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

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 19, 2023

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 April 19, 2023 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended March 31, 2023, the Company has made available on its website supplemental information regarding the Company’s operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.

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

Item 7.01.    Regulation FD Disclosure

As discussed in Item 2.02 above, on April 19, 2023, the Company issued a press release announcing its results for the quarter ended March 31, 2023.

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

Item 9.01.    Financial Statements and Exhibits

(d)     Exhibits

    99.1    Press release regarding results for the quarter ended March 31, 2023.
    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 in December 2018, 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 compensation 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 for these items 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: April 20, 2023



Document
Exhibit 99.1

SL GREEN REALTY CORP. REPORTS
FIRST QUARTER 2023 EPS OF ($0.63) PER SHARE;
AND FFO OF $1.53 PER SHARE


Financial and Operating Highlights
Net loss attributable to common stockholders of $0.63 per share for the first quarter of 2023, net of $78.5 million, or $1.14 per share, of depreciation and amortization, as compared to net income of $0.11 per share for the same period in 2022.
Reported funds from operations, or FFO, of $1.53 per share for the first quarter of 2023, net of $6.9 million, or $0.10 per share, of reserves on one debt and preferred equity investment, as compared to $1.65 per share for the same period in 2022.
Signed 41 Manhattan office leases covering 504,682 square feet in the first quarter of 2023. The mark-to-market on signed Manhattan office leases was 5.3% higher for the first quarter than the previous fully escalated rents on the same spaces.
Same-store cash net operating income, or NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 5.3%, excluding lease termination income, for the first quarter of 2023 as compared to the same period in 2022.
Manhattan same-store office occupancy was 90.2% as of March 31, 2023, slightly ahead of the Company's expectations, inclusive of leases signed but not yet commenced. The Company reaffirms its stated objective to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 92.4% by December 31, 2023.
Investing Highlights
Together with our joint venture partner, closed on the previously announced sale of the retail condominiums at 121 Greene Street for a gross sales price of $14.0 million.
ESG Highlights
Received a 2023 ENERGY STAR Partner of the Year Sustained Excellence Award, the highest level of U.S. Environmental Protection Agency (EPA) recognition, for the sixth consecutive year. Among thousands of ENERGY STAR partners, SL Green was one of just 170 organizations to achieve the Sustained Excellence distinction.




Named to Newsweek's list of America's Most Responsible Companies for 2023. This list honors 500 of the U.S.'s largest public corporations and focuses on a holistic view of corporate responsibility that considers all three pillars of ESG: environment, social and corporate governance.
For the second consecutive year, earned Great Place to Work Certification for 2023 with 85% of the Company's employees responding that SL Green is a great place to work, as compared to 57% for a typical company.
NEW YORK, April 19, 2023 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net loss attributable to common stockholders for the quarter ended March 31, 2023 of $39.7 million and $0.63 per share as compared to net income of $7.8 million and $0.11 per share for the same quarter in 2021. Net loss attributable to common stockholders for the first quarter of 2023 was net of $78.5 million, or $1.14 per share, of depreciation and amortization, as compared to $47.0 million, or $0.67 per share, of depreciation and amortization for the same period in 2022.
The Company reported FFO for the quarter ended March 31, 2023 of $105.5 million and $1.53 per share as compared to FFO for the same period in 2022 of $115.8 million and $1.65 per share.
FFO for the first quarter of 2023 is net of $6.9 million, or $0.10 per share, of reserves on one debt and preferred equity investment and includes $20.3 million, or $0.29 per share, representing the Company's net share of holdover rent, interest and reimbursement of attorneys' fees collected by the joint venture that owns 2 Herald Square from former tenant, Victoria's Secret Stores LLC, and their guarantor, L Brands Inc., following the completion of legal proceedings against the tenant and guarantor. The Company's share of the judgment proceeds exceeded the amount included in the Company's 2023 earnings guidance by $8.7 million, or $0.13 per share.
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 3.0% for the first quarter of 2023, or 5.3% excluding lease termination income, as compared to the same period in 2022.
During the first quarter of 2023, the Company signed 41 office leases in its Manhattan office portfolio totaling 504,682 square feet. The average rent on the Manhattan office leases signed in the first quarter of 2023, excluding leases signed at One Vanderbilt and One Madison, was $64.83 per rentable square foot with an average lease term of 6.3 years and average tenant concessions of 4.8 months of free rent with a tenant improvement allowance of $42.71 per rentable square foot. Twenty-four leases comprising 377,441 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 $65.08 per rentable square foot, representing a 5.3% increase over the previous fully escalated rents on the same office spaces.




Occupancy in the Company's Manhattan same-store office portfolio was 90.2% as of March 31, 2023, consistent with the Company's expectations, inclusive of 290,491 square feet of leases signed but not yet commenced, as compared to 92.0% at the end of the previous quarter. The Company reaffirms its stated objective to increase occupancy, inclusive of leases signed but not yet commenced, in the Manhattan same-store office portfolio to 92.4% by December 31, 2023.
Significant leasing activity in the first quarter includes:
Early renewal with CBS Broadcasting, Inc. for 184,367 square feet at 555 West 57th Street;
Early renewal with GNYHA Management Corporation for 56,372 square feet at 555 West 57th Street;
Expansion lease with TD Securities (USA) LLC for 25,171 square feet at 125 Park Avenue;
New lease with Palo Alto Networks Inc. for a full tower floor at One Madison Avenue;
New lease with Cohen Clair Lans Greifer & Simpson LLP for 17,586 square feet at 919 Third Avenue;
Early renewal with IM Pro Makeup NY LLP for 17,258 square feet at 110 Greene Street;
Renewal and expansion lease with Van Wagner Group, LLC for a total of 11,860 square feet at 800 Third Avenue;
Early renewal with Entertainment Software Association for 10,799 square feet at 420 Lexington Avenue; and
Expansion lease with Oxford 1 Asset Management USA Inc. for 10,392 square feet at 450 Park Avenue.
Investment Activity
In February, the Company, together with its joint venture partner, closed on the previously announced sale of the retail condominiums at 121 Greene Street for a gross sales price of $14.0 million.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity ("DPE") portfolio was $626.8 million at March 31, 2023, net of a $6.9 million loan loss reserve recorded on one investment during the first quarter of 2023. The portfolio had a weighted average current yield of 5.9%, or 10.7% excluding the effect of $288.7 million of investments that are on non-accrual. During the first quarter, the Company did not originate or acquire any new investments.




