIONS
Retail Leases Within Operating and Development / Redevelopment Properties
Wholly-Owned and Consolidated JV's
Unaudited
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

High Street Retail
Year of Lease ExpirationNumber of Expiring Leases (1)Rentable Square Footage of Expiring LeasesSLG Share
Rentable Square Footage of Expiring Leases
Percentage of Total
Sq. Ft.
 Annualized Contractual Cash Rent of Expiring LeasesSLG Share
Annualized Contractual Cash Rent of Expiring Leases
 Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2)Current Weighted Average Asking Rent $/psf (3)
2021 (4)
— — — — %$— $— $— $— 
2022 — — — — %— — — — 
2023 — — — — %— — — — 
2024 7,848 7,848 100.0 %4,000,000 4,000,000 509.68 399.48 
2025 — — — — %— — — — 
2026 — — — — %— — — — 
2027 — — — — %— — — — 
2028 — — — — %— — — — 
2029 — — — — %— — — — 
2030 — — — — %— — — — 
Thereafter— — — — %— — — — 
1 7,848 7,848 100.0 %$4,000,000 $4,000,000 $509.68 $399.48 
Vacancy (5)
10,040 $268.92
Grand Total17,888 $326.20 
Other Retail
Year of Lease ExpirationNumber of Expiring Leases (1)Rentable Square Footage of Expiring LeasesSLG Share
Rentable Square Footage of Expiring Leases
Percentage of Total
Sq. Ft.
Annualized Contractual Cash Rent of Expiring LeasesSLG Share
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)
2021 (4)
1,764 1,764 0.4 %$75,697 $75,697 $42.91 $60.00 
2022 14 71,016 71,016 14.9 %13,970,264 13,970,264 196.72 163.20 
2023 22,630 22,501 4.8 %6,947,311 6,924,077 307.00 197.11 
2024 10,687 10,687 2.2 %1,544,198 1,544,198 144.49 144.82 
2025 29,597 29,597 6.2 %4,397,516 4,397,516 148.58 100.72 
2026 12,268 12,268 2.6 %1,219,967 1,219,967 99.44 89.81 
2027 29,952 29,952 6.3 %4,365,287 4,365,287 145.74 107.56 
2028 10,974 10,974 2.3 %2,081,609 2,081,609 189.69 134.63 
2029 21,820 21,820 4.6 %1,330,284 1,330,284 60.97 63.95 
2030 56,595 56,595 11.7 %9,643,727 9,643,727 170.40 152.17 
Thereafter21 209,564 209,564 44.0 %17,248,158 17,248,158 82.30 64.21 
78 476,867 476,738 100.0 %$62,824,018 $62,800,784 $131.74 $104.74 
Vacancy (5)
52,999 $167.08
Grand Total529,866 $110.98 
(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 September 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 September 30, 2021.
(5) Includes square footage of leases signed but not yet commenced.


Supplemental Information
39
Third Quarter 2021

LEASE EXPIRATIONS
Retail Leases Within Operating and Development / Redevelopment Properties
Unconsolidated JV's
Unaudited
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg
High Street Retail
Year of Lease ExpirationNumber of Expiring Leases (1)Rentable Square Footage of Expiring LeasesSLG Share
Rentable Square Footage of Expiring Leases
Percentage of Total
Sq. Ft.
 Annualized Contractual Cash Rent of Expiring LeasesSLG Share
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)
2021 (4)
17,237 2,353 6.1 %$4,431,194 $493,988 $257.07 $75.28 
2022 1,698 548 0.6 %102,000 32,926 60.07 63.07 
2023 57,939 9,940 20.4 %26,775,441 4,050,103 462.13 297.16 
2024 7,793 3,897 2.7 %5,750,424 2,875,212 737.90 1,026.56 
2025 — — — — %— — — — 
2026 74,424 12,346 26.2 %30,721,928 5,472,398 412.80 282.98 
2027 3,655 399 1.3 %716,568 78,249 196.05 102.98 
2028 — — — — %— — — — 
2029 31,174 15,587 11.0 %21,722,787 10,861,393 696.82 375.97 
2030 — — — — %— — — — 
Thereafter90,246 43,325 31.7 %40,991,724 20,207,532 454.22 440.71 
18 284,166 88,395 100.0 %$131,212,066 $44,071,801 $461.74 $350.33 
Vacancy (5)
— $0.00
Grand Total284,166 $350.33 
Other Retail
Year of Lease ExpirationNumber of Expiring Leases (1)Rentable Square Footage of Expiring LeasesSLG Share
Rentable Square Footage of Expiring Leases
Percentage of Total
Sq. Ft.
Annualized Contractual Cash Rent of Expiring LeasesSLG Share
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)
2021 (4)
7,031 3,135 1.4 %$1,008,279 $474,378 $143.40 $84.92 
2022 85,454 42,877 17.1 %20,635,069 10,666,699 241.48 228.37 
2023 30,831 16,062 6.2 %3,114,841 1,676,860 101.03 92.17 
2024 9,848 4,343 2.0 %2,990,106 1,613,145 303.63 262.99 
2025 — — — — %— — — — 
2026 20,252 9,534 4.1 %9,767,376 5,376,654 482.29 416.48 
2027 23,256 11,863 4.7 %11,043,621 6,139,981 474.87 401.93 
2028 33,439 17,629 6.7 %4,371,607 2,358,326 130.73 134.68 
2029 56,855 30,600 11.4 %4,237,012 2,311,545 74.52 77.31 
2030 6,463 1,988 1.3 %5,586,637 2,999,652 864.40 532.02 
Thereafter224,902 123,298 45.1 %14,846,640 7,766,310 66.01 70.92 
52 498,331 261,329 100.0 %$77,601,188 $41,383,550 $155.72 $143.71 
Vacancy (5)
33,100 $112.45
Grand Total531,431 $141.76 
(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 September 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 September 30, 2021.
(5) Includes square footage of leases signed but not yet commenced.
Supplemental Information
40
Third Quarter 2021

