Exhibit 99.2

SL Green Realty Corp.

Fourth Quarter

Supplemental Data

December 31, 2008

SL Green Realty Corp. is a fully integrated, self-administered and self-managed Real Estate Investment Trust, or REIT, that primarily acquires, owns, manages, leases and repositions office properties in emerging, high-growth submarkets of Manhattan.

·SL Green’s common stock is listed on the New York Stock Exchange, and trades under the symbol SLG.

·SL Green maintains an internet site at www.slgreen.com at which most key investor relations data pertaining to dividend declaration, payout, current and historic share price, etc. can be found.  Such information is not reiterated in this supplemental financial package.  This supplemental financial package is available through the Company’s internet site.

·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 from the perspective of timeliness to assist readers of quarterly and annual financial filings.  As such, data otherwise contained in future regulatory filings covering the same period may be restated from the data presented herein.

Questions pertaining to the information contained herein should be referred to Investor Relations at investor.relations@slgreen.com or at 212-216-1601.

This report includes certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements, other than statements of historical facts, included in this report that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), expansion and other development trends of the real estate industry, business strategies, expansion and growth of the Company’s operations and other such matters are forward-looking statements.  These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate.  Such statements are subject to a number of assumptions, risks and uncertainties, general economic and business conditions, the business opportunities that may be presented to and pursued by the Company, changes in laws or regulations and other factors, many of which are beyond the control of the Company.  Any such statements are not guarantees of future performance and actual results or developments may differ materially from those anticipated in the forward-looking statements.

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, 2008 that will subsequently be released on Form 10-K to be filed on or before March 2, 2009.

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TABLE OF CONTENTS

Highlights of Current Period Financial Performance
Unaudited Financial Statements
Corporate Profile	4
Financial Highlights	5-12
Balance Sheets	13-14
Statements of Operations	15
Funds From Operations	16
Statement of Stockholders’ Equity	17
Taxable Income	18
Joint Venture Statements	19-21
Selected Financial Data	22-25
Summary of Debt and Ground Lease Arrangements	26-28
Structured Finance	29-31
Property Data
Composition of Property Portfolio	32-33
Top Tenants	34
Tenant Diversification	35
Leasing Activity Summary	36-39
Lease Expiration Schedule	40-41
Summary of Acquisition/Disposition Activity	42-44
Supplemental Definitions	45
Corporate Information	46

3

CORPORATE PROFILE

SL Green Realty Corp., or the Company, is New York City’s largest commercial office landlord and is the only fully integrated, self-managed, self-administered Real Estate Investment Trust, or REIT, primarily focused on owning and operating office buildings in Manhattan.

The Company was formed on August 20, 1997 to continue the commercial real estate business of S.L. Green Properties Inc., a company that was founded in 1980 by Stephen L. Green, our current Chairman.  For more than 25 years SL Green has been engaged in the business of owning, managing, leasing, acquiring and repositioning office properties in Manhattan.  The Company’s investment focus is to create value through strategically acquiring, redeveloping and repositioning office properties primarily located in Manhattan, and re-leasing and managing these properties for maximum cash flow.

In 2007, SL Green acquired Reckson Associates Realty Corp. and added over 9 million square feet to its portfolio. Included in this total is over 3 million square feet of Class A office space located in Westchester, New York and Stamford, Connecticut.  These suburban portfolios serve as natural extensions of SL Green’s core ownership in the Grand Central submarket of Midtown Manhattan. The Company has since made selective additions to the holdings in these areas.

Looking forward, SL Green will continue its opportunistic investment philosophy through three established business lines: investment in long-term core properties, investment in opportunistic assets, and structured finance investments. Structured finance investments include SL Green’s interest in Gramercy Capital Corp., or Gramercy, (NYSE: GKK) since 2004. As of December 31, 2008, SL Green owned approximately 12.48% of Gramercy. This three-legged investment strategy allows SL Green to balance the components of its portfolio to take advantage of each stage in the business cycle.

4

FINANCIAL HIGHLIGHTS
FOURTH QUARTER 2008 UNAUDITED

FINANCIAL RESULTS

Funds From Operations, or FFO, available to common stockholders totaled $77.0 million, or $1.30 per share (diluted) for the fourth quarter ended December 31, 2008, a 4.8% per share increase over the same quarter in 2007 when FFO totaled $76.9 million, or $1.24 per share (diluted).

Net income available to common stockholders totaled $91.6 million, or $1.60 per share (diluted), for the fourth quarter and $389.9 million, or $6.69 per share (diluted), for the twelve months ended December 31, 2008, compared to $128.7 million and $640.5 million for the respective periods in 2007.  The results for the three and twelve months ended December 31, 2008 include gains on sale of $4.01 per share (diluted) and $7.45 per share (diluted), respectively, compared to gains on sale of $1.93 per share (diluted) and $8.62 per share (diluted) for the same periods in 2007.

Funds available for distribution, or FAD, for the fourth quarter of 2008 increased to $0.97 per share (diluted) versus $0.85 per share (diluted) in the prior year, a 14.1% increase.

The Company’s dividend payout ratio for the fourth quarter of 2008 was 28.94% of FFO and 38.71% of FAD before first cycle leasing costs.

All per share amounts are presented on a diluted basis.

CONSOLIDATED RESULTS

Total quarterly revenues totaled $276.1 million in the fourth quarter compared to $253.0 million in the prior year.  The $23.1 million increase in revenue resulted primarily from the following items:

·$5.4 million increase from 2007 acquisitions, including the Reckson properties,

·$2.8 million increase from same-store properties,

·$21.3 million increase in preferred equity and investment income, and

·$6.4 million decrease in other income.

The Company’s earnings before interest, taxes, depreciation and amortization, or EBITDA, totaled $141.3 million compared to $146.2 million in the prior year.  The following items drove the $4.9 million decrease in EBITDA:

·$5.8 million increase from 2007 acquisitions, including the Reckson properties,

·$1.2 million decrease from same-store properties,

·$21.3 million increase in preferred equity and investment income primarily due to originations subsequent to December 31, 2007.  The weighted-average structured finance investment balance for the quarter increased to $755.5 million from $734.9 million in the prior year fourth quarter.  The weighted-average yield for the quarter was 10.34% compared to 10.49% in the prior year,

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FINANCIAL HIGHLIGHTS
FOURTH QUARTER 2008 UNAUDITED

·$3.6 million decrease from reductions in contributions to equity in net income from unconsolidated joint ventures primarily from 100 Park, which was under redevelopment, ($1.0 million), 1 Madison Avenue ($0.8 million), 521 Fifth Avenue ($1.5 million) and Gramercy ($3.1 million).  This was partially offset by increased contributions primarily from 1515 Broadway ($2.5 million) and 21 West 34th Street ($0.8 million).

·$101.7 million decrease from loan loss reserves and other write-offs,

·$9.5 million decrease from higher MG&A expense, and

·$84.0 million increase in non-real estate revenues, net of expenses inclusive of net gains on early extinguishment of debt ($88.5 million).

FFO before minority interests increased $0.1 million primarily as a result of:

·$4.9 million decrease in EBITDA,

·$6.5 million increase in FFO from unconsolidated joint ventures, discontinued operations and non-real estate depreciation, and

·$1.5 million decrease from higher interest expense.

SAME-STORE RESULTS

Consolidated Properties

Same-store fourth quarter 2008 GAAP NOI increased $5.6 million (5.3%) to $110.6 million compared to the prior year.  Operating margins before ground rent decreased from 58.92% to 57.24%.

The $5.6 million increase in GAAP NOI was primarily due to:

·$10.4 million (6.5%) increase in rental revenue primarily due to increasing rental rates,

·$5.8 million (23.5%) increase in escalation and reimbursement revenue,

·$6.3 million (97.4%) decrease in investment and other income primarily due to lower lease buy-out income.

·$4.5 million (9.2%) increase in operating expenses, primarily driven by increases in payroll, insurance and utility costs, but was offset by reductions in repairs and maintenance,

·$0.8 million (8.8%) decrease in ground rent expense, and

·$0.6 million (1.9%) increase in real estate taxes.

Joint Venture Properties

The Joint Venture same-store properties fourth quarter 2008 GAAP NOI decreased $0.1 million (0.1%) to $28.1 million compared to the prior year.  Operating margins before ground rent decreased slightly from 56.6% to 56.1%.

The $0.1 million decrease in GAAP NOI was primarily due to:

·$0.2 million (0.5%) increase in rental revenue primarily due to improved leasing,

6

FINANCIAL HIGHLIGHTS
FOURTH QUARTER 2008 UNAUDITED

·$0.6 million (6.6%) increase in escalation and reimbursement revenues,

·$0.1 million (87.6%) decrease in investment and other income,

·$0.2 million (1.7%) increase in operating expenses,

·$0.2 million (100%) increase in ground rent expense, and

·$0.3 million (3.7%) increase in real estate taxes.

STRUCTURED FINANCE ACTIVITY

As of December 31, 2008, our structured finance and preferred equity investments totaled $747.9 million.  The weighted average balance outstanding for the fourth quarter of 2008 was $755.5 million.  During the fourth quarter of 2008 the weighted average yield was 10.34%.

QUARTERLY LEASING HIGHLIGHTS

Manhattan vacancy at September 30, 2008 was 823,407 useable square feet net of holdover tenants.  During the quarter, 193,904 additional useable office, retail and storage square feet became available at an average escalated cash rent of $49.71 per rentable square foot.  The Company sold 17,995 of available useable square feet in connection with the sale of 1372 Broadway.  Space available to lease during the quarter totaled 999,316 useable square feet, or 4.3% of the total Manhattan portfolio.

During the fourth quarter, 42 Manhattan office leases, including early renewals, were signed totaling 1,521,146 rentable square feet.  New cash rents averaged $56.34 per rentable square foot.  Replacement rents were 16.65% higher than rents on previously occupied space, which had fully escalated cash rents averaging $48.30 per rentable square foot.  The average lease term was 5.3 years and average tenant concessions were 3.7 months of free rent with a tenant improvement allowance of $8.20 per rentable square foot.

Suburban vacancy at September 30, 2008 was 636,284 usable square feet net of holdover tenants.  During the quarter, 132,007 additional useable office and storage square feet became available at an average escalated cash rent of $29.05 per rentable square foot.  The Company sold 4,913 of available useable square feet in connection with the sale of 120 White Plains Road.  Space available to lease during the quarter totaled 763,378 useable square feet, or 10.0% of the total Suburban portfolio.

During the fourth quarter, 18 Suburban office leases, including early renewals, were signed totaling 153,819 rentable square feet.  New cash rents averaged $29.35 per rentable square foot.  Replacement rents were 1.7% higher than rents on previously occupied space, which had fully escalated cash rents averaging $28.85 per rentable square foot.  The average lease term was 6.93 years and average tenant concessions were 2.1 months of free rent with a tenant improvement allowance of $14.98 per rentable square foot.

The Company also signed a total of 10 retail and storage leases, including early renewals, for 19,362 rentable square feet.  The average lease term was 17.3 years and average tenant

7

FINANCIAL HIGHLIGHTS
FOURTH QUARTER 2008 UNAUDITED

concessions were 7.7 months of free rent with no tenant improvement allowance.

REAL ESTATE ACTIVITY

The Company and Gramercy entered into an agreement to sell 100% of 55 Corporate Drive, NJ for $230.0 million, including the assumption by the buyer of the in-place mortgage indebtedness.  The sale, which is subject to customary closing conditions, is expected to close during the first quarter of 2009.

In October 2008, the Company with its joint venture partner, closed on the sale of the 525,000 square foot office property at 1372 Broadway for $274.0 million.  The Company recognized a gain of $238.6 million in the fourth quarter of 2008, including approximately $211.1 million of which had been deferred from the Company’s sale of 85% of the property in July 2007.

Investment in Gramercy Capital Corp.

At December 31, 2008, the book value of the Company’s investment in Gramercy Capital Corp. totaled $8.0 million. Fees earned from various management arrangements between the Company and Gramercy totaled approximately $6.0 million for the quarter ended December 31, 2008 and $35.4 million for the twelve months ended December 31, 2008. These amounts were reduced by approximately $5.1 million of incentive fees returned, pursuant to a written agreement, to Gramercy in the fourth quarter of 2008.  During the quarter, the Company waived its right to receive incentive fees and CDO collateral management fees.  The Company’s share of FFO generated from its investment in Gramercy has been estimated at approximately $5.7 million and $21.0 million for the three and twelve months ended December 31, 2008, respectively, compared to $5.6 million and $21.9 million for the same periods in the prior year.

During the fourth quarter, the Company reached an agreement for Gramercy to obtain lender consent in order to finalize the internalization. This included the reimbursement of approximately $5.1 million of incentive fees previously recognized, payable in a combination of cash and GKK stock. SL Green also expensed it’s approximately $14.9 million investment in GKK Manager LLC.  Due to market conditions, the Company also recognized a loss on its investment in Gramercy of approximately $147.5 million.

The Company’s marketing, general and administrative, or MG&A, expenses include the consolidation of the expenses of its subsidiary GKK Manager LLC, the entity which manages and advises Gramercy.  For the quarter and year ended December 31, 2008, the Company’s MG&A included approximately $0.1 million and $16.3 million, respectively, of costs associated with Gramercy compared to $2.4 million and $12.0 million for the same periods in the prior year.  The fourth quarter MG&A also includes the reversal of certain incentive compensation that had been accrued during the first nine months of 2008.

8

FINANCIAL HIGHLIGHTS
FOURTH QUARTER 2008 UNAUDITED

During the fourth quarter, the Company and certain of its employees agreed to cancel, without compensation, certain employee stock options as well as a portion of the Company’s 2006 long-term outperformance plan. These cancellations resulted in a non-cash MG&A charge of approximately $18.0 million in the fourth quarter.

FINANCING/ CAPITAL ACTIVITY

The Company repurchased approximately $348.6 million of its convertible bonds, realizing gains on early extinguishment of debt aggregating approximately $117.9 million. Approximately $86.0 million of these repurchases settled in 2009 and approximately $29.4 million of the gains will be recognized in 2009.

Dividends

In December 2008, the Company declared a dividend of $0.375 per common share for the fourth quarter of 2008.  The dividend was payable January 15, 2009 to stockholders of record on the close of business on January 2, 2009.  This distribution reflects the regular quarterly dividend, which is the equivalent of an annualized distribution of $1.50 per common share.

In December 2008, the Company also approved a distribution on its Series C preferred stock for the period October 15, 2008 through and including January 14, 2009, of $0.4766 per share, payable January 15, 2009 to stockholders of record on the close of business on January 2, 2009. The distribution reflects the regular quarterly distribution, which is the equivalent of an annualized distribution of $1.90625 per Series C preferred stock.

In December 2008, the Company also approved a distribution on its Series D preferred stock for the period October 15, 2008 through and including January 14, 2009, of $0.4922 per share, payable January 15, 2009 to stockholders of record on the close of business on January 2, 2009. The distribution reflects the regular quarterly distribution, which is the equivalent of an annualized distribution of $1.96875 per Series D preferred stock.

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SL Green Realty Corp.
Key Financial Data
December 31, 2008
(Dollars in Thousands Except Per Share and Sq. Ft.)

