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

FORM 8-K

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

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

Maryland
(State of Incorporation)

1-13199 13-3956775
(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:
Registrant Trading Symbol Title of Each Class Name of Each Exchange on Which Registered
SL Green Realty Corp. SLG Common Stock, $0.01 par value New York Stock Exchange
SL Green Realty Corp. SLG.PRI 6.500% Series I Cumulative Redeemable Preferred Stock, $0.01 par value New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company     [☐]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [ ]



Item 2.02.    Results of Operations and Financial Condition

Following the issuance of a press release on July 19, 2023 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended June 30, 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 July 19, 2023, the Company issued a press release announcing its results for the quarter ended June 30, 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 June 30, 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: July 20, 2023



EX-99.1 2 a23q2earningsrelease.htm EX-99.1 Document
Exhibit 99.1

SL GREEN REALTY CORP. REPORTS
SECOND QUARTER 2023 EPS OF ($5.63) PER SHARE;
AND FFO OF $1.43 PER SHARE


Financial and Operating Highlights
•Net loss attributable to common stockholders of $5.63 per share for the second quarter of 2023 as compared to net loss of $0.70 per share for the same period in 2022. Net loss attributable to common stockholders for the second quarter of 2023 included the $305.9 million, or $4.44 per share, write down of the carrying value of the leasehold interest at 625 Madison Avenue that the Company previously disclosed it would record in the second quarter.
•Reported funds from operations, or FFO, of $1.43 per share for the second quarter of 2023 as compared to $1.87 per share for the same period in 2022.
•Signed 43 Manhattan office leases covering 410,749 square feet in the second quarter of 2023 and 84 Manhattan office leases covering 915,431 square feet for the first six months of 2023. The mark-to-market on signed Manhattan office leases was 2.2% lower for the second quarter and 1.1% higher for the first six months of 2023 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 3.6% for the second quarter of 2023 and increased by 4.4% for the first six months of 2023 as compared to the same period in 2022, excluding lease termination income.
•Manhattan same-store office occupancy was 89.8% as of June 30, 2023 inclusive of leases signed but not yet commenced.
Investing Highlights
•Closed on the sale of a 49.9% joint venture interest in 245 Park Avenue for gross consideration of $2.0 billion. The transaction generated net cash proceeds to the Company of $174.2 million.
•In June, a temporary certificate of occupancy was issued by the New York City Buildings Department for the base building and dormitory units at 15 Beekman. During the third quarter, the building will be turned over to Pace University, which has leased the property for a term of 30 years.



Financing Highlights
•Together with our joint venture partners, closed on a modification of the construction loan at One Madison Avenue, allowing the partnership to utilize the final tranche of the facility for an expanded range of uses, including additional amenities funded by construction cost savings and for hedging activities in contemplation of a permanent financing.
•Together with our joint venture partner, closed on the refinancing of 919 Third Avenue. The new $500.0 million mortgage has a term of up to 5 years and bears interest at a floating rate of 2.50% over Term SOFR, which the partnership has swapped to a fixed rate of 6.11%.
NEW YORK, July 19, 2023 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net loss attributable to common stockholders for the quarter ended June 30, 2023 of $360.2 million, or $5.63 per share, as compared to net loss of $43.9 million, or $0.70 per share, for the same quarter in 2022. Net loss attributable to common stockholders for the second quarter of 2023 included $350.0 million, or $5.08 per share, of net losses from the sale of real estate interests and non-cash fair value adjustments, as compared to $70.7 million, or $1.02 per share, of net losses from the sale of real estate interests and non-cash fair value adjustments for the same period in 2022.
The Company also reported a net loss attributable to common stockholders for the six months ended June 30, 2023 of $399.9 million, or $6.25 per share, as compared to net loss of $36.1 million, or $0.58 per share, for the same period in 2022. Net loss attributable to common stockholders for the six months ended June 30, 2023 included $351.5 million, or $5.10 per share, of net losses from the sale of real estate interests and non-cash fair value adjustments. Net loss for the six months ended June 30, 2022 included $71.7 million, or $1.03 per share, of net losses recognized from the sale of real estate interests and non-cash fair value adjustments.
The Company reported FFO for the quarter ended June 30, 2023 of $98.4 million, or $1.43 per share, as compared to FFO for the same period in 2022 of $128.8 million, or $1.87 per share. FFO for the second quarter of 2023 is net of $0.4 million, or $0.01 per share, of non-cash fair value adjustments for derivatives and included $4.7 million, or $0.07 per share, of fee income related to the sale of a 49.9% joint venture interest in 245 Park Avenue. FFO for the second quarter of 2022 included $4.7 million, or $0.07 per share, of fee income related to the acquisition of 450 Park Avenue and $5.0 million, or $0.07 per share, of income related to the resolution of the Company's investment in 1591-1597 Broadway.
The Company also reported FFO for the six months ended June 30, 2023 of $203.9 million, or $2.96 per share, as compared to FFO for the same period in 2022 of $244.5 million, or $3.52 per share. FFO for the six months ended June 30, 2023 is net of $6.9 million, or $0.10 per share, of reserves on one debt and preferred equity investment and includes $4.7 million, or $0.07 per share, of fee income related to the interest sale of 245 Park Avenue. It is also net of $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 a former tenant, Victoria's Secret Stores LLC, and its guarantor, L Brands Inc., following the completion of legal proceedings against the tenant and guarantor.



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 0.7% for the second quarter of 2023, or 3.6% excluding lease termination income, as compared to the same period in 2022.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased by 1.8% for the six months ended June 30, 2023, or 4.4% excluding lease termination income, as compared to the same period in 2022.
During the second quarter of 2023, the Company signed 43 office leases in its Manhattan office portfolio totaling 410,749 square feet. The average rent on the Manhattan office leases signed in the second quarter of 2023, excluding leases signed at One Vanderbilt, was $89.55 per rentable square foot with an average lease term of 8.3 years and average tenant concessions of 9.2 months of free rent with a tenant improvement allowance of $81.33 per rentable square foot. Twenty-one leases comprising 299,492 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 $95.34 per rentable square foot, representing a 2.2% decrease over the previous fully escalated rents on the same office spaces.
During the six months ended June 30, 2023, the Company signed 84 office leases in its Manhattan office portfolio totaling 915,431 square feet. The average rent on the Manhattan office leases signed in 2023, excluding leases signed at One Vanderbilt and One Madison, was $76.41 per rentable square foot with an average lease term of 7.2 years and average tenant concessions of 6.9 months of free rent with a tenant improvement allowance of $60.81 per rentable square foot. Forty-five leases comprising 676,933 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 $78.47 per rentable square foot, representing a 1.1% increase over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio was 89.8% as of June 30, 2023, inclusive of 143,263 square feet of leases signed but not yet commenced, as compared to 90.2% at the end of the previous quarter.



Significant leasing activity in the second quarter includes:
•Early renewal of 49,851 square feet and expansion by 49,717 square feet with one of the world's largest sovereign wealth funds at 280 Park Avenue;
•New lease with EQT Partners Inc. for 76,204 square feet at 245 Park Avenue;
•Early renewal with Robert Half International Inc. for 38,026 square feet at 125 Park Avenue;
•Early renewal with Philip R. Russotti, Clifford H. Shapiro and Kenneth J. Halperin, LLP for 26,747 square feet at 420 Lexington Avenue;
•Expansion lease with Stone Point Capital LLC for 12,692 square feet at One Vanderbilt Avenue;
•Expansion lease with Angelo Gordon & Co., LP for 10,636 square feet at 245 Park Avenue; and
•Early renewal with JMP Group, Inc. for 10,392 square feet at 450 Park Avenue.
Investment Activity
In June, the Company closed on the sale of a 49.9% joint venture interest in 245 Park Avenue for gross consideration of $2.0 billion. SL Green retained a 50.1% 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 $174.2 million.
In June, a temporary certificate of occupancy was issued by the New York City Buildings Department for the base building and the dormitory units at 15 Beekman. During the third quarter, these units will be turned over to Pace University, which has leased the property for a term of 30 years.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity ("DPE") portfolio was $636.5 million at June 30, 2023. The portfolio had a weighted average current yield of 6.1%, or 10.9% excluding the effect of $288.7 million of investments that are on non-accrual. During the second quarter, no investments were sold or repaid and the Company did not originate or acquire any new investments.
Financing Activity
In July, together with our joint venture partners, closed on a modification of the construction loan at One Madison Avenue, allowing the partnership to utilize the final tranche of the facility for an expanded range of uses, including additional amenities funded by construction cost savings and for hedging activities in contemplation of a permanent financing.
In April, the Company, together with its joint venture partner, closed on the refinancing of 919 Third Avenue. The new $500.0 million mortgage that replaces the previous $500.0 million mortgage, has a term of up to 5 years, and bears interest at a floating rate of 2.50% over Term SOFR, which the partnership has swapped to a fixed rate of 6.11%.



Dividends
In the second quarter of 2023, the Company declared:
•Three monthly ordinary dividends on its outstanding common stock of $0.2708 per share, which were paid in cash on May 15, June 15, and July 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 April 15, 2023 through and including July 14, 2023, which was paid in cash on July 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, July 20, 2023, at 2:00 pm ET to discuss the financial results.
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/BIe525e218325c4496a1da8084872ada6b.
Company Profile
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 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 Six Months Ended
June 30, June 30,
Revenues: 2023 2022 2023 2022
Rental revenue, net $ 165,651  $ 136,494  $ 340,243  $ 272,970 
Escalation and reimbursement 20,294  18,738  40,744  38,293 
Investment income 9,103  20,407  18,160  40,295 
Other income 26,022  25,806  45,498  37,851 
        Total revenues 221,070  201,445  444,645  389,409 
Expenses:
Operating expenses, including related party expenses of $0 and $1 in 2023 and $3,172 and $5,695 in 2022
 46,957  39,557  99,021  82,140 
Operating lease rent 6,655  6,477  12,956  13,041 
Real estate taxes 39,885  30,819  81,268  61,566 
Interest expense, net of interest income 40,621  14,960  82,274  30,030 
Amortization of deferred financing costs 2,154  1,917  4,175  3,865 
Depreciation and amortization 69,084  46,914  147,632  93,897 
Loan loss and other investment reserves, net of recoveries —  —  6,890  — 
Transaction related costs 33  1  917  29 
Marketing, general and administrative 22,974  23,522  46,259  48,298 
        Total expenses 228,363  164,167  481,392  332,866 
Equity in net loss from unconsolidated joint ventures (21,932) (4,550) (29,344) (9,265)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate —  (131) (79) (131)
Purchase price and other fair value adjustment (17,409) (6,168) (17,170) (6,231)
Loss on sale of real estate, net (26,678) (64,378) (28,329) (65,380)
Depreciable real estate reserves (305,916) —  (305,916) — 
        Net loss (379,228) (37,949) (417,585) (24,464)
Net loss attributable to noncontrolling interests in the Operating Partnership 23,581  2,813  25,919  2,321 
Net loss (income) attributable to noncontrolling interests in other partnerships 1,041  (3,404) 2,665  (3,261)
Preferred unit distributions (1,851) (1,599) (3,449) (3,246)
Net loss attributable to SL Green (356,457) (40,139) (392,450) (28,650)
Perpetual preferred stock dividends (3,737) (3,737) (7,475) (7,475)
        Net loss attributable to SL Green common stockholders $ (360,194) $ (43,876) $ (399,925) $ (36,125)
Earnings Per Share (EPS)
Net loss per share (Basic) $ (5.63) $ (0.70) $ (6.25) $ (0.58)
Net loss per share (Diluted) $ (5.63) $ (0.70) $ (6.25) $ (0.58)
Funds From Operations (FFO)
FFO per share (Basic) $ 1.43  $ 1.89  $ 2.98  $ 3.57 
FFO per share (Diluted) $ 1.43  $ 1.87  $ 2.96  $ 3.52 
Basic ownership interest
Weighted average REIT common shares for net income per share 64,102  63,798  64,091  63,987 
Weighted average partnership units held by noncontrolling interests 4,239  4,102  4,172  4,112 
Basic weighted average shares and units outstanding 68,341  67,900  68,263  68,099 
Diluted ownership interest
Weighted average REIT common share and common share equivalents 64,694  64,918  64,684  65,310 
Weighted average partnership units held by noncontrolling interests 4,239  4,102  4,172  4,112 
Diluted weighted average shares and units outstanding 68,933  69,020  68,856  69,422 



SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
June 30, December 31,
2023 2022
Assets (Unaudited)
Commercial real estate properties, at cost:
Land and land interests $ 1,071,469  $ 1,576,927 
Building and improvements 3,494,853  4,903,776 
Building leasehold and improvements 1,397,573  1,691,831 
Right of use asset - operating leases 953,236  1,026,265 
6,917,131  9,198,799 
Less: accumulated depreciation (1,950,028) (2,039,554)
4,967,103  7,159,245 
Cash and cash equivalents 191,979  203,273 
Restricted cash 119,080  180,781 
Investment in marketable securities 9,797  11,240 
Tenant and other receivables 36,657  34,497 
Related party receivables 28,955  27,352 
Deferred rents receivable 260,625  257,887 
Debt and preferred equity investments, net of discounts and deferred origination fees of $1,645 and $1,811 in 2023 and 2022, respectively, and allowances of $13,520 and $6,630 in 2023 and 2022, respectively
 636,476  623,280 
Investments in unconsolidated joint ventures 3,228,663  3,190,137 
Deferred costs, net 112,347  121,157 
Other assets 449,606  546,945 
        Total assets $ 10,041,288  $ 12,355,794 
Liabilities
Mortgages and other loans payable $ 1,520,313  $ 3,235,962 
Revolving credit facility 430,000  450,000 
Unsecured term loan 1,675,000  1,650,000 
Unsecured notes 100,000  100,000 
Deferred financing costs, net (20,394) (23,938)
Total debt, net of deferred financing costs 3,704,919  5,412,024 
Accrued interest payable 15,711  14,227 
Accounts payable and accrued expenses 116,700  154,867 
Deferred revenue 125,589  272,248 
Lease liability - financing leases 104,870  104,218 
Lease liability - operating leases 890,305  895,100 
Dividend and distributions payable 21,750  21,569 
Security deposits 49,877  50,472 
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities 100,000  100,000 
Other liabilities 330,799  236,211 
        Total liabilities 5,460,520  7,260,936 
Commitments and contingencies —  — 
Noncontrolling interest in the Operating Partnership 254,434  269,993 
Preferred units 166,501  177,943 
Equity
Stockholders’ equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both June 30, 2023 and December 31, 2022
 221,932  221,932 
Common stock, $0.01 par value 160,000 shares authorized, 65,447 and 65,440 issued and outstanding (including 1,060 and 1,060 held in Treasury) at June 30, 2023 and December 31, 2022, respectively
 656  656 
Additional paid-in capital 3,805,704  3,790,358 
Treasury stock at cost (128,655) (128,655)
Accumulated other comprehensive income 57,769  49,604 
Retained earnings 135,518  651,138 
Total SL Green Realty Corp. stockholders’ equity 4,092,924  4,585,033 
Noncontrolling interests in other partnerships 66,909  61,889 
        Total equity 4,159,833  4,646,922 
Total liabilities and equity $ 10,041,288  $ 12,355,794 



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


Three Months Ended Six Months Ended
June 30, June 30,
Funds From Operations (FFO) Reconciliation: 2023 2022 2023 2022
Net loss attributable to SL Green common stockholders $ (360,194) $ (43,876) $ (399,925) $ (36,125)
Add:
Depreciation and amortization 69,084  46,914  147,632  93,897 
Joint venture depreciation and noncontrolling interest adjustments 65,149  61,030  134,683  121,462 
Net (income) loss attributable to noncontrolling interests (24,622) 591  (28,584) 940 
Less:
Loss on sale of real estate, net (26,678) (64,378) (28,329) (65,380)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate —  (131) (79) (131)
Purchase price and other fair value adjustments (17,013) —  (17,013) — 
Depreciable real estate reserves (305,916) —  (305,916) — 
Depreciation on non-rental real estate assets 600  415  1,234  1,136 
FFO attributable to SL Green common stockholders and unit holders $ 98,424  $ 128,753  $ 203,909  $ 244,549 

Three Months Ended Six Months Ended
June 30, June 30,
Operating income and Same-store NOI Reconciliation: 2023 2022 2023 2022
Net loss $ (379,228) $ (37,949) $ (417,585) $ (24,464)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate —  131  79  131 
Purchase price and other fair value adjustments 17,409  6,168  17,170  6,231 
Loss on sale of real estate, net 26,678  64,378  28,329  65,380 
Depreciable real estate reserves 305,916  —  305,916  — 
Depreciation and amortization 69,084  46,914  147,632  93,897 
Interest expense, net of interest income 40,621  14,960  82,274  30,030 
Amortization of deferred financing costs 2,154  1,917  4,175  3,865 
Operating income 82,634  96,519  167,990  175,070 
Equity in net loss from unconsolidated joint ventures 21,932  4,550  29,344  9,265 
Marketing, general and administrative expense 22,974  23,522  46,259  48,298 
Transaction related costs, net 33  1  917  29 
Investment income (9,103) (20,407) (18,160) (40,295)
Loan loss and other investment reserves, net of recoveries —  —  6,890  — 
Non-building revenue (21,110) (20,428) (27,916) (21,877)
Net operating income (NOI) 97,360  83,757  205,324  170,490 
Equity in net loss from unconsolidated joint ventures (21,932) (4,550) (29,344) (9,265)
SLG share of unconsolidated JV depreciation and amortization 60,781  59,325  125,504  117,455 
SLG share of unconsolidated JV interest expense, net of interest income 62,589  47,336  125,735  92,573 
SLG share of unconsolidated JV amortization of deferred financing costs 3,141  2,894  6,203  5,784 
SLG share of unconsolidated JV loss on early extinguishment of debt —  318  —  318 
SLG share of unconsolidated JV investment income (317) (307) (630) (610)
SLG share of unconsolidated JV non-building revenue (2,046) (2,418) (4,343) (2,858)
NOI including SLG share of unconsolidated JVs 199,576  186,355  428,449  373,887 
NOI from other properties/affiliates (25,579) (7,532) (80,352) (20,348)
Same-store NOI 173,997  178,823  348,097  353,539 
Operating lease straight-line adjustment 204  204  408  408 
SLG share of unconsolidated JV ground lease straight-line adjustment 182  192  374  385 
Straight-line and free rent (2,520) (1,099) (7,303) (3,042)
Amortization of acquired above and below-market leases, net 13  13  27  (48)
SLG share of unconsolidated JV straight-line and free rent (6,323) (13,813) (15,147) (30,405)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net (4,433) (4,391) (8,867) (8,920)
Same-store cash NOI $ 161,120  $ 159,929  $ 317,589  $ 311,917 
Lease termination income (5) (495) (517) (663)
SLG share of unconsolidated JV lease termination income (365) (4,328) (751) (8,380)
Same-store cash NOI excluding lease termination income $ 160,750  $ 155,106  $ 316,321  $ 302,874 



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


EX-99.2 3 a23q2supplemental.htm EX-99.2 Document


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SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions and dispositions, financing, development, redevelopment, construction and leasing.
As of June 30, 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 June 30, 2023 that will be included on Form 10-Q to be filed on or before August 9, 2023.
Supplemental Information
2
Second 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
Second 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
Second 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 Avenue 2 Herald Square (redevelopment)
220 East 42nd Street 121 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
Second Quarter 2023
SECOND QUARTER 2023 HIGHLIGHTS

Unaudited
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NEW YORK, July 19, 2023 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported net loss attributable to common stockholders for the quarter ended June 30, 2023 of $360.2 million, or $5.63 per share, as compared to net loss of $43.9 million, or $0.70 per share, for the same quarter in 2022. Net loss attributable to common stockholders for the second quarter of 2023 included $350.0 million, or $5.08 per share, of net losses from the sale of real estate interests and non-cash fair value adjustments, as compared to $70.7 million, or $1.02 per share, of net losses from the sale of real estate interests and non-cash fair value adjustments for the same period in 2022.
The Company also reported a net loss attributable to common stockholders for the six months ended June 30, 2023 of $399.9 million, or $6.25 per share, as compared to net loss of $36.1 million, or $0.58 per share, for the same period in 2022. Net loss attributable to common stockholders for the six months ended June 30, 2023 included $351.5 million, or $5.10 per share, of net losses from the sale of real estate interests and non-cash fair value adjustments. Net loss for the six months ended June 30, 2022 included $71.7 million, or $1.03 per share, of net losses recognized from the sale of real estate interests and non-cash fair value adjustments.
The Company reported FFO for the quarter ended June 30, 2023 of $98.4 million, or $1.43 per share, as compared to FFO for the same period in 2022 of $128.8 million, or $1.87 per share. FFO for the second quarter of 2023 is net of $0.4 million, or $0.01 per share, of non-cash fair value adjustments for derivatives and included $4.7 million, or $0.07 per share, of fee income related to the sale of a 49.9% joint venture interest in 245 Park Avenue. FFO for the second quarter of 2022 included $4.7 million, or $0.07 per share, of fee income related to the acquisition of 450 Park Avenue and $5.0 million, or $0.07 per share, of income related to the resolution of the Company's investment in 1591-1597 Broadway.
The Company also reported FFO for the six months ended June 30, 2023 of $203.9 million, or $2.96 per share, as compared to FFO for the same period in 2022 of $244.5 million, or $3.52 per share. FFO for the six months ended June 30, 2023 is net of $6.9 million, or $0.10 per share, of reserves on one debt and preferred equity investment and includes $4.7 million, or $0.07 per share, of fee income related to the interest sale of 245 Park Avenue. It is also net of $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 a former tenant, Victoria's Secret Stores LLC, and its guarantor, L Brands Inc., following the completion of legal proceedings against the tenant and guarantor.
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 0.7% for the second quarter of 2023, or 3.6% excluding lease termination income, as compared to the same period in 2022.
Same-store cash NOI, including our share of same-store cash NOI from unconsolidated joint ventures, increased by 1.8% for the six months ended June 30, 2023, or 4.4% excluding lease termination income, as compared to the same period in 2022.
During the second quarter of 2023, the Company signed 43 office leases in its Manhattan office portfolio totaling 410,749 square feet. The average rent on the Manhattan office leases signed in the second quarter of 2023, excluding leases signed at One Vanderbilt, was $89.55 per rentable square foot with an average lease term of 8.3 years and average tenant concessions of 9.2 months of free rent with a tenant improvement allowance of $81.33 per rentable square foot. Twenty-one leases comprising 299,492 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 $95.34 per rentable square foot, representing a 2.2% decrease over the previous fully escalated rents on the same office spaces.
During the six months ended June 30, 2023, the Company signed 84 office leases in its Manhattan office portfolio totaling 915,431 square feet. The average rent on the Manhattan office leases signed in 2023, excluding leases signed at One Vanderbilt and One Madison, was $76.41 per rentable square foot with an average lease term of 7.2 years and average tenant concessions of 6.9 months of free rent with a tenant improvement allowance of $60.81 per rentable square foot. Forty-five leases comprising 676,933 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 $78.47 per rentable square foot, representing a 1.1% increase over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio was 89.8% as of June 30, 2023, inclusive of 143,263 square feet of leases signed but not yet commenced, as compared to 90.2% at the end of the previous quarter.
Supplemental Information
6
Second Quarter 2023
SECOND QUARTER 2023 HIGHLIGHTS