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Manhattan Office
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg
Gross AssetOccupancy (%)
PropertySubmarketInterest AcquiredType of OwnershipNet Rentable SFValuation ($'s)at acquisition9/30/2021
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 92.1 
Mar-03125 Broad StreetDowntown100.0Fee Interest525,000 92,000 100.0  N/A
Oct-03461 Fifth AvenueMidtown100.0Leasehold Interest200,000 60,900 93.9 89.5 
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 33.9 
Jul-04485 Lexington AvenueGrand Central30.0Fee Interest921,000 225,000 100.0 80.7 
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 80.7 
Dec-06800 Third AvenueGrand Central North43.0Fee Interest526,000 285,000 96.9 92.1 
Jan-07Reckson - NYC PortfolioVarious100.0Fee Interests / Leasehold Interest5,612,000 3,679,530 98.3 87.6 
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 98.9 
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 99.0 
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 87.3 
May-11280 Park AvenuePark Avenue49.5Fee Interest1,219,158 1,110,000 78.2 93.7 
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 88.0 
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  N/A
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 82.5 
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 95.4 
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 82.5 
Jul-20885 Third AvenueMidtown / Plaza District100.0Fee / Leasehold Interest625,300 387,932 94.8 23.6 
Oct-20590 Fifth AvenueMidtown100.0Fee Interest103,300 107,200 90.0 66.3 
39,959,123 $23,853,062 

Supplemental Information
41
Third Quarter 2021

SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY
Manhattan Office
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.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 
Jul-21220 East 42nd StreetGrand Central49.0Fee Interest1,135,000 783,500 690 
1,749,000 $1,383,500 $791 
Supplemental Information
42
Third Quarter 2021

SUMMARY OF REAL ESTATE ACQUISITION/DISPOSITION ACTIVITY
Suburban Office
Unaudited

(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.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 
Jan-08125 Chubb WayLyndhurst, New Jersey100.0Fee Interest 278,000 29,364 — 
Dec-107 Renaissance SquareWhite Plains, New York50.0Fee Interest65,641 4,000 — 
Apr-1316 Court Street Brooklyn, New York49.0Fee Interest317,600 96,200 84.9 
6,541,741 $1,766,804 
Gross Asset
PropertySubmarketInterest SoldType of OwnershipValuation ($'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
43
Third Quarter 2021