	As of or for the three months ended
	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007
Earnings Per Share
Net income available to common shareholders - diluted	$	1.60		$	0.58		$	2.37		$	2.14		$	2.16
Funds from operations available to common shareholders - diluted	$	1.30		$	1.45		$	2.00		$	1.44		$	1.24
Funds available for distribution to common shareholders - diluted	$	0.97		$	0.92		$	1.55		$	1.00		$	0.85
Common Share Price & Dividends
At the end of the period	$	25.90		$	64.80		$	82.72		$	81.47		$	93.46
High during period	$	62.74		$	92.23		$	100.74		$	98.77		$	123.28
Low during period	$	11.36		$	63.65		$	82.55		$	76.78		$	89.43
Common dividends per share	$	0.375		$	0.7875		$	0.7875		$	0.7875		$	0.7875
FFO Payout Ratio	28.94		%	54.32		%	39.40		%	54.82		%	63.40		%
FAD Payout Ratio	38.71		%	85.46		%	50.68		%	78.54		%	93.07		%
Common Shares & Units
Common shares outstanding	57,044			57,606			58,283			58,284			58,759
Units outstanding	2,340			2,340			2,340			2,340			2,340
Total shares and units outstanding	59,384			59,946			60,623			60,624			61,099
Weighted average common shares and units outstanding - basic	59,411			60,453			60,669			60,822			61,371
Weighted average common shares and units outstanding - diluted	59,460			60,716			61,014			61,221			61,917
Market Capitalization
Market value of common equity	$	1,538,046		$	3,884,501		$	5,014,735		$	4,939,037		$	5,710,313
Liquidation value of preferred equity	257,500			257,500			257,500			257,500			257,500
Consolidated debt	5,711,373			5,875,968			5,405,473			5,758,220			5,723,082
Consolidated market capitalization	$	7,506,919		$	10,017,969		$	10,677,708		$	10,954,757		$	11,690,895
SLG portion JV debt	1,933,633			1,931,923			1,840,071			1,593,355			1,593,246
Combined market capitalization	$	9,440,552		$	11,949,892		$	12,517,779		$	12,548,112		$	13,284,141
Consolidated debt to market capitalization	76.08		%	58.65		%	50.62		%	52.56		%	48.95		%
Combined debt to market capitalization	80.98		%	65.34		%	57.88		%	58.59		%	55.08		%
Unsecured credit facility debt to total assets	47.26		%	49.04		%	48.68		%	49.26		%	46.78		%
Consolidated debt service coverage	3.25			2.28			2.67			2.23			2.10
Consolidated fixed charge coverage	2.81			1.95			2.29			1.91			1.79
Combined fixed charge coverage	2.44			1.75			2.04			1.74			1.64
Portfolio Statistics (Manhattan)
Consolidated office buildings	21			22			22			22			23
Unconsolidated office buildings	8			8			8			9			9
	29			30			30			31			32
Consolidated office buildings square footage	13,782,200			14,290,200			14,290,200			14,290,200			14,629,200
Unconsolidated office buildings square footage	9,429,000			9,429,000			9,429,000			10,099,000			10,099,000
	23,211,200			23,719,200			23,719,200			24,389,200			24,728,200
Quarter end occupancy - Manhattan portfolio	96.7		%	96.5		%	96.7		%	96.3		%	96.6		%
Quarter end occupancy- same store - wholly owned	97.2		%	97.7		%	97.6		%	97.1		%	96.8		%
Quarter end occupancy- same store - combined (wholly owned + joint venture)	95.8		%	95.6		%	95.7		%	95.4		%	95.6		%

Supplemental Package information Fourth Quarter 2008

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SL Green Realty Corp.
Key Financial Data
December 31, 2008
(Dollars in Thousands Except Per Share and Sq. Ft.)

	As of or for the three months ended
	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007
Selected Balance Sheet Data
Real estate assets before depreciation	$	8,298,857		$	8,379,608		$	8,751,414		$	8,710,235		$	8,622,496
Investments in unconsolidated joint ventures	$	975,483		$	1,139,918		$	1,132,329		$	1,431,162		$	1,438,123
Structured finance investments	$	679,814		$	926,931		$	839,826		$	776,488		$	805,215
Total Assets	$	10,984,353		$	11,491,229		$	11,149,587		$	11,449,034		$	11,430,078
Fixed rate & hedged debt	$	4,013,268		$	4,472,951		$	4,478,908		$	4,761,420		$	4,767,144
Variable rate debt	1,603,105			1,403,017			926,565			996,800			955,938
Total consolidated debt	$	5,616,373		$	5,875,968		$	5,405,473		$	5,758,220		$	5,723,082
Total Liabilities	$	6,449,875		$	6,954,987		$	6,486,249		$	6,861,109		$	6,888,796
Fixed rate & hedged debt-including SLG portion of JV debt	$	5,263,911		$	5,724,415		$	5,730,263		$	5,728,223		$	5,733,986
Variable rate debt - including SLG portion of JV debt	2,286,095			2,083,476			1,515,281			1,623,352			1,582,342
Total combined debt	$	7,550,006		$	7,807,891		$	7,245,544		$	7,351,575		$	7,316,328
Selected Operating Data
Property operating revenues	$	224,610		$	229,889		$	222,582		$	223,800		$	209,155
Property operating expenses	98,177			100,383			95,330			94,445			96,458
Property operating NOI	$	126,433		$	129,506		$	127,252		$	129,355		$	112,697
NOI from discontinued operations	2,010			2,912			2,675			3,170			5,933
Total property operating NOI	$	128,443		$	132,418		$	129,927		$	132,525		$	118,630
SLG share of Property NOI from JVs	$	52,133		$	52,472		$	55,599		$	54,228		$	43,683
SLG share of FFO from Gramercy Capital	$	5,710		$	4,866		$	5,114		$	5,287		$	5,600
Structured finance income	$	42,028		$	32,562		$	23,319		$	21,182		$	20,689
Other income	$	9,465		$	13,505		$	55,503		$	18,415		$	23,167
Gain on early extinguishment of debt	$	88,541		$	—		$	—		$	—		$	—
Loan loss and other investment reserves	$	101,732		$	9,150		$	5,000		$	—		$	—
Marketing general & administrative expenses	$	33,895		$	26,603		$	32,407		$	27,982		$	24,444
Consolidated interest	$	73,015		$	69,457		$	71,240		$	75,241		$	71,440
Combined interest	$	97,581		$	93,514		$	93,635		$	98,029		$	93,647
Preferred Dividend	$	4,969		$	4,969		$	4,969		$	4,969		$	4,969
Office Leasing Statistics (Manhattan)
Total office leases signed	42			39			42			41			41
Total office square footage leased	1,521,146			359,067			431,345			508,960			282,490
Average rent psf - new leases	$	56.34		$	66.78		$	65.89		$	62.32		$	65.68
Previously escalated rents psf	$	48.30		$	43.09		$	42.92		$	43.31		$	46.03
Percentage of new rent over previously escalated rents	16.6		%	55.0		%	53.5		%	43.9		%	42.7		%
Tenant concession packages psf	$	8.20		$	32.30		$	17.70		$	11.45		$	15.06
Free rent months	3.7			6.0			2.0			0.9			1.4

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SL Green Realty Corp.
Key Financial Data
December 31, 2008
(Dollars in Thousands Except Per Share and Sq. Ft.)

Suburban Properties

	As of or for the three months ended
	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007
Selected Operating Data (Suburban)
Property operating revenues	$	29,062		$	31,149		$	28,956		$	30,428		$	33,867
Property operating expenses	15,159			14,746			12,958			13,981			15,117
Property operating NOI	$	13,903		$	16,403		$	15,998		$	16,447		$	18,750
NOI from discontinued operations	1,857			2,414			2,067			2,675			2,376
Total property operating NOI	$	15,760		$	18,817		$	18,065		$	19,122		$	21,126
SLG share of Property NOI from JV	$	3,962		$	4,020		$	3,765		$	3,887		$	3,695
Consolidated interest	$	3,742		$	3,535		$	3,624		$	3,981		$	3,977
Combined interest	$	6,067		$	5,765		$	5,866		$	6,765		$	6,615
Portfolio Statistics (Suburban)
Consolidated office buildings	28			30			30			30			30
Unconsolidated office buildings	6			6			6			6			6
	34			36			36			36			36
Consolidated office buildings square footage	4,714,800			4,925,800			4,925,800			4,925,800			4,925,800
Unconsolidated office buildings square footage	2,941,700			2,941,700			2,941,700			2,941,700			2,941,700
	7,656,500			7,867,500			7,867,500			7,867,500			7,867,500
Quarter end occupancy- suburban portfolio	90.8		%	91.9		%	91.8		%	91.9		%	92.0		%
Office Leasing Statistics (Suburban)
Total office leases signed	18			17			24			20			27
Total office square footage leased	153,819			76,519			75,491			165,386			205,791
Average rent psf - new leases	$	29.35		$	38.48		$	38.64		$	31.52		$	28.23
Previously escalated rents psf	$	28.85		$	31.39		$	31.24		$	26.81		$	25.85
Percentage of new rent over previously escalated rents	1.7		%	22.6		%	23.7		%	17.6		%	9.2		%
Tenant concession packages psf	$	14.98		$	16.25		$	12.28		$	24.23		$	11.01
Free rent months	2.1			1.2			0.6			4.9			1.2

12

COMPARATIVE BALANCE SHEETS Unaudited ($000’s omitted)

	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007
Assets
Commercial real estate properties, at cost:
Land & land interests	$	1,386,090		$	1,400,042		$	1,483,798		$	1,454,060		$	1,436,569
Buildings & improvements fee interest	5,544,019			5,590,822			6,005,030			5,994,846			5,924,626
Buildings & improvements leasehold	1,259,472			1,251,626			1,250,378			1,249,121			1,249,093
Buildings & improvements under capital lease	12,208			12,208			12,208			12,208			12,208
	$	8,201,789		$	8,254,698		$	8,751,414		$	8,710,235		$	8,622,496
Less accumulated depreciation	(546,545		)	(498,885		)	(484,087		)	(432,567		)	(381,510		)
	$	7,655,244		$	7,755,813		$	8,267,327		$	8,277,668		$	8,240,986
Other Real Estate Investments:
Investment in unconsolidated joint ventures	975,483			1,139,918			1,132,329			1,431,162			1,438,123
Structured finance investments	679,814			926,931			839,826			776,488			805,215
Assets held for sale	184,035			120,120			—			—			41,568
Cash and cash equivalents	726,889			711,147			53,567			46,793			45,964
Restricted cash	105,954			105,834			101,788			144,127			105,475
Tenant and other receivables, net of $16,898 reserve at 12/31/08	30,882			39,054			39,351			45,594			49,015
Related party receivables	7,676			10,556			11,682			12,448			13,082
Deferred rents receivable, net of reserve for tenant credit loss of $19,648 at 12/31/08	145,561			152,718			158,049			150,087			136,595
Deferred costs, net	133,052			135,949			141,285			137,079			134,354
Other assets	339,763			393,189			404,383			427,588			419,701
Total Assets	$	10,984,353		$	11,491,229		$	11,149,587		$	11,449,034		$	11,430,078

13

COMPARATIVE BALANCE SHEETS Unaudited ($000’s omitted)

	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007
Liabilities and Stockholders’ Equity
Mortgage notes payable	$	2,591,358		$	2,693,275		$	2,867,305		$	2,867,593		$	2,844,644
Term loans and unsecured notes	1,535,948			1,793,860			1,793,668			2,070,127			2,069,938
Revolving credit facilities	1,389,067			1,288,833			644,500			720,500			708,500
Accrued interest and other liabilities	70,692			33,367			40,867			39,695			45,194
Accounts payable and accrued expenses	133,098			154,158			130,897			135,083			180,898
Deferred revenue	427,936			462,734			789,525			808,262			819,022
Capitalized lease obligations	16,704			16,662			16,621			16,581			16,542
Deferred land lease payable	17,650			17,559			17,468			17,378			16,960
Dividend and distributions payable	26,327			51,268			51,803			51,823			52,077
Security deposits	34,561			34,105			33,595			34,067			35,021
Liabilities related to assets held for sale	106,534			309,166			—			—			—
Junior subordinated deferrable interest debentures	100,000			100,000			100,000			100,000			100,000
Total Liabilities	$	6,449,875		$	6,954,987		$	6,486,249		$	6,861,109		$	6,888,796
Minority interest in other partnerships	531,408			556,262			626,903			636,966			632,400
Minority interest in operating partnership (2,340 units outstanding) at 12/31/08	91,334			88,460			88,931			85,201			82,007
Stockholders’ Equity
7.625% Series C Perpetual Preferred Shares	151,981			151,981			151,981			151,981			151,981
7.875% Series D Perpetual Preferred Shares	96,321			96,321			96,321			96,321			96,321
Common stock, $.01 par value 160,000 shares authorized, 60,404 issued and outstanding at 12/31/08	604			604			604			602			601
Additional paid – in capital	2,999,456			2,970,757			2,960,245			2,943,610			2,931,887
Treasury stock (3,360 shares) at 12/31/08	(302,705		)	(267,327		)	(218,775		)	(200,630		)	(150,719		)
Accumulated other comprehensive income	(56,992		)	(13,728		)	(7,576		)	2,143			4,943
Retained earnings	1,023,071			952,912			964,704			871,731			791,861
Total Stockholders’ Equity	$	3,911,736		$	3,891,520		$	3,947,504		$	3,865,758		$	3,826,875
Total Liabilities and Stockholders’ Equity	$	10,984,353		$	11,491,229		$	11,149,587		$	11,449,034		$	11,430,078

14

COMPARATIVE STATEMENTS OF OPERATIONS Unaudited ($000’s omitted)

	Three Months Ended						Three Months Ended		Twelve Months Ended
	December 31,			December 31,			September 30,		December 31,			December 31,
	2008			2007			2008		2008			2007
Revenues
Rental revenue, net	$	193,289		$	183,412		$	197,578	$	777,284		$	665,707
Escalation and reimbursement revenues	31,321			25,743			32,311		123,598			109,517
Investment income	42,028			20,689			32,562		119,091			91,004
Other income	9,465			23,167			13,505		96,888			150,921
Total Revenues, net	276,103			253,011			275,956		1,116,861			1,017,149
Equity in net income from unconsolidated joint ventures	10,422			14,049			12,292		59,961			46,765
Gain on early extinguishment of debt	88,541			—			—		88,541			—
Operating expenses	60,168			57,595			61,128		229,712			209,420
Ground rent	7,709			8,683			7,709		31,494			32,389
Real estate taxes	30,300			30,180			31,546		127,130			121,594
Loan loss and other investment reserves	101,732			—			9,150		115,882			—
Marketing, general and administrative	33,895			24,444			26,603		120,886			105,044
Total Operating Expenses	233,804			120,902			136,136		625,104			468,447
EBITDA	141,262			146,158			152,112		640,259			595,467
Interest	71,358			69,795			67,723		281,766			251,537
Amortization of deferred financing costs	1,663			1,705			1,601		6,436			15,893
Depreciation and amortization	55,698			51,971			53,806		217,624			175,171
Loss on equity investment in marketable securities	147,489			—			—		147,489			—
Income (Loss) Before Minority Interest and Items	(134,946		)	22,687			28,982		(13,056		)	152,866
Income (loss) from discontinued operations	(142		)	2,142			23		(2,034		)	17,458
Gain on sale of discontinued operations	229,494			114,697			—		335,097			481,750
Equity in net gain on sale of joint venture property / real estate	—			—			9,533		103,014			31,509
Minority interests	2,114			(5,891		)	3		(13,262		)	(23,173		)
Net Income	96,520			133,635			38,541		409,759			660,410
Dividends on perpetual preferred shares	4,969			4,969			4,969		19,875			19,875
Net Income Available For Common Shareholders	$	91,551		$	128,666		$	33,572	$	389,884		$	640,535
Earnings per Share
Net income per share (basic)	$	1.60		$	2.18		$	0.58	$	6.72		$	10.90
Net income per share (diluted)	$	1.60		$	2.16		$	0.58	$	6.69		$	10.78

15

COMPARATIVE COMPUTATION OF FFO AND FAD Unaudited ($000’s omitted - except per share data)

		Three Months Ended						Three Months Ended			Twelve Months Ended
		December 31,			December 31,			September 30,			December 31,			December 31,
		2008			2007			2008			2008			2007
Funds from operations
Net Income (loss) before Minority Interests and Items		$	(134,946	)	$	22,687		$	28,982		$	(13,056	)	$	152,866
Add:	Depreciation and amortization	55,698			51,971			53,806			217,624			175,171
	FFO from discontinued operations	351			4,225			1,183			3,500			30,062
	FFO adjustment for joint ventures	13,702			3,201			9,258			40,266			20,635
	Loss on equity investment in marketable securities	147,489			—			—			147,489			—
Less:	Dividends on preferred shares	4,969			4,969			4,969			19,875			19,875
	Non real estate depreciation and amortization	281			210			237			974			902
	Funds From Operations	$	77,044		$	76,905		$	88,023		$	374,974		$	357,957
	Funds From Operations - Basic per Share	$	1.30		$	1.25		$	1.46		$	6.21		$	5.85
	Funds From Operations - Diluted per Share	$	1.30		$	1.24		$	1.45		$	6.19		$	5.78
Funds Available for Distribution
FFO		$	77,044		$	76,905		$	88,023		374,974			357,957
Add:	Non real estate depreciation and amortization	281			210			237			974			902
	Amortization of deferred financing costs	1,663			1,705			1,601			6,436			15,893
	Non-cash deferred compensation	28,508			3,989			4,727			42,958			22,117
Less:	FAD adjustment for Joint Ventures	17,178			8,873			7,466			37,942			26,390
	FAD adjustment for discontinued operations	(104		)	2,824			(49		)	312			10,904
	Straight-line rental income and other non cash adjustments	15,488			11,775			19,661			71,086			49,502
	Second cycle tenant improvements	6,183			3,949			4,985			21,992			12,792
	Second cycle leasing commissions	5,602			1,523			4,162			14,828			8,112
	Revenue enhancing recurring CAPEX	439			540			417			1,463			1,190
	Non- revenue enhancing recurring CAPEX	5,106			936			1,998			7,972			4,159
Funds Available for Distribution		$	57,604		$	52,389		$	55,948		$	269,747		$	283,821
	Diluted per Share	$	0.97		$	0.85		$	0.92		$	4.45		$	4.59
First Cycle Leasing Costs
	Tenant improvements	5,486			10,176			4,077			23,570			18,581
	Leasing commissions	3,919			2,703			3,051			15,453			8,928
Funds Available for Distribution after First Cycle Leasing Costs		$	48,199		$	39,510		$	48,820		$	230,724		$	256,312
Funds Available for Distribution per Diluted Weighted Average Unit and Common Share		$	0.81		$	0.64		$	0.80		$	3.81		$	4.14
Redevelopment Costs		19,709			21,963			11,000			50,864			$	41,634
Payout Ratio of Funds From Operations		28.94		%	63.40		%	54.32		%	44.24		%	49.92		%
Payout Ratio of Funds Available for Distribution Before First Cycle Leasing Costs		38.71		%	93.07		%	85.46		%	61.50		%	62.96		%

