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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):
January 24, 2024

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 January 24, 2024 announcing SL Green Realty Corp.’s, or the Company, results for the quarter ended December 31, 2023, the Company has made available on its website supplemental information regarding the Company’s operations that is too voluminous for a press release. The Company is attaching the press release as Exhibit 99.1 and the supplemental package as Exhibit 99.2 to this Current Report on Form 8-K.

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

Item 7.01.    Regulation FD Disclosure

As discussed in Item 2.02 above, on January 24, 2024, the Company issued a press release announcing its results for the quarter ended December 31, 2023, and that it is revising its earnings guidance of net income per share of $1.35 to $1.65, and NAREIT defined FFO per share (diluted) of $4.90 to $5.20 for the year ending December 31, 2024 to $2.73 to $3.03 of net income per share, and $5.90 to $6.20 of FFO per share (diluted).

The following table reconciles estimated earnings per share (diluted) to FFO per share (diluted) for the year ending December 31, 2024:

Year Ending
December 31,
2024 2024
Net income per share attributable to SL Green stockholders (diluted) $ 2.73  $ 3.03 
Add:
Depreciation and amortization 2.41  2.41 
Joint ventures depreciation and noncontrolling interests adjustments 3.70  3.70 
Net loss attributable to noncontrolling interests (0.12) (0.12)
Less:
Gain on sale of real estate and discontinued operations, net 2.79  2.79 
Depreciation on non-real estate assets 0.03  0.03 
Funds From Operations per share attributable to SL Green common stockholders and noncontrolling interests (diluted) $ 5.90  $ 6.20 

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 December 31, 2023.
    99.2    Supplemental package.




Non-GAAP Supplemental Financial Measures

Funds from Operations (FFO)

FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of NAREIT in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company's ability to make cash distributions.

Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing costs, and recurring capital expenditures.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company’s ability to fund its dividends. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

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



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

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



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

SL GREEN REALTY CORP.
/s/ Matthew J. DiLiberto
Matthew J. DiLiberto
Chief Financial Officer
Date: January 25, 2024



EX-99.1 2 a23q4earningsrelease.htm EX-99.1 Document
Exhibit 99.1

SL GREEN REALTY CORP. REPORTS
FOURTH QUARTER 2023 EPS OF ($2.45) PER SHARE;
AND FFO OF $0.72 PER SHARE AFTER NON-RECURRING CHARGES

INCREASES 2024 EARNINGS GUIDANCE


Financial and Operating Highlights
•Net loss attributable to common stockholders of $2.45 per share for the fourth quarter of 2023 as compared to net loss of $1.01 per share for the same period in 2022. Net loss for the fourth quarter of 2023 included $1.53 per share of non-recurring charges and $0.71 per share of depreciation and amortization.
•Funds from operations, or FFO, of $0.72 per share for the fourth quarter of 2023, or $1.14 per share before giving effect to $10.3 million, or $0.15 per share, of non-cash fair value adjustments on mark-to-market derivatives and $18.7 million, or $0.27 per share, of non-recurring general and administrative charges related to the non-renewal of the Company's former President. The Company reported FFO of $1.46 per share for the same period in 2022.
•FFO of $4.94 per share for the full year, or $5.09 per share, $0.01 per share better than the Company's expectations, before giving effect to $10.5 million, or $0.15 per share, of non-cash fair value adjustments on mark-to-market derivatives, as compared to $6.64 for the same period in 2022.
•The Company is increasing its 2024 earnings guidance ranges for the year ending December 31, 2024 to FFO per share of $5.90 to $6.20, an increase of $1.00 per share at the midpoint, and net income per share of $2.73 to $3.03, an increase of $1.38 per share at the midpoint, primarily to reflect incremental gains on discounted debt extinguishment.
•As of December 31, 2023, the value of the Company's derivatives, at share, net of the mark-to-market derivatives that negatively impacted FFO, was $32.9 million.
•Signed 26 Manhattan office leases covering 505,152 square feet in the fourth quarter of 2023 and 160 Manhattan office leases covering 1,776,414 square feet for the full year. The mark-to-market on signed Manhattan office leases was 3.2% higher for the fourth quarter and 0.8% higher for the full year 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 3.9% for the fourth quarter of 2023 and 5.8% for the full year as compared to the same periods in 2022, excluding lease termination income.




•Manhattan same-store office occupancy increased to 90.0% as of December 31, 2023 inclusive of leases signed but not yet commenced.
Investing Highlights
•In January 2024:
◦Together with our joint venture partner, closed on the sale of the retail condominium at 717 Fifth Avenue for total consideration of $963.0 million. The transaction is expected to generate net proceeds to the Company of $27.6 million, which will be used for corporate debt repayment.
◦Closed on the acquisition of interests in the joint venture that owns the leasehold interest at 2 Herald Square for no consideration, which increases the Company's interest in the joint venture to 95%. In addition, the joint venture entered into an agreement to satisfy the existing $182.5 million mortgage on the property for a net payment of $7.0 million. The payoff is expected to close in the first quarter of 2024.
◦The Company expects to launch fundraising for its $1.0 billion New York City Opportunity debt fund.
•In the fourth quarter of 2023:
◦Together with our joint venture partners, closed on the previously announced sale of the equity interests in the condominium units at 21 East 66th Street for total consideration of $40.6 million. The transaction generated net proceeds to the Company of $9.6 million, which was used for corporate debt repayment.
◦Together with our joint venture partner, entered into an agreement to sell the fee ownership interest in 625 Madison Avenue for a gross sales price of $634.6 million, which reflects an increased price due to the exercise of an extended closing option. In connection with the sale, the Company and its joint venture partner will originate a $235.5 million preferred equity investment in the property. The transaction is expected to close in the first quarter of 2024.
Financing Highlights
•Closed on a modification of the mortgage at 185 Broadway to extend the maturity date to November 2026. The modification also converted the previous floating rate of 2.85% over Term SOFR to a fixed rate of 6.65% per annum through November 2025 and 2.55% over Term SOFR thereafter.




NEW YORK, January 24, 2024 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended December 31, 2023 of $155.6 million, or $2.45 per share, as compared to a net loss of $64.3 million, or $1.01 per share, for the same quarter in 2022. Net loss for the fourth quarter of 2023 included $105.8 million, or $1.53 per share, of non-recurring charges comprised of depreciable real estate reserves, non-cash fair value adjustments on mark-to-market derivatives and general and administrative charges and was net of $49.1 million, or $0.71 per share, of depreciation and amortization.
The Company also reported a net loss attributable to common stockholders for the year ended December 31, 2023 of $579.5 million, or $9.12 per share, as compared to a net loss of $93.0 million, or $1.49 per share, for the same period in 2022. Net loss attributable to common stockholders for the year ended December 31, 2023 included $464.0 million, or $6.72 per share, of net losses from the sale of real estate interests, depreciable real estate reserves, non-cash fair value adjustments on mark-to-market derivatives and non-recurring general and administrative charges related to the non-renewal of the Company's former President, and was net of $247.8 million, or $3.59 per share, of depreciation and amortization. Net loss attributable to common stockholders for the year ended December 31, 2022 included $99.0 million, or $1.43 per share, of net losses recognized from the sale of real estate interests, depreciable real estate reserves, non-cash fair value adjustments on mark-to-market derivatives, and was net of $216.2 million, or $3.13 per share, of depreciation and amortization.
The Company reported FFO for the quarter ended December 31, 2023 of $49.7 million, or $0.72 per share, or $78.7 million, or $1.14 per share, before giving effect to $10.3 million, or $0.15 per share, of non-cash fair value adjustments on mark-to-market derivatives and $18.7 million, or $0.27 per share, of non-recurring general and administrative charges related to the non-renewal of the Company's former President, which includes severance and the acceleration of stock-based compensation expense related to previously granted awards. The Company reported FFO for the same period in 2022 of $100.0 million, or $1.46 per share.
The Company also reported FFO for the year ended December 31, 2023 of $341.3 million, or $4.94 per share, or $351.8 million, or $5.09 per share, before giving effect to $10.5 million, or $0.15 per share, of non-cash fair value adjustments on mark-to-market derivatives, as compared to FFO for the same period in 2022 of $458.8 million, or $6.64 per share. As previously reported, FFO for the year ended December 31, 2023 is net of $6.9 million, or $0.10 per share, of reserves on one debt and preferred equity investment and $18.7 million, or $0.27 per share, of non-recurring general and administrative charges related to the non-renewal of the Company's former President.
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 4.8% for the fourth quarter of 2023, or 3.9% 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 5.1% for the year ended December 31, 2023, or 5.8% excluding lease termination income, as compared to the same period in 2022.




During the fourth quarter of 2023, the Company signed 26 office leases in its Manhattan office portfolio totaling 505,152 square feet. The average rent on the Manhattan office leases signed in the fourth quarter of 2023, excluding leases signed at One Madison, was $105.01 per rentable square foot with an average lease term of 14.7 years and average tenant concessions of 14.9 months of free rent with a tenant improvement allowance of $120.56 per rentable square foot. Sixteen leases comprising 323,947 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 $115.61 per rentable square foot, representing a 3.2% increase over the previous fully escalated rents on the same office spaces.
During the year ended December 31, 2023, the Company signed 160 office leases in its Manhattan office portfolio totaling 1,776,414 square feet. The average rent on the Manhattan office leases signed in 2023, excluding leases signed at One Vanderbilt and One Madison, was $87.46 per rentable square foot with an average lease term of 9.3 years and average tenant concessions of 9.1 months of free rent with a tenant improvement allowance of $79.26 per rentable square foot. Ninety-six leases comprising 1,247,143 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 $89.87 per rentable square foot, representing a 0.8% increase over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio increased to 90.0% as of December 31, 2023, inclusive of 177,836 square feet of leases signed but not yet commenced, as compared to 89.9% at the end of the previous quarter.
Significant leasing activity in the fourth quarter includes:
•Early renewal of 141,589 square feet and expansion by 128,316 square feet with a premier financial services tenant at 280 Park Avenue;
•New lease with Stonepeak Partners L.P. for 76,716 square feet at 245 Park Avenue;
•New lease with Uncommon Schools, Inc. for 27,833 square feet at 100 Church Street;
•Three new leases for a total of 41,959 square feet at 1185 Avenue of the Americas;
•New lease of 19,820 square feet and new retail lease of 11,741 square feet with Partially Important Productions and IMEX Exploit NYC LLC at 555 West 57th Street;
•New retail lease with Carnegie Diner for 14,309 square feet at 1185 Avenue of the Americas; and
•New lease with National CineMedia, LLC for 14,206 square feet at 485 Lexington Avenue.




Investment Activity
In January 2024, together with our joint venture partner, the Company closed on the sale of the retail condominium at 717 Fifth Avenue for total consideration of $963.0 million. The transaction is expected to generate net proceeds to the Company of $27.6 million, which will be used for corporate debt repayment.
In January 2024, the Company closed on the acquisition of interests in the joint venture that owns the leasehold interest at 2 Herald Square for no consideration, which increases the Company's interest in the joint venture to 95%. In addition, the joint venture entered into an agreement to satisfy the existing $182.5 million mortgage on the property for a net payment of $7.0 million. The payoff is expected to close in the first quarter of 2024.
The Company expects to launch fundraising for its $1.0 billion New York City Opportunity debt fund in January 2024.
In December, together with our joint venture partners, the Company closed on the previously announced sale of the equity interests in the condominium units at 21 East 66th Street for total consideration of $40.6 million. The transaction generated net proceeds to the Company of $9.6 million, which was used for corporate debt repayment.
In December, together with our joint venture partner, the Company entered into an agreement to sell the fee ownership interest in 625 Madison Avenue for a gross sales price of $634.6 million, which reflects an increased price due to the exercise of an extended closing option, to a global real estate investor. In connection with the sale, the Company, together with its joint venture partner, will originate a $235.5 million preferred equity investment in the property. The transaction is expected to close in the first quarter of 2024.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity ("DPE") portfolio was $346.7 million at December 31, 2023. The portfolio had a weighted average current yield of 7.9%, or 9.6% excluding the effect of a $50.0 million investment that is on non-accrual. During the fourth quarter, no investments were sold or repaid and the Company did not originate or acquire any new investments. As previously reported, in October, the Company closed on a $20.0 million upsize and three-year extension of an existing $39.1 million debt and preferred equity investment that was scheduled to mature in October 2023.
Financing Activity
In December, the Company closed on a modification of the mortgage at 185 Broadway to extend the maturity date to November 2026, as fully extended. The modification also converted the previous floating rate of 2.85% over Term SOFR to a fixed rate of 6.65% per annum through November 2025 and 2.55% over Term SOFR thereafter. The Company made a $20.0 million principal payment at closing resulting in an outstanding loan amount of $190.1 million as of December 31, 2023.
As of December 31, 2023, the value of the Company's derivatives, at share, net of the mark-to-market derivatives that negatively impacted reported FFO, was $32.9 million.




Earnings Guidance
The Company is increasing its earnings guidance ranges for the year ending December 31, 2024 to FFO per share of $5.90 to $6.20, and net income per share of $2.73 to $3.03, as compared to the previous guidance ranges of FFO per share of $4.90 to $5.20 and net income per share of $1.35 to $1.65 primarily to reflect incremental gains on discounted debt extinguishment.
Dividends
In the fourth quarter of 2023, the Company declared:
•Two monthly ordinary dividends on its outstanding common stock of $0.2708 per share, which were paid in cash on November 15 and December 15, 2023, and one monthly dividend on its outstanding common stock of $0.25 per share, which was paid on January 16, 2024. The monthly ordinary dividend paid in January 2024 equates to an annualized dividend of $3.00 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 October 15, 2023 through and including January 14, 2024, which was paid in cash on January 16, 2024 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, January 25, 2024, 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/BI3a0c30ce6c6e475994a2c328b1f04e01.
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 December 31, 2023, SL Green held interests in 58 buildings totaling 32.5 million square feet. This included ownership interests in 28.8 million square feet of Manhattan buildings and 2.8 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, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, business strategies, expansion and growth of our operations and other similar matters, 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 Twelve Months Ended
December 31, December 31,
Revenues: 2023 2022 2023 2022
Rental revenue, net $ 131,927  $ 172,892  $ 603,694  $ 588,824 
Escalation and reimbursement revenues 19,430  24,393  79,641  82,676 
SUMMIT Operator revenue 35,240  28,237  118,260  89,048 
Investment income 6,856  11,305  34,705  81,113 
Other income 18,271  13,839  77,410  77,793 
Total revenues 211,724  250,666  913,710  919,454 
Expenses:
Operating expenses, including related party expenses of $2 and $5 in 2023 and $6 and $5,701 in 2022
48,090  46,912  196,696  174,063 
Real estate taxes 31,294  41,551  143,757  138,228 
Operating lease rent 7,083  6,514  27,292  26,943 
SUMMIT Operator expenses 24,887  24,503  101,211  89,207 
Interest expense, net of interest income 27,400  37,619  137,114  89,473 
Amortization of deferred financing costs 1,510  1,909  7,837  7,817 
SUMMIT Operator tax expense 2,320  1,078  9,201  2,647 
Depreciation and amortization 49,050  73,158  247,810  216,167 
Loan loss and other investment reserves, net of recoveries —  —  6,890  — 
Transaction related costs 16  88  1,099  409 
Marketing, general and administrative 42,257  24,224  111,389  93,798 
Total expenses 233,907  257,556  990,296  838,752 
Equity in net loss from unconsolidated joint ventures (32,039) (26,696) (76,509) (57,958)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate (13,289) —  (13,368) (131)
Purchase price and other fair value adjustments (10,273) (770) (17,260) (8,118)
Loss on sale of real estate, net (4,557) (23,381) (32,370) (84,485)
Depreciable real estate reserves (76,847) (6,313) (382,374) (6,313)
Loss on early extinguishment of debt (870) —  (870) — 
Net loss (160,058) (64,050) (599,337) (76,303)
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interests in the Operating Partnership 9,972  3,963  37,465  5,794 
Noncontrolling interests in other partnerships 109  1,147  4,568  (1,122)
Preferred units distributions (1,903) (1,599) (7,255) (6,443)
Net loss attributable to SL Green (151,880) (60,539) (564,559) (78,074)
Perpetual preferred stock dividends (3,737) (3,737) (14,950) (14,950)
Net loss attributable to SL Green common stockholders $ (155,617) $ (64,276) $ (579,509) $ (93,024)
Earnings Per Share (EPS)
Basic loss per share $ (2.45) $ (1.01) $ (9.12) $ (1.49)
Diluted loss per share $ (2.45) $ (1.01) $ (9.12) $ (1.49)
Funds From Operations (FFO)
Basic FFO per share $ 0.72  $ 1.47  $ 4.98  $ 6.71 
Diluted FFO per share $ 0.72  $ 1.46  $ 4.94  $ 6.64 
Basic ownership interest
Weighted average REIT common shares for net income per share 63,885  63,919  63,809  63,917 
Weighted average partnership units held by noncontrolling interests 4,129  3,740  4,163  4,012 
Basic weighted average shares and units outstanding 68,014  67,659  67,972  67,929 
Diluted ownership interest
Weighted average REIT common share and common share equivalents 65,171  64,910  64,869  65,041 
Weighted average partnership units held by noncontrolling interests 4,129  3,740  4,163  4,012 
Diluted weighted average shares and units outstanding 69,300  68,650  69,032  69,053 




SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
December 31, December 31,
2023 2022
Assets (Unaudited)
Commercial real estate properties, at cost:
Land and land interests $ 1,092,671  $ 1,576,927 
Building and improvements 3,655,624  4,903,776 
Building leasehold and improvements 1,354,569  1,691,831 
Right of use asset - operating leases 953,236  1,026,265 
7,056,100  9,198,799 
Less: accumulated depreciation (2,035,311) (2,039,554)
5,020,789  7,159,245 
Cash and cash equivalents 221,823  203,273 
Restricted cash 113,696  180,781 
Investment in marketable securities 9,591  11,240 
Tenant and other receivables 33,270  34,497 
Related party receivables 12,168  27,352 
Deferred rents receivable 264,653  257,887 
Debt and preferred equity investments, net of discounts and deferred origination fees of $1,630 and $1,811 in 2023 and 2022, respectively, and allowances of $13,520 and $6,630 in 2023 and 2022, respectively
346,745  623,280 
Investments in unconsolidated joint ventures 2,983,313  3,190,137 
Deferred costs, net 111,463  121,157 
Other assets 413,670  546,945 
        Total assets $ 9,531,181  $ 12,355,794 
Liabilities
Mortgages and other loans payable $ 1,497,386  $ 3,235,962 
Revolving credit facility 560,000  450,000 
Unsecured term loan 1,250,000  1,650,000 
Unsecured notes 100,000  100,000 
Deferred financing costs, net (16,639) (23,938)
Total debt, net of deferred financing costs 3,390,747  5,412,024 
Accrued interest payable 17,930  14,227 
Accounts payable and accrued expenses 153,164  154,867 
Deferred revenue 134,053  272,248 
Lease liability - financing leases 105,531  104,218 
Lease liability - operating leases 827,692  895,100 
Dividend and distributions payable 20,280  21,569 
Security deposits 49,906  50,472 
Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities 100,000  100,000 
Other liabilities 471,401  236,211 
        Total liabilities 5,270,704  7,260,936 
Commitments and contingencies —  — 
Noncontrolling interests in Operating Partnership 238,051  269,993 
Preferred units 166,501  177,943 
Equity
SL Green stockholders' equity:
Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 issued and outstanding at both December 31, 2023 and December 31, 2022
221,932  221,932 
Common stock, $0.01 par value 160,000 shares authorized, 65,786 and 65,440 issued and outstanding (including 1,060 and 1,060 held in Treasury) at December 31, 2023 and December 31, 2022, respectively
660  656 
Additional paid-in capital 3,826,452  3,790,358 
Treasury stock at cost (128,655) (128,655)
Accumulated other comprehensive income 17,477  49,604 
Retained (deficit) earnings (151,551) 651,138 
Total SL Green Realty Corp. stockholders’ equity 3,786,315  4,585,033 
Noncontrolling interests in other partnerships 69,610  61,889 
        Total equity 3,855,925  4,646,922 
Total liabilities and equity $ 9,531,181  $ 12,355,794 




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


Three Months Ended Twelve Months Ended
December 31, December 31,
Funds From Operations (FFO) Reconciliation: 2023 2022 2023 2022
Net loss attributable to SL Green common stockholders $ (155,617) $ (64,276) $ (579,509) $ (93,024)
Add:
Depreciation and amortization 49,050  73,158  247,810  216,167 
Joint venture depreciation and noncontrolling interest adjustments 73,062  67,541  284,284  252,893 
Net loss attributable to noncontrolling interests (10,081) (5,110) (42,033) (4,672)
Less:
Equity in net loss on sale of interest in unconsolidated joint venture/real estate (13,289) —  (13,368) (131)
Purchase price and other fair value adjustments —  —  (6,813) — 
Loss on sale of real estate, net (4,557) (23,381) (32,370) (84,485)
Depreciable real estate reserves (76,847) (6,313) (382,374) (6,313)
Depreciation on non-rental real estate assets 1,414  971  4,136  3,466 
FFO attributable to SL Green common stockholders and unit holders $ 49,693  $ 100,036  $ 341,341  $ 458,827 

































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


Three Months Ended Twelve Months Ended
December 31, December 31,
Operating income and Same-store NOI Reconciliation: 2023 2022 2023 2022
Net loss $ (160,058) $ (64,050) $ (599,337) $ (76,303)
Depreciable real estate reserves 76,847  6,313  382,374  6,313 
Loss on sale of real estate, net 4,557  23,381  32,370  84,485 
Purchase price and other fair value adjustments 10,273  770  17,260  8,118 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate 13,289  —  13,368  131 
Depreciation and amortization 49,050  73,158  247,810  216,167 
SUMMIT Operator tax expense 2,320  1,078  9,201  2,647 
Amortization of deferred financing costs 1,510  1,909  7,837  7,817 
Interest expense, net of interest income 27,400  37,619  137,114  89,473 
Operating income 25,188  80,178  247,997  338,848 
Equity in net loss from unconsolidated joint ventures 32,039  26,696  76,509  57,958 
Marketing, general and administrative expense 42,257  24,224  111,389  93,798 
Transaction related costs 16  88  1,099  409 
Loan loss and other investment reserves, net of recoveries —  —  6,890  — 
SUMMIT Operator expenses 24,887  24,503  101,211  89,207 
Loss on early extinguishment of debt 870  —  870  — 
Investment income (6,856) (11,305) (34,705) (81,113)
SUMMIT Operator revenue (35,240) (28,237) (118,260) (89,048)
Non-building revenue (10,935) (11,575) (44,568) (47,161)
Net operating income (NOI) 72,226  104,572  348,432  362,898 
Equity in net loss from unconsolidated joint ventures (32,039) (26,696) (76,509) (57,958)
SLG share of unconsolidated JV depreciation and amortization 69,588  63,219  266,340  241,127 
SLG share of unconsolidated JV amortization of deferred financing costs 2,876  3,127  12,005  12,031 
SLG share of unconsolidated JV interest expense, net of interest income 73,012  61,362  272,217  209,182 
SLG share of unconsolidated JV loss on early extinguishment of debt —  —  —  325 
SLG share of unconsolidated JV investment income (320) (424) (1,271) (1,420)
SLG share of unconsolidated JV non-building revenue 106  (2,972) (14,336) (7,232)
NOI including SLG share of unconsolidated JVs 185,449  202,188  806,878  758,953 
NOI from other properties/affiliates (12,836) (32,077) (110,012) (69,939)
Same-Store NOI 172,613  170,111  696,866  689,014 
Straight-line and free rent (1,154) (1,267) (10,049) (5,933)
Amortization of acquired above and below-market leases, net 13  13  53  (22)
Operating lease straight-line adjustment 204  204  815  815 
SLG share of unconsolidated JV straight-line and free rent (2,333) (7,368) (20,087) (48,207)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net (4,555) (4,433) (17,938) (17,598)
SLG share of unconsolidated JV operating lease straight-line adjustment 143  192  678  770 
Same-store cash NOI $ 164,931  $ 157,452  $ 650,338  $ 618,839 
Lease termination income (1,023) (5) (3,622) (1,199)
SLG share of unconsolidated JV lease termination income (355) (70) (2,265) (8,515)
Same-store cash NOI excluding lease termination income $ 163,553  $ 157,377  $ 644,451  $ 609,125 




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 a23q4supplemental.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 December 31, 2023, the Company held interests in 58 buildings totaling 32.5 million square feet. This included ownership interests in 28.8 million square feet in Manhattan buildings and 2.8 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 supplemental reporting package that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, business strategies, expansion and growth of our operations and other similar matters 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 supplemental reporting package 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 December 31, 2023 that will be included on Form 10-K to be filed on or before February 29, 2024.
Supplemental Information
2
Fourth 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
Fourth 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.
ASP - Alternative strategy portfolio.
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
Fourth 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)
21 East 66th 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.
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
Fourth Quarter 2023

FOURTH QUARTER 2023 HIGHLIGHTS

Unaudited

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NEW YORK, January 24, 2024 - SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended December 31, 2023 of $155.6 million, or $2.45 per share, as compared to a net loss of $64.3 million, or $1.01 per share, for the same quarter in 2022. Net loss for the fourth quarter of 2023 included $105.8 million, or $1.53 per share, of non-recurring charges comprised of depreciable real estate reserves, non-cash fair value adjustments on mark-to-market derivatives and general and administrative charges and was net of $49.1 million, or $0.71 per share, of depreciation and amortization.
The Company also reported a net loss attributable to common stockholders for the year ended December 31, 2023 of $579.5 million, or $9.12 per share, as compared to a net loss of $93.0 million, or $1.49 per share, for the same period in 2022. Net loss attributable to common stockholders for the year ended December 31, 2023 included $464.0 million, or $6.72 per share, of net losses from the sale of real estate interests, depreciable real estate reserves, non-cash fair value adjustments on mark-to-market derivatives and non-recurring general and administrative charges related to the non-renewal of the Company's former President, and was net of $247.8 million, or $3.59 per share, of depreciation and amortization. Net loss attributable to common stockholders for the year ended December 31, 2022 included $99.0 million, or $1.43 per share, of net losses recognized from the sale of real estate interests, depreciable real estate reserves, non-cash fair value adjustments on mark-to-market derivatives, and was net of $216.2 million, or $3.13 per share, of depreciation and amortization.
The Company reported FFO for the quarter ended December 31, 2023 of $49.7 million, or $0.72 per share, or $78.7 million, or $1.14 per share, before giving effect to $10.3 million, or $0.15 per share, of non-cash fair value adjustments on mark-to-market derivatives and $18.7 million, or $0.27 per share, of non-recurring general and administrative charges related to the non-renewal of the Company's former President, which includes severance and the acceleration of stock-based compensation expense related to previously granted awards. The Company reported FFO for the same period in 2022 of $100.0 million, or $1.46 per share.
The Company also reported FFO for the year ended December 31, 2023 of $341.3 million, or $4.94 per share, or $351.8 million, or $5.09 per share, before giving effect to $10.5 million, or $0.15 per share, of non-cash fair value adjustments on mark-to-market derivatives, as compared to FFO for the same period in 2022 of $458.8 million, or $6.64 per share. As previously reported, FFO for the year ended December 31, 2023 is net of $6.9 million, or $0.10 per share, of reserves on one debt and preferred equity investment and $18.7 million, or $0.27 per share, of non-recurring general and administrative charges related to the non-renewal of the Company's former President.
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 4.8% for the fourth quarter of 2023, or 3.9% 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 5.1% for the year ended December 31, 2023, or 5.8% excluding lease termination income, as compared to the same period in 2022.
During the fourth quarter of 2023, the Company signed 26 office leases in its Manhattan office portfolio totaling 505,152 square feet. The average rent on the Manhattan office leases signed in the fourth quarter of 2023, excluding leases signed at One Madison, was $105.01 per rentable square foot with an average lease term of 14.7 years and average tenant concessions of 14.9 months of free rent with a tenant improvement allowance of $120.56 per rentable square foot. Sixteen leases comprising 323,947 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 $115.61 per rentable square foot, representing a 3.2% increase over the previous fully escalated rents on the same office spaces.
During the year ended December 31, 2023, the Company signed 160 office leases in its Manhattan office portfolio totaling 1,776,414 square feet. The average rent on the Manhattan office leases signed in 2023, excluding leases signed at One Vanderbilt and One Madison, was $87.46 per rentable square foot with an average lease term of 9.3 years and average tenant concessions of 9.1 months of free rent with a tenant improvement allowance of $79.26 per rentable square foot. Ninety-six leases comprising 1,247,143 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 $89.87 per rentable square foot, representing a 0.8% increase over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio increased to 90.0% as of December 31, 2023, inclusive of 177,836 square feet of leases signed but not yet commenced, as compared to 89.9% at the end of the previous quarter.
Significant leasing activity in the fourth quarter includes:
•Early renewal of 141,589 square feet and expansion by 128,316 square feet with a premier financial services tenant at 280 Park Avenue;
•New lease with Stonepeak Partners L.P. for 76,716 square feet at 245 Park Avenue;
•New lease with Uncommon Schools, Inc. for 27,833 square feet at 100 Church Street;
•Three new leases for a total of 41,959 square feet at 1185 Avenue of the Americas;
•New lease of 19,820 square feet and new retail lease of 11,741 square feet with Partially Important Productions and IMEX Exploit NYC LLC at 555 West 57th Street;
•New retail lease with Carnegie Diner for 14,309 square feet at 1185 Avenue of the Americas; and
Supplemental Information
6
Fourth Quarter 2023

FOURTH QUARTER 2023 HIGHLIGHTS

Unaudited

slglogo.jpg

•New lease with National CineMedia, LLC for 14,206 square feet at 485 Lexington Avenue.
Investment Activity
In January 2024, together with our joint venture partner, the Company closed on the sale of the retail condominium at 717 Fifth Avenue for total consideration of $963.0 million. The transaction is expected to generate net proceeds to the Company of $27.6 million, which will be used for corporate debt repayment.
In January 2024, the Company closed on the acquisition of interests in the joint venture that owns the leasehold interest at 2 Herald Square for no consideration, which increases the Company's interest in the joint venture to 95%. In addition, the joint venture entered into an agreement to satisfy the existing $182.5 million mortgage on the property for a net payment of $7.0 million. The payoff is expected to close in the first quarter of 2024.
The Company expects to launch fundraising for its $1.0 billion New York City Opportunity debt fund in January 2024.
In December, together with our joint venture partners, the Company closed on the previously announced sale of the equity interests in the condominium units at 21 East 66th Street for total consideration of $40.6 million. The transaction generated net proceeds to the Company of $9.6 million, which was used for corporate debt repayment.
In December, together with our joint venture partner, the Company entered into an agreement to sell the fee ownership interest in 625 Madison Avenue for a gross sales price of $634.6 million, which reflects an increased price due to the exercise of an extended closing option, to a global real estate investor. In connection with the sale, the Company, together with its joint venture partner, will originate a $235.5 million preferred equity investment in the property. The transaction is expected to close in the first quarter of 2024.
Debt and Preferred Equity Investment Activity
The carrying value of the Company’s debt and preferred equity ("DPE") portfolio was $346.7 million at December 31, 2023. The portfolio had a weighted average current yield of 7.9%, or 9.6% excluding the effect of a $50.0 million investment that is on non-accrual. During the fourth quarter, no investments were sold or repaid and the Company did not originate or acquire any new investments. As previously reported, in October, the Company closed on a $20.0 million upsize and three-year extension of an existing $39.1 million debt and preferred equity investment that was scheduled to mature in October 2023.
Financing Activity
In December, the Company closed on a modification of the mortgage at 185 Broadway to extend the maturity date to November 2026, as fully extended. The modification also converted the previous floating rate of 2.85% over Term SOFR to a fixed rate of 6.65% per annum through November 2025 and 2.55% over Term SOFR thereafter. The Company made a $20.0 million principal payment at closing resulting in an outstanding loan amount of $190.1 million as of December 31, 2023.
As of December 31, 2023, the value of the Company's derivatives, at share, net of the mark-to-market derivatives that negatively impacted reported FFO, was $32.9 million.
Earnings Guidance
The Company is increasing its earnings guidance ranges for the year ending December 31, 2024 to FFO per share of $5.90 to $6.20, and net income per share of $2.73 to $3.03, as compared to the previous guidance ranges of FFO per share of $4.90 to $5.20 and net income per share of $1.35 to $1.65 primarily to reflect incremental gains on discounted debt extinguishment.
Dividends
In the fourth quarter of 2023, the Company declared:
•Two monthly ordinary dividends on its outstanding common stock of $0.2708 per share, which were paid in cash on November 15 and December 15, 2023, and one monthly dividend on its outstanding common stock of $0.25 per share, which was paid on January 16, 2024. The monthly ordinary dividend paid in January 2024 equates to an annualized dividend of $3.00 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 October 15, 2023 through and including January 14, 2024, which was paid in cash on January 16, 2024 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, January 25, 2024, 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/BI3a0c30ce6c6e475994a2c328b1f04e01.
Supplemental Information
7
Fourth Quarter 2023

KEY FINANCIAL DATA

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

As of or for the three months ended
12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Earnings Per Share
Net loss available to common stockholders (EPS) - diluted $ (2.45) $ (0.38) $ (5.63) $ (0.63) $ (1.01)
Funds from operations (FFO) available to common stockholders - diluted $ 0.72  $ 1.27  $ 1.43  $ 1.53  $ 1.46 
Common Share Price & Dividends
Closing price at the end of the period $ 45.17  $ 37.30  $ 30.05  $ 23.52  $ 33.72 
Closing high price during period $ 48.00  $ 41.47  $ 30.72  $ 43.97  $ 41.96 
Closing low price during period $ 29.25  $ 29.79  $ 20.60  $ 19.96  $ 32.94 
Annual dividend per common share $ 3.00  $ 3.25  $ 3.25  $ 3.25  $ 3.25 
FFO payout ratio (trailing 12 months) 65.2% 57.1% 55.5% 53.6% 54.4%
Funds available for distribution (FAD) payout ratio (trailing 12 months) 97.3% 89.4% 90.4% 79.0% 79.0%
Common Shares & Units
Common shares outstanding 64,726  64,398  64,387  64,373  64,380 
Units outstanding 3,949  4,139  4,238  4,239  3,670 
Total common shares and units outstanding 68,675  68,537  68,625  68,612  68,050 
Weighted average common shares and units outstanding - basic 68,014  68,296  68,341  68,182  67,659 
Weighted average common shares and units outstanding - diluted 69,300  69,105  68,933  68,774  68,650 
Market Capitalization
Market value of common equity $ 3,102,050  $ 2,556,430  $ 2,062,181  $ 1,613,754  $ 2,294,646 
Liquidation value of preferred equity/units 396,500  396,500  396,500  407,943  407,943 
Consolidated debt 3,507,386  3,368,872  3,825,313  5,599,489  5,535,962 
Consolidated market capitalization $ 7,005,936  $ 6,321,802  $ 6,283,994  $ 7,621,186  $ 8,238,551 
SLG share of unconsolidated JV debt 7,352,275  7,345,740  7,113,281  6,196,174  6,172,919 
Market capitalization including SLG share of unconsolidated JVs $ 14,358,211  $ 13,667,542  $ 13,397,275  $ 13,817,360  $ 14,411,470 
Consolidated debt service coverage (trailing 12 months) 2.26x 2.30x 2.50x 2.93x 3.26x
Consolidated fixed charge coverage (trailing 12 months) 1.88x 1.94x 2.09x 2.39x 2.59x
Debt service coverage, including SLG share of unconsolidated JVs (trailing 12 months) 1.41x 1.49x 1.60x 1.78x 1.99x
Fixed charge coverage, including SLG share of unconsolidated JVs (trailing 12 months) 1.28x 1.35x 1.44x 1.57x 1.73x