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

https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

InterestGross AssetOccupancy (%)
PropertyType of PropertySubmarket AcquiredType of OwnershipNet Rentable SFValuation ($'s)at acquisition9/30/2021
2005 - 2020 Acquisitions
Jul-051551-1555 BroadwayRetailTimes Square10.0%Fee Interest25,600 $85,000  N/A N/A
Jul-0521 West 34th Street RetailHerald Square50.0Fee Interest30,100 17,500  N/A N/A
Sep-05141 Fifth Avenue RetailFlatiron50.0Fee Interest21,500 13,250  N/A N/A
Nov-051604 Broadway RetailTimes Square63.0Leasehold Interest29,876 4,400 17.2  N/A
Dec-05379 West Broadway RetailCast Iron/Soho45.0Leasehold Interest62,006 19,750 100.0  N/A
Jan-0625-29 West 34th Street RetailHerald Square/Penn Station50.0Fee Interest41,000 30,000 55.8  N/A
Sep-06717 Fifth Avenue RetailMidtown/Plaza District32.8Fee Interest119,550 251,900 63.1 100.0 
Aug-07180 Broadway DevelopmentLower Manhattan50.0Fee Interest24,300 13,600 85.2  N/A
Apr-07Two Herald Square LandHerald Square55.0Fee Interest N/A 225,000  N/A N/A
Jul-07885 Third AvenueLandMidtown / Plaza District55.0Fee Interest N/A 317,000  N/A N/A
Feb-08182 BroadwayDevelopmentLower Manhattan50.0Fee Interest46,280 30,000 83.8  N/A
Nov-10Williamsburg TerraceRetailBrooklyn, New York100.0Fee Interest52,000 18,000 100.0  N/A
Dec-1011 West 34th Street RetailHerald Square/Penn Station30.0Fee Interest17,150 10,800 100.0 100.0 
Dec-102 Herald SquareLandHerald Square45.0Fee Interest354,400 247,500 100.0    N/A
Dec-10885 Third AvenueLandMidtown / Plaza District45.0Fee Interest607,000 352,000 100.0  N/A
Dec-10292 Madison AvenueLandGrand Central South100.0Fee Interest203,800 78,300  N/A N/A
Jan-113 Columbus Circle RedevelopmentColumbus Circle48.9Fee Interest741,500 500,000 20.1  N/A
Aug-111552-1560 Broadway RetailTimes Square50.0Fee Interest35,897 136,550 59.7 88.3 
Sep-11747 Madison Avenue RetailPlaza District33.3Fee Interest10,000 66,250 100.0  N/A
Jan-12DFR Residential and Retail Portfolio ResidentialPlaza District, Upper East Side80.0Fee Interests / Leasehold Interest489,882 193,000 95.1 2.5 
Jan-12724 Fifth Avenue RetailPlaza District50.0Fee Interest65,010 223,000 92.9  N/A
Jul-12West Coast Office Portfolio West Coast27.6Fee Interest4,473,603 880,104 76.3  N/A
Aug-1233 Beekman Street DevelopmentDowntown45.9Fee Interest163,500 31,160 —  N/A
Sep-12635 Sixth AvenueRedevelopmentMidtown South100.0Fee Interest104,000 83,000 — 100.0 
Oct-121080 Amsterdam RedevelopmentUpper West Side87.5Leasehold Interest82,250 — 2.2 100.0 
Dec-1221 East 66th Street RetailPlaza District32.3Fee Interest16,736 75,000 100.0 100.0 
Dec-12985-987 Third AvenueRedevelopmentUpper East Side100.0Fee Interest13,678 18,000 —  N/A