16

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY Unaudited ($000’s omitted)

															Accumulated
	Series C		Series D												Other
	Preferred		Preferred		Common		Additional		Treasury			Retained			Comprehensive
	Stock		Stock		Stock		Paid-In Capital		Stock			Earnings			Income			TOTAL
Balance at December 31, 2007	$	151,981	$	96,321	$	601	$	2,931,887	$	(150,719	)	$	791,861		$	4,943		$	3,826,875
Net Income												409,759						409,759
Preferred Dividend												(19,875		)				(19,875		)
Exercise of employee stock options					2		7,058											7,060
Cash distributions declared ($2.7375 per common share)												(158,674		)				(158,674		)
Comprehensive Income - Unrealized loss on derivative instruments															(32,368		)	(32,368		)
Comprehensive Income - SLG share unrealized loss on derivative instruments of JV															(29,567		)	(29,567		)
Redemption of units and dividend reinvestment proceeds							312											312
Treasury stock									(151,986		)							(151,986		)
Deferred compensation plan					1		583											584
Amortization of deferred compensation							59,616											59,616
Balance at December 31, 2008	$	151,981	$	96,321	$	604	$	2,999,456	$	(302,705	)	$	1,023,071		$	(56,992	)	$	3,911,736

RECONCILIATION OF SHARES AND UNITS OUTSTANDING, AND DILUTION COMPUTATION

	Common Stock		OP Units		Stock-Based Compensation	Sub-total		Preferred Stock	Diluted Shares
Share Count at December 31, 2007	58,758,632		2,340,359		—	61,098,991		—	61,098,991
YTD share activity	(1,714,797	)	(506	)		(1,715,303	)		(1,715,303	)
Share Count at December 31, 2008 - Basic	57,043,835		2,339,853		—	59,383,688		—	59,383,688
Weighting Factor	952,629		37		261,557	1,214,223			1,214,223
Weighted Average Share Count at December 31, 2008 - Diluted	57,996,464		2,339,890		261,557	60,597,911		—	60,597,911

17

TAXABLE INCOME
Unaudited ($000’s omitted)

	Twelve Months Ended
	December 31,			December 31,
	2008			2007
Net Income Available For Common Shareholders	$	389,884		$	640,535
Book/Tax Depreciation Adjustment	32,778			37,252
Book/Tax Gain Recognition Adjustment	(354,669		)	(528,385		)
Book/Tax JV Net equity adjustment	136,664			(45,071		)
Other Operating Adjustments	42,472			27,894
C-corp Earnings	(112,417		)	507
Taxable Income (Projected)	$	134,712		$	132,732
Deemed dividend per share	$	2.36		$	2.26
Estimated payout of taxable income	100		%	100		%
Shares outstanding - basic	57,044			58,759

Payout of Taxable Income Analysis:

Estimated taxable income is derived from net income less straightline rent, free rent net of amortization, plus tax gain on sale of properties, credit loss, straightline ground rent and the difference between tax and GAAP depreciation.  The Company has deferred the taxable gain on the sales of 286, 290 & 292 Madison Avenue, 1140 Avenue of the Americas, One Park Avenue, 70 West 36 street, 110 East 42nd Street, 125 Broad Street and 440 Ninth Avenue through 1031 exchanges. In addition, the Company has deferred substantially all of the taxable gain resulting from the sale of an interest in 1372 Broadway and 470 Park Avenue South.

18

JOINT VENTURE STATEMENTSBalance Sheet for Unconsolidated Property Joint VenturesUnaudited
($000’s omitted)

	December 31, 2008						December 31, 2007
	Total Property			SLG Property Interest			Total Property			SLG Property Interest
Land & land interests	$	1,505,609		$	716,905		$	1,465,224		$	712,260
Buildings & improvements fee interest	4,887,266			2,056,818			4,597,440			1,999,703
Buildings & improvements leasehold	261,516			129,515			259,722			128,620
	6,654,391			2,903,238			6,322,386			2,840,583
Less accumulated depreciation	(374,232		)	(168,460		)	(255,281		)	(121,900		)
Net Real Estate	6,280,159			2,734,778			6,067,105			2,718,683
Cash and cash equivalents	88,231			38,214			105,509			47,690
Restricted cash	48,143			23,948			33,797			15,176
Tenant receivables, net of $2,753 reserve at 12/31/08	5,556			2,525			11,662			5,226
Deferred rents receivable, net of reserve for tenant credit loss of $3,131 at 12/31/08	129,888			63,926			90,569			45,088
Deferred costs, net	115,530			48,289			95,288			44,444
Other assets	126,237			40,910			102,091			36,185
Total Assets	$	6,793,744		$	2,952,590		$	6,506,021		$	2,912,492
Mortgage loans payable	$	4,355,127		$	1,933,633		$	3,496,589		$	1,593,246
Derivative Instruments-fair value	6,107			3,143			396			201
Accrued interest payable	12,359			5,480			13,507			6,188
Accounts payable and accrued expenses	76,458			30,459			60,145			28,499
Deferred revenue	142,165			47,426			147,437			51,390
Security deposits	8,500			3,938			10,557			5,233
Contributed Capital (1)	2,193,028			928,511			2,777,390			1,227,735
Total Liabilities and Equity	$	6,793,744		$	2,952,590		$	6,506,021		$	2,912,492

As of December 31, 2008 the Company had twenty unconsolidated joint venture interests including a 50% interest in 100 Park Avenue, a 68.5% economic interest in 1515 Broadway increased from 55% in December 2005, a 45% interest in 1221 Avenue of the Americas, a 45% interest in 379 West Broadway, a 48% interest in the Mack-Green Joint Venture, a 50% interest in 21-25 West 34th Street, a 42.95% interest in 800 Third Avenue, a 50% interest in 521 Fifth Avenue, a 30% interest in One Court Square, a 63% economic interest in 1604-1610 Broadway, a 20.26% interest in 1&2 Jericho Plaza, a 55% interest in 2 Herald Square, a 32.25% interest in 1745 Broadway, a 55% interest in 885 Third Avenue, a 35% interest in 16 Court Street, a 25% interest in The Meadows, a 50.6% interest in 388/390 Greenwich Street, a 50% interest in 27-29 West 34th Street, a 10% interest in 1551/1555 Broadway decreased from 50% in August 2008 and a 32.75% interest in 717 Fifth Avenue. These interests are accounted for on the equity method of accounting and, therefore, are not consolidated into the company’s financial statements.

As we have been designated as the primary beneficiary under FIN 46(R), we have consolidated the accounts of the following five joint ventures including a 50% interest in 141 Fifth Avenue, a 50% interest in 180-182 Broadway and a 51% interest in 919 Third Avenue, 680 Washington Avenue and 750 Washington Avenue.

(1) Contributed capital includes adjustments to capital to reflect our share of capital based on implied sales prices of partially sold or contributed properties. Our investment in unconsolidated joint venture reflects our actual contributed capital base.

19

JOINT VENTURE STATEMENTS Statements of Operations for Unconsolidated Property Joint Ventures Unaudited ($000’s omitted)

								Three Months Ended
		Three Months Ended December 31, 2008						September 30, 2008			Three Months Ended December 31, 2007
					SLG			SLG						SLG
		Total Property			Property Interest			Property Interest			Total Property			Property Interest
Revenues
Rental Revenue, net		$	143,852		$	67,209		$	67,351		$	122,314		$	58,943
Escalation and reimbursement revenues		20,348			10,098			10,673			19,711			9,761
Investment and other income		508			324			551			1,996			1,018
Total Revenues, net		$	164,708		$	77,631		$	78,575		$	144,021		$	69,722
Expenses
Operating expenses		$	32,835		$	15,483		$	16,139		$	32,487		$	15,872
Ground rent		1,025			585			722			565			367
Real estate taxes		19,649			9,430			9,242			19,813			9,800
Total Operating Expenses		$	53,509		$	25,498		$	26,103		$	52,865		$	26,039
GAAP NOI		$	111,199		$	52,133		$	52,472		$	91,156		$	43,683
Cash NOI		$	98,447		$	46,047		$	46,162		$	77,259		$	36,765
Interest		54,778			24,566			24,057			46,018			22,207
Amortization of deferred financing costs		3,856			1,656			1,839			2,511			1,086
Depreciation and amortization		40,639			17,796			15,436			27,225			12,103
Net Income		$	11,926		$	8,115		$	11,140		$	15,402		$	8,287
Plus: Real estate depreciation		40,607			17,789			15,436			27,175			12,093
Funds From Operations		$	52,533		$	25,904		$	26,576		$	42,577		$	20,380
FAD Adjustments:
Plus:	Non real estate depreciation and amortization	$	3,888		$	1,663		$	1,839		$	2,561		$	1,096
Less:	Straight-line rental income and other non-cash adjustments	(12,394		)	(5,978		)	(6,203		)	(13,895		)	(6,919		)
Less:	Second cycle tenant improvement	(15,908		)	(8,204		)	(1,477		)	(2,434		)	(1,513		)
Less:	Second cycle leasing commissions	(8,310		)	(3,911		)	(1,622		)	(1,771		)	(815		)
Less:	Recurring CAPEX	(1,690		)	(748		)	(3		)	(1,074		)	(722		)
FAD Adjustment		$	(34,414	)	$	(17,178	)	$	(7,466	)	$	(16,613	)	$	(8,873	)

GKK Manager

	Three Months Ended						Three Months Ended			Twelve Months Ended
	December 31,			December 31,			September 30,			December 31,			December 31,
	2008			2007			2008			2008			2007
Base management income	$	5,124		$	4,088		$	5,978		$	21,061		$	13,135
Other fee income	(5,100		)	5,095			—			3,009			18,998
Marketing, general and administrative expenses	(128		)	(2,436		)	(5,682		)	(16,317		)	(11,998		)
Net Income before minority interest	(104		)	6,747			296			7,753			20,135
Less: minority interest	22			(2,305		)	(64		)	(2,290		)	(6,904		)
SLG share of GKK Manager net income	(82		)	4,442			232			5,463			13,231
Servicing and administrative reimbursements	900			1,224			2,041			6,253			4,912
Net management income and reimbursements from Gramercy	$	818		$	5,666		$	2,273		$	11,716		$	18,143

20

JOINT VENTURE STATEMENTS Statements of Operations for Unconsolidated Property Joint Ventures Unaudited ($000’s omitted)

		Twelve Months Ended December 31, 2008						Twelve Months Ended December 31, 2007
					SLG						SLG
		Total Property			Property Interest			Total Property			Property Interest
Revenues
Rental Revenue, net		$	572,327		$	273,625		$	460,723		$	226,622
Escalation and reimbursement revenues		83,107			41,977			78,223			40,616
Investment and other income		4,509			2,282			7,074			3,672
Total Revenues, net		$	659,943		$	317,884		$	546,020		$	270,910
Expenses
Operating expenses		$	130,382		$	62,679		$	119,559		$	60,461
Ground rent		4,359			2,457			3,326			1,875
Real estate taxes		78,106			38,316			78,219			39,389
Total Operating Expenses		$	212,847		$	103,452		$	201,104		$	101,725
GAAP NOI		$	447,096		$	214,432		$	344,916		$	169,185
Cash NOI		$	398,595		$	190,500		$	304,352		$	150,083
Interest		201,738			93,806			179,343			90,420
Amortization of deferred financing costs		14,660			6,356			8,111			3,769
Depreciation and amortization		143,837			64,420			103,564			48,642
Net Income		$	86,861		$	49,850		$	53,898		$	26,354
Plus: Real estate depreciation		143,704			64,393			103,424			48,614
Funds From Operations		$	230,565		$	114,243		$	157,322		$	74,968
FAD Adjustments:
Plus:	Non real estate depreciation and amortization	$	14,792		$	6,383		$	8,251		$	3,797
Less:	Straight-line rental income and other non-cash adjustments	(47,438		)	(23,613		)	(40,341		)	(19,645		)
Less:	Second cycle tenant improvement	(25,918		)	(12,679		)	(9,516		)	(5,251		)
Less:	Second cycle leasing commissions	(15,006		)	(6,973		)	(7,641		)	(3,803		)
Less:	Recurring CAPEX	(2,169		)	(1,060		)	(2,207		)	(1,488		)
FAD Adjustment		$	(75,739	)	$	(37,942	)	$	(51,454	)	$	(26,390	)

21

SELECTED FINANCIAL DATACapitalization AnalysisUnaudited
($000’s omitted)

	12/31/2008			9/30/2008		6/30/2008		3/31/2008		12/31/2007
Market Capitalization
Common Equity:
Common Shares Outstanding	57,044			57,606		58,283		58,284		58,759
OP Units Outstanding	2,340			2,340		2,340		2,340		2,340
Total Common Equity (Shares and Units)	59,384			59,946		60,623		60,624		61,099
Share Price (End of Period)	$	25.90		$	64.80	$	82.72	$	81.47	$	93.46
Equity Market Value	$	1,538,046		$	3,884,501	$	5,014,735	$	4,939,037	$	5,710,313
Preferred Equity at Liquidation Value:	257,500			257,500		257,500		257,500		257,500
Real Estate Debt
Property Level Mortgage Debt	2,591,358			2,693,275		2,867,305		2,867,593		2,844,644
Outstanding Balance on - Term Loans	—			—		—		276,650		276,650
Outstanding Balance on – Unsecured Credit Line	1,389,067			1,288,833		644,500		720,500		708,500
Junior Subordinated Deferrable Interest Debentures	100,000			100,000		100,000		100,000		100,000
Unsecured Notes	774,693			774,684		774,676		774,668		774,660
Convertible Bonds	761,255			1,019,176		1,018,992		1,018,809		1,018,628
Liability Held for Sale	95,000			—		—		—		—
Total Consolidated Debt	5,711,373			5,875,968		5,405,473		5,758,220		5,723,082
Company’s Portion of Joint Venture Debt	1,933,633			1,931,923		1,840,071		1,593,355		1,593,246
Total Combined Debt	7,645,006			7,807,891		7,245,544		7,351,575		7,316,328
Total Market Cap (Debt & Equity)	$	9,440,552		$	11,949,892	$	12,517,779	$	12,548,112	$	13,284,141
Availability under Lines of Credit
Senior Unsecured Line of Credit	55,541		(A)	182,111		818,483		741,451		751,226
Term Loans	—			—		—		—		—
Total Availability	$	55,541		$	182,111	$	818,483	$	741,451	$	751,226

(A) As reduced by $22,007 letters of credit and remaining defaulted lender’s commitment.