Supplemental Information
8
Fourth Quarter 2023

KEY FINANCIAL DATA

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

As of or for the three months ended
12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Selected Balance Sheet Data
Real estate assets before depreciation $ 7,056,100  $ 6,992,239  $ 6,917,131  $ 9,243,706  $ 9,198,799 
Investments in unconsolidated joint ventures $ 2,983,313  $ 3,152,752  $ 3,228,663  $ 3,164,729  $ 3,190,137 
Debt and preferred equity investments $ 346,745  $ 334,327  $ 636,476  $ 626,803  $ 623,280 
Cash and cash equivalents $ 221,823  $ 189,750  $ 191,979  $ 158,937  $ 203,273 
Investment in marketable securities $ 9,591  $ 9,616  $ 9,797  $ 10,273  $ 11,240 
Total assets $ 9,531,181  $ 9,690,582  $ 10,041,288  $ 12,342,119  $ 12,355,794 
Consolidated fixed rate & hedged debt $ 3,237,386  $ 3,248,724  $ 3,250,165  $ 4,964,341  $ 4,965,814 
Consolidated variable rate debt 160,000  10,148  465,148  525,148  460,148 
Consolidated ASP debt 110,000  110,000  110,000  110,000  110,000 
Total consolidated debt $ 3,507,386  $ 3,368,872  $ 3,825,313  $ 5,599,489  $ 5,425,962 
Deferred financing costs, net of amortization (16,639) (18,340) (20,394) (22,275) (23,938)
Total consolidated debt, net $ 3,490,747  $ 3,350,532  $ 3,804,919  $ 5,577,214  $ 5,402,024 
Total liabilities $ 5,270,704  $ 5,168,616  $ 5,460,520  $ 7,361,827  $ 7,260,936 
Fixed rate & hedged debt, including SLG share of unconsolidated JV debt $ 8,703,587  $ 8,719,794  $ 9,108,034  $ 9,923,079  $ 9,914,210 
Variable rate debt, including SLG share of unconsolidated JV debt 964,467 
(1)
818,474  670,731  727,965  663,599 
ASP debt, including SLG share of unconsolidated ASP JV debt 1,191,607  1,176,344  1,159,829  1,144,619  1,131,072 
Total debt, including SLG share of unconsolidated JV debt $ 10,859,661  $ 10,714,612  $ 10,938,594  $ 11,795,663  $ 11,708,881 
Selected Operating Data
Property operating revenues $ 151,357  $ 150,991  $ 185,945  $ 195,042  $ 197,285 
Property operating expenses (86,467) (88,033) (93,497) (99,748) (94,977)
Property NOI $ 64,890  $ 62,958  $ 92,448  $ 95,294  $ 102,308 
SLG share of unconsolidated JV Property NOI 119,506  126,661  106,566  129,739  102,930 
Property NOI, including SLG share of unconsolidated JV Property NOI $ 184,396  $ 189,619  $ 199,014  $ 225,033  $ 205,238 
SUMMIT Operator revenue 35,240  35,069  28,180  19,771  28,237 
Investment income, including SLG share of unconsolidated JV 7,176  10,010  9,420  9,370  11,729 
Other income, including SLG share of unconsolidated JV 17,983  25,746  27,994  24,652  16,958 
Loss on early extinguishment of debt (870) —  —  —  — 
SUMMIT Operator expenses (24,887) (32,801) (22,835) (20,688) (24,503)
Loan loss and other investment reserves, net of recoveries —  —  —  (6,890) — 
Transaction costs, including SLG share of unconsolidated JVs (16) (166) (33) (884) (88)
Marketing general & administrative expenses (42,257) (22,873) (22,974) (23,285) (24,224)
SUMMIT Operator tax expense (2,320) (3,735) (1,879) (1,267) (1,078)
Income taxes 3,625  2,491  1,973  766  2,883 
EBITDAre $ 178,070  $ 203,360  $ 218,860  $ 226,578  $ 215,152 
(1) Does not reflect $168.7 million of floating rate debt and preferred equity investments that provide a hedge against floating rate debt.
Supplemental Information
9
Fourth 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
12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Selected Operating Data
Property operating revenues $ 145,542  $ 145,547  $ 181,045  $ 190,215  $ 192,814 
Property operating expenses 73,799  78,271  83,135  88,279  86,992 
Property NOI $ 71,743  $ 67,276  $ 97,910  $ 101,936  $ 105,822 
Other income - consolidated $ 2,190  $ 3,285  $ 1,157  $ 7,959  $ 1,573 
SLG share of property NOI from unconsolidated JVs $ 120,572  $ 126,531  $ 106,445  $ 129,617  $ 102,805 
Office Portfolio Statistics (Manhattan Operating Properties)
Consolidated office buildings in service 13  13  13  14  13 
Unconsolidated office buildings in service 12  12  12  11  12 
25  25  25  25  25 
Consolidated office buildings in service - square footage 8,399,141  8,399,141 8,399,141 10,181,934 9,963,138
Unconsolidated office buildings in service - square footage 15,412,174  15,412,174 15,412,174 13,629,381 13,998,381
23,811,315  23,811,315  23,811,315  23,811,315  23,961,519 
Same-Store office occupancy inclusive of leases signed not yet commenced 90.0% 89.9% 89.8% 90.2% 92.0%
Office Leasing Statistics (Manhattan Operating Properties)
New leases commenced 20  21  21  20  32 
Renewal leases commenced 22  11  15  10 
Total office leases commenced 26  43  32  35  42 
Commenced office square footage filling vacancy 37,718  80,485  44,346  80,072  91,474 
Commenced office square footage on previously occupied space (M-T-M leasing) (2)
235,703 218,964 369,906 384,041 228,847
Total office square footage commenced 273,421  299,449  414,252  464,113  320,321 
Average starting cash rent psf - office leases commenced $ 107.62  $ 82.96  $ 78.88  $ 66.44  $ 72.23 
Previous escalated cash rent psf - office leases commenced (3)
$ 102.55  $ 86.10  $ 78.00  $ 62.76  $ 79.59 
Increase (decrease) in new cash rent over previously escalated cash rent (2) (3)
4.9% (3.6)% 1.1% 5.9% (9.2)%
Average lease term 11.5 4.9 5.6 6.2 8.7
Tenant concession packages psf $ 102.43  $ 33.25  $ 49.43  $ 46.86  $ 80.14 
Free rent months 10.3 5.0 7.2 4.8 8.5
(1) Property data for operating 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
Fourth Quarter 2023

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
slglogo.jpg

As of
12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Assets
Commercial real estate properties, at cost:
     Land and land interests $ 1,092,671  $ 1,090,370  $ 1,071,469  $ 1,576,927  $ 1,576,927 
     Building and improvements 3,655,624  3,605,247  3,494,853  4,940,138  4,903,776 
     Building leasehold and improvements 1,354,569  1,343,386  1,397,573  1,700,376  1,691,831 
     Right of use asset - operating leases 953,236  953,236  953,236  1,026,265  1,026,265 
7,056,100  6,992,239  6,917,131  9,243,706  9,198,799 
Less: accumulated depreciation (2,035,311) (1,997,942) (1,950,028) (2,100,804) (2,039,554)
Net real estate 5,020,789  4,994,297  4,967,103  7,142,902  7,159,245 
Other real estate investments:
    Debt and preferred equity investments, net 346,745 

334,327  636,476  626,803  623,280 
    Investment in unconsolidated joint ventures 2,983,313  3,152,752  3,228,663  3,164,729  3,190,137 
Cash and cash equivalents 221,823  189,750  191,979  158,937  203,273 
Restricted cash 113,696  119,573  119,080  198,325  180,781 
Investment in marketable securities 9,591  9,616  9,797  10,273  11,240 
Tenant and other receivables 33,270  37,295  36,657  36,289  34,497 
Related party receivables 12,168  9,723  28,955  26,794  27,352 
Deferred rents receivable 264,653  262,808  260,625  266,567  257,887 
Deferred costs, net 111,463  108,370  112,347  117,602  121,157 
Other assets 413,670  472,071  449,606  592,898  546,945 
 Total Assets $ 9,531,181  $ 9,690,582  $ 10,041,288  $ 12,342,119  $ 12,355,794 
Supplemental Information
11
Fourth Quarter 2023

COMPARATIVE BALANCE SHEETS

Unaudited
(Dollars in Thousands)
slglogo.jpg

As of
12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Liabilities
Mortgages and other loans payable $ 1,497,386  $ 1,518,872  $ 1,520,313  $ 3,234,489  $ 3,235,962 
Unsecured term loans 1,250,000  1,250,000  1,675,000  1,675,000  1,650,000 
Unsecured notes 100,000  100,000  100,000  100,000  100,000 
Revolving credit facility 560,000  400,000  430,000  490,000  450,000 
Deferred financing costs (16,639) (18,340) (20,394) (22,275) (23,938)
Total debt, net of deferred financing costs 3,390,747  3,250,532  3,704,919  5,477,214  5,412,024 
Accrued interest payable 17,930  17,934  15,711  16,049  14,227 
Accounts payable and accrued expenses 153,164  146,332  116,700  150,873  154,867 
Deferred revenue 134,053  136,063  125,589  264,852  272,248 
Lease liability - financing leases 105,531  105,198  104,870  104,544  104,218 
Lease liability - operating leases 827,692  887,412  890,305  892,984  895,100 
Dividends and distributions payable 20,280  21,725  21,750  21,768  21,569 
Security deposits 49,906  50,071  49,877  50,585  50,472 
Junior subordinated deferrable interest debentures 100,000  100,000  100,000  100,000  100,000 
Other liabilities 471,401  453,349  330,799  282,958  236,211 
Total Liabilities 5,270,704  5,168,616  5,460,520  7,361,827  7,260,936 
Noncontrolling interests in Operating Partnership
     (3,949 units outstanding at 12/31/2023)
238,051  248,222  254,434  273,175  269,993 
Preferred units 166,501  166,501  166,501  177,943  177,943 
Equity
SL Green stockholders' equity:
Series I Preferred Stock 221,932  221,932  221,932  221,932  221,932 
Common stock, $0.01 par value, 160,000 shares authorized, 65,786
issued and outstanding at 12/31/2023, including 1,060 shares held in treasury
660  656  656  656  656 
Additional paid–in capital 3,826,452  3,813,758  3,805,704  3,798,101  3,790,358 
Treasury stock at cost (128,655) (128,655) (128,655) (128,655) (128,655)
Accumulated other comprehensive income 17,477  69,616  57,769  19,428  49,604 
Retained (deficit) earnings (151,551) 62,406  135,518  549,024  651,138 
Total SL Green Realty Corp. stockholders' equity 3,786,315  4,039,713  4,092,924  4,460,486  4,585,033 
Noncontrolling interests in other partnerships 69,610  67,530  66,909  68,688  61,889 
Total Equity 3,855,925  4,107,243  4,159,833  4,529,174  4,646,922 
 Total Liabilities and Equity $ 9,531,181  $ 9,690,582  $ 10,041,288  $ 12,342,119  $ 12,355,794 
Supplemental Information
12
Fourth Quarter 2023

COMPARATIVE STATEMENT OF OPERATIONS

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

Three Months Ended Twelve Months Ended
December 31, December 31, September 30, December 31, December 31,
2023 2022 2023 2023 2022
Revenues
Rental revenue, net $ 131,927  $ 172,892  $ 131,524  $ 603,694  $ 588,824 
Escalation and reimbursement revenues 19,430  24,393  19,467  79,641  82,676 
SUMMIT Operator revenue 35,240  28,237  35,069  118,260  89,048 
Investment income 6,856  11,305  9,689  34,705  81,113 
Other income 18,271  13,839  14,437  77,410  77,793 
Total Revenues 211,724  250,666  210,186  913,710  919,454 
Loss on early extinguishment of debt (870) —  —  (870) — 
Expenses
Operating expenses 48,090  46,912  49,585  196,696  174,063 
Real estate taxes 31,294  41,551  31,195  143,757  138,228 
Operating lease rent 7,083  6,514  7,253  27,292  26,943 
SUMMIT Operator expenses 24,887  24,503  32,801  101,211  89,207 
Loan loss and other investment reserves, net of recoveries —  —  —  6,890  — 
Transaction related costs 16  88  166  1,099  409 
Marketing, general and administrative 42,257  24,224  22,873  111,389  93,798 
Total Operating Expenses 153,627  143,792  143,873  588,334  522,648 
Equity in net income (loss) from unconsolidated joint ventures (32,039) (26,696) (15,126) (76,509) (57,958)
Operating Income 25,188  80,178  51,187  247,997  338,848 
Interest expense, net of interest income 27,400  37,619  27,440  137,114  89,473 
Amortization of deferred financing costs 1,510  1,909  2,152  7,837  7,817 
SUMMIT Operator tax expense 2,320  1,078  3,735  9,201  2,647 
Depreciation and amortization 49,050  73,158  50,642  247,810  216,167 
(Loss) Income from Continuing Operations (1)
(55,092) (33,586) (32,782) (153,965) 22,744 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate (13,289) —  —  (13,368) (131)
Purchase price and other fair value adjustments (10,273) (770) 10,183  (17,260) (8,118)
(Loss) gain on sale of real estate, net (4,557) (23,381) 516  (32,370) (84,485)
Depreciable real estate reserves (76,847) (6,313) 389  (382,374) (6,313)
Net Loss (160,058) (64,050) (21,694) (599,337) (76,303)
Net loss attributable to noncontrolling interests 10,081  5,110  3,368  42,033  4,672 
Preferred units distributions (1,903) (1,599) (1,903) (7,255) (6,443)
Net Loss attributable to SL Green (151,880) (60,539) (20,229) (564,559) (78,074)
Perpetual preferred stock dividends (3,737) (3,737) (3,738) (14,950) (14,950)
Net Loss attributable to SL Green common stockholders $ (155,617) $ (64,276) $ (23,967) $ (579,509) $ (93,024)
Basic loss per share $ (2.45) $ (1.01) $ (0.38) $ (9.12) $ (1.49)
Diluted loss per share $ (2.45) $ (1.01) $ (0.38) $ (9.12) $ (1.49)
(1) Before equity in net loss, purchase price and other fair value adjustments, (loss) gain on sale and depreciable real estate reserves shown below.
Supplemental Information
13
Fourth Quarter 2023

COMPARATIVE COMPUTATION OF FFO AND FAD

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

Three Months Ended Twelve Months Ended
December 31, December 31, September 30, December 31, December 31,
2023 2022 2023 2023 2022
Funds from Operations
Net Loss attributable to SL Green common stockholders $ (155,617) $ (64,276) $ (23,967) $ (579,509) $ (93,024)
Depreciation and amortization 49,050  73,158  50,642  247,810  216,167 
Joint ventures depreciation and noncontrolling interests adjustments 73,062  67,541  76,539  284,284  252,893 
Net loss attributable to noncontrolling interests (10,081) (5,110) (3,368) (42,033) (4,672)
Equity in net loss on sale of interest in unconsolidated joint venture/real estate 13,289  —  —  13,368  131 
Purchase price and other fair value adjustments —  —  (10,200) 6,813  — 
Loss (gain) on sale of real estate, net 4,557  23,381  (516) 32,370  84,485 
Depreciable real estate reserves 76,847  6,313  (389) 382,374  6,313 
Depreciation on non-rental real estate assets (1,414) (971) (1,002) (4,136) (3,466)
Funds From Operations $ 49,693  $ 100,036  $ 87,739  $ 341,341  $ 458,827 
Funds From Operations - Basic per Share $ 0.72  $ 1.47  $ 1.28  $ 4.98  $ 6.71 
Funds From Operations - Diluted per Share $ 0.72  $ 1.46  $ 1.27  $ 4.94  $ 6.64 
Funds Available for Distribution
FFO $ 49,693  $ 100,036  $ 87,739  $ 341,341  $ 458,827 
Non real estate depreciation and amortization 1,414  971  1,002  4,136  3,466 
Amortization of deferred financing costs 1,510  1,909  2,152  7,837  7,817 
Non-cash deferred compensation 23,398  17,321  12,771  62,352  57,040 
FAD adjustment for joint ventures (20,641) (30,623) (17,820) (81,112) (115,454)
Straight-line rental income and other non-cash adjustments 8,789  (8,482) (2,437) (20,188) (21,834)
Second cycle tenant improvements (15,355) (6,676) (16,045) (52,300) (31,955)
Second cycle leasing commissions (2,705) (3,165) (1,821) (9,335) (11,683)
Revenue enhancing recurring CAPEX (841) (1,045) (379) (1,458) (4,085)
Non-revenue enhancing recurring CAPEX (8,326) (11,530) (5,880) (21,530) (24,912)
Reported Funds Available for Distribution $ 36,936  $ 58,716  $ 59,282  $ 229,743  $ 317,227 
First cycle tenant improvements $ 516  $ —  $ 879  $ 1,960  $ — 
First cycle leasing commissions $ $ 26  $ 271  $ 388  $ 26 
Development costs $ 19,361  $ 15,605  $ 18,019  $ 56,529  $ 48,241 
Redevelopment costs $ 6,372  $ 23,467  $ 1,804  $ 16,320  $ 52,245 
Capitalized interest $ 18,064  $ 26,492  $ 25,483  $ 95,980  $ 82,444 
Supplemental Information
14
Fourth 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 Deficit 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 (564,559) (4,568) (569,127)
Other comprehensive loss - net unrealized loss on derivative instruments (22,448) (22,448)
Other comprehensive loss - SLG share of unconsolidated joint venture net unrealized loss on derivative instruments (8,130) (8,130)
Other comprehensive loss - net unrealized loss on marketable securities (1,549) (1,549)
Perpetual preferred stock dividends (14,950) (14,950)
DRSPP proceeds 525  525 
Reallocation of noncontrolling interest in the Operating Partnership (15,486) (15,486)
Deferred compensation plan and stock awards, net of forfeitures and tax withholdings 35,569  35,573 
Contributions to consolidated joint venture interests 15,066  15,066 
Cash distributions to noncontrolling interests (2,777) (2,777)
Cash distributions declared ($3.2288 per common share, none of which represented a return of capital for federal income tax purposes)
(207,694) (207,694)
Balance at December 31, 2023 $ 221,932  $ $ 3,826,452  $ (128,655) $ (151,551) $ 69,610  $ 17,477  $ 3,855,925 
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 346,171  279,105  —  625,276 
Share Count at December 31, 2023 64,726,253  3,949,448  —  68,675,701 
Weighting factor (326,248) 213,993  468,753  356,498 
Weighted Average Share Count at December 31, 2023 - Diluted 64,400,005  4,163,441  468,753  69,032,199 
Supplemental Information
15
Fourth Quarter 2023

JOINT VENTURE STATEMENTS
Balance Sheet for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
slglogo.jpg