ESG
The Company received a 2023 ENERGY STAR Partner of the Year Sustained Excellence Award for the sixth consecutive year. This award honors organizations across the United States that have implemented distinguished corporate energy management programs. Among thousands of ENERGY STAR partners, SL Green was one of just 170 organizations to achieve the Sustained Excellence distinction.
The Company was named to Newsweek's list of America's Most Responsible Companies for 2023. This list honors 500 of the U.S.'s largest public corporations based on Newsweek's partnering with global research and data firm, Statista, and focuses on a holistic view of corporate responsibility that considers all three pillars of ESG: environment, social and corporate governance.
The Company earned a Great Place to Work Certificate for 2023 for the second consecutive year. The Great Place to Work Certification was the result of 85% of the Company's employees stating that SL Green is a great place to work, as compared to 57% at a typical company.
Dividends
In the first quarter of 2023, the Company declared:
Three monthly ordinary dividends on its outstanding common stock of $0.2708 per share, which were paid on February 15, March 15, and April 17, 2023, equating to an annualized dividend of $3.25 per share of common stock; and
A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period January 15, 2023 through and including April 14, 2023, which was paid on April 17, 2023 and is the equivalent of an annualized dividend of $1.625 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, April 20, 2023, 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 and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.”
Research analysts who wish to participate in the conference call must first register at https://register.vevent.com/register/BI0a6778f7c67f4b2ab966ab929960a817.




Company Profile
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2023, SL Green held interests in 60 buildings totaling 33.1 million square feet. This included ownership interests in 28.8 million square feet of Manhattan buildings and 3.4 million square feet securing debt and preferred equity investments.
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 described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.




SL GREEN REALTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share data)
Three Months Ended
March 31,
Revenues:20232022
Rental revenue, net$174,592 $136,476 
Escalation and reimbursement 20,450 19,555 
Investment income9,057 19,888 
Other income19,476 12,045 
        Total revenues223,575 187,964 
Expenses:
Operating expenses, including related party expenses of $1 in 2023 and $2,523 in 202252,064 42,583 
Real estate taxes41,383 30,747 
Operating lease rent6,301 6,564 
Interest expense, net of interest income41,653 15,070 
Amortization of deferred financing costs2,021 1,948 
Depreciation and amortization78,548 46,983 
Loan loss and other investment reserves, net of recoveries6,890 — 
Transaction related costs884 28 
Marketing, general and administrative23,285 24,776 
        Total expenses253,029 168,699 
Equity in net loss from unconsolidated joint ventures(7,412)(4,715)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(79)— 
Purchase price and other fair value adjustment239 (63)
Loss on sale of real estate, net(1,651)(1,002)
        Net (loss) income(38,357)13,485 
Net loss (income) attributable to noncontrolling interests in the Operating Partnership2,337 (492)
Net loss attributable to noncontrolling interests in other partnerships1,625 143 
Preferred unit distributions(1,598)(1,647)
Net (loss) income attributable to SL Green(35,993)11,489 
Perpetual preferred stock dividends(3,738)(3,738)
        Net (loss) income attributable to SL Green common stockholders$(39,731)$7,751 
Earnings Per Share (EPS)
Net (loss) income per share (Basic)$(0.63)$0.12 
Net (loss) income per share (Diluted)$(0.63)$0.11 
Funds From Operations (FFO)
FFO per share (Basic)$1.54 $1.69 
FFO per share (Diluted)$1.53 $1.65 
Basic ownership interest
Weighted average REIT common shares for net income per share64,079 64,349 
Weighted average partnership units held by noncontrolling interests4,103 4,121 
Basic weighted average shares and units outstanding 68,182 68,470 
Diluted ownership interest
Weighted average REIT common share and common share equivalents64,671 66,107 
Weighted average partnership units held by noncontrolling interests4,103 4,121 
Diluted weighted average shares and units outstanding 68,774 70,228 




SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
March 31,December 31,
20232022
Assets(Unaudited)
Commercial real estate properties, at cost:
Land and land interests$1,576,927 $1,576,927 
Building and improvements4,940,138 4,903,776 
Building leasehold and improvements1,700,376 1,691,831 
Right of use asset - operating leases1,026,265 1,026,265 
9,243,706 9,198,799 
Less: accumulated depreciation(2,100,804)(2,039,554)
7,142,902 7,159,245 
Cash and cash equivalents158,937 203,273 
Restricted cash198,325 180,781 
Investment in marketable securities10,273 11,240 
Tenant and other receivables36,289 34,497 
Related party receivables26,794 27,352 
Deferred rents receivable266,567 257,887 
Debt and preferred equity investments, net of discounts and deferred origination fees of $1,689 and $1,811 in 2023 and 2022, respectively, and allowances of $13,520 and $6,630 in 2023 and 2022, respectively626,803 623,280 
Investments in unconsolidated joint ventures3,164,729 3,190,137 
Deferred costs, net117,602 121,157 
Other assets592,898 546,945 
        Total assets$12,342,119 $12,355,794 
Liabilities
Mortgages and other loans payable$3,234,489 $3,235,962 
Revolving credit facility490,000 450,000 
Unsecured term loan1,675,000 1,650,000 
Unsecured notes100,000 100,000 
Deferred financing costs, net(22,275)(23,938)
Total debt, net of deferred financing costs5,477,214 5,412,024 
Accrued interest payable16,049 14,227 
Accounts payable and accrued expenses150,873 154,867 
Deferred revenue264,852 272,248 
Lease liability - financing leases104,544 104,218 
Lease liability - operating leases892,984 895,100 
Dividend and distributions payable21,768 21,569 
Security deposits50,585 50,472 
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities100,000 100,000 
Other liabilities282,958 236,211 
        Total liabilities7,361,827 7,260,936 
Commitments and contingencies— — 
Noncontrolling interest in the Operating Partnership273,175 269,993 
Preferred units177,943 177,943 
Equity
Stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both March 31, 2023 and December 31, 2022221,932 221,932 
Common stock, $0.01 par value 160,000 shares authorized, 65,433 and 65,440 issued and outstanding (including 1,060 and 1,060 held in Treasury) at March 31, 2023 and December 31, 2022, respectively656 656 
Additional paid-in capital3,798,101 3,790,358 
Treasury stock at cost(128,655)(128,655)
Accumulated other comprehensive income19,428 49,604 
Retained earnings549,024 651,138 
Total SL Green Realty Corp. stockholders’ equity4,460,486 4,585,033 
Noncontrolling interests in other partnerships68,688 61,889 
        Total equity4,529,174 4,646,922 
Total liabilities and equity$12,342,119 $12,355,794 




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


Three Months Ended
March 31,
Funds From Operations (FFO) Reconciliation:20232022
Net (loss) income attributable to SL Green common stockholders$(39,731)$7,751 
Add:
Depreciation and amortization78,548 46,983 
Joint venture depreciation and noncontrolling interest adjustments69,534 60,432 
Net (income) loss attributable to noncontrolling interests(3,962)349 
Less:
Loss on sale of real estate, net(1,651)(1,002)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate(79)— 
Depreciation on non-rental real estate assets634 721 
FFO attributable to SL Green common stockholders and unit holders$105,485 $115,796 

Three Months Ended
March 31,
Operating income and Same-store NOI Reconciliation:20232022
Net (loss) income$(38,357)$13,485 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate79 — 
Purchase price and other fair value adjustments(239)63 
Loss (gain) on sale of real estate, net1,651 1,002 
Depreciation and amortization78,548 46,983 
Interest expense, net of interest income41,653 15,070 
Amortization of deferred financing costs2,021 1,948 
Operating income85,356 78,551 
Equity in net loss from unconsolidated joint ventures7,412 4,715 
Marketing, general and administrative expense23,285 24,776 
Transaction related costs, net884 28 
Investment income(9,057)(19,888)
Loan loss and other investment reserves, net of recoveries6,890 — 
Non-building revenue(6,806)(1,451)
Net operating income (NOI)107,964 86,731 
Equity in net loss from unconsolidated joint ventures(7,412)(4,715)
SLG share of unconsolidated JV depreciation and amortization64,723 58,130 
SLG share of unconsolidated JV interest expense, net of interest income63,146 45,237 
SLG share of unconsolidated JV amortization of deferred financing costs3,062 2,890 
SLG share of unconsolidated JV investment income(313)(303)
SLG share of unconsolidated JV non-building revenue(2,298)(438)
NOI including SLG share of unconsolidated JVs228,872 187,532 
NOI from other properties/affiliates(54,761)(12,816)
Same-store NOI174,111 174,716 
Ground lease straight-line adjustment204 204 
SLG share of unconsolidated JV ground lease straight-line adjustment192 192 
Straight-line and free rent(4,784)(1,943)
Amortization of acquired above and below-market leases, net13 (61)
SLG share of unconsolidated JV straight-line and free rent(8,824)(16,592)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net(4,433)(4,530)
Same-store cash NOI$156,479 $151,986 
Lease termination income(511)(168)
SLG share of unconsolidated JV lease termination income(386)(4,053)
Same-store cash NOI excluding lease termination income$155,582 $147,765 




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 in December 2018, 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 compensation 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 for these items 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 March 31, 2023, the Company held interests in 60 buildings totaling 33.1 million square feet. This included ownership interests in 28.8 million square feet in Manhattan buildings and 3.4 million square feet securing debt and preferred equity investments.
SL Green’s common stock is listed on the New York Stock Exchange and trades under the symbol SLG.
SL Green's website is www.slgreen.com.
This data is furnished to supplement audited and unaudited regulatory filings of the Company and should be read in conjunction with those filings. The financial data herein is unaudited and is provided to assist readers of quarterly and annual financial filings and should not be read in replacement of, or superior to, such financial filings. As such, data otherwise contained in future regulatory filings covering the same period may restate the data presented herein.
Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com.














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 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 year ended March 31, 2023 that will be included on Form 10-Q to be filed on or before May 10, 2023.
Supplemental Information
2
First Quarter 2023

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-
Derivative 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
First Quarter 2023

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 consolidated weighted average borrowing rate. Capitalized Interest is a component of the carrying value of 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 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 for these items 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 in December 2018, 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 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.