Combined Capitalized Interest	$	534		$	595		$	790		$	840		$	1,692
Ratio Analysis
Consolidated Basis
Debt to Market Cap Ratio	76.08		%	58.65		%	50.62		%	52.56		%	48.95		%
Debt to Gross Real Estate Book Ratio	68.92		%	70.21		%	61.84		%	66.19		%	65.92		%
Secured Real Estate Debt to Secured Assets Gross Book	58.76		%	59.20		%	59.49		%	59.06		%	59.39		%
Unsecured Debt to Unencumbered Assets-Gross Book Value	82.73		%	86.20		%	66.80		%	69.04		%	67.22		%
Joint Ventures Allocated
Combined Debt to Market Cap Ratio	80.98		%	65.34		%	57.88		%	58.59		%	55.08		%
Debt to Gross Real Estate Book Ratio	68.32		%	69.34		%	62.88		%	63.72		%	63.49		%
Secured Real Estate Debt to Secured Assets Gross Book	61.80		%	62.16		%	61.92		%	58.04		%	58.23		%

22

SELECTED FINANCIAL DATAProperty NOI and Coverage Ratios
Unaudited
($000’s omitted)

		Three Months Ended				Three Months Ended		Twelve Months Ended
		December 31,		December 31,		September 30,		December 31,		December 31,
		2008		2007		2008		2008		2007
Property NOI
Property Operating NOI		$	126,433	$	112,697	$	129,506	$	512,546	$	411,821
NOI from Discontinued Operations		2,010		5,933		2,912		10,767		39,448
Total Property Operating NOI - Consolidated		128,443		118,630		132,418		523,313		451,269
SLG share of Property NOI from JVs		52,133		43,683		52,472		214,432		169,185
GAAP NOI		$	180,576	$	162,313	$	184,890	$	737,745	$	620,454
Less:	Free Rent (Net of Amortization)	376		1,539		1,069		5,687		12,500
	Net FAS 141 Adjustment	9,231		2,002		7,952		27,294		5,574
	Straightline Revenue Adjustment	14,377		14,899		14,325		56,866		50,058
Plus:	Allowance for S/L tenant credit loss	6,427		1,937		1,293		9,679		5,695
	Ground Lease Straight-line Adjustment	91		87		91		691		418
Cash NOI		$	163,110	$	145,897	$	162,928	$	658,268	$	558,435
Components of Debt Service and Fixed Charges
Interest Expense		74,768		77,196		71,191		295,850		266,865
Fixed Amortization Principal Payments		6,626		6,095		6,150		24,741		17,359
Total Consolidated Debt Service		81,394		83,291		77,341		320,590		284,224
Payments under Ground Lease Arrangements		7,800		8,770		7,800		32,184		32,806
Dividend on perpetual preferred shares		4,969		4,969		4,969		19,875		19,875
Total Consolidated Fixed Charges		94,163		97,030		90,110		372,649		336,905
Adjusted EBITDA		265,388		167,160		176,450		833,935		697,911
Interest Coverage Ratio		3.54		2.28		2.47		2.83		2.55
Debt Service Coverage Ratio		3.25		2.10		2.28		2.61		2.40
Fixed Charge Coverage Ratio		2.81		1.79		1.95		2.24		2.03

23

SELECTED FINANCIAL DATA2008 Same Store - Consolidated Unaudited ($000’s omitted)

		Three Months Ended						Three Months Ended		Twelve Months Ended
		December 31,		December 31,				September 30,		December 31,		December 31,
		2008		2007		%		2008		2008		2007 (1)		%
Revenues
	Rental Revenue, net	170,636		160,216		6.5	%	171,634		673,393		626,146		7.5	%
	Escalation & Reimbursement Revenues	30,330		24,549		23.5	%	31,205		119,151		108,302		10.0	%
	Investment Income	507		987		-48.6	%	550		2,399		2,729		-12.1	%
	Other Income	851		7,417		-88.5	%	1,265		8,733		13,346		-34.6	%
	Total Revenues	202,324		193,169		4.7	%	204,654		803,676		750,523		7.1	%
Expenses
	Operating Expense	52,984		48,505		9.2	%	54,490		203,665		192,156		6.0	%
	Ground Rent	7,922		8,683		-8.8	%	7,922		32,014		32,374		-1.1	%
	Real Estate Taxes	29,599		29,043		1.9	%	30,502		123,001		121,960		0.9	%
		90,505		86,231		5.0	%	92,914		358,680		346,490		3.5	%
	EBITDA	111,819		106,938		4.6	%	111,740		444,996		404,033		10.1	%
	Interest Expense & Amortization of Financing costs	27,441		27,374		0.2	%	26,754		106,839		106,848		0.0	%
	Depreciation & Amortization	47,019		42,367		11.0	%	44,582		179,396		155,063		15.7	%
	Income Before Minority Interest	37,359		37,197		0.4	%	40,404		158,761		142,122		11.7	%
Plus:	Real Estate Depreciation & Amortization	47,011		42,361		11.0	%	44,578		179,369		155,034		15.7	%
	FFO	84,370		79,558		6.0	%	84,982		338,130		297,156		13.8	%
Less:	Non – Building Revenue	1,186		1,910		-37.9	%	1,530		4,754		4,749		0.1	%
Plus:	Interest Expense & Amortization of Financing costs	27,441		27,374		0.2	%	26,754		106,839		106,848		0.0	%
	Non Real Estate Depreciation	8		6		33.3	%	4		27		29		-6.9	%
	GAAP NOI	110,633		105,028		5.3	%	110,210		440,242		399,284		10.3	%
Cash Adjustments
Less:	Free Rent (Net of Amortization)	731		1,243		-41.2	%	1,051		3,370		10,516		-68.0	%
	Straightline Revenue Adjustment	6,638		6,932		-4.2	%	6,705		25,670		28,976		-11.4	%
	Rental Income - FAS 141	8,383		2,211		279.1	%	7,311		25,282		4,414		472.8	%
Plus:	Allowance for S/L tenant credit loss	5,997		1,732		246.2	%	1,046		8,632		4,420		95.3	%
	Ground Lease Straight-line Adjustment	(666	)	87		-865.5	%	(666	)	(2,338	)	347		-773.8	%
	Cash NOI	100,212		96,461		3.9	%	95,523		392,214		360,145		8.9	%
Operating Margins
	GAAP NOI to Real Estate Revenue, net	53.41	%	54.42	%			53.98	%	54.52	%	53.22	%
	Cash NOI to Real Estate Revenue, net	48.38	%	49.98	%			46.79	%	48.57	%	48.01	%
	GAAP NOI before Ground Rent/Real Estate Revenue, net	57.24	%	58.92	%			57.86	%	58.48	%	57.54	%
	Cash NOI before Ground Rent/Real Estate Revenue, net	52.53	%	54.44	%			50.99	%	52.82	%	52.28	%

(1) The December 31, 2007 same store data includes the operations of the Reckson properties as if the merger closed on January 1, 2007.

24

SELECTED FINANCIAL DATA2008 Same Store - Joint Venture Unaudited ($000’s omitted)

		Three Months Ended						Twelve Months Ended
		December 31,		December 31,				December 31,		December 31,
		2008		2007		%		2008		2007 (1)		%
Revenues
	Rental Revenue, net	40,961		40,761		0.5	%	166,033		160,388		3.5	%
	Escalation & Reimbursement Revenues	9,229		8,659		6.6	%	37,939		36,019		5.3	%
	Investment Income	175		606		-71.1	%	858		1,853		-53.7	%
	Other Income	27		128		-78.9	%	180		746		-75.9	%
	Total Revenues	50,392		50,154		0.5	%	205,010		199,006		3.0	%
Expenses
	Operating Expense	13,135		12,920		1.7	%	52,927		50,696		4.4	%
	Ground Rent	171		—				801		632		26.7	%
	Real Estate Taxes	8,759		8,444		3.7	%	34,776		34,578		0.6	%
		22,065		21,364		3.3	%	88,504		85,906		3.0	%
	EBITDA	28,327		28,790		-1.6	%	116,506		113,100		3.0	%
	Interest Expense & Amortization of Financing costs	10,478		13,947		-24.9	%	43,284		56,869		-23.9	%
	Depreciation & Amortization	11,349		8,646		31.3	%	38,974		34,702		12.3	%
	Income Before Minority Interest	6,500		6,197		4.9	%	34,248		21,529		59.1	%
Plus:	Real Estate Depreciation & Amortization	11,349		8,646		31.3	%	38,974		34,702		12.3	%
	FFO	17,849		14,843		20.3	%	73,222		56,231		30.2	%
Less:	Non – Building Revenue	190		637		-70.2	%	916		1,900		-51.8	%
Plus:	Interest Expense & Amortization of Financing costs	10,478		13,947		-24.9	%	43,284		56,869		-23.9	%
	Non Real Estate Depreciation	—		—				—		—
	GAAP NOI	28,137		28,153		-0.1	%	115,590		111,200		3.9	%
Cash Adjustments
Less:	Free Rent (Net of Amortization)	(313	)	135		-331.9	%	(320	)	1,292		-124.8	%
	Straightline Revenue Adjustment	1,224		1,440		-15.0	%	4,041		6,001		-32.7	%
	FAS 141	662		385		71.9	%	2,600		1,188		118.9	%
Plus:	Allowance for S/L tenant credit loss	242		184		31.5	%	682		734		-7.1	%
	Ground Lease Straight-line Adjustment	38		40		-5.0	%	277		168		64.9	%
	Cash NOI	26,844		26,417		1.6	%	110,228		103,621		6.4	%
Operating Margins
	GAAP NOI to Real Estate Revenue, net	55.78	%	56.64	%			56.45	%	56.21	%
	Cash NOI to Real Estate Revenue, net	53.22	%	53.15	%			53.83	%	52.38	%
	GAAP NOI before Ground Rent/Real Estate Revenue, net	56.12	%	56.64	%			56.84	%	56.53	%
	Cash NOI before Ground Rent/Real Estate Revenue, net	53.48	%	53.07	%			54.08	%	52.61	%

(1) The December 31, 2007 same store data includes the operations of the Reckson properties as if the merger closed on January 1, 2007.

25

DEBT SUMMARY SCHEDULE - ConsolidatedUnaudited
($000’s omitted)

	Principal			2009 Annual				As-Of
	Outstanding			Principal	Maturity		Due at	Right	Earliest
	12/31/2008	Coupon		Repayment	Date		Maturity	Extension	Prepayment
Fixed rate debt
Secured fixed rate debt
300 Main Street	11,500	5.75	%	—	Feb-17		11,500	—	Feb-10
399 Knollwood	18,728	5.75	%	317	Mar-14		16,877	—	Open
141 Fifth Avenue	25,000	5.70	%	—	Jun-17		25,000	—	Jun-10
500 West Putnam Avenue	25,000	5.52	%	—	Jan-16		21,749	—	Open
673 First Avenue	32,388	5.67	%	781	Feb-13		28,984	—	Open
625 Madison Avenue	97,583	6.27	%	2,333	Nov-15		78,595	—	Open
609 Fifth Avenue	99,319	5.85	%	1,367	Oct-13		92,062	—	Open
420 Lexington Avenue	110,013	8.44	%	2,969	Nov-10		104,691	—	Open
711 Third Avenue	120,000	4.99	%	—	Jun-15		120,000	—	Open
120 W 45th Street	170,000	6.12	%	—	Feb-17		170,000	—	Jan-10
220 E 42nd Street	202,780	5.23	%	3,909	Nov-13		182,342	—	Open
919 Third Avenue	228,046	6.87	%	3,918	Jul-11		217,592	—	Open
485 Lexington Avenue	450,000	5.61	%	—	Feb-17		450,000	—	Jan-10
1 Madison Avenue - South Building	663,071	5.91	%	11,154	May-20		404,531	—	Open
	2,253,428	5.98	%	26,748			1,923,923
Secured fixed rate debt - Other
609 Partners, LLC	63,891	5.00	%	—	Jul-14		63,891	—	Open
	63,891	5.00	%	—			63,891
Unsecured fixed rate debt
Senior Unsecured Line of Credit	60,000	4.36	%	—	Jun-11		60,000	Jun-12	Open
Junior Subordinated Deferrable Interest Debentures	100,000	5.61	%	—	Jun-15		100,000	—	—
Unsecured Note	150,000	5.15	%	—	Jan-11		150,000	—	Open
Unsecured Note	150,000	5.88	%	—	Aug-14		150,000	—	Open
Unsecured Note	200,000	7.75	%	—	Mar-09		200,000	—	Open
Unsecured Note	274,693	6.00	%	—	Mar-16		275,000	—	Open
Convertible Note	181,848	4.00	%	—	Jun-25	(1)	287,000	—	Jun-10
Convertible Note (net)	579,408	3.00	%	—	Mar-27	(2)	750,000	—	Apr-12
	1,695,949	4.80	%	—			1,972,000
Total Fixed Rate Debt/Wtd Avg	4,013,268	5.46	%	26,748			3,959,814
Floating rate debt
Secured floating rate debt
180-182 Broadway (Libor + 225 bps)	21,183	5.14	%	—	Feb-11		21,183	—	Open
28 W 44th St (Libor + 201 bps)	124,855	6.22	%	1,374	Aug-13		116,922	—	Open
1 Landmark Square (Libor + 185bps)	128,000	4.33	%	—	Feb-10		128,000	Feb-12	Open
	274,038	5.25	%	1,374			266,105
Unsecured floating rate debt
Senior Unsecured Line of Credit (Libor + 90 bps)	1,329,067	3.50	%	—	Jun-11		1,329,067	Jun-12	Open
	1,329,067	3.50	%	—			1,329,067
Total Floating Rate Debt/Wtd Avg	1,603,105	3.80	%	1,374			1,595,172
Total Debt/Wtd Avg - Consolidated	5,616,373	4.99	%	28,122			5,554,986
Total Debt/Wtd Avg - Joint Venture	1,933,633	4.95	%
Weighted Average Balance & Interest Rate with SLG JV Debt	7,699,668	4.98	%

(1) Notes can be put to SLG, at the option of the holder, on June 15, 2010

(2) Notes can be put to SLG, at the option of the holder, on March 30, 2012

Senior Unsecured Line of Credit Covenant Ratios
	Actual		Required
Total Debt / Total Assets	47.3	%	Less than 60%
Secured Debt / Total Assets	21.5	%	Less than 50%
Line Fixed Charge Coverage	2.30		Greater than 1.50
Unsecured Debt / Unencumbered Assets	52.3	%	Less than 60%
Unencumbered Interest Coverage	2.58		Greater than 1.75
Maximum FFO Payout	52.0	%	Less than 95%

26

DEBT SUMMARY SCHEDULE - Joint Venture Unaudited ($000’s omitted)

					2009			As-Of
	Principal Outstanding - 12/31/08				Principal	Maturity	Due at	Right	Earliest
	Gross Principal	SLG Share	Coupon		Repayment	Date	Maturity	Extension	Prepayment
Fixed rate debt
Mack - Green Joint Venture	11,072	5,315	6.26	%	—	Aug-14	5,315	—	Open
800 Third Avenue	20,910	8,981	6.00	%	—	Jul-17	8,981	—	Open
1604-1610 Broadway	27,000	12,150	5.66	%	—	Apr-12	11,763	—	Open
1221 Avenue of Americas	65,000	29,250	5.51	%	—	Dec-10	29,250	—	Open
Jericho Plaza	163,750	33,176	5.65	%	—	May-17	33,176	—	Open
21-25 West 34th Street	100,000	50,000	5.75	%	—	Dec-16	50,000	—	Open
100 Park Avenue	175,000	87,325	6.52	%	—	Nov-15	81,873	—	Open
One Court Square	315,000	94,500	4.91	%	—	Jun-15	94,500	—	Open
2 Herald Square	191,250	105,188	5.36	%	—	Apr-17	105,188	—	Jul-09
1745 Broadway	340,000	109,650	5.68	%	—	Jan-17	109,650	—	Dec-09
885 Third Avenue	267,650	147,208	6.26	%	—	Jul-17	147,208	—	Oct-09
388/390 Greenwich Street	1,122,379	567,901	5.19	%	—	Dec-17	567,901	—	Dec-09
Total Fixed Rate Debt/Wtd Avg	2,799,011	1,250,643	5.50	%	—		1,244,804
388/390 Greenwich Street (Libor + 115bps)	16,000	8,096	3.51	%	—	Dec-17	8,096	—	Dec-09
379 West Broadway (Libor + 165bps)	20,991	9,446	4.78	%	—	Jan-10	9,446	—	Open
1551/1555 Broadway (Libor + 200 bps)	106,222	10,622	4.86	%	—	Oct-09	10,622	—	Open
29 West 34th Street (Libor + 200bps)	38,596	19,298	4.67	%	200	May-11	18,985	—	Open
Meadows (Libor + 135bps)	84,527	21,131	4.11	%	—	Sep-12	20,862	—	Open
16 Court St (Libor + 160 bps)	83,658	29,280	4.05	%	—	Oct-10	29,280	—	Open
Mack - Green Joint Venture (Libor + 275bps)	91,122	43,739	5.51	%	—	May-09	43,739	—	—
1221 Avenue of Americas (Libor + 75bps)	105,000	47,250	3.51	%	—	Dec-10	47,250	—	Open
521 Fifth Avenue (Libor + 100bps)	140,000	70,140	3.70	%	—	Apr-11	70,140	—	Open
717 Fifth Avenue (Libor + 275 bps)	245,000	80,238	5.80	%	—	Sep-11	80,238		Open
1515 Broadway (Libor + 90 bps)	625,000	343,750	3.30	%	—	Nov-09	343,750	Nov-10	Open
Total Floating Rate Debt/Wtd Avg	1,556,116	682,990	3.93	%	200		682,408
Total Joint Venture Debt/Wtd Avg	4,355,127	1,933,633	4.95	%	200		1,927,212

27

SUMMARY OF GROUND LEASE ARRANGEMENTS Consolidated Statement  (REIT) ($000’s omitted)

	2009 Scheduled	2010 Scheduled	2011 Scheduled	2012 Scheduled	Deferred Land	Year of
Property	Cash Payment	Cash Payment	Cash Payment	Cash Payment	Lease Obligations (1)	Maturity
Operating Leases
673 First Avenue	3,010	3,010	3,010	3,010	17,203	2037
420 Lexington Avenue (2)	12,006	12,006	12,006	12,006	—	2029	(3)
711 Third Avenue (2) (4)	1,550	1,550	750	—	447	2032
461 Fifth Avenue (2)	2,100	2,100	2,100	2,100	—	2027	(5)
625 Madison Avenue (2)	4,613	4,613	4,613	4,613	—	2022	(6)
1185 Avenue of the Americas (2)	8,674	8,233	6,909	6,909	—	2043
Total	31,953	31,512	29,388	28,638	17,650
Capitalized Lease
673 First Avenue	1,416	1,451	1,555	1,555	16,704	2037

(1) Per the balance sheet at December 31, 2008

(2) These ground leases are classified as operating leases and, therefore, do not appear on the balance sheet as an obligation.