As of
December 31, 2023 September 30, 2023 June 30, 2023
Total SLG Share Total SLG Share Total SLG Share
Assets
Commercial real estate properties, at cost:
     Land and land interests $ 4,991,534  $ 2,732,409  $ 5,016,088  $ 2,737,095  $ 4,396,565  $ 2,176,860 
     Building and improvements 14,428,029  7,194,972  14,343,942  7,166,888  14,183,328  7,111,118 
     Building leasehold and improvements 984,811  346,818  1,150,997  433,675  1,139,253  430,064 
     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 
  21,419,259  10,749,742  21,525,912  10,813,201  20,734,031  10,193,585 
Less: accumulated depreciation (2,951,919) (1,438,010) (2,858,578) (1,386,826) (2,752,358) (1,331,070)
 Net real estate 18,467,340  9,311,732  18,667,334  9,426,375  17,981,673  8,862,515 
Cash and cash equivalents 334,197  161,856  333,119  165,830  337,555  166,588 
Restricted cash 321,841  188,373  358,155  206,166  383,141  210,397 
Tenant and other receivables 38,539  20,865  44,706  25,763  35,221  17,468 
Deferred rents receivable 634,993  351,054  623,431  345,478  609,596  338,846 
Deferred costs, net 339,085  179,850  314,166  169,811  311,260  169,111 
Other assets 2,245,680  935,322  2,342,447  982,168  2,401,909  1,004,584 
Total Assets $ 22,381,675  $ 11,149,052  $ 22,683,358  $ 11,321,591  $ 22,060,355  $ 10,769,509 
Liabilities and Equity
Mortgage and other loans payable, net of deferred financing costs of
$104,062 at 12/31/2023, of which $54,865 is SLG share
$ 14,799,277  $ 7,297,410  $ 14,707,926  $ 7,286,949  $ 14,357,179  $ 7,050,039 
Accrued interest payable 55,103  23,408  50,910  21,530  45,187  18,929 
Accounts payable and accrued expenses 270,788  112,455  264,761  113,809  298,058  129,313 
Deferred revenue 1,108,180  498,387  1,156,816  523,277  1,161,020  522,989 
Lease liability - financing leases 745,473  346,350  745,536  346,490  745,431  346,545 
Lease liability - operating leases 244,803  118,248  247,505  119,530  250,140  120,779 
Security deposits 43,503  22,510  41,167  21,840  37,730  20,905 
Other liabilities 78,311  49,330  87,370  53,049  135,591  81,257 
Equity 5,036,237  2,680,954  5,381,367  2,835,117  5,030,019  2,478,753 
Total Liabilities and Equity $ 22,381,675  $ 11,149,052  $ 22,683,358  $ 11,321,591  $ 22,060,355  $ 10,769,509 
Supplemental Information
16
Fourth Quarter 2023

JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
slglogo.jpg
Three Months Ended
December 31, 2023 December 31, 2022 September 30, 2023
Total SLG Share Total SLG Share Total SLG Share
Revenues
Rental revenue, net $ 321,457  $ 164,315  $ 280,417  $ 145,067  $ 326,130  $ 166,190 
Escalation and reimbursement revenues 61,423  33,680  54,313  29,553  65,441  35,483 
Investment income 1,262  320  1,681  424  1,263  321 
Other income 13  (288) 5,283  3,119  14,314  11,309 
Total Revenues 384,155  198,027  341,694  178,163  407,148  213,303 
Expenses
Operating expenses 69,805  36,463  66,675  35,277  63,081  32,620 
Real estate taxes 77,034  38,649  66,096  33,243  78,564  39,013 
Operating lease rent 7,302  3,377  6,687  3,170  7,307  3,379 
Total Operating Expenses 154,141  78,489  139,458  71,690  148,952  75,012 
Operating Income 230,014  119,538  202,236  106,473  258,196  138,291 
Interest expense, net of interest income 152,504  73,012  125,888  61,362  162,897  73,470 
Amortization of deferred financing costs 7,017  2,876  7,186  3,127  6,897  2,926 
Depreciation and amortization 135,599  69,588  121,917  63,219  138,199  71,248 
Net Loss (65,106) (25,938) (52,755) (21,235) (49,797) (9,353)
Real estate depreciation 135,593  69,583  121,911  63,215  138,193  71,244 
FFO Contribution $ 70,487  $ 43,645  $ 69,156  $ 41,980  $ 88,396  $ 61,891 
FAD Adjustments:
Non real estate depreciation and amortization $ $ $ $ $ $
Amortization of deferred financing costs 7,017  2,876  7,186  3,127  6,897  2,926 
Straight-line rental income and other non-cash adjustments (17,634) (10,027) (17,156) (12,479) (19,345) (11,086)
Second cycle tenant improvements (8,914) (4,662) (28,646) (15,386) (16,559) (8,477)
Second cycle leasing commissions (14,263) (7,133) (4,590) (2,386) (891) (503)
Revenue enhancing recurring CAPEX (195) (99) (65) (33) (193) (98)
Non-revenue enhancing recurring CAPEX (2,965) (1,601) (6,741) (3,470) (1,185) (586)
Total FAD Adjustments $ (36,948) $ (20,641) $ (50,006) $ (30,623) $ (31,270) $ (17,820)
First cycle tenant improvements $ 8,536  $ 2,691  $ 794  $ 391  $ 11,071  $ 5,128 
First cycle leasing commissions $ 11,756  $ 4,953  $ 129  $ 48  $ 8,133  $ 3,557 
Development costs $ 56,568  $ 16,851  $ 119,016  $ 33,069  $ 63,291  $ 19,385 
Redevelopment costs $ 22,560  $ 7,287  $ 26,332  $ 8,797  $ 21,249  $ 7,403 
Capitalized interest $ 43,947  $ 17,005  $ 22,213  $ 6,538  $ 42,104  $ 14,854 
Supplemental Information
17
Fourth Quarter 2023

JOINT VENTURE STATEMENTS
Statement of Operations for Unconsolidated Joint Ventures
Unaudited
(Dollars in Thousands)
slglogo.jpg
Twelve Months Ended
December 31, 2023 December 31, 2022
Total SLG Share Total SLG Share
Revenues
Rental revenue, net $ 1,258,033  $ 645,147  $ 1,111,905  $ 566,603 
Escalation and reimbursement revenues 232,353  126,836  194,142  101,376 
Investment income 5,010  1,271  5,519  1,420 
Other income 29,648  18,965  27,798  15,837 
Total Revenues 1,525,044  792,219  1,339,364  685,236 
Loss on early extinguishment of debt —  —  (467) (325)
Expenses
Operating expenses 253,630  131,958  240,002  125,064 
Real estate taxes 287,462  144,095  252,806  126,554 
Operating lease rent 29,048  13,458  26,152  12,486 
Total Operating Expenses 570,140  289,511  518,960  264,104 
Operating Income 954,904  502,708  819,937  420,807 
Interest expense, net of interest income 574,032  272,217  431,865  209,182 
Amortization of deferred financing costs 28,157  12,005  27,754  12,031 
Depreciation and amortization 516,466  266,340  465,100  241,127 
Net Loss (163,751) (47,854) (104,782) (41,533)
Real estate depreciation 516,441  266,322  465,078  241,117 
FFO Contribution $ 352,690  $ 218,468  $ 360,296  $ 199,584 
FAD Adjustments:
Non real estate depreciation and amortization $ 25  $ 18  $ 22  $ 10 
Amortization of deferred financing costs 28,157  12,005  27,754  12,031 
Straight-line rental income and other non-cash adjustments (77,224) (46,255) (113,071) (73,884)
Second cycle tenant improvements (59,137) (30,493) (70,678) (38,515)
Second cycle leasing commissions (20,296) (10,288) (14,518) (7,528)
Revenue enhancing recurring CAPEX (1,077) (554) (748) (86)
Non-revenue enhancing recurring CAPEX (10,876) (5,545) (14,762) (7,482)
Total FAD Adjustments $ (140,428) $ (81,112) $ (186,001) $ (115,454)
First cycle tenant improvements $ 20,390  $ 8,039  $ 11,561  $ 4,202 
First cycle leasing commissions $ 20,196  $ 8,588  $ 3,274  $ 1,651 
Development costs $ 270,102  $ 77,250  $ 435,475  $ 137,837 
Redevelopment costs $ 86,685  $ 29,621  $ 32,379  $ 11,825 
Capitalized interest $ 149,268  $ 51,979  $ 49,763  $ 17,613 
Supplemental Information
18
Fourth Quarter 2023

SELECTED FINANCIAL DATA
Net Operating Income(1)
Unaudited
(Dollars in Thousands)
slglogo.jpg

Three Months Ended Twelve Months Ended
December 31, December 31, September 30, December 31, December 31,
2023 2022 2023 2023 2022
Net Operating Income (1)
$ 74,124  $ 111,098  $ 71,943  $ 352,043  $ 373,775 
SLG share of NOI from unconsolidated JVs 119,999 103,347 127,784  485,034  407,486 
NOI, including SLG share of unconsolidated JVs 194,123  214,445  199,727  837,077  781,261 
Partners' share of NOI - consolidated JVs 96 26  142  390  47 
NOI - SLG share $ 194,219  $ 214,471  $ 199,869  $ 837,467  $ 781,308 
NOI, including SLG share of unconsolidated JVs $ 194,123  $ 214,445  $ 199,727  $ 837,077  $ 781,261 
Free rent (net of amortization) (4,549) (10,594) (3,314) (27,581) (41,394)
Straight-line revenue adjustment (1,622) (1,349) (4,451) (17,805) (16,225)
Amortization of acquired above and below-market leases, net (6,227) (10,048) (6,656) (36,115) (23,391)
Operating lease straight-line adjustment 732  566  756  2,867  (2,170)
Straight-line tenant credit loss (320) (1,519) (361) (1,265) (3,550)
Cash NOI, including SLG share of unconsolidated JVs 182,137  191,501  185,701  757,178  694,531 
Partners' share of cash NOI - consolidated JVs 52  26  97  244  43 
Cash NOI - SLG share $ 182,189  $ 191,527  $ 185,798  $ 757,422  $ 694,574 
(1) Includes SL Green Management Corp. and Emerge 212. Excludes lease termination income.
NOI Summary by Portfolio (1) - SLG Share
Three Months Ended Twelve Months Ended
December 31, 2023 December 31, 2023
NOI Cash NOI NOI Cash NOI
Manhattan Office $ 172,965  $ 161,774  $ 724,230  $ 647,245 
Development / Redevelopment 3,224  2,930 13,823  13,505 
High Street Retail 232  158 1,336  914 
Suburban & Residential 3,178  3,345  12,531  13,304 
Total Operating and Development 179,599  168,207  751,920  674,968 
Alternative Strategy Portfolio 13,937  12,981  79,272  75,017 
Property Dispositions (2)
112  144  490  599 
Other (3)
571  857  5,785  6,838 
Total $ 194,219  $ 182,189  $ 837,467  $ 757,422 
(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
Fourth 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 Twelve Months Ended
December 31, December 31, September 30, December 31, December 31,
2023 2022 % 2023 2023 2022 %
Revenues
Rental revenue, net $ 119,908  $ 121,117  (1.0) % $ 118,447  $ 481,375  $ 487,826  (1.3) %
Escalation & reimbursement revenues 17,777  15,980  11.2  % 18,073  67,945  68,648  (1.0) %
Other income 1,094  264  314.4  % 2,237  4,060  3,867  5.0  %
Total Revenues $ 138,779  $ 137,361  1.0  % $ 138,757  $ 553,380  $ 560,341  (1.2) %
Expenses
Operating expenses $ 35,022  $ 33,823  3.5  % $ 36,159  $ 137,033  $ 129,549  5.8  %
Real estate taxes 28,878  28,438  1.5  % 29,108  115,521  112,694  2.5  %
Operating lease rent 6,106  6,106  0.0  % 6,106  24,423  24,423  —  %
Total Operating Expenses $ 70,006  $ 68,367  2.4  % $ 71,373  $ 276,977  $ 266,666  3.9  %
Operating Income $ 68,773  $ 68,994  (0.3) % $ 67,384  $ 276,403  $ 293,675  (5.9) %
Interest expense & amortization of financing costs $ 15,938  $ 15,737  1.3  % $ 15,991  $ 63,474  $ 55,345  14.7  %
Depreciation & amortization 39,658  39,230  1.1  % 39,286  158,027  155,519  1.6  %
Income before noncontrolling interest $ 13,177  $ 14,027  (6.1) % $ 12,107  $ 54,902  $ 82,811  (33.7) %
Real estate depreciation & amortization 39,658  39,230  1.1  % 39,286  158,027  155,519  1.6  %
FFO Contribution $ 52,835  $ 53,257  (0.8) % $ 51,393  $ 212,929  $ 238,330  (10.7) %
Non–building revenue (54) (248) (78.2) % (140) (386) (2,632) (85.3) %
Interest expense & amortization of financing costs 15,938  15,737  1.3  % 15,991  63,474  55,345  14.7  %
Non-real estate depreciation —  —  —  % —  —  —  —  %
NOI $ 68,719  $ 68,746  —  % $ 67,244  $ 276,017  $ 291,043  (5.2) %
Cash Adjustments
Free rent (net of amortization) $ (1,033) $ (1,935) (46.6) % $ (1,614) $ (9,739) $ (7,173) 35.8  %
Straight-line revenue adjustment (81) 1,610  (105.0) % 364  390  3,726  (89.5) %
Amortization of acquired above and below-market leases, net 13  13  0.0  % 13  53  (22) (340.9) %
Operating lease straight-line adjustment 204  204  —  % 204  815  815  —  %
Straight-line tenant credit loss (40) (942) (95.8) % (342) (700) (2,486) (71.8) %
Cash NOI $ 67,782  $ 67,696  0.1  % $ 65,869  $ 266,836  $ 285,903  (6.7) %
Lease termination income (1,023) (5) 20,360.0  % (2,082) (3,622) (1,199) 202.1  %
Cash NOI excluding lease termination income $ 66,759  $ 67,691  (1.4) % $ 63,787  $ 263,214  $ 284,704  (7.5) %
Operating Margins
NOI to real estate revenue, net 49.5  % 50.1  % 48.5  % 49.9  % 52.2  %
Cash NOI to real estate revenue, net 48.9  % 49.4  % 47.5  % 48.3  % 51.3  %
NOI before operating lease rent/real estate revenue, net 53.9  % 54.6  % 52.9  % 54.3  % 56.6  %
Cash NOI before operating lease rent/real estate revenue, net 53.1  % 53.7  % 51.8  % 52.5  % 55.5  %
Supplemental Information
20
Fourth 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 Twelve Months Ended
December 31, December 31, September 30, December 31, December 31,
2023 2022 % 2023 2023 2022 %
Revenues
Rental revenue, net $ 140,540  $ 139,852  0.5  % $ 144,356  $ 564,454  $ 546,630  3.3  %
Escalation & reimbursement revenues 31,730  29,039  9.3  % 33,526  121,492  101,080  20.2  %
Other income (281) 1,879  (115.0) % 1,466  3,387  11,156  (69.6) %
Total Revenues $ 171,989  $ 170,770  0.7  % $ 179,348  $ 689,333  $ 658,866  4.6  %
Expenses
Operating expenses $ 32,471  $ 33,301  (2.5) % $ 33,119  $ 125,077  $ 122,856  1.8  %
Real estate taxes 33,440  31,472  6.3  % 33,889  131,009  124,116  5.6  %
Operating lease rent 2,822  2,824  (0.1) % 2,824  11,294  11,296  —  %
Total Operating Expenses $ 68,733  $ 67,597  1.7  % $ 69,832  $ 267,380  $ 258,268  3.5  %
Operating Income $ 103,256  $ 103,173  0.1  % $ 109,516  $ 421,953  $ 400,598  5.3  %
Interest expense & amortization of financing costs $ 65,746  $ 61,469  7.0  % $ 67,852  $ 260,163  $ 220,404  18.0  %
Depreciation & amortization 58,131  58,888  (1.3) % 58,652  233,106  233,481  (0.2) %
Loss before noncontrolling interest $ (20,621) $ (17,184) 20.0  % $ (16,988) $ (71,316) $ (53,287) 33.8  %
Real estate depreciation & amortization 58,127  58,884  (1.3) % 58,648  233,088  233,471  (0.2) %
FFO Contribution $ 37,506  $ 41,700  (10.1) % $ 41,660  $ 161,772  $ 180,184  (10.2) %
Non–building revenue 638  (1,808) (135.3) % (308) (1,104) (2,627) (58.0) %
Interest expense & amortization of financing costs 65,746  61,469  7.0  % 67,852  260,163  220,404  18.0  %
Non-real estate depreciation —  % 18  10  80.0  %
NOI $ 103,894  $ 101,365  2.5  % $ 109,208  $ 420,849  $ 397,971  5.7  %
Cash Adjustments
Free rent (net of amortization) $ (2,628) $ (5,177) (49.2) % $ 982  $ (7,733) $ (29,469) (73.8) %
Straight-line revenue adjustment 572  (1,720) (133.3) % (3,466) (11,899) (17,721) (32.9) %
Amortization of acquired above and below-market leases, net (4,555) (4,433) 2.8  % (4,517) (17,938) (17,598) 1.9  %
Operating lease straight-line adjustment 143  192  (25.5) % 161  678  770  (11.9) %
Straight-line tenant credit loss (277) (471) (41.2) % (16) (455) (1,017) (55.3) %
Cash NOI $ 97,149  $ 89,756  8.2  % $ 102,352  $ 383,502  $ 332,936  15.2  %
Lease termination income (355) (70) 407.1  % (1,159) (2,265) (8,515) (73.4) %
Cash NOI excluding lease termination income $ 96,794  $ 89,686  7.9  % $ 101,193  $ 381,237  $ 324,421  17.5  %
Operating Margins
NOI to real estate revenue, net 60.2  % 60.0  % 61.0  % 61.1  % 60.6  %
Cash NOI to real estate revenue, net 56.3  % 53.1  % 57.2  % 55.7  % 50.7  %
NOI before operating lease rent/real estate revenue, net 61.8  % 61.7  % 62.6  % 62.8  % 62.4  %
Cash NOI before operating lease rent/real estate revenue, net 57.8  % 54.7  % 58.7  % 57.3  % 52.3  %
Supplemental Information
21
Fourth Quarter 2023