Supplemental Information
4
First Quarter 2023

DEFINITIONS
                               
                          
                         
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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 2023 are as follows:
Added to Same-Store in 2023:Removed from Same-Store in 2023:
One Vanderbilt Avenue2 Herald Square (redevelopment)
220 East 42nd Street121 Greene Street (disposed)
Second generation TIs and LCs - Tenant improvements, leasing commissions, and other leasing costs that do not meet the definition of first generation TIs and LCs.
SLG Interest - 'SLG Share' or 'Share of JV' is computed by multiplying the referenced line item by the Company's percentage ownership 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
First Quarter 2023

FIRST QUARTER 2023 HIGHLIGHTS

Unaudited

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NEW YORK, April 19, 2023 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net loss attributable to common stockholders for the quarter ended March 31, 2023 of $39.7 million and $0.63 per share as compared to net income of $7.8 million and $0.11 per share for the same quarter in 2021. Net loss attributable to common stockholders for the first quarter of 2023 was net of $78.5 million, or $1.14 per share, of depreciation and amortization, as compared to $47.0 million, or $0.67 per share, of depreciation and amortization for the same period in 2022.
The Company reported FFO for the quarter ended March 31, 2023 of $105.5 million and $1.53 per share as compared to FFO for the same period in 2022 of $115.8 million and $1.65 per share.
FFO for the first quarter of 2023 is net of $6.9 million, or $0.10 per share, of reserves on one debt and preferred equity investment and includes $20.3 million, or $0.29 per share, representing the Company's net share of holdover rent, interest and reimbursement of attorneys' fees collected by the joint venture that owns 2 Herald Square from former tenant, Victoria's Secret Stores LLC, and their guarantor, L Brands Inc., following the completion of legal proceedings against the tenant and guarantor. The Company's share of the judgment proceeds exceeded the amount included in the Company's 2023 earnings guidance by $8.7 million, or $0.13 per share.
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 3.0% for the first quarter of 2023, or 5.3% excluding lease termination income, as compared to the same period in 2022.
During the first quarter of 2023, the Company signed 41 office leases in its Manhattan office portfolio totaling 504,682 square feet. The average rent on the Manhattan office leases signed in the first quarter of 2023, excluding leases signed at One Vanderbilt and One Madison, was $64.83 per rentable square foot with an average lease term of 6.3 years and average tenant concessions of 4.8 months of free rent with a tenant improvement allowance of $42.71 per rentable square foot. Twenty-four leases comprising 377,441 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 $65.08 per rentable square foot, representing a 5.3% increase over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio was 90.2% as of March 31, 2023, consistent with the Company's expectations, inclusive of 290,491 square feet of leases signed but not yet commenced, as compared to 92.0% at the end of the previous quarter. The Company reaffirms its stated objective to increase occupancy, inclusive of leases signed but not yet commenced, in the Manhattan same-store office portfolio to 92.4% by December 31, 2023.
Significant leasing activity in the first quarter includes:
Early renewal with CBS Broadcasting, Inc. for 184,367 square feet at 555 West 57th Street;
Early renewal with GNYHA Management Corporation for 56,372 square feet at 555 West 57th Street;
Expansion lease with TD Securities (USA) LLC for 25,171 square feet at 125 Park Avenue;
New lease with Palo Alto Networks Inc. for a full tower floor at One Madison Avenue;
New lease with Cohen Clair Lans Greifer & Simpson LLP for 17,586 square feet at 919 Third Avenue;
Early renewal with IM Pro Makeup NY LLP for 17,258 square feet at 110 Greene Street;
Renewal and expansion lease with Van Wagner Group, LLC for a total of 11,860 square feet at 800 Third Avenue;
Early renewal with Entertainment Software Association for 10,799 square feet at 420 Lexington Avenue; and
Expansion lease with Oxford 1 Asset Management USA Inc. for 10,392 square feet at 450 Park Avenue.
Investment Activity
In February, the Company, together with its joint venture partner, closed on the previously announced sale of the retail condominiums at 121 Greene Street for a gross sales price of $14.0 million.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity ("DPE") portfolio was $626.8 million at March 31, 2023, net of a $6.9 million loan loss reserve recorded on one investment during the first quarter of 2023. The portfolio had a weighted average current yield of 5.9%, or 10.7% excluding the effect of $288.7 million of investments that are on non-accrual. During the first quarter, the Company did not originate or acquire any new investments.
Supplemental Information
6
First Quarter 2023

FIRST QUARTER 2023 HIGHLIGHTS

Unaudited

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ESG
The Company received a 2023 ENERGY STAR Partner of the Year Sustained Excellence Award for the sixth consecutive year. This award honors organizations across the United States that have implemented distinguished corporate energy management programs. Among thousands of ENERGY STAR partners, SL Green was one of just 170 organizations to achieve the Sustained Excellence distinction.
The Company was named to Newsweek's list of America's Most Responsible Companies for 2023. This list honors 500 of the U.S.'s largest public corporations based on Newsweek's partnering with global research and data firm, Statista, and focuses on a holistic view of corporate responsibility that considers all three pillars of ESG: environment, social and corporate governance.
The Company earned a Great Place to Work Certificate for 2023 for the second consecutive year. The Great Place to Work Certification was the result of 85% of the Company's employees stating that SL Green is a great place to work, as compared to 57% at a typical company.
Dividends
In the first quarter of 2023, the Company declared:
Three monthly ordinary dividends on its outstanding common stock of $0.2708 per share, which were paid on February 15, March 15, and April 17, 2023, equating to an annualized dividend of $3.25 per share of common stock; and
A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period January 15, 2023 through and including April 14, 2023, which was paid on April 17, 2023 and is the equivalent of an annualized dividend of $1.625 per share.
Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, April 20, 2023, 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 and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.”
Research analysts who wish to participate in the conference call must first register at https://register.vevent.com/register/BI0a6778f7c67f4b2ab966ab929960a817.
Supplemental Information
7
First Quarter 2023