Unaudited
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Significant leasing activity in the second quarter includes:
•Early renewal of 49,851 square feet and expansion by 49,717 square feet with one of the world's largest sovereign wealth funds at 280 Park Avenue;
•New lease with EQT Partners Inc. for 76,204 square feet at 245 Park Avenue;
•Early renewal with Robert Half International Inc. for 38,026 square feet at 125 Park Avenue;
•Early renewal with Philip R. Russotti, Clifford H. Shapiro and Kenneth J. Halperin, LLP for 26,747 square feet at 420 Lexington Avenue;
•Expansion lease with Stone Point Capital LLC for 12,692 square feet at One Vanderbilt Avenue;
•Expansion lease with Angelo Gordon & Co., LP for 10,636 square feet at 245 Park Avenue; and
•Early renewal with JMP Group, Inc. for 10,392 square feet at 450 Park Avenue.
Investment Activity
In June, the Company closed on the sale of a 49.9% joint venture interest in 245 Park Avenue for gross consideration of $2.0 billion. SL Green retained a 50.1% 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 $174.2 million.
In June, a temporary certificate of occupancy was issued by the New York City Buildings Department for the base building and the dormitory units at 15 Beekman. During the third quarter, these units will be turned over to Pace University, which has leased the property for a term of 30 years.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity ("DPE") portfolio was $636.5 million at June 30, 2023. The portfolio had a weighted average current yield of 6.1%, or 10.9% excluding the effect of $288.7 million of investments that are on non-accrual. During the second quarter, no investments were sold or repaid and the Company did not originate or acquire any new investments.
Financing Activity
In July, together with our joint venture partners, closed on a modification of the construction loan at One Madison Avenue, allowing the partnership to utilize the final tranche of the facility for an expanded range of uses, including additional amenities funded by construction cost savings and for hedging activities in contemplation of a permanent financing.
In April, the Company, together with its joint venture partner, closed on the refinancing of 919 Third Avenue. The new $500.0 million mortgage that replaces the previous $500.0 million mortgage, has a term of up to 5 years, and bears interest at a floating rate of 2.50% over Term SOFR, which the partnership has swapped to a fixed rate of 6.11%.
Dividends
In the second quarter of 2023, the Company declared:
•Three monthly ordinary dividends on its outstanding common stock of $0.2708 per share, which were paid in cash on May 15, June 15, and July 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 April 15, 2023 through and including July 14, 2023, which was paid in cash on July 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, July 20, 2023, at 2:00 pm ET to discuss the financial results.
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/BIe525e218325c4496a1da8084872ada6b.
Supplemental Information
7
Second Quarter 2023
KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
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As of or for the three months ended
6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022
Earnings Per Share
Net (loss) income available to common stockholders (EPS) - diluted $ (5.63) $ (0.63) $ (1.01) $ 0.11  $ (0.70)
Funds from operations (FFO) available to common stockholders - diluted $ 1.43  $ 1.53  $ 1.46  $ 1.66  $ 1.87 
Common Share Price & Dividends
Closing price at the end of the period $ 30.05  $ 23.52  $ 33.72  $ 40.16  $ 46.15 
Closing high price during period $ 30.72  $ 43.97  $ 41.96  $ 51.02  $ 81.20 
Closing low price during period $ 20.60  $ 19.96  $ 32.94  $ 39.15  $ 46.15 
Annual dividend per common share $ 3.25  $ 3.25  $ 3.25  $ 3.73  $ 3.73 
FFO payout ratio (trailing 12 months) 55.5% 53.6% 54.4% 55.5% 54.2%
Funds available for distribution (FAD) payout ratio (trailing 12 months) 90.4% 79.0% 79.0% 78.1% 70.7%
Common Shares & Units
Common shares outstanding 64,387  64,373  64,380  64,316  64,302 
Units outstanding 4,238  4,239  3,670  3,759  4,144 
Total common shares and units outstanding 68,625  68,612  68,050  68,075  68,446 
Weighted average common shares and units outstanding - basic 68,341  68,182  67,659  68,037  67,900 
Weighted average common shares and units outstanding - diluted 68,933  68,774  68,650  68,897  69,020 
Market Capitalization
Market value of common equity $ 2,062,181  $ 1,613,754  $ 2,294,646  $ 2,733,892  $ 3,158,783 
Liquidation value of preferred equity/units 396,500  407,943  407,943  407,943  407,943 
Consolidated debt 3,825,313  5,599,489  5,535,962  5,637,386  3,906,445 
Consolidated market capitalization $ 6,283,994  $ 7,621,186  $ 8,238,551  $ 8,779,221  $ 7,473,171 
SLG share of unconsolidated JV debt 7,113,281  6,196,174  6,172,919  6,134,631  5,851,875 
Market capitalization including SLG share of unconsolidated JVs $ 13,397,275  $ 13,817,360  $ 14,411,470  $ 14,913,852  $ 13,325,046 
Consolidated debt service coverage (trailing 12 months) 2.50x 2.93x 3.26x 3.80x 4.02x
Consolidated fixed charge coverage (trailing 12 months) 2.09x 2.39x 2.59x 2.90x 3.04x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months) 1.60x 1.78x 1.99x 2.16x 2.27x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months) 1.44x 1.57x 1.73x 1.85x 1.94x
Supplemental Information
8
Second Quarter 2023
KEY FINANCIAL DATA

Unaudited
(Dollars in Thousands Except Per Share)
slglogo.jpg

As of or for the three months ended
6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022
Selected Balance Sheet Data
Real estate assets before depreciation $ 6,917,131  $ 9,243,706  $ 9,198,799  $ 9,462,329  $ 7,440,532 
Investments in unconsolidated joint ventures $ 3,228,663  $ 3,164,729  $ 3,190,137  $ 3,185,800  $ 3,074,200 
Debt and preferred equity investments $ 636,476  $ 626,803  $ 623,280  $ 663,985  $ 1,134,080 
Cash and cash equivalents $ 191,979  $ 158,937  $ 203,273  $ 201,267  $ 189,360 
Investment in marketable securities $ 9,797  $ 10,273  $ 11,240  $ 16,535  $ 26,260 
Total assets $ 10,041,288  $ 12,342,119  $ 12,355,794  $ 12,716,050  $ 10,704,883 
Consolidated fixed rate & hedged debt $ 3,300,165  $ 5,014,341  $ 5,015,814  $ 4,497,238  $ 3,086,297 
Consolidated variable rate debt 525,148  585,148  520,148  1,140,148  820,148 
Total consolidated debt $ 3,825,313  $ 5,599,489  $ 5,535,962  $ 5,637,386  $ 3,906,445 
Deferred financing costs, net of amortization (20,394) (22,275) (23,938) (22,898) (24,840)
Total consolidated debt, net $ 3,804,919  $ 5,577,214  $ 5,512,024  $ 5,614,488  $ 3,881,605 
Total liabilities $ 5,460,520  $ 7,361,827  $ 7,260,936  $ 7,492,143  $ 5,443,202 
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt $ 9,701,776  $ 10,502,715  $ 10,493,846  $ 8,789,696  $ 7,381,507 
Variable rate debt, including SLG share of unconsolidated JV debt 1,236,818 
(1)
 1,292,948  1,215,035  2,982,321  2,376,813 
Total debt, including SLG share of unconsolidated JV debt $ 10,938,594  $ 11,795,663  $ 11,708,881  $ 11,772,017  $ 9,758,320 
Selected Operating Data
Property operating revenues $ 185,945  $ 195,042  $ 197,285  $ 162,952  $ 155,232 
Property operating expenses (93,497) (99,748) (94,977) (87,510) (76,853)
Property NOI $ 92,448  $ 95,294  $ 102,308  $ 75,442  $ 78,379 
SLG share of unconsolidated JV Property NOI 106,566  129,739  102,930  99,313  101,483 
Property NOI, including SLG share of unconsolidated JV Property NOI $ 199,014  $ 225,033  $ 205,238  $ 174,755  $ 179,862 
Investment income 9,103  9,057  11,305  29,513  20,407 
Other income 26,022  19,476  16,284  19,991  25,806 
Marketing general & administrative expenses (22,974) (23,285) (24,224) (21,276) (23,522)
SLG share of investment income and other income from unconsolidated JVs 5,503  3,071  3,543  1,862  7,053 
Income taxes 1,973  766  2,883  (129) 1,346 
Transaction costs, including SLG share of unconsolidated JVs (33) (884) (88) (292) (1)
Loan loss and other investment reserves, net of recoveries —  (6,890) —  —  — 
EBITDAre $ 218,608  $ 226,344  $ 214,941  $ 204,424  $ 210,951 
(1) Does not reflect $154.5 million of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.

Supplemental Information
9
Second Quarter 2023
KEY FINANCIAL DATA
Manhattan Properties (1)
Unaudited
(Dollars in Thousands Except Per Share)
slglogo.jpg
As of or for the three months ended
6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022
Selected Operating Data
Property operating revenues $ 181,045  $ 190,215  $ 192,814  $ 157,451  $ 149,542 
Property operating expenses 83,135  88,279  86,992  77,440  68,296 
Property NOI $ 97,910  $ 101,936  $ 105,822  $ 80,011  $ 81,246 
Other income - consolidated $ 1,157  $ 7,959  $ 1,573  $ 3,701  $ 7,010 
SLG share of property NOI from unconsolidated JVs $ 106,445  $ 129,617  $ 102,805  $ 98,211  $ 101,359 
Office Portfolio Statistics (Manhattan Operating Properties)
Consolidated office buildings in service 13  14 13 13 12
Unconsolidated office buildings in service 12  11  12  12  12 
25  25  25  25  24 
Consolidated office buildings in service - square footage 8,399,141  10,181,934 9,963,138 9,963,138 8,180,345
Unconsolidated office buildings in service - square footage 15,412,174  13,629,381 13,998,381 13,998,381 13,998,381
23,811,315  23,811,315  23,961,519  23,961,519  22,178,726 
Same-Store office occupancy inclusive of leases signed not yet commenced 89.8% 90.2% 92.0% 92.8% 92.6%
Office Leasing Statistics (Manhattan Operating Properties)
New leases commenced 21 20 32 27 24
Renewal leases commenced 11 15 10 10 11
Total office leases commenced 32  35  42  37  35 
Commenced office square footage filling vacancy 44,346  80,072  91,474  80,211  72,344 
Commenced office square footage on previously occupied space (M-T-M leasing) (2)
 369,906 384,041 228,847 84,673 261,288
Total office square footage commenced 414,252  464,113  320,321  164,884  333,632 
Average starting cash rent psf - office leases commenced $ 78.88  $ 66.44  $ 72.23  $ 72.95  $ 72.68 
Previous escalated cash rent psf - office leases commenced (3)
 $ 78.00  $ 62.76  $ 79.59  $ 72.12  $ 70.10 
Increase (decrease) in new cash rent over previously escalated cash rent (2) (3)
 1.1% 5.9% (9.2)% 1.2% 3.7%
Average lease term 5.6 6.2 8.7 6.0 11.4
Tenant concession packages psf $ 49.43  $ 46.86  $ 80.14  $ 55.19  $ 100.39 
Free rent months 7.2 4.8 8.5 5.5 9.3
(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
Second Quarter 2023
COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
slglogo.jpg

As of
6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022
Assets
Commercial real estate properties, at cost:
     Land and land interests $ 1,071,469  $ 1,576,927  $ 1,576,927  $ 1,715,371  $ 1,209,913 
     Building and improvements 3,494,853  4,940,138  4,903,776  5,028,486  3,579,961 
     Building leasehold and improvements 1,397,573  1,700,376  1,691,831  1,676,811  1,666,935 
     Right of use asset - operating leases 953,236  1,026,265  1,026,265  1,041,661  983,723 
6,917,131  9,243,706  9,198,799  9,462,329  7,440,532 
Less: accumulated depreciation (1,950,028) (2,100,804) (2,039,554) (2,005,922) (1,961,766)
Net real estate 4,967,103  7,142,902  7,159,245  7,456,407  5,478,766 
Other real estate investments:
    Investment in unconsolidated joint ventures 3,228,663  3,164,729  3,190,137  3,185,800  3,074,200 
    Debt and preferred equity investments, net 636,476 

626,803  623,280  663,985  1,134,080 
Cash and cash equivalents 191,979  158,937  203,273  201,267  189,360 
Restricted cash 119,080  198,325  180,781  183,811  87,701 
Investment in marketable securities 9,797  10,273  11,240  16,535  26,260 
Tenant and other receivables 36,657  36,289  34,497  41,334  40,909 
Related party receivables 28,955  26,794  27,352  27,287  27,293 
Deferred rents receivable 260,625  266,567  257,887  252,555  249,998 
Deferred costs, net 112,347  117,602  121,157  115,952  118,829 
Other assets 449,606  592,898  546,945  571,117  277,487 
 Total Assets $ 10,041,288  $ 12,342,119  $ 12,355,794  $ 12,716,050  $ 10,704,883 
Supplemental Information
11
Second Quarter 2023
COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
slglogo.jpg

As of
6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022
Liabilities
Mortgages and other loans payable $ 1,520,313  $ 3,234,489  $ 3,235,962  $ 3,237,390  $ 1,526,023 
Unsecured term loans 1,675,000  1,675,000  1,650,000  1,250,000  1,250,000 
Unsecured notes 100,000  100,000  100,000  599,996  900,422 
Revolving credit facility 430,000  490,000  450,000  450,000  130,000 
Deferred financing costs (20,394) (22,275) (23,938) (22,898) (24,840)
Total debt, net of deferred financing costs 3,704,919  5,477,214  5,412,024  5,514,488  3,781,605 
Accrued interest 15,711  16,049  14,227  18,705  11,862 
Accounts payable and accrued expenses 116,700  150,873  154,867  175,203  145,237 
Deferred revenue 125,589  264,852  272,248  280,251  104,295 
Lease liability - financing leases 104,870  104,544  104,218  103,888  103,561 
Lease liability - operating leases 890,305  892,984  895,100  911,756  852,614 
Dividends and distributions payable 21,750  21,768  21,569  24,362  24,456 
Security deposits 49,877  50,585  50,472  50,926  54,696 
Junior subordinated deferrable interest debentures 100,000  100,000  100,000  100,000  100,000 
Other liabilities 330,799  282,958  236,211  312,564  264,876 
Total liabilities 5,460,520  7,361,827  7,260,936  7,492,143  5,443,202 
Noncontrolling interest in operating partnership
     (4,238 units outstanding at 6/30/2023)
 254,434  273,175  269,993  293,743  334,974 
Preferred units 166,501  177,943  177,943  177,943  177,943 
Equity
Stockholders' Equity:
Series I Perpetual Preferred Shares 221,932  221,932  221,932  221,932  221,932 
Common stock, $0.01 par value, 160,000 shares authorized, 65,447
issued and outstanding at 6/30/2023, including 1,060 shares held in treasury
 656  656  656  655  655 
Additional paid–in capital 3,805,704  3,798,101  3,790,358  3,780,286  3,801,272 
Treasury stock (128,655) (128,655) (128,655) (128,655) (128,655)
Accumulated other comprehensive income 57,769  19,428  49,604  57,574  8,595 
Retained earnings 135,518  549,024  651,138  755,862  779,999 
Total SL Green Realty Corp. stockholders' equity 4,092,924  4,460,486  4,585,033  4,687,654  4,683,798 
Noncontrolling interest in other partnerships 66,909  68,688  61,889  64,567  64,966 
Total equity 4,159,833  4,529,174  4,646,922  4,752,221  4,748,764 
 Total Liabilities and Equity $ 10,041,288  $ 12,342,119  $ 12,355,794  $ 12,716,050  $ 10,704,883 
Supplemental Information
12
Second Quarter 2023
COMPARATIVE STATEMENT OF OPERATIONS

Unaudited
(Dollars in Thousands Except Per Share)
slglogo.jpg

Three Months Ended Six Months Ended
June 30, June 30, March 31, June 30, June 30,
2023 2022 2023 2023 2022
Revenues
Rental revenue, net $ 165,651  $ 136,494  $ 174,592  $ 340,243  $ 272,970 
Escalation and reimbursement revenues 20,294  18,738  20,450  40,744  38,293 
Investment income 9,103  20,407  9,057  18,160  40,295 
Other income 26,022  25,806  19,476  45,498  37,851 
Total Revenues, net 221,070  201,445  223,575  444,645  389,409 
Expenses
Operating expenses 46,957  39,557  52,064  99,021  82,140 
Operating lease rent 6,655  6,477  6,301  12,956  13,041 
Real estate taxes 39,885  30,819  41,383  81,268  61,566 
Loan loss and other investment reserves, net of recoveries —  —  6,890  6,890  — 
Transaction related costs 33  1  884  917  29 
Marketing, general and administrative 22,974  23,522  23,285  46,259  48,298 
Total Operating Expenses 116,504  100,376  130,807  247,311  205,074 
Equity in net income (loss) from unconsolidated joint ventures (21,932) (4,550) (7,412) (29,344) (9,265)
Operating Income 82,634  96,519  85,356  167,990  175,070 
Interest expense, net of interest income 40,621  14,960  41,653  82,274  30,030 
Amortization of deferred financing costs 2,154  1,917  2,021  4,175  3,865 
Depreciation and amortization 69,084  46,914  78,548  147,632  93,897 
(Loss) Income from Continuing Operations (1)
 (29,225) 32,728  (36,866) (66,091) 47,278 
Loss on sale of real estate, net (26,678) (64,378) (1,651) (28,329) (65,380)
Equity in net loss on sale of joint venture interest / real estate —  (131) (79) (79) (131)
Purchase price and other fair value adjustments (17,409) (6,168) 239  (17,170) (6,231)
Depreciable real estate reserves (305,916) —  —  (305,916) — 
Net Loss (379,228) (37,949) (38,357) (417,585) (24,464)
Net loss (income) attributable to noncontrolling interests 24,622  (591) 3,962  28,584  (940)
Dividends on preferred units (1,851) (1,599) (1,598) (3,449) (3,246)
Net Loss Attributable to SL Green Realty Corp (356,457) (40,139) (35,993) (392,450) (28,650)
Dividends on perpetual preferred shares (3,737) (3,737) (3,738) (7,475) (7,475)
Net Loss Attributable to Common Stockholders $ (360,194) $ (43,876) $ (39,731) $ (399,925) $ (36,125)
Earnings per share - Net loss per share (basic)
 $ (5.63) $ (0.70) $ (0.63) $ (6.25) $ (0.58)
Earnings per share - Net loss per share (diluted)
 $ (5.63) $ (0.70) $ (0.63) $ (6.25) $ (0.58)
(1) Before loss on sale, equity in net loss, purchase price and other fair value adjustments and depreciable real estate reserves shown below.
Supplemental Information
13
Second Quarter 2023
COMPARATIVE COMPUTATION OF FFO AND FAD

Unaudited
(Dollars in Thousands Except Per Share)
slglogo.jpg

Three Months Ended Six Months Ended
June 30, June 30, March 31, June 30, June 30,
2023 2022 2023 2023 2022
Funds from Operations
Net Loss Attributable to Common Stockholders $ (360,194) $ (43,876) $ (39,731) $ (399,925) $ (36,125)
Depreciation and amortization 69,084  46,914  78,548  147,632  93,897 
Joint ventures depreciation and noncontrolling interests adjustments 65,149  61,030  69,534  134,683  121,462 
Net (loss) income attributable to noncontrolling interests (24,622) 591  (3,962) (28,584) 940 
Loss on sale of real estate, net 26,678  64,378  1,651  28,329  65,380 
Equity in net loss on sale of joint venture property / real estate —  131  79  79  131 
Purchase price and other fair value adjustments 17,013  —  —  17,013  — 
Depreciable real estate reserves 305,916  —  —  305,916  — 
Non-real estate depreciation and amortization (600) (415) (634) (1,234) (1,136)
Funds From Operations $ 98,424  $ 128,753  $ 105,485  $ 203,909  $ 244,549 
Funds From Operations - Basic per Share $ 1.43  $ 1.89  $ 1.54  $ 2.98  $ 3.57 
Funds From Operations - Diluted per Share $ 1.43  $ 1.87  $ 1.53  $ 2.96  $ 3.52 
Funds Available for Distribution
FFO $ 98,424  $ 128,753  $ 105,485  $ 203,909  $ 244,549 
Non real estate depreciation and amortization 600  415  634  1,234  1,136 
Amortization of deferred financing costs 2,154  1,917  2,021  4,175  3,865 
Non-cash deferred compensation 12,236  12,892  13,947  26,183  26,574 
FAD adjustment for joint ventures (21,813) (22,178) (20,838) (42,651) (50,393)
Straight-line rental income and other non-cash adjustments (10,975) 4,961  (15,565) (26,540) 2,398 
Second cycle tenant improvements (15,259) (11,168) (5,641) (20,900) (17,720)
Second cycle leasing commissions (1,240) (2,253) (3,569) (4,809) (6,005)
Revenue enhancing recurring CAPEX (135) (406) (103) (238) (1,124)
Non-revenue enhancing recurring CAPEX (4,280) (5,482) (3,044) (7,324) (10,341)
Reported Funds Available for Distribution $ 59,712  $ 107,451  $ 73,327  $ 133,039  $ 192,939 
First cycle tenant improvements $ 543  $ —  $ 22  $ 565  $ — 
First cycle leasing commissions $ 5  $ —  $ 103  $ 108  $ — 
Development costs $ 11,341  $ 12,566  $ 7,808  $ 19,149  $ 20,402 
Redevelopment costs $ 3,451  $ 9,526  $ 4,693  $ 8,144  $ 15,004 
Capitalized interest $ 26,969  $ 18,351  $ 25,464  $ 52,433  $ 36,292 
Supplemental Information
14
Second Quarter 2023
CONSOLIDATED STATEMENT OF EQUITY