Dec-12131-137 Spring StreetRetailSoho100.0Fee Interest68,342 122,300 100.0  N/A
Mar-13248-252 Bedford Avenue ResidentialBrooklyn, New York90.0Fee Interest66,611 54,900 —  N/A
Nov-13650 Fifth Avenue RetailPlaza District50.0Leasehold Interest32,324 — 63.6 100.0 
Nov-13315 West 33rd Street - The OliviaRetail / ResidentialPenn Station100.0Fee Interest492,987 386,775 96.6  N/A
Nov-13562, 570 & 574 Fifth AvenueRedevelopmentPlaza District100.0Fee Interest66,962 146,222 74.6  N/A
Jul-14719 Seventh Avenue RetailTimes Square75.0Fee Interest6,000 41,149 100.0 — 
Jul-14115 Spring StreetRetailSoho100.0Fee Interest5,218 52,000 100.0 100.0 
Jul-14752-760 Madison Avenue RetailPlaza District100.0Fee Interest21,124 282,415 100.0 — 
Sep-14121 Greene Street RetailSoho50.0Fee Interest7,131 27,400 100.0 100.0 
Sep-14635 Madison AvenueLandPlaza District100.0Fee Interest176,530 145,000 100.0  N/A
Oct-14102 Greene StreetRetailSoho100.0Fee Interest9,200 32,250 100.0  N/A
Oct-14175-225 Third Street RedevelopmentBrooklyn, New York95.0Fee Interest— 72,500 —  N/A
Nov-1455 West 46th Street - Tower 46RedevelopmentMidtown100.0Fee Interest347,000 295,000 —  N/A
Feb-15Stonehenge PortfolioResidentialVariousVariousFee Interest2,589,184 40,000 96.5 94.8 
Mar-151640 Flatbush AvenueRedevelopmentBrooklyn, New York100.0Fee Interest1,000 6,799 100.0  N/A
Jun-15Upper East Side Residential ResidentialUpper East Side Residential90.0Fee Interest27,000 50,074 96.4  N/A
Aug-15187 Broadway & 5-7 Dey StreetRetailLower Manhattan100.0Fee Interest73,600 63,690 90.5 — 
Mar-16183 BroadwayRetailLower Manhattan100.0Fee Interest9,100 28,500 58.3 — 
Apr-16605 West 42nd Street - Sky ResidentialMidtown West20.0Fee Interest927,358 759,046 —  N/A
Jul-181231 Third AvenueResidentialUpper East Side100.0Fee Interest38,992 55,355 100.0  N/A
Oct-18133 Greene StreetRetailSoho100.0Fee Interest6,425 30,999 100.0  N/A
Dec-18712 Madison AvenueRetailPlaza District100.0Fee Interest6,600 57.996 100.0  N/A
Apr-19106 Spring StreetRedevelopmentSoho100.0Fee Interest5,928 80,150 —  N/A
May-19410 Tenth AvenueRedevelopmentHudson Yards70.9Fee Interest638,000 440,000 76.3  N/A
Jan-20762 Madison AvenueRedevelopmentPlaza District10.0Fee Interest6,109 29,250 55.1 — 
Jan-20707 Eleventh AvenueRedevelopmentMidtown West100.0Fee Interest159,720 90,000 54.3 23.3 
Jan-2015 BeekmanDevelopmentLower Manhattan100.0Leasehold Interest98,412 — 87.3 — 
Oct-2085 Fifth AvenueRetailMidtown South36.3Fee Interest12,946 59,000 100.0 100.0 
13,730,421 $7,368,834 
2021 Acquisitions
Sep-211591-1597 BroadwayLandTimes Square100.0Fee Interest7,684 $121,000 100.0100.0
Sep-21690 Madison AvenueRetailPlaza District100.0Fee Interest7,848 72,221 100.0100.0
15,532 $193,221 
Supplemental Information
44
Third Quarter 2021

SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY
Retail, Residential, Development / Redevelopment and Land
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg

InterestGross Asset Valuation
PropertyType of PropertySubmarketSoldType of OwnershipNet Rentable SF($'s)($'s/SF)
2011 - 2020 Dispositions
Sep-111551-1555 Broadway RetailTimes Square10.0%Fee Interest25,600 $276,757 $10,811 
Feb-12141 Fifth AvenueRetailFlatiron100.0Fee Interest13,000 46,000 3,538 
Feb-12292 Madison AvenueLandGrand Central South100.0Fee Interest203,800 85,000 417 
Apr-12379 West BroadwayRetailLower Manhattan100.0Leasehold Interest62,006 48,500 782 
Jun-12717 Fifth Avenue RetailMidtown/Plaza District50.0Fee Interest119,550 617,584 5,166 
Sep-123 Columbus Circle RedevelopmentColumbus Circle29.0Fee Interest214,372 143,600 670 
Feb-1344 West 55th StreetRetailPlaza District100.0Fee Interest8,557 6,250 730 
Jun-13West Coast Office PortfolioWest CoastLos Angeles, California100.0Fee Interest406,740 111,925 275 
Aug-13West Coast Office PortfolioWest CoastFountain Valley, California100.0Fee Interest302,037 66,994 222 
Sep-13West Coast Office PortfolioWest CoastSan Diego, California100.0Fee Interest110,511 45,400 411 
Dec-1327-29 West 34th StreetRetailHerald Square/Penn Station100.0Fee Interest15,600 70,052 4,491 
Jan-1421-25 West 34th StreetRetailHerald Square/Penn Station100.0Fee Interest30,100 114,948 3,819 
Mar-14West Coast Office PortfolioWest Coast100.0Fee Interest3,654,315 756,000 207 
May-14747 Madison AvenueRetailPlaza District100.0Fee Interest10,000 160,000 16,000 
Jul-14985-987 Third AvenueRedevelopmentUpper East Side100.0Fee Interest13,678 68,700 5,023 
Sep-14180-182 BroadwayRedevelopmentLower Manhattan100.0Fee Interest156,086 222,500 1,425 
Nov-142 Herald SquareLandHerald Square/Penn Station100.0Fee Interest354,400 365,000 1,030 
Nov-1455 West 46th Street - Tower 46RedevelopmentMidtown75.0Fee Interest347,000 295,000 850 
Jan-15180 Maiden LaneRedevelopmentFinancial East100.0Fee Interest1,090,000 470,000 431 
Aug-15131-137 Spring Street RetailSoho80.0Fee Interest68,342 277,750 4,064 
Dec-15570 & 574 Fifth AvenueRedevelopmentPlaza District100.0Fee Interest24,327 125,400 5,155 
Feb-16248-252 Bedford Avenue ResidentialBrooklyn, New York90.0Fee Interest66,611 55,000 826 
Feb-16885 Third AvenueLandMidtown / Plaza District100.0Fee Interest607,000 453,000 746 
May-1633 Beekman StreetRedevelopmentDowntown100.0Fee Interest163,500 196,000 1,199 
Oct-16400 East 57th Street ResidentialUpper East Side49.0Fee Interest290,482 170,000 585 
Apr-17102 Greene Street RetailSoho90.0Fee Interest9,200 43,500 4,728 
Sep-17102 Greene Street RetailSoho10.0Fee Interest9,200 43,500 4,728 
Apr-18175-225 Third StreetRedevelopmentBrooklyn, New York95.0Fee Interest— 115,000 — 
Jun-18635 Madison AvenueLandPlaza District100.0Fee Interest176,530 153,000 867 
Jul-18724 Fifth AvenueRetailPlaza District50.0Fee Interest65,010 365,000 5,615 
Oct-1872nd Street Assemblage & 1231 Third AvenueResidentialUpper East SideVariousFee Interest— 143,800 — 
Jan-19131-137 Spring StreetRetailSoho20.0Fee Interest68,342 216,000 3,161 
Aug-19115 Spring StreetRetailSoho49.0Fee Interest5,218 66,050 12,658 
Dec-19562 Fifth AvenueRedevelopmentPlaza District100.0Fee Interest42,635 52,393 1,229 
Dec-191640 Flatbush AvenueRedevelopmentBrooklyn, New York100.0Fee Interest1,000 16,150 16,150 
Mar-20315 West 33rd Street - The OliviaRetail / ResidentialPenn Station100.0Fee Interest492,987 446,500 906 
May-20609 Fifth Avenue - Retail CondominiumRetailRockefeller Center100.0Fee Interest21,437 168,000 7,837 
Sep-20400 East 58th StreetResidentialUpper East Side90.0Fee Interest140,000 62,000 443 
Dec-20410 Tenth AvenueRedevelopmentHudson Yards70.9Fee Interest638,000 952,500 1,493 
Dec-20Williamsburg TerraceRetailBrooklyn, New York100.0Fee Interest52,000 32,000 615 
10,079,173 $8,122,753 $806 
2021 Dispositions
Jan-21712 Madison AvenueRetailPlaza District100.0%Fee Interest6,600 $43,000 $6,515 
Feb-21133 Greene StreetRetailSoho100.0Fee Interest6,425 15,796 2,459 
Mar-21106 Spring StreetRedevelopmentSoho100.0Fee Interest5,928 34,024 5,740 
Jun-21605 West 42nd Street - SkyResidentialWestside20.0Fee Interest927,358 858,100 925 
Sep-21400 East 57th StreetResidentialUpper East Side41.0Fee Interest290,482 133,500 460 
1,236,793 $1,084,420 $877 
Supplemental Information
45
Third Quarter 2021

Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.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 capital expenditures.
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
Third Quarter 2021

Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
https://cdn.kscope.io/311e501f42ea285e13130677323a324f-image27.jpg
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Funds From Operations (FFO) Reconciliation
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Net income attributable to SL Green common stockholders$388,205 $13,859 $486,073 $185,104 
Add:
Depreciation and amortization49,277 92,516 169,534 256,736 
Joint venture depreciation and noncontrolling interest adjustments61,733 47,884 176,920 149,309 
Net income attributable to noncontrolling interests21,768 1,216 26,035 11,218 
Less:
Gain on sale of real estate, net187,766 26,104 285,338 163,624 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(1,280)— (5,438)— 
Purchase price and other fair value adjustments206,779 — 209,443 — 
Depreciable real estate reserves— (6,627)(5,696)(6,627)
Depreciation on non-rental real estate assets754 538 1,953 1,797 
FFO attributable to SL Green common stockholders and noncontrolling interests$126,964 $135,460 $372,962 $443,573 