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
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As of or for the three months ended
3/31/202312/31/20229/30/20226/30/20223/31/2022
Earnings Per Share
Net (loss) income available to common stockholders (EPS) - diluted$(0.63)$(1.01)$0.11 $(0.70)$0.11 
Funds from operations (FFO) available to common stockholders - diluted$1.53 $1.46 $1.66 $1.87 $1.65 
Common Share Price & Dividends
Closing price at the end of the period$23.52 $33.72 $40.16 $46.15 $81.18 
Closing high price during period$43.97 $41.96 $51.02 $81.20 $83.95 
Closing low price during period$19.96 $32.94 $39.15 $46.15 $69.96 
Annual dividend per common share$3.25 $3.25 $3.73 $3.73 $3.73 
FFO payout ratio (trailing 12 months)53.2%54.4%55.5%54.2%56.1%
Funds available for distribution (FAD) payout ratio (trailing 12 months)79.0%79.0%78.1%70.7%75.1%
Common Shares & Units
Common shares outstanding64,373 64,380 64,316 64,302 64,124 
Units outstanding4,239 3,670 3,759 4,144 4,095 
Total common shares and units outstanding68,612 68,050 68,075 68,446 68,219 
Weighted average common shares and units outstanding - basic68,182 67,659 68,037 67,900 68,470 
Weighted average common shares and units outstanding - diluted68,774 68,650 68,897 69,020 70,228 
Market Capitalization
Market value of common equity$1,613,754 $2,294,646 $2,733,892 $3,158,783 $5,538,018 
Liquidation value of preferred equity/units407,943 407,943 407,943 407,943 407,943 
Consolidated debt5,599,489 5,535,962 5,637,386 3,906,445 4,134,717 
Consolidated market capitalization$7,621,186 $8,238,551 $8,779,221 $7,473,171 $10,080,678 
SLG share of unconsolidated JV debt6,196,174 6,172,919 6,134,631 5,851,875 5,774,751 
Market capitalization including SLG share of unconsolidated JVs$13,817,360 $14,411,470 $14,913,852 $13,325,046 $15,855,429 
Consolidated debt service coverage (trailing 12 months)2.93x3.26x3.80x4.02x3.81x
Consolidated fixed charge coverage (trailing 12 months)2.39x2.59x2.90x3.04x2.90x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months)1.78x1.99x2.16x2.27x2.25x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months)1.57x1.73x1.85x1.94x1.92x
Supplemental Information
8
First Quarter 2023

KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
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As of or for the three months ended
3/31/202312/31/20229/30/20226/30/20223/31/2022
Selected Balance Sheet Data
Real estate assets before depreciation$9,243,706 $9,198,799 $9,462,329 $7,440,532 $7,758,232 
Investments in unconsolidated joint ventures$3,164,729 $3,190,137 $3,185,800 $3,074,200 $3,000,986 
Debt and preferred equity investments$626,803 $623,280 $663,985 $1,134,080 $1,107,870 
Cash and cash equivalents$158,937 $203,273 $201,267 $189,360 $223,674 
Investment in marketable securities$10,273 $11,240 $16,535 $26,260 $32,889 
Total assets$12,342,119 $12,355,794 $12,716,050 $10,704,883 $11,014,965 
Consolidated fixed rate & hedged debt$5,014,341 $5,015,814 $4,497,238 $3,086,297 $3,321,239 
Consolidated variable rate debt585,148 520,148 1,140,148 820,148 813,478 
Total consolidated debt$5,599,489 $5,535,962 $5,637,386 $3,906,445 $4,134,717 
Deferred financing costs, net of amortization(22,275)(23,938)(22,898)(24,840)(21,710)
Total consolidated debt, net$5,577,214 $5,512,024 $5,614,488 $3,881,605 $4,113,007 
Total liabilities$7,361,827 $7,260,936 $7,492,143 $5,443,202 $5,723,829 
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt$10,502,715 $10,493,846 $8,789,696 $7,381,507 $7,630,374 
Variable rate debt, including SLG share of unconsolidated JV debt1,292,948 
(1)
1,215,035 2,982,321 2,376,813 2,279,094 
Total debt, including SLG share of unconsolidated JV debt$11,795,663 $11,708,881 $11,772,017 $9,758,320 $9,909,468 
Selected Operating Data
Property operating revenues$195,042 $197,285 $162,952 $155,232 $156,031 
Property operating expenses(99,748)(94,977)(87,510)(76,853)(79,894)
Property NOI$95,294 $102,308 $75,442 $78,379 $76,137 
SLG share of unconsolidated JV Property NOI129,739 102,930 99,313 101,483 100,149 
Property NOI, including SLG share of unconsolidated JV Property NOI$225,033 $205,238 $174,755 $179,862 $176,286 
Investment income9,057 11,305 29,513 20,407 19,888 
Other income19,476 16,284 19,991 25,806 12,045 
Marketing general & administrative expenses(23,285)(24,224)(21,276)(23,522)(24,776)
SLG share of investment income and other income from unconsolidated JVs3,071 3,543 1,862 7,053 4,799 
Income taxes766 2,883 (129)1,346 947 
Transaction costs, including SLG share of unconsolidated JVs(884)(88)(292)(1)(28)
Loan loss and other investment reserves, net of recoveries(6,890)— — — — 
EBITDAre$226,344 $214,941 $204,424 $210,951 $189,161 
(1) Does not reflect $149.9 million of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.