Unaudited
(Dollars in Thousands)
slglogo.jpg

Accumulated
Series I Other
Preferred Common Additional Treasury Retained Noncontrolling Comprehensive
Stock Stock Paid-In Capital Stock Earnings Interests Income Total
Balance at December 31, 2022 $ 221,932  $ 656  $ 3,790,358  $ (128,655) $ 651,138  $ 61,889  $ 49,604  $ 4,646,922 
Net loss (392,450) (2,665) (395,115)
Preferred dividends (7,475) (7,475)
Dividends declared ($1.6248 per common share)
 (104,497) (104,497)
Distributions to noncontrolling interests (763) (763)
Other comprehensive income - net unrealized gain on derivative instruments 7,486  7,486 
Other comprehensive income - SLG share of unconsolidated joint venture net unrealized gain on derivative instruments 2,034  2,034 
Other comprehensive loss - net unrealized loss on marketable securities (1,355) (1,355)
DRSPP proceeds 342  342 
Contributions to consolidated joint ventures 8,448  8,448 
Reallocation of noncontrolling interests in the Operating Partnership (11,198) (11,198)
Deferred compensation plan and stock awards, net —  15,004  15,004 
Balance at June 30, 2023 $ 221,932  $ 656  $ 3,805,704  $ (128,655) $ 135,518  $ 66,909  $ 57,769  $ 4,159,833 
RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION
Common Stock OP Units Stock-Based Compensation Diluted Shares
Share Count at December 31, 2022 64,380,082  3,670,343  —  68,050,425 
YTD share activity 7,006  567,676  —  574,682 
Share Count at June 30, 2023 64,387,088  4,238,019  —  68,625,107 
Weighting factor (20,573) (66,501) 317,896  230,822 
Weighted Average Share Count at June 30, 2023 - Diluted 64,366,515  4,171,518  317,896  68,855,929 
Supplemental Information
15
Second Quarter 2023
JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
slglogo.jpg

As of
June 30, 2023 March 31, 2023 December 31, 2022
Total SLG Share Total SLG Share Total SLG Share
Assets
Commercial real estate properties, at cost:
     Land and land interests $ 4,396,565  $ 2,176,860  $ 3,891,106  $ 1,923,625  $ 3,895,212  $ 1,925,616 
     Building and improvements 14,183,328  7,111,118  12,596,690  6,343,667  12,478,026  6,309,717 
     Building leasehold and improvements 1,139,253  430,064  1,132,192  427,436  1,120,702  423,944 
     Right of use asset - financing leases 740,832  345,489  740,832  345,489  740,832  345,489 
     Right of use asset - operating leases 274,053  130,054  274,053  130,054  274,053  130,054 
  20,734,031  10,193,585  18,634,873  9,170,271  18,508,825  9,134,820 
Less: accumulated depreciation (2,752,358) (1,331,070) (2,603,906) (1,254,142) (2,519,183) (1,209,202)
 Net real estate 17,981,673  8,862,515  16,030,967  7,916,129  15,989,642  7,925,618 
Cash and cash equivalents 337,555  166,588  319,369  151,331  296,413  143,775 
Restricted cash 383,141  210,397  356,724  203,821  412,886  237,921 
Tenant and other receivables 35,221  17,468  51,100  27,342  30,050  15,886 
Deferred rents receivable 609,596  338,846  584,574  325,527  571,502  318,119 
Deferred costs, net 311,260  169,111  308,263  169,041  309,087  171,117 
Other assets 2,401,909  1,004,584  2,220,796  915,890  2,242,339  911,392 
Total Assets $ 22,060,355  $ 10,769,509  $ 19,871,793  $ 9,709,081  $ 19,851,919  $ 9,723,828 
Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of
$122,897 at 6/30/2023, of which $63,242 is SLG share
 $ 14,357,179  $ 7,050,039  $ 12,461,690  $ 6,133,904  $ 12,348,954  $ 6,106,009 
Accrued interest 45,187  18,929  43,583  18,325  40,707  17,069 
Accounts payable and accrued expenses 298,058  129,313  291,429  123,624  309,986  134,380 
Deferred revenue 1,161,020  522,989  1,073,926  479,616  1,077,901  479,780 
Lease liability - financing leases 745,431  346,545  745,309  346,591  745,138  346,611 
Lease liability - operating leases 250,140  120,779  252,650  121,975  255,218  123,182 
Security deposits 37,730  20,905  36,742  20,282  35,270  19,774 
Other liabilities 135,591  81,257  85,060  56,773  70,574  45,962 
Equity 5,030,019  2,478,753  4,881,404  2,407,991  4,968,171  2,451,061 
Total Liabilities and Equity $ 22,060,355  $ 10,769,509  $ 19,871,793  $ 9,709,081  $ 19,851,919  $ 9,723,828 
Supplemental Information
16
Second Quarter 2023
JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
slglogo.jpg
Three Months Ended
June 30, 2023 June 30, 2022 March 31, 2023
Total SLG Share Total SLG Share Total SLG Share
Revenues
Rental revenue, net $ 284,782  $ 147,455  $ 271,629  $ 137,979  $ 325,664  $ 167,187 
Escalation and reimbursement revenues 48,091  26,124  47,177  24,386  57,398  31,549 
Investment income 1,249  317  1,228  307  1,236  313 
Other income 10,167  5,186  11,665  6,746  5,154  2,758 
Total Revenues, net 344,289  179,082  331,699  169,418  389,452  201,807 
Loss on early extinguishment of debt —  —  (467) (318) —  — 
Expenses
Operating expenses 58,776  30,331  53,572  27,940  61,968  32,544 
Operating lease rent 7,258  3,364  6,581  3,136  7,181  3,338 
Real estate taxes 66,124  33,318  59,394  29,806  65,740  33,115 
Total Operating Expenses 132,158  67,013  119,547  60,882  134,889  68,997 
Operating Income 212,131  112,069  211,685  108,218  254,563  132,810 
Interest expense, net of interest income 129,154  62,589  98,317  47,336  129,477  63,146 
Amortization of deferred financing costs 7,198  3,141  6,695  2,894  7,045  3,062 
Depreciation and amortization 117,402  60,781  113,959  59,325  125,266  64,723 
Net (Loss) Income (41,623) (14,442) (7,286) (1,337) (7,225) 1,879 
Real estate depreciation 117,395  60,776  113,956  59,324  125,260  64,719 
FFO Contribution $ 75,772  $ 46,334  $ 106,670  $ 57,987  $ 118,035  $ 66,598 
FAD Adjustments:
Non real estate depreciation and amortization $ 7  $ 5  $ 3  $ 1  $ 6  $ 4 
Amortization of deferred financing costs 7,198  3,141  6,695  2,894  7,045  3,062 
Straight-line rental income and other non-cash adjustments (17,828) (11,356) (27,616) (18,724) (22,417) (13,786)
Second cycle tenant improvement (18,695) (9,550) (8,495) (4,481) (14,969) (7,804)
Second cycle leasing commissions (4,436) (2,253) (1,296) (707) (706) (399)
Revenue enhancing recurring CAPEX (556) (284) —  —  (133) (73)
Non-revenue enhancing recurring CAPEX (2,928) (1,516) (2,536) (1,161) (3,798) (1,842)
Total FAD Adjustments $ (37,238) $ (21,813) $ (33,245) $ (22,178) $ (34,972) $ (20,838)
First cycle tenant improvement $ 622  $ 159  $ 502  $ 268  $ 161  $ 61 
First cycle leasing commissions $ 182  $ 46  $ 103  $ 51  $ 125  $ 32 
Development costs $ 74,164  $ 20,218  $ 99,888  $ 31,171  $ 76,079  $ 20,796 
Redevelopment costs $ 25,462  $ 9,403  $ 3,969  $ 2,024  $ 17,414  $ 5,528 
Capitalized interest $ 32,867  $ 10,629  $ 8,139  $ 3,518  $ 30,350  $ 9,491 
Supplemental Information
17
Second Quarter 2023
JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
slglogo.jpg
Six Months Ended
June 30, 2023 June 30, 2022
Total SLG Share Total SLG Share
Revenues
Rental revenue, net $ 610,446  $ 314,642  $ 556,385  $ 281,009 
Escalation and reimbursement revenues 105,489  57,673  88,085  44,684 
Investment income 2,485  630  2,443  610 
Other income 15,321  7,944  20,052  11,242 
Total Revenues, net 733,741  380,889  666,965  337,545 
Loss on early extinguishment of debt —  —  (467) (318)
Expenses
Operating expenses 120,744  62,875  113,486  58,201 
Operating lease rent 14,439  6,702  12,849  6,168 
Real estate taxes 131,864  66,433  120,116  59,692 
Total Operating Expenses 267,047  136,010  246,451  124,061 
Operating Income 466,694  244,879  420,047  213,166 
Interest expense, net of interest income 258,631  125,735  193,230  92,573 
Amortization of deferred financing costs 14,243  6,203  13,452  5,784 
Depreciation and amortization 242,668  125,504  226,672  117,455 
Net Loss (48,848) (12,563) (13,307) (2,646)
Real estate depreciation 242,655  125,495  226,663  117,453 
FFO Contribution $ 193,807  $ 112,932  $ 213,356  $ 114,807 
FAD Adjustments:
Non real estate depreciation and amortization $ 13  $ 9  $ 9  $ 2 
Amortization of deferred financing costs 14,243  6,203  13,452  5,784 
Straight-line rental income and other non-cash adjustments (40,245) (25,142) (65,744) (42,226)
Second cycle tenant improvement (33,664) (17,354) (13,912) (7,420)
Second cycle leasing commissions (5,142) (2,652) (9,445) (4,862)
Revenue enhancing recurring CAPEX (689) (357) (675) (49)
Non-revenue enhancing recurring CAPEX (6,726) (3,358) (3,360) (1,622)
Total FAD Adjustments $ (72,210) $ (42,651) $ (79,675) $ (50,393)
First cycle tenant improvement $ 783  $ 220  $ 1,536  $ 799 
First cycle leasing commissions $ 307  $ 78  $ 3,020  $ 1,545 
Development costs $ 150,243  $ 41,014  $ 175,181  $ 59,054 
Redevelopment costs $ 42,876  $ 14,931  $ 4,639  $ 2,309 
Capitalized interest $ 63,217  $ 20,120  $ 15,331  $ 6,794 
Supplemental Information
18
Second Quarter 2023
SELECTED FINANCIAL DATA
Net Operating Income
Unaudited
(Dollars in Thousands)
slglogo.jpg

Three Months Ended Six Months Ended
June 30, June 30, March 31, June 30, June 30,
2023 2022 2023 2023 2022
Net Operating Income (1)
 $ 100,682  $ 90,491  $ 105,295  $ 205,977  $ 177,584 
SLG share of NOI from unconsolidated JVs 107,037 102,549 130,214  237,251  203,762 
NOI, including SLG share of unconsolidated JVs 207,719  193,040  235,509  443,228  381,346 
Partners' share of NOI - consolidated JVs 89 29  63  152  (4)
NOI - SLG share $ 207,808  $ 193,069  $ 235,572  $ 443,380  $ 381,342 
NOI, including SLG share of unconsolidated JVs $ 207,719  $ 193,040  $ 235,509  $ 443,228  $ 381,346 
Free rent (net of amortization) (8,998) (8,242) (10,720) (19,718) (19,309)
Amortization of acquired above and below-market leases, net (10,737) (4,277) (12,496) (23,233) (8,768)
Straight-line revenue adjustment (4,774) (4,352) (6,958) (11,732) (10,999)
Straight-line tenant credit loss (138) (2,191) (447) (585) (2,702)
Operating lease straight-line adjustment 832  715  547  1,379  (790)
Cash NOI, including SLG share of unconsolidated JVs 183,904  174,693  205,435  389,339  338,778 
Partners' share of cash NOI - consolidated JVs 31  28  63  94  (8)
Cash NOI - SLG share $ 183,935  $ 174,721  $ 205,498  $ 389,433  $ 338,770 
(1) Includes SL Green Management Corp. and Emerge 212. Excludes lease termination income.
NOI Summary by Portfolio (1) - SLG Share
Three Months Ended Six Months Ended
June 30, 2023 June 30, 2023
NOI Cash NOI NOI Cash NOI
Manhattan Office $ 190,267  $ 167,076  $ 383,656  $ 330,800 
Development / Redevelopment 5,905  5,875 37,852  37,462 
High Street Retail 7,201  6,245 13,836  12,156 
Suburban & Residential 3,555  3,517  6,129  6,669 
Total Operating and Development 206,928  182,713  441,473  387,087 
Property Dispositions (2)
 (10) (10) (66) (95)
Other (3)
 890  1,232  1,973  2,441 
Total $ 207,808  $ 183,935  $ 443,380  $ 389,433 
(1) Portfolio composition consistent with the Selected Property Data tables.
(2) Includes properties sold or otherwise disposed of during the respective period.
(3) Includes SL Green Management Corp., Emerge 212, Belmont Insurance Company and Ticonderoga Insurance Company.
Supplemental Information
19
Second Quarter 2023
SELECTED FINANCIAL DATA
Same Store Net Operating Income - Wholly Owned and Consolidated JVs
Unaudited
(Dollars in Thousands)
slglogo.jpg
Three Months Ended Three Months Ended Six Months Ended
June 30, June 30, March 31, June 30, June 30,
2023 2022 % 2023 2023 2022 %
Revenues
Rental revenue, net $ 119,803  $ 122,417  (2.1) % $ 123,237  $ 243,021  $ 245,346  (0.9) %
Escalation & reimbursement revenues 15,857  17,161  (7.6) % 16,238  32,095  34,907  (8.1) %
Other income 67  788  (91.5) % 662  729  1,021  (28.6) %
Total Revenues $ 135,727  $ 140,366  (3.3) % $ 140,137  $ 275,845  $ 281,274  (1.9) %
Expenses
Operating expenses $ 31,181  $ 31,012  0.5  % $ 34,672  $ 65,852  $ 62,184  5.9  %
Operating lease rent 6,106  6,106  —  % 6,106  12,211  12,211  —  %
Real estate taxes 28,726  27,642  3.9  % 28,808  57,534  55,208  4.2  %
Total Operating Expenses $ 66,013  $ 64,760  1.9  % $ 69,586  $ 135,597  $ 129,603  4.6  %
Operating Income $ 69,714  $ 75,606  (7.8) % $ 70,551  $ 140,248  $ 151,671  (7.5) %
Interest expense & amortization of financing costs $ 15,785  $ 12,084  30.6  % $ 15,760  $ 31,545  $ 23,935  31.8  %
Depreciation & amortization 40,097  39,356  1.9  % 38,986  79,082  78,036  1.3  %
Income before noncontrolling interest $ 13,832  $ 24,166  (42.8) % $ 15,805  $ 29,621  $ 49,700  (40.4) %
Real estate depreciation & amortization 40,097  39,356  1.9  % 38,986  79,082  78,036  1.3  %
FFO Contribution $ 53,929  $ 63,522  (15.1) % $ 54,791  $ 108,703  $ 127,736  (14.9) %
Non–building revenue (53) (283) (81.3) % (139) (192) (340) (43.5) %
Interest expense & amortization of financing costs 15,785  12,084  30.6  % 15,760  31,545  23,935  31.8  %
Non-real estate depreciation —  —  —  % —  —  —  —  %
NOI $ 69,661  $ 75,323  (7.5) % $ 70,412  $ 140,056  $ 151,331  (7.5) %
Cash Adjustments
Free rent (net of amortization) $ (2,902) $ (234) 1,140.2  % $ (4,191) $ (7,093) $ (1,775) 299.6  %
Straight-line revenue adjustment 367  714  (48.6) % (260) 107  971  (89.0) %
Amortization of acquired above and below-market leases, net 13  13  0.0  % 13  27  (48) (156.3) %
Operating lease straight-line adjustment 204  204  —  % 204  408  408  —  %
Straight-line tenant credit loss 15  (1,579) (100.9) % (333) (317) (2,238) (85.8) %
Cash NOI $ 67,358  $ 74,441  (9.5) % $ 65,845  $ 133,188  $ 148,649  (10.4) %
Lease termination income (5) (495) (99.0) % (511) (517) (663) (22.0) %
Cash NOI excluding lease termination income $ 67,353  $ 73,946  (8.9) % $ 65,334  $ 132,671  $ 147,986  (10.3) %
Operating Margins
NOI to real estate revenue, net 51.3  % 53.8  % 50.3  % 50.8  % 53.9  %
Cash NOI to real estate revenue, net 49.6  % 53.1  % 47.0  % 48.3  % 52.9  %
NOI before operating lease rent/real estate revenue, net 55.8  % 58.1  % 54.7  % 55.2  % 58.2  %
Cash NOI before operating lease rent/real estate revenue, net 54.0  % 57.4  % 51.2  % 52.6  % 57.1  %
Supplemental Information
20
Second Quarter 2023
SELECTED FINANCIAL DATA
Same Store Net Operating Income - Unconsolidated JVs
Unaudited
(Dollars in Thousands, SLG Share)
slglogo.jpg