SELECTED FINANCIAL DATA
Same Store Net Operating Income
Unaudited
(Dollars in Thousands)
slglogo.jpg
Three Months Ended Three Months Ended Twelve Months Ended
December 31, December 31, September 30, December 31, December 31,
2023 2022 % 2023 2023 2022 %
Revenues
Rental revenue, net $ 119,908  $ 121,117  (1.0) % $ 118,447  $ 481,375  $ 487,826  (1.3) %
Escalation & reimbursement revenues 17,777  15,980  11.2  % 18,073  67,945  68,648  (1.0) %
Other income 1,094  264  314.4  % 2,237  4,060  3,867  5.0  %
Total Revenues $ 138,779  $ 137,361  1.0  % $ 138,757  $ 553,380  $ 560,341  (1.2) %
Equity in net income (loss) from unconsolidated joint ventures (1)
$ (20,621) $ (17,184) 20.0  % $ (16,988) $ (71,316) $ (53,287) 33.8  %
Expenses
Operating expenses $ 35,022  $ 33,823  3.5  % $ 36,159  $ 137,033  $ 129,549  5.8  %
Real estate taxes 28,878  28,438  1.5  % 29,108  115,521  112,694  2.5  %
Operating lease rent 6,106  6,106  0.0  % 6,106  24,423  24,423  —  %
Total Operating Expenses $ 70,006  $ 68,367  2.4  % $ 71,373  $ 276,977  $ 266,666  3.9  %
Operating Income $ 48,152  $ 51,810  (7.1) % $ 50,396  $ 205,087  $ 240,388  (14.7) %
Interest expense & amortization of financing costs $ 15,938  $ 15,737  1.3  % $ 15,991  $ 63,474  $ 55,345  14.7  %
Depreciation & amortization 39,658  39,230  1.1  % 39,286  158,027  155,519  1.6  %
(Loss) income before noncontrolling interest $ (7,444) $ (3,157) 135.8  % $ (4,881) $ (16,414) $ 29,524  (155.6) %
Real estate depreciation & amortization 39,658  39,230  1.1  % 39,286  158,027  155,519  1.6  %
Joint Ventures Real estate depreciation & amortization (1)
58,127  58,884  (1.3) % 58,648  233,088  233,471  (0.2) %
FFO Contribution $ 90,341  $ 94,957  (4.9) % $ 93,053  $ 374,701  $ 418,514  (10.5) %
Non–building revenue (54) (248) (78.2) % (140) (386) (2,632) (85.3) %
Joint Ventures Non–building revenue (1)
638  (1,808) (135.3) % (308) (1,104) (2,627) (58.0) %
Interest expense & amortization of financing costs 15,938  15,737  1.3  % 15,991  63,474  55,345  14.7  %
Joint Ventures Interest expense & amortization of financing costs (1)
65,746  61,469  7.0  % 67,852  260,163  220,404  18.0  %
Non-real estate depreciation —  —  —  % —  —  —  —  %
Joint Ventures Non-real estate depreciation (1)
0.0  % 18  10  80.0  %
NOI $ 172,613  $ 170,111  1.5  % $ 176,452  $ 696,866  $ 689,014  1.1  %
Cash Adjustments
Non-cash adjustments $ (937) $ (1,050) (10.8) % $ (1,375) $ (9,181) $ (5,140) 78.6  %
Joint Ventures non-cash adjustments (1)
(6,745) (11,609) (41.9) % (6,856) (37,347) (65,035) (42.6) %
Cash NOI $ 164,931  $ 157,452  4.8  % $ 168,221  $ 650,338  $ 618,839  5.1  %
Lease termination income $ (1,023) $ (5) 20,360.0  % $ (2,082) $ (3,622) $ (1,199) 202.1  %
Joint Ventures lease termination income (1)
(355) (70) 407.1  % (1,159) (2,265) (8,515) (73.4) %
Cash NOI excluding lease termination income $ 163,553  $ 157,377  3.9  % $ 164,980  $ 644,451  $ 609,125  5.8  %
Operating Margins
NOI to real estate revenue, net 55.4  % 55.6  % 55.5  % 56.1  % 56.8  %
Cash NOI to real estate revenue, net 53.0  % 51.4  % 53.0  % 52.4  % 51.0  %
NOI before operating lease rent/real estate revenue, net 58.3  % 58.5  % 58.4  % 59.0  % 59.7  %
Cash NOI before operating lease rent/real estate revenue, net 55.7  % 54.2  % 55.7  % 55.2  % 53.8  %
(1) The amount represents the Company's share of same-store unconsolidated joint venture activity. The Company does not control investments in unconsolidated joint ventures.
Supplemental Information
22
Fourth Quarter 2023

DEBT SUMMARY SCHEDULE
Consolidated
Unaudited
(Dollars in Thousands)
slglogo.jpg
Principal 2024 Current Final Principal
Ownership Outstanding Principal Maturity Maturity Due at
Fixed rate debt Interest (%) 12/31/2023 Coupon (1) Amortization Date Date (2) Maturity
Secured fixed rate debt
420 Lexington Avenue 100.0  $ 277,238  3.99% $ 4,488  Oct-24 Oct-40 $ 272,750 
100 Church Street (swapped) 100.0  370,000  5.89% —  Jun-25 Jun-27 370,000 
185 Broadway / 7 Dey 100.0  190,148  6.65% —  Nov-25 Nov-26 (4) 190,148 
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 
$ 1,387,386  5.01% $ 4,488  $ 1,382,898 
Unsecured fixed rate debt
Term Loan B (swapped) $ 200,000  4.41% $ —  Nov-24 Nov-24 $ 200,000 
Unsecured notes 100,000  4.27% —  Dec-25 Dec-25 100,000 
Revolving credit facility (swapped) (3) 400,000  5.95% —  May-26 May-27 (4) 400,000 
Term Loan A (swapped) 1,050,000  4.41% (5) —  May-27 May-27 1,050,000 
Junior subordinated deferrable interest debentures (swapped) 100,000  5.01% —  Jul-35 Jul-35 100,000 
$ 1,850,000  4.77% $ —  $ 1,850,000 
Total Fixed Rate Debt $ 3,237,386  4.87% $ 4,488  $ 3,232,898 
Floating rate debt
Secured floating rate debt
Alternative strategy portfolio
690 Madison (SOFR + 50 bps) 100.0  $ 60,000  5.86% $ —  Jul-24 Jul-25 $ 60,000 
719 Seventh Avenue (SOFR+ 131 bps) (3) 75.0  50,000  6.67% —  Dec-24 Dec-24 50,000 
$ 110,000  6.23% $ —  $ 110,000 
Unsecured floating rate debt
Revolving credit facility (SOFR+ 150 bps) (3) 100.0  $ 160,000  6.86% $ —  May-26 May-27 (4) $ 160,000 
$ 160,000  6.86% $ —  $ 160,000 
Total Floating Rate Debt $ 270,000  6.60% $ —  $ 270,000 
Consolidated Debt $ 3,397,386  4.97%
Alternative Strategy Portfolio Debt $ 110,000  6.23%
Total Debt - Consolidated $ 3,507,386  5.01% $ 4,488  $ 3,502,898 
Deferred financing costs (16,639)
Total Debt - Consolidated, net $ 3,490,747  5.01%
Total Debt - Unconsolidated JV, net $ 7,297,410  4.70%
Debt including SLG share of JV Debt $ 9,668,054  4.55%
Alternative Strategy Portfolio Debt including SLG share of JV Debt $ 1,191,607  6.80%
Total Debt including SLG share of JV Debt $ 10,859,661  4.80%
Weighted Average Balance & Interest Rate for the quarter, including SLG share of JV Debt $ 10,781,470  4.75%
(1) Coupon for floating rate debt determined using the effective SOFR rate at the end of the quarter of 5.35%. Coupon for loans that are subject to SOFR floors, interest rate caps or interest rate swaps were determined using the 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 and result in adjusted terms.
(3) Spread includes applicable Term SOFR adjustment.
(4) As-of-right extension
(5) Represents a blended swapped rate inclusive of the effect of multiple swaps.
Supplemental Information
23
Fourth Quarter 2023

DEBT SUMMARY SCHEDULE
Unconsolidated JVs
Unaudited
(Dollars in Thousands)
slglogo.jpg

Principal Outstanding
2024 Principal
Current Final Principal
Ownership 12/31/2023 Amortization Maturity Maturity Due at Maturity
Fixed rate debt Interest (%) Gross Principal SLG Share Coupon (1) (SLG Share) Date Date (2) (SLG Share)
220 East 42nd (capped) 51.0  $ 505,412  $ 257,760  5.86% $ —  Jun-24 Jun-25 $ 257,760 
10 East 53rd Street (capped) 55.0  220,000  121,000  5.45% —  Feb-25 Feb-25 121,000 
1515 Broadway 56.9  762,002  433,344  3.93% 11,975  Mar-25 Mar-25 419,372 
450 Park Avenue (capped) 25.1  271,394  68,120  6.10% —  Jun-25 Jun-27 68,120 
11 Madison Avenue 60.0  1,400,000  840,000  3.84% —  Sep-25 Sep-25 840,000 
One Madison Avenue (capped) 25.5  733,103  186,941  3.59% —  Nov-25 Nov-26 186,941 
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 
625 Madison Avenue 90.4  199,987  (3) 180,848  5.11% —  Dec-26 Dec-26 180,848 
245 Park Avenue 50.1  1,768,000  885,768  4.30% —  Jun-27 Jun-27 885,768 
One Vanderbilt Avenue 71.0  3,000,000  2,130,300  2.95% —  Jul-31 Jul-31 2,130,300 
$ 9,536,898  $ 5,466,201  3.86% (4) $ 11,975  $ 5,452,229 
Alternative strategy portfolio
717 Fifth Avenue (5) 10.9  $ 655,328  $ 71,536  5.02% $ —  Jul-22 (5) Jul-22 (5) $ 71,536 
650 Fifth Avenue 50.0  65,000  32,500  5.45% —  Oct-23 (6) Jan-24 (6) 32,500 
5 Times Square (capped) 31.6  477,783  150,740  7.13% —  Sep-24 Sep-26 150,740 
115 Spring Street 51.0  65,550  33,431  5.50% —  Mar-25 Mar-25 33,431 
Worldwide Plaza 25.0  1,200,000  299,400  3.98% —  Nov-27 Nov-27 299,400 
$ 2,463,661  $ 587,607  5.08% (4) $ —  $ 587,607 
Total Fixed Rate Debt $ 12,000,559  $ 6,053,808  3.98% (4) $ 11,975  $ 6,039,836 
Floating rate debt
100 Park Avenue (SOFR + 236 bps) (7) 49.9  $ 360,000  $ 179,640  7.72% $ —  Jan-24 (8) Dec-25 $ 179,640 
15 Beekman (SOFR + 161 bps) (7) 20.0  124,137  24,827  6.97% —  Jan-24 (9) Jul-25 24,827 
280 Park Avenue (SOFR + 203 bps) 50.0  1,200,000  600,000  7.39% —  Sep-24 Sep-24 600,000 
$ 1,684,137  $ 804,467  7.45% (4) $ —  $ 804,467 
Alternative strategy portfolio
11 West 34th Street (LIBOR + 145 bps) 30.0  $ 23,000  $ 6,900  6.67% (10) —  Feb-23 (11) Feb-23 (11) $ 6,900 
650 Fifth Avenue (SOFR + 225 bps) 50.0  210,000  105,000  7.61% —  Oct-23 (6) Jan-24 (6) 105,000 
2 Herald Square (SOFR + 206 bps) (7) (12) 51.0  182,500  (12) 93,075  7.42% —  Nov-23 (6) Nov-23 (6) 93,075 
1552 Broadway (SOFR + 275 bps) (7) 50.0  193,133  96,567  8.11% —  Feb-24 Feb-24 96,567 
5 Times Square (SOFR + 565 bps) 31.6  610,010  192,458  11.00% —  Sep-24 Sep-26 192,458 
$ 1,218,643  $ 494,000  8.98% (4) $ —  $ 494,000 
Total Floating Rate Debt $ 2,902,780  $ 1,298,467  8.03% (4) $ —  $ 1,298,467 
Unconsolidated JV Debt $ 11,221,035  $ 6,270,668  4.32% (4)
Alternative Strategy Portfolio Debt $ 3,682,304  $ 1,081,607  6.86% (4)
Total Debt - Unconsolidated JV $ 14,903,339  $ 7,352,275  4.70% (4) $ 11,975  $ 7,338,303 
Deferred financing costs (104,062) (54,865)
Total Debt - Unconsolidated JV, net $ 14,799,277  $ 7,297,410  4.70% (4)
(1) Coupon for floating rate debt determined using the effective SOFR rate at the end of the quarter of 5.35%. Coupon for loans that are subject to SOFR floors, interest rate caps or interest rate swaps were determined using the 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 and result in adjusted terms.
(3) Represents $168.9M of loan principal and $31.1M of accrued interest.
(4) Calculated based on SL Green's share of the outstanding debt.
(5) The asset was sold and associated debt repaid in January 2024.
(6) The Company is in discussions with the lender on resolution of the past maturity.
(7) Spread includes applicable Term SOFR adjustment.
(8) The Company is in discussions with the lender to exercise the available extension option.
(9) In January 2024, the maturity date of the loan was extended to July 2024.
(10) The coupon rate is based on the last available LIBOR on June 30, 2023.
(11) The Company's joint venture partner is in discussions with the lender on resolution of the past maturity.
(12) The Company closed on the acquisition of additional interests in the joint venture in January 2024, which increased the Company's interest to 95%. In addition, the joint venture entered into an agreement to satisfy the existing mortgage for a net payment of $7.0 million.
Supplemental Information
24
Fourth Quarter 2023

DEBT COMPOSITION AND CORPORATE DEBT COVENANTS

Unaudited
(Dollars in Thousands)
slglogo.jpg
Composition of Debt
Debt Alternative Strategy Portfolio Debt - Total
Fixed Rate Debt
Consolidated $ 3,237,386  $ —  $ 3,237,386 
SLG Share of JV 5,466,201  587,607  6,053,808 
Total Fixed Rate Debt $ 8,703,587  90.0% $ 587,607  49.3% $ 9,291,194  85.6%
Floating Rate Debt
Consolidated $ 160,000  $ 110,000  $ 270,000 
SLG Share of JV 804,467  494,000  1,298,467 
964,467  10.0% 604,000  50.7% 1,568,467  14.4%
Debt & Preferred Equity and Other Investments (118,899) (1.2)% (49,846) (4.2)% (168,745) (1.6)%
Total Floating Rate Debt $ 845,568  8.7% $ 554,154  46.5% $ 1,399,722  12.9%
Total Debt $ 9,668,054  $ 1,191,607  $ 10,859,661 
Revolving Credit Facility Covenants (1)
Actual Required
Total Debt / Total Assets 34.5% Less than 60%
 Consolidated Fixed Charge Coverage 1.50x Greater than 1.40x
Maximum Secured Indebtedness 16.5% Less than 50%
Maximum Unencumbered Leverage Ratio 36.3% Less than 60%
Unsecured Notes Covenants (1)
Actual Required
Total Debt / Total Assets 34.4% Less than 60%
Secured Debt / Total Assets 19.2% Less than 40%
Debt Service Coverage 1.54x Greater than 1.50x
Unencumbered Assets / Unsecured Debt 344.5% Greater than 150%
(1) Covenants calculated pursuant to the terms of the underlying facility or notes.
Supplemental Information
25
Fourth Quarter 2023

DERIVATIVE SUMMARY SCHEDULE

Unaudited
(Dollars in Thousands)
slglogo.jpg
Consolidated Interest Rate Derivatives
Ownership Notional Value Fair Value
Secured Debt Interest (%) 12/31/2023 12/31/2023
Instrument (1)
Strike Rate (1)
Effective Date Maturity Date
100 Church Street 100.0  $370,000 $(3,044) Swap 3.89  % November 2022 June 2027
Unsecured Debt
Term Loan A 100.0  $150,000 $11 Swap 2.60  % December 2021 January 2024
Term Loan A 100.0  150,000  4,011  Swap 2.62  % December 2021 January 2026
Term Loan A 100.0  200,000  6,378  Swap 2.59  % February 2023 February 2027
Term Loan A 100.0  100,000  2,281  Swap 2.90  % February 2023 February 2027
Term Loan A 100.0  100,000  2,775  Swap 2.73  % February 2023 February 2027
Term Loan A 100.0  50,000  1,781  Swap 2.46  % February 2023 February 2027
Term Loan A 100.0  300,000  7,306  Swap 2.87  % July 2023 May 2027
Revolving credit facility 100.0  $200,000 $5 Swap 4.41  % November 2022 January 2024
Revolving credit facility 100.0  200,000  Swap 4.49  % November 2022 January 2024
Term Loan B 100.0  $200,000 $5,196 Swap 2.66  % December 2021 January 2026
Junior subordinated deferrable interest debentures 100.0  $100,000 $(646) Swap 3.76  % January 2023 January 2028
Forward-starting Derivatives
Term Loan A 100.0  $150,000 $549 Swap 3.52  % January 2024 May 2027
SLGOP - One Madison Avenue 100.0  $300,000 $(10,273) (2) Swap 4.49  % November 2024 November 2027
Unconsolidated JV Interest Rate Derivatives
Notional Value Fair Value
Ownership 12/31/2023 12/31/2023
Secured Debt Interest (%) Gross SLG Share Gross SLG Share
Instrument (1)
Strike Rate (1)
Effective Date Maturity Date
10 East 53rd Street 55.0  $220,000 $121,000 $318 $175 Cap 4.00  % February 2023 February 2024
One Madison Avenue 25.5  $484,069 $123,438 $8,330 $2,124 Cap 0.49  % February 2022 May 2024
One Madison Avenue 25.5  484,069 123,438 8,331 2,124 Cap 0.49  % February 2022 May 2024
220 East 42nd Street 51.0  $505,412 $257,760 $4,948 $2,523 Cap 3.00  % June 2023 June 2024
450 Park Avenue 25.1  $272,000 $68,272 $1,675 $420 Cap 4.00  % August 2023 August 2024
5 Times Square (3) 31.6  $477,783 $150,740 $5,213 $1,645 Cap 3.50  % September 2023 September 2024
919 Third Avenue 51.0  $250,000 $127,500 $1,818 $927 Swap 3.61  % April 2023 February 2026
919 Third Avenue 51.0  250,000 127,500 1,819 928 Swap 3.61  % April 2023 February 2026
800 Third Avenue 60.5  $177,000 $107,120 $8,686 $5,257 Swap 1.55  % December 2022 February 2026
Forward-starting Derivatives
One Madison Avenue 25.5  $278,161 $70,931 $948 $242 Cap 4.00  % May 2024 November 2024
One Madison Avenue 25.5  278,161 70,931 948 242 Cap 4.00  % May 2024 November 2024
(1) Certain financings require the purchase of a cap at a specified strike rate.
(2) Changes in fair value recognized in the calculation of FFO.
(3) Alternative Strategy Portfolio asset.
Supplemental Information
26
Fourth Quarter 2023