Supplemental Information
9
First Quarter 2023

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
3/31/202312/31/20229/30/20226/30/20223/31/2022
Selected Operating Data
Property operating revenues$190,215 $192,814 $157,451 $149,542 $150,557 
Property operating expenses88,279 86,992 77,440 68,296 69,655 
Property NOI$101,936 $105,822 $80,011 $81,246 $80,902 
Other income - consolidated$7,959 $1,573 $3,701 $7,010 $6,770 
SLG share of property NOI from unconsolidated JVs$129,617 $102,805 $98,211 $101,359 $100,066 
Office Portfolio Statistics (Manhattan Operating Properties)
Consolidated office buildings in service14 13 13 12 12 
Unconsolidated office buildings in service11 12 12 12 11 
25 25 25 24 23 
Consolidated office buildings in service - square footage10,181,934 9,963,138 9,963,138 8,180,345 8,180,345 
Unconsolidated office buildings in service - square footage13,629,381 13,998,381 13,998,381 13,998,381 13,661,381 
23,811,315 23,961,519 23,961,519 22,178,726 21,841,726 
Same-Store office occupancy (consolidated + JVs)88.9%91.5%91.7%91.7%91.4%
Same-Store office occupancy inclusive of leases signed not yet commenced90.2%92.0%92.8%92.6%93.0%
Office Leasing Statistics (Manhattan Operating Properties)
New leases commenced20 32 27 24 26 
Renewal leases commenced15 10 10 11 11 
Total office leases commenced35 42 37 35 37 
Commenced office square footage filling vacancy80,072 91,474 80,211 72,344 45,085 
Commenced office square footage on previously occupied space (M-T-M leasing) (2)
384,041 228,847 84,673 261,288 251,331 
Total office square footage commenced464,113 320,321 164,884 333,632 296,416 
Average starting cash rent psf - office leases commenced$66.44 $72.23 $72.95 $72.68 $68.04 
Previous escalated cash rent psf - office leases commenced (3)
$62.76 $79.59 $72.12 $70.10 $75.26 
Increase (decrease) in new cash rent over previously escalated cash rent (2) (3)
5.9%(9.2)%1.2%3.7%(9.6)%
Average lease term6.2 8.7 6.0 11.4 8.5 
Tenant concession packages psf$46.86 $80.14 $55.19 $100.39 $75.25 
Free rent months4.8 8.5 5.5 9.3 8.5 
(1) Property data for in-service buildings only.
(2) Calculated on space that was occupied within the previous 12 months.
(3) Previously escalated cash rent includes base rent plus all additional amounts paid by the previous tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment.
Supplemental Information
10
First Quarter 2023

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/b540689db9145f03b7ec6d283568bfc7-slglogo.jpg

As of
3/31/202312/31/20229/30/20226/30/20223/31/2022
Assets
Commercial real estate properties, at cost:
     Land and land interests$1,576,927 $1,576,927 $1,715,371 $1,209,913 $1,352,610 
     Building and improvements 4,940,138 4,903,776 5,028,486 3,579,961 3,709,795 
     Building leasehold and improvements 1,700,376 1,691,831 1,676,811 1,666,935 1,654,571 
     Right of use asset - operating leases1,026,265 1,026,265 1,041,661 983,723 983,723 
9,243,706 9,198,799 9,462,329 7,440,532 7,700,699 
Less: accumulated depreciation(2,100,804)(2,039,554)(2,005,922)(1,961,766)(1,938,804)
Net real estate7,142,902 7,159,245 7,456,407 5,478,766 5,761,895 
Other real estate investments:
    Investment in unconsolidated joint ventures3,164,729 3,190,137 3,185,800 3,074,200 3,000,986 
    Debt and preferred equity investments, net626,803 

623,280 663,985 1,134,080 1,107,870 
Assets held for sale, net— — — — 49,757 
Cash and cash equivalents158,937 203,273 201,267 189,360 223,674 
Restricted cash198,325 180,781 183,811 87,701 83,644 
Investment in marketable securities10,273 11,240 16,535 26,260 32,889 
Tenant and other receivables36,289 34,497 41,334 40,909 41,257 
Related party receivables26,794 27,352 27,287 27,293 31,711 
Deferred rents receivable266,567 257,887 252,555 249,998 250,028 
Deferred costs, net117,602 121,157 115,952 118,829 122,294 
Other assets592,898 546,945 571,117 277,487 308,960 
 Total Assets$12,342,119 $12,355,794 $12,716,050 $10,704,883 $11,014,965 
Supplemental Information
11
First Quarter 2023

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/b540689db9145f03b7ec6d283568bfc7-slglogo.jpg

As of
3/31/202312/31/20229/30/20226/30/20223/31/2022
Liabilities
Mortgages and other loans payable$3,234,489 $3,235,962 $3,237,390 $1,526,023 $1,349,700 
Unsecured term loans1,675,000 1,650,000 1,250,000 1,250,000 1,250,000 
Unsecured notes100,000 100,000 599,996 900,422 900,669 
Revolving credit facility490,000 450,000 450,000 130,000 500,000 
Deferred financing costs(22,275)(23,938)(22,898)(24,840)(21,710)
Total debt, net of deferred financing costs5,477,214 5,412,024 5,514,488 3,781,605 3,978,659 
Accrued interest16,049 14,227 18,705 11,862 21,545 
Accounts payable and accrued expenses150,873 154,867 175,203 145,237 139,460 
Deferred revenue264,852 272,248 280,251 104,295 110,631 
Lease liability - financing leases104,544 104,218 103,888 103,561 103,238 
Lease liability - operating leases892,984 895,100 911,756 852,614 852,194 
Dividends and distributions payable21,768 21,569 24,362 24,456 23,628 
Security deposits50,585 50,472 50,926 54,696 54,179 
Liabilities related to assets held for sale— — — — 64,041 
Junior subordinated deferrable interest debentures100,000 100,000 100,000 100,000 100,000 
Other liabilities282,958 236,211 312,564 264,876 276,254 
Total liabilities7,361,827 7,260,936 7,492,143 5,443,202 5,723,829 
Noncontrolling interest in operating partnership
     (4,239 units outstanding) at 3/31/2023273,175 269,993 293,743 334,974 374,078 
Preferred units177,943 177,943 177,943 177,943 177,943 
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, 65,433
issued and outstanding at 3/31/2023, including 1,060 shares held in treasury656 656 655 655 653 
Additional paid–in capital3,798,101 3,790,358 3,780,286 3,801,272 3,792,689 
Treasury stock (128,655)(128,655)(128,655)(128,655)(128,655)
Accumulated other comprehensive income (loss)19,428 49,604 57,574 8,595 (7,261)
Retained earnings549,024 651,138 755,862 779,999 846,646 
Total SL Green Realty Corp. stockholders' equity4,460,486 4,585,033 4,687,654 4,683,798 4,726,004 
Noncontrolling interest in other partnerships68,688 61,889 64,567 64,966 13,111 
Total equity4,529,174 4,646,922 4,752,221 4,748,764 4,739,115 
 Total Liabilities and Equity$12,342,119 $12,355,794 $12,716,050 $10,704,883 $11,014,965 
Supplemental Information
12
First Quarter 2023