Three Months Ended Three Months Ended Six Months Ended
June 30, June 30, March 31, June 30, June 30,
2023 2022 % 2023 2023 2022 %
Revenues
Rental revenue, net $ 141,664  $ 135,477  4.6  % $ 138,459  $ 280,129  $ 273,862  2.3  %
Escalation & reimbursement revenues 25,757  24,734  4.1  % 30,587  56,344  45,508  23.8  %
Other income 1,110  4,553  (75.6) % 1,153  2,263  8,745  (74.1) %
Total Revenues $ 168,531  $ 164,764  2.3  % $ 170,199  $ 338,736  $ 328,115  3.2  %
Expenses
Operating expenses $ 28,697  $ 27,998  2.5  % $ 31,049  $ 59,746  $ 59,441  0.5  %
Operating lease rent 2,824  2,824  —  % 2,824  5,648  5,648  —  %
Real estate taxes 31,942  30,217  5.7  % 31,864  63,806  60,457  5.5  %
Total Operating Expenses $ 63,463  $ 61,039  4.0  % $ 65,737  $ 129,200  $ 125,546  2.9  %
Operating Income $ 105,068  $ 103,725  1.3  % $ 104,462  $ 209,536  $ 202,569  3.4  %
Interest expense & amortization of financing costs $ 63,633  $ 52,041  22.3  % $ 63,028  $ 126,661  $ 102,091  24.1  %
Depreciation & amortization 58,141  58,322  (0.3) % 58,378  116,518  118,018  (1.3) %
Loss before noncontrolling interest $ (16,706) $ (6,638) 151.7  % $ (16,944) $ (33,643) $ (17,540) 91.8  %
Real estate depreciation & amortization 58,137  58,321  (0.3) % 58,374  116,509  118,017  (1.3) %
FFO Contribution $ 41,431  $ 51,683  (19.8) % $ 41,430  $ 82,866  $ 100,477  (17.5) %
Non–building revenue (732) (225) 225.3  % (763) (1,495) (361) 314.1  %
Interest expense & amortization of financing costs 63,633  52,041  22.3  % 63,028  126,661  102,091  24.1  %
Non-real estate depreciation 4  1  300.0  % 4  9  1  800.0  %
NOI $ 104,336  $ 103,500  0.8  % $ 103,699  $ 208,041  $ 202,208  2.9  %
Cash Adjustments
Free rent (net of amortization) $ (2,390) $ (8,244) (71.0) % $ (3,687) $ (6,077) $ (17,946) (66.1) %
Straight-line revenue adjustment (3,787) (4,988) (24.1) % (5,121) (8,908) (11,903) (25.2) %
Amortization of acquired above and below-market leases, net (4,433) (4,391) 1.0  % (4,433) (8,867) (8,920) (0.6) %
Operating lease straight-line adjustment 182  192  (5.2) % 192  374  385  (2.9) %
Straight-line tenant credit loss (146) (581) (74.9) % (16) (162) (556) (70.9) %
Cash NOI $ 93,762  $ 85,488  9.7  % $ 90,634  $ 184,401  $ 163,268  12.9  %
Lease termination income (365) (4,328) (91.6) % (386) (751) (8,380) (91.0) %
Cash NOI excluding lease termination income $ 93,397  $ 81,160  15.1  % $ 90,248  $ 183,650  $ 154,888  18.6  %
Operating Margins
NOI to real estate revenue, net 62.2  % 62.9  % 61.2  % 61.7  % 61.7  %
Cash NOI to real estate revenue, net 55.9  % 52.0  % 53.5  % 54.7  % 49.8  %
NOI before operating lease rent/real estate revenue, net 63.9  % 64.6  % 62.9  % 63.4  % 63.4  %
Cash NOI before operating lease rent/real estate revenue, net 57.5  % 53.6  % 55.0  % 56.2  % 51.4  %
Supplemental Information
21
Second Quarter 2023
SELECTED FINANCIAL DATA
Same Store Net Operating Income
Unaudited
(Dollars in Thousands)
slglogo.jpg
Three Months Ended Three Months Ended Six Months Ended
June 30, June 30, March 31, June 30, June 30,
2023 2022 % 2023 2023 2022 %
Revenues
Rental revenue, net $ 119,803  $ 122,417  (2.1) % $ 123,237  $ 243,021  $ 245,346  (0.9) %
Escalation & reimbursement revenues 15,857  17,161  (7.6) % 16,238  32,095  34,907  (8.1) %
Other income 67  788  (91.5) % 662  729  1,021  (28.6) %
Total Revenues $ 135,727  $ 140,366  (3.3) % $ 140,137  $ 275,845  $ 281,274  (1.9) %
Equity in net income (loss) from unconsolidated joint ventures (1)
 $ (16,706) $ (6,638) 151.7  % $ (16,944) $ (33,643) $ (17,540) 91.8  %
Expenses
Operating expenses $ 31,181  $ 31,012  0.5  % $ 34,672  $ 65,852  $ 62,184  5.9  %
Operating lease rent 6,106  6,106  —  % 6,106  12,211  12,211  —  %
Real estate taxes 28,726  27,642  3.9  % 28,808  57,534  55,208  4.2  %
Total Operating Expenses $ 66,013  $ 64,760  1.9  % $ 69,586  $ 135,597  $ 129,603  4.6  %
Operating Income $ 53,008  $ 68,968  (23.1) % $ 53,607  $ 106,605  $ 134,131  (20.5) %
Interest expense & amortization of financing costs $ 15,785  $ 12,084  30.6  % $ 15,760  $ 31,545  $ 23,935  31.8  %
Depreciation & amortization 40,097  39,356  1.9  % 38,986  79,082  78,036  1.3  %
(Loss) income before noncontrolling interest $ (2,874) $ 17,528  (116.4) % $ (1,139) $ (4,022) $ 32,160  (112.5) %
Real estate depreciation & amortization 40,097  39,356  1.9  % 38,986  79,082  78,036  1.3  %
Joint Ventures Real estate depreciation & amortization (1)
 58,137  58,321  (0.3) % 58,374  116,509  118,017  (1.3) %
FFO Contribution $ 95,360  $ 115,205  (17.2) % $ 96,221  $ 191,569  $ 228,213  (16.1) %
Non–building revenue (53) (283) (81.3) % (139) (192) (340) (43.5) %
Joint Ventures Non–building revenue (1)
 (732) (225) 225.3  % (763) (1,495) (361) 314.1  %
Interest expense & amortization of financing costs 15,785  12,084  30.6  % 15,760  31,545  23,935  31.8  %
Joint Ventures Interest expense & amortization of financing costs (1)
 63,633  52,041  22.3  % 63,028  126,661  102,091  24.1  %
Non-real estate depreciation —  —  —  % —  —  —  —  %
Joint Ventures Non-real estate depreciation (1)
 4  1  300.0  % 4  9  1  800.0  %
NOI $ 173,997  $ 178,823  (2.7) % $ 174,111  $ 348,097  $ 353,539  (1.5) %
Cash Adjustments
Non-cash adjustments $ (2,303) $ (882) 161.1  % $ (4,567) $ (6,868) $ (2,682) 156.1  %
Joint Ventures non-cash adjustments (1)
 (10,574) (18,012) (41.3) % (13,065) (23,640) (38,940) (39.3) %
Cash NOI $ 161,120  $ 159,929  0.7  % $ 156,479  $ 317,589  $ 311,917  1.8  %
Lease termination income $ (5) $ (495) (99.0) % $ (511) $ (517) $ (663) (22.0) %
Joint Ventures lease termination income (1)
 (365) (4,328) (91.6) % (386) (751) (8,380) (91.0) %
Cash NOI excluding lease termination income $ 160,750  $ 155,106  3.6  % $ 155,582  $ 316,321  $ 302,874  4.4  %
Operating Margins
NOI to real estate revenue, net 57.3  % 58.7  % 56.3  % 56.8  % 58.1  %
Cash NOI to real estate revenue, net 53.1  % 52.5  % 50.6  % 51.8  % 51.2  %
NOI before operating lease rent/real estate revenue, net 60.3  % 61.6  % 59.2  % 59.7  % 61.0  %
Cash NOI before operating lease rent/real estate revenue, net 55.9  % 55.3  % 53.3  % 54.6  % 54.0  %
(1) The amount represents the Company's share of same-store unconsolidated joint venture activity. The Company does not control investments in unconsolidated joint ventures.
Supplemental Information
22
Second Quarter 2023
DEBT SUMMARY SCHEDULE
Consolidated
Unaudited
(Dollars in Thousands)
slglogo.jpg
Principal 2023 Current Final Principal
Ownership Outstanding Principal Maturity Maturity Due at
Fixed rate debt Interest (%) 6/30/2023 Coupon (1) Amortization Date Date (2) Maturity
Secured fixed rate debt
719 Seventh Avenue (capped) 75.0  $ 50,000  4.70% $ —  Sep-23 Sep-23 $ 50,000 
185 Broadway / 7 Dey (swapped) 100.0  200,000  7.59% —  Nov-23 Nov-23 200,000 
420 Lexington Avenue 100.0  280,165  3.99% 5,827  Oct-24 Oct-40 272,749 
100 Church Street (swapped) 100.0  370,000  5.89% —  Jun-25 Jun-27 370,000 
Landmark Square 100.0  100,000  4.90% —  Jan-27 Jan-27 100,000 
485 Lexington Avenue 100.0  450,000  4.25% —  Feb-27 Feb-27 450,000 
$ 1,450,165  5.14% $ 5,827  $ 1,442,749 
Unsecured fixed rate debt
2022 Term Loan (swapped) $ 400,000  5.95% (3) $ —  Oct-23 (3) Apr-24 (4) $ 400,000 
Term Loan B (swapped) 200,000  4.01% —  Nov-24 Nov-24 200,000 
Unsecured notes 100,000  4.27% —  Dec-25 Dec-25 100,000 
Term Loan A (swapped) 1,050,000  3.49% (3) —  May-27 (3) May-27 1,050,000 
Junior subordinated deferrable interest debentures (swapped) 100,000  5.01% —  Jul-35 Jul-35 100,000 
$ 1,850,000  4.20% $ —  $ 1,850,000 
Total Fixed Rate Debt $ 3,300,165  4.61% $ 5,827  $ 3,292,749 
Floating rate debt
Secured floating rate debt
690 Madison (SOFR + 50 bps) 100.0  $ 60,000  5.64% $ —  Jul-24 Jul-25 $ 60,000 
185 Broadway / 7 Dey (SOFR + 285 bps) 100.0  10,148  7.99% —  Nov-23 Nov-23 10,148 
$ 70,148  5.98% $ —  $ 70,148 
Unsecured floating rate debt
2022 Term Loan (SOFR + 150 bps) (5) $ 25,000  6.64% $ —  Oct-23 Apr-24 (4) $ 25,000 
Revolving credit facility (SOFR + 115 bps) (5)
 430,000  6.29% —  May-26 May-27 (4) 430,000 
$ 455,000  6.31% $ —  $ 455,000 
Total Floating Rate Debt $ 525,148  6.27% $ —  $ 525,148 
Total Debt - Consolidated $ 3,825,313  4.84% $ 5,827  $ 3,817,897 
Deferred financing costs (20,394)
Total Debt - Consolidated, net $ 3,804,919  4.84%
Total Debt - Joint Venture, net $ 7,050,039  4.56%
Total Debt including SLG share of unconsolidated JV Debt $ 10,938,594  4.66%
Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt $ 11,784,122  4.52%
(1) Coupon for floating rate debt determined using the effective LIBOR or SOFR rate at the end of the quarter of 5.22% and 5.14%, respectively. Coupon for loans that are subject to LIBOR or SOFR floors, interest rate caps or interest rate swaps were determined using the LIBOR or SOFR floors, interest rate cap strike rate, or swapped interest rate plus the applicable loan spread.
(2) Reflects exercise of all available extension options, which may be subject to conditions. Revolving Credit Facility Covenants
(3) Represents a blended swapped rate inclusive of the effect of multiple swaps. Actual Required
(4) As-of-right extension. Total Debt / Total Assets 34.9% Less than 60%
(5) Spread includes applicable Term SOFR adjustment. Fixed Charge Coverage 1.71x Greater than 1.4x
Maximum Secured Indebtedness 15.5% Less than 50%
Maximum Unencumbered Leverage Ratio 40.2% Less than 60%
Unsecured Notes Covenants
Actual Required
Total Debt / Total Assets 35.8% Less than 60%
Secured Debt / Total Assets 18.6% Less than 40%
Debt Service Coverage 1.83x Greater than 1.5x
Unencumbered Assets / Unsecured Debt 300.7% Greater than 150%
Supplemental Information
23
Second Quarter 2023
DEBT SUMMARY SCHEDULE
Unconsolidated JVs
Unaudited
(Dollars in Thousands)
slglogo.jpg

Principal Outstanding
2023 Principal
 Current Final Principal
Ownership 6/30/2023 Amortization Maturity Maturity Due at Maturity
Fixed rate debt Interest (%) Gross Principal SLG Share Coupon (1) (SLG Share) Date Date (2) (SLG Share)
717 Fifth Avenue 10.9  $ 655,328  $ 71,536  5.02% $ —  Jul-22 (3) Jul-22 (3) $ 71,536 
280 Park Avenue (capped) 50.0  1,200,000  600,000  6.06% —  Sep-23 Sep-24 600,000 
650 Fifth Avenue 50.0  65,000  32,500  5.45% —  Oct-23 Jan-24 32,500 
220 East 42nd (capped) 51.0  505,412  257,760  5.86% —  Jun-24 Jun-25 257,760 
5 Times Square (capped) 31.6  444,711  140,306  7.20% —  Sep-24 Sep-26 140,306 
10 East 53rd Street (capped) 55.0  220,000  121,000  5.35% —  Feb-25 Feb-25 121,000 
1515 Broadway 56.9  772,221  439,155  3.93% 11,554  Mar-25 Mar-25 419,372 
450 Park Avenue (capped) 25.1  267,000  67,017  6.10% —  Jun-25 Jun-27 67,017 
11 Madison Avenue 60.0  1,400,000  840,000  3.84% —  Sep-25 Sep-25 840,000 
One Madison Avenue (capped) 25.5  606,858  154,749  3.94% —  Nov-25 Nov-26 154,749 
800 Third Avenue (swapped) 60.5  177,000  107,120  3.37% —  Feb-26 Feb-26 107,120 
919 Third Avenue (swapped) 51.0  500,000  255,000  6.11% —  Apr-26 Apr-28 255,000 
245 Park Avenue 50.1  1,768,000  885,768  4.30% —  Jun-27 Jun-27 885,768 
Worldwide Plaza 25.0  1,200,000  299,400  3.98% —  Nov-27 Nov-27 299,400 
One Vanderbilt Avenue 71.0  3,000,000  2,130,300  2.95% (4) —  Jul-31 Jul-31 2,130,300 
Total Fixed Rate Debt $ 12,781,530  $ 6,401,611  4.14% (5) $ 11,554  $ 6,381,828 
Floating rate debt
11 West 34th Street (LIBOR + 145 bps) 30.0  $ 23,000  $ 6,900  6.67% $ —  Feb-23 (3) Feb-23 (3) $ 6,900 
115 Spring Street (LIBOR + 340 bps) 51.0  65,550  33,431  8.62% —  Sep-23 Sep-23 33,431 
650 Fifth Avenue (SOFR + 225 bps) 50.0  210,000  105,000  7.39% —  Oct-23 Jan-24 105,000 
2 Herald Square (SOFR + 206 bps) (6) 51.0  182,500  93,075  7.21% —  Nov-23 Nov-23 93,075 
100 Park Avenue (SOFR + 236 bps) (6) 49.9  360,000  179,640  7.51% —  Dec-23 Dec-25 179,640 
15 Beekman (LIBOR + 150 bps) 20.0  109,440  21,888  6.72% —  Jan-24 Jul-25 21,888 
1552 Broadway (SOFR + 275 bps) (6) 50.0  193,132  96,566  7.89% —  Feb-24 Feb-24 96,566 
5 Times Square (SOFR + 575 bps) 31.6  542,360  171,115  10.89% —  Sep-24 Sep-26 171,115 
21 East 66th Street (SOFR + 175 bps) 32.3  12,000  3,873  6.89% —  Apr-27 Apr-27 3,873 
21 East 66th Street (T 12 mos + 275 bps) 32.3  564  182  8.15% 15  Jun-33 Jun-33 2 
Total Floating Rate Debt $ 1,698,546  $ 711,670  8.33% (5) $ 15  $ 711,490 
Total unconsolidated JV Debt $ 14,480,076  $ 7,113,281  4.56% (5) $ 11,569  $ 7,093,318 
Deferred financing costs (122,897) (63,242)
Total unconsolidated JV Debt, net $ 14,357,179  $ 7,050,039  4.56% (5)
(1) Coupon for floating rate debt determined using the effective LIBOR or SOFR rate at the end of the quarter of 5.22% and 5.14%, respectively. Coupon for loans that are subject to LIBOR or SOFR floors, interest rate caps or interest rate swaps were determined using the LIBOR or SOFR floors, interest rate cap strike rate, or swapped interest rate plus the applicable loan spread.
(2) Reflects exercise of all available extension options, which may be subject to conditions. Composition of Debt
(3) The Company's joint venture partner is in discussions with the lender on resolution of the past maturity. Fixed Rate Debt
(4) The financing carries a stated coupon of 2.855%, equivalent to a rate of 2.947% inclusive of hedging costs. Consolidated $ 3,300,165 
(5) Calculated based on SL Green's share of the outstanding debt. SLG Share of JV 6,401,611 
(6) Spread includes applicable Term SOFR adjustment. Total Fixed Rate Debt $ 9,701,776  88.7%
Floating Rate Debt
Consolidated $ 525,148 
SLG Share of JV 711,670 
1,236,818  11.3%
Floating Rate DPE and Other Investments (154,528) (1.4)%
Total Floating Rate Debt $ 1,082,290  9.9%
Total Debt $ 10,938,594 
Supplemental Information
24
Second Quarter 2023
DERIVATIVE SUMMARY SCHEDULE

Unaudited
(Dollars in Thousands)
slglogo.jpg
Consolidated Interest Rate Derivatives
Ownership Notional Value
Secured Debt Interest (%) 6/30/2023 Instrument (1) Strike Rate (1) Effective Date Maturity Date
719 Seventh Avenue 75.0  $50,000 Cap 3.39  % April 2023 September 2023
185 Broadway / 7 Dey 100.0  $200,000 Swap 4.74  % November 2022 November 2023
100 Church Street 100.0  $370,000 Swap 3.89  % November 2022 June 2027
Unsecured Debt
Term Loan A 100.0  $100,000 Swap 1.06  % November 2021 July 2023
Term Loan A 100.0  200,000  Swap 1.03  % November 2021 July 2023
Term Loan A 100.0  150,000  Swap 2.60  % December 2021 January 2024
Term Loan A 100.0  150,000  Swap 2.62  % December 2021 January 2026
Term Loan A 100.0  100,000  Swap 2.90  % February 2023 February 2027
Term Loan A 100.0  100,000  Swap 2.73  % February 2023 February 2027
Term Loan A 100.0  50,000  Swap 2.46  % February 2023 February 2027
Term Loan A 100.0  200,000  Swap 2.59  % February 2023 February 2027
2022 Term Loan 100.0  $200,000 Swap 4.49  % November 2022 January 2024
2022 Term Loan 100.0  200,000  Swap 4.41  % November 2022 January 2024
Term Loan B 100.0  $200,000 Swap 2.66  % December 2021 January 2026
Junior subordinated deferrable interest debentures 100.0  $100,000 Swap 3.76  % January 2023 January 2028
Forward-starting Derivatives
Term Loan A 100.0  $300,000 Swap 2.87  % July 2023 May 2027
Term Loan A 100.0  150,000  Swap 3.52  % January 2024 May 2027
Unconsolidated JV Interest Rate Derivatives
Notional Value
Ownership 6/30/2023
Secured Debt Interest (%) Gross Notional SLG Share Instrument (1) Strike Rate (1) Effective Date Maturity Date
450 Park Avenue 25.1  $272,000 $68,272 Cap 4.00  % July 2022 August 2023
5 Times Square 31.6  $444,711 $140,306 Cap 3.50  % September 2022 September 2023
280 Park Avenue 50.0  $1,075,000 $537,500 Cap 4.08  % September 2022 September 2023
280 Park Avenue 50.0  125,000  62,500  Cap 4.08  % September 2022 September 2023
10 East 53rd Street 55.0  $220,000 $121,000 Cap 4.00  % February 2023 February 2024
One Madison Avenue 25.5  $378,467 $96,509 Cap 0.49  % February 2022 May 2024
One Madison Avenue 25.5  378,467  96,509  Cap 0.49  % February 2022 May 2024
220 East 42nd Street 51.0  $505,412 $257,760 Cap 3.00  % June 2023 June 2024
919 Third Avenue 51.0  $250,000 $127,500 Swap 3.61  % April 2023 February 2026
919 Third Avenue 51.0  250,000  127,500  Swap 3.61  % April 2023 February 2026
800 Third Avenue 60.5  $177,000 $107,120 Swap 1.55  % December 2022 February 2026
(1) Certain financings require the purchase of a cap at a specified strike rate.
Supplemental Information
25
Second Quarter 2023
SUMMARY OF LEASE LIABILITIES

Unaudited
(Dollars in Thousands)
slglogo.jpg

2023 Scheduled
2024 Scheduled
2025 Scheduled
2026 Scheduled
 Lease Year of Final
Property
Cash Payment (1)
Cash Payment (1)
Cash Payment (1)
Cash Payment (1)
Liabilities (2)
Expiration (3)
Consolidated Lease Liabilities (SLG Share)
Operating Leases
1185 Avenue of the Americas $ 3,455  $ 6,909  $ 6,909  $ 6,909  $ 87,475  2043
SL Green Headquarters at One Vanderbilt 829   (4)(5) 1,695   (4) 1,736   (4) 1,776   (4) 92,832  2048
625 Madison Avenue —   (6) —   (6) —   (6) —   (6) 56,408  (6) 2054
Summit One Vanderbilt 2,950   (4) 6,958   (4) 6,958   (4) 6,958   (4) 435,049  2070
420 Lexington Avenue 5,599  11,199  11,199  11,199  174,186  2080
711 Third Avenue 2,750  5,500  5,500  5,500  44,355  2083
Total $ 15,583  $ 32,261  $ 32,302  $ 32,342  $ 890,305 
Financing Leases
15 Beekman $ 1,569  $ 3,180  $ 3,228  $ 3,276  $ 104,870  2119 (7)
Total $ 1,569  $ 3,180  $ 3,228  $ 3,276  $ 104,870 
SLG
2023 Scheduled
2024 Scheduled
2025 Scheduled
2026 Scheduled
 Lease Year of Final
Property Interest (%)
Cash Payment (1)
Cash Payment (1)
Cash Payment (1)
Cash Payment (1)
Liabilities (2)
Expiration (3)
Unconsolidated Joint Venture Lease Liabilities (SLG Share)
Operating Leases
Equinox Studio City (8)
 33.3 $ 307  $ 614  $ 614  $ 614  $ 3,721  2029
650 Fifth Avenue (Floors 4-6) 50.0 895  1,790  1,790  1,802  15,346  2053
650 Fifth Avenue (Floors b-3) 50.0 738  1,569  1,569  1,571  31,600  2062
885 Third Avenue 34.1 129  259  259  259  5,192  2080
5 Times Square 31.6 —   (9) —   (9) —   (9) —   (9) —   (9) 2089
1560 Broadway 50.0 3,494  7,272  7,476  7,554  64,920  2114
Total $ 5,563  $ 11,504  $ 11,708  $ 11,800  $ 120,779 
Financing Leases
650 Fifth Avenue (Floors b-3) 50.0 $ 3,438  $ 7,364  $ 7,364  $ 7,364  $ 102,361  2062
One Vanderbilt Avenue Garage 71.0 103  209  211  213  3,424  2069
2 Herald Square 51.0 3,764  7,654  7,845  8,041  219,765  2077 (7)
Total $ 7,305  $ 15,227  $ 15,420  $ 15,618  $ 325,550 
(1) Reflects SLG's share of remaining contractual base rent for each year presented. Leases may provide for additional rent payments based on exceeding specified thresholds.
(2) Per the balance sheet as of June 30, 2023.
(3) Reflects all available extension options.
(4) Reflects scheduled cash payments net of the Company's 71.0% ownership interest in One Vanderbilt.
(5) The 2023 minimum cash payments reflect free rent.
(6) In April 2023, the ground rent appraisal proceeding concluded. As a result of that proceeding, the ground rent has been reset from the previous rent of $4.61 million per annum to a new rent of $20.25 million per annum, effective as of July 1, 2022. Following a strategic review of the property that addresses a range of relevant considerations, including the increase in ground rent to an amount substantially above what the Company believes is appropriate, the Company wrote down the carrying value of its investment in the leasehold interest to zero in the quarter ending June 30, 2023.
(7) The Company has an option to purchase the ground lease for a fixed price on a specific date. Scheduled cash payments do not reflect the exercise of the purchase option.
(8) The Company has a JV interest in the sublandlord for the premises. Amounts reflect the sublandlord's lease obligation to the fee owner and have not been reduced by rents owed to the sublandlord under a sublease covering 100% of the premises.
(9) The base rent amount is determined semi-annually by the City of New York under a payment in-lieu of real estate taxes (PILOT) program.
Supplemental Information
26
Second Quarter 2023
DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands)
slglogo.jpg

Weighted Average Book Weighted Average Weighted Average Yield
    Book Value (1)
 Value During Quarter
  Yield During Quarter (2)
At End Of Quarter (3)
6/30/2022 $ 1,134,080  $ 1,128,103  7.28% 7.21%
Debt investment originations/fundings/accretion
(4)
 12,874 
Preferred Equity investment originations/accretion
(4)
 19,678 
Redemptions/Sales/Syndications/Equity Ownership/Amortization (502,647)
Reserves/Realized Losses — 
9/30/2022 $ 663,985  $ 994,959  11.73% 6.36%
Debt investment originations/fundings/accretion
(4)
 14,214 
Preferred Equity investment originations/accretion
(4)
 1,969 
Redemptions/Sales/Syndications/Equity Ownership/Amortization (56,888)
Reserves/Realized Losses — 
12/31/2022 $ 623,280  $ 676,268  6.62% 6.47%
Debt investment originations/fundings/accretion
(4)
 8,455 
Preferred Equity investment originations/accretion
(4)
 1,958 
Redemptions/Sales/Syndications/Equity Ownership/Amortization — 
Reserves/Realized Losses (6,890)
3/31/2023 $ 626,803  $ 635,651  5.75% 5.89%
Debt investment originations/fundings/accretion
(4)
 7,660 
Preferred Equity investment originations/accretion
(4)
 2,013 
Redemptions/Sales/Syndications/Equity Ownership/Amortization — 
Reserves/Realized Losses — 
6/30/2023 $ 636,476  $ 645,812  5.83% 6.07%
(1) Net of unamortized fees, discounts, premiums and loan loss reserves.
(2) Excludes loan loss reserves and accelerated fee income resulting from early repayment.
(3) Calculated based on GAAP income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter. Excludes accelerated fee income resulting from early repayment and loan loss reserves.
(4) Includes funded future funding obligations, amortization of fees and discounts and paid-in-kind investment income.