SUMMARY OF LEASE LIABILITIES

Unaudited
(Dollars in Thousands)
slglogo.jpg

2024 Scheduled
2025 Scheduled
2026 Scheduled
2027 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 $ 6,909  $ 6,909  $ 6,909  $ 6,909  $ 86,180  2043
SL Green Headquarters at One Vanderbilt 1,695   (4) 1,736   (4) 1,776   (4) 1,779   (4) 91,648  2048
SUMMIT One Vanderbilt 6,958   (4) 6,958   (4) 6,958   (4) 6,958   (4) 434,180  2070
420 Lexington Avenue 11,199  11,199  11,199  11,199  173,081  2080
711 Third Avenue 5,500   (5) 5,500   (5) 5,500   (5) 5,500   (5) 42,603   (5) 2083
Total $ 32,261  $ 32,302  $ 32,342  $ 32,345  $ 827,692 
Financing Leases
15 Beekman $ 3,180  $ 3,228  $ 3,276  $ 3,325  $ 105,531  2119 (6)
Total $ 3,180  $ 3,228  $ 3,276  $ 3,325  $ 105,531 
SLG
2024 Scheduled
2025 Scheduled
2026 Scheduled
2027 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 (7)
33.3 $ 614  $ 614  $ 614  $ 693  $ 3,455  2029
885 Third Avenue 34.1 259  259  259  259  5,183  2080
Alternative strategy portfolio
650 Fifth Avenue (Floors 4-6) 50.0 $ 1,790  $ 1,790  $ 1,802  $ 1,935  $ 14,797  2053
650 Fifth Avenue (Floors b-3) 50.0 1,569  1,569  1,571  1,585  31,728  2062
5 Times Square 31.6 —   (8) —   (8) —   (8) —   (8) —   (8) 2089
1560 Broadway 50.0 7,272  7,476  7,554  7,610  63,085  2114
Total $ 11,504  $ 11,708  $ 11,800  $ 12,082  $ 118,248 
Financing Leases
One Vanderbilt Avenue Garage 71.0 $ 209  $ 211  $ 213  $ 215  $ 3,433  2069
Alternative strategy portfolio
650 Fifth Avenue (Floors b-3) 50.0 $ 7,364  $ 7,364  $ 7,364  $ 7,364  $ 103,107  2062
2 Herald Square (9) 51.0 7,654  7,845  8,041  8,242  218,683  2077 (6)
Total $ 15,227  $ 15,420  $ 15,618  $ 15,821  $ 325,223 
(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 December 31, 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) Reflects scheduled cash payments net of the Company's 50.0% ownership of the fee interest in the property.
(6) The Company has an option to purchase the ground lease for a fixed price on a specific date. Scheduled cash payments do not reflect the exercise of the purchase option.
(7) 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.
(8) 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.
(9) The Company closed on the acquisition of additional interests in the joint venture in January 2024, which increased the Company's interest to 95%.
Supplemental Information
27
Fourth 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)
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%
Debt investment originations/fundings/accretion
(4)
45,730 
Preferred Equity investment originations/accretion
(4)
2,068 
Redemptions/Sales/Syndications/Equity Ownership/Amortization (349,947)
Reserves/Realized Losses — 
9/30/2023 $ 334,327  $ 608,701  6.15% 8.21%
Debt investment originations/fundings/accretion
(4)
10.315 
Preferred Equity investment originations/accretion
(4)
2,103 
Redemptions/Sales/Syndications/Equity Ownership/Amortization — 
Reserves/Realized Losses — 
12/31/2023 $ 346,745  $ 358,011  7.79% 7.92%
(1) Net of unamortized fees, discounts, and premiums.
(2) Excludes loan loss reserves and accelerated fee income resulting from early repayment.
(3) Calculated based on GAAP income, which includes cash interest, paid-in-kind interest, fee accrual and amortization of discounts, recognized in the last month of the quarter. Excludes accelerated fee income resulting from early repayment and loan loss reserves.
(4) Includes funded future funding obligations, amortization of fees and discounts and paid-in-kind investment income.

Supplemental Information
28
Fourth 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 $ 168,745  $ 50,000  $ 218,745  $ 1,071,858  $ 568  8.53% 8.68%
Preferred Equity —  128,000  128,000  250,000  $ 767  6.46% 6.55%
Balance as of 12/31/2023
$ 168,745  $ 178,000  $ 346,745 
(4)
$ 641  7.79% 7.92%
Debt and Preferred Equity Maturity Profile (4)
2024
2025
2026
2027
2028 & Thereafter
Floating Rate $ 120,422  $ —  $ 48,323  $ —  $ — 
Fixed Rate —  30,000  —  128,000  20,000 
Sub-total $ 120,422  $ 30,000  $ 48,323  $ 128,000  $ 20,000 
(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 1.90 years. Approximately 31.2% of our portfolio of investments have extension options, some of which may be subject to certain conditions for extension. The weighted average fully extended maturity of the outstanding balance is 2.22 years.
Supplemental Information
29
Fourth Quarter 2023

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 12/31/2023 Type Location Financing
    Last $ PSF (2)
Fixed/Floating
  Of Quarter (3)
Preferred Equity $ 128,000  Multi-Family Rental Manhattan $ 250,000  $ 767  Fixed 6.55%
Mezzanine Loan 62,333  Multi-Family Rental Brooklyn 271,774  $ 548  Floating 15.13%
Mezzanine Loan (4) 49,846  (4) Office Manhattan 275,000  $ 414  Floating (5)
Mezzanine Loan 48,323  Office Manhattan 186,084  $ 718  Floating 10.46%
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 18.11%
Total $ 346,745 
(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 accounting 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) Alternative Strategy Portfolio asset.
(5) Loan was put on non-accrual in the first quarter of 2023 and continues to be on non-accrual as of December 31, 2023.

Supplemental Information
30
Fourth Quarter 2023

SELECTED PROPERTY DATA
Manhattan Operating Properties
Unaudited
(Dollars in Thousands)
slglogo.jpg
Ownership % of Total December 31, 2023 September 30, 2023 Annualized Contractual
Cash Rent
Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet %
Occupied (2)
%
Leased (3)
%
Occupied (2)
%
Leased (3)
($'s) SLG Share ($'s)
CONSOLIDATED PROPERTIES
"Same Store"
100 Church Street 100.0 Downtown Fee Interest 1,047,500  4.4  90.3  92.9  90.3  90.3  $47,097 $47,097 18 
110 Greene Street 100.0 Soho Fee Interest 223,600  0.9  89.7  90.3  87.9  89.7  17,966 17,966 55 
125 Park Avenue 100.0 Grand Central Fee Interest 604,245  2.5  99.3  99.3  99.9  99.9  48,039 48,039 24 
304 Park Avenue South 100.0 Midtown South Fee Interest 215,000  0.9  100.0  100.0  100.0  100.0  18,547 18,547
420 Lexington Ave (Graybar) 100.0 Grand Central North Leasehold Interest 1,188,000  5.0  86.6  87.3  87.4  88.3  81,510 81,510 167 
461 Fifth Avenue 100.0 Midtown Fee Interest 200,000  0.8  76.0  76.0  82.2  82.2  13,949 13,949 13 
485 Lexington Avenue 100.0 Grand Central North Fee Interest 921,000  3.9  73.9  76.3  73.4  73.8  46,469 46,469 27 
555 West 57th Street 100.0 Midtown West Fee Interest 941,000  4.0  97.8  97.8  96.8  96.8  55,679 55,679 10 
711 Third Avenue      100.0 (3) Grand Central North Leasehold Interest (4) 524,000  2.2  95.3  95.3  94.7  94.7  34,953 34,953 21 
810 Seventh Avenue 100.0 Times Square Fee Interest 692,000  2.9  81.3  82.0  82.5  82.9  40,523 40,523 40 
1185 Avenue of the Americas 100.0 Rockefeller Center Leasehold Interest 1,062,000  4.5  70.7  74.4  69.3  69.3  67,582 67,582 12 
1350 Avenue of the Americas 100.0 Rockefeller Center Fee Interest 562,000  2.4  72.0  75.2  72.7  76.7  32,790 32,790 43 
Subtotal / Weighted Average 8,180,345  34.4  % 85.1  % 86.6  % 85.1  % 85.6  % $505,104 $505,104 437 
"Non Same Store"
885 Third Avenue 100.0 Midtown / Plaza District Fee / Leasehold Interest 218,796  0.9  81.3  81.3  81.3  81.3  $11,612 $11,612 12 
Subtotal / Weighted Average 218,796  0.9  % 81.3  % 81.3  % 81.3  % 81.3  % $11,612 $11,612 12 
Total / Weighted Average Consolidated Properties 8,399,141  35.3  % 85.0  % 86.4  % 85.0  % 85.5  % $516,716 $516,716 449 
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  $33,529 $18,441 40 
11 Madison Avenue 60.0 Park Avenue South Fee Interest 2,314,000  9.7  96.2  96.2  96.2  96.2  168,090 100,854
100 Park Avenue 50.0 Grand Central South Fee Interest 834,000  3.5  77.4  77.4  77.7  77.7  55,913 27,956 36 
280 Park Avenue 50.0 Park Avenue Fee Interest 1,219,158  5.1  94.1  94.1  96.9  97.6  134,037 67,019 37 
800 Third Avenue 60.5 Grand Central North Fee Interest 526,000  2.2  78.8  83.4  80.3  84.0  31,670 19,161 38 
919 Third Avenue 51.0 Grand Central North Fee Interest 1,454,000  6.1  80.0  80.0  78.9  80.0  83,623 42,648
1515 Broadway 56.9 Times Square Fee Interest 1,750,000  7.3  99.7  99.7  99.7  99.7  136,705 77,785
Worldwide Plaza (5) 25.0 Westside Fee Interest 2,048,725  8.6  91.8  91.8  91.8  91.8  146,260 36,491 22 
Added to Same Store in 2023
One Vanderbilt Avenue 71.0 Grand Central Fee Interest 1,657,198  7.0  97.8  99.4  97.8  99.4  272,560 193,545 39 
220 East 42nd Street 51.0 Grand Central Fee Interest 1,135,000  4.8  88.4  88.4  88.9  88.9  67,721 34,538 31 
Subtotal / Weighted Average 13,292,381  55.8  % 91.7  % 92.1  % 92.0  % 92.5  % $1,130,108 $618,438 268 
"Non Same Store"
245 Park Avenue 50.1 Park Avenue Fee Interest 1,782,793  7.5  74.6  83.2  80.7  82.9  $132,115 $66,189 13 
450 Park Avenue 25.1 Park Avenue Fee Interest 337,000  1.4  82.3  92.5  82.9  92.5  34,979 8,780 21 
Subtotal / Weighted Average 2,119,793  8.9  % 75.8  % 84.7  % 81.1  % 84.4  % $167,094 $74,969 34 
Total / Weighted Average Unconsolidated Properties 15,412,174  64.7  % 89.5  % 91.1  % 90.5  % 91.4  % $1,297,202 $693,407 302 
Manhattan Operating Properties Grand Total / Weighted Average 23,811,315  100.0  % 87.9  % 89.4  % 88.5  % 89.3  % $1,813,918 $1,210,123 751 
Manhattan Operating Properties Grand Total - SLG share of Annualized Rent
Manhattan Operating Properties Same Store Occupancy % 21,472,726  90.2  % 89.2  % 90.0  % 89.4  % 89.9  %
(1) Represents the rentable square footage at the time the property was acquired.
(2) Occupancy for commenced leases.
(3) Occupancy inclusive of leases signed but not yet commenced.
(4) The Company owns 50% of the fee interest.
(5) Alternative Strategy Portfolio property.
Supplemental Information
31
Fourth Quarter 2023

SELECTED PROPERTY DATA
Retail, Residential and Suburban Operating Properties
Unaudited
(Dollars in Thousands)
slglogo.jpg
Ownership % of Total December 31, 2023 September 30, 2023 Annualized Contractual
Cash Rent
Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet %
Occupied (2)
%
Leased (3)
%
Occupied (2)
%
Leased (3)
($'s) SLG Share ($'s)
RETAIL PROPERTIES
"Same Store" Retail
85 Fifth Avenue 36.3 Midtown South Fee Interest 12,946  36.4  100.0  100.0  100.0  100.0  $2,250 $816
                               Subtotal/Weighted Average 12,946  36.4  % 100.0  % 100.0  % 100.0  % 100.0  % $2,250 $816
"Non Same Store" Retail
760 Madison Avenue 100.0 Plaza District Fee Interest 22,648  63.6  100.0  100.0  —  100.0  $18,362 $18,362
                               Subtotal/Weighted Average 22,648  63.6  % 100.0  % 100.0  % —  % 100.0  % $18,362 $18,362 1
Total / Weighted Average Retail Properties 35,594  100.0  % 100.0  % 100.0  % 36.4  % 100.0  % $20,612 $19,178
Ownership Total December 31, 2023 September 30, 2023 Annualized Contractual
Cash Rent
Average Monthly Rent Per Unit (4)
Properties Interest (%) SubMarket Ownership Square Feet (1) Units %
Occupied (2)
%
Leased (3)
%
Occupied (2)
%
Leased (3)
($'s) SLG Share ($'s) ($'s)
RESIDENTIAL PROPERTIES
"Non Same Store" Residential
7 Dey Street 100.0 Lower Manhattan Fee Interest 140,382  209  95.2  96.7  96.2  96.7  $11,385 $11,384 $4,767
15 Beekman Street 20.0 Downtown Leasehold Interest 221,884  484  (5) 100.0  100.0  100.0 100.0 13,473 2,695
                               Subtotal/Weighted Average 362,266  693  98.6  % 99.0  % 98.8  % 99.0  % $24,858 $14,079 $4,767
Total / Weighted Average Residential Properties 362,266  693  98.6  % 99.0  % 98.8  % 99.0  % $24,858 $14,079 $4,767
Ownership % of Total December 31, 2023 September 30, 2023 Annualized Contractual
Cash Rent
Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet %
Occupied (2)
%
Leased (3)
%
Occupied (2)
%
Leased (3)
($'s) SLG Share ($'s)
SUBURBAN PROPERTIES
"Same Store" Suburban
Landmark Square 100.0 Stamford, Connecticut Fee Interest 862,800  100.0  77.1  77.1  77.4  77.4  $19,378 $19,378 100 
                               Subtotal/Weighted Average 862,800  100.0  % 77.1  % 77.1  % 77.4  % 77.4  % $19,378 $19,378 100 
Total / Weighted Average Suburban Properties 862,800  100.0  % 77.1  % 77.1  % 77.4  % 77.4  % $19,378 $19,378 100 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Occupancy for commenced leases.
(3) Occupancy inclusive of leases signed but not yet commenced.
(4) Calculated based on occupied units. Amount in dollars.
(5) Property occupied by Pace University and used as an academic center and dormitory space. 484 represents number of beds.
Supplemental Information
32
Fourth Quarter 2023

SELECTED PROPERTY DATA
Development / Redevelopment, Alternative Strategy Portfolio & Construction in Progress Properties
Unaudited
(Dollars in Thousands)
slglogo.jpg

Ownership % of Total December 31, 2023 September 30, 2023 Annualized Contractual
Cash Rent
Real Estate Book Value, Net Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet %
Occupied (2)
%
Leased (3)
%
Occupied (2)
%
Leased (3)
($'s) SLG Share ($'s)
Development / Redevelopment
19 East 65th Street 100.0 Plaza District Fee Interest 14,639  1.0  5.5  5.5  5.5  5.5  $32 $32 $14,016
185 Broadway 100.0 Lower Manhattan Fee Interest 50,206  3.6  34.5  34.5  34.5  34.5  3,323 3,323 48,512 
625 Madison Avenue 90.4 Plaza District Fee Interest 563,000  40.0  —  —  16.1  16.1  629,542  — 
750 Third Avenue 100.0 Grand Central North Fee Interest 780,000  55.4  17.7  17.7  18.0  18.0  10,876 10,876 273,614  21 
Total / Weighted Average Development / Redevelopment Properties 1,407,845  100.0  % 11.1  % 11.1  % 17.7  % 17.7  % $14,231 $14,231 $965,684  26 
Ownership % of Total December 31, 2023 September 30, 2023 Annualized Contractual
Cash Rent
Investment Carrying Value, Net Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet %
Occupied (2)
%
Leased (3)
%
Occupied (2)
%
Leased (3)
($'s) SLG Share ($'s)
Alternative Strategy Portfolio
2 Herald Square (4) 51.0 Herald Square Leasehold Interest 369,000  9.6  34.5  34.5  34.5  34.5  $19,815 $10,106 $(14,311)
5 Times Square 31.6 Times Square Leasehold Interest 1,127,931  29.4  23.3  23.3  23.3  23.3  27,069 8,540 $147,455
11 West 34th Street 30.0 Herald Square/Penn Station Fee Interest 17,150  0.4  100.0  100.0  100.0  100.0  3,480 1,044 $(1,383)
115 Spring Street 51.0 Soho Fee Interest 5,218  0.1  100.0  100.0  100.0  100.0  3,984 2,032 $(5,465)
650 Fifth Avenue 50.0 Plaza District Leasehold Interest 69,214  1.8  100.0  100.0  100.0  100.0  40,064 20,032 $(64,776)
690 Madison Avenue 100.0 Plaza District Fee Interest 7,848  0.2  100.0  100.0  100.0  100.0  1,505 1,505 $(7,930)
717 Fifth Avenue (5) 10.9 Midtown/Plaza District Fee Interest 119,550  3.1  90.4  90.4  90.4  90.4  29,362 3,206 $0
719 Seventh Avenue 75.0 Times Square Fee Interest 10,040  0.3  —  —  —  —  $28,163 — 
1552-1560 Broadway 50.0 Times Square Fee / Leasehold Interest 57,718  1.5  88.3  88.3  88.3  88.3  30,764 15,382 $0
Worldwide Plaza (6) 25.0 Westside Fee Interest 2,048,725  53.6  91.8  91.8  91.8  91.8  146,256 36,490 $94,137 22 
Total / Weighted Average Alternative Strategy Portfolio Properties 3,832,394  100.0  % 66.0  % 66.0  % 66.0  % 66.0  % $302,299 $98,337 $175,890  41 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Occupancy for commenced leases.
(3) Occupancy inclusive of leases signed but not yet commenced.
(4) The Company closed on the acquisition of additional interests in the joint venture in January 2024, which increased the Company's interest to 95%.
(5) Along with its joint venture partner, the Company closed on the sale of this property in January 2024.
(6) Property included on the Manhattan Operating Properties list.
Construction in Progress
Future Equity Development
Equity Contributed Contributions Financing Budget
Building Address Ownership Percentage
Square Feet Interest (%)
TCO (1)
Leased Company Partners Company Partners Drawn Available
Total (2)
One Madison 1,396,426 25.5 Q3 2023 56.1 $276,092 $761,157 $— $— $733,103 $516,897 $2,287,249
760 Madison - Residential Condominiums 35,926 100.0 (3) (3) 106,831 50,763 157,594
Total Construction In Progress $382,923 $761,157 $50,763 $— $733,103 $516,897 $2,444,843
(1) Temporary Certificate of Occupancy.
(2) Includes fees payable to SL Green, as applicable.
(3) The residences are expected to be complete in Q3 2024.
Supplemental Information
33
Fourth Quarter 2023