COMPARATIVE STATEMENT OF OPERATIONS

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/b540689db9145f03b7ec6d283568bfc7-slglogo.jpg

Three Months Ended
March 31,March 31,December 31,September 30,
2023202220222022
Revenues
Rental revenue, net$174,592 $136,476 $172,892 $142,962 
Escalation and reimbursement revenues20,450 19,555 24,393 19,990 
Investment income9,057 19,888 11,305 29,513 
Other income19,476 12,045 16,284 19,991 
Total Revenues, net223,575 187,964 224,874 212,456 
Expenses
Operating expenses52,064 42,583 46,912 45,011 
Operating lease rent6,301 6,564 6,514 7,388 
Real estate taxes41,383 30,747 41,551 35,111 
Loan loss and other investment reserves, net of recoveries6,890 — — — 
Transaction related costs884 28 88 292 
Marketing, general and administrative23,285 24,776 24,224 21,276 
Total Operating Expenses130,807 104,698 119,289 109,078 
Equity in net income (loss) from unconsolidated joint ventures(7,412)(4,715)(26,696)(21,997)
Operating Income85,356 78,551 78,889 81,381 
Interest expense, net of interest income41,653 15,070 37,619 21,824 
Amortization of deferred financing costs2,021 1,948 1,909 2,043 
Depreciation and amortization78,548 46,983 72,947 48,462 
(Loss) Income from Continuing Operations (1)
(36,866)14,550 (33,586)9,052 
(Loss) gain on sale of real estate and discontinued operations(1,651)(1,002)(23,381)4,276 
Equity in net loss on sale of joint venture interest / real estate(79)— — — 
Purchase price and other fair value adjustments239 (63)(770)(1,117)
Depreciable real estate reserves— — (6,313)— 
Net (Loss) Income (38,357)13,485 (64,050)12,211 
Net loss (income) attributable to noncontrolling interests3,962 (349)5,110 502 
Dividends on preferred units(1,598)(1,647)(1,599)(1,598)
Net (Loss) Income Attributable to SL Green Realty Corp(35,993)11,489 (60,539)11,115 
Dividends on perpetual preferred shares(3,738)(3,738)(3,737)(3,738)
Net (Loss) Income Attributable to Common Stockholders$(39,731)$7,751 $(64,276)$7,377 
Earnings per share - Net (loss) income per share (basic)
$(0.63)$0.12 $(1.01)$0.11 
Earnings per share - Net (loss) income per share (diluted)
$(0.63)$0.11 $(1.01)$0.11 
(1) Before (loss) gain on sale, equity in net loss, purchase price and other fair value adjustments and depreciable real estate reserves shown below.
Supplemental Information
13
First Quarter 2023

COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited
(Dollars in Thousands Except Per Share)
https://cdn.kscope.io/b540689db9145f03b7ec6d283568bfc7-slglogo.jpg

Three Months Ended
March 31,March 31,December 31,September 30,
2023202220222022
Funds from Operations
Net (Loss) Income Attributable to Common Stockholders$(39,731)$7,751 $(64,276)$7,377 
Depreciation and amortization78,548 46,983 72,947 48,462 
Joint ventures depreciation and noncontrolling interests adjustments69,534 60,432 67,541 63,890 
Net (loss) income attributable to noncontrolling interests(3,962)349 (5,110)(502)
Loss (gain) on sale of real estate and discontinued operations1,651 1,002 23,381 (4,276)
Equity in net loss on sale of joint venture property / real estate79 — — — 
Depreciable real estate reserves — — 6,313 — 
Non-real estate depreciation and amortization(634)(721)(760)(709)
Funds From Operations$105,485 $115,796 $100,036 $114,242 
Funds From Operations - Basic per Share$1.54 $1.69 $1.47 $1.67 
Funds From Operations - Diluted per Share$1.53 $1.65 $1.46 $1.66 
Funds Available for Distribution
FFO$105,485 $115,796 $100,036 $114,242 
Non real estate depreciation and amortization634 721 760 709 
Amortization of deferred financing costs2,021 1,948 1,909 2,043 
Non-cash deferred compensation13,947 13,682 17,321 13,145 
FAD adjustment for joint ventures(20,838)(28,215)(30,623)(34,438)
Straight-line rental income and other non-cash adjustments(15,565)(2,563)(8,482)(15,750)
Second cycle tenant improvements(5,641)(6,552)(6,676)(7,559)
Second cycle leasing commissions(3,569)(3,752)(3,165)(2,513)
Revenue enhancing recurring CAPEX(103)(718)(1,045)(1,916)
Non-revenue enhancing recurring CAPEX(3,044)(4,859)(11,530)(3,041)
Reported Funds Available for Distribution$73,327 $85,488 $58,505 $64,922 
First cycle tenant improvements$22 $— $— $— 
First cycle leasing commissions$103 $— $26 $— 
Development costs$7,808 $7,836 $15,605 $12,234 
Redevelopment costs$4,693 $5,478 $23,467 $13,774 
Capitalized interest$25,464 $17,941 $26,492 $19,660 
Supplemental Information
14
First Quarter 2023