Supplemental Information
27
Second Quarter 2023
DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
slglogo.jpg

Book Value Senior Weighted Average Weighted Average Weighted Average Yield
Type of Investment Floating rate Fixed rate Total

Financing
  Exposure PSF (1)
 Yield During Quarter (2)
   At End Of Quarter (2) (3)
Mezzanine Debt $ 154,528  $ 358,119  $ 512,647  $ 1,724,174  $ 787  5.68% 5.96%
Preferred Equity —  123,829  123,829  250,000  $ 758  6.46% 6.55%
Balance as of 6/30/2023
 $ 154,528  $ 481,948  $ 636,476 
(4)
 $ 781  5.83% 6.07%
Debt and Preferred Equity Maturity Profile (4)
2023
2024
2025
2026
2027 & Thereafter
Floating Rate $ 97,172  $ 57,356  $ —  $ —  $ — 
Fixed Rate 308,119  —  30,000  —  143,829 
Sub-total $ 405,291  $ 57,356  $ 30,000  $ —  $ 143,829 
(1) Net of loan loss reserves.
(2) Excludes accelerated fee income resulting from early repayment and loan loss reserves.
(3) Calculated based on GAAP income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter, excluding accelerated fee income resulting from early repayment and loan loss reserves.
(4) The weighted average maturity of the outstanding balance is 1.19 years. Approximately 23.8% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension. The weighted average fully extended maturity of the outstanding balance is 1.45 years.
Supplemental Information
28
Second Quarter 2023
LARGEST DEBT AND PREFERRED EQUITY INVESTMENTS

Unaudited
(Dollars in Thousands, Except Per Square Foot Amounts)
slglogo.jpg
   Book Value (1)
 Property Senior Yield At End
Investment Type 6/30/2023 Type Location Financing
    Last $ PSF (2)
 Fixed/Floating
  Of Quarter (3)
Mezzanine Loan $ 225,367  Fee Manhattan $ 399,460  $ 1,071  Fixed (4)
Preferred Equity 123,829  Multi-Family Rental Manhattan 250,000  $ 758  Fixed 6.55%
Mezzanine Loan 82,752  Fee Manhattan 272,147  $ 608  Fixed 14.16%
Mezzanine Loan 57,356  Multi-Family Rental Brooklyn 252,483  $ 508  Floating 14.95%
Mezzanine Loan 49,846  Office Manhattan 275,000  $ 414  Floating (5)
Mezzanine Loan 39,083  Office Manhattan 186,084  $ 690  Floating 13.72%
Mezzanine Loan 30,000  Office Manhattan 95,000  $ 573  Fixed 8.52%
Mezzanine Loan 20,000  Multi-Family Rental Brooklyn 85,000  $ 696  Fixed 8.11%
Mezzanine Loan 8,243  Office Manhattan 54,000  $ 449  Floating 18.63%
Total $ 636,476 
(1) Net of unamortized fees, discounts, premiums and loan loss reserves.
(2) Reflects the last dollar of exposure to the Company's most junior position.
(3) Calculated based on GAAP income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter excluding loan loss reserves.
(4) Loan was put on non-accrual in the third quarter of 2020 and continues to be on non-accrual as of June 30, 2023.
(5) Loan was put on non-accrual in the first quarter of 2023 and continues to be on non-accrual as of June 30, 2023.

Supplemental Information
29
Second Quarter 2023
SELECTED PROPERTY DATA
Manhattan Operating Properties
Unaudited
(Dollars in Thousands)
slglogo.jpg
Ownership % of Total June 30, 2023 March 31, 2023 Annualized Contractual Cash Rent Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet Sq. Feet %
Occupied (1)		 %
Leased (2)		 %
Occupied (1)		 %
Leased (2)		 ($'s) 100% SLG%
CONSOLIDATED PROPERTIES
"Same Store"
100 Church Street 100.0 Downtown Fee Interest 1,047,500  4.4  90.3  90.3  90.3  90.3  $46,617 9.1 3.9 18 
110 Greene Street 100.0 Soho Fee Interest 223,600  0.9  87.9  89.7  86.2  89.6  17,253 3.4 1.4 55 
125 Park Avenue 100.0 Grand Central Fee Interest 604,245  2.5  99.9  99.9  99.9  99.9  47,548 9.2 4.0 25 
304 Park Avenue South 100.0 Midtown South Fee Interest 215,000  0.9  100.0  100.0  100.0  100.0  18,292 3.6 1.5 7 
420 Lexington Ave (Graybar) 100.0 Grand Central North Leasehold Interest 1,188,000  5.0  84.6  87.9  84.1  84.8  80,398 15.6 6.7 171 
461 Fifth Avenue 100.0 Midtown Fee Interest 200,000  0.8  80.3  80.3  80.3  80.3  15,201 3.0 1.3 14 
485 Lexington Avenue 100.0 Grand Central North Fee Interest 921,000  3.9  73.3  73.3  72.5  73.4  45,889 8.9 3.8 25 
555 West 57th Street 100.0 Midtown West Fee Interest 941,000  4.0  96.8  96.8  96.8  96.8  54,355 10.5 4.7 9 
711 Third Avenue        100.0 (3) Grand Central North Leasehold Interest (3) 524,000  2.2  94.7  94.7  93.6  93.6  35,759 6.9 3.0 22 
810 Seventh Avenue 100.0 Times Square Fee Interest 692,000  2.9  82.1  82.9  84.3  84.3  40,693 7.9 3.4 39 
1185 Avenue of the Americas 100.0 Rockefeller Center Leasehold Interest 1,062,000  4.5  69.3  69.3  69.3  69.3  66,299 12.9 5.5 11 
1350 Avenue of the Americas 100.0 Rockefeller Center Fee Interest 562,000  2.4  70.1  72.7  84.8  86.2  32,634 6.3 2.7 40 
Subtotal / Weighted Average 8,180,345  34.4  % 84.4  % 85.2  % 85.4  % 85.7  % $500,938 97.3% 41.9% 436 
"Non Same Store"
885 Third Avenue 100.0 Midtown / Plaza District Fee / Leasehold Interest 218,796  0.9  76.5  76.5  76.5  76.5  $13,814 2.7 1.2 13 
Subtotal / Weighted Average 218,796  0.9  % 76.5  % 76.5  % 76.5  % 76.5  % $13,814 2.7% 1.2% 13 
Total / Weighted Average Consolidated Properties 8,399,141  35.3  % 84.2  % 85.0  % 85.1  % 85.5  % $514,752 100.0% 43.1% 449 
UNCONSOLIDATED PROPERTIES
"Same Store"
10 East 53rd Street 55.0 Plaza District Fee Interest 354,300  1.5  98.1  98.1  98.1  98.1  $33,312 1.5 40 
11 Madison Avenue 60.0 Park Avenue South Fee Interest 2,314,000  9.7  96.4  96.4  96.4  96.4  166,044 8.3 9 
100 Park Avenue 50.0 Grand Central South Fee Interest 834,000  3.5  77.7  77.7  79.9  79.9  56,610 2.4 37 
280 Park Avenue 50.0 Park Avenue Fee Interest 1,219,158  5.1  96.9  97.6  96.9  97.6  135,686 5.7 38 
800 Third Avenue 60.5 Grand Central North Fee Interest 526,000  2.2  76.9  80.2  84.7  84.7  31,737 1.6 35 
919 Third Avenue 51.0 Grand Central North Fee Interest 1,454,000  6.1  78.9  80.0  66.7  80.0  81,480 3.5 7 
1515 Broadway 56.9 Times Square Fee Interest 1,750,000  7.3  99.7  99.7  99.7  99.7  132,057 6.3 7 
Worldwide Plaza 25.0 Westside Fee Interest 2,048,725  8.6  91.8  91.8  91.7  91.8  142,905 3.0 21 
Added to Same Store in 2023
One Vanderbilt Avenue 71.0 Grand Central Fee Interest 1,657,198  7.0  97.4  99.4  96.8  99.0  256,675 15.2 38 
220 East 42nd Street 51.0 Grand Central Fee Interest 1,135,000  4.8  91.4  91.4  91.9  91.9  69,679 3.0 35 
Subtotal / Weighted Average 13,292,381  55.8  % 92.0  % 92.6  % 91.1  % 92.9  % $1,106,185 50.5% 267 
"Non Same Store"
245 Park Avenue 50.1 Park Avenue Fee Interest 1,782,793  7.5  80.1  80.8  83.9  83.9  $135,408 5.7 16 
450 Park Avenue 25.1 Park Avenue Fee Interest 337,000  1.4  82.9  82.9  82.9  82.9  35,371 0.7 22 
Subtotal / Weighted Average 2,119,793  8.9  % 80.6  % 81.2  % 83.7  % 83.7  % $170,779 6.4% 38 
Total / Weighted Average Unconsolidated Properties 15,412,174  64.7  % 90.5  % 91.0  % 90.1  % 91.7  % $1,276,964 56.9% 305 
Manhattan Operating Properties Grand Total / Weighted Average 23,811,315  100.0  % 88.3  % 88.9  % 88.3  % 89.5  % $1,791,716 754 
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent $1,194,918 100.0%
Manhattan Operating Properties Same Store Occupancy % 21,472,726  90.2  % 89.2  % 89.8  % 88.9  % 90.2  %
(1) Occupancy for commenced leases.
(2) Occupancy inclusive of leases signed but not yet commenced.
(3) The Company owns 50% of the fee interest.
Supplemental Information
30
Second Quarter 2023
SELECTED PROPERTY DATA
Retail, Residential and Suburban Operating Properties
Unaudited
(Dollars in Thousands)
slglogo.jpg
Ownership % of Total June 30, 2023 March 31, 2023 Annualized Contractual Cash Rent Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet Sq. Feet %
Occupied (1)		 %
Leased (2)		 %
Occupied (1)		 %
Leased (2)		 ($'s) (SLG%)
"Same Store" Retail
11 West 34th Street 30.0 Herald Square/Penn Station Fee Interest 17,150  5.5  100.0  100.0  100.0  100.0  $3,362 2.3 1 
21 East 66th Street 32.3 Plaza District Fee Interest 13,069  4.2  100.0  100.0  100.0  100.0  2,454 1.8 2 
85 Fifth Avenue 36.3 Midtown South Fee Interest 12,946  4.1  100.0  100.0  100.0  100.0  2,250 1.8 1 
115 Spring Street 51.0 Soho Fee Interest 5,218  1.7  100.0  100.0  100.0  100.0  3,988 4.6 1 
650 Fifth Avenue 50.0 Plaza District Leasehold Interest 69,214  22.1  100.0  100.0  100.0  100.0  40,052 45.0 1 
717 Fifth Avenue 10.9 Midtown/Plaza District Fee Interest 119,550  38.2  90.4  90.4  90.4  90.4  28,966 7.1 5 
719 Seventh Avenue 75.0 Times Square Fee Interest 10,040  3.2  —  —  —  —  — — — 
1552-1560 Broadway 50.0 Times Square Fee / Leasehold Interest 57,718  18.5  88.3  88.3  88.3  88.3  30,275 34.0 3 
                               Subtotal/Weighted Average 304,905  97.5  % 90.7  % 90.7  % 90.7  % 90.7  % $111,347 96.6% 14 
"Non Same Store" Retail
690 Madison Avenue 100.0 Plaza District Fee Interest 7,848  2.5  100.0  100.0  100.0  100.0  $1,500 3.4 1 
                               Subtotal/Weighted Average 7,848  2.5  % 100.0  % 100.0  % 100.0  % 100.0  % $1,500 3.4% 1
Total / Weighted Average Retail Properties 312,753  100.0  % 91.0  % 91.0  % 91.0  % 91.0  % $112,847 100.0% 15 
Residential Properties
Ownership Total June 30, 2023 March 31, 2023 Annualized Contractual Cash Rent Average Monthly Rent Per Unit (3)
Properties Interest (%) SubMarket Ownership Square Feet Units %
Occupied (1)		 %
Leased (2)		 %
Occupied (1)		 %
Leased (2)		 ($'s) (SLG%) ($'s)
"Non Same Store" Residential
7 Dey Street 100.0 Lower Manhattan Fee Interest 140,382  209  96.7  98.6  97.6  98.6  $11,610 100.0 $4,790
                               Subtotal/Weighted Average 140,382  209  96.7  % 98.6  % 97.6  % 98.6  % $11,610 100.0% $4,790
Total / Weighted Average Residential Properties 140,382  209  96.7  % 96.7  % 97.6  % 98.6  % $11,610 100.0% $4,790
Suburban Properties
Ownership % of Total June 30, 2023 March 31, 2023 Annualized Contractual Cash Rent Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet Sq. Feet %
Occupied (1)		 %
Leased (2)		 %
Occupied (1)		 %
Leased (2)		 ($'s) (SLG%)
"Same Store"
Landmark Square 100.0 Stamford, Connecticut Fee Interest 862,800  100.0  78.4  78.4  78.3  78.3  $19,651 100.0 100 
                               Subtotal/Weighted Average 862,800  100.0  % 78.4  % 78.4  % 78.3  % 78.3  % $19,651 100.0% 100 
Total / Weighted Average Suburban Properties 862,800  100.0  % 78.4  % 78.4  % 78.3  % 78.3  % $19,651 100.0% 100 
(1) Occupancy for commenced leases.
(2) Occupancy inclusive of leases signed but not yet commenced.
(3) Calculated based on occupied units. Amounts in dollars.
Supplemental Information
31
Second Quarter 2023
SELECTED PROPERTY DATA
Development / Redevelopment and Construction in Progress
Unaudited
(Dollars in Thousands)
slglogo.jpg

Ownership % of Total June 30, 2023 March 31, 2023 Annualized Contractual Cash Rent Real Estate Book Value, Net Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet Sq. Feet %
Occupied (1)		 %
Leased (2)		 %
Occupied (1)		 %
Leased (2)		 ($'s) (SLG%)
Development / Redevelopment
2 Herald Square 51.0 Herald Square Leasehold Interest 369,000  12.7  34.5  34.5  84.6  84.6  $19,797 22.5 $298,327 5 
5 Times Square 31.6 Times Square Leasehold Interest 1,127,931  38.8  23.3  23.3  22.5  22.5  26,831 18.7 729,490  2 
19 East 65th Street 100.0 Plaza District Fee Interest 14,639  0.5  5.5  5.5  5.5  5.5  32 0.1 13,234  1 
185 Broadway 100.0 Lower Manhattan Fee Interest 50,206  1.7  34.5  34.5  25.9  34.5  3,319 7.4 49,496  4 
625 Madison Avenue 100.0 Plaza District Leasehold Interest 563,000  19.4  16.8  16.8  17.4  17.4  12,145 27.0 —  15 
750 Third Avenue 100.0 Grand Central North Fee Interest 780,000  26.9  18.0  18.0  17.7  17.7  10,911 24.3 258,667  20 
Total / Weighted Average Development / Redevelopment Properties 2,904,776  100.0  % 22.1  % 22.1  % 28.1  % 28.2  % $73,035 100.0% $1,349,214  47 
(1) Occupancy for commenced leases.
(2) Occupancy inclusive of leases signed but not yet commenced.

Construction in Progress
Future Equity Development
Equity Contributed Contributions Financing Budget
Building Address Usable Ownership Estimated Percentage
 Sq. Feet Interest (%)
TCO (1)
 Leased Company Partners Company Partners Drawn Available
Total (2)
15 Beekman 221,884 20.0 Q2 2023 (3) 100.0 (3) $16,890 $67,560 $2,012 $8,048 $109,440 $15,560 $219,510
One Madison 1,396,426 25.5 Q3 2023 55.6 276,092 183,794 — (4) 577,363 (4) 606,858 643,142 2,287,249
760 Madison 58,574 100.0 Q3 2023 (5) (6) 369,985 — 86,760 — — — 456,745
Total Construction In Progress $662,967 $251,354 $88,772 $585,411 $716,298 $658,702 $2,963,504
(1) Temporary Certificate of Occupancy.
(2) Includes fees payable to SL Green, as applicable.
(3) The building is 100% leased to Pace University for 30 years. The academic space was delivered in Q4 2022. A TCO covering the base building and dormitory units was received in Q2 2023. The building will be turned over to Pace in Q3 2023.
(4) The partners' future equity contribution is payable within a specified time frame after TCO. The Company's Equity Contributed is shown net of this funding.
(5) Reflects estimated turn over of retail space to retail tenant.
(6) The flagship retail space, which is comprised of 22,648 square feet, is 100% leased to Giorgio Armani for 15 years.

Supplemental Information
32
Second Quarter 2023
SELECTED PROPERTY DATA
Retail Within Operating and Development / Redevelopment Properties
Unaudited
(Dollars in Thousands)
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Ownership % of Total June 30, 2023 March 31, 2023 Annualized Contractual Retail Cash Rent Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet Sq. Feet %
Occupied (1)		 %
Leased (2)		 %
Occupied (1)		 %
Leased (2)		 ($'s) 100% SLG%
HIGH STREET RETAIL - Consolidated Properties
690 Madison Avenue 100.0 Plaza District Fee Interest 7,944  0.5  100.0  100.0  100.0  100.0  $1,500 0.6 1.1 1 
719 Seventh Avenue 75.0 Times Square Fee Interest 10,040  0.7  —  —  —  —  — — — — 
Subtotal / Weighted Average 17,984  1.2  % 44.2  % 44.2  % 44.2  % 44.2  % $1,500 0.6% 1.1% 1 
HIGH STREET RETAIL - Unconsolidated Properties
11 West 34th Street 30.0 Herald Square/Penn Station Fee Interest 17,150  1.2  100.0  100.0  100.0  100.0  $3,362 1.4 0.7 1 
21 East 66th Street 32.3 Plaza District Fee Interest 13,069  0.8  100.0  100.0  100.0  100.0  2,454 1.0 0.6 2 
85 Fifth Avenue 36.3 Midtown South Fee Interest 12,946  0.8  100.0  100.0  100.0  100.0  2,250 0.9 0.6 1 
115 Spring Street 51.0 Soho Fee Interest 5,218  0.4  100.0  100.0  100.0  100.0  3,988 1.6 1.4 1 
650 Fifth Avenue 50.0 Plaza District Leasehold Interest 69,214  4.7  100.0  100.0  100.0  100.0  40,052 16.4 14.1 1 
717 Fifth Avenue 10.9 Midtown/Plaza District Fee Interest 119,550  8.0  90.4  90.4  90.4  90.4  28,966 11.9 2.2 5 
1552-1560 Broadway 50.0 Times Square Fee / Leasehold Interest 57,718  3.9  88.3  88.3  88.3  88.3  30,275 12.4 10.7 3 
Subtotal / Weighted Average 294,865  19.8  % 93.8  % 93.8  % 93.8  % 93.8  % $111,347 45.6% 30.3% 14 
Total / Weighted Average High Street Retail 312,849  21.0  % 91.0  % 91.0  % 91.0  % 91.0  % $112,847 46.2% 31.4% 15 
OTHER RETAIL - Consolidated Properties
100 Church Street 100.0 Downtown Fee Interest 61,708  4.1  96.2  96.2  96.2  96.2  $3,842 1.6 2.7 9 
110 Greene Street 100.0 Soho Fee Interest 16,121  1.1  100.0  100.0  100.0  100.0  4,383 1.9 3.1 3 
125 Park Avenue 100.0 Grand Central Fee Interest 32,124  2.2  100.0  100.0  100.0  100.0  4,688 1.9 3.3 7 
185 Broadway 100.0 Lower Manhattan Fee Interest 16,413  1.1  100.0  100.0  74.5  100.0  3,319 1.4 2.3 4 
304 Park Avenue South 100.0 Midtown South Fee Interest 25,330  1.7  100.0  100.0  100.0  100.0  3,530 1.4 2.5 5 
420 Lexington Ave (Graybar) 100.0 Grand Central North Leasehold Interest 54,026  3.6  93.6  93.6  93.6  93.6  4,810 2.0 3.4 5 
461 Fifth Avenue 100.0 Midtown Fee Interest 17,114  1.2  15.9  15.9  15.9  15.9  903 0.4 0.6 1 
485 Lexington Avenue 100.0 Grand Central North Fee Interest 41,701  2.8  55.1  55.1  56.7  56.7  3,964 1.6 2.8 5 
555 West 57th Street 100.0 Midtown West Fee Interest 53,186  3.6  100.0  100.0  100.0  100.0  2,997 1.2 2.1 2 
625 Madison Avenue (3) 100.0 Plaza District Leasehold Interest 78,489  5.3  67.8  67.8  72.2  72.2  9,071 3.7 6.5 11 
711 Third Avenue 100.0 Grand Central North Leasehold Interest 25,639  1.7  100.0  100.0  100.0  100.0  3,293 1.3 2.3 3 
750 Third Avenue (3) 100.0 Grand Central North Fee Interest 24,827  1.7  47.5  47.5  47.5  47.5  1,745 0.7 1.2 5 
810 Seventh Avenue 100.0 Times Square Fee Interest 18,207  1.2  98.6  98.6  98.6  98.6  4,376 1.8 3.1 3 
885 Third Avenue 100.0 Midtown / Plaza District Fee / Leasehold Interest 12,403  0.8  64.2  64.2  64.2  64.2  461 0.2 0.3 1 
1185 Avenue of the Americas 100.0 Rockefeller Center Leasehold Interest 50,494  3.4  85.1  85.1  85.1  85.1  4,249 1.7 3.0 3 
1350 Avenue of the Americas 100.0 Rockefeller Center Fee Interest 17,797  1.2  98.7  98.7  98.7  98.7  2,644 1.1 1.9 4 
Subtotal / Weighted Average 545,579  36.7  % 83.6  % 83.6  % 83.6  % 84.3  % $58,275 23.9% 41.1% 71 
(1) Occupancy for commenced leases.
(2) Occupancy inclusive of leases signed but not yet commenced.
(3) Redevelopment properties.
Supplemental Information
33
Second Quarter 2023
SELECTED PROPERTY DATA - CONTINUED
Retail Within Operating and Development / Redevelopment Properties
Unaudited
(Dollars in Thousands)
slglogo.jpg

