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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, net