CONSOLIDATED STATEMENT OF EQUITY

Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/b540689db9145f03b7ec6d283568bfc7-slglogo.jpg

Accumulated
Series IOther
PreferredCommonAdditionalTreasuryRetainedNoncontrollingComprehensive
StockStockPaid-In CapitalStockEarningsInterestsIncomeTotal
Balance at December 31, 2022$221,932 $656 $3,790,358 $(128,655)$651,138 $61,889 $49,604 $4,646,922 
Net loss(35,993)(1,625)(37,618)
Acquisition of subsidiary interest from noncontrolling interest8,134 8,134 
Preferred dividends(3,738)(3,738)
Dividends declared ($0.8124 per common share)(52,236)(52,236)
Distributions to noncontrolling interests(136)(136)
Other comprehensive loss - net unrealized loss on derivative instruments(25,388)(25,388)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments(3,878)(3,878)
Other comprehensive loss - net unrealized loss on marketable securities(910)(910)
DRSPP proceeds184 184 
Contributions to consolidated joint ventures426 426 
Reallocation of noncontrolling interests in the Operating Partnership(10,147)(10,147)
Deferred compensation plan and stock awards, net7,559 7,559 
Balance at March 31, 2023$221,932 $656 $3,798,101 $(128,655)$549,024 $68,688 $19,428 $4,529,174 
RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION
Common StockOP UnitsStock-Based CompensationDiluted Shares
Share Count at December 31, 202264,380,082 3,670,343  68,050,425 
YTD share activity(6,597)568,992 — 562,395 
Share Count at March 31, 202364,373,485 4,239,335  68,612,820 
Weighting factor(17,448)(135,874)314,713 161,391 
Weighted Average Share Count at March 31, 2023 - Diluted64,356,037 4,103,461 314,713 68,774,211 
Supplemental Information
15
First Quarter 2023

JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/b540689db9145f03b7ec6d283568bfc7-slglogo.jpg

As of
March 31, 2023December 31, 2022September 30, 2022
TotalSLG ShareTotalSLG ShareTotalSLG Share
Assets
Commercial real estate properties, at cost:
     Land and land interests$3,891,106 $1,923,625 $3,895,212 $1,925,616 $3,759,369 $1,879,762 
     Building and improvements 12,596,690 6,343,667 12,478,026 6,309,717 12,281,349 6,246,144 
     Building leasehold and improvements 1,132,192 427,436 1,120,702 423,944 1,108,043 420,096 
     Right of use asset - financing leases740,832 345,489 740,832 345,489 740,832 345,489 
     Right of use asset - operating leases274,053 130,054 274,053 130,054 258,657 124,810 
 18,634,873 9,170,271 18,508,825 9,134,820 18,148,250 9,016,301 
Less: accumulated depreciation(2,603,906)(1,254,142)(2,519,183)(1,209,202)(2,418,501)(1,156,028)
 Net real estate16,030,967 7,916,129 15,989,642 7,925,618 15,729,749 7,860,273 
Cash and cash equivalents319,369 151,331 296,413 143,775 300,558 142,085 
Restricted cash356,724 203,821 412,886 237,921 419,495 243,460 
Tenant and other receivables51,100 27,342 30,050 15,886 49,476 26,216 
Deferred rents receivable584,574 325,527 571,502 318,119 556,290 308,268 
Deferred costs, net308,263 169,041 309,087 171,117 307,668 171,334 
Other assets2,220,796 915,890 2,242,339 911,392 2,297,191 941,887 
Total Assets$19,871,793 $9,709,081 $19,851,919 $9,723,828 $19,660,427 $9,693,523 
Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of
$125,212 at 3/31/2023, of which $62,270 is SLG share
$12,461,690 $6,133,904 $12,348,954 $6,106,009 $12,198,081 $6,067,860 
Accrued interest43,583 18,325 40,707 17,069 36,639 15,607 
Accounts payable and accrued expenses291,429 123,624 309,986 134,380 296,705 120,575 
Deferred revenue1,073,926 479,616 1,077,901 479,780 1,117,156 500,046 
Lease liability - financing leases745,309 346,591 745,138 346,611 744,972 346,635 
Lease liability - operating leases252,650 121,975 255,218 123,182 242,418 119,151 
Security deposits36,742 20,282 35,270 19,774 36,135 19,878 
Other liabilities85,060 56,773 70,574 45,962 73,914 47,345 
Equity4,881,404 2,407,991 4,968,171 2,451,061 4,914,407 2,456,426 
Total Liabilities and Equity$19,871,793 $9,709,081 $19,851,919 $9,723,828 $19,660,427 $9,693,523 
Supplemental Information
16
First Quarter 2023

JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
https://cdn.kscope.io/b540689db9145f03b7ec6d283568bfc7-slglogo.jpg
Three Months EndedThree Months EndedThree Months Ended
March 31, 2023December 31, 2022March 31, 2022
TotalSLG ShareTotalSLG ShareTotalSLG Share
Revenues
Rental revenue, net$325,664 $167,187 $280,417 $145,067 $284,756 $143,030 
Escalation and reimbursement revenues57,398