(3) Subject to renewal at the Company’s option through 2080.

(4) Excludes portion payable to SL Green as owner of 50% leasehold.

(5) The Company has an option to purchase the ground lease for a fixed price on a specific date.

(6) Subject to renewal at the Company’s option through 2054.

28

STRUCTURED FINANCE

($000’s omitted) 

	Assets		Weighted Average	Weighted Average		Current		LIBOR
	Outstanding		Assets During Quarter	Yield During Quarter		Yield		Rate (2)
9/30/2007	683,084		714,925	10.54	%	10.50	%	5.12	%
Originations/Accretion (1)	132,140
Preferred Equity	—
Redemptions /Amortization	(10,009	)
12/31/2007	805,215		734,868	10.49	%	11.31	%	4.60	%
Originations/Accretion (1)	4,787
Preferred Equity	—
Redemptions /Amortization/Reserves	(33,514	)
3/31/2008	776,488		766,598	10.15	%	10.63	%	2.70	%
Originations/Accretion (1)	72,193
Preferred Equity	—
Redemptions /Amortization/Reserves	(8,855	)
6/30/2008	839,826		823,223	9.71	%	9.92	%	2.46	%
Originations/Accretion (1)	107,690
Preferred Equity	542
Redemptions /Amortization/Reserves	(21,127	)
9/30/2008	926,931		921,658	10.58	%	10.28	%	3.93	%
Originations/Accretion (1)	7,296
Preferred Equity	1,028
Redemptions /Amortization/Reserves	(187,372	)
12/31/2008	747,883		755,516	10.34	%	10.14	%	0.44	%

(1) Accretion includes original issue discounts and compounding investment income.

(2) LIBOR rate is as of quarter end.

29

STRUCTURED FINANCE

($000’s omitted)

					Weighted Average			Weighted Average		Current
Type of Investment	Quarter End Balance (1)		Senior Financing		Exposure PSF			Yield During Quarter		Yield
New York City
Senior Mortgage Debt	$	19,450	$	—	$	235		7.19	%	6.72	%
Junior Mortgage Participation	$	39,087	$	319,250	$	283		9.13	%	9.10	%
Mezzanine Debt	$	536,262	$	6,955,161	$	1,591	(3)	10.64	%	10.53	%
Preferred Equity	$	39,750	$	214,064	$	110		12.38	%	12.78	%
Other
Senior Mortgage Debt	$	37,467	$	—	$	97		7.98	%	6.78	%
Mezzanine Debt	$	43,598	$	10,337,069	$	174		11.82	%	10.70	%
Preferred Equity	$	32,268	$	2,438,000	$	165		7.72	%	6.87	%
Balance as of 12/31/08	$	747,883	$	20,263,543	$	1,213	(3)	10.37	%	10.14	%

Current Maturity Profile (2)

(1) Most investments are indexed to LIBOR and are prepayable at dates prior to maturity subject to certain prepayment penalties or fees.

(2) The weighted maturity is 5.5 years.

(3) Excluding the mezzanine loan on the retail portion of a New York City property, the weighted average exposure for New York City Mezzanine Debt and the total structured finance portfolio are $672 psf and $520 psf, respectively.

30

STRUCTURED FINANCE 10 Largest Investments ($000’s omitted) 

						Senior				Current
Investment Type	Book Value (1)			Location	Collateral Type	Financing		Last $ PSF		Yield
Mezzanine Loans	$	120,218	(2)	New York City	Office	$	212,007	$	682	7.15	%
Mezzanine Loan	92,325			New York City	Retail	325,000		$	5,976	14.71	%
Mezzanine Loan	75,856			New York City	Office	1,139,000		$	1,103	11.15	%
Mezzanine Loan	70,092			New York City	Residential	4,222,605		$	431	8.63	%
Mezzanine Loan	58,349			New York City	Office	205,000		$	382	8.74	%
Mortgage and Mezzanine	48,708			Various	Office	2,310,608		$	91	6.82	%
Mezzanine Loan	40,171			New York City	Office	221,549		$	229	8.93	%
Preferred Equity	39,750			New York City	Office	214,064		$	110	12.78	%
Mezzanine Loan	38,332			New York City	Office / Retail	165,000		$	1,705	10.93	%
Mezzanine Loan	25,472			Los Angeles	Office	926,611		$	219	12.45	%
Total	$	609,273				$	9,941,443			10.03	%

(1) Net of unamortized fees, discounts, and reserves

(2) Represents two mezzanine positions of $95,626 and $24,592 collateralized by separate interests in the same property

31

SELECTED PROPERTY DATA


Manhattan Properties

			# of	Usable	% of Total	Occupancy (%)					Annualized		Annualized Rent		Total
Properties	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet	Dec-08	Sep-08	Jun-08	Mar-08	Dec-07	Rent ($’s)		100%	SLG	Tenants
					%	%	%	%	%	%	$		%	%
CONSOLIDATED PROPERTIES
“Same Store”
19 West 44th Street	Midtown	Fee Interest	1	292,000	1	97.9	99.5	100.0	100.0	100.0	13,027,548		2	1	59
120 West 45th Street	Midtown	Fee Interest	1	440,000	1	99.0	99.0	98.6	99.0	99.0	24,766,608		3	2	26
220 East 42nd Street	Grand Central	Fee Interest	1	1,135,000	4	99.7	99.7	99.3	99.4	99.4	47,530,260		7	5	31
28 West 44th Street	Midtown	Fee Interest	1	359,000	1	99.6	99.4	98.1	98.4	96.9	15,623,136		2	2	71
317 Madison Avenue	Grand Central	Fee Interest	1	450,000	1	92.0	89.6	89.6	90.7	89.6	21,408,564		3	2	86
420 Lexington Ave (Graybar)	Grand Central North	Operating Sublease	1	1,188,000	4	96.8	97.0	96.6	94.7	93.3	63,289,608		9	6	225
461 Fifth Avenue (3)	Midtown	Leasehold Interest	1	200,000	1	95.4	95.4	93.6	98.8	98.8	14,702,820		2	1	19
485 Lexington Avenue	Grand Central North	Fee Interest	1	921,000	3	98.5	100.0	99.9	99.1	98.8	48,737,352		7	5	21
555 West 57th Street	Midtown West	Fee Interest	1	941,000	3	99.1	99.3	99.6	99.6	99.6	29,813,244		4	3	14
609 Fifth Avenue	Rockefeller Center	Fee Interest	1	160,000	1	100.0	100.0	100.0	99.5	99.5	13,082,364		2	1	19
625 Madison Avenue	Plaza District	Leasehold Interest	1	563,000	2	97.6	97.6	97.6	97.6	97.6	40,070,292		6	4	28
673 First Avenue	Grand Central South	Leasehold Interest	1	422,000	1	99.7	99.7	99.8	99.8	99.8	15,711,768		2	2	9
711 Third Avenue (1)	Grand Central North	Operating Sublease	1	524,000	2	93.3	93.3	93.3	94.3	94.3	23,261,772		3	2	17
750 Third Avenue	Grand Central North	Fee Interest	1	780,000	3	97.2	95.8	99.0	98.4	98.4	37,788,192		5	4	26
810 Seventh Avenue	Times Square	Fee Interest	1	692,000	2	84.3	93.0	92.1	96.6	96.6	38,549,352		5	4	36
919 Third Avenue (2)	Grand Central North	Fee Interest	1	1,454,000	5	99.9	99.9	99.9	99.9	99.9	80,192,064			4	15
1185 Avenue of the Americas	Rockefeller Center	Leasehold Interest	1	1,062,000	3	98.9	98.9	97.9	90.9	90.9	70,133,220		10	7	20
1350 Avenue of the Americas	Rockefeller Center	Fee Interest	1	562,000	2	96.0	95.1	93.9	93.9	91.7	31,459,104		4	3	40
Subtotal / Weighted Average			18	12,145,000	39	97.2	97.7	97.6	97.1	96.8	$	629,147,268	76	57	762
Adjustments
1 Madison Avenue	Park Avenue South	Fee Interest	1	1,176,900	4	99.8	99.8	99.8	99.8	99.8	61,630,188		9	6	3
331 Madison Avenue	Grand Central	Fee Interest	1	114,900	0	100.0	100.0	100.0	100.0	100.0	4,755,708		1	0	19
333 West 34th Street	Penn Station	Fee Interest	1	345,400	1	100.0	100.0	100.0	100.0	100.0	14,897,340		2	1	1
Subtotal / Weighted Average			3	1,637,200	5	99.8	99.0	99.7	99.1	99.8	$	81,283,236	11	7	23
Total / Weighted Average Manhattan Consolidated Properties			21	13,782,200	45	97.5	97.9	97.9	97.4	97.3	$	710,430,504	87	63	785
UNCONSOLIDATED PROPERTIES
“Same Store”
100 Park Avenue - 50%	Grand Central South	Fee Interest	1	834,000	3	81.1	80.4	67.0	69.3	74.0	39,922,656			2	34
521 Fifth Avenue - 50.1% (3)	Grand Central	Leasehold Interest	1	460,000	1	94.4	93.1	97.9	96.6	96.9	23,932,800			1	46
800 Third Avenue - 42.95%	Grand Central North	Fee Interest	1	526,000	2	98.7	98.7	98.5	95.8	94.7	28,512,732			1	26
1221 Avenue of the Americas - 45%	Rockefeller Center	Fee Interest	1	2,550,000	8	93.5	92.9	93.0	93.2	93.9	151,154,196			7	21
1515 Broadway - 55%	Times Square	Fee Interest	1	1,750,000	6	95.4	91.8	99.0	99.0	99.0	87,783,168			6	10
Subtotal / Weighted Average			5	6,120,000	20	92.8	91.4	92.0	92.2	93.5	$	331,305,552		17	137
Adjustments
388 & 390 Greenwich Street - 50.6%	Downtown	Fee Interest	2	2,635,000	9	100.0	100.0	100.0	100.0	100.0	99,225,000			5	1
1745 Broadway - 32.3%	Midtown	Fee Interest	1	674,000	2	100.0	100.0	100.0	100.0	100.0	36,781,656			1	1
Subtotal / Weighted Average			3	3,309,000	11	100.0	100.0	100.0	100.0	100.0	$	136,006,656		6	2
Total / Weighted Average Unconsolidated Properties			8	9,429,000	31	95.4	94.4	94.8	94.8	95.6	$	467,312,208		23	139
Manhattan Grand Total / Weighted Average			29	23,211,200	75	96.7	96.5	96.7	96.3	96.6	$	1,177,742,712			924
Manhattan Grand Total - SLG share of Annualized Rent											$	905,514,851		86
Manhattan Same Store Occupancy% - Combined				18,265,000	79	95.8	95.6	95.7	95.4	95.6
			63	30,867,700	100	95.2	95.4	95.4	95.1	95.5	$	1,396,292,438			1,408
Portfolio Grand Total
Portfolio Grand Total - SLG Share of Annualized Rent											$	1,040,094,174		100

(1) Including Ownership of 50% in Building Fee.

(2) SL Green holds a 51% interest in this consolidated joint venture asset.

(3) SL Green holds an option to acquire the fee interest on this building.

32

SELECTED PROPERTY DATA

Suburban Properties

			# of	Usable	% of Total	Occupancy (%)					Annualized		Annualized Rent		Total
Properties	SubMarket	Ownership	Bldgs	Sq. Feet	Sq. Feet	Dec-08	Sep-08	Jun-08	Mar-08	Dec-07	Rent ($’s)		100%	SLG	Tenants
					%	%	%	%	%	%	$		%	%
CONSOLIDATED PROPERTIES
“Same Store”  Westchester, NY
1100 King Street	Rye Brook, Westchester	Fee Interest	6	540,000	8	89.3	90.4	90.7	91.9	94.6	13,713,684		2	2	30
520 White Plains Road	Tarrytown, Westchester	Fee Interest	1	180,000	2	92.4	92.4	87.1	85.3	85.3	4,167,012		1	0	9
115-117 Stevens Avenue	Valhalla, Westchester	Fee Interest	1	178,000	2	67.5	65.9	65.9	54.3	65.2	3,310,212		0	0	14
100 Summit Lake Drive	Valhalla, Westchester	Fee Interest	1	250,000	3	78.4	78.4	78.4	87.4	87.4	5,714,148		1	1	7
200 Summit Lake Drive	Valhalla, Westchester	Fee Interest	1	245,000	3	95.7	95.7	95.7	95.7	95.7	6,475,452		1	1	9
500 Summit Lake Drive	Valhalla, Westchester	Fee Interest	1	228,000	3	81.0	81.0	78.4	77.1	77.1	4,566,312		1	1	3
140 Grand Street	White Plains, Westchester	Fee Interest	1	130,100	2	91.0	85.2	80.0	80.0	80.0	3,499,116		0	1	8
360 Hamilton Avenue	White Plains, Westchester	Fee Interest	1	384,000	5	100.0	100.0	100.0	100.0	100.0	13,152,612		2	2	14
“ Same Store” Westchester, NY Subtotal/Weighted Average			13	2,135,100	29	88.4	89.0	88.1	88.2	89.7	54,598,548		8	7	94
Adjustments - Westchester, NY
399 Knollwood Road	White Plains, Westchester	Fee Interest	1	145,000	2	97.3	96.3	96.3	96.3	98.9	3,625,584		1	0	45
Westchester, NY Subtotal/Weighted Average			14	2,280,100	30	88.9	89.4	88.6	88.7	90.2	58,224,132		9	8	139
“Same Store” Connecticut
Landmark Square	Stamford, Connecticut	Fee Interest	6	826,000	11	84.4	86.2	86.6	86.3	85.2	18,931,056		2	2	105
680 Washington Boulevard (1)	Stamford, Connecticut	Fee Interest	1	133,000	2	100.0	100.0	100.0	100.0	94.7	5,071,392		0	5
750 Washington Boulevard (1)	Stamford, Connecticut	Fee Interest	1	192,000	3	98.5	98.5	95.8	95.8	98.5	6,490,068		0	9
1055 Washington Boulevard	Stamford, Connecticut	Leasehold Interest	1	182,000	3	84.9	88.3	91.1	89.5	89.5	5,325,720		0	1	20
“ Same Store” Connecticut Subtotal/Weighted Average			9	1,333,000	17	88.0	89.6	89.9	89.5	88.5	35,818,236		2	3	139
Adjustments - Connecticut
7 Landmark Square	Stamford, Connecticut	Fee Interest	1	36,800	0	10.8	10.8	10.8	10.8	10.8	258,696		0	0	1
300 Main Street	Stamford, Connecticut	Fee Interest	1	130,000	2	94.6	95.3	95.3	95.3	95.3	1,997,436		0	0	20
1010 Washington Boulevard	Stamford, Connecticut	Fee Interest	1	143,400	2	67.3	95.1	94.5	95.6	95.6	3,847,788		1	0	19
500 West Putnam Avenue	Greenwich, Connecticut	Fee Interest	1	121,500	2	83.2	88.7	88.7	91.7	94.4	3,560,136		0	0	10
Adjustments - Connecticut Subtotal/Weighted Average			4	431,700	6	75.2	86.2	86.0	87.2	88.4	9,664,056		2	0	50
Connecticut Subtotal/Weighted Average			13	1,764,700	23	84.9	88.8	88.9	88.9	88.5	45,482,292		4	3	189
55 Corporate Drive, NJ (2)	Bridgewater, New Jersey	Fee Interest	1	670,000	9	100.0	100.0	100.0	100.0	100.0	21,812,124			1	1
Total / Weighted Average Consolidated Properties			28	4,714,800	62	89.0	90.6	90.3	90.3	90.9	$	125,518,548	13	12	329
UNCONSOLIDATED PROPERTIES
“Same Store”
One Court Square - 30%	Long Island City, New York	Fee Interest	1	1,402,000	18	100.0	100.0	100.0	100.0	100.0	51,082,644			1	1
Subtotal/Weighted Average			1	1,402,000	18	100.0	100.0	100.0	100.0	100.0	51,082,644
Adjustments
The Meadows - 25%	Rutherford, New Jersey	Fee Interest	2	582,100	8	83.3	85.3	85.2	87.0	81.3	12,266,486			0	57
16 Court Street - 35%	Brooklyn, NY	Fee Interest	1	317,600	4	77.8	79.2	82.3	81.0	80.8	8,323,980			0	61
Jericho Plaza — 20.26%	Jericho, New York	Fee Interest	2	640,000	8	97.6	96.3	96.3	96.4	98.4	21,358,068			0	36
Subtotal / Weighted Average			5	1,539,700	20	88.1	88.6	89.2	89.7	88.3	$	41,948,534		0	154
Total / Weighted Average Unconsolidated Properties			6	2,941,700	38	93.8	94.1	94.4	94.6	93.9	$	93,031,178		2	155
Suburban Grand Total / Weighted Average			34	7,656,500	25	90.8	91.9	91.8	91.9	92.0	$	218,549,726			484
Suburban Grand Total - SLG share of Annualized Rent											$	134,579,323		14
Suburban Same Store Occupancy% - Combined				4,870,100	64	91.6	92.2	91.9	91.8	92.2

(1) SL Green holds a 51% interest in this consolidated joint venture asset.