Ownership % of Total June 30, 2023 March 31, 2023 Annualized Contractual Retail Cash Rent Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet Sq. Feet %
Occupied (1)		 %
Leased (2)		 %
Occupied (1)		 %
Leased (2)		 ($'s) 100% SLG%
OTHER RETAIL - Unconsolidated Properties
One Vanderbilt Avenue 71.0 Grand Central Fee Interest 34,885  2.3  100.0  91.6  91.6  91.6  $5,702 2.3 2.8 7 
2 Herald Square (3) 51.0 Herald Square Leasehold Interest 94,531  6.4  40.6  40.6  40.6  40.6  9,470 3.8 3.4 3 
5 Times Square (3) 31.6 Times Square Leasehold Interest 42,934  2.9  56.9  34.4  34.4  34.4  4,652 1.9 1.0 2 
10 East 53rd Street 55.0 Plaza District Fee Interest 38,657  2.6  100.0  100.0  100.0  100.0  3,887 1.6 1.5 3 
11 Madison Avenue 60.0 Park Avenue South Fee Interest 38,800  2.6  96.4  96.4  96.4  96.4  3,428 1.4 1.5 4 
100 Park Avenue 50.0 Grand Central South Fee Interest 40,022  2.7  97.1  97.1  97.1  97.1  3,127 1.3 1.1 7 
220 East 42nd Street 51.0 Grand Central Fee Interest 33,866  2.3  100.0  100.0  100.0  100.0  2,366 1.0 0.9 5 
245 Park Avenue 50.1 Park Avenue Fee Interest 37,220  2.5  50.7  50.7  50.7  50.7  1,111 0.5 0.4 3 
280 Park Avenue 50.0 Park Avenue Fee Interest 28,219  1.9  93.9  93.9  93.9  93.9  1,609 0.7 0.6 2 
450 Park Avenue 25.1 Park Avenue Fee Interest 6,317  0.4  100.0  100.0  100.0  100.0  1,574 0.6 0.3 1 
800 Third Avenue 60.5 Grand Central North Fee Interest 9,900  0.7  28.3  28.3  28.3  28.3  373 0.2 0.2 1 
919 Third Avenue 51.0 Grand Central North Fee Interest 31,004  2.1  98.9  98.9  98.9  98.9  3,883 1.6 1.4 4 
1515 Broadway 56.9 Times Square Fee Interest 182,011  12.2  99.8  97.7  97.7  97.7  30,637 12.5 12.2 7 
Worldwide Plaza 25.0 Westside Fee Interest 10,592  (4) 0.7  78.5  78.5  78.5  78.5  1,110 0.5 0.2 6 
Subtotal / Weighted Average 628,958  42.3  % 82.9  % 80.3  % 80.3  % 80.3  % $72,929 29.9% 27.5% 55 
Total / Weighted Average Other Retail 1,174,537  79.0  % 83.2  % 83.2  % 81.8  % 82.2  % $131,204 53.8% 68.6% 126 
Retail Grand Total / Weighted Average 1,487,386  100.0  % 84.9  % 84.9  % 83.7  % 84.0  % $244,051 100.0% 141 
Retail Grand Total - SLG Share of Annualized Rent $141,735 100.0%
(1) Occupancy for commenced leases.
(2) Occupancy inclusive of leases signed but not yet commenced.
(3) Redevelopment properties.
(4) Excludes the theatre, parking garage, fitness gym and other amenity space totaling 241,371 square feet.

Supplemental Information
34
Second Quarter 2023
LARGEST TENANTS BY SLG SHARE OF ANNUALIZED CASH RENT

Unaudited
(Dollars in Thousands Except Per SF)
slglogo.jpg

Ownership Interest % Lease Expiration (1)   Total Rentable Square Feet   Annualized Contractual Cash Rent ($) SLG Share of Annualized Contractual Cash Rent ($)
% of SLG Share of Annualized Contractual Cash Rent (2)
 Annualized Contractual Rent PSF
Credit Rating (3)
Tenant Name Property
Paramount Global 1515 Broadway 56.9 Jun 2031 1,603,126  $101,396 $57,796 4.4% $63.25
555 West 57th Street 100.0 Dec 2023 137,072  7,159 7,159 0.5 52.23 
555 West 57th Street 100.0 Apr 2029 180,779  9,945 9,945 0.8 55.01 
1515 Broadway 56.9 Mar 2028 9,106  2,113 1,205 0.1 232.09 
Worldwide Plaza 25.0 Jan 2027 32,598  2,525 630 — 77.46 
1,962,681  $123,138  $76,735  5.8% $62.74 BBB-
Credit Suisse (USA), Inc. 11 Madison Avenue 60.0 May 2037 1,184,762  $74,450 $44,670 3.4% $62.84
Sony Corporation 11 Madison Avenue 60.0 Jan 2031 578,791  $50,211  $30,126  2.4% $86.75 A
Bloomberg L.P. 919 Third Avenue 51.0 Feb 2029 749,216  $49,871  $25,434  1.9% $66.56
TD Bank US Holding Company One Vanderbilt Avenue 71.0 Jul 2041 193,159  $24,897  $17,680  1.3% $128.90 (4)
One Vanderbilt Avenue 71.0 Aug 2041 6,843  3,217 2,284 0.2 470.04 
125 Park Avenue 100.0 Oct 2023 6,234  2,026  2,026  0.2 324.96 
125 Park Avenue 100.0 Oct 2030 26,536  1,822  1,822  0.1 68.65 
125 Park Avenue 100.0 Mar 2034 25,171  1,611  1,611  0.1 64.00 
257,943  $33,573  $25,423  1.9% $130.16 AA-
Societe Generale 245 Park Avenue 50.1 Oct 2032 520,831  $50,390  $25,245  1.9% $96.75 A
Carlyle Investment Management LLC One Vanderbilt Avenue 71.0 Sep 2036 194,702  $32,531  $23,101  1.8% $167.08 (4) A-
King & Spalding 1185 Avenue of the Americas 100.0 Oct 2025 218,275  $21,127 $21,127 1.6% $96.79
The City of New York 100 Church Street 100.0 Mar 2034 510,007  $20,933  $20,933  1.6% $41.04 Aa2
Metro-North Commuter Railroad Company 420 Lexington Avenue 100.0 Nov 2034 344,873  $19,905 $19,905 1.5% $57.72
420 Lexington Avenue 100.0 Jan 2027 7,537  444 444 — 58.89 
352,410  $20,349  $20,349  1.5% $57.74 (4) A3
Nike Retail Services, Inc. 650 Fifth Avenue 50.0 Jan 2033 69,214  $40,052  $20,026  1.5% $578.66 AA-
WME IMG, LLC 304 Park Avenue 100.0 Apr 2028 174,069  $13,505 $13,505 1.0% $77.58
11 Madison Avenue 60.0 Sep 2030 104,618  10,365 6,219 0.5 99.08
278,687  $23,870  $19,724  1.5% $85.65
Cravath, Swaine & Moore LLP Worldwide Plaza 25.0 Aug 2024 617,135  $70,102  $17,490  1.3% $113.59
McDermott Will & Emery LLP One Vanderbilt Avenue 71.0 Dec 2042 146,642  $23,308  $16,551  1.3% $158.95
420 Lexington Avenue 100.0 Oct 2026 10,043  614  614  — 61.12
156,685  $23,922  $17,165  1.3% $152.68
The Toronto Dominion Bank One Vanderbilt Avenue 71.0 Apr 2042 142,892  $18,792  $13,344  1.0% $131.51 (4)
125 Park Avenue 100.0 Apr 2042 52,450  3,485  3,485  0.3 66.45
195,342  $22,277  $16,829  1.3% $114.04 AA-
Hess Corp 1185 Avenue of the Americas 100.0 Dec 2027 167,169  $15,538 $15,538 1.2% $92.95 BBB-
Stone Ridge Holdings Group LP One Vanderbilt Avenue 71.0 Dec 2037 97,652  $21,429 $15,216 1.2% $219.43 (4)
BMW of Manhattan, Inc. 555 West 57th Street 100.0 Jul 2032 226,556  $12,724 $12,724 1.0% $56.16 A
Greenberg Traurig LLP 420 Lexington Avenue 100.0 Nov 2037 49,049  $3,339  $3,339  0.3% $68.08
One Vanderbilt Avenue 71.0 Oct 2037 99,888  12,486  8,867  0.6 125.00
148,937  $15,825  $12,206  0.9% $106.26
Yelp, Inc 11 Madison Avenue 60.0 Apr 2025 191,797  $19,437  $11,661  0.9% $101.34
Total 8,678,792  741,749  471,723  35.9% $85.47
(1) Expiration of current lease term and does not reflect extension options.
(2) SLG Share of Annualized Cash Rent includes Manhattan, Suburban, Retail, Residential and Development / Redevelopment properties.
(3) Corporate or bond rating from S&P, Fitch or Moody's.
(4) Tenant pays rent on a net basis. Rent PSF reflects gross equivalent.
Supplemental Information
35
Second Quarter 2023
MANHATTAN TENANT DIVERSIFICATION

Unaudited
slglogo.jpg
chart-60528e6d918f4512823.jpgchart-030ebfab6fbc48e9b31.jpg


(1) Excluding residential tenants.
Supplemental Information
36
Second Quarter 2023
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Available Space
Unaudited
slglogo.jpg

Activity Building Address # of Leases Square Feet (1) Rentable SF
Escalated
Rent/Rentable SF ($'s) (2)
Available Space at 3/31/23
 2,808,184 
Space which became available during the Quarter (3):
Office
100 Park Avenue 1  19,086  20,686  $65.61 
110 Greene Street 3  5,535  5,525  83.02 
220 East 42nd Street 1  5,159  5,770  63.88 
245 Park Avenue 1  77,222  74,320  89.12 
420 Lexington Avenue 7  11,984  14,386  66.13 
450 Park Avenue 1  10,586  10,586  95.00 
800 Third Avenue 2  41,234  49,066  62.07 
810 Seventh Avenue 1  15,500  17,320  77.00 
1350 Avenue of the Americas 1  82,654  84,103  77.75 
Total/Weighted Average 18  268,960  281,762  $76.96 
Retail
485 Lexington Avenue 1  624  639  271.07 
Worldwide Plaza 1  832  800  $330.00 
Total/Weighted Average 2  1,456  1,439  $303.83 
Storage
919 Third Avenue 1  801  801  $5.91 
Total/Weighted Average 1  801  801  $5.91 
Total Space which became available during the quarter
Office 18  268,960  281,762  $76.96 
Retail 2  1,456  1,439  $303.83 
Storage 1  801  801  $5.91 
21  271,217  284,002  $77.91 
Total Available Space 3,079,401 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment, excluding concessions.
(3) Includes expiring space, relocating tenants and move-outs where tenants vacated. Excludes lease expirations where tenants heldover.
Supplemental Information
37
Second Quarter 2023
LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Commenced Leasing
Unaudited
slglogo.jpg
Activity Building Address  # of Leases  Term (Yrs)  Square Feet (1)  Rentable SF  New Cash Rent / Rentable SF (2)  Prev. Escalated Rent/ Rentable SF (3)  TI / Rentable SF  Free Rent
# of Months
Available Space 3,079,401 
Office
One Vanderbilt Avenue 2  5.6 8,489  8,471  $106.22  $—  $170.00  6.7 
110 Greene Street 4  4.0 9,403  9,395  88.73  90.51  29.06  3.5 
245 Park Avenue 1  7.8 10,657  10,636  113.00  89.76  145.00  16.0 
420 Lexington Avenue 10  3.4 17,572  22,695  60.29  60.18  57.12  2.3 
450 Park Avenue 1  2.8 10,586  10,392  105.00  96.77  15.00  3.0 
485 Lexington Avenue 1  11.0 7,858  8,662  61.00  —  20.00  12.0 
711 Third Avenue 1  5.0 5,986  6,516  58.00  59.00  1.00  12.0 
919 Third Avenue 1  6.3 176,695  191,207  72.00  71.36  65.00  10.0 
Worldwide Plaza 1  0.5 1,591  1,810  53.04  —  —  — 
Total/Weighted Average 22  6.0 248,837  269,784  $74.74  $73.14  $64.18  9.0 
Retail
One Vanderbilt Avenue 1  15.7 2,901  2,895  $259.07  $—  $863.56  8.2 
Total/Weighted Average 1  15.7 2,901  2,895  $259.07  $—  $863.56  8.2 
Storage
420 Lexington Avenue 2  3.8 365  370  $30.00  $—  $—  — 
919 Third Avenue 1  5.7 801  801  31.21  5.91  —  — 
1350 Avenue of the Americas 1  1.0 253  258  40.00  —  —  — 
Total/Weighted Average 4  4.3 1,419  1,429  $32.48  $5.91  $—  — 
 Leased Space
Office (4) 22  6.0 248,837  269,784  $74.74  $73.14  $64.18  9.0 
Retail 1  15.7 2,901  2,895  $259.07  $—  $863.56  8.2 
Storage 4  4.3  1,419  1,429  $32.48  $5.91  $—  — 
Total 27  6.1 253,157  274,108  $76.47  $72.90  $72.29  9.0 
Total Available Space as of 6/30/23
 2,826,244 
Early Renewals
Office
10 East 53rd Street 1  1.5 4,600  4,600  $82.00  $75.87  $1.97  — 
110 Greene Street 1  1.3 7,078  6,046  105.54  98.54  —  — 
125 Park Avenue 1  2.0 35,355  38,026  67.00  63.86  —  4.4 
220 East 42nd Street 1  5.3 979  1,169  60.00  70.88  —  3.0 
280 Park Avenue 1  10.0 46,042  49,851  100.00  105.20  60.00  7.0 
420 Lexington Avenue 4  2.0 28,130  34,384  73.32  64.13  4.68  0.2 
450 Park Avenue 1  2.3 10,338  10,392  107.00  140.32  —  — 
Total/Weighted Average 10  4.8 132,522  144,468  $84.80  $85.58  $21.88  3.7 
Retail
220 East 42nd Street 1  7.0 298  392  $123.42 $119.17 $—  — 
Total/Weighted Average 1  7.0 298  392  $123.42  $119.17  $—  — 
Storage
420 Lexington Avenue 2  2.1 1,314  1,394  $32.20 $32.33 $—  — 
Total/Weighted Average 2  2.1 1,314  1,394  $32.20  $32.33 $—  — 
Renewals
Early Renewals Office 10  4.8 132,522  144,468  $84.80  $85.58  $21.88  3.7 
Early Renewals Retail 1  7.0  298  392  $123.42 $119.17 $—  — 
Early Renewals Storage 2  2.1  1,314  1,394  $32.20  $32.33 $—  — 
Total 13  4.7 134,134  146,254  $84.40 $85.16  $21.61  3.6 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Annual initial base rent.
(3) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment, excluding concessions.
(4) Average starting office rent excluding new tenants replacing vacancies is $75.08/rsf for 225,438 rentable SF.
     Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $78.88/rsf for 369,906 rentable SF.
Supplemental Information
38
Second Quarter 2023
LEASE EXPIRATIONS - MANHATTAN OPERATING PROPERTIES
Office, Retail and Storage Leases
Unaudited
slglogo.jpg

Year of Lease Expiration Number of Expiring Leases (1) Rentable Square Footage of Expiring Leases SLG Share
Rentable Square Footage of Expiring Leases		 Percentage of Total
Sq. Ft.		 Annualized Contractual Cash Rent of Expiring Leases SLG Share
Annualized Contractual Cash Rent of Expiring Leases		 Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2) Current Weighted Average Asking Rent $/psf (3)
Wholly-Owned and Consolidated JV Properties
2nd Quarter 2023 (4) 7  16,337  16,337  0.2  % $954,427 $954,427 $58.42 $51.85
3rd Quarter 2023 14  100,516  100,516  1.3  % 5,928,608 5,928,608 58.98 58.57
4th Quarter 2023 23  217,053  217,053  2.9  % 14,533,521 14,533,521 66.96 67.00
Total 2023 44  333,906  333,906  4.4  % $21,416,556 $21,416,556 $64.14  $63.72 
2024 59  393,705  393,705  5.2  % $23,381,808 $23,381,808 $59.39 $53.28
2025 66  525,388  525,388  6.9  % 46,000,639  46,000,639  87.56  67.66 
2026 53  776,203  776,203  10.2  % 53,655,261  53,655,261  69.13  65.30 
2027 56  659,125  659,125  8.7  % 53,070,588  53,070,588  80.52  64.60 
2028 53  718,484  718,484  9.5  % 53,330,379  53,330,379  74.23  67.56 
2029 27  616,756  616,756  8.1  % 40,216,943  40,216,943  65.21  60.66 
2030 23  822,437  822,437  10.8  % 56,265,426  56,265,426  68.41  65.07 
2031 14  334,771  334,771  4.4  % 22,257,469  22,257,469  66.49  65.46 
2032 18  684,088  684,088  9.0  % 41,394,819  41,394,819  60.51  54.55 
Thereafter 45  1,724,632  1,724,632  22.8  % 103,762,389  103,762,389  60.16  53.95 
Grand Total 458  7,589,495  7,589,495  100.0  % $514,752,277 $514,752,277 $67.82  $60.98 
Unconsolidated JV Properties
2nd Quarter 2023 (4) 3  30,998  15,620  0.2  % $3,388,615 $1,703,914 $109.32 $87.59
3rd Quarter 2023 8  167,459  84,524  1.2  % 9,492,878 4,791,167 56.69 96.41
4th Quarter 2023 9  163,164  81,545  1.2  % 15,928,815 7,971,571 97.62 83.56
Total 2023 20  361,621  181,689  2.6  % $28,810,308 $14,466,652 $79.67  $89.85 
2024 30  949,520  322,095  6.7  % $108,886,772 $36,926,068 $114.68 $82.50
2025 27  421,548  221,931  3.0  % 41,667,643  22,092,467  98.84  83.52 
2026 42  907,641  426,889  6.5  % 103,266,104  49,508,855  113.77  96.04 
2027 28  350,498  157,529  2.5  % 44,173,594  20,761,674  126.03  109.77 
2028 29  308,390  174,165  2.2  % 33,763,703  19,340,401  109.48  105.07 
2029 16  886,156  444,827  6.3  % 63,097,552  31,201,337  71.20  74.93 
2030 20  473,189  266,712  3.4  % 47,725,194  27,020,599  100.86  87.65 
2031 24  2,881,333  1,579,009  20.5  % 209,345,353  113,833,140  72.66  74.74 
2032 16  1,088,670  547,417  7.8  % 96,307,249  49,181,352  88.46  90.13 
Thereafter 67  5,398,990  2,951,926  38.5  % 499,920,240  295,833,087  92.60  98.99 
Grand Total 319  14,027,556  7,274,189  100.0  % $1,276,963,712 $680,165,632 $91.03  $89.82 
(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Management's estimate of average asking rents for currently occupied space as of June 30, 2023. Taking rents are typically lower than asking rents and may vary from property to property.
(4) Includes month to month holdover tenants that expired prior to June 30, 2023.

Supplemental Information
39
Second Quarter 2023
LEASE EXPIRATIONS
Retail Leases Within Operating and Development / Redevelopment Properties
Wholly-Owned and Consolidated JV's
Unaudited
slglogo.jpg

Year of Lease Expiration Number of Expiring Leases (1) Rentable Square Footage of Expiring Leases SLG Share
Rentable Square Footage of Expiring Leases		 Percentage of Total
Sq. Ft.		  Annualized Contractual Cash Rent of Expiring Leases SLG Share
Annualized Contractual Cash Rent of Expiring Leases		  Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2) Current Weighted Average Asking Rent $/psf (3)
High Street Retail
2023 (4) —  —  —  —  % $—  $—  $—  $— 
2024  —  —  —  —  % —  —  —  — 
2025  —  —  —  —  % —  —  —  — 
2026  —  —  —  —  % —  —  —  — 
2027  —  —  —  —  % —  —  —  — 
2028  —  —  —  —  % —  —  —  — 
2029  —  —  —  —  % —  —  —  — 
2030  —  —  —  —  % —  —  —  — 
2031  —  —  —  —  % —  —  —  — 
2032  —  —  —  —  % —  —  —  — 
Thereafter 1  7,944  7,944  100.0  % 1,500,000  1,500,000  188.82  394.65 
1  7,944  7,944  100.0  % $1,500,000  $1,500,000  $188.82  $394.65 
Vacancy (5)
 10,040  $268.92
Grand Total 17,984  $324.46 
Other Retail
2023 (4) 8  31,561  31,561  6.8  % $7,696,062  $7,696,062  $243.85  $260.78 
2024  2  4,660  4,660  1.0  % 1,178,968  1,178,968  253.00  119.00 
2025  4  29,597  29,597  6.4  % 4,442,088  4,442,088  150.09  100.72 
2026  5  11,241  11,241  2.4  % 1,192,449  1,192,449  106.08  91.00 
2027  6  29,485  29,485  6.4  % 4,373,225  4,373,225  148.32  104.94 
2028  4  8,195  8,195  1.8  % 1,514,139  1,514,139  184.76  156.83 
2029  4  27,702  27,702  6.0  % 2,459,227  2,459,227  88.77  86.47 
2030  6  49,798  49,798  10.8  % 7,681,096  7,681,096  154.25  126.14 
2031  3  17,343  17,343  3.7  % 2,174,786  2,174,786  125.40  87.24 
2032  8  72,420  72,420  15.6  % 6,197,589  6,197,589  85.58  75.36 
Thereafter 21  180,971  180,971  39.1  % 19,365,623  19,365,623  107.01  86.26 
71  462,973  462,973  100.0  % $58,275,252  $58,275,252  $125.87  $104.60 
Vacancy (5)
 88,894  $112.40
Grand Total 551,867  $105.85 
(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Management's estimate of average asking rents for currently occupied space as of June 30, 2023. Taking rents are typically lower than asking rents and may vary from property to property.
(4) Includes month to month holdover tenants that expired prior to June 30, 2023.
(5) Includes square footage of leases signed but not yet commenced.