SELECTED PROPERTY DATA
Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties
Unaudited
(Dollars in Thousands)
slglogo.jpg

Ownership % of Total December 31, 2023 September 30, 2023 Annualized Contractual
Cash Rent
Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet %
Occupied (2)
%
Leased (3)
%
Occupied (2)
%
Leased (3)
($'s) SLG Share ($'s)
HIGH STREET RETAIL - Consolidated Properties
760 Madison Avenue 100.0 Plaza District Fee Interest 22,648  1.5  100.0  100.0  —  100.0  $18,362 $18,362
Subtotal / Weighted Average 22,648  1.5  % 100.0  % 100.0  % —  % 100.0  % $18,362 $18,362
HIGH STREET RETAIL - Unconsolidated Properties
85 Fifth Avenue 36.3 Midtown South Fee Interest 12,946  0.9  100.0  100.0  100.0  100.0  $2,250 $816
Subtotal / Weighted Average 12,946  0.9  % 100.0  % 100.0  % 100.0  % 100.0  % $2,250 $816
Total / Weighted Average High Street Retail 35,594  2.4  % 100.0  % 100.0  % 36.4  % 100.0  % $20,612 $19,178
OTHER RETAIL - Consolidated Properties
100 Church Street 100.0 Downtown Fee Interest 61,708  4.1  96.2  96.2  96.2  96.2  $3,904 $3,904
110 Greene Street 100.0 Soho Fee Interest 16,121  1.1  100.0  100.0  100.0  100.0  4,486 4,486
125 Park Avenue 100.0 Grand Central Fee Interest 32,124  2.1  100.0  100.0  100.0  100.0  4,732 4,732
185 Broadway 100.0 Lower Manhattan Fee Interest 16,413  1.1  100.0  100.0  100.0  100.0  3,323 3,323
304 Park Avenue South 100.0 Midtown South Fee Interest 25,330  1.7  100.0  100.0  100.0  100.0  3,634 3,634
420 Lexington Ave (Graybar) 100.0 Grand Central North Leasehold Interest 54,026  3.6  93.6  93.6  93.6  93.6  4,826 4,826
461 Fifth Avenue 100.0 Midtown Fee Interest 17,114  1.1  —  —  —  —  — 
485 Lexington Avenue 100.0 Grand Central North Fee Interest 41,701  2.8  68.5  68.5  56.7  56.7  4,297 4,297
555 West 57th Street 100.0 Midtown West Fee Interest 53,186  3.5  100.0  100.0  100.0  100.0  3,028 3,028
711 Third Avenue 100.0 Grand Central North Leasehold Interest 25,639  1.7  100.0  100.0  100.0  100.0  3,472 3,472
750 Third Avenue (4) 100.0 Grand Central North Fee Interest 24,827  1.6  47.5  47.5  47.5  47.5  1,779 1,779
810 Seventh Avenue 100.0 Times Square Fee Interest 18,207  1.2  98.6  98.6  98.6  98.6  4,712 4,712
885 Third Avenue 100.0 Midtown / Plaza District Fee / Leasehold Interest 12,403  0.8  64.2  64.2  64.2  64.2  468 468
1185 Avenue of the Americas 100.0 Rockefeller Center Leasehold Interest 58,271  3.9  98.3  98.3  85.1  85.1  5,306 5,306
1350 Avenue of the Americas 100.0 Rockefeller Center Fee Interest 17,797  1.2  100.0  100.0  98.7  98.7  2,650 2,650
Subtotal / Weighted Average 474,867  31.5  % 88.5  % 88.5  % 85.8  % 85.8  % $50,617 $50,617 64 
OTHER RETAIL - Unconsolidated Properties
One Vanderbilt Avenue 71.0 Grand Central Fee Interest 34,885  2.3  100.0  100.0  100.0  100.0  $5,779 $4,104
10 East 53rd Street 55.0 Plaza District Fee Interest 38,657  2.6  100.0  100.0  100.0  100.0  3,887 2,138
11 Madison Avenue 60.0 Park Avenue South Fee Interest 38,800  2.6  96.4  96.4  96.4  96.4  3,488 2,093
100 Park Avenue 50.0 Grand Central South Fee Interest 40,022  2.7  97.1  97.1  97.1  97.1  3,141 1,570
220 East 42nd Street 51.0 Grand Central Fee Interest 33,866  2.3  67.1  67.1  86.1  86.1  1,577 804
245 Park Avenue 50.1 Park Avenue Fee Interest 37,220  2.5  50.7  50.7  50.7  50.7  1,161 582
280 Park Avenue 50.0 Park Avenue Fee Interest 28,219  1.9  93.9  93.9  93.9  93.9  1,645 822
450 Park Avenue 25.1 Park Avenue Fee Interest 6,317  0.4  100.0  100.0  100.0  100.0  1,563 392
625 Madison Avenue (4) 90.4 Plaza District Fee Interest 78,489  5.2  —  —  63.1  63.1  — 
800 Third Avenue 60.5 Grand Central North Fee Interest 9,900  0.7  28.3  28.3  28.3  28.3  375 227
919 Third Avenue 51.0 Grand Central North Fee Interest 31,004  2.1  98.9  98.9  98.9  98.9  3,889 1,983
1515 Broadway 56.9 Times Square Fee Interest 182,011  11.9  99.8  99.8  99.8  99.8  30,952 17,613
Subtotal / Weighted Average 559,390  37.2  % 78.5  % 78.5  % 88.5  % 88.5  % $57,457 $32,328 42 
Total / Weighted Average Other Retail 1,034,257  68.7  % 83.1  % 83.1  % 87.3  % 87.3  % $108,074 $82,945 106 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Occupancy for commenced leases.
(3) Occupancy inclusive of leases signed but not yet commenced.
(4) Redevelopment properties.
Supplemental Information
34
Fourth Quarter 2023

SELECTED PROPERTY DATA - CONTINUED
Retail Within Operating, Development / Redevelopment and Alternative Strategy Portfolio Properties
Unaudited
(Dollars in Thousands)
slglogo.jpg

Ownership % of Total December 31, 2023 September 30, 2023 Annualized Contractual
Cash Rent
Total Tenants
Properties Interest (%) SubMarket Ownership Square Feet (1) Sq. Feet %
Occupied (2)
%
Leased (3)
%
Occupied (2)
%
Leased (3)
($'s) SLG Share ($'s)
ALTERNATIVE STRATEGY PORTFOLIO - Consolidated Properties
690 Madison Avenue 100.0 Plaza District Fee Interest 7,944  0.5  100.0  100.0  100.0  100.0  $1,505 $1,505
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  % $1,505 $1,505
ALTERNATIVE STRATEGY PORTFOLIO - Unconsolidated Properties
2 Herald Square (4)(5) 51.0 Herald Square Leasehold Interest 94,531  6.3  40.6  40.6  40.6  40.6  $9,663 $4,928
5 Times Square (4) 31.6 Times Square Leasehold Interest 42,934  2.9  56.9  56.9  56.9  56.9  4,260 1,344
11 West 34th Street 30.0 Herald Square/Penn Station Fee Interest 17,150  1.1  100.0  100.0  100.0  100.0  3,480 1,044
115 Spring Street 51.0 Soho Fee Interest 5,218  0.3  100.0  100.0  100.0  100.0  3,984 2,032
650 Fifth Avenue 50.0 Plaza District Leasehold Interest 69,214  4.6  100.0  100.0  100.0  100.0  40,064 20,032
717 Fifth Avenue (6) 10.9 Midtown/Plaza District Fee Interest 119,550  7.9  90.4  90.4  90.4  90.4  29,362 3,206
1552-1560 Broadway 50.0 Times Square Fee / Leasehold Interest 57,718  3.8  88.3  88.3  88.3  88.3  30,764 15,382
Worldwide Plaza 25.0 Westside Fee Interest 10,592  (7) 0.8  84.9  84.9  78.5  78.5  1,213 303
Subtotal / Weighted Average 416,907  27.7  % 77.3  % 77.3  % 77.2  % 77.2  % $122,790 $48,271 23 
Total / Weighted Average Alternative Strategy Portfolio 434,891  28.9  % 76.0  % 76.0  % 75.8  % 75.8  % $124,295 $49,776 24 
Retail Grand Total / Weighted Average 1,504,742  100.0  % 81.4  % 81.4  % 82.8  % 84.3  % $252,981 $151,899 132 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Occupancy for commenced leases.
(3) Occupancy inclusive of leases signed but not yet commenced.
(4) Redevelopment properties.
(5) The Company closed on the acquisition of additional interests in the joint venture in January 2024, which increased the Company's interest to 95%.
(6) The asset was sold in January 2024.
(7) Excludes the theatre, parking garage, fitness gym and other amenity space totaling 241,371 square feet.

Supplemental Information
35
Fourth 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  $105,728 $60,159 4.5% $65.95
555 West 57th Street 100.0 Dec 2023 137,072  7,251 7,251 0.8 52.90 
555 West 57th Street 100.0 Apr 2029 180,779  10,048 10,047 0.5 55.58 
1515 Broadway 56.9 Mar 2028 9,106  2,113 1,203 0.1 232.09 
Worldwide Plaza 25.0 Jan 2027 32,598  2,526 630 77.49 
1,962,681  $127,666  $79,290  5.9% $65.05 BBB-
Credit Suisse (USA), Inc. 11 Madison Avenue 60.0 May 2037 1,184,762  $75,934 $45,561 3.4% $64.09 A+
Sony Corporation 11 Madison Avenue 60.0 Jan 2031 578,791  $50,958  $30,576  2.4% $88.04 A
TD Bank US Holding Company One Vanderbilt Avenue 71.0 Jul 2041 193,159  $25,412  $18,045  1.3% $131.56
One Vanderbilt Avenue 71.0 Aug 2041 6,843  3,234 2,296 0.2 472.58 
125 Park Avenue 100.0 Oct 2025 6,234  2,029  2,029  0.2 325.47 
125 Park Avenue 100.0 Oct 2030 26,536  1,835  1,835  0.1 69.16 
125 Park Avenue 100.0 Mar 2034 25,171  1,611  1,611  0.1 64.00 
257,943  $34,121  $25,816  1.9% $132.28 AA-
Bloomberg L.P. 919 Third Avenue 51.0 Feb 2029 749,216  $50,549  $25,780  1.9% $67.47
Societe Generale 245 Park Avenue 50.1 Oct 2032 520,831  50,566  25,334  1.9 97.09 A
Carlyle Investment Management LLC One Vanderbilt Avenue 71.0 Sep 2036 194,702  32,994 23,429 1.8 169.46 A-
The City of New York 100 Church Street 100.0 Mar 2034 510,007  21,145  21,145  1.6 41.46 Aa2
King & Spalding 1185 Avenue of the Americas 100.0 Oct 2025 218,275  21,134  21,134  1.6 96.82
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  $40,064  $20,032  1.5% $578.84 AA-
WME IMG, LLC 304 Park Avenue 100.0 Apr 2028 174,069  $13,641 $13,641 1.0% $78.36
11 Madison Avenue 60.0 Sep 2030 104,618  10,504 6,302 0.5 100.41
278,687  $24,145  $19,943  1.5% $86.64
Giorgio Armani Corporation
760 Madison Avenue 100.0 Oct 2038 22,648  $18,362  $18,362  1.4% $810.76
717 Fifth Avenue (5) 10.9 Dec 2023 46,940  2,300 251 49.00
69,588  $20,662  $18,613  1.4% $296.92
McDermott Will & Emery LLP One Vanderbilt Avenue 71.0 Dec 2042 146,642  $24,857  $17,651  1.4% $169.51
420 Lexington Avenue 100.0 Oct 2026 10,043  619  619  61.60
156,685  $25,476  $18,270  1.4% $162.59
The Toronto Dominion Bank One Vanderbilt Avenue 71.0 Apr 2042 142,892  $20,467  $14,533  1.1% $143.23
125 Park Avenue 100.0 Apr 2042 52,450  3,583  3,583  0.2 68.32
195,342  $24,050  $18,116  1.3% $123.12 AA-
Cravath, Swaine & Moore LLP Worldwide Plaza 25.0 Aug 2024 617,135  $70,134 $17,498 1.3% $113.64
Stone Ridge Holdings Group LP One Vanderbilt Avenue 71.0 Dec 2037 97,652  $22,014 $15,632 1.2% $225.43 (4)
Hess Corp 1185 Avenue of the Americas 100.0 Dec 2027 167,169  $15,540 $15,540 1.2% $92.96 BBB-
BMW of Manhattan, Inc. 555 West 57th Street 100.0 Jul 2032 226,556  $12,857 $12,857 1.0% $56.75 A
Greenberg Traurig LLP One Vanderbilt Avenue 71.0 Oct 2037 99,888  $12,661  $8,990  0.7% $126.75
420 Lexington Avenue 100.0 Nov 2037 49,049  3,355  3,356  0.2 68.41
148,937  $16,016  $12,346  0.9% $107.54
Total 8,556,583  $756,374 $487,261 36.4% $88.40
(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.
(5) The asset was sold in January 2024.
Supplemental Information
36
Fourth Quarter 2023

MANHATTAN TENANT DIVERSIFICATION

Unaudited

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chart-72805edcf360454cb44.jpgchart-771fc03e9100434dab8.jpg


(1) Excluding residential tenants.
Supplemental Information
37
Fourth 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 09/30/23 2,760,989 
Space which became available during the Quarter (3):
Office
100 Park Avenue 32,283  36,050  $84.82 
125 Park Avenue 3,217  3,412  67.98 
245 Park Avenue 109,884  108,488  83.45 
280 Park Avenue 42,412  42,773  124.39 
420 Lexington Avenue 17  42,305  59,360  61.47 
450 Park Avenue 1,926  1,926  104.54 
461 Fifth Avenue 10,595  11,232  81.50 
800 Third Avenue 9,325  9,400  90.33 
810 Seventh Avenue 11,264  12,164  68.68 
1350 Avenue of the Americas 8,482  8,697  94.90 
Total/Weighted Average 33  271,693  293,502  $84.97 
Retail
220 East 42nd Street 5,984  6,418  $58.55 
Total/Weighted Average 5,984  6,418  $58.55 
Storage
420 Lexington Avenue 486  597  $29.09 
461 Fifth Avenue 1,971  2,699  36.06 
Total/Weighted Average 2,457  3,296  $34.80 
Total Space which became available during the Quarter
Office 33  271,693  293,502  $84.97 
Retail 5,984  6,418  $58.55 
Storage 2,457  3,296  $34.80 
36  280,134  303,216  $83.86 
Total Available Space 3,041,123 
(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
38
Fourth Quarter 2023

LEASING ACTIVITY - MANHATTAN OPERATING PROPERTIES
Commenced Leasing
Unaudited

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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 3,041,123 
Office
100 Park Avenue 11.5 30,503  34,044  $67.00  $85.00  $160.62  18.0 
110 Greene Street 3.2 4,126  4,126  85.00  —  71.39  — 
280 Park Avenue 11.0 8,650  8,936  117.00  107.82  190.02  12.0 
420 Lexington Avenue 14  6.4 34,289  46,798  60.64  64.56  61.39  3.3 
711 Third Avenue 2.3 2,886  3,141  57.00  —  2.71  3.0 
800 Third Avenue 1.5 1,710  1,725  67.00  81.20  —  — 
810 Seventh Avenue 7.7 2,987  3,262  53.00  —  149.62  8.0 
919 Third Avenue 10.0 16,228  17,586  72.00  71.36  141.78  12.0 
1350 Avenue of the Americas 2.1 4,219  4,332  77.00  —  116.87  1.0 
Total/Weighted Average 22  8.3 105,598  123,950  $69.24  $78.83  $111.58  9.1 
Retail
485 Lexington Avenue 10.5 4,830  4,945  $36.40  $—  $—  6.0 
555 West 57th Street 11.0 8,893  11,741  63.88  —  4.26  12.0 
1185 Avenue of the Americas 17.5 14,396  14,309  69.89  —  —  14.0 
1350 Avenue of the Americas 10.3 240  221  57.01  46.05  —  3.0 
Worldwide Plaza 15.4 673  647  129.83  —  —  5.0 
Total/Weighted Average 13.9 29,032  31,863  $63.61  $46.05  $1.57  11.8 
 Leased Space
Office (4) 22  8.3 105,598  123,950  $69.24  $78.83  $111.58  9.1 
Retail 13.9 29,032  31,863  $63.61  $46.05  1.57  11.8 
Total 27  9.4 134,630  155,813  $68.09  $78.75  $89.08  9.6 
Total Available Space as of 12/31/23 2,906,493 
Early Renewals
Office
10 East 53rd Street 1.2 6,127  6,879  $91.53  $89.64  $2.53  0.6 
280 Park Avenue 15.0 131,183  141,589  130.59  117.93  100.00  12.0 
420 Lexington Avenue 1.1 752  1,003  60.00  60.00  —  — 
Total/Weighted Average 14.3 138,062  149,471  $128.32  $116.24  $94.84  11.4 
Retail — 
Worldwide Plaza 2.0 1,495  1,501  $44.99 $47.68 $—  — 
Total/Weighted Average 2.0 1,495  1,501  $44.99  $47.68  $—  — 
Renewals
Early Renewals Office 14.3 138,062  149,471  $128.32  $116.24  $94.84  11.4 
Early Renewals Retail 2.0 1,495  1,501  $44.99 $47.68 —  — 
Total 14.2 139,557  150,972  $127.49 $115.56  $93.90  11.3 
(1) Represents the rentable square footage at the time the property was acquired.
(2) Annual initial base rent.
(3) Escalated cash rent includes base rent plus all additional amounts paid by the tenant in the form of real estate taxes, operating expenses, porters wage or a consumer price index (CPI) adjustment, excluding concessions.
(4) Average starting office rent excluding new tenants replacing vacancies is $71.75/rsf for 86,232 rentable SF.
     Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $107.62/rsf for 235,703 rentable SF.
Supplemental Information
39
Fourth Quarter 2023