(2) SL Green holds a 50% interest through a tenancy in common ownership.

(3) SL Green holds an option to acquire the fee interest on this property.

													Gross Total
RETAIL, DEVELOPMENT & LAND													Book Value
125 Chubb Way	Lyndhurst, NJ	Fee Interest	1	278,000	36	—	—	—	—	—	$	—	$	34,673,049	0	0
150 Grand Street	White Plains, NY	Fee Interest	1	85,000	11	17.5	17.5	20.1	20.1	10.6	387,720		13,263,707		1	3
141 Fifth Avenue - 50%	Flat Iron	Fee Interest	1	21,500	3	100.0	100.0	100.0	100.0	100.0	2,018,820		17,668,065		4	4
1551-1555 Broadway - 10%	Times Square	Fee Interest	1	25,600	3	100.0	100.0	100.0	100.0	100.0	N/A		121,741,881		N/A	N/A
1604 Broadway - 63%	Times Square	Leasehold Interest	1	29,876	4	100.0	100.0	100.0	100.0	100.0	4,596,312		7,493,146		11	3
180-182 Broadway - 50%	Cast Iron/Soho	Fee Interest	2	70,580	9	66.8	82.5	83.8	83.8	81.1	1,110,108		46,368,112		2	19
21-25 West 34th Street - 50%	Herald Square/Penn Station	Fee Interest	1	30,100	4	100.0	100.0	100.0	100.0	100.0	5,875,128		30,874,661		11	1
27-29 West 34th Street - 50%	Herald Square/Penn Station	Fee Interest	1	41,000	5	100.0	100.0	100.0	100.0	100.0	N/A		39,589,696		N/A	N/A
379 West Broadway - 45% (3)	Cast Iron/Soho	Leasehold Interest	1	62,006	8	100.0	100.0	100.0	100.0	100.0	3,270,084		22,015,157		6	6
717 Fifth Avenue - 32.75%	Midtown/Plaza District	Fee Interest	1	119,550	16	79.1	79.1	87.6	87.6	87.6	19,118,328		279,724,552		24	7
2 Herald Square - 55%	Herald Square/Penn Station	Fee Interest	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	9,000,000		225,597,988		19	1
885 Third Avenue - 55%	Midtown/Plaza District	Fee Interest	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	11,095,000		317,313,391		23	1
Total / Weighted Average Retail/Development Properties			11	763,212	100	N/A	N/A	N/A	N/A	N/A	$	56,471,500	$	1,156,323,405	100	45

33

LARGEST TENANTS BY SQUARE FEET LEASED Manhattan and Suburban Properties

Wholly Owned Portfolio + Allocated JV Properties

													% of
			Total						% of		SLG Share of		SLG Share of
		Lease	Leased	Annualized			PSF		Annualized		Annualized		Annualized		Credit
Tenant Name	Property	Expiration	Square Feet	Rent ($)			Annualized		Rent		Rent($)		Rent		Rating (2)
Citigroup, N.A.	388 & 390 Greenwich Street, 485 Lexington Avenue, 750 Third Avenue, 800 Third Avenue, 333 West 34th Street, 750 Washington Blvd & Court Square	Various	4,789,646	$184,535,052		(1)	$38.53		13.2	%	97,558,866		9.4	%	A+
Viacom International, Inc.	1515 Broadway	2009, 2010, 2013, 2015 & 2020	1,287,611	69,219,972			$53.76		5.0	%	47,381,071		4.6	%	BBB
Credit Suisse Securities (USA), Inc.	1 Madison Avenue	2020	1,138,143	60,004,128			$52.72		4.3	%	60,004,128		5.8	%	A+
Sanofi-Aventis	55 Corporate Drive, NJ	2023	670,000	21,812,018			$32.56		1.6	%	10,906,009		1.0	%	AA-
Morgan Stanley & Co. Inc.	1221 Ave.of the Americas, 2 Jericho Plaza & 4 Landmark Square	Various	652,311	45,820,416			$70.24		3.3	%	20,609,541		2.0	%	A+
Random House, Inc.	1745 Broadway	2018	644,598	36,781,656			$57.06		2.6	%	11,865,762		1.1	%	BBB+
Debevoise & Plimpton, LLP	919 Third Avenue	2021	586,528	35,627,520			$60.74		2.6	%	18,170,035		1.7	%
Omnicom Group, Cardinia Real Estate LLC	220 East 42nd Street, 420 Lexington Avenue & 485 Lexington Avenue	2008, 2009, 2010 & 2017	577,840	22,699,056			$39.28		1.6	%	22,699,056		2.2	%	A-
Societe Generale	1221 Ave.of the Americas	Various	486,663	29,105,808			$59.81		2.1	%	13,097,614		1.3	%	AA-
The McGraw Hill Companies, Inc.	1221 Ave.of the Americas	Various	420,329	22,890,084			$54.46		1.6	%	10,300,538		1.0	%	A+
Advance Magazine Group, Fairchild Publications	750 Third Avenue & 485 Lexington Avenue	2021	342,720	13,340,172			$38.92		1.0	%	13,340,172		1.3	%
Verizon	120 West 45th Street, 1100 King Street Bldgs 1& 2, 1 Landmark Square, 2 Landmark Square & 500 Summit Lake Drive	Various	315,618	8,708,016			$27.59		0.6	%	8,708,016		0.8	%	A-
C.B.S. Broadcasting, Inc.	555 West 57th Street	2013 & 2017	286,037	9,973,080			$34.87		0.7	%	9,973,080		1.0	%	BBB
Polo Ralph Lauren Corporation	625 Madison Avenue	2019	269,269	15,381,972			$57.12		1.1	%	15,381,972		1.5	%	BBB+
Schulte, Roth & Zabel LLP	919 Third Avenue	2011 & 2021	263,186	14,220,420			$54.03		1.0	%	7,252,414		0.7	%
New York Presbyterian Hospital	555 West 57th Street & 673 First Avenue	2009 & 2021	262,448	8,520,132			$32.46		0.6	%	8,520,132		0.8	%
The Travelers Indemnity Company	485 Lexington Avenue & 2 Jericho Plaza	2010, 2012 & 2016	250,857	11,913,456			$47.49		0.9	%	10,984,839		1.1	%	A
The City University of New York - CUNY	555 West 57th Street & 28 West 44th Street	2010, 2011, 2015 & 2016	229,044	8,302,464			$36.25		0.6	%	8,302,464		0.8	%
BMW of Manhattan	555 West 57th Street	2012	227,782	4,889,400			$21.47		0.4	%	4,889,400		0.5	%
Vivendi Universal US Holdings	800 Third Avenue	2010	226,105	11,810,292			$52.23		0.8	%	5,072,520		0.5	%	BBB
Sonnenschein, Nath & Rosenthal	1221 Ave.of the Americas	Various	191,825	12,463,380			$64.97		0.9	%	5,608,521		0.5	%
D.E. Shaw and Company L.P.	120 West 45th Street	2011, 2013, 2015 & 2017	187,484	11,241,132			$59.96		0.8	%	11,241,132		1.1	%
Amerada Hess Corp.	1185 Ave.of the Americas	2009 & 2027	182,529	10,880,028			$59.61		0.8	%	10,880,028		1.0	%	BBB-
Fuji Color Processing Inc.	200 Summit Lake Drive	2013	165,880	4,660,272			$28.09		0.3	%	4,660,272		0.4	%	AA
King & Spalding	1185 Ave.of the Americas	2025	159,858	9,084,804			$56.83		0.7	%	9,084,804		0.9	%
National Hockey League	1185 Ave.of the Americas	2022	148,216	10,972,920			$74.03		0.8	%	10,972,920		1.1	%
New York Hospitals Center/Mount Sinai	625 Madison Avenue & 673 First Avenue	2009 & 2019	146,917	5,907,516			$40.21		0.4	%	5,907,516		0.6	%
Banque National De Paris	919 Third Avenue	2016	145,834	8,141,808			$55.83		0.6	%	8,141,808		0.8	%
News America Incorporated	1185 Ave.of the Americas	2020	144,567	11,650,284			$80.59		0.8	%	11,650,284		1.1	%	BBB+
Draft Worldwide	919 Third Avenue	2013	141,260	7,856,088			$55.61		0.6	%	7,856,088		0.8	%	BBB
Total			15,541,105	$	728,413,346	(1)	$	46.87	52.2	%	$	491,021,003	47.2	%
Wholly Owned Portfolio + Allocated JV Properties			30,867,700	$	1,396,292,438	(1)	$	45.23			$	1,040,094,174

(1) - Reflects the net rent of $37.66 PSF for the 388-390 Greenwich Street lease. If this lease were included on a gross basis, Citigroup’s total PSF Annualized rent would be $47.86.

Total PSF Annualized rent for the Largest Tenants would be $49.75 and Total PSF Annualized rent for the Wholly Owned Portfolio + Allocated JV properties would be $46.76

(2) - 60% of Portfolio’s Largest Tenants have investment grade credit ratings. 37% of SLG Share of Annualized Rent is derived from these Tenants.

34

TENANT DIVERSIFICATION Manhattan and Suburban Properties

Based on SLG Share of Base Rental Revenue

Based on SLG Share of Square Feet Leased

35

Leasing Activity - Manhattan  Properties

Available Space

Activity	Building Address	# of Leases	Usable SF		Rentable SF	Rent/Rentable SF ($’s)(1)
Vacancy at 9/30/08			823,407
Less: Sold Vacancies	1372 Broadway		(17,995	)
Space which became available during the Quarter (A):
Office
	317 Madison Avenue	4	15,281		16,948	$	39.48
	485 Lexington Avenue	1	13,827		13,827	$	50.00
	750 Third Avenue	2	18,018		17,576	$	48.31
	555 West 57th Street	1	1,800		1,800	$	22.13
	19 West 44th Street	3	6,016		6,036	$	41.21
	810 Seventh Avenue	4	64,114		65,997	$	56.78
	1350 Avenue of the Americas	2	4,392		4,392	$	45.55
	1185 Avenue of the Americas	2	50,952		50,952	$	46.90
	420 Lexington Avenue	12	18,617		20,050	$	49.92
	Total/Weighted Average	31	193,017		197,578	$	49.78
Retail
	1221 Sixth Avenue	1	431		431	$	52.29
	Total/Weighted Average	1	431		431	$	52.29
Storage
	28 West 44th Street	3	456		586	$	24.21
	Total/Weighted Average	3	456		586	$	24.21
	Total Space became Available during the Quarter
	Office	31	193,017		197,578	$	49.78
	Retail	1	431		431	$	52.29
	Storage	3	456		586	$	24.21
		35	193,904		198,595	$	49.71
	Total Available Space		999,316

(1)  Escalated Rent is calculated as Total Annual Income less Electric Charges

(A) - Includes expiring space, relocating tenants and move-outs where tenants vacated.  Excludes lease expirations where tenants heldover.

36

Leasing Activity - Manhattan Properties

Leased Space

Activity	Building Address	# of Leases	Term (Yrs)	Usable SF	Rentable SF	New Cash Rent / Rentable SF(1)		Prev. Escalated Rent/ Rentable SF(2)		TI / Rentable SF		Free Rent # of Months
Available Space as of 12/31/08				999,316
Office
	317 Madison Avenue	5	6.4	25,489	31,264	$	44.27	$	36.38	$	22.40	2.7
	750 Third Avenue	2	11.8	29,483	29,669	$	71.39	$	47.29	$	52.90	4.0
	1515 Broadway	1	10.5	60,700	64,788	$	83.00	$	43.92	$	58.83	6.5
	100 Park Avenue	1	10.0	4,907	5,175	$	95.00	$	—	$	105.82	2.0
	19 West 44th Street	1	3.0	1,150	1,263	$	57.00	$	39.98	$	5.94	—
	28 West 44th Street	1	1.0	945	974	$	25.00	$	—	$	—	—
	521 Fifth Avenue	1	10.1	5,822	6,580	$	71.46	$	55.03	$	92.25	3.0
	810 Seventh Avenue	1	4.5	3,917	4,324	$	60.00	$	34.87	$	5.00	2.0
	1350 Avenue of the Americas	3	3.5	8,993	9,542	$	80.04	$	40.19	$	45.61	0.6
	1185 Avenue of the Americas	2	12.0	50,952	54,472	$	80.00	$	43.87	$	77.54	8.0
	420 Lexington Avenue	9	6.9	16,167	20,018	$	55.81	$	41.42	$	21.60	1.9
	Total/Weighted Average	27	9.6	208,525	228,069	$	72.06	$	43.63	$	54.18	5.0
Retail
	1221 Sixth Avenue	2	20.8	14,339	14,842	$	82.54	$	56.53	$	—	10.0
	Total/Weighted Average	2	20.8	14,339	14,842	$	82.54	$	56.53	$	—	10.0
Storage
	1515 Broadway	1	1.0	145	171	$	35.00	$	—	$	—	—
	100 Park Avenue	1	0.7	800	744	$	25.00	$	—	$	—	—
	28 West 44th Street	3	1.0	456	586	$	24.21	$	24.21	$	—	—
	Total/Weighted Average	5	0.8	1,401	1,501	$	25.83	$	24.21	$	—	—
Leased Space
	Office (3)	27	9.6	208,525	228,069	$	72.06	$	43.63	$	54.18	5.0
	Retail	2	20.8	14,339	14,842	$	82.54	$	56.53	$	—	10.0
	Storage	5	0.8	1,401	1,501	$	25.83	$	24.21	$	—	—
	Total	34	10.3	224,265	244,412	$	72.42	$	44.27	$	50.56	5.3
Total Available Space @ 12/31/08				775,051
Early Renewals
Office
	317 Madison Avenue	4	3.7	7,512	7,956	$	46.32	$	39.18	$	—	—
	1515 Broadway	5	4.6	1,163,267	1,272,456	$	53.70	$	49.14	$	—	3.6
	19 West 44th Street	1	1.0	1,068	1,171	$	31.35	$	31.32	$	—	—
	420 Lexington Avenue	5	5.6	8,354	11,494	$	52.11	$	44.65	$	10.18	0.3
	Total/Weighted Average	15	4.6	1,180,201	1,293,077	$	53.62	$	49.02	$	0.09	3.5
Retail
	19 West 44th Street	1	10.0	429	429	$	78.52	78.52		$	—	—
	625 Madison Avenue	1	5.0	855	877	$	875.00	749.66		$	—	—
	331 Madison Avenue	1	9.2	1,000	1,130	$	331.86	276.58		$	—	—
	Total/Weighted Average	3	7.8	2,284	2,436	$	482.78	$	412.02	$	—	—
Storage
	317 Madison Avenue	1	3.4	51	83	$	20.00	7.10		$	—	—
	Total/Weighted Average	1	3.4	51	83	$	20.00	$	7.10	$	—	—
Renewals
	Early Renewals Office	15	4.6	1,180,201	1,293,077	$	53.62	$	49.02	$	0.09	3.5
	Early Renewals Retail	3	7.8	2,284	2,436	$	482.78	$	412.02	$	—	—
	Early Renewals Storage	1	3.4	51	83	$	20.00	$	7.10	$	—	—
	Total	19	4.6	1,182,536	1,295,596	$	54.42	$	49.70	$	0.09	3.5

(1) Annual Base Rent

(2) Escalated Rent is calculated as Total Annual Income less Electric Charges

(3) Average starting office rent excluding new tenants replacing vacancies is $73.82/rsf for 200,973 rentable SF. Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $56.34/rsf for 1,494,050 rentable SF.