Supplemental Information
40
Second Quarter 2023
LEASE EXPIRATIONS
Retail Leases Within Operating and Development / Redevelopment Properties
Unconsolidated JV's
Unaudited
slglogo.jpg
Year of Lease Expiration Number of Expiring Leases (1) Rentable Square Footage of Expiring Leases SLG Share
Rentable Square Footage of Expiring Leases		 Percentage of Total
Sq. Ft.		  Annualized Contractual Cash Rent of Expiring Leases SLG Share
Annualized Contractual Cash Rent of Expiring Leases		  Annualized Contractual Cash Rent Per Square Foot of Expiring Leases $/psf (2) Current Weighted Average Asking Rent $/psf (3)
High Street Retail
2023 (4) 3  9,673  2,353  3.7  % $2,684,379  $817,228  $277.51  $356.68 
2024  1  7,793  3,897  3.0  % 5,768,640  2,884,320  740.23  1,026.56 
2025  —  —  —  —  % —  —  —  — 
2026  5  121,364  17,472  46.0  % 35,320,433  6,096,885  291.03  192.48 
2027  1  3,655  399  1.4  % 764,954  83,533  209.29  102.98 
2028  —  —  —  —  % —  —  —  — 
2029  1  31,174  15,587  11.7  % 22,506,484  11,253,242  721.96  375.97 
2030  —  —  —  —  % —  —  —  — 
2031  —  —  —  —  % —  —  —  — 
2032  —  —  —  —  % —  —  —  — 
Thereafter 3  90,246  43,325  34.2  % 44,301,656  21,841,903  490.90  440.71 
14  263,905  83,033  100.0  % $111,346,546  $42,977,111  $421.92  $328.45 
Vacancy (5)
 11,432  $82.39
Grand Total 275,337  $318.24 
Other Retail
2023 (4) —  —  —  —  % $—  $—  $—  $— 
2024  5  23,350  7,938  4.5  % 2,927,691  1,003,941  125.38  133.28 
2025  1  9,655  3,046  1.9  % 2,400,000  757,200  248.58  248.58 
2026  3  20,560  11,166  4.0  % 10,374,551  5,824,983  504.60  346.81 
2027  5  23,256  11,855  4.5  % 11,681,830  6,443,305  502.31  401.93 
2028  6  35,258  18,073  6.7  % 4,533,136  2,397,325  128.57  132.88 
2029  7  63,172  32,187  12.1  % 6,461,006  3,029,483  102.28  89.89 
2030  2  11,970  6,811  2.3  % 6,761,782  3,847,454  564.89  304.49 
2031  6  36,751  18,432  7.1  % 8,679,899  4,438,902  236.18  221.73 
2032  2  18,864  9,499  3.6  % 1,237,028  624,246  65.58  114.93 
Thereafter 18  276,672  158,899  53.3  % 17,872,245  10,616,088  64.60  69.71 
55  519,508  277,906  100.0  % $72,929,168  $38,982,927  $140.38  $126.28 
Vacancy (5)
 108,555  $264.90
Grand Total 628,063  $150.24 
(1) Tenants may have multiple leases.
(2) Represents in place annualized contractual cash rent allocated by year of expiration.
(3) Management's estimate of average asking rents for currently occupied space as of June 30, 2023. Taking rents are typically lower than asking rents and may vary from property to property.
(4) Includes month to month holdover tenants that expired prior to June 30, 2023.
(5) Includes square footage of leases signed but not yet commenced.
Supplemental Information
41
Second Quarter 2023
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Manhattan Office
Unaudited
(Dollars in Thousands)
slglogo.jpg
Gross Asset Occupancy (%)
Property Submarket Interest Acquired Type of Ownership Net Rentable SF Valuation ($'s) at acquisition 6/30/2023
2001 - 2023 Acquisitions
Jun-01 317 Madison Avenue Grand Central 100.0% Fee Interest 450,000  $ 105,600  95.0  N/A
Sep-01 1250 Broadway Penn Station 49.9 Fee Interest 670,000  126,500  97.7  N/A
May-02 1515 Broadway Times Square 55.0 Fee Interest 1,750,000  483,500  98.0 99.7
Feb-03 220 East 42nd Street Grand Central 100.0 Fee Interest 1,135,000  265,000  91.9 91.4
Mar-03 125 Broad Street Downtown 100.0 Fee Interest 525,000  92,000  100.0  N/A
Oct-03 461 Fifth Avenue Midtown 100.0 Leasehold Interest 200,000  60,900  93.9 80.3
Dec-03 1221 Avenue of the Americas Rockefeller Center 45.0 Fee Interest 2,550,000  1,000,000  98.8  N/A
Mar-04 19 West 44th Street Midtown 35.0 Fee Interest 292,000  67,000  86.0  N/A
Jul-04 750 Third Avenue Grand Central 100.0 Fee Interest 779,000  255,000  100.0 18.0
Jul-04 485 Lexington Avenue Grand Central 30.0 Fee Interest 921,000  225,000  100.0 73.3
Oct-04 625 Madison Avenue Plaza District 100.0 Leasehold Interest 563,000  231,500  68.0 16.8
Feb-05 28 West 44th Street Midtown 100.0 Fee Interest 359,000  105,000  87.0  N/A
Apr-05 1 Madison Avenue Park Avenue South 55.0 Fee Interest 1,177,000  803,000  96.0 —
Apr-05 5 Madison Avenue Clock Tower Park Avenue South 100.0 Fee Interest 267,000  115,000   N/A  N/A
Jun-05 19 West 44th Street Midtown 65.0 Fee Interest —  91,200  92.2  N/A
Mar-06 521 Fifth Avenue Midtown 100.0 Leasehold Interest 460,000  210,000  97.0  N/A
Jun-06 609 Fifth Avenue Midtown 100.0 Fee Interest 160,000  182,000  98.5  N/A
Dec-06 485 Lexington Avenue Grand Central 70.0 Fee Interest —  578,000  90.5 73.3
Dec-06 800 Third Avenue Grand Central North 43.0 Fee Interest 526,000  285,000  96.9 76.9
Jan-07 Reckson - NYC Portfolio Various 100.0 Fee Interests / Leasehold Interest 5,612,000  3,679,530  98.3 75.5
Apr-07 331 Madison Avenue Grand Central 100.0 Fee Interest 114,900  73,000  97.6  N/A
Apr-07 1745 Broadway Midtown 32.3 Leasehold Interest 674,000  520,000  100.0  N/A
Jun-07 333 West 34th Street Penn Station 100.0 Fee Interest 345,400  183,000  100.0  N/A
Aug-07 1 Madison Avenue Park Avenue South 45.0 Fee Interest 1,177,000  1,000,000  99.8 —
Dec-07 388 & 390 Greenwich Street Downtown 50.6 Fee Interest 2,635,000  1,575,000  100.0  N/A
Jan-10 100 Church Street Downtown 100.0 Fee Interest 1,047,500  181,600  41.3 90.3
May-10 600 Lexington Avenue Grand Central North 55.0 Fee Interest 303,515  193,000  93.6  N/A
Aug-10 125 Park Avenue Grand Central 100.0 Fee Interest 604,245  330,000  99.1 99.9
Jan-11 521 Fifth Avenue Midtown 49.9 Leasehold Interest 460,000  245,700  80.7  N/A
Apr-11 1515 Broadway Times Square 45.0 Fee Interest 1,750,000  1,210,000  98.5 99.7
May-11 110 East 42nd Street Grand Central 100.0 Fee Interest 205,000  85,570  72.6  N/A
May-11 280 Park Avenue Park Avenue 49.5 Fee Interest 1,219,158  1,110,000  78.2 96.9
Nov-11 180 Maiden Lane Financial East 49.9 Fee Interest 1,090,000  425,680  97.7  N/A
Nov-11 51 East 42nd Street Grand Central 100.0 Fee Interest 142,000  80,000  95.5  N/A
Feb-12 10 East 53rd Street Plaza District 55.0 Fee Interest 354,300  252,500  91.9 98.1
Jun-12 304 Park Avenue South Midtown South 100.0 Fee Interest 215,000  135,000  95.8 100.0
Sep-12 641 Sixth Avenue Midtown South 100.0 Fee Interest 163,000  90,000  92.1  N/A
Dec-12 315 West 36th Street Times Square South 35.5 Fee Interest 147,619  46,000  99.2  N/A
May-14 388 & 390 Greenwich Street Downtown 49.4 Fee Interest 2,635,000  1,585,000  100.0  N/A
Jul-15 110 Greene Street Soho 90.0 Fee Interest 223,600  255,000  84.0 87.9
Aug-15 30 East 40th Street Grand Central South 60.0 Leasehold Interest 69,446  4,650  100.0  N/A
Aug-15 11 Madison Avenue Park Avenue South 100.0 Fee Interest 2,314,000  2,285,000  71.6 96.4
Dec-15 600 Lexington Avenue Grand Central North 45.0 Fee Interest 303,515  284,000  95.5  N/A
Oct-17 Worldwide Plaza Westside 24.4 Fee Interest 2,048,725  1,725,000  100.0 91.8
May-18 2 Herald Square Herald Square 100.0 Leasehold Interest 369,000  266,000  81.6 34.5
May-19 110 Greene Street Soho 10.0 Fee Interest 223,600  256,500  93.3 87.9
Jul-20 885 Third Avenue Midtown / Plaza District 100.0 Fee / Leasehold Interest 625,300  387,932  94.8 76.5
Oct-20 590 Fifth Avenue Midtown 100.0 Fee Interest 103,300  107,200  90.0  N/A
Jun-22 450 Park Avenue Park Avenue 25.1 Fee Interest 337,000  445,000  79.8 82.9
Sep-22 245 Park Avenue Park Avenue 100.0 Fee Interest 1,782,793  1,960,000  91.8 80.1
42,078,916  $ 26,258,062 

Supplemental Information
42
Second Quarter 2023
SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY
Manhattan Office
Unaudited
(Dollars in Thousands)
slglogo.jpg

Gross Asset Valuation
Property Submarket Interest Sold Type of Ownership Net Rentable SF ($'s) ($'s/SF)
2001 - 2022 Dispositions
Jan-01 633 Third Ave Grand Central North 100.0% Fee Interest 40,623  $ 13,250  $ 326 
May-01 1 Park Ave Grand Central South 45.0 Fee Interest 913,000  233,900  256 
Jun-01 1412 Broadway Times Square South 100.0 Fee Interest 389,000  90,700  233 
Jul-01 110 East 42nd Street Grand Central 100.0 Fee Interest 69,700  14,500  208 
Sep-01 1250 Broadway Penn Station 45.0 Fee Interest 670,000  126,500  189 
Jun-02 469 Seventh Avenue Penn Station 100.0 Fee Interest 253,000  53,100  210 
Mar-03 50 West 23rd Street Chelsea 100.0 Fee Interest 333,000  66,000  198 
Jul-03 1370 Broadway Times Square South 100.0 Fee Interest 255,000  58,500  229 
Dec-03 321 West 44th Street Times Square 100.0 Fee Interest 203,000  35,000  172 
May-04 1 Park Avenue Grand Central South 75.0 Fee Interest 913,000  318,500  349 
Oct-04 17 Battery Place North Financial 100.0 Fee Interest 419,000  70,000  167 
Nov-04 1466 Broadway Times Square 100.0 Fee Interest 289,000  160,000  554 
Apr-05 1414 Avenue of the Americas Plaza District 100.0 Fee Interest 111,000  60,500  545 
Aug-05 180 Madison Avenue Grand Central 100.0 Fee Interest 265,000  92,700  350 
Jul-06 286 & 290 Madison Avenue Grand Central 100.0 Fee Interest 149,000  63,000  423 
Aug-06 1140 Avenue of the Americas Rockefeller Center 100.0 Leasehold Interest 191,000  97,500  510 
Dec-06 521 Fifth Avenue Grand Central 50.0 Leasehold Interest 460,000  240,000  522 
Mar-07 1 Park Avenue Grand Central South 100.0 Fee Interest 913,000  550,000  602 
Mar-07 70 West 36th Street Garment 100.0 Fee Interest 151,000  61,500  407 
Jun-07 110 East 42nd Street Grand Central North 100.0 Fee Interest 181,000  111,500  616 
Jun-07 125 Broad Street Downtown 100.0 Fee Interest 525,000  273,000  520 
Jun-07 5 Madison Clock Tower Park Avenue South 100.0 Fee Interest 267,000  200,000  749 
Jul-07 292 Madison Avenue Grand Central South 100.0 Fee Interest 187,000  140,000  749 
Jul-07 1372 Broadway Penn Station/Garment 85.0 Fee Interest 508,000  335,000  659 
Nov-07 470 Park Avenue South Park Avenue South/Flatiron 100.0 Fee Interest 260,000  157,000  604 
Jan-08 440 Ninth Avenue Penn Station 100.0 Fee Interest 339,000  160,000  472 
May-08 1250 Broadway Penn Station 100.0 Fee Interest 670,000  310,000  463 
Oct-08 1372 Broadway Penn Station/Garment 15.0 Fee Interest 508,000  274,000  539 
May-10 1221 Avenue of the Americas Rockefeller Center 45.0 Fee Interest 2,550,000  1,280,000  502 
Sep-10 19 West 44th Street Midtown 100.0 Fee Interest 292,000  123,150  422 
May-11 28 West 44th Street Midtown 100.0 Fee Interest 359,000  161,000  448 
Aug-13 333 West 34th Street Penn Station 100.0 Fee Interest 345,400  220,250  638 
May-14 673 First Avenue Grand Central South 100.0 Leasehold Interest 422,000  145,000  344 
Sep-15 120 West 45th Street Midtown 100.0 Fee Interest 440,000  365,000  830 
Sep-15 315 West 36th Street Times Square South 100.0 Fee Interest 148,000  115,000  777 
Jun-16 388 & 390 Greenwich Street Downtown 100.0 Fee Interest 2,635,000  2,000,000  759 
Aug-16 11 Madison Avenue Park Avenue South 40.0 Fee Interest 2,314,000  2,600,000  1,124 
Nov-17 1515 Broadway Times Square 30.0 Fee Interest 1,750,000  1,950,000  1,114 
Jan-18 600 Lexington Avenue Grand Central North 100.0 Fee Interest 303,515  305,000  1,005 
Feb-18 1515 Broadway Times Square 13.0 Fee Interest 1,750,000  1,950,000  1,114 
May-18 1745 Broadway Midtown 56.9 Leasehold Interest 674,000  633,000  939 
Nov-18 3 Columbus Circle Columbus Circle 48.9 Fee Interest 530,981  851,000  1,603 
Nov-18 2 Herald Square Herald Square 49.0 Leasehold Interest 369,000  265,000  718 
May-19 521 Fifth Avenue Grand Central 50.5 Fee Interest 460,000  381,000  828 
Dec-20 30 East 40th Street Grand Central South 60.0 Leasehold Interest 69,446  5,200  75 
Mar-21 55 West 46th Street - Tower 46 Midtown 30.0 Fee Interest 347,000  275,000  793 
Jun-21 635 - 641 Sixth Avenue Midtown South 100.0 Fee Interest 267,000  325,000  1,217 
Jul-21 220 East 42nd Street Grand Central 49.0 Fee Interest 1,135,000  783,500  690 
Oct-21 590 Fifth Avenue Midtown 100.0 Fee Interest 103,300  103,000  997 
Dec-21 110 East 42nd Street Grand Central 100.0 Fee Interest 215,400  117,075  544 
27,912,365  $ 19,318,825  $ 718 
2023 Dispositions
Jun-23 245 Park Avenue Park Avenue 49.9 Fee Interest 1,782,793  $ 1,995,000  $ 1,119 
1,782,793  $ 1,995,000  $ 1,119 
Supplemental Information
43
Second Quarter 2023
SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY
Retail, Residential, Development / Redevelopment and Land
Unaudited
(Dollars in Thousands)

slglogo.jpg

Interest Gross Asset Occupancy (%)
Property Type of Property Submarket  Acquired Type of Ownership Net Rentable SF Valuation ($'s) at acquisition 6/30/2023
2005 - 2023 Acquisitions
Jul-05 1551-1555 Broadway Retail Times Square 10.0% Fee Interest 25,600  $ 85,000   N/A  N/A
Jul-05 21 West 34th Street Retail Herald Square 50.0 Fee Interest 30,100  17,500   N/A  N/A
Sep-05 141 Fifth Avenue Retail Flatiron 50.0 Fee Interest 21,500  13,250   N/A  N/A
Nov-05 1604 Broadway Retail Times Square 63.0 Leasehold Interest 29,876  4,400  17.2  N/A
Dec-05 379 West Broadway Retail Cast Iron/Soho 45.0 Leasehold Interest 62,006  19,750  100.0  N/A
Jan-06 25-29 West 34th Street Retail Herald Square/Penn Station 50.0 Fee Interest 41,000  30,000  55.8  N/A
Sep-06 717 Fifth Avenue Retail Midtown/Plaza District 32.8 Fee Interest 119,550  251,900  63.1 90.4
Aug-07 180 Broadway Development Lower Manhattan 50.0 Fee Interest 24,300  13,600  85.2  N/A
Apr-07 Two Herald Square Land Herald Square 55.0 Fee Interest  N/A 225,000   N/A  N/A
Jul-07 885 Third Avenue Land Midtown / Plaza District 55.0 Fee Interest  N/A 317,000   N/A  N/A
Feb-08 182 Broadway Development Lower Manhattan 50.0 Fee Interest 46,280  30,000  83.8  N/A
Nov-10 Williamsburg Terrace Retail Brooklyn, New York 100.0 Fee Interest 52,000  18,000  100.0  N/A
Dec-10 11 West 34th Street Retail Herald Square/Penn Station 30.0 Fee Interest 17,150  10,800  100.0 100.0
Dec-10 Two Herald Square Land Herald Square 45.0 Fee Interest 354,400  247,500  100.0  N/A
Dec-10 885 Third Avenue Land Midtown / Plaza District 45.0 Fee Interest 607,000  352,000  100.0  N/A
Dec-10 292 Madison Avenue Land Grand Central South 100.0 Fee Interest 203,800  78,300   N/A  N/A
Jan-11 3 Columbus Circle Redevelopment Columbus Circle 48.9 Fee Interest 741,500  500,000  20.1  N/A
Aug-11 1552-1560 Broadway Retail Times Square 50.0 Fee Interest 35,897  136,550  59.7 88.3
Sep-11 747 Madison Avenue Retail Plaza District 33.3 Fee Interest 10,000  66,250  100.0  N/A
Jan-12 DFR Residential and Retail Portfolio Residential Plaza District, Upper East Side 80.0 Fee Interests / Leasehold Interest 489,882  193,000  95.1  N/A
Jan-12 724 Fifth Avenue Retail Plaza District 50.0 Fee Interest 65,010  223,000  92.9  N/A
Jul-12 West Coast Office Portfolio West Coast 27.6 Fee Interest 4,473,603  880,104  76.3  N/A
Aug-12 33 Beekman Street Development Downtown 45.9 Fee Interest 163,500  31,160  —  N/A
Sep-12 635 Sixth Avenue Redevelopment Midtown South 100.0 Fee Interest 104,000  83,000  —  N/A
Oct-12 1080 Amsterdam Redevelopment Upper West Side 87.5 Leasehold Interest 82,250  —  2.2  N/A
Dec-12 21 East 66th Street Retail Plaza District 32.3 Fee Interest 16,736  75,000  100.0 100.0
Dec-12 985-987 Third Avenue Redevelopment Upper East Side 100.0 Fee Interest 13,678  18,000  —  N/A
Dec-12 131-137 Spring Street Retail Soho 100.0 Fee Interest 68,342  122,300  100.0  N/A
Mar-13 248-252 Bedford Avenue Residential Brooklyn, New York 90.0 Fee Interest 66,611  54,900  —  N/A
Nov-13 650 Fifth Avenue Retail Plaza District 50.0 Leasehold Interest 32,324  —  63.6 100.0
Nov-13 315 West 33rd Street - The Olivia Retail / Residential Penn Station 100.0 Fee Interest 492,987  386,775  96.6  N/A
Nov-13 562, 570 & 574 Fifth Avenue Redevelopment Plaza District 100.0 Fee Interest 66,962  146,222  74.6  N/A
Jul-14 719 Seventh Avenue Retail Times Square 75.0 Fee Interest 6,000  41,149  100.0 —
Jul-14 115 Spring Street Retail Soho 100.0 Fee Interest 5,218  52,000  100.0 100.0
Jul-14 752-760 Madison Avenue Retail Plaza District 100.0 Fee Interest 21,124  282,415  100.0 —
Sep-14 121 Greene Street Retail Soho 50.0 Fee Interest 7,131  27,400  100.0  N/A
Sep-14 635 Madison Avenue Land Plaza District 100.0 Fee Interest 176,530  145,000  100.0  N/A
Oct-14 102 Greene Street Retail Soho 100.0 Fee Interest 9,200  32,250  100.0  N/A
Oct-14 175-225 Third Street Redevelopment Brooklyn, New York 95.0 Fee Interest —  72,500  —  N/A
Nov-14 55 West 46th Street - Tower 46 Redevelopment Midtown 100.0 Fee Interest 347,000  295,000  —  N/A
Feb-15 Stonehenge Portfolio Residential Various Various Fee Interest 2,589,184  40,000  96.5  N/A
Mar-15 1640 Flatbush Avenue Redevelopment Brooklyn, New York 100.0 Fee Interest 1,000  6,799  100.0  N/A
Jun-15 Upper East Side Residential Residential Upper East Side Residential 90.0 Fee Interest 27,000  50,074  96.4  N/A
Aug-15 187 Broadway & 5-7 Dey Street Retail Lower Manhattan 100.0 Fee Interest 73,600  63,690  90.5  N/A
Mar-16 183 Broadway Retail Lower Manhattan 100.0 Fee Interest 9,100  28,500  58.3  N/A
Apr-16 605 West 42nd Street - Sky Residential Midtown West 20.0 Fee Interest 927,358  759,046  —  N/A
Jul-18 1231 Third Avenue Residential Upper East Side 100.0 Fee Interest 38,992  55,355  100.0  N/A
Oct-18 133 Greene Street Retail Soho 100.0 Fee Interest 6,425  30,999  100.0  N/A
Dec-18 712 Madison Avenue Retail Plaza District 100.0 Fee Interest 6,600  57,996  100.0  N/A
Apr-19 106 Spring Street Redevelopment Soho 100.0 Fee Interest 5,928  80,150  —  N/A
May-19 410 Tenth Avenue Redevelopment Hudson Yards 70.9 Fee Interest 638,000  440,000  76.3  N/A
Jan-20 762 Madison Avenue Redevelopment Plaza District 10.0 Fee Interest 6,109  29,250  55.1 —
Jan-20 707 Eleventh Avenue Redevelopment Midtown West 100.0 Fee Interest 159,720  90,000  54.3  N/A
Jan-20 126 Nassau Street Development Lower Manhattan 100.0 Leasehold Interest 98,412  —  87.3 —
Oct-20 85 Fifth Avenue Retail Midtown South 36.3 Fee Interest 12,946  59,000  100.0 100.0
Sep-21 1591-1597 Broadway Land Times Square 100.0 Fee Interest 7,684  121,000  100.0  N/A
Sep-21 690 Madison Avenue Retail Plaza District 100.0 Fee Interest 7,848  72,221  100.0 100.0
Sep-22 5 Times Square Redevelopment Times Square 31.6 Leasehold Interest 1,131,735  1,096,714  22.5 23.3
14,877,688  $ 8,658,769 
Supplemental Information
44
Second Quarter 2023
SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY
Retail, Residential, Development / Redevelopment and Land
Unaudited
(Dollars in Thousands)
slglogo.jpg