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

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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
2023 (4) 16  177,309  177,309  2.3  % $10,016,868 $10,016,868 $56.49  $59.01 
1st Quarter 2024 40,596  40,596  0.5  % $3,623,916 $3,623,916 $89.27 $72.65
2nd Quarter 2024 19  55,415  55,415  0.7  % 3,451,449 3,451,449 62.28 58.02
3rd Quarter 2024 11  106,551  106,551  1.4  % 4,049,418 4,049,418 38.00 36.79
4th Quarter 2024 20  288,851  288,851  3.9  % 17,558,046 17,558,046 60.79 57.84
Total 2024 59  491,413  491,413  6.5  % $28,682,829 $28,682,829 $58.37 $54.52
2025 71  680,624  680,624  9.0  % $55,301,323 $55,301,323 $81.25 $67.23
2026 54  776,991  776,991  10.2  % 53,956,330  53,956,330  69.44  65.44 
2027 55  650,165  650,165  8.6  % 52,559,470  52,559,470  80.84  64.19 
2028 53  698,668  698,668  9.2  % 52,371,028  52,371,028  74.96  67.99 
2029 33  591,177  591,177  7.8  % 38,909,520  38,909,520  65.82  60.79 
2030 22  696,540  696,540  9.2  % 49,396,547  49,396,547  70.92  66.02 
2031 18  321,405  321,405  4.2  % 22,841,818  22,841,818  71.07  67.96 
2032 16  669,608  669,608  8.8  % 40,664,070  40,664,070  60.73  54.14 
Thereafter 60  1,835,137  1,835,137  24.2  % 112,016,314  112,016,314  61.04  54.67 
Grand Total 457  7,589,037  7,589,037  100.0  % $516,716,117 $516,716,117 $68.09  $61.07 
Unconsolidated JV Properties
2023 (4) 114,048  56,717  0.8  % $11,892,355 $5,933,763 $104.27  $83.77 
1st Quarter 2024 122,938  59,457  0.9  % $13,392,794 $6,381,783 $108.94 $105.28
2nd Quarter 2024 56,635  31,708  0.4  % 4,804,151 2,658,489 84.83 71.55
3rd Quarter 2024 604,236  157,022  4.4  % 69,411,649 18,412,943 114.88 81.77
4th Quarter 2024 48,235  22,901  0.3  % 5,240,414 2,329,259 108.64 83.63
Total 2024 28  832,044  271,088  6.0  % $92,849,008 $29,782,474 $111.59 $84.66
2025 26  373,433  198,051  2.7  % $36,125,921 $19,451,343 $96.74 $83.31
2026 42  802,152  378,608  5.8  % 89,411,068  43,235,262  111.46  100.46 
2027 29  352,724  158,876  2.5  % 44,741,842  21,100,380  126.85  113.71 
2028 30  305,851  172,481  2.2  % 35,200,396  20,077,418  115.09  113.74 
2029 17  893,912  449,140  6.4  % 64,603,106  32,020,463  72.27  75.99 
2030 21  505,445  275,293  3.6  % 51,835,737  28,270,468  102.55  90.09 
2031 27  2,912,088  1,596,122  21.0  % 219,024,122  119,399,011  75.21  76.64 
2032 15  1,075,978  538,405  7.8  % 95,341,186  48,225,657  88.61  91.77 
Thereafter 75  5,714,468  3,108,100  41.2  % 556,177,116  325,911,037  97.33  102.86 
Grand Total 316  13,882,143  7,202,881  100.0  % $1,297,201,857 $693,407,276 $93.44  $92.91 
(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 December 31, 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 December 31, 2023.
Supplemental Information
40
Fourth Quarter 2023

LEASE EXPIRATIONS
Retail Leases Within Operating, Development / Redevelopment and Alternative Strategy Portfolio 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 22,648  22,648  100.0  % 18,362,136  18,362,136  810.76  511.93 
22,648  22,648  100.0  % $18,362,136  $18,362,136  $810.76  $511.93 
Vacancy (5) —  $0.00
Grand Total 22,648  $511.93 
Other Retail
2023 (4) —  —  —  —  % $—  $—  $—  $— 
2024  4,660  4,660  1.1  % 1,180,576  1,180,576  253.34  119.00 
2025  18,915  18,915  4.4  % 4,528,883  4,528,883  239.43  168.30 
2026  10,104  10,104  2.4  % 1,055,510  1,055,510  104.46  91.11 
2027  29,485  29,485  6.9  % 4,671,273  4,671,273  158.43  104.94 
2028  7,244  7,244  1.7  % 1,158,929  1,158,929  159.98  151.69 
2029  27,702  27,702  6.5  % 2,482,931  2,482,931  89.63  86.47 
2030  47,744  47,744  11.2  % 6,894,865  6,894,865  144.41  116.77 
2031  7,343  7,343  1.7  % 1,146,255  1,146,255  156.10  116.74 
2032  72,420  72,420  16.9  % 6,339,310  6,339,310  87.54  75.36 
Thereafter 26  202,322  202,322  47.2  % 21,158,484  21,158,484  104.58  84.75 
64  427,939  427,939  100.0  % $50,617,016  $50,617,016  $118.28  $94.13 
Vacancy (5) 53,810  $80.43
Grand Total 481,749  $92.60 
Alternative Strategy Portfolio
2023 (4) —  —  —  —  % $—  $—  $—  $— 
2024  —  —  —  —  % —  —  —  — 
2025  —  —  —  —  % —  —  —  — 
2026  —  —  —  —  % —  —  —  — 
2027  —  —  —  —  % —  —  —  — 
2028  —  —  —  —  % —  —  —  — 
2029  —  —  —  —  % —  —  —  — 
2030  —  —  —  —  % —  —  —  — 
2031  —  —  —  —  % —  —  —  — 
2032  —  —  —  —  % —  —  —  — 
Thereafter 7,944  7,944  100.0  % 1,504,764  1,504,764  189.42  394.65 
7,944  7,944  100.0  % $1,504,764  $1,504,764  $189.42  $394.65 
Vacancy (5) 10,040  $268.92
Grand Total 17,984  $324.46 
(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 December 31, 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 December 31, 2023.
(5) Includes square footage of leases signed but not yet commenced.

Supplemental Information
41
Fourth Quarter 2023

LEASE EXPIRATIONS
Retail Leases Within Operating, Development / Redevelopment and Alternative Strategy Portfolio 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) —  —  —  —  % $—  $—  $—  $— 
2024  —  —  —  —  % —  —  —  — 
2025  —  —  —  —  % —  —  —  — 
2026  —  —  —  —  % —  —  —  — 
2027  —  —  —  —  % —  —  —  — 
2028  —  —  —  —  % —  —  —  — 
2029  —  —  —  —  % —  —  —  — 
2030  —  —  —  —  % —  —  —  — 
2031  —  —  —  —  % —  —  —  — 
2032  —  —  —  —  % —  —  —  — 
Thereafter 13,092  4,748  100.0  % 2,250,000  816,075  171.86  160.40 
13,092  4,748  100.0  % $2,250,000  $816,075  $171.86  $160.40 
Vacancy (5) —  $0.00
Grand Total 13,092  $160.40 
Other Retail
2023 (4) —  —  —  —  % $—  $—  $—  $— 
2024  4,091  2,046  0.9  % 499,485  249,742  122.09  100.00 
2025  —  —  —  —  % —  —  —  — 
2026  20,560  11,166  4.7  % 10,395,050  5,836,572  505.60  346.81 
2027  21,571  11,435  5.0  % 11,562,018  6,513,083  536.00  419.66 
2028  27,021  14,346  6.2  % 3,959,520  2,157,434  146.53  148.85 
2029  61,747  31,614  14.2  % 5,932,526  2,791,862  96.08  83.43 
2030  11,970  6,811  2.7  % 6,761,854  3,847,495  564.90  304.49 
2031  13,215  6,905  3.0  % 1,495,218  825,073  113.15  99.57 
2032  18,864  9,499  4.3  % 1,294,903  653,389  68.64  114.93 
Thereafter 16  256,565  148,836  59.0  % 15,556,651  9,453,143  60.63  65.96 
42  435,604  242,658  100.0  % $57,457,225  $32,327,793  $131.90  $114.37 
Vacancy (5) 123,421  $173.98
Grand Total 559,025  $127.53 
Alternative Strategy Portfolio
2023 (4) 3,600  393  1.1  % $221,808  $24,221  $61.61  $250.00 
2024  25,551  9,415  8.0  % 7,771,446  3,512,600  304.15  416.53 
2025  9,655  3,046  3.0  % 2,400,000  757,200  248.58  248.58 
2026  122,865  17,846  38.5  % 35,890,254  6,189,784  292.11  190.62 
2027  5,340  820  1.7  % 1,220,063  194,262  228.48  125.70 
2028  1,819  454  0.6  % 207,925  51,877  114.31  99.91 
2029  32,599  16,159  10.2  % 23,567,421  11,762,959  722.95  375.71 
2030  —  —  —  —  % —  —  —  — 
2031  23,536  11,527  7.4  % 7,359,589  3,703,018  312.69  290.32 
2032  —  —  —  —  % —  —  —  — 
Thereafter 94,144  47,073  29.5  % 44,151,176  22,074,580  468.97  422.29 
23  319,109  106,733  100.0  % $122,789,682  $48,270,501  $384.79  $304.14 
Vacancy (5) 84,855  $264.69
Grand Total 403,964  $295.85 
(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 December 31, 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 December 31, 2023.
(5) Includes square footage of leases signed but not yet commenced.
Supplemental Information
42
Fourth 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 12/31/2023
2001 - 2022 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 88.4
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 76.0
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 17.7
Jul-04 485 Lexington Avenue Grand Central 30.0 Fee Interest 921,000  225,000  100.0 73.9
Oct-04 625 Madison Avenue Plaza District 100.0 Leasehold Interest 563,000  231,500  68.0 0.0
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 N/A
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 73.9
Dec-06 800 Third Avenue Grand Central North 43.0 Fee Interest 526,000  285,000  96.9 78.8
Jan-07 Reckson - NYC Portfolio Various 100.0 Fee Interests / Leasehold Interest 5,612,000  3,679,530  98.3 76.4
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 34.2
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 99.3
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 94.1
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 89.7
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 96.2
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 89.7
Jul-20 885 Third Avenue Midtown / Plaza District 100.0 Fee / Leasehold Interest 625,300  387,932  94.8 81.3
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 82.3
Sep-22 245 Park Avenue Park Avenue 100.0 Fee Interest 1,782,793  1,960,000  91.8 74.6
42,078,916  $ 26,258,062 

Supplemental Information
43
Fourth 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 25.0 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  $ 692 
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
44
Fourth 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 12/31/2023
2005 - 2022 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  N/A N/A
Dec-10 885 Third Avenue Land Midtown / Plaza District 45.0 Fee Interest 607,000  352,000  N/A 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 N/A
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  N/A 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  —  87.3 100.0
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  N/A 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 
2023 Acquisitions
Sep-23 625 Madison Avenue Land Plaza District 90.4% Fee Interest 563,000  $ 620,245  N/A N/A
563,000  $ 620,245 
Supplemental Information
45
Fourth Quarter 2023

SUMMARY OF REAL ESTATE DISPOSITION ACTIVITY
Retail, Residential, Development / Redevelopment, Land and Alternative Strategy Portfolio
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  70,052  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  $ 9,866,723  $ 814 
2023 Dispositions
Feb-23 121 Greene Street Retail Soho 50.0 Fee Interest 7,131  $ 14,000  $ 1,963 
Dec-23 21 East 66th Street Retail Plaza District 32.3 Fee Interest 13,069  40,575  3,105 
20,200  $ 54,575  $ 2,702 
Supplemental Information
46
Fourth Quarter 2023

SUMMARY OF REAL ESTATE ACQUISITION/DISPOSITION ACTIVITY
Suburban Office
Unaudited
(Dollars in Thousands)
slglogo.jpg
Gross Asset Occupancy (%)
Property Submarket Interest Acquired Type of Ownership Net Rentable SF Valuation ($'s) at acquisition 12/31/2023
2007 - 2013 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 77.1
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  115,452  301
Dec-20 1055 Washington Boulevard Stamford, Connecticut 100.0 Leasehold Interest 182,000  23,750  130
7,433,341  $ 1,786,134  $ 240
Supplemental Information
47
Fourth Quarter 2023

Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
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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
48
Fourth Quarter 2023

Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Funds From Operations (FFO) Reconciliation
Three Months Ended Twelve Months Ended
December 31, December 31,
2023 2022 2023 2022
Net loss attributable to SL Green common stockholders $ (155,617) $ (64,276) $ (579,509) $ (93,024)
Add:
Depreciation and amortization 49,050  73,158  247,810  216,167 
Joint venture depreciation and noncontrolling interest adjustments 73,062  67,541  284,284  252,893 
Net loss attributable to noncontrolling interests (10,081) (5,110) (42,033) (4,672)
Less:
Equity in net loss on sale of interest in unconsolidated joint venture/real estate (13,289) —  (13,368) (131)
Purchase price and other fair value adjustments —  —  (6,813) — 
Loss on sale of real estate, net (4,557) (23,381) (32,370) (84,485)
Depreciable real estate reserves (76,847) (6,313) (382,374) (6,313)
Depreciation on non-rental real estate assets 1,414  971  4,136  3,466 
FFO attributable to SL Green common stockholders and unit holders $ 49,693  $ 100,036  $ 341,341  $ 458,827 

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
For the three months ended
12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022
Net loss $ (160,058) $ (21,694) $ (379,228) $ (38,357) $ (64,050)
Depreciable real estate reserves 76,847  (389) 305,916  —  6,313 
Loss (gain) on sale of real estate 4,557  (516) 26,678  1,651  23,381 
Purchase price and other fair value adjustments 10,273  (10,183) 17,409  (239) 770 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate 13,289  —  —  79  — 
Depreciation and amortization 49,050  50,642  69,336  78,782  73,158 
Income taxes 3,625  2,491  1,973  766  2,883 
Amortization of deferred financing costs 1,510  2,152  2,154  2,021  1,909 
Interest expense, net of interest income 27,400  27,440  40,621  41,653  37,619 
Adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates 151,577  153,417  134,001  140,222  133,169 
EBITDAre $ 178,070  $ 203,360  $ 218,860  $ 226,578  $ 215,152 
Supplemental Information
49
Fourth Quarter 2023

Non-GAAP Disclosures and Reconciliations

Unaudited
(Dollars in Thousands, except per share data)
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Three Months Ended Twelve Months Ended
Operating income and Same-store NOI Reconciliation
December 31, December 31,
2023 2022 2023 2022
Net loss $ (160,058) $ (64,050) $ (599,337) $ (76,303)
Depreciable real estate reserves 76,847  6,313  382,374  6,313 
Loss on sale of real estate, net 4,557  23,381  32,370  84,485 
Purchase price and other fair value adjustments 10,273  770  17,260  8,118 
Equity in net loss on sale of interest in unconsolidated joint venture/real estate 13,289  —  13,368  131 
Depreciation and amortization 49,050  73,158  247,810  216,167 
SUMMIT Operator tax expense 2,320  1,078  9,201  2,647 
Amortization of deferred financing costs 1,510  1,909  7,837  7,817 
Interest expense, net of interest income 27,400  37,619  137,114  89,473 
Operating income 25,188  80,178  247,997  338,848 
Equity in net loss from unconsolidated joint ventures 32,039  26,696  76,509  57,958 
Marketing, general and administrative expense 42,257  24,224  111,389  93,798 
Transaction related costs 16  88  1,099  409 
Loan loss and other investment reserves, net of recoveries —  —  6,890  — 
SUMMIT Operator expenses 24,887  24,503  101,211  89,207 
Loss on early extinguishment of debt 870  —  870  — 
Investment income (6,856) (11,305) (34,705) (81,113)
SUMMIT Operator revenue (35,240) (28,237) (118,260) (89,048)
Non-building revenue (10,935) (11,575) (44,568) (47,161)
Net operating income (NOI) 72,226  104,572  348,432  362,898 
Equity in net loss from unconsolidated joint ventures (32,039) (26,696) (76,509) (57,958)
SLG share of unconsolidated JV depreciation and amortization 69,588  63,219  266,340  241,127 
SLG share of unconsolidated JV amortization of deferred financing costs 2,876  3,127  12,005  12,031 
SLG share of unconsolidated JV interest expense, net of interest income 73,012  61,362  272,217  209,182 
SLG share of unconsolidated JV loss on early extinguishment of debt —  —  —  325 
SLG share of unconsolidated JV investment income (320) (424) (1,271) (1,420)
SLG share of unconsolidated JV non-building revenue 106  (2,972) (14,336) (7,232)
NOI including SLG share of unconsolidated JVs 185,449  202,188  806,878  758,953 
NOI from other properties/affiliates (12,836) (32,077) (110,012) (69,939)
Same-Store NOI 172,613  170,111  696,866  689,014 
Straight-line and free rent (1,154) (1,267) (10,049) (5,933)
Amortization of acquired above and below-market leases, net 13  13  53  (22)
Operating lease straight-line adjustment 204  204  815  815 
SLG share of unconsolidated JV straight-line and free rent (2,333) (7,368) (20,087) (48,207)
SLG share of unconsolidated JV amortization of acquired above and below-market leases, net (4,555) (4,433) (17,938) (17,598)
SLG share of unconsolidated JV operating lease straight-line adjustment 143  192  678  770 
Same-store cash NOI $ 164,931  $ 157,452  $ 650,338  $ 618,839 
Lease termination income (1,023) (5) (3,622) (1,199)
SLG share of unconsolidated JV lease termination income (355) (70) (2,265) (8,515)
Same-store cash NOI excluding lease termination income $ 163,553  $ 157,377  $ 644,451  $ 609,125 
Supplemental Information
50
Fourth 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 alexander.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
51
Fourth Quarter 2023

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

Supplemental Information
52
Fourth Quarter 2023