37

Leasing Activity - Suburban Properties

Available Space

Activity	Building Address	# of Leases	Usable SF		Rentable SF	Rent/Rentable SF ($’s)(1)
Vacancy at 9/30/08			636,284
Less: Sold Vacancies	120 White Plains Road		(4,913	)
Space which became available during the Quarter (A):
Office
	1100 King Street - 5 Int’l Drive	1	8,584		8,584	$	26.40
	140 Grand Street	1	5,350		5,350	$	28.75
	399 Knollwood Road	4	9,808		9,808	$	27.33
	1 Landmark Square	3	14,847		14,847	$	29.98
	3 Landmark Square	1	1,500		1,500	$	31.26
	300 Main Street	1	1,000		1,000	$	26.63
	1010 Washington Boulevard	3	39,083		39,083	$	25.77
	1055 Washington Boulevard	2	5,990		5,990	$	31.69
	500 West Putnam Avenue	2	6,741		6,741	$	35.87
	The Meadows	3	22,320		20,574	$	25.37
	Jericho Plaza	1	10,692		10,692	$	47.90
	16 Court Street	2	4,290		4,290	$	27.51
	Total/Weighted Average	24	130,205		128,459	$	29.26
Storage
	1 Landmark Square	1	200		200	$	15.00
	5 Landmark Square	1	100		100	$	12.00
	1010 Washington Boulevard	1	657		657	$	12.24
	1055 Washington Boulevard	2	345		345	$	10.43
	Jericho Plaza	1	500		500	$	18.85
	Total/Weighted Average	6	1,802		1,802	$	14.02
	Total Space became Available during the Quarter
	Office	24	130,205		128,459	$	29.26
	Storage	6	1,802		1,802	$	14.02
		30	132,007		130,261	$	29.05
	Total Available Space		763,378

(1)  Escalated Rent is calculated as Total Annual Income less Electric Charges

(A) - Includes expiring space, relocating tenants and move-outs where tenants vacated.  Excludes lease expirations where tenants heldover.

38

Leasing Activity - Suburban Properties

Leased Space

Activity	Building Address	# of Leases	Term (Yrs)	Usable SF	Rentable SF	New Cash Rent / Rentable SF(1)		Prev. Escalated Rent/ Rentable SF(2)		TI / Rentable SF		Free Rent # of Months
Available Space as of 12/31/08				763,378
Office
	1100 King Street - 2 Int’l Drive	1	5.0	2,803	2,803	$	32.00	$	25.75	$	40.24	—
	115-117 Stevens Avenue	1	7.3	2,715	2,715	$	23.00	$	—	$	32.00	4.0
	140 Grand Street	2	3.2	12,925	12,925	$	30.67	$	28.75	$	19.93	—
	399 Knollwood Road	5	3.5	11,202	11,202	$	26.14	$	27.28	$	11.95	0.5
	4 Landmark Square	1	5.0	1,675	1,750	$	28.00	$	26.59	$	15.00	2.0
	The Meadows	2	5.0	10,403	10,611	$	27.40	$	24.75	$	—	4.3
	Jericho Plaza	2	9.7	18,509	18,509	$	37.18	$	35.88	$	17.65	1.0
	Total/Weighted Average	14	5.9	60,232	60,515	$	30.89	$	28.79	$	15.60	1.4
Storage
	Jericho Plaza	1	10.0	500	500	$	18.00	$	14.08	$	—	—
	Total/Weighted Average	1	10.0	500	500	$	18.00	$	14.08	$	—	—
Leased Space
	Office (3)	14	5.9	60,232	60,515	$	30.89	$	28.79	$	15.60	1.4
	Storage	1	10.0	500	500	$	18.00	$	14.08	$	—	—
	Total	15	5.9	60,732	61,015	$	30.78	$	28.60	$	15.47	1.4
Total Available Space @ 12/31/08				702,646
Early Renewals
Office
	115-117 Stevens Avenue	1	7.3	52,000	52,000	$	23.00	$	24.50	$	20.00	3.0
	360 Hamilton Avenue	1	10.0	30,500	30,500	$	38.00	$	35.68	$	8.00	2.0
	1 Landmark Square	1	3.3	8,848	8,848	$	33.00	$	30.00	$	8.53	3.0
	300 Main Street	1	1.5	1,956	1,956	$	34.50	$	33.50	$	—	—
	Total/Weighted Average	4	7.6	93,304	93,304	$	29.09	$	28.86	$	14.57	2.6
Renewals
	Early Renewals Office	4	7.6	93,304	93,304	$	29.09	$	28.86	$	14.57	2.6
	Total	4	7.6	93,304	93,304	$	29.09	$	28.86	$	14.57	2.6

(1) Annual Base Rent

(2) Escalated Rent is calculated as Total Annual Income less Electric Charges

(3) Average starting office rent excluding new tenants replacing vacancies is $29.99/rsf for 36,799 rentable SF
.Average starting office rent for office space (leased and early renewals, excluding new tenants replacing vacancies) is $29.35/rsf for 130,103 rentable SF.

39

ANNUAL LEASE EXPIRATIONS - Manhattan Properties

	Consolidated Properties											Joint Venture Properties
Year of Lease Expiration	Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Leased Sq. Ft.		Annualized Rent of Expiring Leases		Annualized Rent Per Leased Square Foot of Expiring Leases $/psf (3)		Year 2008 Weighted Average Asking Rent $/psf			Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Leased Sq. Ft.		Annualized Rent of Expiring Leases		Annualized Rent Per Leased Square Foot of Expiring Leases $/psf (3)		Year 2008 Weighted Average Asking Rent $/psf
In 1st Quarter 2008 (1)	9	19,393	0.14	%	$	1,103,424	$	56.90	$	65.31		2	383	0.00	%	$	5,904	$	15.42	$	25.00
In 2nd Quarter 2008 (1)	—	—	—		—		—		—			1	350	0.00	%	$	9,600	$	27.43	$	30.00
In 3rd Quarter 2008 (1)	4	2,763	0.02	%	$	165,324	$	59.83	$	68.00		—	—	—		—		—		—
In 4th Quarter 2008 (1)	11	68,637	0.50	%	$	4,740,216	$	69.06	$	62.14		1	11,753	0.13	%	$	326,580	$	27.79	$	81.75
Total 2008	24	90,793	0.66	%	$	6,008,964	$	66.18	$	62.99		4	12,486	0.14	%	$	342,084	$	27.40	$	78.56
In 1st Quarter 2009	27	139,497	1.01	%	$	6,496,152	$	46.57	$	58.23		5	42,112	0.47	%	$	1,605,576	$	38.13	$	65.09
In 2nd Quarter 2009	18	133,069	0.96	%	$	5,806,620	$	43.64	$	54.35		4	25,905	0.29	%	$	1,118,604	$	43.18	$	65.27
In 3rd Quarter 2009	23	454,684	3.29	%	$	21,279,552	$	46.80	$	54.02		4	15,072	0.17	%	$	708,540	$	47.01	$	59.36
In 4th Quarter 2009	31	234,836	1.70	%	$	12,585,564	$	53.59	$	58.67		6	60,323	0.68	%	$	4,056,960	$	67.25	$	93.32
Total 2009	99	962,086	6.96	%	$	46,167,888	$	47.99	$	55.81		19	143,412	1.61	%	$	7,489,680	$	52.22	$	76.40
2010	121	769,152	5.56	%	$	37,787,076	$	49.13	$	60.33		21	413,381	4.63	%	$	21,290,556	$	51.50	$	65.58
2011	111	847,277	6.13	%	$	44,069,088	$	52.01	$	59.85		9	150,116	1.68	%	$	6,729,336	$	44.83	$	67.56
2012	108	965,194	6.98	%	$	41,956,764	$	43.47	$	54.23		17	115,743	1.30	%	$	6,275,364	$	54.22	$	65.82
2013	97	1,166,750	8.44	%	$	57,536,448	$	49.31	$	58.53		10	881,822	9.87	%	$	52,918,188	$	60.01	$	73.47
2014	38	736,466	5.32	%	$	33,604,488	$	45.63	$	60.33		15	231,108	2.59	%	$	19,482,600	$	84.30	$	102.18
2015	46	580,710	4.20	%	$	27,819,528	$	47.91	$	59.63		15	1,489,468	16.68	%	$	76,856,160	$	51.60	$	64.37
2016	40	964,962	6.98	%	$	50,632,248	$	52.47	$	68.12		7	209,736	2.35	%	$	16,254,612	$	77.50	$	73.10
2017	58	1,787,035	12.92	%	$	91,868,232	$	51.41	$	59.66		5	154,846	1.73	%	$	7,933,621	$	51.24	$	63.95
Thereafter	91	4,959,930	35.86	%	$	272,979,780	$	55.04	$	65.54		31	2,493,389	27.92	%	$	152,515,007	$	61.17	$	77.68
	833	13,830,355	100.00	%	$	710,430,504	$	51.37	$	61.72		153	6,295,507	70.50	%	$	368,087,208	$	58.47	$	73.07
											(4)	2	2,634,670	29.50	%	$	99,225,000
												155	8,930,177	100.00	%	$	467,312,208

(1) Includes month to month holdover tenants that expired prior to 12/31/08.

(2) Tenants may have multiple leases.

(3) Represents in place annualized rent allocated by year of maturity.

(4) Citigroup 13 year Net Lease at 388-390 Greenwich Street , current net rent is $37.66/psf with annual CPI escalation.

40

ANNUAL LEASE EXPIRATIONS - Suburban Properties

	Consolidated Properties										Joint Venture Properties
Year of Lease Expiration	Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Leased Sq. Ft.		Annualized Rent of Expiring Leases		Annualized Rent Per Leased Square Foot of Expiring Leases $/psf (3)		Year 2008 Weighted Average Asking Rent $/psf		Number of Expiring Leases (2)	Rentable Square Footage of Expiring Leases	Percentage of Total Leased Sq. Ft.		Annualized Rent of Expiring Leases		Annualized Rent Per Leased Square Foot of Expiring Leases $/psf (3)		Year 2008 Weighted Average Asking Rent $/psf
In 1st Quarter 2008 (1)	9	69,981	1.69	%	$	599,796	$	8.57	$	9.97	3	16,891	0.63	%	$	459,401	$	27.20	$	31.30
In 2nd Quarter 2008 (1)	0	0	0.00	%	$	0	$	0.00	$	0.00	0	0	0.00	%	$	0	$	0.00	$	0.00
In 3rd Quarter 2008 (1)	2	345	0.01	%	$	7,152	$	20.73	$	32.96	0	0	0.00	%	$	0	$	0.00	$	0.00
In 4th Quarter 2008 (1)	7	59,387	1.43	%	$	1,644,996	$	27.70	$	38.06	1	3,859	0.14	%	$	130,968	$	33.94	$	36.00
Total 2008	18	129,713	3.13	%	$	2,251,944	$	17.36	$	22.89	4	20,750	0.77	%	$	590,369	$	28.45	$	32.18
In 1st Quarter 2009	12	35,643	0.86	%	$	1,200,024	$	33.67	$	38.43	8	13,848	0.51	%	$	484,260	$	34.97	$	31.82
In 2nd Quarter 2009	10	27,739	0.67	%	$	825,312	$	29.75	$	32.46	3	9,047	0.34	%	$	319,692	$	35.34	$	33.71
In 3rd Quarter 2009	11	88,882	2.15	%	$	3,030,996	$	34.10	$	35.94	8	76,107	2.83	%	$	2,565,300	$	33.71	$	34.70
In 4th Quarter 2009	21	113,781	2.75	%	$	3,184,680	$	27.99	$	36.94	7	34,922	1.30	%	$	1,190,544	$	34.09	$	33.43
Total 2009	54	266,045	6.42	%	$	8,241,012	$	30.98	$	36.34	26	133,924	4.98	%	$	4,559,796	$	34.05	$	34.00
2010	59	540,472	13.05	%	$	16,516,968	$	30.56	$	32.86	23	180,469	6.70	%	$	5,356,236	$	29.68	$	32.83
2011	71	806,870	19.48	%	$	23,595,996	$	29.24	$	35.02	26	143,629	5.34	%	$	4,294,032	$	29.90	$	31.91
2012	37	260,234	6.28	%	$	8,144,400	$	31.30	$	35.74	21	241,633	8.98	%	$	8,332,956	$	34.49	$	34.73
2013	34	422,895	10.21	%	$	13,580,208	$	32.11	$	33.81	17	85,941	3.19	%	$	2,618,620	$	30.47	$	39.73
2014	19	236,600	5.71	%	$	6,841,440	$	28.92	$	31.98	13	199,031	7.39	%	$	6,788,520	$	34.11	$	34.37
2015	17	250,042	6.04	%	$	7,798,776	$	31.19	$	33.28	8	40,037	1.49	%	$	1,226,424	$	30.63	$	34.37
2016	13	283,262	6.84	%	$	7,810,488	$	27.57	$	36.58	5	64,112	2.38	%	$	2,044,656	$	31.89	$	35.45
2017	10	86,592	2.09	%	$	2,673,600	$	30.88	$	31.06	7	59,178	2.20	%	$	2,317,733	$	39.17	$	32.06
Thereafter	14	859,622	20.75	%	$	28,063,716	$	32.65	$	37.68	10	1,523,201	56.58	%	$	54,901,836	$	36.04	$	38.93
	346	4,142,347	100.00	%	$	125,518,548	$	30.30	$	34.66	160	2,691,905	100.00	%	$	93,031,178	$	34.56	$	36.86

(1) Includes month to month holdover tenants that expired prior to 12/31/08.

(2) Tenants may have multiple leases.

(3) Represents in place annualized rent allocated by year of maturity.