Interest Gross Asset Valuation
Property Type of Property Submarket Sold Type of Ownership Net Rentable SF ($'s) ($'s/SF)
2011 - 2022 Dispositions
Sep-11 1551-1555 Broadway Retail Times Square 10.0% Fee Interest 25,600  $ 276,757  $ 10,811 
Feb-12 141 Fifth Avenue Retail Flatiron 100.0 Fee Interest 13,000  46,000  3,538 
Feb-12 292 Madison Avenue Land Grand Central South 100.0 Fee Interest 203,800  85,000  417 
Apr-12 379 West Broadway Retail Cast Iron/Soho 100.0 Leasehold Interest 62,006  48,500  782 
Jun-12 717 Fifth Avenue Retail Midtown/Plaza District 50.0 Fee Interest 119,550  617,584  5,166 
Sep-12 3 Columbus Circle Redevelopment Columbus Circle 29.0 Fee Interest 214,372  143,600  670 
Feb-13 44 West 55th Street Retail Plaza District 100.0 Fee Interest 8,557  6,250  730 
Jun-13 West Coast Office Portfolio West Coast Los Angeles, California 100.0 Fee Interest 406,740  111,925  275 
Aug-13 West Coast Office Portfolio West Coast Fountain Valley, California 100.0 Fee Interest 302,037  66,994  222 
Sep-13 West Coast Office Portfolio West Coast San Diego, California 100.0 Fee Interest 110,511  45,400  411 
Dec-13 27-29 West 34th Street Retail Herald Square/Penn Station 100.0 Fee Interest 15,600  70,051  4,491 
Jan-14 21-25 West 34th Street Retail Herald Square/Penn Station 100.0 Fee Interest 30,100  114,948  3,819 
Mar-14 West Coast Office Portfolio West Coast 100.0 Fee Interest 3,654,315  756,000  207 
May-14 747 Madison Avenue Retail Plaza District 100.0 Fee Interest 10,000  160,000  16,000 
Jul-14 985-987 Third Avenue Redevelopment Upper East Side 100.0 Fee Interest 13,678  68,700  5,023 
Sep-14 180-182 Broadway Redevelopment Lower Manhattan 100.0 Fee Interest 156,086  222,500  1,425 
Nov-14 2 Herald Square Land Herald Square/Penn Station 100.0 Fee Interest 354,400  365,000  1,030 
Nov-14 55 West 46th Street - Tower 46 Redevelopment Midtown 75.0 Fee Interest 347,000  295,000  850 
Jan-15 180 Maiden Lane Redevelopment Financial East 100.0 Fee Interest 1,090,000  470,000  431 
Aug-15 131-137 Spring Street Retail Soho 80.0 Fee Interest 68,342  277,750  4,064 
Dec-15 570 & 574 Fifth Avenue Redevelopment Plaza District 100.0 Fee Interest 24,327  125,400  5,155 
Feb-16 248-252 Bedford Avenue Residential Brooklyn, New York 90.0 Fee Interest 66,611  55,000  826 
Feb-16 885 Third Avenue Land Midtown / Plaza District 100.0 Fee Interest 607,000  453,000  746 
May-16 33 Beekman Street Redevelopment Downtown 100.0 Fee Interest 163,500  196,000  1,199 
Oct-16 400 East 57th Street Residential Upper East Side 49.0 Fee Interest 290,482  170,000  585 
Apr-17 102 Greene Street Retail Soho 90.0 Fee Interest 9,200  43,500  4,728 
Sep-17 102 Greene Street Retail Soho 10.0 Fee Interest 9,200  43,500  4,728 
Apr-18 175-225 Third Street Redevelopment Brooklyn, New York 95.0 Fee Interest —  115,000  — 
Jun-18 635 Madison Avenue Land Plaza District 100.0 Fee Interest 176,530  153,000  867 
Jul-18 724 Fifth Avenue Retail Plaza District 50.0 Fee Interest 65,010  365,000  5,615 
Oct-18 72nd Street Assemblage & 1231 Third Avenue Residential Upper East Side Various Fee Interest —  143,800  — 
Jan-19 131-137 Spring Street Retail Soho 20.0 Fee Interest 68,342  216,000  3,161 
Aug-19 115 Spring Street Retail Soho 49.0 Fee Interest 5,218  66,050  12,658 
Dec-19 562 Fifth Avenue Redevelopment Plaza District 100.0 Fee Interest 42,635  52,393  1,229 
Dec-19 1640 Flatbush Avenue Redevelopment Brooklyn, New York 100.0 Fee Interest 1,000  16,150  16,150 
Mar-20 315 West 33rd Street - The Olivia Retail / Residential Penn Station 100.0 Fee Interest 492,987  446,500  906 
May-20 609 Fifth Avenue - Retail Condominium Retail Rockefeller Center 100.0 Fee Interest 21,437  168,000  7,837 
Sep-20 400 East 58th Street Residential Upper East Side 90.0 Fee Interest 140,000  62,000  443 
Dec-20 410 Tenth Avenue Redevelopment Hudson Yards 70.9 Fee Interest 638,000  952,500  1,493 
Dec-20 Williamsburg Terrace Retail Brooklyn, New York 100.0 Fee Interest 52,000  32,000  615 
Jan-21 712 Madison Avenue Retail Plaza District 100.0 Fee Interest 6,600  43,000  6,515 
Feb-21 133 Greene Street Retail Soho 100.0 Fee Interest 6,425  15,796  2,459 
Mar-21 106 Spring Street Redevelopment Soho 100.0 Fee Interest 5,928  34,024  5,740 
Jun-21 605 West 42nd Street - Sky Residential Westside 20.0 Fee Interest 927,358  858,100  925 
Sep-21 400 East 57th Street Residential Upper East Side 41.0 Fee Interest 290,482  133,500  460 
Feb-22 707 Eleventh Avenue Redevelopment Midtown West 100.0 Fee Interest 159,720  95,000  595 
Apr-22 1080 Amsterdam Residential Upper West Side 92.5 Leasehold Interest 82,250  42,650  519 
May-22 1591-1597 Broadway Land Times Square 100.0 Fee Interest 7,684  121,000  15,747 
Jun-22 609 Fifth Avenue Redevelopment Rockefeller Center 100.0 Fee Interest 138,563  100,500  725 
Dec-22 885 Third Avenue - Condominium Redevelopment Midtown / Plaza District 100.0 Fee / Leasehold Interest 414,317  300,400  725 
12,118,500  $ 9,866,722  $ 814 
2023 Dispositions
Feb-23 121 Greene Street Retail Soho 50.0% Fee Interest 7,131  $ 14,000  $ 1,963 
7,131  $ 14,000  $ 1,963 
Supplemental Information
45
Second Quarter 2023
SUMMARY OF REAL ESTATE ACQUISITION/DISPOSITION ACTIVITY
Suburban Office
Unaudited
(Dollars in Thousands)
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Gross Asset Occupancy (%)
Property Submarket Interest Acquired Type of Ownership Net Rentable SF Valuation ($'s) at acquisition 6/30/2023
2007 - 2020 Acquisitions
Jan-07 300 Main Street Stamford, Connecticut 100.0% Fee Interest 130,000  $ 15,000  92.5  N/A
Jan-07 399 Knollwood Road White Plains, New York 100.0 Fee Interest 145,000  31,600  96.6  N/A
Jan-07 Reckson - Connecticut Portfolio Stamford, Connecticut 100.0 Fee Interests / Leasehold Interest 1,369,800  490,750  88.9 78.3
Jan-07 Reckson - Westchester Portfolio Westchester 100.0 Fee Interests / Leasehold Interest 2,346,100  570,190  90.6  N/A
Apr-07 Jericho Plazas Jericho, New York 20.3 Fee Interest 640,000  210,000  98.4  N/A
Jun-07 1010 Washington Boulevard Stamford, Connecticut 100.0 Fee Interest 143,400  38,000  95.6  N/A
Jun-07 500 West Putnam Avenue Greenwich, Connecticut 100.0 Fee Interest 121,500  56,000  94.4  N/A
Jul-07 16 Court Street Brooklyn, New York 35.0 Fee Interest 317,600  107,500  80.6  N/A
Aug-07 150 Grand Street White Plains, New York 100.0 Fee Interest 85,000  6,700  52.9  N/A
Sep-07 The Meadows Rutherford, New Jersey 25.0 Fee Interest 582,100  111,500  81.3  N/A
Jan-08 125 Chubb Way Lyndhurst, New Jersey 100.0 Fee Interest 278,000  29,364  —  N/A
Dec-10 7 Renaissance Square White Plains, New York 50.0 Fee Interest 65,641  4,000  —  N/A
Apr-13 16 Court Street Brooklyn, New York 49.0 Fee Interest 317,600  96,200  84.9  N/A
6,541,741  $ 1,766,804 
Gross Asset
Property Submarket Interest Sold Type of Ownership Net Rentable SF Valuation ($'s) Price ($'s/SF)
2008 - 2020 Dispositions
Oct-08 100 & 120 White Plains Road Tarrytown, New York 100.0% Fee Interest 211,000  $ 48,000  $ 227
Jan-09 55 Corporate Drive Bridgewater, New Jersey 100.0 Fee Interest 670,000  230,000  343
Aug-09 399 Knollwood Road White Plains, New York 100.0 Fee Interest 145,000  20,767  143
Jul-12 One Court Square Long Island City, New York 100.0 Fee Interest 1,402,000  481,100  343
Sep-13 300 Main Street Stamford, Connecticut 100.0 Fee Interest 130,000  13,500  104
Aug-15 The Meadows Rutherford, New Jersey 100.0 Fee Interest 582,100  121,100  208
Dec-15 140 Grand Street White Plains, New York 100.0 Fee Interest 130,100  22,400  172
Dec-15 150 Grand Street White Plains, New York 100.0 Fee Interest 85,000  9,600  113
Mar-16 7 Renaissance Square White Plains, New York 100.0 Fee Interest 65,641  21,000  320
Jul-16 500 West Putnam Avenue Greenwich, Connecticut 100.0 Fee Interest 121,500  41,000  337
Apr-17 520 White Plains Road Tarrytown, New York 100.0 Fee Interest 180,000  21,000  117
Jul-17 680 Washington Avenue Stamford, Connecticut 51.0 Fee Interest 133,000  42,011  316
Jul-17 750 Washington Avenue Stamford, Connecticut 51.0 Fee Interest 192,000  53,745  280
Oct-17 16 Court Street Brooklyn, New York 100.0 Fee Interest 317,600  171,000  538
Oct-17 125 Chubb Way Lyndhurst, New Jersey 100.0 Fee Interest 278,000  29,500  106
May-18 115-117 Stevens Avenue Valhalla, New York 100.0 Fee Interest 178,000  12,000  67
Jun-18 Jericho Plaza Jericho, New York 11.7 Fee Interest 640,000  117,400  183
Jul-18 1-6 International Drive Rye Brook, New York 100.0 Fee Interest 540,000  55,000  102
Nov-19 1010 Washington Boulevard Stamford, Connecticut 100.0 Fee Interest 143,400  23,100  161
Dec-19 100 Summit Lake Drive Valhalla, New York 100.0 Fee Interest 250,000  41,581  166
Dec-19 200 Summit Lake Drive Valhalla, New York 100.0 Fee Interest 245,000  37,943  155
Dec-19 500 Summit Lake Drive Valhalla, New York 100.0 Fee Interest 228,000  34,185  150
Dec-19 360 Hamilton Avenue White Plains, New York 100.0 Fee Interest 384,000  115,451  301
Dec-20 1055 Washington Boulevard Stamford, Connecticut 100.0 Leasehold Interest 182,000  23,750  130
7,433,341  $ 1,786,133  $ 240
Supplemental Information
46
Second Quarter 2023
Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
slglogo.jpg
Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments 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 (EBITDAre)

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

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



Supplemental Information
47
Second Quarter 2023
Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
slglogo.jpg
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Funds From Operations (FFO) Reconciliation
Three Months Ended Six Months Ended
June 30, June 30,
2023 2022 2023 2022
Net loss attributable to SL Green common stockholders $ (360,194) $ (43,876) $ (399,925) $ (36,125)
Add:
Depreciation and amortization 69,084  46,914  147,632  93,897 
Joint venture depreciation and noncontrolling interest adjustments 65,149  61,030  134,683  121,462 
Net (loss) income attributable to noncontrolling interests (24,622) 591  (28,584) 940 
Less:
Loss on sale of real estate, net (26,678) (64,378) (28,329) (65,380)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate —  (131) (79) (131)
Purchase price and other fair value adjustments (17,013) —  (17,013) — 
Depreciable real estate reserves (305,916) —  (305,916) — 
Depreciation on non-rental real estate assets 600  415  1,234  1,136 
FFO attributable to SL Green common stockholders and noncontrolling interests $ 98,424  $ 128,753  $ 203,909  $ 244,549 

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
For the three months ended
6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022
Net (loss) income $ (379,228) $ (38,357) $ (64,050) $ 12,211  $ (37,949)
Interest expense, net of interest income 40,621  41,653  37,619  21,824  14,960 
Amortization of deferred financing costs 2,154  2,021  1,909  2,043  1,917 
Income taxes 1,973  766  2,883  (129) 1,346 
Depreciation and amortization 69,084  78,548  72,947  48,462  46,914 
Loss (gain) on sale of real estate 26,678  1,651  23,381  (4,276) 64,378 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate —  79  —  —  131 
Purchase price and other fair value adjustments 17,409  (239) 770  1,117  6,168 
Depreciable real estate reserves 305,916  —  6,313  —  — 
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates 134,001  140,222  133,169  123,172  113,086 
EBITDAre $ 218,608  $ 226,344  $ 214,941  $ 204,424  $ 210,951 
Supplemental Information
48
Second Quarter 2023
Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
slglogo.jpg
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES - Operating income and Same-store NOI Reconciliation
Three Months Ended Six Months Ended
June 30, June 30,
2023 2022 2023 2022
Net loss $ (379,228) $ (37,949) $ (417,585) $ (24,464)
Equity in net loss on sale of joint venture interest / real estate —  131  79  131 
Purchase price and other fair value adjustments 17,409  6,168  17,170  6,231 
Loss on sale of real estate, net 26,678  64,378  28,329  65,380 
Depreciable real estate reserves 305,916  —  305,916  — 
Depreciation and amortization 69,084  46,914  147,632  93,897 
Interest expense, net of interest income 40,621  14,960  82,274  30,030 
Amortization of deferred financing costs 2,154  1,917  4,175  3,865 
Operating income 82,634  96,519  167,990  175,070 
Equity in net loss from unconsolidated joint ventures 21,932  4,550  29,344  9,265 
Marketing, general and administrative expense 22,974  23,522  46,259  48,298 
Transaction related costs, net 33  1  917  29 
Investment income (9,103) (20,407) (18,160) (40,295)
Loan loss and other investment reserves, net of recoveries —  —  6,890  — 
Non-building revenue (21,110) (20,428) (27,916) (21,877)
Net operating income (NOI) 97,360  83,757  205,324  170,490 
Equity in net loss from unconsolidated joint ventures (21,932) (4,550) (29,344) (9,265)
SLG share of unconsolidated JV depreciation and amortization 60,781  59,325  125,504  117,455 
SLG share of unconsolidated JV interest expense, net of interest income 62,589  47,336  125,735  92,573 
SLG share of unconsolidated JV amortization of deferred financing costs 3,141  2,894  6,203  5,784 
SLG share of unconsolidated JV loss on early extinguishment of debt —  318  —  318 
SLG share of unconsolidated JV investment income (317) (307) (630) (610)
SLG share of unconsolidated JV non-building revenue (2,046) (2,418) (4,343) (2,858)
NOI including SLG share of unconsolidated JVs 199,576  186,355  428,449  373,887 
NOI from other properties/affiliates (25,579) (7,532) (80,352) (20,348)
Same-Store NOI 173,997  178,823  348,097  353,539 
Operating lease straight-line adjustment 204  204  408  408 
SLG share of unconsolidated JV operating lease straight-line adjustment 182  192  374  385 
Straight-line and free rent (2,520) (1,099) (7,303) (3,042)
Amortization of acquired above and below-market leases, net 13  13  27  (48)
SLG share of unconsolidated JV straight-line and free rent (6,323) (13,813) (15,147) (30,405)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net (4,433) (4,391) (8,867) (8,920)
Same-store cash NOI $ 161,120  $ 159,929  $ 317,589  $ 311,917 
Lease termination income (5) (495) (517) (663)
SLG share of unconsolidated JV lease termination income (365) (4,328) (751) (8,380)
Same-store cash NOI excluding lease termination income $ 160,750  $ 155,106  $ 316,321  $ 302,874 

Supplemental Information
49
Second Quarter 2023
RESEARCH ANALYST COVERAGE
                               
                          
                         
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EQUITY COVERAGE
Firm Analyst Phone Email
B of A Securities
Camille Bonnel
(416) 369-2140
 camille.bonnel@bofa.com
Barclays Anthony Powell (212) 526-8768 anthony.powell@barclays.com
BMO Capital Markets Corp. John P. Kim (212) 885-4115 jp.kim@bmo.com
BTIG Thomas Catherwood (212) 738-6140 tcatherwood@btig.com
Citi
Nicholas Joseph
(212) 816-1909
nicholas.joseph@citi.com
Goldman Sachs & Co. Caitlin Burrows (212) 902-4736 caitlin.burrows@gs.com
Green Street Dylan Burzinski (949) 640-8780 dburzinski@greenstreet.com
Evercore ISI Steve Sakwa (212) 446-9462 steve.sakwa@evercoreisi.com
Jefferies Peter Abramowitz (212) 336-7241 pabramowitz@jefferies.com
JP Morgan Securities Anthony Paolone (212) 622-6682 anthony.paolone@jpmorgan.com
Mizuho Securities USA
Vikram Malhotra
(212) 282-3827
vikram.malhotra@mizuhogroup.com
Morgan Stanley & Co. Ronald Kamdem (212) 296-8319 ronald.kamdem@morganstanley.com
Piper Sandler Alexander Goldfarb (212) 466-7937 alex.goldfarb@psc.com
Scotiabank Nicholas Yulico (212) 225-6904 nicholas.yulico@scotiabank.com
Truist Securities Michael Lewis (212) 319-5659 michael.r.lewis@truist.com
Wells Fargo Blaine Heck (443) 263-6529 blaine.heck@wellsfargo.com
Wolfe Research Andrew Rosivach (646) 582-9250 arosivach@wolferesearch.com

SL Green Realty Corp. is covered by the research analysts listed above. Please note that any opinions, estimates or forecasts regarding SL Green Realty Corp.'s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of SL Green Realty Corp. or its management. SL Green Realty Corp. does not, by its reference above or distribution, imply its endorsement of or concurrence with such information, conclusions or recommendations.
Supplemental Information
50
Second Quarter 2023
EXECUTIVE MANAGEMENT
                               
                          
                         
slglogo.jpg


Marc Holliday Neil H. Kessner
Chairman and Chief Executive Officer
Executive Vice President, General
Counsel - Real Property
Andrew Mathias
President
 Maggie Hui
Chief Accounting Officer
Matthew J. DiLiberto
Chief Financial Officer
 Harrison Sitomer
Chief Investment Officer
Andrew S. Levine
Chief Legal Officer
 Robert Schiffer
Executive Vice President, Development
Steven M. Durels
Executive Vice President, Director of Brett Herschenfeld
Leasing and Real Property Executive Vice President, Retail and Opportunistic
Investment
Edward V. Piccinich
Chief Operating Officer

Supplemental Information
51
Second Quarter 2023