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
As of or for the three months ended
9/30/20216/30/20213/31/202112/31/20209/30/2020
Net income (loss)$415,534 $117,134 $(3,855)$200,340 $20,677 
Interest expense, net of interest income14,807 18,960 23,388 25,579 23,536 
Amortization of deferred financing costs2,345 3,386 3,774 3,482 3,151 
Income taxes(6)795 708 (859)— 
Depreciation and amortization49,277 57,261 62,996 56,932 92,516 
(Gain) loss on sale of real estate(187,766)(98,960)1,388 (51,882)(26,104)
Equity in net loss (gain) on sale of interest in unconsolidated joint venture/real estate1,280 (8,471)12,629 (2,961)— 
Purchase price and other fair value adjustments(208,810)1,947 (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 affiliates108,288 99,625 91,989 90,169 87,630 
EBITDAre$194,949 $189,132 $198,594 $187,105 $208,033 
Supplemental Information
47
Third Quarter 2021

Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES - Operating income and Same-store NOI Reconciliation
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Net income$415,534 $20,677 $528,813 $214,418 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate1,280 — 5,438 — 
Purchase price and other fair value adjustments(208,810)— (209,527)— 
Gain on sale of real estate, net(187,766)(26,104)(285,338)(163,624)
Depreciable real estate reserves— 6,627 5,696 6,627 
Depreciation and amortization49,277 92,516 169,534 256,736 
Interest expense, net of interest income14,807 23,536 57,155 91,100 
Amortization of deferred financing costs2,345 3,151 9,505 8,312 
Operating income86,667 120,403 281,276 413,569 
Equity in net loss from unconsolidated joint ventures15,487 432 31,321 15,445 
Marketing, general and administrative expense23,477 23,602 68,426 66,682 
Transaction related costs, net190 45 215 483 
Investment income(20,072)(22,988)(59,452)(101,464)
Loan loss and other investment reserves, net of recoveries— 8,957 — 27,018 
Non-building revenue(13,080)(26,668)(25,569)(30,650)
Net operating income (NOI)92,669 103,783 296,217 391,083 
Equity in net loss from unconsolidated joint ventures(15,487)(432)(31,321)(15,445)
SLG share of unconsolidated JV depreciation and amortization60,111 49,534 173,923 141,625 
SLG share of unconsolidated JV interest expense, net of interest income41,865 34,128 109,566 102,619 
SLG share of unconsolidated JV amortization of deferred financing costs4,766 2,232 11,196 5,612 
SLG share of unconsolidated JV loss on early extinguishment of debt748 — 1,689 — 
SLG share of unconsolidated JV investment income(310)(314)(920)(931)
SLG share of unconsolidated JV non-building revenue(814)(4,374)(3,000)(8,398)
NOI including SLG share of unconsolidated JVs183,548 184,557 557,350 616,165 
NOI from other properties/affiliates(33,481)(37,889)(108,961)(162,539)
Same-Store NOI150,067 146,668 448,389 453,626 
Operating lease straight-line adjustment245 245 734 777 
Joint Venture operating lease straight-line adjustment232 232 697 826 
Straight-line and free rent(1,271)(4,407)(6,486)(3,682)
Amortization of acquired above and below-market leases, net(100)(630)(295)(3,058)
Joint Venture straight-line and free rent(1,772)(3,510)(11,157)(13,518)
Joint Venture amortization of acquired above and below-market leases, net(4,876)(3,806)(14,010)(11,436)
Same-store cash NOI$142,525 $134,792 $417,872 $423,535 
Lease termination income(1,856)(195)(2,956)(10,785)
Joint Venture lease termination income(1,217)(7)(1,471)(186)
Same-store cash NOI excluding lease termination income$139,452 $134,590 $413,445 $412,564 

Supplemental Information
48
Third Quarter 2021

RESEARCH ANALYST COVERAGE
                               
                          
                         
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EQUITY COVERAGE
FirmAnalystPhoneEmail
B of A SecuritiesJames C. Feldman(646) 855-5808james.feldman@bofa.com
BarclaysAnthony Powell(212) 526-8768anthony.powell@barclays.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.Ronald Kamdem(212) 296-8319ronald.kamdem@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
Third Quarter 2021

EXECUTIVE MANAGEMENT
                               
                          
                         
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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 ofBrett Herschenfeld
Leasing and Real PropertyManaging Director

Supplemental Information
50
Third Quarter 2021