41

SUMMARY OF REAL ESTATE ACQUISITION
ACTIVITY POST 1997 - Manhattan

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable sf	at acquisition	12/31/2008	Price ($’s) (1)
1998 Acquisitions
Mar-98	420 Lexington	Operating Sublease	Grand Central	1,188,000	83.0	96.8	$	78,000,000
May-98	711 3rd Avenue	Operating Sublease	Grand Central	524,000	79.0	93.3	$	65,600,000
Jun-98	440 9th Avenue	Fee Interest	Penn Station	339,000	76.0	N/A	$	32,000,000
1999 Acquisitions
Jan-99	420 Lexington Leasehold	Sub-leasehold	Grand Central	—	—	—	$	27,300,000
Jan-99	555 West 57th - 65% JV	Fee Interest	Midtown West	941,000	100.0	99.1	$	66,700,000
Aug-99	1250 Broadway - 50% JV	Fee Interest	Penn Station	670,000	96.5	N/A	$	93,000,000
Nov-99	555 West 57th - remaining 35%	Fee Interest	Midtown West	—		99.1	$	34,100,000
2000 Acquisitions
Feb-00	100 Park Avenue - 50% JV	Fee Interest	Grand Central	834,000	96.5	81.1	$	192,000,000
2001 Acquisitions
Jun-01	317 Madison	Fee Interest	Grand Central	450,000	95.0	92.0	$	105,600,000
Acquisition of JV Interest
Sep-01	1250 Broadway - 49.9% JV (2)	Fee Interest	Penn Station	670,000	97.7	N/A	$	126,500,000
2002 Acquisitions
May-02	1515 Broadway - 55% JV	Fee Interest	Times Square	1,750,000	98.0	95.4	$	483,500,000
2003 Acquisitions
Feb-03	220 East 42nd Street	Fee Interest	Grand Central	1,135,000	91.9	99.7	$	265,000,000
Mar-03	125 Broad Street	Fee Interest	Downtown	525,000	100.0	N/A	$	92,000,000
Oct-03	461 Fifth Avenue	Leasehold Interest	Midtown	200,000	93.9	95.4	$	60,900,000
Dec-03	1221 Ave of Americas - 45% JV	Fee Interest	Rockefeller Center	2,550,000	98.8	93.5	$	1,000,000,000
2004 Acquisitions
Mar-04	19 West 44th Street - 35% JV	Fee Interest	Midtown	292,000	86.0	97.9	$	67,000,000
Jul-04	750 Third Avenue	Fee Interest	Grand Central	779,000	100.0	97.2	$	255,000,000
Jul-04	485 Lexington Avenue - 30% JV	Fee Interest	Grand Central	921,000	100.0	98.5	$	225,000,000
Oct-04	625 Madison Avenue	Leasehold Interest	Plaza District	563,000	68.0	97.6	$	231,500,000
2005 Acquisitions
Feb-05	28 West 44th Street	Fee Interest	Midtown	359,000	87.0	99.6	$	105,000,000
Apr-05	1 Madison Ave - 55% JV	Fee Interest	Park Avenue South	1,177,000	96.0	99.8	$	803,000,000
Apr-05	5 Madison Ave Clock Tower	Fee Interest	Park Avenue South	267,000	N/A	N/A	$	115,000,000
Jun-05	19 West 44th Street -remaining 65%	Fee Interest	Midtown	—		97.9	$	91,200,000
2006 Acquisition
Mar-06	521 Fifth Avenue (3)	Leasehold Interest	Midtown	460,000	97.0	94.4	$	210,000,000
Jun-06	609 Fifth Avenue	Fee Interest	Midtown	160,000	98.5	100.0	$	182,000,000
Dec-06	485 Lexington Avenue - remaining 70%	Fee Interest	Grand Central	—		98.5	$	578,000,000
Dec-06	800 Third Avenue - 42.95% JV	Fee Interest	Grand Central North	526,000	96.9	98.7	$	285,000,000
2007 Acquisition
Jan-07	Reckson - NYC Portfolio	Fee Interests / Leasehold Interest	Various	5,612,000	98.3	97.3	$	3,679,530,000
Apr-07	331 Madison Avenue	Fee Interest	Grand Central	114,900	97.6	100.0	$	73,000,000
Apr-07	1745 Broadway - 32.3% JV	Fee Interest	Midtown	674,000	100.0	100.0	$	520,000,000
Jun-07	333 West 34th Street	Fee Interest	Penn Station	345,400	100.0	100.0	$	183,000,000
Aug-07	1 Madison Avenue - remaining 45%	Fee Interest	Park Avenue South	1,177,000	99.8	99.8	$	1,000,000,000
Dec-07	388 & 390 Greenwich Street - 50.6% JV	Fee Interest	Downtown	2,635,000	100.0	100.0	$	1,575,000,000
				10,558,300			$	7,030,530,000

(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.

(2) Current ownership interest is 55%. (From 9/1/01-10/31/01the company owned 99.8% of this property.)

(3) Current ownership interest is 50.1%. (From 3/17/06 - 12/14/06 the company owned 100% of the Leasehold Interest of this property.)

42

SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1999 - Manhattan

					Sales		Sales
	Property	Type of Ownership	Submarket	Net Rentable sf	Price ($’s)		Price ($’s/SF)
2000 Sales
Feb-00	29 West 35th Street	Fee Interest	Penn Station	78,000	$	11,700,000	$	150
Mar-00	36 West 44th Street	Fee Interest	Grand Central	178,000	$	31,500,000	$	177
May-00	321 West 44th Street - 35% JV	Fee Interest	Times Square	203,000	$	28,400,000	$	140
Nov-00	90 Broad Street	Fee Interest	Financial	339,000	$	60,000,000	$	177
Dec-00	17 Battery South	Fee Interest	Financial	392,000	$	53,000,000	$	135
				1,190,000	$	184,600,000	$	156
2001 Sales
Jan-01	633 Third Ave	Fee Interest	Grand Central North	40,623	$	13,250,000	$	326
May-01	1 Park Ave - 45% JV	Fee Interest	Grand Central South	913,000	$	233,900,000	$	256
Jun-01	1412 Broadway	Fee Interest	Times Square South	389,000	$	90,700,000	$	233
Jul-01	110 E. 42nd Street	Fee Interest	Grand Central	69,700	$	14,500,000	$	208
Sep-01	1250 Broadway (1)	Fee Interest	Penn Station	670,000	$	126,500,000	$	189
				2,082,323	$	478,850,000	$	242
2002 Sales
Jun-02	469 Seventh Avenue	Fee Interest	Penn Station	253,000	$	53,100,000	$	210
				253,000	$	53,100,000	$	210
2003 Sales
Mar-03	50 West 23rd Street	Fee Interest	Chelsea	333,000	$	66,000,000	$	198
Jul-03	1370 Broadway	Fee Interest	Times Square South	255,000	$	58,500,000	$	229
Dec-03	321 W 44th Street	Fee Interest	Times Square	203,000	$	35,000,000	$	172
				791,000	$	159,500,000	$	202
2004 Sales
May-04	1 Park Avenue (2)	Fee Interest	Grand Central South	913,000	$	318,500,000	$	349
Oct-04	17 Battery Place North	Fee Interest	Financial	419,000	$	70,000,000	$	167
Nov-04	1466 Broadway	Fee Interest	Times Square	289,000	$	160,000,000	$	554
				1,621,000	$	548,500,000	$	338
2005 Sales
Apr-05	1414 Avenue of the Americas	Fee Interest	Plaza District	111,000	$	60,500,000	$	545
Aug-05	180 Madison Avenue	Fee Interest	Grand Central	265,000	$	92,700,000	$	350
				376,000	153,200,000		$	407
2006 Sales
Jul-06	286 & 290 Madison Avenue	Fee Interest	Grand Central	149,000	$	63,000,000	$	423
Aug-06	1140 Avenue of the Americas	Leasehold Interest	Rockefeller Center	191,000	$	97,500,000	$	510
Dec-06	521 Fifth Avenue (3)	Leasehold Interest	Midtown	460,000	$	240,000,000	$	522
				800,000	400,500,000		$	501
2007 Sales
Mar-07	1 Park Avenue	Fee Interest	Grand Central South	913,000	$	550,000,000	$	602
Mar-07	70 West 36th Street	Fee Interest	Garment	151,000	$	61,500,000	$	407
Jun-07	110 East 42nd Street	Fee Interest	Grand Central North	181,000	$	111,500,000	$	616
Jun-07	125 Broad Street	Fee Interest	Downtown	525,000	$	273,000,000	$	520
Jun-07	5 Madison Clock Tower	Fee Interest	Park Avenue South	267,000	$	200,000,000	$	749
Jul-07	292 Madison	Fee Interest	Grand Central South	187,000	$	140,000,000	$	749
Jul-07	1372 Broadway (4)	Fee Interest	Penn Station/Garment	508,000	$	335,000,000	$	659
Nov-07	470 Park Ave South	Fee Interest	Park Avenue South/Flatiron	260,000	$	157,000,000	$	604
				2,992,000	$	1,828,000,000	$	611
2008 Sales
Jan-08	440 Ninth Avenue	Fee Interest	Penn Station	339,000	$	160,000,000	$	472
May-08	1250 Broadway	Fee Interest	Penn Station	670,000	$	310,000,000	$	463
Oct-08	1372 Broadway (5)	Fee Interest	Penn Station/Garment	508,000	$	274,000,000	$	539
				1,517,000	$	744,000,000	$	490

(1) Company sold a 45% JV interest in the property at an implied $126.5mm sales price.

(2) Company sold a 75% JV interest in the property at an implied $318.5mm sales price.

(3) Company sold a 50% JV interest in the property at an implied $240.0mm sales price

(4) Company sold a 85% JV interest in the property at an implied $335.0mm sales price.

(5) Company sold a 15% JV interest in the property at an implied $274.0mm sales price.

43

SUMMARY OF REAL ESTATE ACQUISITION
ACTIVITY POST 1997 - Suburban

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable sf	at acquisition	12/31/2008	Price ($’s) (1)
2007 Acquisition
Jan-07	300 Main Street	Fee Interest	Stamford, Connecticut	130,000	92.5	94.6	$	15,000,000
Jan-07	399 Knollwood Road	Fee Interest	White Plains, Westchester	145,000	96.6	97.3	$	31,600,000
Jan-07	Reckson - Connecticut Portfolio	Fee Interests / Leasehold Interest	Stamford, Connecticut	1,369,800	88.9	86.0	$	490,750,000
Jan-07	Reckson - Westchester Portfolio	Fee Interests / Leasehold Interest	Westchester	2,346,100	90.6	88.4	$	570,190,000
Apr-07	Jericho Plazas - 20.26% JV	Fee Interest	Jericho, New York	640,000	98.4	97.6	$	210,000,000
Jun-07	1010 Washington Boulevard	Fee Interest	Stamford, Connecticut	143,400	95.6	67.3	$	38,000,000
Jun-07	500 West Putnam Avenue	Fee Interest	Greenwich, Connecticut	121,500	94.4	83.2	$	56,000,000
Jul-07	16 Court Street - 35% JV	Fee Interest	Brooklyn, New York	317,600	80.6	77.8	$	107,500,000
Aug-07	150 Grand Street	Fee Interest	White Plains, Westchester	85,000	52.9	17.5	$	6,700,000
Sep-07	The Meadows - 25% JV	Fee Interest	Rutherford, New Jersey	582,100	81.3	83.3	$	111,500,000
				5,880,500			$	1,637,240,000

SUMMARY OF REAL ESTATE SALES ACTIVITY POST 1997 - Suburban

					Sales		Sales
	Property	Type of Ownership	Submarket	Net Rentable sf	Price ($’s)		Price ($’s/SF)
2008 Sales
Oct-08	100 & 120 White Plains Road	Fee Interest	Tarrytown, Westchester	311,000	$	48,000,000	$	154

SUMMARY OF REAL ESTATE ACQUISITION ACTIVITY POST 1997 - Retail, Development & Land

					% Leased		Acquisition
	Property	Type of Ownership	Submarket	Net Rentable sf	at acquisition	12/31/2008	Price ($’s) (1)
2005 Acquisition
Jul-05	1551-1555 Broadway - 10% JV	Fee Interest	Times Square	25,600	N/A	100.0	$	85,000,000
Jul-05	21 West 34th Street - 50% JV	Fee Interest	Herald Square	30,100	N/A	100.0	$	17,500,000
Sep-05	141 Fifth Avenue - 50% JV	Fee Interest	Fllat Iron	21,500	90.0	100.0	$	13,250,000
Nov-05	1604 Broadway - 63% JV	Leasehold Interest	Times Square	29,876	17.2	100.0	$	4,400,000
Dec-05	379 West Broadway - 45% JV	Leasehold Interest	Cast Iron/Soho	62,006	100.0	100.0	$	19,750,000
				169,082			$	139,900,000
2006 Acquisition
Jan-06	25-29 West 34th Street - 50% JV	Fee Interest	Herald Square/Penn Station	41,000	55.8	100.0	$	30,000,000
Sep-06	717 Fifth Avenue - 32.75% JV	Fee Interest	Midtown/Plaza District	119,550	63.1	79.1	$	251,900,000
				160,550			$	281,900,000
2007 Acquisition
Aug-07	180 Broadway - 50% JV	Fee Interest	Cast Iron / Soho	24,300	85.2	66.8	$	13,600,000
Apr-07	Two Herald Square - 55% JV	Fee Interest	Herald Square	N/A	N/A	N/A	$	225,000,000
Jul-07	885 Third Avenue - 55% JV	Fee Interest	Midtown / Plaza District	N/A	N/A	N/A	$	317,000,000
				24,300			$	555,600,000
2008 Acquisition
Feb-08	182 Broadway - 50% JV	Fee Interest	Cast Iron / Soho	46,280	83.8	66.8	$	30,000,000
				46,280			$	30,000,000

(1) Acquisition price represents purchase price for consolidated acquisitions and purchase price or imputed value for joint venture properties.

44

SUPPLEMENTAL DEFINITIONS

Annualized rent is calculated as monthly base rent and escalations per the lease, as of a certain date, multiplied by 12.

Debt service coverage is adjusted EBITDA divided by total interest and principal payments.

Equity income / (loss) from affiliates are generally accounted for on a cost basis and realized gains and losses are included in current earnings. For investments in private companies, the Company periodically reviews its investments and management determines if the value of such investments have been permanently impaired. Permanent impairment losses for investments in public and private companies are included in current earnings.

Fixed charge is the total payments for interest, principal amortization, ground leases and preferred stock dividend.

Fixed charge coverage is adjusted EBITDA divided by fixed charge.

Funds available for distribution (FAD) is defined as FFO plus non-real estate depreciation, 2% allowance for straight line credit loss, adjustment for straight line ground rent, non-cash deferred compensation, a pro-rata adjustment for FAD for SLG’s unconsolidated JV, less straight line rental income, free rent net of amortization, second cycle tenant improvement and leasing cost, and recurring building improvements.

Funds from operations (FFO) is defined under the White Paper approved by the Board of Governors of NAREIT in April 2002 as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring and sales of properties, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

Interest coverage is adjusted EBITDA divided by total interest expense.

Junior Mortgage Participations are subordinate interests in first mortgages.

Mezzanine Debt Loans are loans secured by ownership interests.

Percentage leased represents the percentage of leased square feet, including month-to-month leases, to total rentable square feet owned, as of the date reported. Space is considered leased when the tenant has either taken physical or economic occupancy.

Preferred Equity Investments are equity investments entitled to preferential returns that are senior to common equity.

Recurring capital expenditures represents non-incremental building improvements and leasing costs required to maintain current revenues.  Recurring capital expenditures do not include immediate building improvements that were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to “operating standard.”

Redevelopment costs are non-recurring capital expenditures incurred in order to improve buildings to SLG’s “operating standards.” These building costs are taken into consideration during the underwriting for a given property’s acquisition.

Same-store NOI growth is the change in the NOI (excluding straight-line rents) of the same-store properties from the prior year reporting period to the current year reporting period.

Same-store properties include all properties that were owned during both the current and prior year reporting periods and excludes development properties prior to being stabilized for both the current and prior reporting period.

Second generation TIs and LCs are tenant improvements, lease commissions, and other leasing costs incurred during leasing of second generation space. Costs incurred prior to leasing available square feet are not included until such space is leased. Second generation space excludes square footage vacant at acquisition.

SLG’s share of total debt to market capitalization is calculated as SLG’s share of total debt divided by the sum of total debt plus market equity and preferred stock at liquidation value. SLG’s share of total debt includes total consolidated debt plus SLG’s pro rata share of the debt of unconsolidated joint ventures less JV partners’ share of debt.  Market equity assumes conversion of all OP units into common stock.

Total square feet owned represents 100% of the square footage of properties either owned directly by SLG or in which SLG has an interest (e.g. joint ventures). 

45

CORPORATE GOVERNANCE

Stephen L. Green

Chairman of the Board

Marc Holliday

Chief Executive Officer

Gregory F. Hughes

Chief Operating Officer and Chief Financial Officer

Andrew Mathias

President and Chief Investment Officer

Andrew S. Levine

Chief Legal Officer

ANALYST COVERAGE

Firm	Analyst	Phone	Email
Barclays Capital	Ross Smotrich	(212) 526-2306	Ross.smotrich@barcap.com
Citigroup Smith Barney, Inc.	Michael Bilerman	(212) 816-1383	michael.bilerman@citigroup.com
Credit-Suisse	Steve Benyik	(212) 538-0239	steve.benyik@credit-suisse.com
Deutsche Bank Securities, Inc.	Louis W. Taylor	(212) 250-4912	louis.taylor@db.com
Goldman Sachs & Co.	Jonathan Habermann	(917) 343-4260	jonathan.habermann@gs.com
Green Street Advisors	Michael Knott	(949) 640-8780	mknott@greenstreetadvisors.com
JP Morgan Securities, Inc.	Anthony Paolone	(212) 622-6682	anthony.paolone@jpmorgan.com
KeyBanc Capital Markets	Jordan Sadler	(917) 368-2280	jsadler@keybanccm.com
Macquarie Research Equities (USA)	Nick Pirsos	(212) 231-2457	nick.pirsos@macquarie.com
Merrill Lynch	Steve Sakwa	(212) 449-0335	steve_sakwa@ml.com
Raymond James Financial, Inc.	Paul D. Puryear	(727) 567-2253	paul.puryear@raymondjames.com
RBC Capital Markets	David B. Rodgers	(440) 715-2647	dave.rodgers@rbccm.com
Stifel Nicolaus	John Guinee	(443) 224-1307	jwguinee@stifel.com
UBS Securities LLC	James C. Feldman	(212) 713 4932	james.feldman@ubs.com
Wachovia Securities, LLC	Christopher Haley	(443) 263-6773	christopher.haley@wachovia.com

SL Green Realty Corp. is followed by the 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.

46